/raid1/www/Hosts/bankrupt/TCREUR_Public/130521.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, May 21, 2013, Vol. 14, No. 99
Headlines
A Z E R B A I J A N
BANK TECHNIQUE: Fitch Affirms 'CC' LT Issuer Default Rating
G E R M A N Y
DECO 15: S&P Lowers Rating on Class F Notes to 'CCC-'
OPERA GERMANY: S&P Lowers Rating on Class B Notes to 'BB'
TALISMAN-6 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'
I R E L A N D
IRISH BANK: Special Liquidator Has Four Months to Sell Loan Book
QUINN INSURANCE: PwC Disputes Quinn Administration Decision
I T A L Y
ICCREA BANCAIMPRESA: Moody's Lowers Deposit Ratings to 'Ba3'
IVS GROUP: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Stable
L U X E M B O U R G
GRAND CITY: S&P Assigns 'BB-' Rating to EUR100MM Sr. Sec. Bonds
OXEA SARL: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
P O R T U G A L
SAGRES CHAVES: S&P Lowers Rating on Two Note Classes to 'CC'
* PORTUGAL: Top Bankers Say Customers Jittery Over Cyprus Crisis
R O M A N I A
ROMPETROL GROUP: Fitch Affirms 'B+' LT Issuer Default Rating
S P A I N
CAMPOFRIO FOOD: S&P Lowers Corp. Rating to 'B+'; Outlook Stable
TDA 25: Fitch Affirms 'CC' Ratings on 8 Certificate Classes
* Fitch Keeps 7 Spanish RMBS Tranches on Rating Watch Negative
T U R K E Y
* ISTANBUL MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
* IZMIR MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
U N I T E D K I N G D O M
AFREN PLC: S&P Raises Corp. Credit Rating to 'B+'; Outlook Stable
CO-OPERATIVE GROUP: Seeks Alternative to Traditional Capitalism
CORAL INNS: Put Up for Sale for GBP300,000
EXILLON ENERGY: Fitch Withdraws 'B-(EXP)' Sr. Unsecured Rating
FIRSTGROUP: To Launch Discounted Rights Issue; Chair to Step Down
MTS INT'L: Fitch Assigns 'BB+' Rating to Loan Participation Notes
THEATRE PLC: Fitch Lowers Ratings on Class D Notes to 'B'
THPA FINANCE: Fitch Affirms 'BB-' Rating on GBP30MM Notes
TITAN EUROPE 2007-3: S&P Affirms 'BB' Rating on Class A1 Notes
TULLETT PREBON: Moody's Reviews Ba2 Debt Ratings for Downgrade
X X X X X X X X
* EUROPE: European Central Bank Delays Stress Tests Until 2014
* Large Companies with Insolvent Balance Sheets
*********
===================
A Z E R B A I J A N
===================
BANK TECHNIQUE: Fitch Affirms 'CC' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Azerbaijan-based Bank Technique's (BT,
formerly Technikabank) Long-term Issuer Default Rating (IDR) at
'CC'. At the same time the agency has upgraded BT's Viability
Rating (VR) to 'cc' from 'f'.
KEY RATING DRIVERS: IDRS AND VR
The affirmation of BT's IDR reflects the significant amount of
unreserved impaired assets on BT's balance sheet and its weak,
albeit slightly improved, capital position. Fitch believes that
the bank has achieved only limited progress with its financial
recovery following the recognition of significant asset quality
problems and sharp deposit outflow in Q212.
The upgrade of BT's VR reflects some limited improvements in its
credit profile during the year, including the bank's somewhat
more comfortable liquidity position and the expected compliance
with regulatory capital requirements following the recent equity
injection. At the same time, the low VR continues to reflect the
bank's weak asset quality and solvency, weak pre-impairment
profitability and low shareholder transparency.
The bank's private shareholders recently provided AZN9 million of
fresh equity and plan to inject a further AZN5 million by end-May
2013. Fitch estimates that if the provisioning level remains
unchanged these capital injections will allow BT to become
compliant with regulatory capital adequacy ratio (CAR) at end-May
2013 (BT's statutory total CAR was 8.7% at end-Q113, compared to
a regulatory minimum of 12%). However, BT's capital will still be
insufficient to absorb all loan impairment problems, and internal
capital generation capacity is limited, since the bank's reported
pre-impairment profit was only marginally above zero in 2012.
At end-2012 BT reported non-performing loans (NPLs; loans 90 days
overdue) at 69% of the portfolio in its IFRS accounts (45% of the
book was classified as NPLs and impaired, while a further 24%
were identified as NPLs but not recognized as impaired). Net of
reserves, these NPLs were equal to AZN140 million (up from AZN80
million at end-2011), or 6.3x IFRS equity. Although BT's
management reports that it has managed to recover approximately
AZN57 million of NPLs in Q113, and expects a further AZN25
million of recoveries by end-2013, net NPLs are likely to remain
substantial, relative to the bank's equity, in the near term.
At the same time, Fitch acknowledges that BT's liquidity position
has improved compared to 2012. BT maintained a cash cushion of
AZN79m (equal to 19% liabilities) at end-2012. This compares to
potential wholesale repayments in 2013 of AZN5 million due to
foreign institutions and AZN30 million of funding from local
banks and government-related institutions. The latter are likely
to extend their facilities, in Fitch's view, reducing potential
liquidity/refinancing pressure.
RATING SENSITIVITIES - IDRs and VR
BT's IDRs and VR could be upgraded if the bank makes considerable
further progress with work outs of impaired loans or if
significant additional capital injections are forthcoming from
BT's private shareholders. BT's ratings could be downgraded if a
renewed deposit run renders the bank unable to service its
obligations or if the regulator takes actions to place the bank
into administration; however, neither scenario appears likely in
the short term.
KEY RATING DRIVERS AND RATING SENSITIVITIES - SUPPORT RATINGS
(SRs) and SUPPORT RATING FLOORS (SRFs)
BT's SRFs of 'No Floor' and '5' Support Rating reflects its
relatively limited scale of operations, as a result of which
extraordinary support from the Azerbaijan authorities cannot be
relied upon, in Fitch's view. The potential for support from
private shareholders cannot be reliably assessed. Fitch does not
expect any revision of the bank's SRF or Support Rating in the
foreseeable future.
The rating actions are:
-- Long-term IDR: affirmed at 'CC'
-- Short-term IDR: affirmed at 'C'
-- Viability Rating: upgraded to 'cc' from 'f'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
=============
G E R M A N Y
=============
DECO 15: S&P Lowers Rating on Class F Notes to 'CCC-'
-----------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in DECO 15 - Pan Europe 6 Ltd.
Specifically, S&P has:
-- Withdrawn its rating on the class A1 notes;
-- Placed on CreditWatch negative its rating on the class A2
notes for counterparty reasons;
-- Kept on CreditWatch negative its rating on the class A3
notes for counterparty reasons;
-- Lowered and removed from CreditWatch negative its ratings
on the class B and C notes;
-- Lowered its ratings on the class D and F notes; and
-- Affirmed its ratings on the class E and G notes.
The rating actions follow S&P's review of the underlying loans
under its November 2012 European commercial mortgage-backed
securities (CMBS) criteria
On Dec. 6, 2012, S&P placed on CreditWatch negative its ratings
on the class A3, B, and C notes following the update to its
European CMBS criteria.
At the April 2013 interest payment date, the Fishman Coop III
loan was repaid. The issuer applied the proceeds to the notes
pro rata and redeemed the class A1 notes. S&P has therefore
withdrawn its rating on the class A1 notes.
MANSFORD (29% OF THE POOL)
The loan is currently secured by 10 retail properties located in
Germany (down from 12 at closing). Of the portfolio rental
income, 98% comes from the major tenant, OBI, a DIY retailer.
The loan benefits from a long-term lease to OBI with a weighted-
average lease term of 9.34 years.
The outstanding securitized balance is EUR144.1 million and there
is a subordinated B-note with a balance of EUR6.9 million.
In 2006, the portfolio was valued at EUR171.7 million, which
reflects a securitized loan-to-value (LTV) ratio of 84%. As of
the January 2013 servicer report, the interest coverage ratio
(ICR) of the senior loan was 1.29x.
The loan matures in July 2014. S&P assumed losses on this loan
in its base case scenario.
OWG MF LOAN (18% OF THE POOL)
The loan is secured on 584 multifamily properties, most of them
in Osnabruck, in Western Germany. The portfolio is currently 96%
occupied.
The securitized loan balance was EUR86.4 million as of the
January 2013 servicer report. Approximately EUR14.9 million of
debt ranked senior to the securitized loan as of the October 2012
servicer report.
The loan matures in April 2014 and S&P did not assume losses in
its base case scenario.
FREIBURG (15% OF THE POOL)
The Freiburg loan is secured by two mixed-use shopping centers in
Freiburg, Germany. The properties are situated in Freiburg's
city center.
As of the January 2013 servicer report, the securitized LTV ratio
was 78%, based on a 2007 valuation, and the ICR was 1.21x.
S&P assumed losses on this loan in its base case scenario.
MAIN (15% OF THE POOL)
The loan is secured by 32 predominantly retail properties in
Germany, anchored by retail tenants such as REWE, Netto, and
EDEKA. Approximately 55% of the assets are in Western Germany
and 45% in Eastern Germany.
The loan failed to repay at loan maturity in 2011 and was
transferred into special servicing. An October 2011 valuation of
the portfolio reflected an LTV ratio of 147%, which triggered the
appraisal reduction mechanism. As a result, the amount that can
be drawn under the liquidity facility on any loan interest
payment date has been reduced. S&P notes, however, that the loan
has a 5.58x ICR and does not currently rely on the liquidity
facility.
Nonetheless, special servicing fees on this loan, which are
covered by neither the liquidity facility nor absorbed by the
class X notes, continued to cause interest shortfalls on the
class G notes. S&P expects losses on this loan in its base case
scenario.
PLUS (2% OF THE POOL)
The loan is secured by five retail properties in Brandenburg and
Mecklenburg-Western Pomerania. The major tenant, Plus, a
discount supermarket chain, contributes 60% of rental income.
The loan failed to repay at maturity in January 2012 and entered
special servicing. In January 2012, a market valuation of the
property indicated that the value of the portfolio has declined
to EUR7.9 million from EUR14.2 million in 2007, which denotes an
LTV ratio of 149%.
Although the loan has a 3.99x ICR and the property benefits from
a
weighted-average lease term of 5.35 years, S&P do not expect the
loan to repay in full.
RATING RATIONALE
S&P's ratings address timely payment of interest, payable
quarterly in arrears, and payment of principal not later than the
legal final maturity date in April 2018.
Following S&P's review, it anticipates that the available credit
enhancement for the class A2 and A3 notes is sufficient to
maintain higher ratings. However, S&P's ratings on these classes
are constrained by its long-term issuer credit rating (ICR) on
the account bank provider, Deutsche Bank AG (A+/Watch Neg/A-1).
Because S&P's long-term ICR on Deutsche Bank is on CreditWatch
negative, it has placed on CreditWatch negative its 'A+ (sf)'
rating on the class A2 notes, and its 'A+ (sf)' rating on the
class A3 notes remains on CreditWatch negative.
Following S&P's review, it considers that the available credit
enhancement for the class B, C, and D notes is insufficient to
mitigate the risk of losses from the underlying loans at the
current assigned rating levels. S&P has therefore lowered and
removed from CreditWatch negative its ratings on the class B and
C notes. S&P has also lowered its rating on the class D notes.
S&P has affirmed its 'B- (sf)' rating on the class E notes as
this class, in its opinion, remains vulnerable to principal
losses.
S&P anticipates that the class F notes are likely to incur
principal losses in the near term. S&P has therefore lowered to
'CCC- (sf)' from 'CCC (sf)' its rating on this class of notes.
S&P has affirmed its 'D (sf)' rating on the class G notes. These
notes have experienced interest shortfalls and are highly
vulnerable to principal losses, in S&P's view.
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 Rating
To From
DECO 15 - Pan Europe 6 Ltd.
EUR1.445 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating Withdrawn
A1 NR A+ (sf)
Rating Placed On CreditWatch Negative
A2 A+ (sf)/Watch Neg A+ (sf)
Rating Remaining On CreditWatch Negative
A3 A+ (sf)/Watch Neg
Ratings Lowered and Removed From CreditWatch Negative
B BBB+ (sf) A- (sf)/Watch Neg
C B+ (sf) BB (sf)/Watch Neg
Ratings Lowered
D B- (sf) B (sf)
F CCC- (sf) CCC (sf)
Ratings Affirmed
E B- (sf)
G D (sf)
OPERA GERMANY: S&P Lowers Rating on Class B Notes to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Opera Germany (No. 2) PLC.
Specifically, S&P has:
-- Lowered and removed from CreditWatch negative its ratings
on the class A and B notes;
-- Affirmed and removed from CreditWatch negative its 'BB-
(sf)' rating on the class C notes; and
-- Affirmed its 'B- (sf)' ratings on the class D and E notes.
The rating actions follow S&P's review of the underlying loans'
credit quality by applying its updated criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions.
On Dec. 6, 2012, S&P placed its ratings on the class A, B, and C
notes on CreditWatch negative following the update to its
European CMBS criteria.
The loan was originally secured on four shopping centers, one of
which has been sold. The loan is due to mature in October 2013
and the note maturity date is in October 2014. S&P considers the
three properties currently backing the loan to be of good
quality. However, in S&P's view, the following factors outweigh
the transaction's positive credit indicators:
-- The short tail period (one-year), and
-- The amount of debt that will need to be refinanced amid
constrained lending conditions within an uncertain
commercial real estate market.
In light of these risks, the junior classes of notes could
experience principal losses under certain scenarios, in S&P's
view.
THE LOAN
The note balance reduced to EUR500.4 million from EUR560.0
million following the sale of one of properties securing the
loan. The loan has additional subordinated debt outside the
securitization.
The loan was restructured in December 2009, following a breach of
the whole loan LTV covenant. In S&P's view, if the loan defaults
at maturity, the remaining one-year tail period may not be
sufficient to complete the loan workout before the legal maturity
date of the notes.
THE COLLATERAL
The property portfolio comprises three cross-collateralized
German properties in the Rhein Ruhr region. Most of the lettable
space comprises local shopping centers. Office spaces, parking
spaces, and residential units comprise the remaining space.
In S&P's opinion, all of the centers are well-established within
their respective markets. The portfolio tenancy mix is
diversified, including national and international retailers. The
top 10 portfolio tenants by rent account for 28.3% of the overall
portfolio's rental income as of the April 2013 interest payment
date.
The increase in the Ko-Galerie property's vacancy rate to 36%
from 12% since closing is partly due to one significant tenant's
departure. S&P understands that some space was kept vacant so
that the borrower could refurbish the center. The servicer has
reported that the refurbishment works are progressing. In S&P's
opinion, it considers that the vacancy rate will likely decrease
once the refurbishment works are complete due to the property's
good location in Dusseldorf.
S&P's data on lease renewals for the two other properties suggest
the borrower's capacity to attract and keep tenants is still
high. Both properties have more than 90% occupancy and the
weighted-average lease term to first break has increased at both
shopping centers.
SCHWANENMARKT
-- Closing weighted-average lease term to first break: 3.7
Years April 2013 weighted-average lease term to first
break: 5.6 years
-- Closing occupancy: 100%
-- April 2013 occupancy: 96.9%
RHEIN-RUHR-ZENTRUM
-- Closing weighted-average lease term to first break: 5.3
years.
-- April 2013 weighted-average lease term to first break: 6.5
Years
-- Closing occupancy: 99.4%
-- April 2013 occupancy: 91.9%
In 2012, the borrowers began the marketing process to sell all of
the properties apart from the K”-Galerie property. In December
2012, the borrowers sold the Opernpassege property and used the
funds to partially pay down the loan, which in turn partially
redeem the class A notes. The borrowers are marketing the
Schwanenmarkt and Rhein-Ruhr-Zentrum properties, but no further
information is available on the progress of the marketing of the
properties.
S&P understands that the cash manager would apply sales proceeds
sequentially to the notes, which would benefit the senior
noteholders. However, until further sales occur, this
transaction is exposed to risks associated with the short tail
period.
RATING ACTIONS
The servicer would only have one year to work out the loan to
meet the note obligations at loan maturity. S&P considers that
this short period would narrow the servicer's options to work out
the loan.
In S&P's analysis, it considered scenarios where the servicer
would have to sell the properties at a discount to meet payment
by the note maturity date. In S&P's opinion, the servicer would
have to sell two properties in order for the class A notes to be
fully redeemed. The risk of not being able to sell the
properties and repay the notes by their legal final maturity, in
S&P's view, outweighs the positive credit indicators.
Furthermore, this risk is increasing as the legal final maturity
approaches. Therefore, S&P has lowered and removed from
CreditWatch negative its ratings on the class A and B notes.
S&P's 'BB- (sf)' rating on the C notes and 'B- (sf)' ratings on
the class D and E notes reflect the current refinance risk
associated with this transaction. S&P has therefore affirmed its
ratings on these classes of notes. S&P has also removed from
CreditWatch negative its rating on the class C notes.
While S&P considers that the senior classes of notes are likely
to fully repay by note maturity, it may further lower its ratings
if the likelihood of default increases as the note maturity date
approaches.
Opera Germany (No. 2) is a 2006-vintage single-loan CMBS
transaction originally backed by four German shopping centers.
It is now backed by three German shopping centers.
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 Rating
To From
Opera Germany (No. 2) PLC
EUR560 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A BB+ (sf) BBB+ (sf)/Watch Neg
B BB (sf) BBB (sf)/Watch Neg
Rating Affirmed and Removed From CreditWatch Negative
C BB- (sf) BB- (sf)/Watch Neg
Ratings Affirmed
D B- (sf)
E B- (sf)
TALISMAN-6 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-6 Finance
PLC's class A, B, and C notes. At the same time, S&P has lowered
its ratings on the class D and E notes and has affirmed its
rating on the class F notes.
The rating actions follow S&P's review of the underlying loans'
credit quality by applying its updated European commercial
mortgage-backed securities (CMBS) criteria.
On Dec. 6, 2012, S&P placed its ratings on the class A, B, and C
notes on CreditWatch negative following the update to its
European CMBS criteria.
All seven remaining loans are in special servicing. In S&P's
base case scenario, full recovery appears likely on only one of
these loans.
THE ORANGE LOAN (42% OF THE POOL BALANCE)
The whole loan balance is EUR391.4 million, with the securitized
loan being EUR360.4 million. The loan failed to repay at
maturity in July 2012 and is now in special servicing.
The loan is secured on 150 primarily retail properties in
Germany. The current reported occupancy for the portfolio is
75.8%, down from 93.0% at closing.
In the May 2013 quarterly investor report, the servicer reported
a 2.63x whole loan interest coverage ratio (ICR) and a 96.21%
whole loan loan-to-value (LTV) ratio, based on a May 2012
valuation of EUR406.9 million.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE COCONUT LOAN (16% OF THE POOL BALANCE)
The whole loan and securitized balance is EUR140.0 million. The
loan failed to repay at maturity in January 2012. The special
servicer has granted the borrower several standstill periods,
including the current one, which has been extended until October
2013.
The loan is secured on 21 retail, office, and mixed use
properties in Germany, which are being sold.
The current reported ICR is 2.70x and the LTV ratio is 103.15%,
based on a February 2013 valuation of EUR135.7 million.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE PEACH LOAN (16% OF THE POOL BALANCE)
The whole loan balance is EUR156.8 million, with the securitized
loan being EUR136.2 million. The loan is in special servicing
after defaulting at maturity in July 2012. The borrower filed
for insolvency in January 2013.
The loan is secured on 21 retail and warehouse properties in
Germany. The special servicer and insolvency administrator have
selected an asset manager to improve the properties and maximize
recoveries.
The current reported ICR is 3.22x and the LTV ratio is 134.4%,
based on a February 2013 valuation of EUR116.8 million.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE MANGO LOAN (10% OF THE POOL BALANCE)
The whole loan and securitized balance is EUR87.2 million. The
loan has been in special servicing since April 2011 after an LTV
breach.
The loan is secured by 11 retail and office properties in
Germany. According to the September 2011 valuation, the portfolio
is 30% overrented.
The current reported ICR is 1.06x and the LTV ratio is 146.5%,
based on a September 2011 valuation of EUR59.6 million.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE APPLE LOAN (6% OF THE POOL BALANCE)
The whole loan balance is EUR69.6 million, with the securitized
loan being EUR53.6 million. The loan was transferred to special
servicing in January 2013 after failing to repay at maturity.
The loan is secured by 26 retail properties in Germany, with the
top tenants all being Germany's largest supermarket companies.
The current reported ICR is 5.50x and the LTV ratio is 97.9%,
based on a March 2010 valuation of EUR71.1 million.
In S&P's opinion, full recovery of this loan appears likely in
its base case scenario.
THE PINEAPPLE LOAN (6% OF THE POOL BALANCE)
The whole loan balance is EUR58.6 million, with the securitized
loan being EUR48.7 million. The loan was transferred into
special servicing in March 2012 due to a breach of the LTV
covenant.
The loan is secured by seven multifamily properties in North
Rhine-Westphalia and Essen, Germany. The servicer is considering
enforcement measures to take control over the portfolio.
The LTV ratio is 118.9%, based on a February 2013 valuation of
EUR49.3 million. There is no current reported ICR as the
servicer has not received borrower reports.
In S&P's opinion, full recovery of this loan appears unlikely in
its base case scenario.
THE CHERRY LOAN (5% OF THE POOL BALANCE)
The whole loan and securitized balance is EUR40.5 million. All
properties securing the loan have now been sold. Principal
losses will be applied to the notes once the insolvency
administrator has determined the additional costs that need to be
paid. Given that only EUR2.0 million remains in the servicer
controlled account, there will be a minimum EUR38.5 million loss
to the notes.
RATING ACTIONS
Following S&P's review and the application of its updated
European CMBS criteria, its analysis indicates that the available
credit enhancement for the class A, B, and C notes is
insufficient to absorb the underlying properties' potential
losses at the currently assigned rating levels. Therefore, S&P
has lowered and removed from CreditWatch negative its ratings on
the class A, B,
and C notes.
In S&P's opinion, the class D, E, and F notes could experience
principal losses in the near term, as the special servicer has
now sold all of the assets securing the Cherry loan. S&P has
therefore lowered to 'CCC- (sf)' its ratings on the class D and E
notes. S&P has affirmed its 'D (sf)' rating on the class F
notes. On Feb, 16, 2009, S&P lowered to 'D (sf)' its rating on
these notes due to an interest shortfall and because S&P
anticipated principal losses following the Cherry loan's
underperformance.
Talisman-6 Finance closed in April 2007 with notes totaling
EUR1.076 billion. The notes have a legal final maturity date of
October 2016 and a current balance of EUR866.5 million.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-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 Rating
To From
Talisman-6 Finance PLC
EUR1.076 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A B+ (sf) A (sf)/Watch Neg
B B- (sf) BBB (sf)/Watch Neg
C B- (sf) BB- (sf)/Watch Neg
Ratings Lowered
D CCC- (sf) B- (sf)
E CCC- (sf) CCC (sf)
Rating Affirmed
F D (sf)
=============
I R E L A N D
=============
IRISH BANK: Special Liquidator Has Four Months to Sell Loan Book
----------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that the special
liquidators of Irish Bank Resolution Corporation have been given
an extra four months by the Irish Government to try and sell its
EUR27 billion loan book.
When the State-owned bank was liquidated on February 7, the
Government said the sale of these loans would be completed by
August, with any assets not offloaded then being transferred to
the National Asset Management Agency, which would seek to sell
them on over time, the Irish Times relates.
However, Minister for Finance Michael Noonan has now given the
liquidators -- KPMG's Kieran Wallace and Eamonn Richardson --
until midnight on November 30 to conclude the valuation process
on the loans, and until December 31 to have agreed or completed
the sale of assets in the bank, the Irish Times discloses.
This extended time frame reflects the scale of the task involved
in selling about 6,000 commercial loans in the space of a number
of months, the Irish Times notes.
According to the Irish Times, the Minister has also directed that
two forms of discount be applied to the loans as part of the
valuation process.
A discount rate of 4.5% will be used to determine the value of
future cash flows of the various loans while a discount of 2.3%
will be applied across all loans to reflect security and title
issues associated with the assets, the Irish Times says.
The liquidators have appointed UBS and PricewaterhouseCoopers to
carry out the loan valuations, the Irish Times relates. It is
understood that the valuation process has been under way for
three weeks, the Irish Times notes.
Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It went into wind-down mode after nationalization
in 2009. In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation.
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'. S&P also
lowered the senior unsecured ratings to 'D' from 'B-'. S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC. At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.
The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.
QUINN INSURANCE: PwC Disputes Quinn Administration Decision
-----------------------------------------------------------
The Impartial Reporter reports that Sean Quinn has always argued
against the decision to put Quinn Insurance into administration.
Reports by the former auditor of the business,
PricewaterhouseCoopers, state that the accountants believed Quinn
Insurance Accounts were "appropriate".
The former auditor of Quinn Insurance Limited has questioned
whether or not it was right to put Sean Quinn's company into
administration, according to The Impartial Reporter.
In a series of reports sent to the Financial Regulator, PwC has
disputed the decision, which was based on the Regulator's belief
that the insurance company was insolvent, The Impartial Reporter
discloses.
According to the Sunday Independent, the report notes that this
was because of the existence of inter-company guarantees relating
to assets included in the insurance group's reserves, worth
EUR448 million for the financial years 2005-2008.
A PwC report shows that the disputed assets were only removed
from Quinn Insurance Limited's reserves "on the instruction of
the Financial Regulator," The Impartial Reporter discloses.
Other reports by PwC, submitted to the Financial Regulator in
2010, state that the accountants believe its audit opinions on
Quinn Insurance's accounts were "appropriate," The Impartial
Reporter relays.
The Impartial Reporter says the newspaper reports that PwC claims
it had "no reason to believe that the existence of cross-company
guarantees of any type would have any financial impact" and
states that it "does not agree" with the Financial Regulator's
assessment that the guaranteed assets should have been excluded
from the company's reserves.
According to the Quinn family's advisers, reports the newspaper,
removing the cross-guaranteed assets from the insurance company's
reserves overnight made the company insolvent, The Impartial
Reporter notes.
And a report produced for the family backs PwC and concludes that
the Financial Regulator was wrong to declare the company
insolvent, The Impartial Reporter discloses.
The Impartial Reporter notes that the Quinn family disagrees with
the Regulator's decision and believe it made it impossible for
them to ever repay their huge debts to the former Anglo Irish
Bank.
However, the Financial Regulator maintains that it was correct to
place Quinn Insurance into administration having previously
described the emergence of the cross-guarantees as a "matter of
gravest concern," The Impartial Reporter adds.
=========
I T A L Y
=========
ICCREA BANCAIMPRESA: Moody's Lowers Deposit Ratings to 'Ba3'
------------------------------------------------------------
Moody's Investors Service downgraded the long-term senior debt
and deposit ratings of Iccrea BancaImpresa S.p.a. to Ba3 from
Ba1, following the lowering of the bank's baseline credit
assessment to caa1 from ba2. Concurrently, Moody's lowered the
standalone bank financial strength rating (BFSR) to E from D. The
debt and deposit ratings remain on review for downgrade.
Moody's says these rating actions are based on (1) the continued
deterioration of Iccrea BI's already weak asset quality, in the
context of the current recession in Italy; (2) the expectation
that the bank's weak internal capital-generation capacity will
not be able to offset this asset-quality pressure; and (3) the
likelihood that Iccrea BI might therefore require further support
from the wider cooperative banking (BCC) group via its direct
parent, Iccrea group. The expected support available from the
group underpins the four-notch uplift for Iccrea BI's long-term
senior debt and deposit ratings from the caa1 BCA.
Ratings Rationale:
The lower caa1 BCA reflects Moody's forward-looking view of
Iccrea BI's (1) expected ongoing asset-quality deterioration in
the current recessionary environment in Italy; and (2) low and
weakening profitability and internal capital generation.
Excluding the temporary positive effect of the carry trade on
Italian government securities, largely used by the bank to
improve the coverage of its problem loans, Iccrea BI's franchise
itself may not be sufficient to generate a profit in 2013 or
2014. In addition, the lower BCA reflects the constrained and
costly access to the wholesale markets that required Iccrea BI to
increase its reliance on the Iccrea Banca's funding in 2012.
Moody's recently lowered its forecast for Italy's 2013 GDP growth
to -1.8% from its previous forecast of -1.0%, and the rating
agency predicts weak growth of only 0.2% for 2014. Combined with
the current decrease in industrial production and new industrial
orders, Italy's declining GDP supports the rating agency's view
of a highly challenging medium-term operating environment for the
bank, whose business mainly focuses on the fragile small and
medium-sized enterprises sector.
Iccrea BI's asset quality is weak and, according to Moody's,
likely to continue to deteriorate in 2013-14. The ratio of
problem loans to gross loans -- as adjusted by Moody's (1) --
deteriorated to 10.6% at year-end 2012 from 8.6% at year-end
2011. Additionally, in December 2012 the bank reported gross
problem loans -- as adjusted by Moody's -- at 93% of equity and
loan-loss reserves, compared with 88% at year-end 2011 (unless
otherwise noted, data in this press release are from company data
or Moody's Financial Metrics). This ratio increased even at a
time when the bank increased the level of its loan-loss reserves
by 22% and strengthened its equity through an additional capital
injection from Iccrea Holding in 2012.
Moody's notes the bank's weak EUR1.6 million profit in 2012,
following loan-loss provisions that more than doubled in the
year. In addition, profitability was largely underpinned by the
carry trade on the short-term held-to-maturity EUR3 billion
Italian government bond portfolio, acquired in 2012 largely with
the liquidity provided by Iccrea Banca. Furthermore, the
reduction of the bank's balance sheet negatively impacts its
revenue generation. The bank's loan book decreased by 4% in 2012,
driven mainly by a reduction in SME leasing and, in particular,
real estate and equipment.
Iccrea BI's capitalization is weak, albeit slightly improved
compared with 2011, and as of December 2012, it reported a Tier 1
ratio of 7.9%. Against a number of Moody's stress scenarios,
which assess Iccrea BI's resilience against further asset-quality
deterioration, the rating agency notes that Iccrea BI's existing
capital cushion and its internal capital generation capacity may
not be sufficient.
In Moody's opinion, these challenges result in an elevated
likelihood that Iccrea BI will need to rely on additional support
from the Iccrea group, beyond that already provided in terms of
capital and liquidity. In this context, Moody's notes that Iccrea
BI had already received a capital injection from Iccrea Holding
of EUR100 million between year-end 2011 and 2012.
Iccrea BI's Ba3 long-term senior debt and deposit ratings
continue to reflect Moody's view of a high likelihood of support
from the wider BCC group via its direct parent, Iccrea group,
mainly based on the bank's important role as the main leasing and
corporate products provider for the clients of individual
entities within the BCC group, thereby complementing the co-
operative banks' product suite. This results in four notches of
uplift for Iccrea BI's long-term senior debt and deposit ratings
to Ba3 from the caa1 BCA.
Rationale for the Review for Downgrade
Iccrea BI's long-term debt and deposit ratings are on review for
further downgrade with the review focusing on (1) the evolution
of the financial strength of the BCC group and within that, of
the Iccrea group, in the currently challenging operating
environment in Italy; (2) the subsequent implications for the
group's capacity to provide support to Iccrea BI; and (3) the
strength of the framework under which the Iccrea group and the
wider BCC group are expected to provide support to Iccrea BI.
What Could Move The Ratings Up/Down
At present, there is no upwards pressure on Iccrea BI's debt and
deposit ratings, because the ratings, except the BFSR, are on
review for downgrade. However, positive pressure could develop on
the BCA if the bank (1) substantially improves its problem loans
relative to its equity and loan-loss reserves; and (2)
demonstrates an ability to return to sustainable profitability,
beyond the benefit of the carry trade.
Conversely, Iccrea BI's ratings could be downgraded if the bank's
asset quality deteriorates further and its operating
profitability continues to weaken; both would negatively affect
the bank's capitalization levels. Material deterioration in the
financial positions of the Iccrea group and the BCC group, which
are the support providers of Iccrea BI, could also exert downward
pressure on the bank's supported ratings.
List of Affected Ratings:
Senior unsecured debt and EMTN, and bank deposits: to Ba3 from
Ba1; to (P)Ba3 from (P)Ba1; all on review for downgrade
Subordinate debt and EMTN: to B1 from Ba2; to (P)B1 from (P)Ba2;
all on review for downgrade
Tier III debt EMTN: to (P)B1 from (P)Ba2; all on review for
downgrade
Junior subordinate debt and EMTN: to B2(hyb) from Ba3(hyb); to
(P)B2 from (P)Ba3; all on review for downgrade
BFSR: to E (caa1) from D (ba2).
(1) Problem loans include: non-performing loans (sofferenze), 30%
of the watchlist (incagli), restructured (ristrutturati) and past
due loans (scaduti).
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
IVS GROUP: S&P Assigns 'BB-' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-'
long-term corporate credit rating to Italy-based vending machine
company IVS Group SA. The outlook is stable.
At the same time, S&P assigned its 'BB-' issue rating to IVS'
EUR200 million senior secured notes due 2020. The recovery
rating on these notes is '4', indicating S&P's expectation of
average (30%-50%) recovery for creditors in the event of a
payment default.
The rating on IVS reflects Standard & Poor's assessment of the
company's financial risk profile as "aggressive" and business
risk profile as "fair," as S&P's criteria define these terms.
IVS has smaller operations and weaker geographic diversity when
compared with larger international vending machine companies.
Its business is sensitive to Italy's unemployment level and
therefore the country's continued depressed economic environment.
S&P deems IVS' capital expenditure needs of about 8%-9% of
revenues as moderately high within the business service industry.
Nonetheless, IVS has a leading position in Italy and a
historically stable EBITDA margin of about 20%, which it
maintained even during the 2008-2009 crisis. Furthermore, the
cyclicality of the business service industry has been low over
the past five years.
The stable outlook reflects S&P's expectation that IVS'
operational performance will be resilient to the difficult
economic environment in Italy, and that its credit metrics will
moderately improve in 2013 and 2014, owing to slightly better
profitability. S&P expects IVS' EBITDA margin will improve to
21%-22% in 2013 and 2014, mainly owing to improvements in
operational efficiency due to the company's acquisitions in 2012.
S&P anticipates revenue growth to be 3%-4% in 2013, and below the
Italian inflation rate thereafter.
S&P may consider a negative rating action if it revised downward
its assessment of IVS' business risk profile. This could happen
if the company's profitability were significantly weaker than S&P
currently anticipates, mainly owing to a worsening economic and
operating environment in Italy. Downside rating risk may also
arise if the company took a more aggressive stance on financial
leverage than S&P currently anticipates, as has been the case
before its listing. This could, for example, stem from
significant debt-funded acquisitions.
S&P could take a positive rating action if IVS' credit metrics
improved to levels S&P views as commensurate with a "significant"
financial risk profile over a sustained period. This could occur
if IVS' 2014 profitability were better than S&P currently
anticipates, and if IVS repaid some debt and minority capital,
for which it has a put and call agreement. An upgrade would also
depend on IVS maintaining its adequate liquidity and moderate
financial policy.
===================
L U X E M B O U R G
===================
GRAND CITY: S&P Assigns 'BB-' Rating to EUR100MM Sr. Sec. Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-
' issue rating to the proposed EUR100 million senior secured
bonds due 2020 to be issued by Grand City Property S.A. (BB-
/Stable/--). The recovery rating on the proposed bonds is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.
RECOVERY ANALYSIS
The recovery rating reflects S&P's understanding that Grand City
Properties will use the proceeds of the proposed bonds to fund
the acquisition of additional properties. For the purposes of
S&P's analysis, it considers that the properties to be acquired
will be similar to the existing real estate asset base. S&P
therefore applies the same discrete asset valuation approach and
similar haircuts to the asset base to estimate its gross stressed
enterprise value.
S&P understands that the proposed bonds will benefit from the
same security package and similar documentation to the existing
senior secured convertible bonds due 2017, albeit without the
convertibility features. S&P therefore considers that the
proposed bonds rank pari passu with the existing senior secured
convertible bonds.
OXEA SARL: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Luxembourg-headquartered chemicals
intermediates and derivatives company Oxea S.a.r.l. on
CreditWatch with negative implications, reflecting the fact that
S&P will lower the rating to 'B' when the dividend recap has been
completed.
S&P also assigned its preliminary 'B' issue rating to the
proposed senior secured EUR120 million revolving credit facility
(RCF) and first-lien term loans B-1 (EUR200 million) and B-2
(US$720 million). The recovery rating on these facilities is
'3', indicating S&P's expectation of meaningful (50%-70%)
recovery prospects in the event of a payment default. The
preliminary issue rating is in line with the expected corporate
credit rating of 'B' upon completion of the refinancing.
The preliminary issue rating on the proposed US$327.5
million/EUR250 million second-lien term loan is 'CCC+', with a
recovery rating of '6', which indicates S&P's expectation of
negligible (0%-10%) recovery prospects in the event of a payment
default.
At the same time, S&P affirmed the existing 'BB' issue ratings on
the RCF and trade guarantee facility and the existing 'B+' issue
ratings on the senior secured notes due 2017. The recovery
ratings are '1' and '4', respectively. S&P expects to withdraw
these issue ratings upon the completion of the transaction and
repayment of the outstanding senior secured notes.
The CreditWatch placement reflects the doubling of Oxea's debt,
pro forma refinancing, to about EUR1 billion on reported basis
and S&P's projection of adjusted debt to EBITDA of 5.3x at year-
end 2013. S&P also views the owner's financial policy as more
aggressive than it previously assumed, with part of the proceeds
from refinancing used to pay a EUR0.5 billion dividend to Advent,
exceeding significantly its initial investment.
At the same time, S&P recognizes Oxea's highly successful
operational track record since it was acquired by Advent in 2007.
S&P also views positively Oxea's strategy of capacity additions
and the gradual shift of its product mix toward higher-margin
derivative products. S&P believes that the recent completion of
the Carboxylic Acid plant and 50% capacity increase at the
Specialty Esters plant should increasingly contribute to the
company's EBITDA, starting from 2013. However, in S&P's view,
Oxea's EBITDA growth in 2014-2015 depends on the successful
execution of further multiple projects underway.
Under S&P's base-case scenario, it believes Oxea could report
EBITDA of about EUR210 million in 2013, up from EUR177 million in
2012. S&P's expectation for rising EBITDA primarily reflects the
positive impact of a renegotiated, improved raw materials
agreement and contribution from its growth projects. It also
assumes continued high capacity utilization at its existing
business, as was the case in 2012. S&P also forecasts Oxea's
EBITDA margins will improve to about 13.5%-14.0% from about 12%
in 2012.
S&P anticipates Oxea's capital expenditures (capex) will increase
in the coming years to about EUR80 million-EUR100 million per
annum. S&P understands the majority of this amount is
discretionary, with about EUR25 million required as maintenance
capex. In addition, Oxea's capex will be supported by
reimbursement from insurance. In S&P's base case, assuming the
higher capex is invested, Oxea could generate negative free
operating cash flow (FOCF) in 2013 and limited positive FOCF in
2014.
Given the high initial leverage, with adjusted debt to EBITDA
forecast at 5.3x, S&P believes the pace of future deleveraging
will initially depend on continued EBITDA growth in 2014-2015
from the above-mentioned projects. That said, visibility on this
is lower and therefore not fully factored into the ratings. If
S&P sees EBITDA rising to EUR240 million and Oxea's leverage came
down to 4.5-4.0x in 2014-2015, S&P could raise the 'B' corporate
credit rating, which it intends to assign post the refinancing.
Pro forma refinancing, S&P estimates Oxea's Standard & Poor's-
adjusted debt to almost double to about EUR1.1 billion (including
EUR72 million of operating lease liabilities, EUR27 million of
pension liabilities, and S&P's assumption of about EUR55 million
utilization under Oxea's receivables program).
Oxea's "fair" business risk profile reflects S&P's view of its
leading position as the European and U.S. merchant producer of
Oxo base and intermediate chemicals, its stable profitability in
recent years, and diverse end markets. Oxea also enjoys a fairly
balanced geographic revenue split, with 48% of 2012 sales
stemming from Europe, 32% from North America, and 14% from Asia.
These strengths are partly offset by Oxea's exposure to the
cyclicality of its end markets, volatility and reliance on third-
party suppliers for its key propylene feedstocks, and the overall
niche scope of the company.
The CreditWatch with negative implications follows the announced
dividend recapitalization, which--when completed--will result in
S&P lowering the rating on Oxea to 'B' from 'B+'. S&P currently
understands that the transaction could close in mid-July. S&P
therefore anticipates resolving the CreditWatch within a similar
timeframe.
===============
P O R T U G A L
===============
SAGRES CHAVES: S&P Lowers Rating on Two Note Classes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in SAGRES Sociedade de Titularizacao de Creditos, S.A.'s
series Chaves SME CLO No. 1 (SAGRES' Chaves SME CLO No. 1).
Specifically, S&P has:
-- Lowered and removed from CreditWatch negative its ratings
on the class C, D, and E notes;
-- Affirmed and removed from CreditWatch negative its 'A-
(sf)' rating on the class B notes; and
-- Affirmed its 'A- (sf)' rating on the class A notes.
The rating actions follows the application of S&P's updated
criteria for European collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs), as well as S&P's
assessment of the transaction's performance using the latest
available investor report and portfolio data from the servicer.
On Jan. 17, 2013, when S&P's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on the class B, C, D, and E notes.
S&P notes that the Portuguese government sold Banco Portugues de
Negocios (nationalized in 2008) to Banco BIC Portugues in March
2012.
CREDIT ANALYSIS
S&P has applied its updated European SME CLO criteria to
determine the scenario default rates (SDRs) for this transaction.
Because of the lack of updated information regarding the
originator pursuant to the nationalization and the subsequent
sale to Banco BIC Portugues, S&P's qualitative originator
assessment is moderate. Taking into account Portugal's Banking
Industry Country Risk Assessment (BICRA) of 7 and in the absence
of an average annual observed default frequency, S&P has applied
a downward adjustment of two notches to the archetypical European
SME average credit quality assessment. S&P further applied a
portfolio selection adjustment of minus three notches. As a
result, S&P's average credit quality assessment of the portfolio
is 'ccc-'.
The originator did not provide S&P with internal credit scores,
therefore it assumed that each loan in the portfolio had a credit
quality that is equal to S&P's average credit quality assessment
of the portfolio. S&P then used CDO Evaluator to determine the
portfolio's 'AAA' SDR, which is 86%.
S&P has reviewed default data, and assessed market trends and
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness.
Defaults in the transaction have steadily increased since 2009.
Cumulative defaulted loans now account for 13.5% of the original
portfolio, increasing to EUR81 million from EUR52 million over
the past two years despite significant amortization. The
transaction's amortization has led to a current 12% pool factor
(the percentage of the pool's outstanding aggregate principal
balance). The amortization accelerated in May 2012, when
cumulative defaults breached the 11.05% cumulative default
trigger. As a result, under the transaction documents, the
issuer must now use the class F notes' interest and excess spread
to repay principal on the notes. However, this is not currently
the case because interest proceeds are insufficient to pay
interest on the notes and cure outstanding amounts in the
principal deficiency ledgers (PDLs).
Since S&P's previous full review of the transaction on Oct. 8,
2010, the issuer has allocated further defaults to the PDLs. The
class D and E notes' PDLs are still fully loaded, while the class
C notes are loaded to 37.86% of their closing balance. On the
January 2013 interest payment date, the issuer deferred interest
payments to the class D and E notes. The class C, D, and E
notes' interest is deferrable. S&P's ratings on these notes
address the ultimate payment of interest and principal.
Taking into account the significant level of defaults as well as
the high risk of current delinquent loans defaulting, S&P's 'B'
SDR is 15.6%.
The SDRs for rating levels between 'B' and 'AAA' are interpolated
in accordance with S&P's European SME CLO criteria.
COUNTRY RISK
Given that S&P's long-term rating on Portugal is 'BB', according
to S&P's nonsovereign ratings criteria, the maximum achievable
rating in this transaction is 'A- (sf)'.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by considering the asset type, its
seniority, and the country recovery grouping.
As a result of this analysis, S&P's WARR assumptions in 'A' and
'BBB' scenarios were 23.8% and 26.2%, respectively.
CASH FLOW ANALYSIS
S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns and interest
rate curves, to determine each tranche's passing rating level
under its European SME CLO criteria.
SUPPLEMENTAL TESTS
S&P's ratings on the class C, D, and E notes are constrained at
'CCC- (sf)' due to the application of the largest obligor default
test. At the same time, S&P's cash flow results show that 'CCC-
(sf)' is nonetheless the maximum achievable rating for these
notes.
The obligor concentration risk increases as the portfolio
amortizes. The top 10 obligors now account for 26% of the pool,
from 11% at closing. S&P notes that the largest industry default
test and largest region default test do not apply to this
transaction, as they are only relevant for 'AA' and 'AAA' rated
liabilities, whereas the highest achievable rating in this
transaction is 'A- (sf)'.
Real estate and construction still accounts for the pool's
highest concentration by industry, with a 30% concentration.
Finally, the portfolio remains relatively well-diversified
geographically, and is mainly exposed to Lisbon, Porto, and
Leiria.
COUNTERPARTY RISK
As swap counterparty, The Royal Bank of Scotland PLC (A/Stable/A-
1), mitigates the interest rate risk arising from the mismatch
between fixed-rate (4.35% of total assets) and floating-rate
paying assets (95.65% of total assets with four different
indices), and floating-rate liabilities. 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 considers that the swap counterparty can only
support ratings up to 'A+'. In practice, since the transaction's
maximum achievable rating is 'A- (sf)', S&P gave credit to the
swap counterparty and did not apply any specific haircuts.
Citibank N.A. is the transaction's bank account provider. S&P
has reviewed the downgrade provisions and, according to its 2012
counterparty criteria, they can support liability ratings up to a
'AAA' rating level.
S&P's credit and cash flow analysis shows that the credit
enhancement available to the the class A and B notes is
commensurate with the currently assigned ratings. S&P notes
that, although these notes could achieve higher ratings, the
transaction's exposure to country risk caps the maximum
achievable ratings in this transaction at 'A- (sf)'. Therefore,
S&P has affirmed its 'A- (sf)' rating on the class A notes, and
has affirmed and removed from CreditWatch negative its 'A- (sf)'
rating on the class B notes.
The class C, D, and E notes' PDLS show that these notes are
undercollateralized, which is reflected in S&P's cash flow
analysis. S&P has therefore lowered to 'CCC- (sf)'and removed
from CreditWatch negative its rating on the class C notes, as S&P
considers them to be vulnerable to non-payment. At the same
time, S&P has lowered to 'CC (sf)' and removed from CreditWatch
negative its ratings on the class D and E notes as S&P considers
them to be highly vulnerable to non-payment, exhibiting full PDLs
and being subordinated to the class C notes.
SAGRES' Chaves SME CLO No. 1 is a cash flow CLO securitization of
loans that Banco Portugues de Negocios granted to its SME
clients. The transaction closed in December 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 Rating
To From
SAGRES Sociedade de Titularizacao de Creditos, S.A.
EUR616.57 Million Asset-Backed Floating-Rate Securitisation Notes
(Chaves SME
CLO No. 1)
Ratings Lowered and Removed From CreditWatch Negative
C CCC- (sf) BBB (sf)/Watch Neg
D CC (sf) BB (sf)/Watch Neg
E CC (sf) B- (sf)/Watch Neg
Rating Affirmed
A A- (sf)
Rating Affirmed and Removed From CreditWatch Negative
B A- (sf) A- (sf)/Watch Neg
* PORTUGAL: Top Bankers Say Customers Jittery Over Cyprus Crisis
----------------------------------------------------------------
Patrick Jenkins and Peter Wise at The Financial Times report that
Portugal's top bankers have called on Europe's leaders to stop
"playing with fire" and moderate their stance towards the
eurozone periphery, or risk instilling alarm among bank
depositors in future.
In separate interviews, the heads of the country's two biggest
banks -- Millennium BCP and Banco Espirito Santo -- said they
were concerned that the precedent set by Europe's treatment of
Cyprus's recent troubles had increased nervousness across the
eurozone to dangerous levels, the FT relates.
According to the FT, Nuno Amado, his opposite number at BCP,
talked of a "Cyprus virus", saying: "If someone had designed a
plan to hurt the European market, it would be difficult to think
of something better . . . You can't keep playing with fire."
The comments come in the wake of the EU's messy deal to bail out
Cyprus, which initially envisaged a so-called haircut even on
deposits below the pan-Europe EUR100,000 deposit guarantee, the
FT notes. Although the threshold for haircuts was later lifted
above the guarantee level, bankers across the eurozone complained
that the damage had been done, the FT discloses.
Portuguese bankers said that for several days in the wake of the
Cyprus affair customers were jittery. "There was huge
nervousness," the FT quotes Mr. Amado as saying. BES and
Portugal's number three bank, BPI, experienced a rush of clients
wanting to move cash from deposit accounts into vaults within the
banks, the FT discloses.
"Most clients in Portugal don't trust deposit guarantees and they
have no means to open accounts abroad," the FT quotes one person
close to BPI as saying. "They choose vaults instead."
Both BCP and BPI received government bailout money in the form of
convertible bonds following Portugal's 2011 bailout by the troika
of the European Commission, European Central Bank and
International Monetary Fund, the FT recounts.
The whole banking sector is under pressure as a result of the
shrinking economy, rising unemployment and worsening bad debts,
with some analysts predicting banks may need further government
assistance, the FT relates.
The problems of the sector are not helped by the fact the leading
shareholders in two of the banks are under pressure themselves,
the FT states.
=============
R O M A N I A
=============
ROMPETROL GROUP: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed The Rompetrol Group NV's (TRG) Long-
term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable.
TRG remains heavily reliant on its parent company JSC National
Company KazMunaiGas (NC KMG; Long-term foreign currency IDR:
'BBB'/Stable) for financial support. Fitch views TRG's stand-
alone rating as commensurate with a 'CCC' rating given the
company's weak financial profile (2012 funds from operations
(FFO) net adjusted leverage of 12x). TRG is planning to
repurchase 27% of Rompetrol Rafinare S.A.'s (RRC) shares from the
government in 2013 for US$200 million. The Romanian government
will retain an 18% minority stake in RRC. NC KMG will finance the
transaction through a shareholder loan to TRG. NC KMG views the
transaction as important to solving a long-standing dispute with
the government, a move that will also give NC KMG confidence to
make further investments into TRG.
KEY RATING DRIVERS
Expansion of Retail Development Strategy
Having completed the upgrade of its Petromidia refinery in 2012,
TRG is eager to improve its integrated distribution (retail and
wholesale) network domestically. TRG feels they are in a position
to increase market share in Romania from their approximate 25%
share (16% retail). Fitch notes that TRG would benefit from a
greater share of the domestic market at the expense of imports,
but improving margins are important to realizing project value.
Share Buy Back Support
TRG is spending US$200 million to repurchase 27% of RRC shares
from the government. It hopes to complete the purchase in 2013.
The parent company, NC KMG, will finance the transaction through
an intercompany loan. The resolution of this issue closes several
possible scenarios, the most serious being Fitch's previous
concern that TRG could have been obligated to repurchase the
government's stake with additional external debt. Fitch said
previously that in light of the historical support provided by NC
KMG to TRG, it is likely that TRG would receive further financial
support from its parent to finance such a transaction, which
would have a neutral impact on TRG's rating at its current level.
Acquisition Growth Strategy
This strategy could be potentially favorable for the company in
terms of gaining access to markets that are importing diesel and
gasoline (Turkey and Ukraine). Fitch anticipates that TRG is
eager to be involved in these markets, and will likely look to
make an acquisition as a quick way to gain a foothold. This means
the company could experience a short-term deterioration to its
financial profile. Given the company's already stressed financial
position, this could potentially lead to downward pressure on
TRG's 'CCC' stand-alone rating. Fitch understands however that
the acquisition strategy would likely involve further financial
support from NC KMG, which could alleviate the risks.
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Improvement in TRG's stand-alone financial profile away from
the 'CCC' rating category.
-- Increased cash flow generation from an improving business
profile.
-- Higher market share in Romania or neighbouring markets such as
Turkey or Ukraine.
-- A longer debt maturity profile.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Significant cash outflows related to operational difficulties
-- Large debt financed acquisitions
-- Large debt financed capital expenditure
-- Lower support from NC KMG
LIQUIDITY AND DEBT STRUCTURE
At end-2012 TRG's short-term debt amounted to US$671 million,
against a cash balance of US$308 million and undrawn, committed
credit lines of US$12 million expiring after 2013. Fitch assumes
TRG will be able to extend a significant portion of short-term
credit lines in 2013.
=========
S P A I N
=========
CAMPOFRIO FOOD: S&P Lowers Corp. Rating to 'B+'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Spanish meat processor Campofrio Food
Group S.A. (CFG) to 'B+' from 'BB-'. The outlook is stable.
At the same time, S&P lowered to 'B+' from 'BB-' the issue rating
on CFG's EUR500 million unsecured bond due in 2016. The recovery
rating on this bond is unchanged at '4'.
The downgrade reflects S&P's view that CFG is unlikely to post
positive revenue growth or improve its operating margins in 2013
and 2014. S&P therefore now forecasts that CFG's adjusted debt-
to-EBITDA ratio will remain in the 4.5x-5.0x range. This is
below the levels S&P previously viewed as commensurate with the
'BB-' rating, which included a recovery in adjusted EBITDA
margins back to 2011 levels of about 9% and a sustainable debt-
to-EBITDA ratio of below 4.5x.
"We believe that consumer spending in CFG's main markets --
including France, Italy, Spain, Portugal, and other West European
countries -- will remain constrained by the weak economic
environment, high unemployment, and austerity measures in 2013,
and we forecast that this will persist in 2014. This is causing
the European processed meat market to shrink, thereby impairing
CFG's volumes and making it very difficult for the group to pass
on price increases to budget-stretched European consumers. On
this basis, we believe that CFG's organic revenue is unlikely to
grow in the next two years," S&P said.
"We also believe commodity prices will remain high in the medium
to long term, although they might be volatile in the short term.
We understand from CFG that European meat prices have shown signs
of falling since the beginning of the second quarter of 2013, but
we believe that this drop can only be temporary. As emerging
markets are increasingly adopting a more Western-style diet
including higher meat consumption, we believe that meat prices
are unlikely to stabilize at a moderate level. Therefore, and
despite CFG's efforts to restructure its operations and bring
down costs, we do not believe its EBITDA margin can recover to 9%
or more in 2013," S&P added.
"Our revised forecast of CFG's operating performance and the
volatility of its EBITDA in recent quarters led us to revise the
group's business risk profile from "fair" to "weak," as our
criteria define the terms. We now project that the group's
credit metrics will remain at the weaker end of what we view as
an "aggressive" financial risk profile, typically including debt
to EBITDA of 4.0x-5.0x and funds from operations (FFO) to debt of
12%-20%. Assuming limited acquisition and shareholder friendly
activity, we project that CFG's adjusted debt-to-EBITDA ratio
will remain in the 4.5x-5.0x range for the next two years. We
view this level as commensurate with our 'B+' rating," S&P noted.
The stable outlook reflects S&P's view that CFG should be able to
maintain a fairly stable EBITDA margin of around 8% and adjusted
debt-to-EBITDA in the 4.5x-5.0x range in 2013 and 2014.
S&P could lower the rating if CFG's performance and EBITDA
margins continued to deteriorate further despite the group's
significant restructuring investments. S&P might also lower the
rating if CFG's debt-to-EBITDA ratio exceeded 5x on a sustainable
basis, causing us to revise the group's financial risk profile to
"highly leveraged."
S&P could take a positive rating action if Campofrio's operating
performance recovered and showed better stability in the business
model. This would most likely lead to improved credit metrics,
including a sustainable ratio of debt to EBITDA of close to 4.0x,
which could lead to an upgrade. S&P sees this scenario as
unlikely at this stage.
TDA 25: Fitch Affirms 'CC' Ratings on 8 Certificate Classes
-----------------------------------------------------------
Fitch Ratings has affirmed 10 tranches of TDA 25 and 28, two
Spanish RMBS transactions. The recovery estimates were also
revised downwards on the senior notes.
KEY RATING DRIVERS
- Large Principal Deficiency Ledgers
The performance in both transactions continues to be poor in
comparison to other Fitch-rated Spanish RMBS with the level of
cumulative defaults as a percentage of the initial collateral
balance at 20.2% and 21.4% for TDA 25 and 28 respectively. The
weak performance is predominantly driven by Credifimo loans,
which make up 99% and 79% of the outstanding portfolio balances
and have been the prime source of defaults incurred to date.
In combination with excess spread, which remains insufficient to
fully cover for period provisions and poor recovery income has
meant that both deals have depleted their respective reserve
funds more than four years ago and continue to build up principal
deficiency ledgers (PDLs). As of April 2013, the balance of the
PDLs were reported at EUR48.2 million (TDA 25) and EUR87.2
million (TDA 28), compared to EUR39.5 million and EUR72.8 million
12 months ago. The affirmation of the 'CCCsf' reflects Fitch's
view that the redemption of the class A note principal remains
highly speculative.
Given the current pipeline of late stage arrears and expected
defaults, the agency believes that a further build-up in the PDLs
is to be expected in the upcoming payment dates.
- Limited Recovery Income
Despite the large volume of defaulted loans assigned to the funds
(117 in TDA 25 and 129 in TDA 28 as of March 2013), the track
record of recoveries remains weak in both transactions with only
seven completed sales from TDA 25 and 11 from TDA 28 in the past
12 months. In Fitch's view, the limited recovery cash flows
increase the uncertainty about the level and timing of eventual
recoveries associated with defaulted loans. This view is also
reflected in the current ratings of the notes.
- High Observed MVDs
The Market Value Declines (MVDs) observed on completed
foreclosures in the TDA 25 and 28 are higher than the average
market value decline observed in Spain and higher than Fitch's
base case assumption at 65%. In its analysis, Fitch applied this
higher MVD in its base case when calculating the recovery rates
for both transactions. The reduction of the recovery estimate by
5pp for the senior tranches in both transactions is a result of
this analysis.
RATING SENSITIVITIES
A change in the observed MVDs from these transactions may change
Fitch's view of recovery income in both transactions.
Additionally, Fitch has considered a recovery lag of four years
in its base case scenario; if recovery cash flows are delayed
beyond such horizon then lower recovery estimates would be
estimated
Fitch has taken the following rating actions:
TDA 25:
Class A (ISIN ES0377929007) affirmed at 'CCCsf'; Recovery
Estimate 75%
Class B (ISIN ES0377929015) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377929023) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377929031) affirmed at 'CCsf'; Recovery Estimate
0%
TDA 28:
Class A (ISIN ES0377930005) affirmed at 'CCCsf'; Recovery
Estimate 85%
Class B (ISIN ES0377930013) affirmed at 'CCsf'; Recovery Estimate
0%
Class C (ISIN ES0377930021) affirmed at 'CCsf'; Recovery Estimate
0%
Class D (ISIN ES0377930039) affirmed at 'CCsf'; Recovery Estimate
0%
Class E (ISIN ES0377930047) affirmed at 'CCsf'; Recovery Estimate
0%
Class F (ISIN ES0377930054) affirmed at 'CCsf'; Recovery Estimate
0%
* Fitch Keeps 7 Spanish RMBS Tranches on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded 97, affirmed 194 and upgraded three
tranches of 80 Spanish RMBS transactions. The agency has also
maintained Rating Watch Negative on seven tranches.
The transactions affected by these rating actions were placed on
Rating Watch Negative on March 20, 2013, following the
publication of the revised criteria assumptions for Spanish RMBS.
In the course of the review Fitch categorized the transactions
into six groups according to the characteristics of their
performance, asset portfolio and structures. The categorization
of these transactions is set out in the rating action report at
the link above. The treatment of the ratings of the transactions
in each of the groups is described further in the Key Rating
Drivers section of this commentary.
KEY RATING DRIVERS
Group 1 - Low risk portfolios mostly with a weighted average (WA)
loan origination date before 2006 (26 transactions)
The affirmation of the full capital structure of 26 Spanish RMBS
transactions was primarily driven by their stable performances,
as well as adequate levels of credit enhancement available to the
tranches to withstand the increased stress assumptions associated
with Fitch's latest criteria.
Most of the loans in the underlying portfolios have low loan-to-
value ratios (LTVs) and were originated before the peak of the
market. The assets in these transactions have performed well in
times of economic stress and are expected to continue to be
resilient in the upcoming periods. Loans in arrears by more than
90 days (excluding defaults) range between 0.3% and 3.8% of the
current portfolio balances. In addition, cumulative defaults have
remained limited reaching up to 2.4% of the original portfolio
balance.
Despite the recent revision in Fitch's market value decline
assumptions, the low weighted average current loan-to-value
ratios (WACLTV) of the underlying assets in these pools, in
combination with positive house price growth estimated by the
agency using market indices (of which only 50% is considered in
the analysis), are expected to result in limited losses on any
loans for which properties are sold.
Group 2 - Adverse portfolio characteristics; strong credit
enhancement (8 transactions)
All of these transactions' tranches have been affirmed despite
the mortgage origination being concentrated around the peak of
the market. Five transactions have higher than average LTVs and
almost all have seen substantial house price depreciation based
on market indices. Although the level of potential losses from
the sale of underlying properties is expected to be high, the
tranches in these transactions have adequate levels of credit
enhancement to withstand their respective stresses. For this
reason the notes' ratings in these transactions have been
affirmed.
The origination vintage of these portfolios is associated with
not only higher LTVs, but also other adverse characteristics such
as larger proportions of second homes, loans with payment holiday
features and/or non-Spanish borrowers. Consequently these
transactions have higher current arrears levels and are expected
to suffer more defaults.
Four of the transactions are drawing on their reserve funds to
make provisions for defaulted loans. Apart from TDA 29, the draws
are currently limited in amount and are not in themselves driving
the notes' ratings. The reserve fund in TDA 29, presently at 7.2%
of target amount, is expected to be fully utilized at the next
payment date in May 2013. The analysis of the transaction
incorporated this expectation and showed that the current ratings
remain appropriate.
Group 3 - Solid performance; insufficient credit enhancement to
withstand stresses (13 transactions)
These transactions continue to outperform most Spanish RMBS
transactions with loans in arrears by three months or more
ranging between 0.7% and 3.2% of the current portfolio balance
and limited proportions of defaulted loans to date (up to 4.4% of
the original portfolio balance).
The loans in the underlying portfolios are generally well-
seasoned with WA origination vintages ranging from 1999 to 2005.
The WACLTVs are typically below the average for the sector,
mostly between 37.5% and 63.2%, with the exception of TDA 26
Mixto Series 2, which was a securitization of loans with LTVs
above 80% and currently reports a WACLTV of 69.2%.
Despite the solid performance of the underlying portfolios and
lower WACLTVs of the underlying assets, the updated market value
decline assumptions have led to an increase in expected losses
for these transactions. Fitch's analysis showed that the credit
enhancement levels available to particular tranches across the
structures are insufficient to withstand their respective rating
stresses and therefore the agency has downgraded 21 tranches of
the transactions belonging to this group.
Group 4 - Adverse portfolio characteristics; insufficient credit
enhancement to withstand stresses (24 transactions)
Most of the underlying assets in these transactions were
originated close to or at the peak of the market and therefore
comprise high LTV loans with additional adverse characteristics,
such as broker origination, borrowers who are either self-
employed or on temporary contracts and/or loans to non-Spanish
borrowers. The adverse quality of the assets in these pools has
meant that the levels of arrears and defaults have been towards
the higher end of the sector's range (with the exception of the
BBVA RMBS 1 and 2).
Arrears and defaults in BBVA RMBS 1 and 2 remain low in
comparison to the rest of the Group 4 transactions, however
despite the relatively solid performance, the level of excess
spread generated by the two structures is not sufficient to fully
cover for period defaults. In addition the recoveries on
defaulted loans remain low, with average loss severities on sold
assets of 50.8%.
The reserve funds of most of the transactions in this group,
except three (AyT CGH Caja Circulo 1, AyT CGH Galicia I and AyT
CGH Galicia II), have been at least partially drawn to provision
for defaulted loans. Nine of the transactions' reserve funds are
fully depleted and have principal deficiency ledgers spanning
from 0.2% to 7.6% of the current note balance, in some instances
reaching as far as the class B (BBVA RMBS 3).
The combination of poor performance and weak credit enhancement
levels were the key rating drivers for the downgrade of 66
tranches across the structures.
Group 5 - Payment interruption poses a risk (six transactions)
Fitch has taken various rating actions across this group, but
maintains Rating Watch Negative on seven tranches due to concerns
over payment interruption in case of servicer default.
Five of the six transactions that fall into this group have
utilised their reserve funds to make provisions for defaulted
loans and have no alternative form of liquidity (apart from AyT
Caja Granada Hipotecario) that could be used to meet issuer
obligations including note payments in the event of a servicer
disruption. The issuer of AyT Caja Granada Hipotecario has put in
place a commingling reserve (approximately EUR280,000), which in
Fitch's view is not deemed sufficient to withstand the possible
default of the servicer.
Although AyT CGH Caja Granada's reserve fund has not yet been
utilised, the agency believes that the transaction is still
subject to payment interruption risk. Defaults to date, although
limited in number, have resulted in high levels of recoveries in
short time frames, raising the possibility that some form of
originator support may have been involved. Any such support may
not be sustainable indefinitely given the current macroeconomic
environment and lender regulatory changes. In Fitch's view, the
recent trend in arrears also indicates that defaults are likely
to occur in upcoming payment periods, making the utilization of
the reserve fund imminent, without originator intervention.
Drawings from the reserve fund would reduce the likelihood that
adequate liquidity is available in case of servicer disruption.
The agency also notes that downgrades of 10 tranches of
transactions in this group result from a combination of increased
market value decline assumptions, in particular for Bancaja 9,
AyT CGH Caja Granada, AyT Caja Granada Hipotecario I, AyT CGH
Caja Vital 1, and/or recent deterioration in performance (Hipocat
7).
Group 6 - Counterparties
The three transactions in this group were subject to previous
downgrades in January 2013 due to the failure to implement
remedial actions following the downgrade of their respective
account banks. Fitch has subsequently been informed that the bank
account roles have now been transferred to Bank of Spain (for
Hipocat 16 and 20) and BNP Paribas Securities Services, Spanish
Branch (for IM Caja Laboral 2). These transactions are therefore
compliant with Fitch's counterparty criteria and so their ratings
are no longer capped to reflect counterparty risks.
The loans in the underlying pools have performed relatively well
throughout the crisis and continue to do so despite the
deteriorating market trends. Loans in arrears by more than three
months (excluding defaults) range between 0.4% (Hipocat 16) and
3.6% (Hipocat 20) of the current pool, while cumulative gross
defaults stand at below 0.5% for Hipocat 16 and 20 and at 2.7% of
IM Caja Laboral 2's initial portfolio balance. Despite the
revised assumptions, the levels of credit enhancement available
to the class A notes of the three transactions are sufficient to
withstand higher rating stresses and have therefore been upgraded
to 'AA-sf' (Hipocat 20 and IM Caja Laboral 2) and 'A+sf' (Hipocat
16).
RATING SENSITIVITIES
The ratings in these transactions remain susceptible to:
- Asset performance
A deterioration in asset performance may result from either
economic factors, in particular the increasing effect of
unemployment or the implementation of more stringent criteria for
recognition of delinquent and defaulted borrowers, as is the case
for some of the banks that have recently been subject to state
intervention. A corresponding increase in new defaults and
associated pressure on excess spread levels and reserve funds
could result in negative rating action particularly at the lower
end of the capital structures.
- Payment interruption
Reserve fund draws in combination with no additional sources of
liquidity would put pressure on the ability of transactions to
withstand servicer disruptions. This could result in negative
rating actions, particularly at the top of the structures.
- Decline in creditworthiness of counterparties
Further decline in creditworthiness of counterparties, in
particular those performing account bank roles could put pressure
on ratings across transactions that are subject to ratings caps.
- Sovereign downgrades
A decline in the creditworthiness of the sovereign would have an
effect on the ratings of the notes subject to the sovereign cap.
===========
T U R K E Y
===========
* ISTANBUL MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
---------------------------------------------------------------
Moody's Investors Service upgraded the issuer ratings of the
Metropolitan Municipalities of Istanbul and Izmir to Baa3 from
Ba1. Izmir's national scale issuer rating was also upgraded to
Aa3.tr from A1.tr.
At the same time, Moody's upgraded the issuer ratings (global and
national scale) of Turkey's Housing Development Administration
(Toplu Konut Idaresi Baskanligi, TOKI) to Baa3/Aa3.tr from
Ba1/A1.tr.
These actions were prompted by the upgrade of Turkey's government
bond rating to Baa3 from Ba1.
These actions position Turkish sub-sovereign ratings at
investment-grade level, in line with Turkey's sovereign rating.
Further to this action, Turkish sub-sovereign ratings carry
stable outlooks.
Ratings Rationale:
These upgrades follow (1) the upgrade in Turkey's government bond
rating to Baa3 from Ba1, reflecting Turkish sub-sovereigns' close
operating and financial linkages with the central government; and
(2) the consistent financial performances displayed by the
affected sub-sovereign issuers.
Istanbul and Izmir:
Istanbul and Izmir receive the bulk of their operating revenue
from the central government in the form of national taxes
collected and redistributed to metropolitan municipalities on a
monthly basis. An increase in these allocations alongside
Turkey's robust economic growth and tight expenditure controls
have supported an improvement in their budgetary results. These
rising surpluses, coupled with the cities' disciplined financial
management and close oversight of municipal-related service
companies have enabled both Istanbul and Izmir to reduce their
debt levels to 88% and 67% of operating revenue at fiscal year-
end 2012, respectively (2010: 128% and 97%).
Istanbul's Baa3 rating is also underpinned by the city's large
and dynamic economy, which over time has translated into adequate
budgetary resources to finance public service operations and
capital investments -- a lingering source of pressure for the
municipal budget. Istanbul's large and valuable asset base also
represents a significant source of fiscal flexibility.
Izmir's Baa3/Aa3.tr ratings also reflect the city's dynamic
economy, albeit smaller than that of Istanbul, as well as its
solid budgetary performances, and prudent financial management
practices.
Toplu Konut Idaresi Baskanligi
TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and direction of the prime
minister's office. These close institutional linkages with the
Turkish sovereign are reflected in TOKI's public status and
strategic role in executing the government's housing and
urbanization policies. Beyond institutional linkages, which
support its ratings at the same level as that of the central
government, the company's Baa3/Aa3.tr ratings reflect its solid
sales performance, positive financial results, which have
benefited from substantial asset expansion, and its limited
financial debt. Going forward, Moody's expects that TOKI will
effectively manage the execution of its large investment program
without significantly stressing its finances, given a stable
legal framework and continued support and oversight from the
central government.
The stable outlooks on Turkish sub-sovereign ratings mirror the
outlook on Turkey's sovereign rating.
What Could Change The Ratings Up/Down
Although unlikely given the stable outlook, upward pressure on
Turkey's sovereign rating and/or outlook will likely have
positive implications for Turkish Metropolitan Municipalities and
for TOKI, given their close operational and financial linkages.
Conversely, downward movements of Turkey's sovereign rating
and/or outlook will lead to similar actions on sub-sovereigns'
ratings and/or outlook. In addition, evidence of a given entity's
inability to face upcoming fiscal challenges may exert downward
pressure on its rating and/or outlook.
The principal methodology used in rating Istanbul and Izmir was
Regional and Local Governments published in January 2013. The
principal methodology used in rating TOKI was Government-Related
Issuers: Methodology Update published in July 2010.
* IZMIR MUNICIPALITY: Moody's Hikes Issuer Rating From 'Ba1'
------------------------------------------------------------
Moody's Investors Service upgraded the issuer ratings of the
Metropolitan Municipalities of Istanbul and Izmir to Baa3 from
Ba1. Izmir's national scale issuer rating was also upgraded to
Aa3.tr from A1.tr.
At the same time, Moody's upgraded the issuer ratings (global and
national scale) of Turkey's Housing Development Administration
(Toplu Konut Idaresi Baskanligi, TOKI) to Baa3/Aa3.tr from
Ba1/A1.tr.
These actions were prompted by the upgrade of Turkey's government
bond rating to Baa3 from Ba1.
These actions position Turkish sub-sovereign ratings at
investment-grade level, in line with Turkey's sovereign rating.
Further to this action, Turkish sub-sovereign ratings carry
stable outlooks.
Ratings Rationale:
These upgrades follow (1) the upgrade in Turkey's government bond
rating to Baa3 from Ba1, reflecting Turkish sub-sovereigns' close
operating and financial linkages with the central government; and
(2) the consistent financial performances displayed by the
affected sub-sovereign issuers.
Istanbul and Izmir:
Istanbul and Izmir receive the bulk of their operating revenue
from the central government in the form of national taxes
collected and redistributed to metropolitan municipalities on a
monthly basis. An increase in these allocations alongside
Turkey's robust economic growth and tight expenditure controls
have supported an improvement in their budgetary results. These
rising surpluses, coupled with the cities' disciplined financial
management and close oversight of municipal-related service
companies have enabled both Istanbul and Izmir to reduce their
debt levels to 88% and 67% of operating revenue at fiscal year-
end 2012, respectively (2010: 128% and 97%).
Istanbul's Baa3 rating is also underpinned by the city's large
and dynamic economy, which over time has translated into adequate
budgetary resources to finance public service operations and
capital investments -- a lingering source of pressure for the
municipal budget. Istanbul's large and valuable asset base also
represents a significant source of fiscal flexibility.
Izmir's Baa3/Aa3.tr ratings also reflect the city's dynamic
economy, albeit smaller than that of Istanbul, as well as its
solid budgetary performances, and prudent financial management
practices.
Toplu Konut Idaresi Baskanligi
TOKI is a not-for-profit public sector entity that operates under
a mandate from the central government and direction of the prime
minister's office. These close institutional linkages with the
Turkish sovereign are reflected in TOKI's public status and
strategic role in executing the government's housing and
urbanization policies. Beyond institutional linkages, which
support its ratings at the same level as that of the central
government, the company's Baa3/Aa3.tr ratings reflect its solid
sales performance, positive financial results, which have
benefited from substantial asset expansion, and its limited
financial debt. Going forward, Moody's expects that TOKI will
effectively manage the execution of its large investment program
without significantly stressing its finances, given a stable
legal framework and continued support and oversight from the
central government.
The stable outlooks on Turkish sub-sovereign ratings mirror the
outlook on Turkey's sovereign rating.
What Could Change The Ratings Up/Down
Although unlikely given the stable outlook, upward pressure on
Turkey's sovereign rating and/or outlook will likely have
positive implications for Turkish Metropolitan Municipalities and
for TOKI, given their close operational and financial linkages.
Conversely, downward movements of Turkey's sovereign rating
and/or outlook will lead to similar actions on sub-sovereigns'
ratings and/or outlook. In addition, evidence of a given entity's
inability to face upcoming fiscal challenges may exert downward
pressure on its rating and/or outlook.
The principal methodology used in rating Istanbul and Izmir was
Regional and Local Governments published in January 2013. The
principal methodology used in rating TOKI was Government-Related
Issuers: Methodology Update published in July 2010.
===========================
U N I T E D K I N G D O M
===========================
AFREN PLC: S&P Raises Corp. Credit Rating to 'B+'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on U.K.-headquartered Afren PLC to
'B+' from 'B'. The outlook is stable.
S&P also raised the issue ratings on Afren's senior secured notes
to 'B+' from 'B'.
At the same time, S&P removed the ratings from CreditWatch, where
they were placed with positive implications on March 11, 2013.
The upgrade reflects S&P's assumption that Afren will continue to
achieve strong credit metrics in 2013-2014, including funds from
operations (FFO) to debt of 50% or higher (2012: 102%) and debt
to EBITDA below 2x in 2013-2014 (2012: 0.9x). In particular, S&P
foresees debt to EBITDA remaining close to 1x in 2013. This is
based on S&P's base-case scenario that the company will produce
between 40,000 and 47,000 boepd (barrels of oil equivalent per
day), which is in line with management's guidance, and a realized
price of no less than US$95 per barrel (/bbl) in 2013 and
US$90/bbl in 2014. S&P believes that revenue will be above
US$1.5 billion in 2013, but that it will be below US$1.2 billion
in 2014 as the company recovers the development costs of the
Nigerian oil field Ebok. However, Afren's revenues could be
higher if current demand and prices remain supportive.
S&P's base-case scenario assumes that Afren's adjusted EBITDA
margin will continue to be above 70% over the next few years
(73.5% in 2012), leading to EBITDA of between US$1.1 and
US$1.2 billion in 2013 and between US$700 million and US$900
million in 2014.
S&P is therefore revising upward its assessment of Afren's
financial risk profile to "significant" from "aggressive," as
S&P's criteria define these terms, mainly reflecting its base
case of very strong credit metrics for the rating and the
company's track record of moderate financial policies. However,
S&P factors in its view of the company's willingness to consider
acquisitions and disposals, the potential volatility of its cash
flows--we forecast up to US$100 million negative free operating
cash flow (FOCF) per year in 2013 and 2014--and its reliance on
the Ebok field. Therefore, S&P caps its financial risk profile
assessment at "significant."
S&P anticipates that Afren will manage to fund most of its large
capital expenditure (capex) and other investing and financing
needs using its existing cash flows. In S&P's base case, it
assumes that capex will be at least $700 million in 2013 and at
least US$500 million in 2014 (US$526 million in 2012).
The stable outlook reflects S&P's view that Afren's credit
metrics will remain robust for the rating, despite S&P's
assumption of negative free operating cash flows. S&P also
anticipates that no major operational disruptions will occur,
especially in relation to fields located in Nigeria, which
account for more than 90% of Afren's revenue. S&P do not foresee
that Afren will make large debt-funded acquisitions or any
unexpected, aggressive financial decisions in 2013-2014. S&P
also believes that the company will continue to manage its
liquidity adequately.
S&P could lower the rating if credit metrics deteriorate to the
point where FFO to debt falls below 30% or debt to EBITDA
increases to more than 3x. S&P could also consider lowering the
rating if it believes that operational, country, or acquisition
risks have heightened. Any deterioration of liquidity to "less
than adequate" could also potentially lead to a downgrade.
An upgrade would require an upward revision of Afren's business
risk profile assessment to at least "weak" from "vulnerable."
This could result from an increase in production or greater
geographic diversification of producing assets. However, S&P
considers this unlikely in the foreseeable future.
CO-OPERATIVE GROUP: Seeks Alternative to Traditional Capitalism
---------------------------------------------------------------
Andrew Bounds at The Financial Times reports that The Co-
operative Group sought to draw a line under its recent troubles
as Peter Marks, retiring chief executive, opted not to attend its
annual meeting.
According to the FT, the Group said it did not want members
"looking at the past" but rather the future of what Euan
Sutherland, the former Kingfisher executive who took over this
month, said was the alternative to traditional capitalism.
Under Mr. Marks's tenure, Britain's largest mutual doubled in
size through acquisitions but its banking arm is short of capital
and suffered a ratings downgrade after losses associated with bad
loans from the Britannia building society it merged with in 2009,
the FT recounts.
The group spans banking, food stores, care homes and finance but
is now selling its general insurance, life insurance and asset
management businesses to help fill a capital hole estimated to be
at least GBP1 billion after a GBP599 million annual loss in 2012,
the FT discloses.
A Co-op spokeswoman, as cited by the FT, said Mr. Marks had
decided "in the last few days" not to attend. "He thought it
should be Euan's day. He didn't want anyone looking at the
past."
He told the meeting: "Traditional capitalist markets are not
providing the answer for the concerns of people today. People
are looking to us at the Co-operative Group to find an
alternative."
The meeting was attended by delegates appointed by regional
committees representing the 7.6m members of the Co-op, the FT
discloses.
The board agreed to review remuneration after a motion from
Northwest and North Midlands attacked the difference between the
highest and lowest paid workers in the group and "exorbitant
compromise agreements to outgoing executives paid in 2011", which
totaled GBP2.55 million, the FT relates.
Neville Richardson, the former Britannia boss left that year with
GBP4.6 million in total, the FT says. The Co-op is examining
whether it can claw some back under the terms of its contract,
the FT notes.
According to BreakingNews.ie, one of Mr. Sutherland's first tasks
will be to inject confidence into the banking arm after the
collapse of a deal to buy more than 600 Lloyds banking branches
and a recent downgrade to junk status by ratings agency Moody's.
BreakingNews.ie relates that the downgrade forced the Co-op to
reassure customers on its finances, with the bank saying: "We
haven't sought, nor do we need, Government support."
Moody's said the Co-op under-estimated the risks of the Britannia
acquisition, especially against the backdrop of weak economic
conditions, BreakingNews.ie notes.
As a member-owned institution, the Co-op is hamstrung in its
ability to raise fresh capital, unlike plc banks which can issue
shares to boost funds, BreakingNews.ie states.
There has been speculation that the Co-op faces a GBP1 billion
shortfall in its capital position, which it is tackling by
disposing of assets, such as its life and general insurance
businesses, according to BreakingNews.ie.
At the start of the year the Co-op had a core tier one capital
ratio of 9.2% -- a key measure of financial strength -- but
regulators are forcing UK banks to hold more cash as a buffer
against future crises, BreakingNews.ie discloses.
The Co-op had claimed the Lloyds deal would be the "biggest
shake-up in high street banking in a generation", creating a bank
with almost 1,000 branches and 11 million customers,
BreakingNews.ie notes.
Founded in 1863, the Co-op has more than six million members,
employs more than 100,000 people and has turnover of more than
GBP13 billion.
CORAL INNS: Put Up for Sale for GBP300,000
------------------------------------------
Margaret Canning at Belfast Telegraph reports that Coral Inns has
gone on the market with a price tag of GBP300,000.
Coral Inns, the former owner of Rain nightclub in Tomb Street
close to the Cathedral Quarter, went into administration in
August last year, Belfast Telegraph recounts.
The business comes with a leasehold interest in the building,
described by agents Osborne King as a "converted former bond
warehouse" which can hold 520 revellers, Belfast Telegraph
discloses.
Coral Inns signed up to a company voluntary arrangement at the
end of 2011 after running up debts with HM Revenue and a drinks
supplier, Belfast Telegraph relates.
Earlier that year the firm was fined a total of GBP5,000 for
breaches of its entertainments license when it admitted three
counts of overcrowding, Belfast Telegraph notes.
Belfast City Council's licensing committee suspended Rain's
entertainments license for seven weeks following the breaches,
Belfast Telegraph recounts.
During one inspection, council staff found the club had exceeded
its capacity by more than 300, Belfast Telegraph relates.
However, Desmond Lynchehaun and Orla Wallace were appointed
administrators by the company's directors in August last year and
the club has remained open for business, Belfast Telegraph
dislcoses.
Coral Inns is a Belfast nightclub.
EXILLON ENERGY: Fitch Withdraws 'B-(EXP)' Sr. Unsecured Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn Exillon Energy's expected senior
unsecured rating of 'B-(EXP)/RR4' for the proposed eurobond issue
following the company's decision that it will not proceed with
the proposed bond offering.
Fitch assigned Exillon a Long-term Issuer Default Rating (IDR) of
'B-' with a Positive Outlook on 02 April, 2013.
FIRSTGROUP: To Launch Discounted Rights Issue; Chair to Step Down
-----------------------------------------------------------------
Nathalie Thomas at The Telegraph reports that FirstGroup has
confirmed it is raising GBP615 million through a deeply
discounted rights issue and has scrapped its final dividend to
ease pressure on its balance sheet and avoid a downgrade in its
credit rating.
FirstGroup, which has almost GBP2 billion of net debt -- a legacy
of its US$3.5 billion acquisition of US school bus company
Laidlaw in 2007 -- has faced a significant turnaround job in both
its UK bus and American First Student divisions, the Telegraph
discloses.
It was also denied a major new source of rail income in October
when the Government scrapped a lucrative contract to run West
Coast train services between London and Scotland, the Telegraph
notes.
The transport company confirmed on Monday that its long-standing
chairman, Martin Gilbert, is to step down once the fundraising is
complete, the Telegraph relates.
According to the Telegraph, following press speculation at the
weekend, the company brought forward its full year results
statement on Monday to announce the heavily discounted three for
two rights issue at 85p of 722,859,586 new ordinary shares, which
is already fully underwritten.
Analysts have raised concerns for some time that FirstGroup was
at threat of a credit rating downgrade by Standard & Poor's while
management has had to repeatedly allay fears that it was about to
breach its banking covenants, the Telegraph says.
FirstGroup is a train and bus operator.
MTS INT'L: Fitch Assigns 'BB+' Rating to Loan Participation Notes
-----------------------------------------------------------------
Fitch Ratings has assigned MTS International Funding Limited's
proposed loan participation notes' (LPNs) USD and RUB tranches an
expected 'BB+(EXP)' rating . The proceeds will be on-lent to OJSC
Mobile Telesystems (MTS) ('BB+'/Stable). LPNs are effectively
structured as senior unsecured obligations of MTS.
LPNs will be issued by MTS International Funding Limited, an SPV
domiciled in Ireland. The SPV will be restricted in its ability
to do business other than issue notes and provide loans
(effectively, on-lend the proceeds) to MTS. LPNs will be secured
by a loan to MTS which will rank equally with other senior
unsecured obligations of MTS. The loan will contain a number of
restrictive covenants including, inter alia, negative pledge,
change of control clause, cross-default to other debt with a
total limit of US$15 million, limitation on assets sales, but no
financial covenants.
On a stand-alone basis MTS's credit profile conforms to low
investment grade. It is an established mobile operator with
strong margins and free cash flow (FCF) generation and modest
leverage. However, MTS has limited geographic diversification
within CIS with high reliance on the Russian market. MTS's
ratings are notched down for the negative influence of Joint
Stock Financial Corp. Sistema ('BB-'/Stable), MTS's majority
shareholder.
KEY RATING DRIVERS
- Stable Market Shares:
MTS holds strong and reasonably stable market shares in all its
key mobile markets -- including, and most importantly, Russia.
Fitch believes MTS will continue to successfully defend its
positions and maintain broad parity with peers in terms of
network coverage and technology solutions.
- Mature Markets, Rising Competition:
However, key Russian and Ukrainian mobile markets are mature and
competitive pressures may intensify further in light of the
market-share ambitions of Tele2 and Rostelecom in the medium
term.
- Robust Free Cash Flow Generation: MTS sustainably generates
positive free cash flow (FCF) and overall financial performance
is robust. Capex as a percentage of revenue has been high -- well
above 20% -- inflated by 3G spend in Russia. Fitch expects this
ratio to drop in the medium-to-long term but stabilize at a
higher level than at European peers, due to lower average revenue
per user (ARPU).
- Margin Resilience Likely:
Reduced dealer commission fees and no handset subsidization in
Russia should support margins. MTS managed to successfully change
its relationships with dealers whereby the operator switched from
paying a fixed fee to a revenue sharing model. The latter
incentivizes dealers to sign up quality subscribers with positive
implications for churn but also protects MTS from paying
excessive dealer commissions.
-Sufficient LTE spectrum:
MTS has sufficient LTE spectrum to successfully compete in
Russia. The company was one of the four winners in the all-Russia
LTE spectrum auction in July 2012. In addition, MTS has ready-
for-use 2.6GHz spectrum in the most lucrative Moscow market.
- Modest Leverage:
MTS's leverage has been modest at below 1.5x net debt/EBITDA and
organic development, including LTE roll-out in Russia, can be
financed with internally generated cash flows. Fitch estimates
that a recent decision to increase dividend payments will not
jeopardize leverage. However, the company is not committed to a
public leverage target.
- Negative Sistema Influence:
Fitch regards MTS's exposure to the group-wide risks of Sistema,
and the holding company's flexibility to significantly increase
MTS's leverage, if need be, as significant credit constraints.
Under Fitch's parent-subsidiary methodology, the subsidiary's
rating may be a maximum of two notches higher than that of the
parent.
- Sufficient Liquidity:
MTS's debt maturity profile is well spread, with single-year
refinancing exposure below USD800m a year until 2015 (as of end-
2012). Currency risks are moderate, with the FX share of the
total debt portfolio reported at 24% including hedging at end-
2012.
RATING SENSITIVITIES
Shareholder Influence: Positive rating changes at Sistema, or
higher ring-fence around MTS limiting Sistema's influence such as
corporate governance mechanisms or legal provisions will likely
lead to a positive rating action.
Leverage, FCF: A downgrade may arise from increased shareholder
remuneration, MTS's acquisition of Sistema group assets, or a
build-up in pressure to upstream cash due to funding needs at the
wider Sistema group - and a consequent rise in funds from
operations adjusted net leverage to above 3x. Competitive
weaknesses and market-share erosion, leading to significant
deterioration in pre-dividend FCF generation, may also become a
negative rating factor.
THEATRE PLC: Fitch Lowers Ratings on Class D Notes to 'B'
---------------------------------------------------------
Fitch Ratings has downgraded Theatre (Hospitals) No. 1 Plc's and
Theatre (Hospitals) No. 2 Plc's class C and class D floating-rate
notes. The Outlooks are Negative.
Key Rating Drivers
The downgrades predominantly reflect (i) the worsening of the
notes' loan-to-value ratios (driven by a decline in the tenant's
financial performance and ballooning mark-to-market (MtM) of the
interest rate swaps to over GBP575 million) and (ii) the
increased uncertainty with regard to the refinancing of the
underlying propco loans maturing in less than six months in
October 2013. This refinancing risk is further exacerbated by the
complexity of the transaction structure (with multiple issuers
and layers of creditors, large scale of operations and high
levels of debt), mitigated to some extent by the prolonged tail
period of 18 years left until legal maturity of the notes which
should theoretically leave some time for a refinancing solution
to be found for the benefit of the noteholders.
Since the last review, BMI Healthcare's (BMI; the opco)
performance has continued to worsen with TTM December 2012
EBITDAHR declining by 2.0% to GBP196.7 million and EBITDAHR
margin sliding below 32% (from 35.5% just three years ago). This
results from the on-going rising operating costs (notably in
medical fees) which are not compensated by revenues' increases
with notably struggling Private Medical Insurance (PMI) revenues.
In early 2012, Bupa, UK's largest PMI provider successfully
managed to negotiate down its fees despite BMI's market leading
position in the UK with c. 21% market share. This could set a
precedent for contracts with other PMI providers (typically with
a duration of five years) as the industry has been struggling
with a 7% real terms drop in overall spending observed between
2008 and 2011 (as reported by Laing and Buisson).
Fitch's revised base case assumes a continued decline in
performance with EBITDAHR fluctuating around GBP186 million by
2013. Fitch's implied market value of the properties at loan
maturity in October 2013 has remained broadly stable at around
GBP1.23 billion (based on EBITDAHR rent cover of 1.8x and blended
net interest yield of 8.0%). However, due to the ballooning mark-
to-market on the swaps to over GBP575 million (up by over 30%
year-on-year) and increased uncertainty with regard to
refinancing of the propco loans, the resulting Fitch base case
LTVs have reached levels which no longer warrant investment grade
status, at 109% and 119% for the class C and D notes,
respectively. Despite these high LTVs, some margin of safety
remains as the swaps should not crystallize at loan maturity even
if the propco loans are not refinanced.
Without the MtM, Fitch's LTVs are at more more comfortable levels
of 63% and 73% respectively, nevertheless Fitch remains concerned
about the continued deterioration of opco's performance which,
together with increases in rent, is expected to push down the
EBITDHAR rent cover to around 1.4x in 2013 (from 1.8x in 2009).
Fitch estimates that the propco should be able to generate
sufficient cash flow to repay all the bonds by their legal final
maturity in October 2031, but the risk is now viewed as
speculative for both class C and D notes with estimated annuity-
based rent cover of 1.4x and 1.2x respectively. Given the lack of
clear potential buyers (both due to funding pressures on PMIs and
the large size of the portfolio) and the gradually declining
financial performance of the opco, visibility over potential
outcomes is reducing.
The Negative Outlook reflects the on-going impact on
profitability of struggling self-pay patients and (more recently)
fee constraints by PMIs. In addition, the looming refinancing
risk of the propco loans combined with the complexity and lack of
visibility with regard to any restructuring contributes to this
Negative Outlook. Fitch may take further ratings actions in the
next few months, notably following further announcements with
regards to any potential debt restructuring.
To date, Fitch understands that the servicer Capita has still not
received any restructuring or refinancing proposals from the
propco. Following some agreed amendments to the propco facility
agreement sufficient funds were reserved to reimburse advisers
acting on behalf of the lenders. Paul Hasting was initially
engaged, in addition to Lazard for financial advisory and PWC for
a full review of the operations. Capita has in May 2013 consulted
with bondholders with the aim of forming an investor committee in
order to agree to a consensual restructuring. Fitch's
understanding of the documentation suggests that the class A
noteholders (with over 50.1% of votes) could instruct the
servicer with regard to certain amendments such as loan maturity
extension and reduction of rent, which may not necessarily be in
the best interest of more junior bondholders.
Rating Sensitivities
Fitch's current expectation is that the loan maturity will be
extended, possibly including an increase in the interest rate
thus allowing more time to facilitate an orderly refinancing. In
the event that the transaction is restructured in a way that
crystallizes the MtM of the swaps, then the ratings of the class
C and D notes are likely to be downgraded further. The ratings
could also be downgraded if opco's performance deteriorates more
than expected, for example if the PMIs revenues are further
curtailed.
The transactions are securitizations of loans to property-owning
entities (the propco) secured on 35 private hospitals operated by
BMI Healthcare (BMI; the opco), the acute private hospital
division of General Healthcare Group (GHG). The propco's
principal source of repayment under the term loan is the net rent
received under leases payable by tenants operating within BMI.
BMI is the largest independent provider of private patient care
in the UK, operating a total of 72 hospitals with over 3,000
beds. Both issuers are identical in structure and their notes
rank equally within one another.
The ratings actions are:
Theatre (Hospitals) No.1 plc:
GBP50.1m class C notes: downgraded to 'BB' from 'BBB'; Outlook
Negative
GBP50.1m class D notes: downgraded to 'B' from 'BB'; Outlook
Negative
Theatre (Hospitals) No.2 plc:
GBP33.9m class C notes: downgraded to 'BB' from 'BBB'; Outlook
Negative
GBP33.9m class D notes: downgraded to 'B' from 'BB'; Outlook
Negative
THPA FINANCE: Fitch Affirms 'BB-' Rating on GBP30MM Notes
---------------------------------------------------------
Fitch Ratings has affirmed THPA Finance Limited's notes. The
Rating Outlook on the notes remains Stable.
The affirmation reflects Fitch's expectations that the return of
steel-making to Teesside and a stabilization of handled volumes
at current levels coupled with tariff increases will provide
support to the ratings and navigate the borrower further away
from its default covenant.
THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group, which owns the port of Tees &
Hartlepool on the northeast coast of England. Teesport is the
fifth-largest port in the UK per annual tonnage handled.
KEY RATING DRIVERS
The majority of Teesport's traffic is associated with production
facilities from the steel, chemical and oil industries located in
the vicinity of the port, although, management continues to
diversify revenue sources by attracting new projects and
customers to Teesside. Overall, traffic volumes have been falling
in the past, mainly due to diminishing oil exports from the North
Sea oil fields. Fitch expects the decline to moderate in the
short term as oil throughput recovers following field outages and
more raw materials are needed for the resumed steel production at
Redcar steel plant.
Fitch continuously monitors the willingness of the owner of the
steel plant, Sahaviriya Steel Industries UK Limited (SSI), to
operate the plant in the longer term given its relatively higher
associated operating costs and general dependence on importing
raw materials. Currently, the agency takes comfort from SSI's
significant financial commitment made when it acquired the plant,
investments undertaken to lower production costs and the demand
from automotive and white goods industries in Southeast Asia,
where majority of the slab production is exported for further
processing.
The PD Ports group employs a combination of a 'landlord' and
'operating' business model, thus maintaining some volatility
related to operating risk from its business. Tariffs are
unregulated and to a varying extent linked to inflation.
Contracts with guaranteed revenue are mostly short-term and
together with rental agreements represent approximately 20% of
revenue.
The trailing 12 months (TTM) EBITDA as of end December 2012 was
GBP36.1 million and is slightly below Fitch's forecast of GBP38.3
million due to a slower ramp-up in production and export of steel
slab than originally anticipated, cessation of car imports and
lower Lo/Lo and Ro/Ro volumes due to general weak economic
environment. Also lower extraction rates and outages in North Sea
oil fields have negatively impacted the results. Nevertheless,
the agency expects the transaction's TTM EBITDA to return to its
run-rate range of GBP37-39 million in the short to medium term.
All classes of notes are fully amortizing and benefit from a
strong security package typical for UK whole business
securitizations. There is no interest rate risk present. The
transaction allows for more control by the senior noteholders if
performance deteriorates and covenants are breached as a borrower
event of default could lead Class A noteholders to enforce at the
expense of junior notes. The liquidity facility is available only
to Class A notes.
The transaction's reported EBITDA debt service coverage ratio
(DSCR) stood at 1.31x as of end December 2012, ahead of its 1.25x
default covenant at the borrower level. As anticipated by Fitch
at last year's review, a reduction of the interest rate on the
Class C notes to 10% p.a. from 18% p.a. in 2012 helped to avoid
technical default under the transaction's documentation and
created some headroom within the issuer-borrower structure. Given
that all the Class C notes are owned by the securitization
sponsor, Fitch perceives that such reduction represents 'soft
equity support' rather than distressed debt exchange.
Fitch's Base Case forecasts into the medium term are broadly in
line with last year. The agency expects the EBITDA DSCR metrics
to gradually return to above 1.30x for the Class C, 1.60x for the
Class B and 2.10x for the Class A notes.
RATING SENSITIVITIES
Fitch ran several sensitivities, including reduction in oil
revenue by 30%, repeated mothballing of TCP or loss of another
major customer. The most severe outcome would be if the Redcar
steel plant is mothballed again. Under such a stress scenario
which would likely result in downgrades across all classes of
notes, the transaction would be technically in covenant default
and debt service on the most junior class of the notes deferred.
Furthermore, the ratings will come under pressure if in the face
of a continued challenging economic environment transaction's
cash flow proves less resilient than Fitch would expect and
EBITDA DSCR forecasts are consistently below 2.10x at Class A,
1.60x at Class B and 1.30x at Class C level over the medium term.
The rating actions are:
GBP145m class A2 secured 7.127% fixed-rate notes due 2024:
affirmed at 'A-'; Outlook Stable
GBP70m class B secured 8.241% fixed-rate notes due 2028: affirmed
at 'BB+'; Outlook Stable
GBP30m class C secured 10.000% fixed-rate notes due 2031:
affirmed at 'BB-'; Outlook Stable
Fitch's key rating factor attribute assessments for THPA are as
follows:
Revenue - Volume: Mid-Range
Revenue - Price: Mid-Range
Infrastructure & Renewal: Stronger
Debt Structure: Class A: Stronger, Class B: Mid-Range Class C:
Weaker
Debt Service & Counterparty: Class A: Stronger, Class B: Mid-
Range, Class C: Mid-Range
TITAN EUROPE 2007-3: S&P Affirms 'BB' Rating on Class A1 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Titan Europe 2007-3 Ltd.'s class A2, B, C, D, E, F, and G notes.
At the same time, S&P has affirmed and removed from CreditWatch
negative its rating on the class A1 notes.
The rating actions follows S&P's review of the portfolio by
applying its updated criteria for rating European commercial
mortgage-backed securities (CMBS) transactions.
On Aug. 29, 2012 S&P placed the rating on the class A1 notes on
CreditWatch negative due to uncertainty regarding the potential
of continued interest shortfalls.
REGULATOR (42% OF THE POOL)
The securitized loan (GBP176.0 million) represents the senior
portion of a whole loan.
The whole loan is backed by an office property in Canary Wharf,
London. The property is fully let to the Financial Conduct
Authority until November 2018.
In April 2013, the servicer reported a 72.06% securitized loan-
to-value (LTV) ratio based on an April 2007 valuation and a 1.17x
securitized interest coverage ratio (ICR). The whole loan is on
the servicer's watch list, pending loan maturity on Oct. 18,
2013.
S&P has not assumed any losses in its base case scenario on the
portion of the whole loan securitized in this transaction.
QUADRANT HOUSE (14% OF THE POOL)
The loan (GBP59.4 million) was fully securitized at closing. It
is backed by an office property in Sutton, a secondary market
near London. The property is of average quality, in S&P's
opinion. It is fully let to a single tenant, with a reported
remaining lease term of 12 years and two months.
In April 2013, the servicer reported a 1.08x ICR and a 81.87% LTV
ratio based on a November 2006 valuation. The loan is on the
servicer's watch list pending loan maturity on Oct. 18, 2013.
S&P has assumed losses on the loan in its base case scenario.
NORWICH UNION (10% OF THE POOL)
The loan (GBP41.2 million) was fully securitized at closing. It
is backed by an office property in Sheffield, South Yorkshire.
The property is fully let to an Aviva PLC affiliate, with a
reported remaining lease term of 16 years and one month.
In April 2013, the servicer reported a a 1.07x ICR and a 83.63%
LTV ratio based on a July 2006 valuation. The loan is on the
servicer's watch list, pending loan maturity on Oct. 18, 2013.
S&P has assumed losses on the loan in its base case scenario.
ST. MARK'S COURT (10% OF THE POOL)
The loan (GBP41.2 million) was fully securitized at closing.
The loan is backed by an office property in Horsham, about 37
miles south of London. The property is fully let to a Royal &
Sun Alliance Insurance PLC affiliate, with a reported remaining
lease term of five years and eight months.
The loan was transferred into special servicing in April 2012,
after the borrower failed to repay the loan balance at loan
maturity. In April 2013, the servicer reported a 174.55% LTV
ratio based on a November 2011 valuation.
S&P has assumed losses on the loan in its base case scenario.
REMAINING LOANS (24% OF THE POOL)
The five remaining loans are secured on U.K. assets. S&P has
assumed losses on all of these loans in its base case scenario.
CASH FLOW ANALYSIS
The April 2013 cash manager report shows that the class C, D, E,
F, and G notes are experiencing interest shortfalls. The class
A2 and B notes also experienced interest shortfalls on previous
payment dates, but these interest shortfalls were repaid at the
expense of the subordinated classes of notes.
The transaction has been progressively deferring unpaid interest
since October 2008. This is because the excess spread, which is
distributed to the class X notes, is not available to mitigate
interest shortfalls on the class A1, A2, B, C, D, E, F and G
notes, which arise from partial interest collections on the
underlying pool of loans, or from certain prior-ranking expenses.
The issuer relies on servicer advances to address timely payment
of interest on the notes. However, the transaction documents
indicate that the back-up advancer is not allowed to make
servicing advances to cover interest shortfalls under the notes,
if such shortfalls have resulted from:
-- Extraordinary expenses payable to the transaction parties
(e.g., special servicing fees or special servicing
expenses); or
-- The reduction of servicing advances, if required to meet
interest shortfalls under any of the loans, following the
determination of an appraisal-reduction amount (the
appraisal-reduction mechanism was structured to prevent
drawings on the portion of the securitized loans that
represents more than 90% of the securitized loan).
In S&P's opinion, the issuer's ability to service the notes will
likely deteriorate, given the underlying pool's reported
performance, the remaining performing loans' upcoming loan
maturity dates, and the transaction's cash flow mechanisms. In
light of these factors, S&P considers that the class A1, A2, and
B notes continue to be somewhat vulnerable to cash flow
disruptions to varying degrees.
RATING ACTIONS
Standard & Poor's ratings address timely payment of interest and
payment of principal no later than legal final maturity in
October 2016.
"Although we consider the credit enhancement available to the
class A1 and A2 notes to be sufficient to mitigate the risk of
losses from the underlying loans in higher rating stress
scenarios than the currently assigned ratings, we consider that
they are vulnerable to cash flow disruptions to varying degrees.
We have therefore affirmed and removed from CreditWatch negative
our 'BB (sf)' rating on the class A1 notes. At the same time, we
have affirmed our 'CCC- (sf)' rating on the class A2 notes
because they will likely experience cash flow disruptions within
the next 12 months, in our opinion," S&P said.
S&P has affirmed its 'D (sf)' ratings on the class B to G notes
because they have experienced interest shortfalls on previous
payment dates.
Titan Europe 2007-3 is a U.K. CMBS transaction that closed in
August 2007. It is currently secured on nine U.K. commercial
real estate loans. The notes' legal maturity date is in October
2016.
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
Titan Europe 2007-3 Ltd.
GBP778.822 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Affirmed and Removed From CreditWatch Negative
A1 BB (sf) BB (sf)/Watch Neg
Ratings Affirmed
A2 CCC- (sf)
B D (sf)
C D (sf)
D D (sf)
E D (sf)
F D (sf)
G D (sf)
TULLETT PREBON: Moody's Reviews Ba2 Debt Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the Baa3 senior debt and
corporate family ratings of Tullett Prebon plc and Tullett Prebon
Group Holdings plc on review for possible downgrade. Moody's also
placed on review for downgrade the Ba2 subordinated debt ratings.
Ratings Rationale:
Moody's said the review is triggered by a challenging operating
environment affecting the interdealer broker sector. This is
underpinned by the uncertain outcome of regulatory changes
affecting the cost of trading for its customers and lower market
transaction volumes overall.
During the review, Moody's will focus on (1) the potential
effects that regulatory changes and an EU transaction tax could
have on Tullett Prebon's operations, (2) the firm's future levels
of profitability and operating margins in light of the ongoing
adverse economic environment and (3) Tullett Prebon's
diversification strategy which has moderately offset the decline
in revenues from its core voice broking businesses.
Tullett Prebon reported a decline in revenues by 7% to GBP850.8
million in 2012. Moody's believes that revenues across the
interdealer broker sector are unlikely to recover in the short to
medium term and therefore, improvements in profitability will
rely on management actions to both cut costs and diversify its
revenue sources, including risk management and post-trade
services. Although the firm proactively started a restructuring
cost program in 2011, underlying operating profit declined by 15%
to GBP126 million (as reported by the firm). As a result,
according to Moody's calculations, the firm's pre-tax profit
margins continued to decline. Tullett Prebon reported a loss
before tax of GBP34.7 million in 2012 (down from GBP119.2 million
profit in 2011) which included GBP14.8 million related
restructuring costs, GBP11.6 million charges related to legal
actions and a non-cash charge of GBP123 million due to the
impairment of the carrying value of goodwill from its North
American business.
In Moody's view, the company's ability to generate cash remains
adequate and it maintains a relatively low level of financial
leverage. However, it also maintained its dividend payout policy
despite the decline in profitability and the more difficult
operating environment.
What Could Change The Rating - Up
Given the current review for downgrade, an upgrade of the ratings
is unlikely in the short to medium-term. Over the longer term,
upward pressure on the firm's rating could result from a
sustained improvement its pre-tax margins, a significant increase
in the diversification of its earnings , and a sustained
reduction in leverage and improvement in coverage ratios
What Could Change The Rating - Down
The ratings could go down if there is a deterioration in the
firm's financial fundamentals or coverage ratios, if its market
position weakens, or if the firm is unable to considerably
diversify its business profile so as to mitigate the current
environmental and regulatory pressures without significantly
increasing its leverage or impairing its debt service coverage.
Tullett Prebon plc is an inter-dealer broker headquartered in
London.
The principal methodology used in this rating was Global
Securities Industry Methodology published in December 2006.
Non-Participating Rated Entity
This issuer did not participate in the credit rating process. The
Rating Committee was not provided, for purposes of the rating,
with access to the books, records and other relevant internal
documents of the related entity or related third party.
===============
X X X X X X X X
===============
* EUROPE: European Central Bank Delays Stress Tests Until 2014
--------------------------------------------------------------
Ben Moshinsky at Bloomberg News reports that the European Union's
top banking regulator delayed stress tests until 2014, allowing
time for a European Central Bank-led probe into the quality of
assets held by some lenders in the debt-laden bloc.
The European Banking Authority said the ECB asset check will
"help dispel concerns over the deterioration of asset quality due
to macroeconomic conditions in Europe," Bloomberg quotes the
London-based agency as saying in an e-mailed statement on
Thursday. The EBA, set up in 2011 to harmonize rules across EU,
will still publish details of bank holdings in the second half of
this year, Bloomberg notes.
The EBA carried out the last formal EU stress tests in 2011,
which were criticized for failing to catch problems at the
lenders, Bloomberg recounts. Eight banks failed the exams with a
combined shortfall of EUR2.5 billion (US$3.2 billion), Bloomberg
discloses. Investors expected as many as 15 banks to fail and
raise EUR29 billion after assessments, according to a survey by
Goldman Sachs Group Inc., Bloomberg notes.
"Concerns remain on asset quality and forbearance, which need to
be addressed," Andrea Enria, chairman of the EBA, as cited by
Bloomberg, said in the statement. "This is also a necessary
precondition for the credibility of the next EU-wide stress
test."
The ECB is set to take on supervisory powers next year over all
euro-area banks after legislation underpinning the system was
endorsed by member states, Bloomberg discloses. The EBA said it
is seeking "alignment in methodologies and timeline" with the
ECB's assessment, Bloomberg notes.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$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
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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
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SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
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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
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COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
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FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
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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
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TELENET GRP HLDG TLGHF US -928724199.6 5137146702
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TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
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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
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CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
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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
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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
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SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
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FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
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CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
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DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
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MATERNUS-KLINIKE MNUKF US -17249775.07 161290141
MATERNUS-KLINIKE MAK EO -17249775.07 161290141
MATERNUS-KLINIKE MAK S1 -17249775.07 161290141
MATERNUS-KLINIKE MAK PZ -17249775.07 161290141
MATERNUS-KLINIKE MAK TH -17249775.07 161290141
MATERNUS-KLINIKE MAK EU -17249775.07 161290141
MATERNUS-KLINIKE MAKG IX -17249775.07 161290141
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
NORDAG AG-RTS DOO8 GR -482449.8788 144432986.2
NORDENIA INTL AG NOD GR -74471727.44 729626481.3
NORDENIA INTL AG NOD8 GR -74471727.44 729626481.3
NORDSEE AG 533061Q GR -8200551.142 194616922.6
NUERNB HYPO-RTS NUE8 GR -2104037124 5.86E+11
NUERNB HYPOTHEK 0478131D GR -2104037124 5.86E+11
PFLEIDERER AG PBVDF US -97572495.87 1832488196
PFLEIDERER AG-BE PFD GR -97572495.87 1832488196
PFLEIDERER A-RTS PFDB GR -97572495.87 1832488196
PFLEIDERER-NEW PFD1 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 EB -97572495.87 1832488196
PFLEIDERER-REG PFD4 EU -97572495.87 1832488196
PFLEIDERER-REG PFD4GBP EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 TH -97572495.87 1832488196
PFLEIDERER-REG PFD4 NR -97572495.87 1832488196
PFLEIDERER-REG PFD4 TQ -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EO -97572495.87 1832488196
PFLEIDERER-REG PFDG IX -97572495.87 1832488196
PFLEIDERER-REG PFD4 S1 -97572495.87 1832488196
PFLEIDERER-REG PFD4 EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 PZ -97572495.87 1832488196
PFLEIDERER-REG PFD4 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 QM -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.87 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
PFLEIDERER-REG PFD4 BQ -97572495.87 1832488196
PFLEIDERER-REG PFEIF US -97572495.87 1832488196
PRIMACOM AG PRCG IX -18656751.16 610380925.7
PRIMACOM AG PRC2 GR -18656751.16 610380925.7
PRIMACOM AG PRC S1 -18656751.16 610380925.7
PRIMACOM AG PRC NM -18656751.16 610380925.7
PRIMACOM AG PCAGF US -18656751.16 610380925.7
PRIMACOM AG PRC EU -18656751.16 610380925.7
PRIMACOM AG PRC GR -18656751.16 610380925.7
PRIMACOM AG PRC TH -18656751.16 610380925.7
PRIMACOM AG PRCG PZ -18656751.16 610380925.7
PRIMACOM AG PRC EO -18656751.16 610380925.7
PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAG US -18656751.16 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RINOL AG RILB S1 -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RILB PZ -1.171602 168095049.1
RINOL AG RILB EO -1.171602 168095049.1
ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
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SOLON AG FUE-NEW SOOJ GR -138663225.9 627116116.4
SOLON AG FUE-NEW SOO3 GR -138663225.9 627116116.4
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SOLON AG FUE-RTS 2292896Z GR -138663225.9 627116116.4
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SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
SOLON SE SOO1 TQ -138663225.9 627116116.4
SOLON SE SOO1 S1 -138663225.9 627116116.4
SOLON SE SNBZF US -138663225.9 627116116.4
SOLON SE SOO1 EO -138663225.9 627116116.4
SOLON SE SOON EO -138663225.9 627116116.4
SOLON SE SOO1 EU -138663225.9 627116116.4
SOLON SE SOO1 BQ -138663225.9 627116116.4
SOLON SE SOON GR -138663225.9 627116116.4
SOLON SE SOO1USD EU -138663225.9 627116116.4
SOLON SE-RTS 3664247Z GR -138663225.9 627116116.4
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
ALAPIS HOLDING 3385874Q GA -670700605.1 924332371.1
ALAPIS HOLDING I V2R GR -670700605.1 924332371.1
ALAPIS HOLDING I VTERF US -670700605.1 924332371.1
ALAPIS HOLDING I FFE GR -670700605.1 924332371.1
ALAPIS HOLDING I ALAPIS EU -670700605.1 924332371.1
ALAPIS HOLDING I VETER GA -670700605.1 924332371.1
ALAPIS HOLDIN-RT ALAPISR GA -670700605.1 924332371.1
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ALAPIS R-R ALAPV10 GA -670700605.1 924332371.1
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ALAPIS SA ALAPI EO -670700605.1 924332371.1
ALAPIS SA ALAPIS GA -670700605.1 924332371.1
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ALAPIS SA FFEB GR -670700605.1 924332371.1
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ASPIS BANK SA ASEUF US -46224213.41 3486115450
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ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
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ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
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ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
EDRASIS C. PSALL EDRAR GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EU -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EO -68424544.93 193206489.9
EDRASIS PSALIDAS EPP GR -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA PZ -68424544.93 193206489.9
EDRASIS-AUCTION EDRAE GA -68424544.93 193206489.9
EMPEDOS SA EMPED GA -33637669.62 174742646.9
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HELLAS ONLINE SA 0394471Q GA -4264723.817 411173224.1
HELLAS ONLINE SA UN5 GR -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN GA -4264723.817 411173224.1
HELLAS ONLINE SA BRAIN EU -4264723.817 411173224.1
HELLAS ONLINE SA HOL GA -4264723.817 411173224.1
HELLAS ONLIN-RTS HOLR GA -4264723.817 411173224.1
KATSELIS SON-P R KATPD GA -84623057.15 115632796.2
KATSELIS SONS-PF KATSP GA -84623057.15 115632796.2
KATSELIS SONS-RT KATKD GA -84623057.15 115632796.2
LAMBRAKIS PR -RT DOLD GA -39671021.31 225710342.6
LAMBRAKIS PRESS LMBKF US -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EU -39671021.31 225710342.6
LAMBRAKIS PRESS LA3A GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL GA -39671021.31 225710342.6
LAMBRAKIS PRESS LA3 GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL PZ -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EO -39671021.31 225710342.6
LAMBRAKIS REPO DOLL10 GA -39671021.31 225710342.6
LAMBRAKIS R-R DOLV10 GA -39671021.31 225710342.6
LAMBRAKIS-AUC DOLE GA -39671021.31 225710342.6
LAVIPHARM SA LAVI GA -5006040.333 167080549.6
LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
LAVIPHARM SA LAVI PZ -5006040.333 167080549.6
LAVIPHARM SA LVP GR -5006040.333 167080549.6
LAVIPHARM SA BXA GR -5006040.333 167080549.6
LAVIPHARM SA LVIXF US -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVID GA -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVIR GA -5006040.333 167080549.6
LAVIPHARM-AUC LAVIE GA -5006040.333 167080549.6
MAILLIS MLISF US -2041887.566 401387790.4
MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
MAILLIS-SPON ADR MJMSY US -2041887.566 401387790.4
MARITIME CO LESB MEKD CH -7779986.972 235355419.9
MARITIME CO LESB NELD GA -7779986.972 235355419.9
MARITIME CO LESV NEL PZ -7779986.972 235355419.9
MARITIME CO LESV MTMLF US -7779986.972 235355419.9
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MARITIME CO LESV NEL GA -7779986.972 235355419.9
MARITIME CO LESV NEL EO -7779986.972 235355419.9
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MARITIME CO -RTS 2749585Q GA -7779986.972 235355419.9
MARITIME COMPANY NELE GA -7779986.972 235355419.9
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MARITIME CO-RTS 5078509Q GA -7779986.972 235355419.9
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MJ MAILLIS S.A. MJL GR -2041887.566 401387790.4
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MJ MAILLIS S.A. MAIK EO -2041887.566 401387790.4
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NUTRIART SA KATSK EO -84623057.15 115632796.2
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NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
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RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
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UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
-------
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ARDAGH GLASS FIN 3489820Z ID -425719878.1 5124811840
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BPM IRELAND PLC 4471855Z ID -4595598.259 844444461.6
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CONOCOPHILLIPS W 3894318Z ID -176383297.5 403120095.3
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GS MULTI-CURRENC 4780921Z ID -218031502.7 1766463253
INDEP NEWS & MED INM LN -257955932.2 715040181
INDEP NEWS & MED INWS IX -257955932.2 715040181
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INDEP NEWS & MED INM1GBX EO -257955932.2 715040181
INDEP NEWS & MED INNS VX -257955932.2 715040181
INDEP NEWS & MED IPDC GK -257955932.2 715040181
INDEP NEWS & MED INM1GBX EU -257955932.2 715040181
INDEP NEWS & MED INM VX -257955932.2 715040181
INDEP NEWS & MED IPD PZ -257955932.2 715040181
INDEP NEWS & MED INNZF US -257955932.2 715040181
INDEP NEWS & MED INM1 EO -257955932.2 715040181
INDEP NEWS & MED INM1 NQ -257955932.2 715040181
INDEP NEWS & MED INWS PO -257955932.2 715040181
INDEP NEWS & MED INM1 EB -257955932.2 715040181
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INDEP NEWS & MED INP NZ -257955932.2 715040181
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INDEP NEWS & MED IPDC GR -257955932.2 715040181
INDEP NEWS & MED INM1 NR -257955932.2 715040181
INDEP NEWS & MED INM S1 -257955932.2 715040181
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INDEP NEWS &-F/P INWF LN -257955932.2 715040181
INDEP NEWS &-F/P IPDC ID -257955932.2 715040181
INDEP NEWS &-N/P INDB ID -257955932.2 715040181
INDEP NEWS &-N/P INWN LN -257955932.2 715040181
INDEP NEWS &-NEW IPDA GR -257955932.2 715040181
INDEP NEWS &-NEW INWN ID -257955932.2 715040181
INDEP NEWS-ADR INNZY US -257955932.2 715040181
INDEP NEWSPAPERS IPNWF US -257955932.2 715040181
INDEP NEWSPAPERS QQIAF US -257955932.2 715040181
INDEPENDENT-FPR INMF ID -257955932.2 715040181
INDEPENDENT-FPR INMF LN -257955932.2 715040181
INDEPENDENT-FPR INMF PZ -257955932.2 715040181
INDEPENDENT-NPR INMN PZ -257955932.2 715040181
INDEPENDENT-NPR INMN ID -257955932.2 715040181
INDEPENDENT-NPR INMN LN -257955932.2 715040181
IRISH NATIONWIDE 1020Z ID -24460514.19 16215850688
LCH EUROPEAN POR 3809212Z ID -91665071.77 296022574.1
LTR FINANCE NO 8 3816616Z ID -8799339.829 323480874.1
MAINAU FUNDING L 4460161Z ID -216846138.8 1309830017
MCAFEE IRELAND L 3809112Z ID -39595362.44 515570024.5
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
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MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
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MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
MCINERNEY PROP-A MCIYF US -137972148.5 304108432.2
MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
MCINERNEY -RT FP MCIF ID -137972148.5 304108432.2
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START FUNDING NO 3816392Z ID -8410425.946 624257073.1
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
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AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
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CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
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COGEME AXA COGAXA IM -77319804.75 102552226.7
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GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
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MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
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MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
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MERIDIANA SPA 1163Z IM -4645217.834 187285866.9
MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
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OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
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RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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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
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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
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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
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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
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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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EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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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
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
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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
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MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
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PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
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PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
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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
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
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
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
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
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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
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SLOVENIA
--------
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SPAIN
-----
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SWEDEN
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SWITZERLAND
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TURKEY
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UKRAINE
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UNITED KINGDOM
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HMV GROUP PLC HMV PZ -218490042.1 415846374.8
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HMV GROUP PLC HMV VX -218490042.1 415846374.8
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RENTOKIL INITIAL RTO VX -265497954 2695753100
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TUI UK LTD 1653824Z LN -913811298.8 5088088830
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
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VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
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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
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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
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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
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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
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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 * * *