/raid1/www/Hosts/bankrupt/TCREUR_Public/130618.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, June 18, 2013, Vol. 14, No. 119
Headlines
B E L A R U S
* BELARUS: Moody's Affirms 'B3' Government Bond Ratings
F R A N C E
LEGENDRE HOLDING: S&P Assigns 'B+' Long-Term Corp. Credit Rating
G E O R G I A
* GEORGIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
G E R M A N Y
STABILITY CMBS 2007-1: Moody's Cuts Rating on Cl. E Notes to Caa3
I C E L A N D
VELTI PLC: Incurs US$157-Mil. Net Loss in First Quarter
I R E L A N D
ELAN CORP: Moody's Affirms 'Ba3' Corp. Rating; Outlook Developing
FOLEY'S BAR: Issues Summons to Banks for Trespass
I T A L Y
BANCA MONTE: Proposes to Remove Voting Rights Limit
PIAGGIO & C. SPA: Poor Performance Cues Moody's to Cut CFR to Ba3
K A Z A K H S T A N
KAZAKH AGRARIAN: S&P Affirms 'BB+/B' Issuer Credit Ratings
L U X E M B O U R G
ALTICE VII: S&P Assigns 'B+' Corp. Credit Rating; Outlook Neg.
COOL HOLDING: Moody's Cuts CFR to 'B1'; Outlook Stable
N E T H E R L A N D S
TARA HILL BV: Moody's Lowers Rating on EUR71MM Notes to 'Caa1'
R O M A N I A
* ROMANIA: Insolvent Companies' Overdue Debts Total EUR2 Bil.
S L O V E N I A
* SLOVENIA: Mercator Sale to Help Stabilize Financial System
S P A I N
BANCO POPULAR: S&P Downgrades Rating on MTN Program to 'BB'
TDA CAM 8: S&P Lowers Ratings on Two Note Classes to 'D(sf)'
TDA IBERCAJA 3: S&P Lowers Rating on Class C Notes to 'B'
U N I T E D K I N G D O M
CO-OPERATIVE BANK: Investors Face Huge Losses Under Rescue Plan
MPG PRINTGROUP: Mulls CVA Deal with Creditors to Rescue Business
MPG PRINTGROUP: In Administration Again, Future Uncertain
ROYAL BANK: Repayment of GBP45-Bil. Bailout May Take a Decade
STEMCOR: Has 100 Days to Draw Up US$1.1BB Debt Repayment Program
STERLINGMAX I MBS: S&P Lowers Ratings on Two Note Classes to 'D'
X X X X X X X X
* S&P Withdraws Ratings on Five European Synthetic CDO Tranches
* S&P Takes Various Rating Actions on 16 CDO & Repack Tranches
* Large Companies with Insolvent Balance Sheets
*********
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B E L A R U S
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* BELARUS: Moody's Affirms 'B3' Government Bond Ratings
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Moody's Investors Service has affirmed the B3 foreign and local-
currency government bond ratings of Belarus. The outlook on the
ratings remains negative.
The key drivers for the rating affirmation are:
(1) Belarus's well-diversified economy, which has maintained
strong average growth rates and high per capita incomes
relative to its regional and rating peers.
(2) The achievement of fiscal surpluses, a narrowing of the
current account deficit and an increase in international
reserves following the balance of payments crisis in 2010-11.
(3) A tight foreign exchange liquidity position, reflected in
high external debt payments due relative to foreign exchange
reserves.
(4) The continued reliance on energy subsidies from Russia and on
external debt to finance domestic investment and growth.
(5) Policies that pursue growth via credit and investment
spending, rather than productivity increases, in this largely
state-owned economy.
The negative outlook on the rating reflects the likelihood that:
(1) Policy easing to combat the current growth downturn will
renew balance of payments pressures.
(2) Should foreign exchange earnings or external financial flows
decelerate over the next twelve to eighteen months, the
government's capacity to meet its large foreign currency debt
repayments due would be severely constrained.
(3) If growth declines significantly, government revenues may be
lower, while expenditures and contingent liabilities would
rise.
Belarus's country ceiling for foreign-currency bonds is B3 and
the country ceiling for foreign-currency bank deposits is Caa1.
The local-currency bond and bank deposit ceilings are B1.
Ratings Rationale:
Rationale For The Rating Affirmation
The first driver of Moody's decision to affirm Belarus's ratings
is its well-diversified economy, which, compared to its regional
and rating peers, has strong average growth rates, a fairly
skilled workforce, relatively developed infrastructure, low
inequality and high per capita incomes. However, the largely
state-owned economy continues to rely on credit and investment
increases to spur growth, which have increased its external
indebtedness. Moreover, high wage growth as well as cross-
subsidization across state-owned firms is eroding overall
competitiveness.
The second driver of the affirmation is the achievement of fiscal
surpluses and a narrowing of the current account deficit
following devaluation and fiscal tightening over the last two
years. The government posted a budget surplus of around 3% of GDP
in 2011, and the fiscal position remained in surplus in 2012.
Belarus's current account deficit narrowed to 2.9% of GDP in 2012
from 15% of GDP in 2010.
The credit profile remains constrained by the country's (1)
limited available sources of external financing, (2) continued
dependence on petroleum imports from Russia at lower than
international market prices, and (3) domestic demand-driven-
growth that is prone to inflationary pressures and wide current
account deficits.
Moreover, official foreign-exchange reserves are low relative to
external debt-repayment obligations. Therefore, the credit
profile is vulnerable to risks from (1) lower foreign-exchange
earnings due to subdued global economic conditions or loss of
export competitiveness, and (2) a deterioration in relations with
Russia that increase the import price of petroleum and deter
capital inflows.
Rationale For The Negative Outlook
The two-stage devaluation in 2011 and tightening of fiscal and
quasi-fiscal policies stabilized the economy following the
balance of payments crisis of 2010-2011. However, the return to
expansionary policies in the form of wage and credit growth over
the last few months could jeopardize the external balance again.
The negative outlook on the rating reflects the risk that, should
expansionary policies persist, the current account deficit will
rise, increasing Belarus's already high external financing needs.
On the other hand, if GDP growth slows even more significantly
than it has over the last few months, it would worsen
profitability and asset quality in the state-owned banking
system. This would impinge upon government finances by requiring
additional expenses at a time that government tax revenues were
likely decelerating due to the slowdown.
The outlook also incorporates the government's high debt
repayments due over the next 3 years, relative to current levels
of foreign exchange reserves. Any disruption in foreign exchange
earnings or capital inflows over the next 12-18 months would
constrain the government's capacity to repay these obligations.
What Could Change The Rating Up/Down
A downgrade could be triggered by (1) a weakening external
position indicated by a material decline in reserve levels and a
significant increase in the current account deficit, (2) an acute
growth downturn, which weakens the banking system and government
finances, or (3) a worsening political situation that jeopardizes
its growth and repayment capacity.
A change in the negative outlook to stable on the government bond
ratings would depend upon (1) a significant increase in foreign-
exchange reserves relative to debt repayments due, combined with
a sustained narrowing of the current account deficit, (2)
improvement in the outlook for international competitiveness and
the implementation of policies to address macroeconomic
distortions, and (3) a diversification in external sources of
funding.
Previous Rating Action & Methodology Used
The previous rating action on Belarus was undertaken on Nov. 4,
2011 when Moody's confirmed the government's B3 bond ratings
concluding a review for downgrade that commenced on July 21,
2011. The ratings were assigned a negative outlook.
GDP per capita (PPP basis, $): 14,938 (2011 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 1.5% (2012 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 21.7% (2012 Actual)
Gen. Gov. Financial Balance/GDP: 0.7% (2012 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -2.9% (2012 Actual) (also known as
External Balance)
External debt/GDP: 53.9%
Level of economic development: Low level of economic resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On June 12, 2013, a rating committee was called to discuss the
rating of the Belarus, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The systemic risk in which the issuer operates has not
materially changed. The issuer's susceptibility to event risks
has not materially changed. Other views raised included: the
issuer's high foreign currency debt repayments due between 2013
and 2015, relative to foreign exchange reserves and the limited
external financing options available.
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F R A N C E
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LEGENDRE HOLDING: S&P Assigns 'B+' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B+' long-term corporate credit rating to Legendre Holding 27,
the ultimate holding company of France-based textile and
appliances rental company Holdelis SAS.
At the same time, S&P assigned its 'B-' issue rating to the
EUR380 million private senior subordinated notes due 2018 issued
by Holdelis and EUR173 million private senior PIK notes due 2018
issued by Legendre Holding 27. The recovery rating on these
notes is '6', indicating S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.
S&P's 'B+' issue rating on the EUR450 million senior secured
notes due 2018 issued by Holdelis' subsidiary Novalis S.A.S
remains unchanged. The recovery rating on these notes is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a default.
The rating on Legendre Holding 27 mainly reflects that on its
sole and wholly owned operating asset, Holdelis. Legendre
Holding 27 relies on upstream dividends, which are restricted by
the senior secured notes documentation.
The rating on Holdelis primarily reflects S&P's assessment of its
financial risk profile as "highly leveraged" due to the amount of
debt and its view of its aggressive financial policy. As of
Dec. 31, 2012, Standard & Poor's-adjusted total debt was
EUR2.5 billion, representing as much as 6.6x adjusted EBITDA.
Excluding the impact of the EUR381 million shareholder loan, the
credit metric reduces to 5.6x, which S&P still regards as highly
leveraged.
S&P assess Holdelis' business risk profile as "fair," given its
concentration in the French market, from which it derives the
bulk of its revenues (approximately 80% at year-end 2012). In
S&P's view, the group's presence in a fragmented and competitive
industry, paired with its focus on eastern European markets--for
which S&P do not anticipate a recovery before 2014--weigh on the
rating.
These weaknesses are partly mitigated by the group's resilient
and healthy EBITDA margins, as well as its leading positions in
its key operating segments.
Under S&P's base-case scenario, it assumes that total revenues
will increase by a low-single-digit to more than EUR1.1 billion
on Dec. 31, 2013. The group's continuous focus on cost
management will translate into consistently high EBITDA margins
of about 30%. S&P forecasts that funds from operations (FFO) will
be at least EUR250 million on Dec. 31, 2013, leading to adjusted
FFO to debt in the low double digits. At the same time, S&P
anticipates that debt to EBITDA will be slightly higher than 5x.
The stable outlook reflects S&P's view that Holdelis'
consistently high EBITDA margins, increasing cash flows, and
steady deleveraging will continue in the near term.
Downward pressure on the rating could arise should adjusted debt
to EBITDA exceed 7x or FFO to debt drop below 8.5%. This could
come from deteriorating margins, lower cash flow than anticipated
under S&P's base-case scenario, debt-financed acquisitions, or
aggressive shareholder distributions.
Ratings upside remains limited while the current shareholder
structure remains in place, based on S&P's criteria for companies
owned by financial sponsors.
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G E O R G I A
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* GEORGIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term foreign and local currency sovereign credit ratings on the
Government of Georgia at 'BB-/B'. The outlook is stable.
The transfer and convertibility (T&C) assessment remains at 'BB'.
The ratings on Georgia reflect S&P's view that the peaceful and
democratic political transition underway in Georgia will support
the medium-term stabilization of fiscal and external balance
sheets and economic growth prospects. This is despite current
political tensions, which have created some policy uncertainty
and have probably contributed to the current economic slowdown.
The ratings are constrained by Georgia's high external
vulnerabilities, limited monetary flexibility, and low GDP per
capita. These factors are partially offset by the country's
strong economic growth prospects, moderate levels of government
debt, and stabilizing government finances.
Eight months ago, the coalition Georgian Dream government, led by
Prime Minister Bidzina Ivanishvili, ousted President Mikheil
Saakashvili's United National Movement (UNM). The government and
opposition still appear to have an uneasy relationship. The
government has outlined its agenda for Georgia to join European
institutions such as the EU and NATO (North Atlantic Treaty
Organization) and to improve trade relations with Russia. It has
also committed to preserve previously adopted reforms, to
strengthen the judiciary and property rights, and to target more
inclusive growth, for example by supporting the agricultural
sector, which employs nearly half the population. But the
implementation of its strategy has led to uncertainty in the
investor community because the scope and effect on the economy of
some of the planned measures are not clear. In S&P's view, the
institutionalization of past reforms will support policy
effectiveness in Georgia, but there is a risk of the political
environment becoming less stable.
Economic growth slowed to 1.7% in the first quarter of 2013, the
slowest since 2009. Growth began to wane in the second half of
2012, largely because of a slowdown in private foreign and public
investment. The contribution to GDP growth from real investment
decreased to 5.5% in 2012 from an average of 8% over the previous
two years, while consumption growth held up. In S&P's view,
political uncertainties before and after the elections
contributed to that slowdown.
S&P expects that post-election political activity will continue
to weigh on growth until at least the second half of this year.
Tensions between the new government and President Mikheil
Saakashvili, whose final term ends this fall, have eased since
the parliament adopted a constitutional amendment that makes it
more difficult for the president to dismiss the parliament.
Nevertheless, uncertainty remains regarding the government's
broad economic strategy, specifically regarding planned changes
to the labor code and competition legislation, health care
reform, and the establishment of new investment funds.
In S&P's view, growth should rise in the second half of the year
if infrastructure projects -- which were temporarily suspended
when the new government took office -- are resumed and the
government's economic and investment plans become clearer. Given
the late start for the capital expenditure (capex) projects,
investigations into some key construction companies, and the
government's commitment to increasing social expenditure, S&P
expects investment to increase much more modestly in 2013 than
the double-digit growth rates of the recent past. Investment is
expected to remain at just over 36% of GDP. S&P estimates that
real per capita GDP growth will slow to 3.5% in 2013, but then
accelerate to average just over 5% per year over 2013-2016.
In 2012, Georgia financed the current account deficit of 11.5% of
GDP predominantly with the Eurobond issuance of two state-owned
enterprises and also, to a smaller degree, net foreign direct
investment (FDI) and portfolio equity inflows. Georgia's net
external liability position widened to almost 100% of GDP in
2012, and we expect it will widen further in 2013. However,
about half of Georgia's external liabilities are related to FDI
and portfolio equity flows, which are less burdensome than debt
in most scenarios. The current account deficit had been
successfully financed by FDI (around 70% of the CAD on average
was financed by FDI from 2000-2011), but in 2012 net FDI dropped
to 3.8% of GDP. In S&P's view, the medium-term boost to current
account receipts that it expects from energy exports, increased
activity in the agricultural and tourism sectors, and the
resumption of trade with Russia, is likely to have a more
significant positive impact on Georgia's external balance sheet
after 2015.
The general government deficit narrowed to 2.9% of GDP in 2012
from 3.6% the previous year, primarily because of one-off
revenues and the new government's suspension of capex after it
took office in the fourth quarter. The government plans to
increase social expenditure through higher pension payments and
the implementation of a universal health care system, while
maintaining a deficit of below 3% of GDP. In S&P's view, given
the slowdown in the economy and disinflation pressures, revenue
is likely to underperform, which will make it difficult for the
government to meet its fiscal targets. Offsetting this will be a
reduction in capex. S&P estimates that the general government
deficit will widen to 3.5% of GDP this year before narrowing
again.
Bank claims on the private sector and nonfinancial public sector
enterprises grew by 13% in 2012, down from 23% in 2011. The
slowdown began in the second half of 2012, linked to an extent to
political uncertainty, with large corporate borrowers reluctant
to borrow or invest. However, with bank claims still
comparatively low at about 35% of GDP, S&P expects credit growth
to pick-up after the political environment stabilizes. The high
level of dollarization in Georgia will continue to constrain
monetary policy effectiveness.
The stable outlook on the ratings balances S&P's view of
Georgia's large net external liability position and dependence on
external financing against its strong economic growth prospects
and potential for improved policy effectiveness, provided that
the political environment stabilizes.
S&P might lower the ratings if the uncertainties and tension
involved in the ongoing political transition drag on for longer
than we expect, depressing economic growth, fiscal revenues, and
FDI.
S&P might consider raising the ratings if the political
transition continues smoothly, particularly if the presidential
elections unfold in a free and fair manner and policy
predictability and effectiveness do not deteriorate. Continued
strong economic performance, propelled by domestic and foreign
direct investment, further progress in consolidating public
finances, and the stabilization of external balance sheets, could
also support an upgrade.
RATINGS LIST
Ratings Affirmed
Georgia (Government of)
Sovereign Credit Rating BB-/Stable/B
Transfer & Convertibility Assessment BB
Senior Unsecured BB-
Commercial Paper B
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G E R M A N Y
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STABILITY CMBS 2007-1: Moody's Cuts Rating on Cl. E Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of Notes issued by Stability CMBS 2007-1 GmbH
(amounts reflect initial outstanding):
EUR726.77881M Senior CDS Notes, Affirmed Aaa (sf); previously on
May 22, 2007 Definitive Rating Assigned Aaa (sf)
EUR0.5M A+ Notes, Affirmed Aaa (sf); previously on May 22, 2007
Definitive Rating Assigned Aaa (sf)
EUR31.8M A Notes, Affirmed Aaa (sf); previously on May 22, 2007
Definitive Rating Assigned Aaa (sf)
EUR46.4M B Notes, Affirmed Aa2 (sf); previously on May 22, 2007
Definitive Rating Assigned Aa2 (sf)
EUR30.5M C Notes, Affirmed A2 (sf); previously on May 22, 2007
Definitive Rating Assigned A2 (sf)
EUR30.4M D Notes, Downgraded to Ba2 (sf); previously on Jun 20,
2012 Downgraded to Baa3 (sf)
EUR28.2M E Notes, Downgraded to Caa3 (sf); previously on Jun 20,
2012 Downgraded to B3 (sf)
Ratings Rationale:
These downgrade actions are driven by a general deterioration of
the deal performance, in particular due to the increase in
delinquencies and credit events as a percentage of total loan
amount outstanding. As a result, Moody's has increased its loss
expectation for the pool. In addition, there is an increased
refinancing risk especially on three large loans in the pool due
to mature in December 2013.
Due to the significant repayments since last review and the
sequential allocation currently in place, the credit enhancements
for the senior Classes have further increased and provide
adequate protection against higher expected losses. As a result
the ratings of the Senior Credit Default Swap and Classes A+, A,
B and C are affirmed. On the other side, the credit enhancement
levels on Classes D and E remain relatively limited. These
Classes are therefore more vulnerable to an increase in expected
losses.
The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.
In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) lending
will remain constrained over the next years, while subject to
strict underwriting criteria and heavily dependent on the
underlying property quality, (ii) strong differentiation between
prime and secondary properties, with further value declines
expected for non-prime properties, and (iii) occupational markets
will remain under pressure in the short term and will only slowly
recover in the medium term in line with anticipated economic
recovery. Overall, Moody's central global macroeconomic scenario
for the world's largest economies is for only a gradual
strengthening in growth over the coming two years. Fiscal
consolidation and volatility in financial markets will continue
to weigh on business and consumer confidence, while heightened
uncertainty hampers spending, hiring and investment decisions. In
2013, Moody's expects no growth in the Euro area and only slow
growth in the UK.
Moody's Portfolio Analysis
Stability CMBS 2007-1 GmbH closed in 2007 and represents the
synthetic securitization of initially 218 commercial mortgage
loans granted to 91 distinct borrower groups and secured on
aggregate by 119 properties located in Europe. The loans were
originated by IKB Deutsche Industriebank Aktiengesellschaft
("IKB") in the course of its ordinary commercial mortgage loan
activity.
The reference portfolio has reduced to 61 claims granted to 36
distinct borrower groups, which amount to EUR333 million as per
April 2013 compared to EUR909 million at closing. The portfolio's
concentration has increased as shown in a current Herfindahl
Index of 8 compared to 32 at closing. The largest three borrower
groups are now representing 44% of the pool, compared to 23% at
closing.
The main property type remains office buildings, at 66% of the
portfolio, followed by retail and mixed use properties. The asset
location remains predominantly Germany with 79% of the pool with
the remaining being distributed across Austria, the UK,
Luxembourg and the Netherlands.
The structure is sponsored by KfW, which provides credit
protection to IKB for the reference portfolio. KfW in turn hedged
its exposure through a senior credit default swap and the
issuance of certificates of indebtedness to the issuer, Stability
CMBS 2007-1 GmbH. The issuer financed the acquisition of the
certificates through the issuance of credit-linked notes to
investors. The legal final maturity of the transaction is May
2022.
Although the current pool has experienced limited losses to date,
the loss expectation has increased compared to last review. Since
closing, seven claims totaling 2.1% of the initial pool balance
have defaulted. For 2 of these claims the work-out process has
been completed, resulting in combined losses of EUR0.74M. The
five other claims representing 4.4% of the current pool are
currently being worked out. These defaulted claims are expected
to incur losses, which will be allocated reverse sequentially,
starting with the Class F Notes. As of last review, no losses
were realized and three claims were in default, totaling 2.5% of
the pool balance.
In addition to the defaulted loans, there has been a significant
increase in delinquencies. The delinquent loans currently
represent a combined amount of EUR30.2M, equivalent to 9.1% of
the pool. One delinquent loan in particular is expected to incur
a significant amount of losses due to its relatively large size
and the deterioration of its collateral. The securitized loan
balance is EUR21.6M and is a syndicated portion of a larger loan
of EUR43.1M. The collateral is composed of three office
properties located in the Netherlands with two of them
representing 78% of the total property value being fully vacant.
Given the current state of the Dutch market, Moody's expects
large losses for this loan.
The near term refinancing risk has increased with three large
loans representing 38% of the pool maturing in December 2013.
Among these, the largest claim, representing 31% of the pool,
will be difficult to refinance due to its size considering that
the whole loan amount taking into account the non-securitized
portions is expected to be EUR1,101M at maturity and the Moody's
whole loan LTV is expected to be 116%. However, with a more
moderate A-loan LTV of 78%, and accounting for the very strong
covenant of the tenant, the length of the leases and the
potential future rental increase due to inflation, a default of
this claim is not anticipated to result in any substantial losses
for the securitized position.
As a result of (i) the limited visibility on the current
refinancing prospects of the loans due in particular to a lack of
recent property valuations, and (ii) concerns on the recent
increase in delinquencies and defaults, Moody's has increased its
expected loss for the pool. The increased expected loss is
reflected in the rating action.
The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.
Other Factors used in this rating are described in European CMBS:
2013 Central Scenarios published in February 2013.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated June 20, 2012. The last Performance Overview for
this transaction was published on May 14, 2013.
In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.
Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.
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I C E L A N D
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VELTI PLC: Incurs US$157-Mil. Net Loss in First Quarter
-------------------------------------------------------
Velti plc filed with the Securities and Exchange Commission on
June 10, 2013, its interim report for the three months ended
March 31, 2013.
The Company reported a net loss of US$157.04 million on
US$41.01 million of revenue for the three months ended March 31,
2013, compared with a net loss of US$8.84 million on US$51.79
million of revenue for the same period last year.
According to the regulatory filing, during the three months ended
March 31, 2013, the Company's share price declined significantly
causing a decline in the Company's market capitalization.
"In connection with the preparation of our financial statements
for the first quarter of 2013, we concluded that the sustained
decline in our share price and market capitalization were
indicators of potential impairment requiring us to perform an
impairment analysis. Based on this analysis, we determined that
the fair value of our aggregate net assets was below their
carrying values, and a full impairment was recorded on our
goodwill and a partial impairment against certain other
intangible assets based on the purchase price allocation method
prescribed by the accounting guidance. The decline in our fair
value resulted directly from the overall decline in our market
value during the first quarter of this year.
"As a result of this analysis, we recorded an impairment charge
of US$133.1 million which represented a full impairment on our
goodwill and a US$67.5 million impairment charge related to
certain other intangible assets, partially offset by US$3.6
million of unrecognized government grants related to these
assets."
The Company's balance sheet at March 31, 2013, showed
US$373.88 million in total assets, US$244.34 million in total
liabilities, and shareholders' equity of US$129.54 million.
Bankruptcy Warning
According to the regulatory filing, if new sources of financing
are insufficient or unavailable, we may have to reduce
substantially or eliminate expenditures or significantly modify
our operating plans. "As a result, our independent registered
public accounting firm has deemed that there is substantial doubt
about our ability to continue as a going concern, which in turn
would likely further adversely affect our ability to conduct
business with third parties as well as attract new financing or
secure waivers for potential violations of covenants in our
existing credit facility. There can be no assurance that we will
be able to raise additional capital if our current capital
resources are exhausted. If the above strategies are not
successful, we could be forced to restructure our obligations or
seek protection under applicable bankruptcy laws."
A copy of the Form 6-K is available at http://is.gd/hrXZU3
Dublin, Ireland-based Velti plc (Nasdaq: VELT) is a global
provider of mobile marketing and advertising technology and
solutions that enable brands, advertising agencies, mobile
operators and media to implement highly targeted, interactive and
measurable campaigns by communicating with and engaging consumers
via their mobile devices.
=============
I R E L A N D
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ELAN CORP: Moody's Affirms 'Ba3' Corp. Rating; Outlook Developing
-----------------------------------------------------------------
Moody's Investors Service revised the outlook on Elan
Corporation, plc to developing from stable. At the same time
Moody's affirmed Elan's existing ratings including the Ba3
Corporate Family Rating, the Ba2-PD Probability of Default Rating
and the SGL-1 Speculative Grade Liquidity rating.
Ratings affirmed:
Elan Corporation, plc:
Ba3 Corporate Family Rating
Ba2-PD Probability of Default Rating
SGL-1 Speculative Grade Liquidity Rating
Elan Finance, plc:
Ba3 (LGD4, 65%) senior unsecured notes
The rating outlook is developing, based on Elan's announcement
that the company is for sale. The acquisition of Elan by a
company with a stronger credit profile could result in a rating
upgrade, depending on the treatment of Elan's debt. An
acquisition by a smaller company involving high leverage could
result in a downgrade.
Ratings Rationale:
Elan's Ba3 Corporate Family Rating reflects its limited scale,
its high product concentration even with the proposed Theravance
royalties, and the risks associated with an evolving business
strategy. The Ba3 rating is supported by positive trends in
Tysabri and the long-dated nature of this royalty stream, given
an extremely small risk of generic competition. Elan's proposed
acquisition of Theravance royalties provides Elan with product
diversification as well as supplemental growth potential in 2014
and beyond, but is highly dependent on uptake in Breo Ellipta and
regulatory approvals on the remaining 3 Theravance/GSK assets.
Breo Ellipta could become a blockbuster product, although its
rate of market acceptance is not certain and substantial returns
to Elan could be protracted. Moody's anticipates that Elan will
continue business development, but the targets are difficult to
predict given that some have been financial assets (the
Theravance royalties) while others have been companies with
operating risks (AOP). The rating also reflects Elan's very good
liquidity and expectations of rising EBITDA and cash flow
generated by its primary asset, Tysabri. Moody's anticipates that
Elan's FCF/debt will exceed 20% in 2014 and 30% in 2015.
If a sale does not occur, then over time the ratings could be
upgraded with greater diversification of revenue, longer track
record of successful acquisitions, and debt/EBITDA sustained
below 3.0 times. Conversely, the ratings could be downgraded if
debt/EBITDA is sustained above 4.0 times. This could occur if
Tysabri suffers a significant downtrend in utilization, or Elan
raises its debt levels for share repurchases or acquisitions that
do not generate immediate EBITDA.
The principal methodology used in this rating was the Global
Pharmaceutical Industry published in December 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Headquartered in Dublin, Ireland, Elan Corporation, plc is a
specialty biopharmaceutical company with areas of expertise in
neurological and autoimmune disease.
FOLEY'S BAR: Issues Summons to Banks for Trespass
-------------------------------------------------
Vincent Ryan at Irish Examiner reports that following the
overturning of a receiver at Foley's Bar, the holding company and
owners are to sue a range of financial firms and individuals for
trespass, negligence, and breach of contract.
Sean Foley, the owner of Foley's Bar, Merrion Row, Dublin, issued
a summons to a range of companies and individuals, including Bank
of Scotland, Certus, CBRE, BDO, Permanent TSB, and a number of
individuals, Irish Examiner relates.
In total, the summons includes 12 counts of trespass and wrongful
interference with property and one count of breach of contract,
Irish Examiner discloses.
Mr. Foley, as cited by Irish Examiner, said part of the reason
for taking the case was to show other small business owners that
they are not completely powerless in the face of the banks.
"Justice Gilligan overturned the receiver so now we are suing for
trespass," Irish Examiner quotes Mr. Foley as saying. "I'm
hoping others will see what I've done and think if they have lost
their business due to a receiver being appointed illegally that
there is redress."
The overturning of the receivership has set a precedent that
could see up to 100 Bank of Scotland receiverships overturned, as
they may have been secured under the incorrect seal, Irish
Examiner notes.
Foley's bar and restaurant business employs about 20 people.
=========
I T A L Y
=========
BANCA MONTE: Proposes to Remove Voting Rights Limit
---------------------------------------------------
Sonia Sirletti and Elisa Martinuzzi at Bloomberg News report that
Banca Monte dei Paschi di Siena SpA, the bailed-out Italian bank
embroiled in a fraud probe, proposed removing a limit that caps
voting rights at 4% as it seeks to attract new investors to boost
capital.
According to Bloomberg, a stock-exchange statement on June 12
said that the bank's board called an extraordinary shareholders
meeting for July 18 and July 19 to remove the rule that limits
all investors, except for its largest shareholder Fondazione
Monte dei Paschi di Siena, from accumulating voting rights of
more than 4%. The bank proposed an age limit for board members,
Bloomberg notes.
Monte Paschi is reviewing the strategic plan approved last year
after it had to seek additional state aid to cover undisclosed
losses from derivatives carried out in previous years, Bloomberg
discloses. The lender, which received EUR4.1 billion (US$5.47
billion) in February selling bonds to the government, has to
submit its plan to the European Commission by June 17, Bloomberg
states.
The voting cap removal may allow Chief Executive officer Fabrizio
Viola and Chairman Alessandro Profumo, appointed last year to
turn the company around, to attract more investors in a planned
EUR1 billion capital increase for private investors, Bloomberg
notes. The pair must return Monte Paschi to profit this year
under its rescue plan to avoid handing over a stake to the
government, Bloomberg says.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Feb. 4,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'BB' from 'BB+'. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC+' from 'B-'. These ratings remain on CreditWatch, where S&P
originally placed them with negative implications on Dec. 5,
2012. S&P lowered the ratings on MPS' junior subordinated debt
to 'CCC' from 'CCC+' and on its preferred stock to 'CCC-' from
'CCC'. S&P also placed these ratings on CreditWatch with
negative implications. S&P affirmed its 'B' short-term
counterparty credit rating on the bank. The downgrade follows
MPS' recent announcement related to the investigation of
potential losses on three structured transactions.
PIAGGIO & C. SPA: Poor Performance Cues Moody's to Cut CFR to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Piaggio & C. S.p.A. to Ba3 from Ba2 and its
probability of default rating (PDR) to Ba3-PD from Ba2-PD.
Concurrently, Moody's has also downgraded to Ba3 from Ba2 the
rating on Piaggio's EUR150 million of senior unsecured notes due
2016. Piaggio is a leading global manufacturer and distributor of
light mobility vehicles. The outlook on the ratings is stable.
"We have downgraded Piaggio's ratings by one notch because its
key credit metrics have deteriorated as a result of prolonged
declines in its volumes following soft consumer spending and
significant market contraction across western European markets,"
says Paolo Leschiutta, a Moody's Vice President - Senior Credit
Officer and lead analyst for Piaggio.
Ratings Rationale:
These downgrades reflect that Piaggio's credit metrics have
deteriorated as a result of the company suffering prolonged
declines in volumes, which are now at the lowest levels since
2007, following soft consumer spending and significant market
contraction across western European markets (Spain and Italy in
particular) with Asia also showing negative volume growth. The
deterioration in Piaggio's credit metrics is despite the
company's success in maintaining a fairly stable gross margin
over recent quarters and in increasingly diversifying away from
the more mature European markets.
During the first quarter ending March 2013, Piaggio reported a
17.8% decline in the volume of two-wheel vehicles it sold in
western countries (mainly Europe and the US). In addition, the
group reported significant volume declines in some of its other
segments, resulting in an overall revenue contraction of 11.6%
and an EBITDA decline of 10% compared with the same quarter in
2012. These results followed Piaggio's weak performance during
2012, when the group reported a 13.7% drop in the two-wheel
vehicle segment in western countries, a 7.3% decline in group
revenues and an 11.8% fall in EBITDA. Despite the double-digit
decline in EBITDA, Moody's acknowledges (1) Piaggio's success in
limiting the impact of soft demand on its profitability,
maintaining a broadly stable EBITDA margin, mainly a result of
its efforts to reduce fixed costs; (2) the group's improved
product mix; and (3) its growing presence in the Asian markets.
However, some of Piaggio's key markets, particularly Italy and
Spain, continue to exhibit a double-digit contraction in demand
for two-wheel vehicles. In addition, since 2012, the Indian
market, where Piaggio maintains strong leadership in the light
commercial vehicle segment, has also suffered from weak demand as
well as adverse movements in foreign exchange.
As a result of this trend, Piaggio's financial leverage, measured
as debt/EBITDA adjusted according to Moody's methodology,
increased to 4.4x at year-end 2012 (from 3.8x at the end of
2011), exceeding the guidance Moody's set on the Ba2 rating as
possible trigger for a downgrade at 4X. Moody's would expect the
group to maintain financial leverage around 4.5x over the coming
12-18 months. Other key credit metrics have also deteriorated,
with retained cash flow (RCF)/net debt declining to 8.6% during
2012 from 10% in 2011 and funds from operations (FFO) interest
cover falling to 2.8x from 3.2x. Although Moody's would expect
Piaggio to reduce its capital expenditure significantly during
the current year, as it has completed most of its large
expansionary projects, the rating agency considers that any
possible recovery in metrics will not occur until after 2014,
given that conditions in some of the company's key markets remain
challenging.
The stable outlook on the ratings reflects Moody's expectation
that Piaggio should be able to contain further deterioration in
key credit metrics and maintain its improved liquidity profile
given that it renegotiated its bank facilities in early 2012.
What Could Change The Rating Up/Down
Although currently unlikely given the current market conditions,
positive rating pressure could develop as a result of (1) an
improvement in Piaggio's operating margin towards its historical
level; (2) tight management of working capital; and (3) a
sustained reduction in the group's financial leverage, reflected
by a debt/EBITDA ratio below 4.0x
Conversely, further negative rating pressure could occur in the
event of (1) material sequential deteriorations in Piaggio's
operating performance, (2) a financial leverage increasing above
5.0x at the end of 2013 and failure to reduce it thereafter at
around 4.5x on an ongoing basis; and (3) a contraction in its
cash flow leverage, reflected by a RCF/net debt ratio in the mid-
single-digits in percentage terms on an ongoing basis.
Principal Methodology
The principal methodology used in this rating was the Global
Consumer Durables published in October 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.
Based in Italy, Piaggio & C. S.p.A. is a leading global
manufacturer and distributor of light mobility vehicles for both
personal and business purposes. During 2012, the group reported
total consolidated revenues of EUR1.406 billion and sold 615,500
vehicles. With a global presence in terms of production and
research and development plants, and with nine names in its brand
portfolio, the group ranks as one of the world's top four players
in its core business in terms of volumes.
===================
K A Z A K H S T A N
===================
KAZAKH AGRARIAN: S&P Affirms 'BB+/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term and 'B' short-term issuer credit ratings on
Kazakh Agrarian Credit Corp. (KACC), a Kazakh government tool for
providing cheap lending to the agricultural sector. The outlook
is stable. S&P also affirmed its 'kzAA-' Kazakhstan national
scale rating on KACC.
The long-term rating on KACC reflects its stand-alone credit
profile (SACP), which S&P assess at 'b+', its strategic
importance for the parent, KazAgro National Management Holding
(BBB+/Stable/A-2), and S&P's opinion of a "high" likelihood that
KACC would receive timely and sufficient extraordinary support
from the Kazakhstan government, its ultimate owner via KazAgro
Holding. The 'b+' SACP reflects KACC's "moderate" business
position, "very strong" capital and earnings, "moderate" risk
position, "below-average" funding, and "moderate" liquidity, as
S&P's criteria define these terms.
In accordance with S&P's criteria for government-related
entities, its opinion of a "high" likelihood of extraordinary
government support for KACC is based on S&P's view of the
company's "important" role for the government and "very strong"
link with the Kazakh government.
As a result of this expected support, S&P's 'BB+' long-term
rating on KACC is three notches higher than its 'b+' SACP.
KACC enjoys a "strategic" status within KazAgro Holding. KACC is
protected by cross-default provisions in KazAgro Holding's
Eurobond issue terms and plays a significant role in its
business.
The stable outlook reflects S&P's expectation of continued strong
ongoing government support to KACC, resulting in maintenance of
"very strong" capitalization and reliance on parental funding.
It also reflects S&P's assessment that KACC can continue to
expect a "high" likelihood of timely and sufficient extraordinary
government support in case of need. S&P's stable outlook also
incorporates expectations of a very gradual decrease in direct
lending to agribusiness, to be replaced by conditional funding to
commercial banks, leasing companies, and micro credit
institutions, which might be implemented by KACC or other KazAgro
Holding entities.
A stronger probability of extraordinary support might lead S&P to
take positive rating actions on KACC. Positive actions might
also be triggered by increased visibility of KACC's role within
KazAgro Holding in the long term.
Negative rating actions on the sovereign might result in negative
rating actions on KACC. Deterioration of KACC's SACP, with
sharply weaker capitalization or increasing problem assets, might
pressure its creditworthiness, too. A significant revision of
KACC's strategy, leading to a scaling down of lending operations
and of its overall importance for the government and KazAgro
Holding, might also result in negative rating actions, although
S&P do not think this is likely in 2013.
===================
L U X E M B O U R G
===================
ALTICE VII: S&P Assigns 'B+' Corp. Credit Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Luxembourg-based cable and telecoms
investment holding Altice VII S.a.r.l. The outlook is negative.
At the same time, S&P assigned its 'BB-' rating to the
EUR795 million proposed senior secured loans, due 2020, to be
issued by financing vehicle Altice Financing S.A. The recovery
rating on these loans is '2', indicating S&P's expectation of
substantial (70%-90%) recovery prospects for debt holders in
case of default.
In addition, S&P assigned its 'B-' rating to the EUR250 million
proposed senior unsecured notes, due 2022, to be issued by
financing vehicle Altice Finco S.A. The recovery rating on these
notes is '6', indicating S&P's expectation of negligible (0-10%)
recovery prospects for noteholders in case of default.
Finally, S&P withdrew its 'B+' corporate credit rating on Altice
VII's subsidiary, Cool Holding Ltd. on assignment of the rating
on Altice VII.
The rating on Altice VII reflects S&P's assessment of its
financial risk profile as "highly leveraged" and derives support
from S&P's view of its business risk profile as "satisfactory."
The negative outlook is driven by S&P's view of the "less than
adequate" liquidity position at Altice VII post-transaction.
This is reflected in its low cash balances, which should lead to
a strong reliance on an undrawn revolving credit facility (RCF),
with tight maintenance covenants. This renders Altice VII's
accessibility to the RCF subject to the group's short-term
operating performance.
The financial risk profile reflects S&P's forecast that Altice
VII's Standard & Poor's-adjusted debt-to-EBITDA ratio will remain
at or above 5x for at least the next two years. The financial
risk profile also reflects S&P's view of the complex group
capital structure and the above-average complexity of cash flow
movement between the group's entities. However, S&P views the
group's interest coverage at over 3x as relatively strong for the
current rating.
"Our assessment of Altice VII's business risk profile as
satisfactory is supported by our view of its solid position in
the Israeli telecoms market, as reflected by the Israeli
subsidiary HOT's (comprising HOT mobile and HOT cable),
significant presence and national coverage, with a leading share
in the local pay-TV market and a sizable share of the broadband
Internet market; Altice VII's subsidiaries' network quality
compared with their digital subscriber line (DSL)-based-network
direct competitors; relatively meaningful operating and
geographic diversity within the group; and well-performing cable
assets, with solid profitability and cash generation despite
limited scale," S&P said.
These positive factors are somewhat offset by strong competition
from the incumbent telecoms operators across all markets and
S&P's anticipation of growing competition in the Israeli and
Portuguese telecoms market, which S&P believes is likely to spur
increased pricing pressures; and fierce competition in the
Israeli wireless market, which somewhat weighs on the group's
profitability and cash flow generation.
Altice VII has assets in Israel, Belgium, France, French
Antilles, Luxembourg, Portugal, and Switzerland. S&P forecasts
that Altice VII will post low-single-digit sales growth in 2013-
2014 on a like-for-like basis. This will mainly be driven by
revenue growth at HOT Mobile due to ongoing (albeit slower than
in 2012) growth of its subscriber base and some rebound in
average revenue per user. S&P assumes, however, that the cable
revenues in Israel will experience some decline in 2014 due to
pricing pressures in the broadband and pay-TV segments. S&P also
assumes continued top-line pressures at the Portuguese subsidiary
Cabovisao, in 2013, on the back of competition and weakened
macroeconomic conditions.
S&P forecasts that unadjusted EBITDA margins will improve over
the next couple of years to 39% in 2014, from about 34% in 2012.
S&P assumes that the margin expansion will be driven by further
cost cutting at HOT Cable and Cabovisao, and significant margin
improvement at HOT Mobile in 2014 due to lower national roaming
costs. S&P also assumes additional cost synergies from the new
acquisitions.
S&P estimates that the group's fully adjusted debt to EBITDA
ratio could decline to about 5.0x in 2014, from about 5.3x
forecast in 2013. S&P anticipates that this deleveraging will
mainly result from EBITDA improvement at HOT Mobile. Excluding
shareholder loans at Altice VII of about EUR300 million, S&P's
forecast leverage ratio for 2013-2014 translates into adjusted
leverage of about 4.7x and 4.4x, respectively.
The negative outlook reflects the group's relatively tight
liquidity position post-transaction and high reliance on an
operating performance improvement in order to maintain access to
its RCFs. The outlook also reflects, albeit less so, potential
short-term rating pressures due to execution risks following this
transaction and due to an initial lack of group consolidated
accounts. S&P believes the latter may make the group's progress
difficult to track in the near term, given the group's
complexity. The negative outlook indicates the potential for a
downgrade over the next 12 months.
S&P could lower the rating to 'B' if the group's liquidity
position remains tight over the next few quarters, notably if
cash balances remain lower than EUR50 million or if the headroom
on the maintenance covenant on the RCF remains lower than 10%.
S&P could also lower the rating if underperformance leads to a
decline in the group's interest cover to below 2.5x, even if it
reassess the liquidity position as "adequate."
S&P could revise the outlook to stable if it revises its view of
the group's liquidity position to "adequate" over the short term,
in line with the company's business plan. However, S&P would
need to view the "adequate" liquidity position as sustainable.
In S&P's opinion, this is unlikely to be the case before its
satisfactory review of the 2013 consolidated accounts.
COOL HOLDING: Moody's Cuts CFR to 'B1'; Outlook Stable
------------------------------------------------------
Moody's downgraded the corporate family rating (CFR) and the
probability of default rating (PDR) of Cool Holding Ltd. (Cool
Holding) to B1 (from Ba3), and B1-PD from Ba3-PD, respectively.
Moody's has also downgraded the rating of Altice Financing S.A.'s
senior secured notes due 2019 to B1 (from Ba2) and the rating of
Altice Finco S.A. senior notes due 2020 to B3 (from B2).
Concurrently, Moody's has assigned a (P) B1 rating to Altice
Financing's EUR795 million proposed new term loan due 2020 and a
(P)B3 rating to the proposed new EUR250 million senior unsecured
notes of Altice Finco. The outlook for all ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion. Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavor to assign
definitive ratings to the securities. A definitive rating may
differ from a provisional rating.
Moody's anticipates that it will reassign the CFR and PDR for the
companies that form the restricted group for the Altice Finco and
Altice Financing debt issues (together referred to in this press
release as the Altice group) from Cool Holding to Altice VII
S.a.r.l (Altice VII) during the coming months, on completion of
all relevant transactions described in this press release. Altice
VII, the holding company that owns Altice Financing, Altice Finco
and Cool Holding is expected to join the restricted group as a
guarantor once the new senior note proceeds have been released
from escrow. Altice VII will provide consolidated financial
statements for the Altice group from the 3rd quarter of 2013
onwards.
Proceeds from the new issues will be utilized in several steps to
fund a significant enlargement of the Altice group both by way of
acquisition and by way of fold-in and refinancing of assets
already owned by Altice VII. Assets to be folded in include (i)
Cabovisao, a cable operator in Portugal; (ii) Coditel, a cable
operator in Belgium and Luxembourg; (iii) Le Cable, a cable
operator in the French Overseas Territories of Martinique and
Guadeloupe and (iv) Green.Ch, a provider of IT and communications
services, based in Switzerland. In addition, the company is in
advanced negotiations to acquire Outremer, a mobile telecoms
operator in the French Overseas Territories, to be integrated
with Le Cable and ONI, an alternative telecoms operator in
Portugal, to be integrated with Cabovisao. The steps and
transactions necessary to create the enlarged Altice group and
related drawings under the finance instruments will take place
over a number of months and remain subject to continued covenant
compliance (including an incurrence test of Gross Debt/EBITDA of
4x). The ratings assigned assume that the transactions will be
concluded in their entirety. Proceeds from the new senior notes
will be released from escrow when the first fold-in and
refinancing transactions take place.
Ratings Rationale:
The downgrade of the CFR at Cool Holding to B1 anticipates the
increased leverage of the enlarged group, following the planned
enlargement transaction, to around 4.8x Debt/EBITDA on a last-
quarter-annualized basis as of March 2013 (as adjusted by
Moody's) compared to a previously expected deleveraging to well
below 4x. It also reflects i) the execution risk surrounding
Altice's business plans for each of its subsidiaries, in
particular realizing all targeted synergies from combining
existing operations with newly acquired businesses; ii) the
timing of economic recovery in some countries of operation such
as Portugal; iii) the complexity of the capital structure; (iv)
slower than expected progress in growing the subscriber base for
HOT Mobile in Israel and v) limited liquidity leeway following
the envisaged enlargement transactions with a significant
reliance on timely dividend up-streaming from subsidiaries in
diverse jurisdictions. Moody's also notes that there could be
incremental adjustments to the way Moody's calculates the Altice
group's Debt/EBITDA ratio once fully consolidated group accounts
become available.
More positively, the rating will be supported by i) the increased
size and scope of the Altice group; ii) its well diversified
geographic presence and sources of revenue and cash flow; iii)
the potential for meaningful operational synergies and iv) the
expectation that all major asset pools will generate free cash
flow before dividends.
Following the enlargement transactions, the senior secured notes
and the new term loan will have the same relative ranking in the
capital structure and benefit from the same security and
guarantee package. The rating for the senior secured notes and
the new term loan is in line with the B1 CFR, and reflects a
combination of some structurally senior debt as well as the
significant amount of more junior debt in the new capital
structure. However, while the B1 rated debt benefits from senior
secured guarantees from the holding companies of all asset pools
within the Altice group, there is only limited direct security
over operating assets, concentrated in Israel and Portugal. The
B3 ratings on the existing and new senior notes is two notches
below the senior secured notes and the new term loan, reflecting
their subordinated position relative to the B1-rated instruments
in the capital structure. Holding company guarantees for the B3-
rated instruments will be provided on a senior subordinated basis
and the instruments share (on an second-ranking pledge basis)
only a part of the security package available to the senior
secured lenders. The instrument ratings also take into account
the existence of legacy amortizing unsecured notes at HOT
(c.NIS1.4 billion at closing) and Coditel (EUR110 million
existing mezzanine facility). Moody's also notes that the claims
on the operating assets are largely indirect by way of proceeds
loans to holding companies, which include Cool Holding and
H.Hadaros 2012 Ltd. for the Israeli asset and, following the
enlargement transactions, Altice Holdings S.a.r.l., an [indirect]
subsidiary of Altice VII. The Altice group's capital structure is
complemented by certain shareholder funding instruments at Altice
VII, which Moody's has treated as equity equivalent.
Moody's views the liquidity profile of the Altice group as
adequate for its near-term needs. The cash position of the Altice
group companies (excluding ONI) amounted to EUR27 million on pro-
forma combined basis as of March 2013. This, combined with
amounts available under the group's two undrawn revolving credit
facilities of US$80 million and EUR50 million respectively and
the expected cash generation at the operating subsidiary level
should cover the company's near-term operational and financial
needs in the ordinary course of business. Moody's notes however,
that covenant headroom is moderate and will diminish following
covenant step-downs for both facilities in the fourth quarter of
2013 and the second quarter of 2014 respectively. The group will
therefore need to manage its cash resources carefully before
expected EBITDA growth increases the available leeway. While
Moody's views the planned pay-out of EUR135 million to Altice
VII's shareholder as credit negative, there is some variability
in the timing of such payment, which could be helpful in managing
the company's liquidity in the near term.
What Could Change the Rating - Up
While Moody's sees no near-term upward pressure on the ratings,
such pressure could develop over time should the company's
leverage (as measured by the Debt/EBITDA ratio) fall to well
below 4.0x on a sustainable basis combined with visible levels of
free cash flow generation.
What Could Change the Rating - Down
Negative pressure on the ratings could develop as a result of (i)
leverage trending towards 5.5x on a sustained basis, (ii) signs
of deteriorating liquidity either as a result of operating
performance or due to the company's inability to distribute
dividends from its subsidiaries as planned; (iii) sudden negative
changes in local regulation which would impact the company's
subsidiaries', and in particular HOT's ability to maintain market
shares and (iv) any indication that the company's pending cases
of litigation will lead to material unplanned cash outflows.
The principal methodology used in these ratings was the Global
Pay Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Cool Holding Ltd. is a Luxembourg-incorporated holding company
for cable and telecommunications assets in Israel, indirectly
controlled by French entrepreneur Patrick Drahi. In future, Cool
Holding will be part of a larger group of geographically diverse
cable and telecommunications assets, ultimately owned by Altice
VII S.a.r.l., a Luxembourg-based holding company, also controlled
by Patrick Drahi. The enlarged group had pro-forma combined
revenues of EUR1.3 billion (not counting ONI).
=====================
N E T H E R L A N D S
=====================
TARA HILL BV: Moody's Lowers Rating on EUR71MM Notes to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has changed the ratings of the
following notes issued by Tara Hill B.V.
EUR71M Class II Senior Floating Rate Notes, Upgraded to Aa1 (sf);
previously on Nov 2, 2011 Upgraded to Aa3 (sf)
EUR17M (current amount outstanding EUR8.9M) Class IV Mezzanine
Fixed Rate Notes, Downgraded to Caa1 (sf); previously on Nov 2,
2011 Upgraded to B1 (sf)
Moody's also affirmed the ratings of the following notes issued
by Tara Hill B.V.:
EUR200M (current amount outstanding EUR25M) Class I Senior
Floating Rate Notes, Affirmed Aaa (sf); previously on Jan 25,
2001 Assigned Aaa (sf)
EUR35M Class III Mezzanine Fixed Rate Notes, Affirmed Ba1 (sf);
previously on Nov 2, 2011 Upgraded to Ba1 (sf)
Tara Hill B.V., issued in January 2001, is a Collateralized Loan
Obligation backed by a portfolio of mostly high yield European
leveraged loans. The portfolio is managed by GSO Capital Partners
International. This transaction's reinvestment period ended in
January 2009. It is predominantly composed of senior secured
loans.
Ratings Rationale:
According to Moody's, the upgrade of Class II notes is primarily
a result of continued deleveraging of the Class I notes and
subsequent increase in the Class II overcollateralization (the
"OC") ratio since the last rating action in November 2011. The
downgrade of the Class IV notes is driven by the decrease of the
OC ratio and the increased exposure to assets rated Caa1 and
below.
Moody's notes that the Class I notes have paid down by
approximately 42% of its original rated balance or EUR85.7
million since the last rating action in November 2011. As a
result of the deleveraging, the OC ratio for the senior notes
(namely, Class I and Class II) have increased. However, the
increased defaults and concentration in obligors rated Caa1 and
below eroded the OC ratio for the junior class of the notes. As
of the latest trustee report dated April 2013, the Class II,
Class III and Class IV OC ratios are 157.7%, 115.5% and 108.4%,
respectively versus October 2011 levels of 135.7%, 113.8% and
109.3%, respectively. The trustee reported Weighted Average
Rating Factor (the "WARF") has improved to 2,983 from 3,042
between October 2011 and April 2013, however during the same
period total amount of securities treated as defaulted by Moody's
have increased to EUR12.1 million from EUR8.4 million.
In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of
EUR151.9 million, defaulted par of EUR12.1 million, a weighted
average default probability of 21.05% over 2.92 years (consistent
with a WARFof 3,554), a weighted average recovery rate upon
default of 48.52% for a Aaa liability target rating, a diversity
score of 20 and a weighted average spread of 3.28%. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 95.8% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default and 4.2%
non-first-lien loan corporate assets would recover 15%. In each
case, historical and market performance trends and collateral
manager latitude for trading the collateral are also relevant
factors. These default and recovery properties of the collateral
pool are incorporated in cash flow model analysis where they are
subject to stresses as a function of the target rating of each
CLO liability being reviewed.
In addition to the base case analysis, Moody's also performed
sensitivity analyses on key parameters for the rated notes:
Deterioration of credit quality to address the refinancing and
sovereign risks -- Approximately 24% of the portfolio is rated B3
and below with maturities between 2014 and 2016, which may create
challenges for issuers to refinance. The portfolio is also
exposed 13.6% to obligors located in Ireland and Spain. Moody's
considered the scenario where the WARF of the portfolio was
increased to 4,116 by forcing to Ca the credit quality of 25% of
such exposures subject to refinancing or sovereign risks. This
scenario generated model outputs that were up to two notches
lower than the base case results.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties:
1) Deleveraging: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extent restructurings. Fast amortization
would usually benefit the ratings of the notes.
2) Large Exposure to Credit Estimates: Moody's also notes that
around 48.1% of the collateral pool consists of debt obligations
whose credit quality has been assessed through Moody's credit
estimates. Large single exposures to obligors bearing a credit
estimate have been subject to a stress applicable to concentrated
pools as per the report titled "Updated Approach to the Usage of
Credit Estimates in Rated Transactions" published in October
2009.
3) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices. Realization of higher than expected recoveries
would positively impact the ratings of the notes.
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in May 2013.
Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool.
The cash flow model used for this transaction is Moody's EMEA
Cash Flow Model. This model was used to represent the cash flows
and determine the loss for each tranche. The cash flow model
evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche. Therefore, Moody's analysis
encompasses the assessment of stressed scenarios.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
On March 11, 2013, Moody's released a special comment which
describes how sovereign credit deterioration impacts structured
finance transactions and the rationale for introducing two new
parameters into its general analysis of such transactions. In the
coming months, Moody's will update its methodologies relating to
multi-country portfolios including the one for CLOs as well as
for other types of Collateralized Debt Obligations (CDO), Asset-
Backed Commercial Paper (ABCP) and Commercial Mortgage-Backed
Securities (CMBS). Once updated methodologies are implemented,
the rating[s] of the notes affected by these actions may be
negatively impacted.
=============
R O M A N I A
=============
* ROMANIA: Insolvent Companies' Overdue Debts Total EUR2 Bil.
-------------------------------------------------------------
Ciprian Botea at Ziarul Financiar reports that insolvent and
bankrupt companies in Romania had overdue debts of RON9 billion
(EUR2 billion) at the end of April for loans taken out from
banks, which translates into nearly 40% of corporate debtors'
overdue payment.
===============
S L O V E N I A
===============
* SLOVENIA: Mercator Sale to Help Stabilize Financial System
------------------------------------------------------------
Jasmina Kuzmanovic at Bloomberg News reports that the sale of
Mercator Poslovni Sistem d.d. to Croatia's Agrokor d.d. will
inject needed cash into Slovenian banks, helping stabilize the
country's financial system as it scrambles to avert a bailout.
"A successful sale of Mercator would increase capital inflow to
its shareholders, including the financial institutions that need
additional capital," Bloomberg quotes a sellers group as saying
by e-mail on June 14 through Ljubljana-based PR firm, Futura.
"This would help stabilize Slovenia's banking system in
accordance with European Union demands."
Slovenia's two biggest banks, Nova Ljubljanska Banka d.d. and
Nova Kreditna Banka Maribor d.d., are among shareholders that on
June 14 sold a 53% stake in the Balkans' largest retailer to
Zagreb-based Agrokor for EUR240 million (US$320 million),
Bloomberg discloses. Slovenia, Bloomberg says, is working to
avoid becoming the six euro-area country to require international
aid with a EUR900 million capital increase to banks as the
European Commission warns more cash may be needed.
The sellers, as cited by Bloomberg, said that the "transparent
and competitive procedure" of the transaction will also boost
Slovenia's image among international investors.
Agrokor still needs regulatory approval from all the relevant
countries to complete the deal, which is also subject to a
"successful restructuring of Mercator's debt," Bloomberg quotes
Agrokor as saying in a statement on June 14. Completion is
expected by the end of the year, the company said, adding Agrokor
would then be obliged to submit an offer for the remainder of the
stock, Bloomberg notes.
=========
S P A I N
=========
BANCO POPULAR: S&P Downgrades Rating on MTN Program to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services corrected its senior unsecured
issue rating on the EUR12 billion medium-term note program of
Spanish bank Banco Popular Espanol S.A. by lowering it to 'BB'
from 'BB+', and the subordinated debt issue rating under the same
program by lowering it to 'B-' from 'B'. S&P is also removing
the ratings from CreditWatch, where they were placed with
negative implications on Aug. 7, 2012. The issue ratings S&P has
assigned under the program are correct and thus remain unchanged.
Due to an error, S&P did not lower the ratings on this program
when it took previous rating actions on the bank on Oct. 15,
2012. Likewise, S&P did not remove the above ratings from
CreditWatch when it resolved the CreditWatch listing on the bank
on Nov. 23, 2012.
TDA CAM 8: S&P Lowers Ratings on Two Note Classes to 'D(sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in TDA CAM 8, Fondo de Titulizacion de Activos and TDA
CAM 9, Fondo de Titulizacion de Activos.
Specifically, S&P has:
-- Lowered to 'A (sf)' from 'AA- (sf)' and kept on CreditWatch
negative its rating on TDA CAM 8's class A notes;
-- Lowered its ratings on TDA CAM 8's class B and C notes to
'D (sf)' from 'CCC (sf)' and 'CCC- (sf)', respectively;
-- Affirmed its 'D (sf)' rating on TDA CAM 8's class D notes;
-- Lowered to 'BBB (sf)' from 'AA- (sf)' and kept on
CreditWatch negative its ratings on TDA CAM 9's class A1,
A2, and A3 notes; and
-- Affirmed its 'D (sf)' ratings on TDA CAM 9's class B, C,
and D notes.
The two transactions' performance has deteriorated since S&P's
last review on Feb. 8, 2012. Consequently, the reserve funds
have been fully depleted and the subordinated notes have
defaulted.
TDA CAM 8
The level of 90+ days arrears has increased to 4.30% in March
2013, from 3.55% a year before. In addition to this increase,
delinquencies have rolled over into defaults. As a result, the
level of defaults over the outstanding balance of the assets is
5.60%, compared with 3.31% a year before. This has led to the
reserve fund's full depletion on the May 2013 payment date, which
in turn has led to the interest default of the class B and C
notes on the May 2013 payment date.
S&P expects this rollover into defaults to continue eroding the
credit enhancement, as all of the mechanisms put in place to
protect the senior notes have now been breached. These notes are
now directly exposed to the potential defaults of the portfolio.
S&P has therefore lowered to 'A (sf)' from ' AA- (sf)' its rating
on the class A notes and lowered to 'D (sf)' its ratings on the
class B and C notes, from 'CCC (sf)' and 'CCC- (sf)',
respectively. At the same time, S&P has affirmed its 'D (sf)'
rating on the class D notes.
TDA CAM 9
The level of 90+ days arrears has significantly increased to
6.01% in March 2013, from 4.75% a year before. In addition to
this increase, delinquencies have rolled over into defaults. As
a result, the level of defaults over the outstanding balance of
the assets is 7.32%, compared with 3.55% a year before. This has
led to the reserve fund's full depletion on the October 2012
payment date, which in turn led to the interest default of the
class D and E notes in November 2012 and of the class C notes in
April 2013.
S&P expects this rollover into defaults to continue eroding the
credit enhancement, as all of the mechanisms put in place to
protect the senior notes have now been breached. These notes are
now directly exposed to the potential defaults of the portfolio.
S&P has therefore lowered to 'BBB (sf)' from 'AA- (sf)' its
ratings on the class A1, A2, and A3 notes, and affirmed its 'D
(sf)' ratings on the class B, C, and D notes.
In both transactions, S&P has kept its ratings on the class A
notes on CreditWatch negative as the swap counterparty is in the
process of being substituted after becoming ineligible in April
2012. S&P will resolve this CreditWatch negative placement once
the swap documents are executed.
TDA CAM 8 and TDA CAM 9 securitize residential mortgage loans
granted to individuals to purchase a property. Banco CAM, which
has merged with Banco de Sabadell, is the originator of the
transaction. TDA CAM 8 and TDA CAM 9 closed in March and July
2007, respectively.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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 Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
RATINGS LOWERED AND KEPT ON CREDITWATCH NEGATIVE
TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes
A A (sf)/Watch Neg AA- (sf)/Watch Neg
TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.515 Billion Residential Mortgage-Backed Floating-Rate Notes
A1 BBB (sf)/Watch Neg AA- (sf)/Watch Neg
A2 BBB (sf)/Watch Neg AA- (sf)/Watch Neg
A3 BBB (sf)/Watch Neg AA- (sf)/Watch Neg
RATINGS LOWERED
TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes
B D (sf) CCC (sf)
C D (sf) CCC- (sf)
RATINGS AFFIRMED
TDA CAM 8, Fondo de Titulizacion de Activos
EUR1.713 Billion Residential Mortgage-Backed Floating-Rate Notes
D D (sf)
TDA CAM 9, Fondo de Titulizacion de Activos
EUR1.515 Billion Residential Mortgage-Backed Floating-Rate Notes
B D (sf)
C D (sf)
D D (sf)
TDA IBERCAJA 3: S&P Lowers Rating on Class C Notes to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'AA- (sf)' credit
rating on TDA Ibercaja 3 Fondo de Titulizacion de Activos' class
A notes. At the same time, S&P lowered its ratings on the class
B and C notes.
The rating actions follows S&P's review of TDA Ibercaja 3's
performance and its structural features based on the trustee's
latest available data and the application of its 2012
counterparty criteria.
In S&P's view, the transaction's performance has deteriorated
since its previous review on July 19, 2011.
As of March 2013, the proportion of loans in arrears for 18
months or more increased to 2.90% of the pool's outstanding
balance, from 2.09% in March 2011, and 2.37% in March 2012.
Gross cumulative defaults represent 0.41% of the pool's initial
balance. In S&P's view, this deterioration is due to Spain's
weak economy, with the unemployment rate rising to 27.2% in April
2013. S&P has made assumptions for economic deterioration in our
analysis by projecting further delinquencies.
On May 6, 2013, Banesto was merged into Banco Santander, which
subsequently became TDA Ibercaja 3's swap counterparty. The
transaction's downgrade language has been amended and is now in
line with S&P's 2012 counterparty criteria.
S&P has conducted its credit, cash flow, and structural analysis
while giving credit to the swap agreement, in accordance with its
2012 counterparty criteria.
In giving benefit to the swap, under S&P's 2012 counterparty
criteria, the specified remedy periods and replacement framework
cap at 'AA- (sf)' the notes' maximum achievable rating.
S&P notes that the swap agreement provides little support to the
transaction, since it pays three-month Euro Interbank Offered
Rate (EURIBOR) plus a margin of 65 basis points (bps)--the margin
earned from the pool is similar, at 64.5 bps. Furthermore, the
increase in the class B and C notes' credit enhancement has been
limited. Since May 2011, the class A notes' credit enhancement
(based on subordination and the cash reserve) has increased by
1.42%. The class B and C notes' credit enhancement has only
increased by 0.42% and 0.19%, respectively. This is due to the
decreasing prepayment rate, and the notes' sequential
amortization (until the last interest payment date).
The portfolio's deteriorating performance, as well as the swap
agreement's limited support, have a limited effect on the class A
notes because of the transaction's structural features. However,
as a result of these factors, S&P's cash flow analysis indicates
that the class B and C notes cannot maintain the currently
assigned ratings. S&P has therefore affirmed its 'AA- (sf)'
rating on the class A notes, and has lowered its ratings on the
class B and C notes.
TDA Ibercaja 3 is a securitization of a portfolio of first-
ranking mortgage loans granted to individuals resident in Spain.
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
TDA Ibercaja 3, Fondo de Titulizacion de Activos
EUR1.007 Billion Mortgage-Backed Floating-Rate Notes
Rating Affirmed
A AA- (sf)
Ratings Lowered
B BB (sf) A (sf)
C B (sf) BBB (sf)
===========================
U N I T E D K I N G D O M
===========================
CO-OPERATIVE BANK: Investors Face Huge Losses Under Rescue Plan
---------------------------------------------------------------
Philip Aldrick at The Telegraph reports that pensioners and other
retail investors in the Co-operative Bank are facing massive
losses under a GBP1.5 billion rescue plan for the ailing mutual.
According to the Telegraph, the bank said the plan meant both
investors and the group would make "a joint contribution" to the
bank's recapitalization, without any help from taxpayers.
Euan Sutherland, the chief executive of the Co-operative Group,
said that as the Co-operative Bank's parent it would also provide
extra capital, the Telegraph relates.
Holders of GBP370 million of permanent interest bearing shares
issued by the Co-op and Britannia Building Society before its
takeover are expected to have their coupons cancelled, making
them effectively worthless, the Telegraph discloses.
About GBP60 million of PIBS are held by members of the public,
paying interest annually of between 5.5% and 13.5% a year, the
Telegraph notes.
Roughly 7,000 retail investors will be affected and the bank said
that, on average, they held less than GBP1,000 in these bonds,
the Telegraph states.
Under the terms of the rescue, the Co-op Group will offer them
new bonds instead that will cut the value of their holding by
more than half, the Telegraph says.
The harsh terms for the PIBS holders are necessary as part of
broader arrangement to plug GBP1 billion of the GBP1.5 billion
capital hole by restructuring the Co-op's GBP1.3 billion of
junior debt, the Telegraph states.
According to the Telegraph, under the deal, the Co-operative
Group -- the bank's parent -- will issue a new GBP500 million
bond, paying about 6.5% annually, to buy out the junior
creditors. They will also be given equity in the group, the
Telegraph notes.
The bulk of the new bond will be offered to the GBP1 billion of
"lower tier two" creditors, for whom the deal -- once the equity
element is included -- will be worth about GBP700 million, about
in line with what their debt is trading at in the market, the
Telegraph says.
The Co-op's financial regulator, the Prudential Regulatory
Authority, has agreed the terms, the Telegraph says. However, an
announcement could be delayed subject to the PRA's final sign
off, the Telegraph relates.
Bondholders will have to sign up voluntarily to the so-called
"liability management exercise", the Telegraph notes. Some have
warned privately that they would be prepared to take the Co-op
Group to court in protest at losses they claim were caused by the
Group's decision to buy Britannia in 2009, the Telegraph
discloses.
Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872. The bank gained prominence for specializing in ethical
investment. It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.
Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people and has turnover of
more than GBP13 billion.
* * *
As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1. The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.
MPG PRINTGROUP: Mulls CVA Deal with Creditors to Rescue Business
----------------------------------------------------------------
Jo Francis at PrintWeek reports that MPG Printgroup chief
executive Tony Chard has confirmed that an attempted rescue of
the business is underway, although its Bar Hill site in Cambridge
will not be included.
According to PrintWeek, a statement from Chard said that
administrators from BDO will be appointed at the group "on or
around June 19". And in an unusual move the firm is also set to
attempt a CVA (company voluntary arrangement) with its creditors,
PrintWeek discloses.
If successful, the reprised business would comprise the King's
Lynn site and print-on-demand operation in Bodmin, PrintWeek
notes.
MPG PRINTGROUP: In Administration Again, Future Uncertain
---------------------------------------------------------
Lyn News reports that a MPG Printgroup, which owns Biddles
printing firm, saved from closure five years ago, looks to have
gone bust again with news that it owes one company GBP16,000.
The report recalls that Biddles previously went bust five years
ago but was sold to the MPG group saving 98 jobs.
MPG Printgroup is believed to have gone into administration owing
Lynn haulage firm, GE-BE Transport a total of GBP16,083 for
deliveries it made for the company in March, April and May,
according to Lyn News.
Managing director Paddy Green told Lyn News in an interview that
"He heard it went into administration on May 22 when it was still
asking us to do work for them. . . . I've been chasing them for
payment for ages but when I ring to find out what's happening I
can't get through to anyone . . . . It can't just be us they owe
money to, there must be quite a few businesses affected."
"They owed me GBP7,770 when it went into liquidation in 2008 and
when it was taken over they assured me it wouldn't go bust on us
again, but it looks like it has," the report quoted GE-BE's Mrs.
Green as saying.
MPG Printgroup owns the Biddles printing and binding factory on
Lynn's Hardwick Industrial Estate.
ROYAL BANK: Repayment of GBP45-Bil. Bailout May Take a Decade
-------------------------------------------------------------
Gareth Mackie at The Scotsman reports that Stephen Hester has
warned that it could take up to a decade for taxpayers to be
repaid their GBP45 billion stake in bailed-out Royal Bank of
Scotland.
According to the Scotsman, in an interview published at the
weekend, he said that privatizing the bank, which is 81% owned by
the state, would be a long-term project.
"My observation is that if the ultimately desired proceeds are
GBP45 billion, then there has never been a privatization that
raises that much in one go, the Scotsman quotes the Scotsman as
saying.
"So it is most likely that it would be, if you do it
conventionally, four or five goes over ten years. That's why
I've always been confident that the state would get its GBP45
billion back."
Despite speculation that political pressure had forced his
departure, he said he did not feel any anger about how he had
been treated, the Scotsman relates.
In a memo to staff, seen by The Scotsman, Hester said last week
that RBS had come "close to collapse" and that his decision to
quit as chief executive had not been easy, the Scotsman notes.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its
entire interest in Global Voice Group Ltd.
STEMCOR: Has 100 Days to Draw Up US$1.1BB Debt Repayment Program
----------------------------------------------------------------
Roland Gribben at The Telegraph reports that Stemcor has been
given 100 days to draw up a US$1.1 billion (GBP700 million) debt
repayment program.
The deadline was imposed by the company's bankers after it missed
a repayment deadline, the Telegraph discloses.
Stemcor has embarked on an extensive restructuring and cost
cutting program that could include asset sales to meet the tight
timetable imposed by BNP Paribas, Societe Generale, Standard
Chartered and other lenders, the Telegraph relates.
The 100-day breathing space began on June 7 after the banks toned
down their earlier opposition to an extension and agreed to
Stemcor's plea for more time, the Telegraph notes.
Julian Verden, appointed chief executive earlier this year, is
attempting to avoid a break-up of the business but may be forced
to sell some operations to meet repayment targets, the Telegraph
says.
Mr. Verden has appointed Simon Freakley, a specialist company
doctor with Zolfo Cooper, to handle the key issues involving
restructuring and dealings with the banks, according to the
Telegraph.
Stemcor is the steel trading company controlled by the family of
Public Accounts Committee chairman Margaret Hodge. It is
Britain's fifth biggest private company.
STERLINGMAX I MBS: S&P Lowers Ratings on Two Note Classes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed and removed from
CreditWatch negative its 'CCC (sf)' credit rating on STERLINGMAX
I MBS Ltd.'s class A-2 notes. At the same time, S&P has lowered
to 'D (sf)' from 'CC (sf)' its ratings on the class C and D
notes. S&P has also affirmed its 'D (sf)' rating on the class B
notes.
On May 7, 2013, S&P placed its rating on the class A-2 notes on
CreditWatch negative and lowered its ratings on the class C and D
notes to 'CC (sf)' from 'CCC- (sf)'. This action followed the
decision of the controlling class holders to accelerate the
maturity of the rated notes and the trustee's subsequent notice
of auction and invitation to bid.
Following the application of the post-enforcement priority of
payments, the class A-2 noteholders received the interest due on
the May 2013 payment date as well as the full amount of principal
due. S&P has therefore affirmed and removed from CreditWatch
negative its 'CCC (sf)' rating on the class A-2 notes.
Under the post-enforcement priority of payments, the class B
noteholders did not receive the full amount of principal due.
S&P has therefore affirmed its 'D (sf)' rating on the class B
notes.
The class C and D noteholders did not receive any principal
payments. S&P has therefore lowered to 'D (sf)' from 'CC (sf)'
its ratings on these classes.
STERLINGMAX I MBS was a cash flow collateralized debt obligation
(CDO) transaction, comprising mostly U.K. residential and
commercial mortgage-backed securities.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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
STERLINGMAX I MBS Ltd.
GBP157 Million Secured Floating-Rate And Residual Notes
Class Rating
To From
Rating Affirmed And Removed From CreditWatch Negative
A-2 CCC (sf) CCC (sf)/Watch Neg
Ratings Lowered
C D (sf) CC (sf)
D D (sf) CC (sf)
Rating Affirmed
B D (sf)
===============
X X X X X X X X
===============
* S&P Withdraws Ratings on Five European Synthetic CDO Tranches
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
five European synthetic collateralized debt obligation (CDO) and
cash tranches.
S&P has withdrawn its ratings on these tranches for different
reasons, including:
-- The issuer has fully repurchased and cancelled the notes,
and
-- The early redemption of the notes.
Issuer Series Rating To Rating From
Aphex Capital PLC 34 NR CCC-(sf)
Aphex Capital PLC 35 NR CCC-(sf)
Aphex Capital PLC 36 NR CCC-(sf)
Galaxy Capital PLC 1 NR A-
Iris SPV PLC 20/2007 NR AAAp
S&P provides the rating withdrawal reason for each individual
tranche in the separate ratings list.
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.
* S&P Takes Various Rating Actions on 16 CDO & Repack Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on 16 European collateralized debt obligation (CDO) and
repack tranches.
Issuer Series Rating To Rating From
Cairn Co. (Jersey 1 A+ (sf) AA- (sf)/Watch Neg
No. 6) Ltd.
Cheyne Credit SPI 22 A+p (sf) AA-p (sf)/Watch Neg
(Ireland) PLC
Claris III Ltd. 14/2007 BBB+ A-/Watch Neg
Claris Ltd. 117/2007 BBB+ A-/Watch Neg
Corsair (Jersey) 100 A+p (sf)/ A+p (sf)
No. 2 Ltd. Watch Neg
Eirles Two Ltd. 195 BBB BBB+
Feco II Ltd. 2009-07 BBB+ A/Watch Neg
Magnolia Finance 2007-32 BBB (sf) BBB+ (sf)
I PLC
Momentum CDO 2005-8 B CCC
(Europe) Ltd.
Palladium 99 BBB- BBB/Watch Neg
Securities 1 S.A.
Palladium 111 BBB- BBB/Watch Neg
Securities 1 S.A.
Protected Credit 2 A+p (sf) AA-p (sf)/Watch Neg
Notes Ltd.
Protected Credit 3 Bp (sf) CCCp (sf)
Notes Ltd.
Willow No. 2 Series 7 BBB/ A-/Watch Neg
(Cayman) Ltd. Watch Neg
Willow No.2 48 Series 48 A- A/Watch Neg
(Ireland) PLC
Willow No.2
(Ireland) PLC 51 Series 51 A- A/Watch Neg
Specifically, S&P has:
-- Lowered its ratings on two tranches,
-- Lowered and removed from CreditWatch negative its ratings
on 10 tranches,
-- Lowered and kept on CreditWatch negative its rating on one
tranche,
-- Raised its ratings on two tranches, and
-- Placed on CreditWatch negative its rating on one tranche.
The rating actions on these 16 tranches follows S&P's recent
rating actions on the underlying collateral, collateral provider,
or reference obligation. Under S&P's criteria applicable to
transactions such as these, it would generally reflect changes to
the rating on the collateral in its rating on the tranche
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 Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
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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
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NORDENIA INTL AG NOD GR -74471727.44 729626481.3
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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
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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
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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 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
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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
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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
------
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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
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ALAPIS HOLDING I VETER GA -670700605.1 924332371.1
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EDRASIS C. PSALL EDRAR GA -68424544.93 193206489.9
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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
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
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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
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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
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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
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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 -RTS 2749585Q 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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NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
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PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
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RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
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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
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UNITED TEXTILES NML1 GR -163114842.1 286539436.9
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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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INDEP NEWS & MED INWS IX -257955932.2 715040181
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INDEP NEWS & MED IPDC GK -257955932.2 715040181
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INDEP NEWS & MED INM VX -257955932.2 715040181
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INDEP NEWS & MED INM1 EO -257955932.2 715040181
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INDEP NEWS & MED INM1 EB -257955932.2 715040181
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INDEP NEWS &-N/P INDB ID -257955932.2 715040181
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INDEPENDENT-NPR INMN PZ -257955932.2 715040181
INDEPENDENT-NPR INMN ID -257955932.2 715040181
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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
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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
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY HLDGS MK9 GR -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EU -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI IX -137972148.5 304108432.2
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MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX 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
MCINERNEY -RT NP MCIN LN -137972148.5 304108432.2
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MCINERNEY-ADR MNEYY US -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
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
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
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AS ROMA SPA ASR IX -66248672.26 227606539.7
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AS ROMA SPA ASR EU -66248672.26 227606539.7
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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
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AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
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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
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
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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OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
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
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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 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
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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
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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
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TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
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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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NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
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UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
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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
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
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MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
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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
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
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SLOVENIA
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SPAIN
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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 -GDR 276960Q GR -218490042.1 415846374.8
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HMV GROUP PLC HMV NQ -218490042.1 415846374.8
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HMV GROUP PLC HMV10 EO -218490042.1 415846374.8
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HMV GROUP PLC HMV BQ -218490042.1 415846374.8
HMV GROUP PLC HM4 GK -218490042.1 415846374.8
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HMV GROUP PLC HMV EB -218490042.1 415846374.8
HMV GROUP PLC HMV PZ -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EU -218490042.1 415846374.8
HMV GROUP PLC HMV VX -218490042.1 415846374.8
HMV GROUP PLC HMV9 EO -218490042.1 415846374.8
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HMV GROUP PLC HMV S1 -218490042.1 415846374.8
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HMV GROUP PLC HMV EO -218490042.1 415846374.8
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RENTOKIL INITIAL RTO VX -265497954 2695753100
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
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TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
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TUI UK LTD 1653824Z LN -913811298.8 5088088830
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
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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
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
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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
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *