/raid1/www/Hosts/bankrupt/TCREUR_Public/130423.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, April 23, 2013, Vol. 14, No. 79
Headlines
B U L G A R I A
* CITY OF STARA ZAGORA: S&P Affirms 'BB+' Issuer Credit Rating
* CITY OF VARNA: S&P Affirms 'BB' Issuer Credit Rating
C Y P R U S
* CYPRUS: Schaeuble Warns Bankruptcy May Spur Eurozone Contagion
C Z E C H R E P U B L I C
RPG BYTY: Fitch Assigns 'B+' Long-term Issuer Default Rating
RPG BYTY: Moody's Assigns First-Time 'Ba2' Corp. Family Rating
F R A N C E
BANQUE PSA: Moody's Reviews Impact of Ba1 Downgrade on Four Deals
G E R M A N Y
* GERMANY: Euro-Area Insolvencies to Hit Companies
I R E L A N D
BARNA WASTE: High Court Confirms Neil Hughes as Examiner
I T A L Y
ALITALIA SPA: "Project Phoenix" Prompts Bankruptcy
N E T H E R L A N D S
DECO 14: Fitch Lowers Ratings on Two Note Classes to 'C'
MONTONE CYCLING: Blames Bankruptcy on Tough Market
R U S S I A
KOKS OAO: S&P Cuts Corp. Credit Rating to 'B-'; Outlook Stable
KRAYINVESTBANK: Fitch Assigns B+ Rating to RUB1.5BB Domestic Bond
MAGNITOGORSK IRON: Moody's Affirms 'Ba3' CFR; Rates LPNs (P)Ba3
MAGNITOGORSK IRON: Moody's Keeps Ba3 Corp. Family Rating
METALLOINVEST FINANCE: Fitch Assigns 'BB-' Rating to US$1BB Notes
MMK FINANCE: Fitch Assigns 'BB+(EXP)' Rating to USD LPNs
* Financial Reforms Bode Well for Russian Corporate Rouble Market
* RUSSIA: Fitch Corrects April 18 Ratings Release
S L O V E N I A
NOVA LJUBLJANSKA: Needs Less Fresh Capital Than Fitch Estimate
S P A I N
ABENGOA SA: S&P Affirms 'B/B' Corporate Credit Ratings
BEFESA ZINC: S&P Puts 'B' Rating on EUR300MM Loan on Creditwatch
EMPRESAS HIPOTECARIO 3: S&P Affirms CCC- Rating on Class C Notes
HIPOCAT 4: Moody's Cuts Rating on EUR12.9MM C Notes to B3
* SPAIN: Budget Deficit Largest in EU Last Year, Eurostat Reveals
U K R A I N E
MRIYA AGRO: Fitch Assigns 'B' Rating to US$400-Mil. Eurobond
U N I T E D K I N G D O M
IMPERIAL PROPERTY: Administrator Puts Radisson Blu Up for Sale
X X X X X X X X
* Moody's Wraps Review of European CLO Deals with WARF Errors
* Large Companies with Insolvent Balance Sheets
*********
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B U L G A R I A
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* CITY OF STARA ZAGORA: S&P Affirms 'BB+' Issuer Credit Rating
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Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating on the Bulgarian City of Stara Zagora. The
outlook is stable.
The rating on Stara Zagora is constrained by what S&P sees as
limited predictability and high volatility of the city's
budgetary performance; its restricted expenditure flexibility;
and low wealth levels. The rating is supported by S&P's view of
Stara Zagora's relatively low, although growing, debt burden,
ongoing fiscal decentralization, which has led to greater
flexibility for tax setting, and the city's adherence to tight
spending policies.
S&P considers that Stara Zagora's budgetary performance going
forward is difficult to predict. This is due to the
consolidating but uneven nature of the institutional frameworks
under which Bulgarian municipalities operate, their limited
expenditure flexibility, and the city's lack of experience in
medium-term budget planning.
S&P also views the city's spending flexibility as limited. The
city faces large infrastructure needs, which it plans to start
addressing over 2013-2015, when it is projected that co-financing
from EU funds will become available. Stara Zagora's low economic
wealth by international standards and its target to combat the
declining trend in its population additionally constrain the
city's ability to rein in spending, especially on public
services.
Nevertheless, over the past three years the city has consistently
demonstrated adherence to tight spending policies, which S&P
anticipates will continue over the medium term. Combined with
the city's economic growth, which S&P projected largely in line
with that of Bulgaria at about 2% in 2013-2015, S&P's base-case
scenario assumes that the city's operating surplus will average a
strong 10% of operating revenues. Nevertheless, S&P notes that
the small size of the city's budget makes its financial
indicators vulnerable to sudden shocks, which is why S&P
considers its budgetary performance to be volatile.
Following EU requirements, the city plans to implement EU-
sponsored projects via companies that will receive bridge
financing in the form of on-lending from the city's budget. This
scheme will increase the city's borrowing requirements, but its
tax-supported debt, in S&P's base-case scenario, will not exceed
a modest 40% of consolidated operating revenues by year-end 2015.
S&P views contingent liabilities as low and do not see them as
weakening the city's credit profile.
Due to gradual decentralization, Stara Zagora may be able to
improve its budgetary performance by increasing taxes, albeit
within nationally legislated limits. S&P understands that local
governments have the power to raise almost all local taxes and
charges.
The stable outlook reflects S&P's view that, thanks to economic
recovery in Bulgaria, the city's continued adherence to tight
spending policies, and a large revenue-raising capacity, the city
will be able to address its infrastructure needs with only a
gradual debt accumulation and without weakening its currently
neutral liquidity position.
S&P could raise the rating within the next year if, in line with
its upside scenario, the combination of still tight spending and
faster tax revenue growth paves the way for stronger budgetary
performance. S&P would consider operating surplus exceeding 12%
of operating revenues and a minor deficit after capital accounts,
despite an increase of capital spending to a multi-year average
level, as commensurate with a higher rating.
S&P could lower the rating within the next 12 months if the city
relaxes its spending policy and allows expenditures to grow
faster than S&P envisages in its base-case scenario, leading to
weaker budgetary performance. S&P considers a deficit after
capital accounts averaging 12% of revenues in 2013-2015 as
commensurate with a lower rating. As a result, tax-supported
debt would reach 60% of operating revenues by 2015, while the
city's liquidity position would weaken with cash coverage set to
fall short of debt service within the next 12 months.
* CITY OF VARNA: S&P Affirms 'BB' Issuer Credit Rating
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Standard & Poor's Ratings Services affirmed its 'BB' issuer
credit rating on the Bulgarian City of Varna. The outlook
remains positive.
The ratings on Varna are constrained by the limited
predictability of its financial policy, refinancing risk due to a
heavy reliance on short-term debt, and low spending flexibility
stemming from high infrastructure needs and operating costs.
The ratings benefit from Varna's strong operating budgetary
performance, which S&P believes will continue in the medium term.
This is being fuelled by a gradual economic recovery in Bulgaria,
the city's increased autonomy in managing revenues, availability
of EU funds (which help cover infrastructure gaps) and the city's
still moderate, albeit set to increase, debt burden.
In S&P's view, the predictability of Varna's financial and debt
performance is undermined by the central government's practice of
adjusting transfers to local governments, and changing the scope
of delegated responsibilities unilaterally and at short notice.
In anticipation of a radical increase in capital expenditure
(capex), the city's financial-planning focus remains short term.
It excludes municipal companies, which will be largely involved
in the implementation of infrastructure projects.
Moreover, leadership turnover has constrained the city's
political and managerial strength. In March 2013, Citizens for
European Development of Bulgaria (GERB) forced the resignation of
Kiril Yordanov, mayor for almost 14 years. Although GERB and its
allies have granted support to interim mayor Hristo Bozov, he has
already announced that he is unlikely to participate in the next
mayoral election, which may take place later this year.
This political uncertainty may weaken the city's so far strong
self-funding capacity and weigh on its infrastructure improvement
program. During 2013-2015, the city plans to embark on capex
worth about Bulgarian lev (BGN) 267 million (EUR133 million)
focused on public transport, waste water treatment, and waste
disposal, and largely financed with EU structural funds and
central government grants.
Positively, the city has improved tax revenue collection and
demonstrated its ability to match spending to available revenues.
Alongside resumed economic growth, this has helped the city
maintain a consistently strong operating budgetary performance.
In S&P's base case, it forecasts the city's economy will grow by
2.2% annually during 2013-2015, leading to a sound operating
surplus as a percentage of adjusted operating revenues of about
12%.
However, S&P projects that persistently high infrastructure needs
will lead to an average deficit after capital accounts of 6% of
Varna's adjusted revenues. In S&P's base case it therefore
forecasts that Varna's tax-supported debt as a percentage of
consolidated operating revenues will increase to about 75% in
2015, from 60.6% in 2012.
S&P views Varna's improved revenue flexibility in recent years as
a positive for the rating. The improvement has come partly from
the central government giving Bulgarian municipalities greater
autonomy to set local tax rates. If the rates had been set at
the maximum level, the city could have increased own operating
revenues in 2012 by 31% assuming that tax collectability remained
intact. Nevertheless, S&P views such a tax burden increase as
unlikely in the medium term.
S&P assess Varna's liquidity as negative. In S&P's base-case
scenario it assumes that in 2012 and 2013 the city's cash
available on accounts will average about 90% of its debt service
falling due within next 12 months. S&P views its access to
external liquidity as limited.
In its debt policy, Varna continues to rely predominately on
short-term bridge financing from the Fund for Local Authorities
and Governments (FLAG), arranged in anticipation of
reimbursements from the EU or the central government's budget.
S&P believes that, combined with rising deficits after capital
accounts, this practice constrains the city's liquidity position.
In S&P's view, it risks a timing mismatch between the transfer of
EU funds to Varna via the central government, and the scheduled
repayment of loans from FLAG. Under Standard & Poor's criteria,
any late payment on FLAG loans constitutes a payment default.
Nevertheless, S&P notes that FLAG is ready to extend the
maturities of its loans without incurring additional fees if the
EU funds come later than scheduled.
S&P notes, however, that during 2011 the city managed to improve
its cash position. S&P believes that over the next 12 months it
will average about BGN17 million (EUR8.5 million), which should
cover about 90% of its projected debt service falling due.
The city plans to extend the maturity of its debt. S&P assumes
that in 2013 it will take a long-term loan from a multilateral
financial organization and will extend the repayment schedule of
FLAG loans.
Varna's access to external liquidity remains limited, in S&P's
view, because of Bulgaria's relatively weak banking sector and
shallow capital market. S&P's Banking Industry Country Risk
Assessment (BICRA) classifies Bulgaria's banking sector as group
'7'. A BICRA reflects the strengths and weaknesses of a
country's banking industry relative to other countries', on a
scale of one to 10, with group '1' representing the lowest risk
and group '10' the highest.
The positive outlook reflects S&P's view that the return to
revenue growth, ongoing spending discipline, and greater reliance
on long-term borrowing may help the city's new administration
address infrastructure needs and strengthen its liquidity
position.
S&P may raise the ratings over the next year, if, in line with
its upside scenario, the city were to stabilize its average
liquid assets at a level consistently above its debt service
falling due within the next 12 months. S&P's upside scenario
also assumes that, while the city is embarking on long-awaited
infrastructure development projects, its deficit after capital
accounts will not fall below 5% of revenues on average in 2013-
2015.
S&P may revise the outlook to stable within the next 12 months
if, in line with its base case, the city increased its reliance
on short-term debt such that debt service stabilized at a high
18% of adjusted operating revenues on average over 2013-2015,
without a corresponding accumulation of liquid assets available
for debt repayment.
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C Y P R U S
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* CYPRUS: Schaeuble Warns Bankruptcy May Spur Eurozone Contagion
----------------------------------------------------------------
Jeevan Vasagar at The Telegraph reports that German finance
minister Wolfgang Schaeuble has warned the country's parliament
there would be a high risk of eurozone contagion if Cyprus was
allowed to go bankrupt.
The Telegraph relates that Mr. Schaeuble warned the Bundestag as
it prepared to back a bail-out of Cyprus in a vote on Thursday,
saying that the island's banking sector would be "sharply down-
sized".
According to the Telegraph, the finance minister reassured German
MPs that there were "clear arrangements" in place to prevent
money-laundering, and that European rescue funds would not go to
paying off Russian creditors. He praised reforms in Portugal and
Ireland, and said both provided an example for Cyprus, the
Telegraph notes.
"Both countries are fulfilling their [rescue] program
requirements. They show that the program works," the Telegraph
quotes Mr. Schaeuble as saying.
The Bundestag approved the bail-out package, the Telegraph
relates. It came after new terms for the rescue of Cyprus were
approved last Friday by eurozone finance ministers, at a cost of
EUR23 billion, the Telegraph discloses. Ten billion of this will
be from eurozone countries and the International Monetary Fund,
the Telegraph notes.
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C Z E C H R E P U B L I C
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RPG BYTY: Fitch Assigns 'B+' Long-term Issuer Default Rating
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Fitch Ratings has assigned RPG Byty s.r.o (RPG) a Long-term
Issuer Default Rating (IDR) of 'B+' and prospective EUR400
million 2020 senior secured note an expected rating of 'BB-
(EXP)'/RR3(EXP). The Outlook is Stable.
RPG's ratings are supported by stable rental income received from
its Czech residential housing portfolio, de-regulation of rents
that are scheduled to increase rental income above inflation in
the medium term and limited future capex requirements following a
large capex plan. However, ratings reflect the high geographical
concentration risk and the expected re-leveraging of the business
following the proposed secured bond the proceeds of which will go
to shareholder distributions and prepayment existing bank debt
maturing in 2016. Fitch expects proforma leverage to stabilize at
around 40% of loan-to-value (LTV) and interest cover around 2.0x
in 2013 and 2014.
The expected senior secured notes are to benefit from a security
package including a first rank mortgage on the real estate
portfolio offering around 2.0x asset cover and a pledge on issuer
shares leading Fitch to assign an expected 'BB-(EXP)'/RR3(EXP).
The final instrument rating is contingent upon the receipt of
final documentation conforming to information already received by
the agency.
KEY RATING DRIVERS
Strong Concentration Risk:
The 44,000 unit portfolio is located in the Moravia-Silesia
region with all properties situated within a 50km radius. Rental
income and portfolio valuations are strongly linked to the local
economy. Although local demographics are not entirely positive,
Moravia's recent economic performance has been solid with an
average annual growth rate of 5.6% during 2003 to 2011, above the
EU average of 1.9% during the same period. Positively, the region
has attracted new sectors of activity, such as electronics,
software companies and pharmaceutical groups; however, a strong
focus is still on the cyclical industrial sector.
In both Ostrava and Havirov, RPG's portfolio represents over 10%
and 30% of the town's housing stock respectively. In addition
four blocks of apartments (in Ostrava, Havirov and Karvina)
account for 52% of the entire portfolio by value at December 2012
(FY12). However, the portfolio is sizeable and RPG benefits from
economies of scale in terms of letting and asset management.
Reasonable Leverage Metrics:
Fitch forecasts LTV (loan-to-value) pro-forma leverage (post-
secured bond issue) at around 40% for FY13 and FY14 compared to
21% at FY12. RPG does not undertake any residential development
and hence execution and budget risk on capex is low. Since 2006
EUR250m has been spent on upgrading the portfolio and Fitch
expects a low run-rate of maintenance capex.
Stable Rental Income:
RPG's business strategy is based on delivering increased rents as
contractually agreed with its tenants and tightly managing
operating costs. Rental income has grown as a result of the Czech
rental market de-regulation in 2010. The average tenure for
residents is long at 14.8 years, reflecting a high average age
group at 54 years old. Around 22% of the tenants are retired
indicating positive tenant retention rates.
Challenging Vacancy Rate Outlook:
Following rental increases resulting from de-regulation, the
vacancy increased from a low 3% to around 11% at FY12, as tenants
left what had been heavily subsidized accommodation (around 60%-
65% below markets rents in 2009).
Shareholder Friendly Dividend Policy:
2012 and forecast 2013 shareholder distributions are likely to
total around CZK8.5 billion (EUR337 million) with around CZK3.9
billion (EUR154 million) paid from the prospective CZK10 billion
(EUR400 million) bond issue. The majority of the remaining
proceeds will be used to prepay the existing CZK4.5 billion
(EUR175 million) syndicated term loan facility maturing 2017.
This debt reflects historic dividend payouts and a EUR250 million
capex investment since 2006.
RATING SENSITIVITIES:
Positive: Future developments that could lead to positive rating
actions include:
- Improved portfolio diversification where RPG establish a
critical size of residential portfolio outside the Ostrava
region
- A sustainable improvement in financial metrics with LTV below
40%, net debt/ EBITDA below 5.0x and EBITDA net interest cover
(NIC) ratio above 2.0x
- Increased liquidity on a sustained basis to a score of 1.0x
resulting from undrawn committed debt facilities or increased
unrestricted cash.
Negative: Future developments that could lead to negative rating
action include:
- Any significant deterioration in vacancy rates or rise in
tenant arrears.
- EBITDA NIC falling below 1.5x (pro-forma FY13 1.8x)
- Deteriorating valuation leading to weaker leverage metrics (LTV
above 55%) that make re-financing prospects for this bullet
bond more difficult.
RPG BYTY: Moody's Assigns First-Time 'Ba2' Corp. Family Rating
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Moody's Investors Service assigned a first-time corporate family
rating of Ba2, a probability of default rating of Ba3-PD to RPG
Byty s.r.o. and a provisional (P)Ba2 rating to its EUR400 million
senior secured notes due 2020. The outlook is stable.
RPG Byty is an unlisted real estate company located in the Czech
Republic that invests in multifamily residential accommodation
and is managed by RPG RE Management s.r.o., a related, external
management company that together with RPG Byty is wholly-owned by
the same ultimate shareholder, BXR Group Limited.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction. Upon the issuance of
the notes and a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the notes.
A definitive rating may differ from the provisional rating.
Ratings Rationale:
The Ba2 first-time corporate family rating of RPG Byty reflects
its moderate scale, as measured by gross assets, reported at CZK
24.5 billion (EUR976 million), and its narrow geographic base in
the Moravia-Silesia region in Czech Republic, where recessionary
economic conditions in 2012 caused unemployment rates to rise
towards 12%, compared to the national average of around 8.6%. The
Czech Republic (A1 stable), however, is one of the more stable
and prosperous countries in Eastern Europe. Moody's forecasts the
country's return to modest economic growth in 2013 of around 0.4%
following a dip of real GDP in 2012 of -1.3%.
RPG Byty's residential portfolio is broadly diversified in terms
of the large number of separate apartment buildings (5,163) and
almost 44,000 apartments, but asset quality is variable and the
average age of the portfolio is around 60 years. Many buildings
still require refurbishment following a legacy of neglect created
by years of rent regulation that didn't allow landlords to
collect sufficient rental to fund ongoing modernization. However,
in recent years, RPG Byty has invested large sums from internally
generated cash flow into this portfolio to improve its income
earning capacity with two more years remaining of scheduled
extraordinary expenditure. The revival of this residential
property business has been led by an experienced and competent
management team. The rating also takes into account the company's
strategy to manage its properties, but not to act as a real
estate developer, which is a factor that limits RPG Byty's
business risk.
A change of law in 2006 ended rent regulation and the Czech
government has allowed property owners to gradually raise the
level of post-regulated rent towards market rents. Rent
regulation in Moravia-Silesia ended completely by year-end 2010.
RPG Byty expects contractually agreed rental growth of 6% p.a.
over the next three years and Moody's notes that two-thirds of
its post-regulated rents have not yet reached full market level.
Profitability, as measured by its EBITDA margin, is expected to
improve accordingly.
RPG Byty's tenant base is predominantly composed of lower middle-
class and lower income families; however, the flats are still
affordable, particularly after steps taken by RPG Byty over the
past two years to improve thermal retention so as to cut
considerably tenants' heating bills. The average tenant stay is
currently around 10 years. RPG Byty runs careful credit checks
before accepting new tenants and bad debts are manageable at less
than 2%.
Moody's expects that the rating will be supported post-note
issuance by an effective leverage which is in line with the
currently assigned rating and, as measured by adjusted debt/gross
assets, which is forecast at around 41% and a good level of fixed
charge coverage forecast at around 2.0x, as measured by adjusted
EBITDA/gross interest expense + ground rents (all data and ratios
as adjusted by Moody's). The rating assumes adequate hedging of
currency and interest rate risks is in place.
Proceeds of the bonds will be used to refinance part of the
existing debt, which was incurred due to the payout of an
extraordinary dividend in 2012 of around EUR180 million, and to
pay out another extraordinary dividend in 2013 of around the same
size. Despite these high payouts the company's leverage appears
manageable and going forward the notes indenture will limit
dividend payouts to no more than 50% of net income and also
include three tests to be fulfilled (loan-to-value, fixed charge
coverage ratio, minimum liquidity). Following the issuance of the
notes, interest expense will rise and, in combination with the
large, ongoing capital expenditure that RPG Byty intends to make
to continue refurbishing the existing base, Moody's expects free
cash flow generation to be only slightly positive leaving less
headroom for weaker than expected performance.
The proposed senior secured notes will be secured by first-
priority liens over substantially all of RPG Byty's assets and
shares; this equates to around 83% of its property assets because
6% already secures its refurbishment loans and 11% is not capable
of being secured at this time because those assets benefitted
from government subsidies. The CFR and instrument rating, which
are expressions of expected loss, are one notch higher than the
PDR. This is because, in Moody's view, the overall recovery in
the event of default would be at least 65%, which is higher than
the average recovery level.
The notes contain a portability feature, which allows for a one-
off change in ownership of RPG Byty within the first two years
following issuance without triggering the change of control
provisions subject to meeting certain tests which include a mild
deleveraging from the initial consolidated loan to value ratio
(LTV) of 45.7% to 43.7% at the date of the transaction and on a
pro forma basis. However, debt incurrence under the notes is
allowed up to a 60% consolidated LTV ratio, provided a minimum
fixed charge coverage of at least 2.0x is maintained. Given a
lower debt incurrence restriction of 43.7% on the secured LTV
ratio, such increase could be in the form of unsecured
indebtedness but such funds could not be used for payment of
further dividends as dividend distribution is not allowed above a
total LTV of 43.7%. That said, the use of such flexibility could
put pressure on effective leverage and, as a result, on ratings.
Moody's expects liquidity will remain adequate following note
issuance, with only modest annual repayments due on its remaining
refurbishment loans of which EUR19.6 million are currently
outstanding and availability of a super senior revolving credit
facility of EUR20 million is expected, which will be undrawn
initially. The security package for the notes will be shared with
the super senior lender(s) and hedge providers through an inter-
creditor deed. The company will have no maintenance financial
covenants. There is modest volatility in working capital
movements due to the seasonality of payments of the heating bill,
which can be covered by existing liquidity sources.
Outlook
The stable outlook reflects RPG Byty's stable tenant base; steady
generation of rental income and an experienced management team
that should protect the company from unexpected downward pressure
on operating profits caused by any large repairing and
maintenance work that could be required by a portfolio of older
buildings and that is expected to be funded from internally
generated cash flow. The stable outlook assumes a less aggressive
financial policy going forward. The stable outlook also assumes
that the company's currency and interest rate risks will be
adequately hedged so as to ensure the stability of its cash flows
will be preserved as well. In addition, Moody's expects that an
adequate liquidity profile will be maintained at all times.
What Could Change The Rating Up/Down
Upward pressure on the rating or outlook could develop as RPG
Byty's track record of operating in the relatively new
environment of higher, deregulated rents progresses without a
further meaningful rise in vacancy rates and the quality of the
portfolio improves with the company's ongoing program of capital
expenditure, concurrent with a reduction in effective leverage to
40% or lower and the maintenance of a fixed charge coverage ratio
above 2.5x on a sustainable basis and preserving its adequate
liquidity at all times.
Conversely, downward pressure on the rating or outlook could
result if there is a change in RPG Byty's ownership that has a
negative impact on Moody's assessment of the company's financial
policies (including, but not limited to, a further leveraging of
the company) or business risk profile. Or, alternatively, the
company's operations weaken as a result of decreased occupancy
rates, falling rents or increased unrecoverable repairs and
maintenance causing the company's financial metrics to
deteriorate such that its fixed charge coverage ratio falls below
1.9x or effective leverage trends above 45%; or liquidity
concerns develop.
The principal methodology used in this rating was the Global
Rating Methodology for REITs and Other Commercial Property Firms
published in July 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
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F R A N C E
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BANQUE PSA: Moody's Reviews Impact of Ba1 Downgrade on Four Deals
-----------------------------------------------------------------
The rating agency reports that the downgrade of Banque PSA
Finance has no immediate effect on the ratings of the outstanding
structured finance transactions serviced by either Banque PSA
Finance or Credipar, which is owned by Banque PSA Finance.
This group of asset-backed securities (ABS) transactions backed
by auto loans consist of one Italian ABS transaction (Auto ABS
S.r.l.), one German ABS transaction (Auto ABS German Loans
Compartment 2011-2), and two French ABS transactions (Auto ABS
FCT Compartiment 2011-1 and Auto ABS French Loans Master). The
senior note is rated A2 (sf) in the Italian transaction whereas
the senior notes are rated Aaa(sf) in the German and French
deals.
Banque PSA Finance was downgraded to Ba1 from Baa3/under review
for downgrade on April 16, 2013.
Moody's has concluded that operational risk is still sufficiently
mitigated by structural features in these transactions.
Indeed, all four transactions benefit from liquidity levels which
can cover senior interest payments and servicing fees for at
least 4 months in stressed interest rate scenarios. In addition
in the French and German deals, there are mitigants in place
which guarantee senior interest payments even in case of a
servicer disruption.
The rating agency also considers that the managing company,
France Titrisation, can play the role of back-up servicer
facilitator in the case of a servicer insolvency.
Finally, Moody's considered the strategic importance of Banque
PSA Finance for the business of the second-largest car
manufacturer in Europe, Peugeot S.A., to be a positive factor for
the operational risk of those transactions.
The principal methodology used in these ratings was Moody's
Approach to Rating European Auto ABS, published in November 2002.
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G E R M A N Y
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* GERMANY: Euro-Area Insolvencies to Hit Companies
--------------------------------------------------
According to Bloomberg News' Brian Parkin, Bild Zeitung, citing
estimates of insurer Euler Hermes, said that company insolvencies
in euro-area countries like Spain and Greece that may rise by 33%
this year will hurt German companies.
Bild said that non-payments to German companies may add up to
EUR31 billion, Bloomberg notes.
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I R E L A N D
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BARNA WASTE: High Court Confirms Neil Hughes as Examiner
--------------------------------------------------------
The Irish Times reports that the High Court has confirmed court
protection for companies in the Barna Waste group.
According to the Irish Times, Mr. Justice Brian McGovern on
Friday confirmed chartered accountant Neil Hughes as examiner to
Bruscar Bhearna Teoranta and its subsidiary, Joe McLoughlin Waste
Disposal Ltd. The court also heard that it is hoped the
companies will be sold in a relatively short period, the Irish
Times relates.
The judge had earlier expressed some reservations arising from
matters raised by Bank of Scotland but made the appointment after
being informed the bank, the company's main creditor, owed EUR9
million, and the Revenue Commissioners, owed EUR780,000, were not
opposing the application for examinership and the employees were
also supporting examinership, the Irish Times notes.
The judge, as cited by the Irish Times, said he did not want to
have a situation where waste would not be collected or the firm's
customers would be discommoded.
Barna Waste and Joe McLoughlin Waste Disposal have 30,000 wheelie
bin customers in Galway, Roscommon, Mayo, Leitrim and Sligo, the
Irish Times discloses. According to the Irish Times, the court
heard that the firms are insolvent and unable to service the debt
owed to Bank of Scotland but had a EUR26 million turnover last
year.
Last week, the directors petitioned to appoint Mr. Hughes interim
examiner in a move to secure fresh investment, the Irish Times
recounts.
The court heard that the directors feared attempts by Bank of
Scotland to sell the group's assets could result in job losses
and creditors not being paid, the Irish Times notes.
According to the Irish Times, it was stated to the court that the
company's difficulties were caused by factors including the
economic downturn, increased competition, increased costs and
levies.
Barna Waste is the largest domestic waste and recycling operator
in the west of Ireland, employing 270 people. The group handles
industrial, commercial and domestic waste and operates waste
transfer stations, a composting facility and a recycling site.
=========
I T A L Y
=========
ALITALIA SPA: "Project Phoenix" Prompts Bankruptcy
--------------------------------------------------
Tony Barber at The Financial Times reports that failings at
Alitalia culminated in a rescue plan hatched five years ago by a
cabal of Italian political, bureaucratic, banking and industrial
interests. According to the FT, their plan, codenamed "Project
Phoenix", put Alitalia on a trajectory that increasingly looks
like a boomerang to bankruptcy.
According to industry specialists at the Sydney-based Capa Centre
for Aviation, Alitalia has made a cumulative net loss since its
relaunch in 2009 of EUR843 million, the FT notes. Its cash
reserves were so depleted two months ago that it required a
EUR150 million loan from its shareholders to stay in the air, the
FT states.
Now it is difficult to see where salvation will come from, the FT
says. If salvation means inspired leadership, then it will not
come from Andrea Ragnetti, the hapless chief executive who
resigned in February after a mere 12 months in office, pausing
only to announce that Alitalia had made a EUR280 million net loss
in 2012, the FT states. If salvation means a fresh injection of
long-term capital, then it will not come from Air France-KLM,
which bought a 25% stake in Alitalia in 2009, the FT discloses.
The French-Dutch airline group is itself too financially squeezed
to risk a second bet on one of Italy's most notoriously
lossmaking companies, according to the FT.
As for the Italian investors who joined the 2008 rescue
consortium organized by Silvio Berlusconi, the former premier,
some are said to be losing patience with Alitalia's seemingly
incurable addiction to other people's cash, the FT says.
According to the FT, a binding agreement to stay part of the
consortium expired in January. Now investors such as Atlantia, a
motorway operator, and Immsi, an industrial investment company,
are free to sell their stakes, the FT discloses.
An attempt at salvation may, of course, come from Italian
politicians and state administrators of similar temperament to
those who poured several billion euros into Alitalia between 1998
and 2008 in the name of maintaining the airline's Italian
identity, the FT notes. According to the FT, the state still
owns almost half of Alitalia, so the temptation to patch things
up one more time, if only temporarily, will be strong.
Particularly in northern Italy, the nation's financial and
industrial heartland, there are political forces that view the
preservation of an airline with a strong Milan presence as
essential to their influence, the FT discloses.
But once Italy emerges from political paralysis and forms a
stable government -- a prospect still some months away -- the
reality will sink in that the nation is trapped in economic
stagnation, ever at risk in the eurozone debt crisis and unable
to throw money at dysfunctional public sector companies as
liberally as it used to, the FT says. It is also open to doubt
that Europe's competition regulators would let Alitalia get away
with yet another dollop of state aid, the FT notes.
About Alitalia
Alitalia - Compagnia Aerea Italiana has navigated its way through
a successful restructuring. After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009. Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania. Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM. An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.
=====================
N E T H E R L A N D S
=====================
DECO 14: Fitch Lowers Ratings on Two Note Classes to 'C'
--------------------------------------------------------
Fitch Ratings has taken various rating actions on DECO 14 - Pan
Europe 5 as follows:
EUR822.1m class A-1 (XS0291363272) affirmed at 'AAAsf'; Outlook
revised to Stable from Negative
EUR159.0m class A-2 (XS0292121802) affirmed at 'Asf'; Outlook
revised to Stable from Negative
EUR64.6m class A-3 (XS0292122289) affirmed at 'A-sf'; Outlook
Negative
EUR99.4m class B (XS0291365137) downgraded to 'BBsf' from
'BBBsf'; Outlook Negative
EUR64.6m class C (XS0291365566) downgraded to 'Bsf' from 'BBsf';
Outlook Negative
EUR100.8m class D (XS0291367182) downgraded to 'CCsf'; Recovery
Estimate (RE) 30% from 'CCCsf'; RE 70%
EUR25.8m class E (XS0291367422) downgraded to 'Csf'; RE 0% from
'CCCsf'; RE 0%
EUR11.9m class F (XS0291368156) downgraded to 'Csf'; RE 0% from
'CCsf'; RE 0%
Key Rating Drivers
The rating actions on the class A notes reflect the repayment of
the EUR518.6 million WOBA loan, as confirmed by the servicer in a
notification dated February 22, 2013. As the WOBA loan was of
good quality and repayment proceeds will be applied fully
sequentially (resulting in partial repayment of the class A-1
notes), the reduction in risk is beneficial particularly for
senior bondholders. The downgrade of the class B to F notes and
the Negative Outlooks are driven by deterioration of the Arcadia
and Sofia Business Park loans; the distressed ratings of the note
classes D through F reflect the lack of equity (in Fitch's view)
on nine of the loans.
Following redemption of WOBA, which accounted for 55%, the pool
is much more even in terms of loan contribution, with the largest
loan (GA 1 MF) accounting for less than one-fifth. Of the
remaining 11 loans, 4 (some 25% of the outstanding balance) are
in default and being specially serviced - Arcadia (12.8%), Sofia
Business Park (6.6%), Mansford Nord Bayern (5.2%) and DD Karstadt
Hilden (0.6%). With the exception of Arcadia and Sofia Business
Park, the pool's performance has remained broadly stable.
Arcadia, which is in a protracted workout, is secured by a
portfolio of 28 mainly retail properties across Germany. The
failure of the borrower to service its debt triggered a transfer
to special servicing in March 2010, and a subsequent revaluation
in April reported a reduction to EUR79.8 million from EUR132.5
million at closing. Two and a half years later, in December 2012,
the special servicer, Hatfield Philips International, attempted
to sell 16 assets through an auction process.
While one bid (for the Lauterbach property) was accepted, the
auction did not lead to significant sales, and the result that
most bids fell below the reserve prices demonstrates all too well
the lack of investor demand for secondary quality regional German
retail properties. Meanwhile lease expiries saw interest coverage
ratio (ICR) fall to 0.86x from 1.03x at the previous rating
action. Judging by the Fitch A-note and whole loan loan-to-value
(LTVs) ratios standing at 174.2% and 195.5%, respectively, the
loan stands to make significant losses.
Sofia Business Park matured in January 2012, though it has been
extended until October 2015 to allow more time for a consensual
sale of the property or a refinancing to be agreed. As part of
the extension, the borrower must meet certain amortization and
income targets. In September 2012, the collateral was revalued to
EUR91.4 million from EUR97 million in December 2011, which tracks
the decrease in the weighted average lease length to 2.4 years
from 3.1 years at the time of the previous rating action. The
Fitch A-note LTV ratio of 103.9% suggests a risk of loss
particularly if in-place leases are not re-geared and vacant
space let up. Any upturn in value is unlikely in the short term.
DECO 14 - Pan Europe 5 B.V. was a securitization of 13 commercial
real estate loans. At closing in March 2007, the loans were
secured by 4,236 properties valued at EUR2,188 million located in
Germany (83.7 % of the pool by MV), Italy (11.1% of the pool by
MV) and Bulgaria (5.2% of the pool by MV). Since closing, two
loans repaid in full Accor and WOBA.
Rating Sensitivities
A further deterioration of the collateral securing the loan pool
could exert downward pressure for the classes A-3 and below. The
Sofia Business Park and Arcadia loans are showing downwards
momentum: for the former, 54% of income is set to expire by the
extended loan maturity in October 2015, while for Arcadia over
three quarters will expire by January 2017.
MONTONE CYCLING: Blames Bankruptcy on Tough Market
--------------------------------------------------
Bike Europe reports that Montone Cycling was forced to close its
doors earlier last week.
Montone Cycling CEO Rolf Timmerman blames the bankruptcy to the
economic situation in the Netherlands, Bike Europe discloses.
"2012 has been a very tough year for the Dutch bicycle market,
making it extremely difficult for us as a start-up company," Bike
Europe quotes Mr. Timmerman as saying.
"We have done our utmost and fought hard to the end, but things
still went wrong. Montone Cycling was on the right track. A
recent survey by the Dutch dealer association BOVAG indicated
that we scored high in retailers' appreciation."
According to Bike Europe, receivers Steenhuisen and Van
Voorbergen of the Tanger law firm are currently investigating a
possible restart of Montone Cycling.
Montone Cycling was the Dutch distributor of the bike brands
Montego and BeOne as well as P&A labels Edco Wheels, Catlike and
Etxeondo. It was founded by the Nimbus investment group on
February 1, 2012.
===========
R U S S I A
===========
KOKS OAO: S&P Cuts Corp. Credit Rating to 'B-'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit rating on Russia-based vertically
integrated coking coal, coke, iron ore, and pig iron producer OAO
Koks to 'B-' from 'B'. The outlook is stable.
At the same time, S&P lowered its issue rating on the $350
million senior unsecured loan participation notes to 'CCC+' from
'B-'. The '5' recovery rating on these notes remains unchanged.
S&P removed both ratings from CreditWatch with negative
implications, where it had placed them on Feb. 19, 2013.
The downgrade reflects S&P's view that Koks will generate
prolonged material negative free operating cash flow (FOCF) of
about Russian ruble (RUB) 2 billion per year in 2013-2014, given
the currently tough coal and coke pricing conditions and the
company's continued investment in three coal mine expansions.
However, bondholders' approval to reset incurrence covenants
should enable the group to draw funds under its sizable committed
long-term facilities to finance its negative FOCF. The downgrade
also factors in the deteriorated adjusted debt to EBITDA ratio of
4.8x in 2012 and the 4.5x-5.0x range S&P forecasts for 2013
(versus 3.3x in 2011), which is above the 4.0x which S&P
considered in line with the previous rating.
The CreditWatch removal follows Koks' announcement on March 18,
2013, of the bondholders' consent to reset incurrence covenants
under its $350 million Eurobond indenture. The threshold of the
debt-to-EBITDA ratio test was raised to 6.5x from 3.5x at the end
of 2013, to 4.0x at the end of 2014, and then set at 3.5x from
January 2015 until the maturity of the bond in June 2016. At the
same time, the group elevated the threshold of permitted liens to
25% of secured debt to total assets (versus 15% initially),
mirroring the need to fund its capital expenditure (capex)
through its committed long-term secured loans. This should
enable the group to draw under its investment facilities to fund
negative FOCF in the amount of more than RUB2 billion in 2013
under its base-case scenario.
While S&P expects Koks' to lower its capex in response to low
coal and pig iron prices to about RUB6 billion annually in the
next couple of years from roughly RUB7.9 billion reported in
2012, S&P still foresees an increase in the group's debt. Based
on S&P's expectation of RUB6.5 billion EBITDA in 2013 (versus
RUB6.1 billion in 2012, down from RUB8.2 billion in 2011), S&P
anticipates that gross debt will be close to RUB30 billion at
end-2013 (versus RUB27.2 billion at the end-2012). S&P's base-
case factors in benchmark coking coal prices of $170/ton and
US$180/ton in 2013 and 2014, respectively. S&P's price
assumption for 2013 implies that the price will improve in the
second half of the year from a mere US$150/ton in early April.
However, if low coal and low pig iron prices extend into the rest
of 2013 and 2014, S&P sees a risk that the group's credit metrics
would deviate from its forecast. S&P also factors in its view
that Koks would not further materially curtail its capex, for
which it has already secured long-term funding. The planned
capex should raise the group's self-sufficiency for pig iron
production to 100% by 2017.
The stable outlook reflects S&P's base-case forecast of an
adjusted debt-to-EBITDA ratio in the range of 4.5x-5.0x in the
next 12 months, which S&P sees as commensurate with the current
rating. It also factors in the recent covenant reset, which
should allow Koks' to obtain additional funding under its large
credit lines from Sberbank and Gazprombank. Furthermore, S&P
expects successful commissioning of the Butovskaya mine, one of
Koks' three current mine expansions, in the first half of 2013.
This will increase Koks' coal extraction.
S&P could consider a negative rating action in the next 12
months, if coal and coke prices failed to improve in the second
half of 2013 and 2014, resulting in higher negative FOCF than S&P
currently anticipates. Delays or cost overruns in the investment
program could also weaken the group's credit metrics, in S&P's
view. A downgrade could occur if S&P's adjusted debt to EBITDA
ratio exceeded 5.0x without near-term recovery prospects, or if
S&P perceived weakened liquidity.
Rating upside in 2014-2015 would depend on sustained improvement
in coal and pig iron prices, successful commissioning, and a
ramp-up of the Butovskaya and Tikhova mines. Consequently, S&P
would consider an upgrade if the adjusted debt to EBITDA ratio
returned to below 4.0x and FOCF turned less negative or neutral.
KRAYINVESTBANK: Fitch Assigns B+ Rating to RUB1.5BB Domestic Bond
-----------------------------------------------------------------
Fitch Ratings has assigned Krayinvestbank's (KIB) upcoming RUB1.5
billion BO-02 Series domestic bond issue an expected Long-term
local currency rating of 'B+(EXP)' and a National Long-term
rating of 'A-(rus)(EXP)'. The bond's expected Recovery Rating is
'RR4(EXP)'.
The bonds have a maturity of three years, a semi-annual coupon
and a one-year put option.
KIB has a Long-term foreign currency Issuer Default Rating (IDR)
of 'B+' with Stable Outlook, a Short-term IDR of 'B', a Long-term
local currency IDR of 'B+' with Stable Outlook, a National Rating
of 'A-(rus)' with Stable Outlook, a Viability Rating of 'b-' and
a Support Rating of '4' .
Key Rating Drivers
The issue ratings correspond to KIB's Long-term local currency
IDR of 'B+' which reflects the limited probability of support
that KIB may receive if needed from Krasnodar Region (KR,
'BB+'/Stable), which directly owns a 97.05% stake in the bank.
Fitch's view of the propensity to provide support is based on
KR's majority ownership and a track record of assistance to date.
However, Fitch considers there is some uncertainty in respect of
support in light of the bank's limited systemic importance for
the region and some corporate governance issues.
Rating Sensitivities
Any changes to KIB's Long-term local currency IDR would impact
the issue ratings. Downside pressure on KIB's Long-term foreign
and local currency IDR and Support Rating could arise from any
major weakening in the relationship between the KR and the bank,
for example, as a result of changes in key senior regional
officials. Upside potential for KIB's Long-term local currency
IDR is limited in the near term.
MAGNITOGORSK IRON: Moody's Affirms 'Ba3' CFR; Rates LPNs (P)Ba3
---------------------------------------------------------------
Moody's Investors Service has affirmed the corporate family
rating at Ba3 and assigned a Ba3-PD probability of default rating
to Magnitogorsk Iron & Steel Works (MMK). Concurrently, Moody's
has assigned a provisional (P)Ba3 rating, with a loss given
default assessment of LGD4 (59%), to the proposed loan
participation notes (LPN) to be issued by, but with limited
recourse to, MMK Finance Limited, a private company with limited
liability incorporated under the laws of Ireland.
The notes will be issued for the sole purpose of financing a loan
to MMK under a loan agreement with MMK Finance Limited, and
therefore the noteholders are relying solely on MMK's credit
quality to service and repay the debt. MMK will use the proceeds
from the loan to refinance its existing indebtedness and for
other general corporate purposes. The outlook on the ratings is
stable.
"The (P)Ba3 rating we have assigned to the notes is in line with
MMK's corporate family rating, which balances the steel market's
competitiveness and volatility and MMK's fairly modest
profitability with the company's leading position in both
Russia's market for hot- and cold-rolled sheets as well as high
value-added products such as galvanized steel and color-coated
flat-rolled steel," says Denis Perevezentsev, a Moody's Vice
President and lead analyst for MMK.
Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent the rating
agency's preliminary opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will assign
definitive ratings to the bonds. A final rating may differ from a
provisional rating.
Ratings Rationale:
The assigned rating on the notes is the same as MMK's corporate
family rating. Moody's ranks the proposed notes pari passu with
MMK's other unsecured debt. The noteholders will benefit from
certain covenants made by MMK in the underlying loan agreement,
including limitations on the incurrence of indebtedness, liens
and mergers.
MMK's Ba3 corporate family rating reflects its (1) profile as a
low-cost integrated steelmaker; (2) limited integration into
mining operations, with only around 40% self-sufficiency in coal
and less than 30% in iron ore, as the bulk of its mining
commodities are sourced from third parties, namely coking coal
from Raspadskaya, OAO (B1 stable), and iron ore from Eurasian
Natural Resources Corporation Plc (ENRC, Ba3 negative) and JSC
Holding Company Metalloinvest (Ba2 stable); (3) strong Russian
market share for high-end steel flat products such as galvanized
steel (28% of the domestic market) and color-coated flat-rolled
steel (25% of the domestic market), as well as the more
conventional hot-rolled sheet (36% of the domestic market) and
cold-rolled sheet (27% of the domestic market); and (4) limited
geographical diversification. Moreover, the conclusion of the
company's active expansion phase should positively affect its
free cash flows (FCF), which were negative during the period
2007-11 and totaled $300 million in the 12-month period through
September 30, 2012. The company expects to halve the level of its
capital expenditure over 2012-14 to approximately $2.1 billion
relative to the previous three years.
The stable outlook on the rating reflects MMK's efficient
operations, Moody's anticipation of a near-term boost to the
company's output and sales as a result of its ramp-up of recently
completed projects, and the attractive mix of products and end
markets served. These factors underpin the company's stable
financial metrics.
What Could Change The Rating Up/Down
Although not likely in the near term, Moody's could revise the
outlook or the rating upwards if MMK's EBIT margin increases
above 5% and its gross debt/EBITDA decreases below 2.5x. Moody's
expects that the company will have positive free cash flow and
maintain good liquidity.
Conversely, the rating could come under pressure if steel market
conditions deteriorate such that, on a forward-looking basis, the
company's gross debt/EBITDA exceeds 3.5x and its FCF/debt ratio
turns negative as a result of deteriorating steel prices, growing
iron ore prices, or outsized capex or M&A activity.
Principal Methodology
The principal methodology used in these ratings was the Global
Steel Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.
Magnitogorsk Iron & Steel Works (MMK) is one of the largest steel
companies in Russia and is also vertically integrated into scrap
processing coal mining and, to lesser extent, iron ore
production. MMK's principal assets are an integrated steel plant
in Magnitogorsk in the Southern Urals region and an electric arc
furnace and steelmaking facilities in Turkey (MMK Metalurji). MMK
Group primarily produces flat-rolled steel and in 2012 produced
approximately 11.9 million tons of steel products (2011: 11.2
million tons). In 2012 MMK Group reported revenues of $9.3
billion (flat over 2011). As at December 31, 2012 the company's
major shareholders were Mintha Holding Limited with a 37.1%
ownership interest, Fulnek Enterprises Limited with a 41.0%
ownership interest and Mordoraco Holdings Limited with a 7.7%
ownership interest. The ultimate beneficiary of the company is
Mr. Viktor F. Rashnikov, the company's chairman of the board of
directors.
MAGNITOGORSK IRON: Moody's Keeps Ba3 Corp. Family Rating
--------------------------------------------------------
Moody's Interfax Rating Agency has affirmed a Aa3.ru national
scale rating rating of Magnitogorsk Iron & Steel Works. The
outlook on the rating is stable. Moody's Interfax is majority-
owned by Moody's Investors Service.
Ratings Rationale:
Moody's Interfax's affirmation of the NSR of MMK follows MIS's
affirmation of the company's Ba3 corporate family rating with a
stable outlook.
Magnitogorsk Iron & Steel Works (MMK) is one of the largest steel
companies in Russia and is also vertically integrated into scrap
processing coal mining and, to lesser extent, iron ore
production. MMK's principal assets are an integrated steel plant
in Magnitogorsk in the Southern Urals region and an electric arc
furnace and steelmaking facilities in Turkey (MMK Metalurji). MMK
Group primarily produces flat-rolled steel and in 2012 produced
approximately 11.9 million tons of steel products (2011: 11.2
million tons). In 2012 MMK Group reported revenues of $9.3
billion (flat over 2011). As at 31 December 2012 the company's
major shareholders were Mintha Holding Limited with a 37.1%
ownership interest, Fulnek Enterprises Limited with a 41.0%
ownership interest and Mordoraco Holdings Limited with a 7.7%
ownership interest. The ultimate beneficiary of the company is
Mr. Viktor F. Rashnikov, the company's chairman of the board of
directors.
Principal Methodology
The principal methodology used in these ratings was the Global
Steel Industry published in October 2012.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's and Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
METALLOINVEST FINANCE: Fitch Assigns 'BB-' Rating to US$1BB Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Russia's Metalloinvest Finance Limited
issue of guaranteed notes for the aggregate principal amount of
US$1 billion 5.625% due 2020 a final senior unsecured 'BB-'
rating.
On April 5, 2013, Fitch affirmed JSC Holding Company
Metalloinvest's Long-term Issuer Default Rating at 'BB-' and
revised the Outlook to Positive from Stable.
The rating action follows a review of the final documentation
materially conforming to the draft documentation reviewed when
Fitch assigned the expected 'BB-(EXP)' rating on April 5, 2013.
KEY RATING DRIVERS:
Metalloinvest's Guaranteed Notes
Metalloinvest Finance Limited, the issuer of the guaranteed
notes, is an Ireland-based private limited liability company
established for the purpose of issuing debt securities for the
Metalloinvest group of companies only. The notes have
unconditional and irrevocable guarantees from JSC Holding Company
Metalloinvest and the three major operating companies of the
group (together the guarantors). The guarantees constitute the
unsecured and unsubordinated obligation of the relevant
guarantors and rank pari passu with all existing and future
unsecured and unsubordinated obligations of the issuer and the
guarantors.
The Notes' Structure
Fitch rates the notes as senior unsecured obligations of
Metalloinvest by virtue of senior unsecured guarantees from
entities constituting more than 80% of group's EBITDA. The notes'
guarantee structure is similar to the outstanding US$0.7 billion
five-year Eurobonds, and the notes include the financial covenant
of net debt to EBITDA not exceeding 3.5:1. The company has stated
it will use most of the notes' proceeds for the prepayment of
2014 debt maturities.
2012 in Line With Base Case
Despite a drop of 17% in Metalloinvest's top line in 2012, its
US$2.6 billion EBITDAR slightly outperformed US$2.5 billion
expected under Fitch's base case. The top line decrease was due
to a price decrease across the product portfolio coupled with
modest sales volumes contraction in the steel segment. The
EBITDAR margin declined to 32% from 38%, reflecting the price
decrease and cost inflation, mitigated by the issuer's cost-
savings initiatives.
Share Buyback in Late 2012
As a result of a series of transactions between the company and
its shareholders, the company bought 24% of its shares for US$3
billion in December 2012 and Russian bank VTB ('BBB'/Stable)
ceased holding its 20% stake in the company, as Fitch expected in
mid-2012. Other shareholders are the same, and Fitch expects no
changes in the company's strategy as a result of VTB's exit. The
agency notes that the issuer could potentially use its 24% share
for the prospective IPO in the medium term, but conservatively
does not forecast it under its base case.
Minority Stake in Norilsk Nickel (NN)
Fitch continues to doubt the economic rationale behind the
issuer's US$2 billion debt-financed acquisition of minority stake
in Russian nickel monopolist NN two years ago. However, in late
2012, NN's shareholders agreed upon 2013-2015 dividends of US$8
billion or above. As a result, Metalloinvest will benefit up to
US$150 million per annum cash proceeds in 2013-2015, which covers
funding costs for these years.
Free Cash Flow Margin Positive
Fitch expects single-digit price reduction in iron ore products
in the short term. Partly offset by increasing revenue share of
higher value-added pellets and HBI, this will lead to a top line
decrease of 5% in 2013 and broadly flat dynamics afterwards.
Coupled with cost inflation, this results in EBITDAR margin
deteriorating although it will remain above 25%. Fitch expects
FFO at US$1.5 billion to US$1.7 billion until 2015, which covers
the issuer's reasonable capex needs and dividend outflow and
results in a positive free cash flow (FCF) margin.
Leverage Peak at 2012
Despite US$1 billion positive FCF in 2012 and US$0.6 billion cash
proceeds from the sale of transportation company, the issuer's
net debt position grew by US$1.3 billion to US$6.3 billion at
end-2012. This was due to a US$3 billion distribution to its
shareholders in the form of a 24% treasury share buyback in 2012.
Fitch's expected positive FCF margin will allow deleveraging from
FFO adjusted leverage of 3.0x at end-2012 to below 2.5x by end-
2014.
Liquidity Remains Robust
Liquidity position at FYE12 was robust, with short-term debt of
US$0.4 billion representing only 5% of total debt, fully covered
by US$468 million cash and equivalents. In Q113, Metalloinvest
prepaid US$573 million of debt ahead of schedule using the
operational cash flows and the RUB10 billion bonds proceeds in
February 2013.
Udokan Project Not the Base Case
Metalloinvest is considering different options with regards to
the Udokan copper project including full or partial spin-off
after the feasibility study being completed by early 2014. Fitch
does not expect Metalloinvest to invest sizeable amounts into the
Udokan copper project under its base case but notes that the
company's intense investments in the project beyond 2014 will
shatter its deleveraging path and worsen its financial profile.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
- Deleveraging resulting in FFO adjusted leverage sustainably
below 2.5x.
Negative: Future developments that could lead to negative rating
action include:
- EBITDAR margin sustainably below 25%.
- Shareholder-friendly actions detrimental to creditors or
significant investments in Udokan project leading to FFO
adjusted leverage sustainably above 3.0x.
MMK FINANCE: Fitch Assigns 'BB+(EXP)' Rating to USD LPNs
--------------------------------------------------------
Fitch Ratings has assigned MMK Finance Limited's USD-denominated
loan participation notes (LPNs) a 'BB+(EXP)' expected foreign
currency senior unsecured rating.
MMK Finance Ltd is a special purpose financing vehicle. The LPNs
will be issued on a limited recourse basis for the sole purpose
of funding a loan by MMK Finance Limited to OJSC Magnitogorsk
Iron & Steel Works (MMK, 'BB+'/Negative). MMK plans to use the
net proceeds from the notes for general corporate purposes
including the refinance of upcoming debt maturities.
Fitch will assign the notes a final rating upon receipt of final
documentation materially conforming to the information already
received.
KEY RATING DRIVERS
- Increasing Demand for Steel Products in Russia
MMK is the leading supplier of steel to the Russian market,
having 25%-100% market share in various rolled products. Up to
75% of the company's revenue is generated in Russia. Demand for
steel products in Russia is increasing due to the healthy
performance of the main steel consuming industries --
construction, pipe production and automotive industry. Fitch
views demand-driving factors in steel-consuming industries as
quite strong in the medium term
- Decrease of Slab Cash Cost
In Q412 MMK's cash cost of slab production was equal to US$374/t,
which is 19% lower yoy. Fitch understands that the lower level of
vertical integration compared with its Russian peers allowed MMK
to benefit from raw material prices' decline. Re-negotiation of
the iron ore price formula with the company's largest iron ore
supplier ENRC and starting iron ore purchases from JSC Holding
Company Metalloinvest ('BB-'/Positive) contributed to the
improvement of the company's cost position. Currently the company
is placed in the second quartile of the global slab cost curve.
- Finalization of Main Investment Projects, Positive Free Cash
Flow
Over the past six years, MMK had the heaviest relative capital
expenditures compared with other Fitch-rated steel companies.
However, after the finalization of the main projects the company
invested in purchases of PPE in 23012 of US$674 million (US$1.7
billion in average during 2007-2011). This resulted in positive
FCF generation for the first time since 2007.
- Poor Performance of MMK Metalurji in Turkey
The agency has a concern regarding the worsening of performance
of the company's plant in Turkey. In 2012, MMK's steel segment in
Turkey reported a US$190 million operating loss compared with
US$140 million operating loss in 2011. MMK decided to stop its
hot-rolling mills in Turkey for cost-saving reasons until the
recovery of market prices.
DEBT AND LIQUIDITY
- Decreasing Leverage
Due to positive FCF the company was able to decrease funds from
operations (FFO) adjusted gross leverage to 2.8x by end-2012
compared with 4.0x at end-2011. Fitch expects MMK to continue
generating positive FCF in 2013-2015. This will contribute to the
decrease of FFO adjusted gross leverage starting from 2014, to
2.7x by end-2014 and to 2.3x by end-2015 (compared with an
expected 2.9x at end-2013)
- Acceptable Liquidity
The company's liquidity position is assessed as acceptable with
US$0.4 billion of cash on hand and US$1.3 billion of committed
unutilized bank loans at end-2012 compared with US$1.6 billion of
short-term borrowings. Fitch also considers MMK's 5% stake in
Fortescue Metals Group Limited ('BB+'/Negative) as an additional
source of liquidity in case if necessary. At the beginning of
April 2013, the market price of MMK's stake approximated to
US$660 million.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
- Positive FCF in 2013
- FFO adjusted gross leverage below 2.5x (already achieved or
expected to be achieved within 12 months)
Negative: Future developments that could lead to negative rating
action include:
- Negative FCF
- FFO adjusted gross leverage sustainably above 3.0x
FULL LIST OF RATINGS
OJSC Magnitogorsk Iron & Steel Works
Foreign currency Long-term Issuer Default Rating (IDR): 'BB+';
Negative Outlook
Foreign currency Short-term IDR: 'B'
Foreign currency senior unsecured rating: 'BB+'
Local currency Long-term IDR; 'BB+'; Negative Outlook
National Long-term rating: 'AA(rus)'; Negative Outlook
MMK Finance Limited
Expected foreign currency senior unsecured rating on the
proposed LPNs: 'BB+(EXP)'
* Financial Reforms Bode Well for Russian Corporate Rouble Market
-----------------------------------------------------------------
Recent financial market reforms including the creation of the
Russian Central Securities Depository on the basis of the
National Security Depository of Moscow Stock Exchange, opening
access to international central securities depositories such as
Euroclear and Clearstream, the upgrading of settlement models,
and ongoing domestic pension system reforms will provide new
opportunities for the domestic corporate rouble bond market in
the next three to five years, says Moody's in a Special Comment
report entitled "Russian Financial Market Reforms Will Boost
Corporate Rouble Bond Market Growth, Reduce Funding Costs."
"We expect foreign investment in the Russian corporate rouble
bond market to rise to around 10% in the next two to three years
from less than 3% currently, or by approximately $10-$15 billion,
as well as the cost of rouble funding for corporates to fall to
nearer the cost of rouble funding in more developed Eurobond
markets," says Sergei Grishunin, an Assistant Vice President -
Analyst in Moody's Corporate Finance Group and co-author of the
report. "This is because the creation of the RCSD reduces custody
and settlement risks and opens access to international securities
depositories, or ICSDs, such as Euroclear and Clearstream. In
addition, settlement times will be shortened and controls aimed
at preventing malicious custody operations or settlements will
also be implemented."
Reforms will narrow the gap between Russian financial markets and
other, competing emerging markets such as Turkey (Ba1 positive)
and South Africa (Baa1 negative). In the longer term, Moody's
would expect international investments in Russian financial
markets to reach levels similar to those seen in these other
emerging markets. The growing international investment in
domestic corporate rouble bond market will strengthen the
domestic investor base, leading to higher trading volumes and
better market liquidity. This should also help gradually reduce
the cost of debt for domestic corporates.
Rising international investment will increase the number of rated
issues, with bonds from investment-grade and top end of
speculative grade issuers in the banking, oil and gas, metals and
mining and telecommunications sectors favored in the primary and
secondary markets. In the longer term, international investors
may turn to speculative-grade corporate issues as more risk-
seeking investors enter the market.
Moreover, proposals to remove the requirement that domestic
pension funds have a positive annual return could help extend the
tenor of corporate rouble bonds. This would make the bonds
attractive to global investors and increase new bond issuance to
fund long-term capex programs.
However, Moody's cautions that an underdeveloped legal
environment, difficult investment climate and slowing economic
growth will hamper longer-term bond market growth in Russia. The
benefits of improving infrastructure may be delayed or partly
offset by the greater number of political, economic and
regulatory uncertainties associated with the Russian business
environment compared with other emerging markets.
* RUSSIA: Fitch Corrects April 18 Ratings Release
-------------------------------------------------
Fitch Ratings corrected the ratings release version published on
April 18, 2013, which incorrectly stated that the level of the
new capital adequacy ratios have already been determined.
The corrected release is:
Fitch Ratings has affirmed Sberbank of Russia's (Sberbank;
'BBB'/Stable/'bbb'), Bank VTB JSC's (VTB; 'BBB'/Negative/'bb-')
and Bank of Moscow's (BOM; 'BBB'/Negative/'bb-') "old style" non-
convertible subordinated debt issues at 'BBB-'. Russian
Agricultural Bank's (RusAg; 'BBB'/'b'/RWN) "old style"
subordinated debt issue's 'BBB-' rating has been maintained on
Rating Watch Negative (RWN).
At the same time, Fitch has indicated that it will notch "new
style" subordinated issues with write-off/conversion triggers off
banks' Viability Ratings (VRs), for both state- and privately
owned banks. Fitch's rating approach and the implications of
recent regulatory changes for Russian bank capitalization are
detailed in a new special report, entitled "Implementation of New
Capital Rules in Russia: Moderately Positive, Unlikely to Lead to
Rating Changes" available at www.fitchratings.com or by clicking
on the link above.
RATING DRIVERS - SBERBANK, VTB, BOM & RUSAG "OLD STYLE" SUB DEBT
The 'BBB-' ratings of the "old style" subordinated debt issues
continue to reflect Fitch's view that these instruments are
unlikely to be bailed in should a state-owned bank require
government support. This reflects the fact that the terms of
these issues do not provide for "going concern" loss absorption
(e.g. coupon omission/deferral or principal write-
down/conversion), and Fitch's view that the Russian authorities
would be likely to place strong emphasis on the legal terms of
the issues in determining the parameters of any bank resolutions.
It also considers that defaults on "old style" subordinated debt
could trigger acceleration of senior debt.
Fitch will therefore continue to notch "old-style" subordinated
debt issues of Russian state-owned banks off their Long-term
Issuer Default Ratings (IDRs), rather than their Viability
Ratings (VRs). The one-notch difference between the banks' Long-
term IDRs ('BBB') and the "old style" subordinated debt ratings
includes (i) zero notches for additional non-performance risk
relative to the Long-term IDRs; and (ii) one notch for likely
higher loss severity (relative to senior debt) in case of
default.
The Long-term IDRs of Russian privately-owned banks do not
benefit from potential government support and are equalised with
their VRs. Their "old style" subordinated debt ratings are one
notch below their Long-term IDRs/VRs, and are unaffected by
today's rating actions.
RATING SENSITIVITIES - SBERBANK, VTB, BOM, RUSAG "OLD STYLE"
SUBDEBT
The issues' ratings are linked to the banks' Long-term IDRs, and
are likely to be upgraded/downgraded if there was similar action
on the Long-term IDRs.
The RWN on the Long-Term IDRs, and therefore subordinated debt
rating, of RusAg reflects Fitch's concerns about the bank's asset
quality and the sufficiency of recent capital support. The
ratings may be downgraded by one notch (Long-term IDRs to 'BBB-',
"old style" subordinated debt to 'BB+') if Fitch views support as
having been insufficient, and there is no tangible strengthening
of the support framework for the bank.
The Outlooks on VTB and BOM's Long-Term IDRs are Negative due to
Fitch's expectation of a moderate reduction in government support
as VTB's privatization progresses. A downgrade of the banks'
Long-Term IDRs would also result in a downgrade of their
subordinated debt. Any downgrade would likely be limited to one
notch (Long-term IDRs to 'BBB-', "old style" subordinated debt to
'BB+').
The Outlook on Sberbank's Long-Term IDR is Stable and underpinned
by the bank's 'bbb' VR, so neither the bank's IDRs nor its "old
style" subordinated debt rating would be affected if Fitch
revised its support assumptions.
The ratings of all the banks would also likely be downgraded if
the Russian Federation ('BBB'/Stable) was downgraded. An upgrade
of Russia to 'BBB+' would be likely to result in a one-notch
upgrade of Sberbank. A sovereign upgrade could also result in
VTB, BOM and RusAg's ratings stabilizing at their current level.
The "old style" subordinated debt ratings of VTB, BOM and RusAg
could also be downgraded if the Russian authorities give any
clear indication that all subordinated liabilities of banks,
regardless of their terms, could be bailed in, in case of a bank
failure. However, Fitch currently views such a scenario as
unlikely.
APPROACH TO RATING "NEW STYLE" SUBORDINATED INSTRUMENTS
Fitch intends to notch "new style" subordinated instruments of
both state- and privately owned Russian banks off their VRs. This
reflects the agency's expectation that these instruments will
absorb losses as provided for in their terms of issue, ie the
agency does not expect government support for state-owned banks
to prevent losses on these securities if loss-absorption triggers
are hit.
Fitch expects to rate "new style" Tier 2 dated subordinated
issues of Russian banks one notch lower than their VRs. This
includes (i) zero notches for additional non-performance risk
relative to the VR, as Fitch believes these instruments should
only absorb losses once a bank reaches, or is very close to, the
point of non-viability; and (ii) one notch for loss severity,
(one notch, rather than two, as these issues will not be deeply
subordinated, and will actually rank pari passu with "old style"
subordinated debt in case of bankruptcy).
Fitch expects to rate "new style" Tier 1 perpetual subordinated
issues of Russian banks three-four notches lower than their VRs.
This includes (i) one-two notches for additional non-performance
risk relative to the VR, as the conversion/write-down trigger
(6.4% core Tier 1 ratio) has been set somewhat higher than the
point of non-viability, in Fitch's view; and (ii) two notches for
loss severity, given the issues' deep subordination.
BANK IDRS UNAFFECTED BY CHANGES IN CAPITAL RULES
Overall, Fitch views ongoing changes in Russian bank capital
regulation as moderately positive, as they will force some
lenders to hold slightly more and better quality capital.
However, the agency expects the impact to be marginal at most
banks, in part due to lenders' still significant flexibility in
reporting risk exposures, which in turn determine capital needs.
Fitch does not expect the changes to lead to movements in any
bank's IDRs.
A Fitch study of 18 large Russian banks suggests that most should
be able to comply with the expected new minimum core Tier 1
(5.6%) and Tier 1 (7.5%) ratios by end-2013 without raising
additional capital. Five banks (VTB, Alfa, Nomos, Russian
Standard and Probusinessbank) might need to take action to
achieve the 7.5% Tier 1 ratio, but Fitch believes this could
mainly be addressed by reallocating capital within groups. Banks
will report new ratios to the CBR from May 1, 2013, but mandatory
compliance is unlikely to be introduced before Q413, and may be
delayed to 2014.
The rating actions are as follows:
Sberbank of Russia:
"Old style" subordinated debt affirmed at 'BBB-'
Bank VTB JSC:
"Old style" subordinated debt affirmed at 'BBB-'
Bank of Moscow:
"Old style" subordinated debt affirmed at 'BBB-'
Russian Agricultural Bank
"Old style" subordinated debt 'BBB-'; maintained on Rating
Watch Negative
===============
S L O V E N I A
===============
NOVA LJUBLJANSKA: Needs Less Fresh Capital Than Fitch Estimate
--------------------------------------------------------------
Boris Cerni at Bloomberg News reports that Nova Ljubljanska Banka
d.d. Chief Executive Officer Janko Medja said the lender needs
less fresh capital than the EUR1 billion (US$1.3 billion)
estimated by Fitch Ratings.
According to Bloomberg, Mr. Medja said in an April 19 interview
in the Slovenian capital, Ljubljana, that state-owned Nova
Ljubljanska at the end of last year estimated that it needed
EUR375 million.
Mr. Medja, as cited by Bloomberg, said that the lender is working
on restructuring its loan portfolio to reduce the need for new
provisions. He said that the bank has "healthy" liquidity and
can still borrow from the European Central Bank if needed,
Bloomberg notes.
"We don't agree with the Fitch estimate," Bloomberg quotes
Mr. Medja as saying in his office in the city center. "We want
to minimize the need for fresh capital to reduce the moral hazard
question. If there would be a need, we would still have some
leeway to borrow more from the ECB."
Slovenia's second recession in four years is boosting bad loans
at state-owned lenders such as Nova Ljubljanska and Nova Kreditna
Banka Maribor d.d., the nation's second-largest, Bloomberg
discloses. The fourth-smallest economy in the euro area is
trying to avoid becoming the sixth country using the euro to seek
a bailout after international lenders agreed last month to help
Cyprus, Bloomberg notes.
Bad loans at Slovenia's three largest banks, Nova Ljubljanska,
Nova Kreditna and Abanka Vipa d.d., are estimated to represent 30
percent of their total loans, Bloomberg says, citing an April 9
report by the Organization for Economic Cooperation and
Development. Fitch said on April 5 that the three lenders need
EUR2 billion of fresh capital, Bloomberg recounts.
Nova Ljubljanska Banka d.d. is Slovenia's largest lender.
=========
S P A I N
=========
ABENGOA SA: S&P Affirms 'B/B' Corporate Credit Ratings
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term and 'B' short-term corporate credit ratings on
Spain-headquartered engineering and construction (E&C),
technology, and energy group Abengoa S.A. The outlook remains
negative.
The affirmation follows Abengoa's announcement that it will sell
its 100% stake in Befesa Medio Ambiente, the parent of Befesa
Zinc S.A. (Befesa, B/Watch Dev/--), to Germany-based private
equity fund Triton.
The net cash inflow for Abengoa from this transaction will
reportedly be EUR352 million. The agreement also includes
EUR225 million of deferred consideration, which shall be paid to
Abengoa by means of a convertible loan exchangeable for shares of
Befesa upon Triton's exit from Befesa.
The proposed transaction is subject to final documentation and
regulatory approval, as well as consent from Befesa's bondholders
under its EUR300 million indenture's change-of-control clause.
As indicated in S&P's previous research update on Abengoa and
Befesa, S&P views the sale of more mature, cash-generative assets
as negative from a business perspective. Therefore, in S&P's
view, this transaction slightly weakens Abengoa's "fair" business
risk profile, given S&P's view of Befesa as a mature, cash-flow
positive asset, compared with the rather immature average
portfolio of Abengoa's projects. S&P understands that Abengoa
may use the sale proceeds to pay down corporate debt, which would
improve the corporate financial risk profile given that Befesa's
debt was nonrecourse, and could partially offset the
deterioration in the business risk profile. The final use of the
proceeds is still unknown at this stage, however.
The negative outlook on Abengoa reflects a one-in-three chance of
a downgrade if the company's liquidity weakens, if proceeds from
asset sales are not largely used for debt repayment, or if S&P do
not see deleveraging over the medium term.
More specifically S&P could lower the rating if:
-- Abengoa's currently "adequate" liquidity weakens. This
could occur, for instance, due to material unwinding of the
sizable working capital deficit.
-- There is no substantial reduction in negative consolidated
free cash flow from 2014 onward, helped by a significant
reduction in capital expenditures.
-- Abengoa does not deleverage to below 9x adjusted debt to
EBITDA by mid-2014, and gradually thereafter, for example
if proceeds from asset sales or other nondebt sources are
not used largely for debt repayment. S&P reassess
Abengoa's business risk profile to "weak", for example as a
consequence of sales of mature assets or deterioration in
profitability or market conditions at its key profit
contributors (E&C and concession-based activities).
S&P could revise the outlook to stable if Abengoa reduces its
capital expenditures and negative free cash flow materially over
2014-2015, after completion of its investment plan and the entry
into full operation of projects currently in construction or at
early stages of operations. In addition, S&P would expect
continued "adequate" liquidity and progress on deleveraging. S&P
would also take a positive view if Abengoa decided to use
proceeds from asset sales for debt reduction beyond S&P's
expectations for the current rating level.
BEFESA ZINC: S&P Puts 'B' Rating on EUR300MM Loan on Creditwatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its long-term corporate
credit rating on Befesa Zinc S.A. (Befesa) on CreditWatch with
developing implications.
S&P also placed on CreditWatch developing the 'B' rating on
Befesa's EUR300 million senior secured proceeds loan and 'B'
rating on special-purpose vehicle Zinc Capital S.A.'s 8.875%
secured notes.
The recovery rating on the EUR300 million senior secured proceeds
loan remains unchanged at '3'.
S&P will continue to equalize the corporate credit rating on
Befesa with the rating of its 100% parent company Abengoa, until
the sale has been completed.
The CreditWatch placement follows Abengoa's announcement that it
has agreed to sell Befesa to private equity fund Triton for
EUR1,075 million as part of its asset-rotation strategy. The
proposed transaction is subject to final documentation and
regulatory approval, as well as consent from Befesa's bondholders
under its EUR300 million indentures change-of-control clause.
S&P currently assess Befesa's stand-alone credit profile (SACP)
at 'b+', based on its assessment of its "weak" business risk
profile and "aggressive" financial risk profile. S&P's future
assessment may also need to incorporate the credit quality of the
intermediate holding company, Befesa Medio Ambiente.
The SACP reflects S&P's view of the stability of Befesa's
business, illustrated by consistent EBITDA margins of above 30%
in the past few years, despite challenging macroeconomic
conditions in Europe. This is offset by the limited size and
scope of the company overall, its exposure to the volatile steel
industry, and aggressive growth strategy. S&P will reassess the
company's strategy under its new ownership, as well as its past
prudent policy to hedge forward a substantial part of its
recycled zinc.
S&P's assessment of Befesa's "aggressive" financial risk profile
may change, however, depending on the capital structure of the
company post the transaction and the new owner's financial
policies.
In S&P's view, Befesa demonstrated good resilience to challenging
macroeconomic conditions and subdued steel production in Europe
in 2012. The company reported a 13.3% increase in sales to
EUR252 million on a healthy EBITDA margin of above 30%, stable
year-on-year. Capital expenditure (capex) of EUR25 million and
acquisitions of EUR18 million were adequately covered by
internally generated cash flows during the year. Based on
adjusted EBITDA of EUR83 million and broadly stable debt,
Befesa's leverage improved to 3.1x at year-end 2012.
Under S&P's conservative base-case scenario, which incorporates
zinc prices of $0.75/lb in 2013 for the unhedged portion of
Befesa's zinc sales and 0% GDP growth in Europe, S&P anticipates
Befesa will report broadly stable EBITDA of about EUR75 million-
EUR80 million. However, S&P also believes cash flows could be
consumed by the increased capex, notably in Turkey, and a further
stake acquisition in the South Korean steel dust recycling plant,
Hankook.
The CreditWatch developing follows the announced sale of the
company by its parent, Abengoa, and reflects S&P's lack of
clarity as to what Befesa's capital structure will look like
under its future private equity ownership. S&P currently
understands that the transaction is subject to documentation and
relevant approvals, which S&P believes will be finalized within
the next two months or so. S&P therefore anticipates resolving
the CreditWatch within a similar timeframe, after evaluating the
financial impact of the transaction on Befesa, including the
possibility of any re-leveraging and changes to the new owner's
financial policies and strategy. In addition, S&P's assessment
of the credit quality of Befesa Medio Ambiente and future
consolidation scope of the group will also be important to the
ratings.
EMPRESAS HIPOTECARIO 3: S&P Affirms CCC- Rating on Class C Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions in
Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos.
Specifically, S&P has
-- Lowered to 'BBB+ (sf)' from 'A- (sf)' and removed from
CreditWatch negative its rating on the class A2 notes; and
-- Affirmed its 'B+ (sf)' and 'CCC- (sf)' ratings on the class
B and C notes, respectively.
The rating actions follow the application of S&P's updated
criteria for European collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs) and S&P's 2012
counterparty criteria, as well as its assessment of the
transaction's performance using the January 2013 trustee
report (the most recent report available to S&P at the time of
its analysis) and portfolio data as of December 2012.
On Jan. 17, 2013, when S&P's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its rating on
the class A2 notes.
CREDIT ANALYSIS
Based on S&P's review of the current pool and since its previous
review in July 2012, the pool has experienced further defaults
and the obligor concentration risk to the pool has further
increased due to the further deleveraging of loans.
The underlying pool is highly seasoned with a pool factor (the
percentage of the pool's outstanding aggregate principal balance
in comparison with the closing date) of less than 25%.
S&P has applied its updated European SME CLO criteria to
determine the scenario default rates (SDRs) for this transaction.
"We categorize the originator as moderate (based on tables 1, 2,
and 3 in our criteria), which factored in Spain's Banking
Industry Country Risk Assessment (BICRA) score (as the country of
origin for these SME loans is Spain). This resulted in a
downward adjustment of one notch to the 'b+' archetypical
European SME average credit quality assessment to determine loan-
level rating inputs and applying the 'AAA' targeted corporate
portfolio default rates. As a result, our average credit quality
assessment of the current pool is 'b'," S&P said.
S&P's further applied a portfolio selection adjustment of minus
three notches to the 'b' credit quality assessment. As a result,
S&P's average credit quality assessment of the pool to derive the
'AAA' SDR was 'ccc'.
S&P has applied this approach as it was not provided with the
internal credit scores upon request, therefore it assumed that
each loan in the portfolio had a credit quality that is equal to
its average credit quality assessment of the portfolio.
S&P has reviewed historical originator default data, and has
assessed Spain's current market trends and developments,
macroeconomic factors, and the way these factors are likely to
affect the loan portfolio's creditworthiness.
As a result of this analysis, S&P's 'B' SDR is 10.0%.
The SDRs for rating levels between 'B' and 'AAA' are interpolated
in accordance with S&P's European SME CLO criteria.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration the asset type
(secured/unsecured) and the country recovery grouping and
observed historical recoveries. S&P also factored in the actual
recoveries from the historical defaulted assets to derive its
recovery rate assumptions to be applied in its cash flow
analysis.
As a result of this analysis, S&P's WARR assumption in a 'A'
scenario was 32.28%. The recovery rates at more junior rating
levels were higher (as outlined in S&P's criteria).
CASH FLOW ANALYSIS
S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns, recovery
timings, and interest rate curves to generate the minimum break-
even default rate (BDR) for each rated tranche in the capital
structure. The BDR is the maximum level of gross defaults that a
tranche can withstand and still fully repay the noteholders,
given the assets and structure's characteristics. S&P then
compared these BDRs with the SDRs outlined above.
COUNTERPARTY RISK
CECABANK S.A. (BB+/Negative/B) is the swap counterparty in this
transaction. S&P has reviewed the swap counterparty's downgrade
provisions, and, in its opinion, they do not fully comply with
S&P's 2012 counterparty criteria. Therefore, S&P conducted its
cash flow analysis without giving benefit to the swap above a
'BBB-' rating level--S&P's long-term issuer credit rating on the
swap counterparty plus one notch.
The available credit enhancement for the class A2 notes is
commensurate with a lower rating than that currently assigned.
S&P has therefore lowered to 'BBB+ (sf)' from 'A- (sf)' and
removed from CreditWatch negative its rating on the class A2
notes.
The available credit enhancement for the class B and C notes is
commensurate with their current ratings. S&P has therefore
affirmed its 'B+ (sf)' and 'CCC- (sf)' ratings on the class B and
C notes, respectively.
Empresas Hipotecario TDA CAM 3 is a cash flow CLO transaction
that securitizes loans to SMEs. The collateral pool comprises
secured loans. The transaction closed in July 2006.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos
EUR750 Million Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
A2 BBB+ (sf) A- (sf)/Watch Neg
Ratings Affirmed
B B+ (sf)
C CCC- (sf)
HIPOCAT 4: Moody's Cuts Rating on EUR12.9MM C Notes to B3
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of 9 junior
notes in four Spanish residential mortgage-backed securities
(RMBS) transactions: Hipocat 4, FTA, Hipocat 5, FTA, Hipocat 6,
FTA and Hipocat 7, FTA. At the same time, Moody's confirmed the
ratings of four senior securities in Hipocat 4, FTA, Hipocat 5,
FTA, Hipocat 6, FTA and Hipocat 7, FTA. Insufficiency of credit
enhancement to address sovereign risk has prompted this action.
This rating action concludes the review of 11 notes placed on
review on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 13, 2012. This
rating action also concludes the review of 2 notes placed on
review on November 23, 2012, following Moody's revision of key
collateral assumptions for the entire Spanish RMBS market.
Ratings Rationale:
The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk. Moody's confirmed the
ratings of securities whose credit enhancement and structural
features provided enough protection against sovereign and
counterparty risk.
The determination of the applicable credit enhancement driving
these rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.
Additional Factors Better Reflect Increased Sovereign Risk
Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
local currency country risk ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.
The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.
Revision of Key Collateral Assumptions
In all four affected transactions, Moody's maintained the current
expected loss and MILAN CE assumptions. Expected loss assumptions
remain at 0.70% for Hipocat 4, FTA, 0.70% for Hipocat 5, FTA,
0.50% for Hipocat 6, FTA and 1.3% for Hipocat 7, FTA. The MILAN
CE assumptions remain at 10.5% for Hipocat 4, FTA, 12.5% for
Hipocat 5, FTA, 12.5% for Hipocat 6, FTA and 15.0% for Hipocat 7,
FTA.
Exposure to Counterparty Risk
The conclusion of Moody's rating review also takes into
consideration the exposure to Banco de Espana, which acts as
issuer account bank for the Hipocat 4, FTA, Hipocat 5, FTA
transaction. The rating agency has assessed the probability and
effect of a default of the issuer account bank on the ability of
the issuer to meet its obligations under the transaction. In
conclusion, these factors will not negatively affect the rating
on the notes.
The conclusion of Moody's rating review also takes into
consideration the exposure to Catalunya Banc SA (B1/NP on review
for downgrade), which still acts as swap counterparty for the
Hipocat 4, FTA, Hipocat 5, FTA transaction and the exposure to
CECABANK S.A. (Ba1/NP on review for downgrade), which still acts
as swap counterparty for the Hipocat 7, FTA transaction. Moody's
notes that, following the breach of the rating triggers, the
swaps in these transactions do not reflect Moody's de-linkage
criteria. The rating agency has assessed the probability and
effect of a default of the swap counterparty on the ability of
the issuer to meet its obligations under the transaction.
Additionally, Moody's has examined the effect of the loss of any
benefit from the swap and any obligation the issuer may have to
make a termination payment. In conclusion, these factors will not
negatively affect the rating on the notes.
Other Developments May Negatively Affect the Notes
In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.
As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.
Moody's describes additional factors that may affect the ratings
in "Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment".
Principal Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
March 2013.
Other factors used in these ratings are described in "The
Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines", published in March
2013.
In reviewing these transactions, Moody's used its cash flow
model, ABSROM, to determine the loss for each tranche. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (1) the
probability of occurrence of each default scenario and (2) the
loss derived from the cash flow model in each default scenario
for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach.
List of Affected Ratings
Issuer: HIPOCAT 4
EUR278.2M A Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR8.9M B Notes, Downgraded to Ba1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR12.9M C Notes, Downgraded to B3 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: HIPOCAT 5 FONDO DE TITULIZACION DE ACTIVOS
EUR648.6M A Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR26.8M B Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR20.6M C Notes, Downgraded to B3 (sf); previously on Jul 2,
2012 Baa3 (sf) Placed Under Review for Possible Downgrade
Issuer: HIPOCAT 6 FONDO DE TITULIZACION DE ACTIVOS
EUR787.6M A Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR15.7M B Notes, Downgraded to Baa2 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR34M C Notes, Downgraded to Ba2 (sf); previously on Jul 2, 2012
Baa1 (sf) Placed Under Review for Possible Downgrade
Issuer: HIPOCAT 7, FONDO DE TITULIZACION DE ACTIVOS
EUR1148.3M A2 Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR21.7M B Notes, Downgraded to Baa3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR42M C Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR28M D Notes, Downgraded to B2 (sf); previously on Jul 2, 2012
Baa2 (sf) Placed Under Review for Possible Downgrade.
* SPAIN: Budget Deficit Largest in EU Last Year, Eurostat Reveals
-----------------------------------------------------------------
Angeline Benoit and Ben Sills at Bloomberg News report that
Spain's budget deficit was the largest in the European Union last
year, underlining the challenge faced by Prime Minister Mariano
Rajoy as he prepares a new plan to foster an economic recovery.
Eurostat, the EU's statistics agency in Luxembourg, yesterday
reported that Spain's 2012 deficit widened to 10.6% of gross
domestic product, swollen by the cost of bailing out its banking
system, Bloomberg relates. That's up from 9.4% in 2011 and is
worse than Greece's 2012 budget gap of 10%, Bloomberg notes. A
limit of 3% of GDP is imposed by the EU on all members, Bloomberg
says.
Rajoy pledged last week to unveil measures on April 26 to make
the euro region's fourth-largest economy more flexible and
competitive, Bloomberg relates.
Mr. Rajoy is bidding for more time from EU peers to reorder
public finances as he aims to end a six-year economic crisis,
aided by the European Central Bank's pledge to do whatever it
takes to preserve the euro, Bloomberg discloses. International
Monetary Fund Managing Director Christine Lagarde said last week
that the Spanish government needs more time to reduce its
deficit, Bloomberg recounts.
"Spain needs another two to three quarters to fully reassure
investors," Bloomberg quotes Gilles Moec, co-chief European
economist at Deutsche Bank AG in London, as saying. "Beyond the
ECB's support, it must prove the economy's improvement is
structural and that the bank recapitalization is sufficient to
deal with the increase in non-performing loans."
Spain's overall debt load surged to 84.2% of GDP from 69.3%,
Bloomberg discloses. Bloomberg notes that while that's still
below the euro region's average of 90.6%, the European Commission
forecasts it will breach the average this year.
=============
U K R A I N E
=============
MRIYA AGRO: Fitch Assigns 'B' Rating to US$400-Mil. Eurobond
------------------------------------------------------------
Fitch Ratings has assigned Mriya Agro Holding Public Limited's
(Mriya; 'B'/Stable; 'A-(ukr)'/Stable) US$400 million 9.45%
Eurobond a final senior unsecured rating of 'B' with a Recovery
Rating of 'RR4'. Fitch expects the bond issue proceeds will help
extend the group's debt maturity profile while boosting general
liquidity to support further business growth.
The rating action follows the review of the final terms of the
bond issue conforming to information already received by Fitch.
Some of the proceeds of the new issue will be applied to finance
a tender offer for a portion of the existing US$250 million
senior notes due 2016 (around US$178 million as of April 10,
2013), which will help phase out the group's debt maturities. In
addition, Fitch understands that the remaining proceeds will be
applied to repaying other debt facilities, capex and boosting
liquidity to support working capital swings throughout the year.
Fitch does not expect changes in Mriya's dividend policy and
assume no dividends will be paid out from bond proceeds.
The new notes rank as senior unsecured obligations, and benefit
from upstream guarantees (which are suretyships under Ukrainian
law) from several operating subsidiaries representing a minimum
of 80% of EBITDA, net income and net assets of the group. The
terms of the new notes are substantially the same as the terms of
the existing notes, including a debt incurrence covenant based on
a net debt/EBITDA of less than 3x. Bondholders are protected by a
cross-default with any indebtedness of the issuer, the sureties
or any material subsidiary above the threshold of USD10m.
Given the level of investments and growing asset base, Fitch's
recovery analysis indicates higher recoveries for creditors
arising from the liquidation. Unsecured creditors' recoveries are
supported by limited senior indebtedness, thus unsecured
creditors are expected to obtain at least 50% recovery for their
claims in line with the soft-cap of 'RR4' applied by Fitch for
the Ukrainian jurisdiction.
KEY RATING DRIVERS
Resilient Operating Performance
Mriya delivered outstanding revenue growth in 2012 while keeping
the funds from operations (FFO) margin above 40%. Depending on
the future pace of land bank expansion, we assume somewhat slower
revenue growth in 2013 and 2014 as we do not envisage a further
dramatic improvement in crop yields while soft commodity prices
will remain volatile. Fitch expects an FFO margin at or above
40%, which is healthy for the rating, supported by investments in
logistics and infrastructure (silos).
Capex Key Part of Strategy
Mriya conducted heavy investments in 2012 in storage facility
construction and logistic fleet expansion that will enable the
group to enhance its existing operations' efficiency. The current
rating factors in annual capex between US$150 million and US$180
million (averaging around 40% of sales), a combination of further
land lease rights and additional infrastructure. Therefore Fitch
assumes gradual deleveraging with FFO adjusted net leverage
remaining between 2x and 2.5x by 2016 (2012: 2.5x), consistent
with a 'B' rating for the sector.
Adequate Liquidity, Limited Debt Redemptions
The bond issue will improve Mriya's liquidity profile and allow
an extension of the average debt maturity by around two years.
Despite high capex in 2012, even prior to the planned bond
placement and partial refinancing, Mriya had cash, liquid
inventories and account receivables totaling US$280 million by
end-December 2012. This level of liquid assets, excluding any
committed bank lines, is sufficient to fund its working capital
cycle (equating to USD140m swing from peak to trough or 0.7x-0.8x
EBITDA intra-year).
Corporate Governance Issues Remain
Relative to other Ukrainian peers, such as Kernel and MHP,
Mriya's corporate governance is still weak, albeit scoring better
than UkrLandFarming. Mriya maintains related party transactions
in relation to all of its sugar beet production (this represented
16% of Mriya's total revenues in 2012; 40% in 2011). This decline
is a positive sign. However, we consider that it may be not
sustainable as it is partly driven by weak environment in
Ukraine's sugar market. We do not expect the bond proceeds to
fund any loans to the sugar processing business. Although this is
a constraining factor for a future positive rating development,
Fitch understands the sugar companies owned by the controlling
shareholder do not have meaningful financial debt as they have no
major capital spending plans.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
- Contraction of related party transactions or full
consolidation of the sugar business into the group.
- Evidence of positive or at least only moderately negative FCF
margin.
The above factors would have to be accompanied by at least two of
the following triggers:
- FFO margin above 35% or FFO above USD200m in absolute terms.
- FFO adjusted net leverage below 1.5x (and below 2.5x at peak
throughout the year).
- FFO fixed charge coverage consistently above 4.5x.
- Maintained strong liquidity - available cash, committed
available bank lines and expected next year's CFO less
maintenance capex covering at least 150% of short-term debt
maturities.
Negative: Future developments that could lead to negative rating
action include:
- Declining profitability driven by sustained cost increases
and/or yield erosion bringing FFO margin down to the 25%-30%
range.
- Weaker liquidity profile.
- FFO adjusted net leverage consistently above 2.5x at year-end
(or 3.5x at the peak during the year).
- FFO fixed charge below 3x.
===========================
U N I T E D K I N G D O M
===========================
IMPERIAL PROPERTY: Administrator Puts Radisson Blu Up for Sale
--------------------------------------------------------------
CatererandHotelKeeper reports that Radisson Blu Hotel Cardiff has
been put up for sale three years after the owner went into
administration.
Deloitte has been handling the administration of the Imperial
Property Company (Cardiff 2), and property company Christie & Co.
has now been appointed to market the hotel, CatererandHotelKeeper
discloses.
"Since opening in 2009, the Radisson Blu Hotel has quickly
established itself as one of Wales's premier four-star hotels --
and it has the potential to grow still further. Cardiff's hotel
market was one of the few regional markets to show growth in 2012
and with its array of superb demand generators is well positioned
to take advantage of further economic recovery,"
CatererandHotelKeeper quotes Jeremy Hill, director and head of
hotels for Christie & Co, as saying.
Paul Evans, director of Deloitte, said that with sales having
exceeded forecasts so far in 2013, now was a good time to sell
the hotel, CatererandHotelKeeper relates.
Offers are being invited for the freehold of the hotel, which
comes with the benefit of Carlson Rezidor's Radisson Blu
management and branding, CatererandHotelKeeper discloses.
===============
X X X X X X X X
===============
* Moody's Wraps Review of European CLO Deals with WARF Errors
-------------------------------------------------------------
Moody's Investors Service finalized its review of all outstanding
European CLO transactions for potential ratings impact relating
to weighted average rating factor (WARF) differences resulting
from the incorrect use of an alternative approach for computing
WARF.
Under Moody's published global CLO rating methodology (dated June
22, 2011) Moody's defines its WARF as the par-weighted average of
the rating factors of each of the assets in the collateral pool
and derives the default probability of the portfolio using this
average WARF value in combination with the remaining life of the
portfolio. However, for European CLOs, Moody's relied upon an
alternative approach and computed the WARF as the par-weighted
average of the default probabilities of each of the assets in the
collateral pool.
Moody's analyzed both WARF computation methods for all
outstanding Moody's rated European CLOs and identified 21
European CLOs that could have been impacted by the erroneous use
of the alternative WARF computation.
Moody's has now finalized the review of those 21 transactions. In
most of these cases, the rating impact from the incorrect WARF
computation method is negligible, and in a small number of cases,
the net impact is up to approximately one notch either positively
or negatively. In reviewing the ratings of these deals, Moody's
incorporated the latest data, including solid performance or
substantial deleveraging in some deals, which resulted in
upgrades, and credit deteriorations in others, which resulted in
downgrades. Of the 21 transactions, Moody's concluded upgrade
actions in eight, downgrade actions in two, and no actions in
eleven of the transactions.
The following eleven transactions did not incur any rating
actions:
- Ares European CLO II B.V.
- Euro Atlantis CLO Limited
- CELF Loan Partners II plc
- CELF Loan Partners III plc
- CELF Low Levered Partners plc
- Cadogan Square CLO IV B.V.
- PDM CLO I B.V.
- Jubilee VII
- Penta CLO 1 S.A.
- Eurocredit VI
- Eurocredit VII
Tranches in the following eight transactions were upgraded,
largely as a result of deleveraging in the transactions:
- Aquilae CLO I PLC
- Cadogan Square CLO B.V.
- Gresham Capital CLO 1 B.V.
- GSC European CDO I-R
- Queen Street CLO I B.V.
- Dryden IX Senior Loan Fund plc
- Wood Street CLO III B.V.
- RMF Euro CDO IV PLC
Finally, tranches in the following two transactions were
downgraded as a result of credit deterioration in the
transactions:
- North Westerly CLO II B.V
- Clare Island B.V
The principal methodology used in these ratings was "Moody's
Approach to Rating Collateralized Loan Obligations", published in
June 2011.
Moody's carries the following non-prime ratings on the affected
issuers:
Aquilae CLO I PLC:
Class E Deferrable Floating Rate Notes, due 2015; Caa1
Ares European CLO II B.V.:
Class D Senior Secured Deferrable Floating Rate Notes due 2025;
Ba2
Cadogan Square CLO B.V.:
Class D Senior Secured Deferrable Floating Rate Notes; Ba1
Class E Senior Secured Deferrable Floating Rate Notes; Ba3 (sf)
Cadogan Square CLO IV B.V.:
Class D Senior Secured Deferrable Floating Rate Notes due 2023;
Ba1
Class E Senior Secured Deferrable Floating Rate Notes due 2023;
B1
Class X Combination Notes due 2023; Ba2
CELF Loan Partners II plc:
Class T Combination Notes; Ba1
Euro 19,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2021; B1
Euro 42,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due2021; Ba1
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
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FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
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SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
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SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
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LAB DOLISOS LADL FP -27752176.19 110485462.4
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI-BACK ORBA FP -51389802.68 181267113.2
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PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
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SOC NICOISE REAL 4749097Z FP -15642386.55 101088937.4
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SOCIETE D'AGENCE 4741441Z FP -11128710.59 243411105.2
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GEORGIA
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GREECE
------
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HUNGARY
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
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ITALY
-----
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RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
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FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
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WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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AKER FLOATING PR AKFP EO -16100000 765200000
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AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
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INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
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NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
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PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
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PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
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TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
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SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
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UKRAINE
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TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *