/raid1/www/Hosts/bankrupt/TCREUR_Public/130702.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, July 2, 2013, Vol. 14, No. 129
Headlines
B U L G A R I A
NATSIONALNA ELEKTRICHESKA: S&P Affirms 'BB-' Corp. Credit Rating
C R O A T I A
OPTIMA TELEKOM: Hrvatski to Get Clearance for Takeover Plan
C Y P R U S
* CYPRUS: Fitch Cuts Local Currency Issuer Default Rating to 'RD'
* CYPRUS: S&P Lowers Sovereign Credit Ratings to 'SD'
G R E E C E
FREESEAS INC: New York Court OKs Settlement with Hanover
I R E L A N D
MERCATOR CLO I: Moody's Affirms 'B1' Rating on Class B-2 Notes
TITAN EUROPE 2006-3: Fitch Affirms 'D' Rating on EUR13.6MM Notes
I T A L Y
EUROHOME MORTGAGES: S&P Lowers Rating on Class B Notes to 'B-'
N E T H E R L A N D S
LIBERTY GLOBAL: S&P Raises Corporate Credit Rating to 'BB-'
P O L A N D
POLIMEX-MOSTOSTAL: Misses Debt Interest Payment Deadline
P O R T U G A L
LUSITANO MORTGAGES 2: Moody's Cuts Rating on Cl. E Notes to Caa3
R U S S I A
KEDR BANK: Moody's Affirms B2 Ratings; Outlook Remains Negative
RENAISSANCE FINANCIAL: S&P Lowers LT Counterparty Rating to 'B'
S E R B I A & M O N T E N E G R O
RED STAR: In the Brink of Administration, President Says
S L O V E N I A
MERCATOR: Expects to Reach Long-Term Creditor Deal by End-2013
S P A I N
BANKIA SA: Sells 12.1% Stake in IAG for EUR675 Million
CAIXA LAIETANA I: S&P Raises Rating on Class B Notes to 'BB+'
FIRST QUANTUM: S&P Affirms 'B+' Corp. Credit Rating
FQM AKUBRA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
PESCANOVA SA: KPMG Uncovers Hidden Losses From Past Years
TDA CAM 11: Fitch Cuts Rating on Class C RMBS to 'CCC'
T U R K E Y
EREGLI DEMIR: S&P Raises Corp. Credit Rating to B+
U K R A I N E
* UKRAINE: Fitch Affirms Foreign and Local Currency IDRs at 'B'
U N I T E D K I N G D O M
INDUS ECLIPSE: Moody's Affirms B3 Rating on GBP48MM B Notes
MODELZONE: In Administration, 400 Jobs at Risk
SHIP LUXCO 3: S&P Lowers Long-Term CCR to 'B'; Outlook Stable
SOUTH CROFTY: Goes Into Administration, Cuts 35 Jobs
THOMAS COOK: Fitch Raises Long-Term Issuer Default Rating to 'B'
VIRGIN MEDIA: S&P Lowers Corp. Rating to 'BB-'; Outlook Stable
* UK: Number of Scottish Company Insolvencies Down by 73% in May
X X X X X X X X
* Fitch Says ESM, Bank Resolution Pos. for Eurozone Sovereigns
* Large Companies with Insolvent Balance Sheets
*********
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B U L G A R I A
===============
NATSIONALNA ELEKTRICHESKA: S&P Affirms 'BB-' Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB-' long-term corporate credit rating on Bulgaria-based
electricity utility Natsionalna Elektricheska Kompania EAD (NEK).
NEK is a subsidiary of the 100% state-owned holding company
Bulgarian Energy Holding (BEH). At the same time, S&P removed
the rating from CreditWatch, where it was placed with negative
implications on Dec. 20, 2012. The outlook on NEK is negative.
The affirmation reflects S&P's view that NEK's immediate
refinancing risk has been eliminated following the refinancing of
its EUR195 million syndicated loan, which matured in May 2013.
S&P understands that NEK's parent company, BEH, provided NEK with
proceeds from a EUR250 million bridge loan as an intragroup loan
to repay the syndicated loan. S&P understands that BEH plans to
refinance the bridge loan with a public bond issue at the BEH
level.
Furthermore, NEK sold its stake in the monopoly system operator
ESO EAD to BEH, using the funds for the settlement of intragroup
loans other than that NEK has just received from BEH. S&P
understands that NEK will transfer three project-related credit
facilities with total outstanding principal of EUR50.8 million
(at May 31, 2013) to ESO as part of the transaction. These
actions will result in a material reduction in NEK's external
financial obligations, which S&P forecasts at about Bulgarian lev
(BGN) 215 million at year-end 2013 (BGN734.0 million at year-end
2012).
S&P understands that NEK's tariffs for the next regulatory period
starting July 1, 2013, are still under negotiation. S&P is
uncertain as to whether the new tariffs will reflect the
continuing increase in costs for green energy and other
electricity system costs in a full and timely manner. Moreover,
the tariff review is to be completed in the context of recent
changes in the Bulgarian government and regulator. This
uncertainty weighs on S&P's assessment of NEK's business risk
profile. These factors, in combination with a contraction in
domestic and export demand, resulted in NEK reporting a
consolidated loss of BGN192.4 million in 2012.
"Our base-case scenario for 2013 factors in BGN120,000 of
compensation for under-recovered costs over 12 months. We also
deconsolidate the contribution of ESO from the second half of the
year. Based on NEK's tariff application for the next regulatory
period, we anticipate that NEK's Standard & Poor's-adjusted funds
from operations (FFO) to debt will exceed 15% in 2013. In our
forecast, we treat the intragroup loan from BEH as debt because
it is funded by a short-term bridge loan on BEH's balance sheet,
and has a short maturity and a lack of flexible terms.
Nevertheless, we recognize that it is provided by what we
consider to be a supportive strategic owner," S&P said.
"We apply our criteria for rating parents and their subsidiaries
to NEK and add two notches of parental support to NEK's stand-
alone credit profile (SACP) of 'b'. The uplift reflects BEH's
stronger credit quality than that of NEK due to BEH's stronger
business risk position and cash flow generation, as well as its
positive discretionary cash flows and significant cash holdings.
Our assessment of NEK's 'b' SACP is based on our view of the
company's "highly leveraged" financial risk profile under our
criteria, which in our opinion mainly reflects its "less-than-
adequate" liquidity position and aggressive financial policies,"
S&P added.
"We assess NEK's business risk profile as "weak." This reflects
the company's meager profitability and regulatory uncertainty
owing to annual tariff resets by Bulgaria's State Energy and
Water Regulatory Commission. Our assessment of NEK's business
risk profile also factors in the legal unbundling of ESO, NEK's
lowest-risk operations, and the uncertainty related to the Belene
nuclear power plant project, which we understand is on hold," S&P
said.
The negative outlook reflects S&P's uncertainty as to whether
NEK's electricity tariffs for the next regulatory period will
cover the ongoing increase in electricity system costs. Full and
timely pass-through of costs and a fair return on assets will be
important for NEK to maintain its current business risk profile
and, ultimately, the ratings. S&P could lower the rating if NEK
is not able to achieve adjusted FFO to debt exceeding 12% on a
sustainable basis, which S&P sees as commensurate with its SACP
of 'b'.
In accordance with S&P's criteria for rating parents and their
subsidiaries, a downward revision of NEK's SACP by one notch
would result in S&P lowering the long-term corporate credit
rating on NEK to the same extent (as long as S&P assess BEH's
credit quality as unchanged). In addition, any evidence of a
weakening of the link between BEH and NEK could cause S&P to
revise its approach of factoring in parent support to the SACP.
S&P could revise the outlook to stable if it believes that NEK's
financial risk profile has improved to "aggressive" from "highly
leveraged" following a decision on tariffs in the next regulatory
period and the unbundling of ESO. In particular, this will
depend on NEK's ability to reach and maintain adjusted FFO to
debt of more than 12% on a sustainable basis, alongside more
conservative liquidity management.
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C R O A T I A
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OPTIMA TELEKOM: Hrvatski to Get Clearance for Takeover Plan
-----------------------------------------------------------
SeeNews reports that Hrvatski Telekom said on Monday it has
applied for anti-trust clearance to take control of local Optima
Telekom as part of the company's proposed financial and
operational restructuring.
According to SeeNews, despite increasing its customer base and
revenues, Optima Telekom has constantly reported negative
financial results since its founding in 2004 and in view of its
serious liquidity and debt problems initiated a pre-bankruptcy
settlement proceeding in April 2013.
On June 28, Optima Telekom published an official plan for its
financial and operational restructuring by which it proposes
Hrvatski Telekom as a strategic partner, SeeNews relates. In
light of Hrvatski Telekom's strengths and competencies in the
industry, and its business and technology assets, Optima Telekom
regards it as a highly suitable partner and proposes strategic
partnership, which it considers to be the only feasible solution
in order to maintain its business and prevent bankruptcy, SeeNews
notes.
Hrvatski Telekom, as cited by SeeNews, said in a bourse filing, a
list of debtors' claims towards Optima Telekom of HRK1.06 billion
(US$185.6 million/EUR142.3 million) in total has been defined,
based on the balance sheet as at April 11 and Zagrebacka Banka
(ZABA) and Hrvatski Telekom were identified as the two largest
creditors, with amounts claimed of around HRK600 million and
HRK100 million, respectively.
The plan envisages debt-to-equity swaps by the creditors that
would give Hrvatski Telekom a minority stake, SeeNews discloses.
Accordingly, based on a signed Letter of Intent with Hrvatski
Telekom, ZABA, the largest creditor of Optima Telekom, would
transfer its future management rights to Hrvatski Telekom,
thereby granting it operational and strategic control of Optima
Telekom based on the arms-length principle for a period not less
than five years, SeeNews states.
Hrvatski Telekom said it made on June 28 a notification of
intended business concentration to Croatia's competition
authority, AZTN, outlining the complete proposal and the
positions of all interested parties, SeeNews relates. Subject to
AZTN's positive assessment and subject to the necessary corporate
approvals, Hrvatski Telekom will take control of and consolidate
Optima Telekom into its financial accounts, SeeNews discloses.
According to SeeNews, the statement said that the whole process
of pre-bankruptcy settlement proceedings is legally limited to
four months, which means a solution should be agreed by the
beginning of August 2013. Otherwise, it is likely that Optima
Telekom will go into bankruptcy, SeeNews says.
Optima Telekom is a Croatian fixed-line operator.
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C Y P R U S
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* CYPRUS: Fitch Cuts Local Currency Issuer Default Rating to 'RD'
-----------------------------------------------------------------
Fitch Ratings has downgraded Cyprus's Long-term local currency
Issuer Default Rating (IDR) to 'RD' ('Restricted Default') from
'CCC' following confirmation from the Cypriot government that the
exchange of a number of domestic law government bonds has been
completed.
Key Rating Drivers
The downgrade to 'RD' reflects Fitch's opinion that the exchange
constitutes a distressed debt exchange (DDE) in line with its
criteria and follows the downgrade of Cyprus's LC IDR to 'CCC'
from 'B' on June 3. Fitch has downgraded only the affected
domestic bonds to 'D' from 'CCC' and affirmed the rest at 'CCC'.
With foreign law bonds unaffected by the exchange, the Long-term
foreign currency IDR has been affirmed at 'B-'with a Negative
Outlook. The Short-term foreign currency IDR and the Country
Ceiling have also been affirmed at 'B'.
Under the exchange, domestic law bonds with a total nominal value
of EUR1 billion that are due to expire within the EU-IMF program
period (2013-Q116) will be replaced by new bonds with the same
coupon rates but with the maturity dates of the new securities
extended to outside the program period. This transaction
constitutes a DDE under Fitch's criteria, as the maturity
extension at existing coupon rates represents a material
reduction in terms for bondholders.
Rating Sensitivities
The settlement date for Cypriot-law exchanged bonds is Monday 1
July. Shortly after completion of the debt exchange and the issue
of new securities, Fitch will raise Cyprus's LC IDR out of 'RD'
and assign ratings consistent with the agency's forward-looking
assessment of Cyprus's credit profile following the distressed
debt exchange. The post- exchange LC IDR and securities' ratings
are likely to be low speculative grade.
* CYPRUS: S&P Lowers Sovereign Credit Ratings to 'SD'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term sovereign credit ratings on the Republic of Cyprus to 'SD'
(selective default) from 'CCC/C'.
S&P's country transfer and convertibility (T&C) assessment for
Cyprus, as for all other eurozone members, remains 'AAA'.
RATIONALE
S&P lowered its sovereign credit ratings on Cyprus to 'SD' after
the government announced an exchange offer on a number of its
local law governed bonds. In S&P's opinion, the exchange
materially changes the terms of the affected debt and constitutes
what S&P considers a distressed exchange according to its
criteria.
The government offered to exchange -- at longer maturities and
with the same coupon -- some 18 outstanding local law securities,
maturing at various times over the course of the Memorandum of
Understanding (MoU, expires March 2016), but which fell outside
the scope of the EUR10 billion program with the EU, European
Central Bank, and International Monetary Fund (the Troika). The
government has offered to exchange the local law governed bonds
for five separate securities, each with different coupons
designed to match those currently outstanding, spanning between
4.75% and 6% at 25-basis-point intervals. The maturities will
range from six to 10 years, commensurate with the coupon rate.
S&P views the extension of maturities without what it finds to be
adequate offsetting compensation as the exchange of new debt on
less favorable terms to the existing debt. S&P also consider the
offer as distressed, rather than purely opportunistic, given
limited financing options available to the government and S&P's
previous rating on the government's debt, 'CCC'.
"We understand that more than 50% of the debt eligible for the
exchange will be swapped for the new longer-dated securities;
most of the participants, we understand, are large domestic
banks. We also understand that any capital needs the transaction
creates will be met by the European Stability Mechanism
(excluding the Bank of Cyprus). In terms of design, the new bonds
will be tradable and include collective action clauses, which
were absent in the original securities. Under legislation on the
management of public debt that was enacted in December 2012,
collective action clauses are included in all securities issued
by the Republic of Cyprus after Dec. 31, 2012, having a maturity
longer than one year, in line with the EU Model CACs (Collective
Action Clauses)," S&P said.
After the settlement of the exchange, which S&P expects July 1,
the liquidity strains on the government, having also just
received its second EUR1 billion tranche under the MoU with the
Troika, should be alleviated. S&P notes, however, that the
government will still need to deal with the forthcoming rollover
of a stock of EUR950 million Treasury bills (5% of GDP).
Post default, S&P expects to raise its rating on Cyprus to
'CCC+'. This rating, one notch higher than the rating prior to
default, would reflect the resolution of two pressing challenges
to the government's credit standing. The first comes from the
expected successful conclusion of this exchange. The second
pertains to a simultaneous and separate extension of a EUR1.8
billion bond (9% of GDP) the government originally issued to
boost Cyprus Popular Bank's capital (subsequently transferred to
the Bank of Cyprus as part of Cyprus Popular Bank's resolution),
in accordance with the bond's original terms. S&P expects it
could raise its rating on Cyprus from 'SD' as early as next week.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Downgraded
To From
Cyprus (Republic of)
Sovereign Credit Rating SD/SD CCC/Stable/C
Senior Unsecured (7 issues) D CCC
Ratings Affirmed
Cyprus (Republic of)
Transfer & Convertibility Assessment AAA
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G R E E C E
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FREESEAS INC: New York Court OKs Settlement with Hanover
--------------------------------------------------------
The Supreme Court of the State of New York, County of New York,
on June 25, 2013, approved, among other things, the settlement
between FreeSeas Inc. and Hanover Holdings I, LLC, in the matter
entitled Hanover Holdings I, LLC v. FreeSeas Inc., Case No.
651950/2013.
Hanover commenced the Action against the Company on May 31, 2013,
to recover an aggregate of US$5,331,011 of past-due accounts
payable of the Company, which Hanover had purchased from certain
vendors of the Company pursuant to the terms of separate
receivable purchase agreements between Hanover and each of those
vendors, plus fees and costs. The Assigned Accounts relate to
certain maritime services provided by certain vendors of the
Company. The Order provides for the full and final settlement of
the Claim and the Action. The Settlement Agreement became
effective and binding upon the Company and Hanover upon execution
of the Order by the Court on June 25, 2013.
Pursuant to the terms of the Settlement Agreement approved by the
Order, on June 26, 2013, the Company issued and delivered to
Hanover 890,000 shares of the Company's common stock, $0.001 par
value. Giving effect to that issuance, the Settlement Shares
represent approximately 9.95 percent of the total number of
shares of Common Stock presently outstanding.
A copy of the Order is available for free at http://is.gd/s734IR
9.9% Ownership
In a Schedule 13G filing with the U.S. Securities and Exchange
Commission, Hanover Holdings I, LLC, and Joshua Sason disclosed
that, as of June 25, 2013, they beneficially owned 890,000 shares
of common stock of Freeseas Inc. representing 9.95 percent of the
shares outstanding. A copy of the regulatory filing is available
for free at http://is.gd/SDwVyw
About FreeSeas Inc.
Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies. The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.
The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks." As of Oct.
12, 2012, the aggregate dwt of the Company's operational fleet is
approximately 197,200 dwt and the average age of its fleet is 15
years.
Freeseas disclosed a net loss of US$30.88 million in 2012, a net
loss of US$88.19 million in 2011, and a net loss of US$21.82
million in 2010. The Company's balance sheet at Dec. 31, 2012,
showed US$114.35 million in total assets, $106.55 million in
total liabilities and US$7.80 million in total shareholders'
equity.
RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2012. The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency. In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements. It has also failed to make required payments to
Deutsche Bank Nederland as agreed to in its Sept. 7, 2012,
amended and restated facility agreement and received notices of
default from First Business Bank. Furthermore, the vast majority
of the Company's assets are considered to be highly illiquid and
if the Company were forced to liquidate, the amount realized by
the Company could be substantially lower that the carrying value
of these assets. These conditions among others raise substantial
doubt about the Company's ability to continue as a going concern.
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I R E L A N D
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MERCATOR CLO I: Moody's Affirms 'B1' Rating on Class B-2 Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Mercator CLO I plc:
EUR34M Class A-2 Senior Secured Floating Rate Notes due 2023,
Upgraded to Aa2 (sf); previously on Nov 1, 2011 Upgraded to Aa3
(sf)
EUR24M Class A-3 Deferrable Senior Secured Floating Rate Notes
due 2023, Upgraded to A2 (sf); previously on Nov 1, 2011 Upgraded
to A3 (sf)
Moody's also affirmed the ratings of the following notes:
EUR276M (current balance EUR161.085M) Class A-1 Senior Secured
Floating Rate Notes due 2023, Affirmed Aaa (sf); previously on
Nov 1, 2011 Upgraded to Aaa (sf)
EUR18M Class B-1 Deferrable Senior Secured Floating Rate Notes
due 2023, Affirmed Baa3 (sf); previously on Nov 1, 2011 Upgraded
to Baa3 (sf)
EUR22M Class B-2 Deferrable Senior Secured Floating Rate Notes
due 2023, Affirmed B1 (sf); previously on Nov 1, 2011 Upgraded to
B1 (sf)
Mercator CLO1 plc, issued in April 2006, is a Collateralized Loan
Obligation ("CLO") backed by a portfolio of mostly high yield
European loans. The portfolio is managed by NAC management
(Cayman) Limited, and composed predominantly of senior secured
loans. This reinvestment period ended in July 2011.
Ratings Rationale:
According to Moody's, the rating actions taken on the notes
result primarily from an improvement in the overcollateralization
ratios for Classes A-2 and A-3 pursuant to significant
amortization of the portfolio. Class A-1 notes have amortized
EUR57.64 million (26.3%) in the last twelve months, EUR93.91
million (36.8%) since the last rating action in Nov 2011, and by
EUR114.91 million (41.6%) since closing. As of the trustee report
dated April 30, 2013, the Class A-2 and A-3 overcollateralization
ratios are reported at 138.43% and 123.26% respectively versus
April 30, 2012 levels of 131.79% and 120.36%,respectively and Oct
3, 2011 levels of 128.19% and 118.36% respectively.
There have been changes in key credit metrics between Oct 3,
2011, April 30 2012 and April 30, 2013. The average credit
quality (as measured by the weighted average rating factor, or
"WARF") is largely unchanged at 2954 (3010 in April 2012 and 2927
in Oct 2011),the weighted average spread (or "WAS") has improved
to 3.78% (3.47% in April 2012 and 3.40% in Oct 2011), while the
diversity score has dropped to 29 ( 33 in April 2012 and 37 in
Oct 2011). Reported defaults have increased to EUR13.1 million (
EUR0.19 million in April 2012 and EUR3.7 million in Oct 2011).
Moody's notes that since this analysis was completed, an updated
trustee report as of May 30, 2013 has been published; however,
there are no material changes in key portfolio metrics between
April 2013 and the May 2013. As a result, the rating actions
taken are not impacted by the information available in the May
30, 2013 trustee report.
In consideration of the reinvestment restrictions applicable
during the amortization period, and therefore the limited ability
to effect significant changes to the current collateral pool,
Moody's analyzed the deal assuming a higher likelihood that the
collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from a shorter
amortization profile and higher spread levels compared to the
levels assumed at the last rating action in November 2011.
Moody's notes that key model inputs used in its analysis, such as
par, weighted average rating factor, diversity score, and
weighted average recovery rate, are based on its published
methodology and may be different from the trustee's reported
numbers. In its base case, Moody's analyzed the underlying
collateral pool to have performing par and principal proceeds
balance of EUR222.52 million and GBP30.94 million respectively,
defaulted par of EUR5.85 million and GBP5.04 million
respectively, a default probability of 19.55% over a weighted
average life of 3.56 years (corresponding to a weighted average
rating factor of 3068), a weighted average recovery rate upon
default of 46.85% for a Aaa liability target rating, a diversity
score of 28 and a weighted average spread of 3.75%. The GBP
denominated assets are fully hedged with a macro swap which was
also modeled.
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 91% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the remainder 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 refinancing and
sovereign risks -- approximately 26.3% of the portfolio consists
of European corporate obligors rated B3 and below and maturing
between 2014 and 2016, which may create challenges for issuers to
refinance. Approximately 6.1% of the portfolio is comprised of
obligors located in Italy, Ireland and Spain. Moody's considered
a model run where the base case WARF was increased to 3711 by
forcing ratings on 25% of such exposures to Ca. This run
generated model outputs that were within one notch for Classes A-
2, A-3 and B-2 and within two notches for Class B-1 compared to
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 investment strategy and 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. Deleveraging may accelerate due to high prepayment
levels in the loan market and/or collateral sales by the
collateral manager or be delayed by rising loan amend-and-extend
restructurings, either of which may have significant impact on
the notes' ratings.
2) Recoveries on 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.
3) Large Exposure to Credit Estimates: Moody's also notes that
around 53% 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.
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 12, 2013, Moody's released a report, 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 Collateralized Loan
Obligations (CLOs) as well as for other types of collateralized
debt obligations (CDO), asset-backed commercial paper (ABCP) and
commercial mortgage-backed securities (CMBS). Once those
methodologies are updated and implemented, the rating of the
notes affected by these rating actions may be negatively
affected.
TITAN EUROPE 2006-3: Fitch Affirms 'D' Rating on EUR13.6MM Notes
----------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2006-3 plc's class A
notes, and affirmed the others as follows:
EUR255.6m Class A (XS0257767631) downgraded to 'Bsf' from 'BBsf';
Outlook Negative
EUR237.5m Class B (XS0257768522) affirmed at 'CCsf'; Recovery
Estimate (RE) 10%
EUR50.2m Class C (XS0257769090) affirmed at 'Csf'; RE0%
EUR13.6m Class D (XS0257769769) affirmed at 'Dsf'; RE0%
Key Rating Drivers
The downgrade is driven by concerns around the largest loan in
the pool, Target, which has recently entered "safeguard
proceedings". The size of the loan (EUR232 million, which is 42%
of outstanding debt or over 90% of the class A balance) means
that further distress denoted by, and delay resulting from, such
creditor protection would be a headwind for senior bond holders.
This is further reflected by the Negative Outlook and weak
Recovery Estimate.
The borrower informed the servicer at the end of January 2013
that it would not be able to repay the loan at its scheduled
maturity in July 2013. At the same time, a discounted pay off
(DPO) offer of 55% of the loan amount was tabled by the borrower.
While this was likely a bargaining tactic, it seems to imply that
the borrower considers the portfolio value to be far below the
most recent (December 2011) valuation of EUR284 million.
The servicer rejected this offer, although not before the
borrower opened safeguard proceedings. Nevertheless, the
appearance of a DPO offer lends credence to concerns that
recoveries will fall some way below reported market value. There
is considerable uncertainty regarding future occupational demand
and capital expenditure requirements for a French property
portfolio geared towards a specialist occupier, Thales
(BBB+/Negative), especially since it already signaled its intent
to break a significant portion of income.
Safeguard threatens to reduce the net present value of eventual
sale proceeds further by suspending servicer control over credit
recovery. The loan is currently subject to a six-month
observation period (with the possibility of further extensions)
to allow for consultation between lenders and borrowers, and
during this period there is a moratorium on all borrower
accounts. Therefore no interest or principal will be used to
service the Target loan. Should the safeguard process not be
resolved reasonably promptly, repayment of any class of notes by
legal final maturity (July 2016) will be jeopardized.
In addition to this (and despite of severe market value declines
posted since closing), Fitch has recently been informed of a
significant latent capital gains tax (CGT) liability for the
Target borrower. This cost, which ranks pari passu with the
lenders' claims only in the event that assets are sold while the
borrower is in safeguard (otherwise this liability ranks junior
to lenders), attests to net book value for the properties being
(rather unusually) only a fraction of reported market value.
The remaining eight loans, which are all on the servicer's
watchlist, continue to perform poorly, although broadly in line
with Fitch's expectations at the time of its rating action in
November 2012.
Rating Sensitivities
With the degree of stress experienced by all loans in the pool,
the class A and B noteholders are vulnerable to the outcome for
the Target portfolio, given the loan's relative magnitude. A
deterioration of collateral quality on any of three measures
would trigger further downgrades: a sharply lower valuation of
the collateral; a longer-than-expected safeguard plan being
announced; and an indication that CGT ranks senior instead of
pari passu.
=========
I T A L Y
=========
EUROHOME MORTGAGES: S&P Lowers Rating on Class B Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Eurohome (Italy)
Mortgages S.r.l.'s class A and B notes. At the same time, S&P
has affirmed its 'D (sf)' ratings on the class C and D notes.
The rating actions follow S&P's review of the transaction, which
shows that the performance of the underlying collateral has
deteriorated at the May 2013 interest payment date (IPD).
On Feb. 5, 2013, S&P placed its rating on the class B notes on
CreditWatch negative because the level of cumulative defaults was
close to breaching the interest-deferral trigger. On April 10,
2013, S&P placed its rating on the class A notes on CreditWatch
negative for counterparty reasons.
The transaction has an interest-deferral mechanism based on the
cumulative defaults on the class B, C, D, and E notes. This
mechanism provides additional protection to the class A notes.
If an interest-deferral trigger is breached, the interest on that
class of notes is deferred after the principal deficiency ledger
(PDL) is cleared and the principal borrowed under the principal
priority of payments is repaid.
The level of cumulative defaults in the pool increased
significantly to 21.66% from 17.40% between the May 2012 and May
2013 IPDs, reflecting the deterioration in the transaction's
performance.
S&P considers it increasingly likely that the level of cumulative
defaults could reach or exceed the 23.75% interest-deferral
trigger for the class B notes. S&P has therefore lowered to 'B-
(sf)' from 'B+ (sf)' and removed from CreditWatch negative its
rating on the class B notes. At the same time, S&P has lowered
to 'A (sf)' from 'AA- (sf)' and removed from CreditWatch negative
its rating on the class A notes, as it do not consider the
available credit enhancement for this class to be commensurate
with the currently assigned rating.
S&P has affirmed its 'D (sf)' ratings on the class C and D notes
because these classes of notes have experienced interest
shortfalls since the February 2013 and the May 2011 IPDs,
respectively.
Eurohome (Italy) Mortgages is an Italian residential mortgage-
backed securities (RMBS) transaction, with loans originated by
Deutsche Bank Mutui SpA. The transaction closed in December
2007.
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
Eurohome (Italy) Mortgages S.r.l.
EUR260.85 Million Mortgage-Backed Floating-Rate Notes
Ratings Lowered And Removed From CreditWatch Negative
A A (sf) AA- (sf)/Watch Neg
B B- (sf) B+ (sf)/Watch Neg
Ratings Affirmed
C D (sf)
D D (sf)
=====================
N E T H E R L A N D S
=====================
LIBERTY GLOBAL: S&P Raises Corporate Credit Rating to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BB-' from
'B+' its long-term corporate credit rating on international cable
TV and broadband services provider Liberty Global PLC, and all
ratings on its indirect subsidiaries, Liberty Global Europe Inc.,
UnitedGlobalCom Inc., UPC Holding B.V. (UPC) and UPC Broadband
Holding B.V. At the same time, S&P removed the ratings from
CreditWatch with positive implications, where it placed them on
Feb. 6, 2013. The outlook is stable.
The rating action primarily reflects the revision of S&P's
assessment of Liberty Global's business risk profile to "strong"
from "satisfactory" following the successful acquisition of U.K.-
based cable operator Virgin Media Inc. (VMI) on June 7, 2013. In
S&P's view, the acquisition of VMI strengthens Liberty Global's
already superior asset portfolio diversity and underpins its
growth prospects compared with peers. S&P also expects VMI to
improve the group's free operating cash flow (FOCF; defined as
cash flow from continuing operations after capital expenditures
and financing costs) generation. Under S&P's base-case scenario,
it expects Liberty Global (including Virgin Media from June 2013
onwards) to generate more than US$1.5 billion in FOCF in 2013 and
about US$2 billion in 2014, compared with US$745 million in 2012.
"We continue to assess the group's financial risk profile as
"highly leveraged," however, mainly because of our expectation
that Liberty Global's gross debt-to-EBITDA is likely to remain at
the upper end of its financial policy range of 4x-5x. As a
result, we expect the group's Standard & Poor's-adjusted debt to
EBITDA to remain in the 5.0x-5.5x range over 2013-2014, compared
with about 5.7x as of March 31, 2013. This assumes that Virgin
Media's 2016 convertible bond is fully converted into equity. We
also expect the group to remain acquisitive, as demonstrated by
its recent acquisition of a 18% stake in Dutch cable operator
Ziggo N.V., and to fully distribute its free cash flow to
shareholders as part of its current two-year US$3.5 billion share
repurchase program. This is partly offset by the group's long-
dated capital structure, supported by proactive liquidity
management, and solid EBITDA growth and FOCF generation
prospects," S&P said.
"In our base case, we expect sales and EBITDA to increase by
about 4%-5% annually in 2013 and 2014 on a like-for-like basis.
We expect that the group's western European operations, with the
exception of its Dutch business, will be the main growth drivers
for the group, while we expect only sluggish revenue growth for
its Central and Eastern European operations," S&P noted.
S&P continues to equalize the ratings on UPC Holding B.V. (UPC)
and UPC Broadband Holding B.V. with those on the group. This
primarily reflects UPC's very diversified operations in 10
countries and its strategic importance for the group. In
addition, we expect that UPC will remain less leveraged than the
faster growing German and Belgium subsidiaries, Unitymedia
KabelBW GmbH and Telenet Group Holding N.V., with Standard &
Poor's-adjusted leverage below 5x.
The stable outlook reflects S&P's expectation that Liberty Global
will maintain a Standard & Poor's-adjusted debt-to-EBITDA ratio
in the 5.0x-5.5x range, and generate FOCF of more than $1.5
billion a year.
S&P do not see rating upside at present, primarily due to the
group's aggressive financial policy leverage target range of 4x-
5x and its significant appetite for mergers and acquisitions.
S&P might consider a negative rating action if the group's
Standard & Poor's-adjusted debt to EBITDA remained sustainably
above 5.5x due to significant debt-financed acquisitions or large
shareholder returns well in excess of its free cash flow
generation. Increasing competition resulting in declining EBITDA
margins, or FOCF below $1 billion could also lead to a downgrade.
===========
P O L A N D
===========
POLIMEX-MOSTOSTAL: Misses Debt Interest Payment Deadline
--------------------------------------------------------
Konrad Krasuski at Bloomberg News reports that Polimex failed to
pay interest on its debt by the June 28 deadline.
According to Bloomberg, the company said that 30 out of 31
creditors agreed to extend payment time. All creditors need to
sign the extension by July 1.
Robert Kosmal, head of the company's investor relations, declined
to comment by phone on the time of payment extension in the new
agreement and whether remaining creditor has already agreed on
new terms, Bloomberg notes.
The company signed in December a deal with creditors allowing it
to restructure outstanding debt and raise new capital, Bloomberg
recounts.
Polimex-Mostostal is a Polish engineering and construction
company that has been on the market since 1945. The Company is
distinguished by a wide range of services provided on general
contractorship basis for the chemical as well as refinery and
petrochemical industries, power engineering, environmental
protection, industrial and general construction. The Company
also operates in the field of road and railway construction as
well as municipal infrastructure. Polimex-Mostostal is the
largest manufacturer and exporter of steel products, including
platform gratings, in Poland.
===============
P O R T U G A L
===============
LUSITANO MORTGAGES 2: Moody's Cuts Rating on Cl. E Notes to Caa3
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 11 mezzanine
and junior notes in three Portuguese residential mortgage-backed
securities transactions: Lusitano Mortgages No. 1 plc, Lusitano
Mortgages No. 2 plc and Lusitano Mortgages No. 3 plc. Also,
Moody's Investors Service has confirmed the ratings of the senior
notes in Lusitano 2 and 3. Insufficiency of credit enhancement to
address sovereign risk has prompted the downgrade action.
The rating action concludes the review of 11 notes placed on
review on September 11, 2012, following Moody's decision to
adjust the Portuguese country ceiling to Baa3 from Baa1 on
September 5, 2012 and of 2 notes placed on review on November 28,
2012, following Moody's revision of key collateral assumptions
for the entire Portuguese RMBS market.
Ratings Rationale:
The downgrade rating action primarily reflects the insufficiency
of credit enhancement to address sovereign risk. Moody's
confirmed the ratings of securities whose credit enhancement and
structural features provide enough protection against sovereign
and counterparty risk.
The determination of the applicable credit enhancement driving
these rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.
- Additional Factors Better Reflect Increased Sovereign Risk
Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
local currency country risk ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.
The Portuguese country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Portuguese issuer
including structured finance transactions backed by Portuguese
receivables, is Baa3. Moody's Individual Loan Analysis Credit
Enhancement (MILAN CE) represents the required credit enhancement
under the senior tranche for it to achieve the country ceiling.
By lowering the maximum achievable rating for a given MILAN, the
revised methodology alters the loss distribution curve and
implies an increased probability of high loss scenarios.
Moody's has not revised the key collateral assumptions for any of
the deals. Expected loss assumptions as a percentage of original
pool balance remain at 2% for Lusitano 1; 2.1% for Lusitano 2 and
3.5% for Lusitano 3. The MILAN CE assumptions remain at 15% for
Lusitano 1 and 2, and at 20% for Lusitano 3.
- Exposure to Counterparty
Moody's rating analysis also took into consideration the
commingling and set-off risk arising from exposure to Banco
Espirito Santo, S.A. as collection account bank and originator,
respectively, in the three transactions. This exposure does not
drive the downgrade action.
- Other Developments May Negatively Affect the Notes
In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.
As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.
Moody's describes additional factors that may affect the ratings
in "Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment".
The methodologies used in these ratings were Moody's Approach to
Rating RMBS Using the MILAN Framework published in May 2013 and
The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines published in March 2013.
In reviewing these transactions, Moody's used its cash flow
model, ABSROM, to determine the loss for each tranche. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (1) the
probability of occurrence of each default scenario and (2) the
loss derived from the cash flow model in each default scenario
for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
List of Affected Ratings
Issuer: Lusitano Mortgages No. 1 plc
EUR32.5M B Notes, Downgraded to Ba1 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade
EUR25M C Notes, Downgraded to Ba3 (sf); previously on Nov 28,
2012 Downgraded to Ba1 (sf) and Remained On Review for Possible
Downgrade
EUR22.5M D Notes, Downgraded to B2 (sf); previously on Sep 11,
2012 Ba3 (sf) Placed Under Review for Possible Downgrade
EUR5M E Notes, Downgraded to Caa1 (sf); previously on Sep 11,
2012 B2 (sf) Placed Under Review for Possible Downgrade
Issuer: Lusitano Mortgages No. 2 plc
EUR920M A Notes, Confirmed at Baa3 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade
EUR30M B Notes, Downgraded to Ba2 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible
Downgrade
EUR28M C Notes, Downgraded to B2 (sf); previously on Sep 11, 2012
Ba2 (sf) Placed Under Review for Possible Downgrade
EUR16M D Notes, Downgraded to Caa1 (sf); previously on Sep 11,
2012 B1 (sf) Placed Under Review for Possible Downgrade
EUR6M E Notes, Downgraded to Caa3 (sf); previously on Sep 11,
2012 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: Lusitano Mortgages No. 3 plc
EUR1140M A Notes, Confirmed at Ba1 (sf); previously on Nov 28,
2012 Downgraded to Ba1 (sf) and Remained On Review for Possible
Downgrade
EUR27M B Notes, Downgraded to B2 (sf); previously on Sep 11, 2012
Ba3 (sf) Placed Under Review for Possible Downgrade
EUR18.6M C Notes, Downgraded to Caa1 (sf); previously on Sep 11,
2012 B2 (sf) Placed Under Review for Possible Downgrade
EUR14.4M D Notes, Downgraded to Caa2 (sf); previously on Sep 11,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade
===========
R U S S I A
===========
KEDR BANK: Moody's Affirms B2 Ratings; Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has affirmed Kedr Bank's B2 long-term
global local and foreign-currency deposit ratings and the B2
long-term global local-currency debt rating with a negative
outlook. At the same time, Moody's affirmed the bank's standalone
financial strength rating (BFSR) of E+ , equivalent to a baseline
credit assessment (BCA) of b2 and the Not-Prime short-term local-
and foreign-currency deposit ratings. The outlook on the bank's
BFSR remains stable.
Ratings Rationale:
Maintenance of Negative Outlook
According to Moody's, the negative outlook on Kedr Bank's long-
term ratings reflects the rating agency's expectation that the
bank's risk profile will likely remain under pressure over the
next 12-18 months because the recent changes in Kedr Bank's
ownership could potentially lead to weakening of the bank's
corporate governance culture and risk management practices.
In addition, the negative outlook on the long-term ratings
reflects some weakening of Kedr Bank's franchise, as the bank's
loan book has reduced by approximately 15% during Q1 2013, and
the continued uncertainty with regard to the bank's strategy and
risk appetite following change in ownership.
Moody's notes that in Q1 2013, Kedr Bank's ownership structure
changed for the second time over the past 18 months and the
control over the bank was transferred to several individuals
associated with Russian Energy Company (ERCO).
Affirmation of Standalone Deposit and Debt Ratings
Moody's says that Kedr Bank's ratings remain underpinned by the
insignificant level of related-parties lending (4% of Tier 1
capital as at Q1 2013) and the bank's adequate single-borrower
concentrations in its loan portfolio (top-20 borrowers accounted
for around 2xTier1), which reflects Kedr Bank's historical focus
on SME and retail businesses.
In 2012, Kedr Bank's net income increased by 173% to RUB459
million, which translated into return on average assets (RoAA) of
around 1.6%. The rating agency says that the bank's profitability
was supported by the recent purchase of high-yield retail loans
portfolio amounting to RUB2.6 billion (or 11% of gross loan book
at year-end 2012) on a recourse basis.
In Moody's opinion, Kedr Bank's asset quality remains adequate
despite some increase in problems loans during Q1 2013. According
to the bank's unaudited IFRS report, loans overdue more than 90
days increased to 4.3% as at Q1 2013 from 2.4% at year-end 2012.
Over the same period, the bank formed loan loss provisions at
4.2% of gross loan book as at Q1 2013 (year-end 2012: 3.9%) which
in Moody's view provide sufficient coverage of non-performing
loans.
Moody's also notes that Kedr Bank's liquidity position remains
supported by its granular retail funding and its adequate level
of liquid assets (approximately 26% of total assets as at
Q12013). In addition, during 2012-Q1 2013 Kedr Bank strengthened
its capital position. As a result, the bank's Tier 1 and Total
capital adequacy ratios increased to 11.15% and 15.75%,
respectively, in Q1 2013 from 9.89% and 12.7% at year- end 2011.
What Could Move The Ratings Up/Down
Moody's says that the negative outlook on Kedr Bank's B2 ratings
could be changed to stable if the bank demonstrates an ability to
sustain its current risk profile and maintains satisfactory
assets quality and capital levels.
Downward pressure could be exerted on Kedr Bank's ratings by any
material adverse changes in the bank's risk profile, particularly
(1) increasing levels of related-party transactions or non-core
assets; (2) weakening of the bank's asset quality or liquidity
position; and/or (3) any failure to maintain a capital buffer
sufficient to absorb losses expected under Moody's scenario
analysis.
The principal methodology used in this rating was Global Banks
published in May 2013.
Headquartered in Moscow, Russia, Kedr Bank reported audited total
(IFRS) assets of RUB31.5billion (US$1.0 billion) as of end-
December 2012.
RENAISSANCE FINANCIAL: S&P Lowers LT Counterparty Rating to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Renaissance Financial Holdings Ltd.
to 'B' from 'B+'. The outlook is stable.
At the same time, S&P affirmed its 'B' short-term foreign and
local currency counterparty credit rating on RFHL.
The downgrade of RFHL reflects S&P's view that the operating
companies that form Renaissance Capital (RenCap) face significant
business restructuring risks relating to residual large
intragroup loans and non-core assets on its balance sheet,
limited funding flexibility, and growing competitive pressure in
the Russian market from state-owned and international banks. S&P
has revised the group credit profile to 'b' from 'bb-'.
On Nov. 14, 2012, when RenCap was facing a significant liquidity
shortage, ONEXIM Group (not rated; one of Russia's largest
private investment funds, ultimately owned by Russian businessman
Mikhail Prokhorov) and Renaissance Group announced their
agreement that ONEXIM would purchase Renaissance Group's 50%
share in Renaissance Capital Investment Limited (RCIL),
ultimately becoming the 100% owner of RFHL and 89% owner of
Commercial Bank Renaissance Credit LLC (B+/Stable/B; the group's
consumer finance bank). ONEXIM had owned 50% of RFHL, less one
half of a share, before the announced transaction.
Since the announcement, ONEXIM has provided over US$400 million
of financial support to RenCap. In S&P's view, this support
helped stabilize the ratings at the current level, though
RenCap's business profile has weakened due to disrupted
relationships with its counterparties. S&P believes some time is
needed to restore investor confidence in RenCap and to finalize
the restructuring process, which involves reducing overheads;
cutting back on structured products and proprietary trading;
selling non-core assets; and settling intragroup loans. RenCap
has made significant progress in improving its operating
efficiency by reducing headcount by 40% since the beginning of
2012, decreasing occupancy, IT, and other operating costs. These
measures resulted in RenCap showing positive net operating margin
of US$22 million for the first five months of 2013. At the same
time, S&P notes that RenCap faces increasing competitive
pressures from Russian state-owned and international investment
banks, exposing RenCap to increased instability and declining
revenues. This has led S&P to lower the long-term rating on RFHL
by one notch.
RFHL is the 100% owner of several companies that form RenCap.
RFHL, in turn, is fully owned by ONEXIM via a Bermudian holding
company, Renaissance Capital Investments Ltd. (not rated; RCIL),
which also owns Commercial Bank Renaissance Credit LLC.
S&P views the group's structure as complex, given that it
encompasses many legal entities across several jurisdictions,
active in different but complementary businesses and with
intragroup links and loans. S&P believes RenCap's complexity
carries risks that weigh on its assessment of the group's
business position and offset its strong franchise.
RenCap facilitates investment flows between Russia and the rest
of the world, with a particular focus on international
institutional investors. RenCap also operates brokerage and
investment banking businesses in Africa, the larger countries in
the Commonwealth of Independent States, and Turkey.
RenCap experienced a material US$378 million loss in 2012, which
saw its capital adequacy (measured by Standard & Poor's-adjusted
total equity to adjusted assets) fall to 10.2% at year-end 2012,
from 15.9% the year before. However, S&P understands that this
loss included the impairment of noncore assets, which were sold
early 2013, and a restructuring provision for early termination
of lease and employment contracts. S&P understands these radical
restructuring charges were needed so that RenCap could
potentially return to breakeven in 2013. At the same time, S&P
assess RenCap's capital position as weak due to its still-high
equity exposures and double leverage through intragroup loans.
Positively, since November 2012, RenCap has sold its forestry and
mining noncore assets as well as investments in Macquarie
Renaissance Infrastructure Fund and most of its shares in
Ecobank. These divestments have produced an additional US$200
million of liquidity. Negatively, remaining large equity
holdings
(US$221 million in Ukrainian agriculture business, US$51 million
in Kenyan land, and US$23 million in Ecobank) and intragroup
loans (US$920 million owed by RCIL to RFHL) continue to weigh on
the company's capital. S&P understands that RenCap is taking
steps to sell these noncore assets and settle intragroup loans,
but the results of these efforts will take time to materialize.
RFHL is the non-operating holding company of a group of
geographically diverse fully owned operating entities, some of
which are not regulated or are subject to what S&P views as
"loose" regulation. S&P rates RFHL at the level of the group
credit profile because it believes that there are no material
restrictions preventing the operating entities from upstreaming
cash to RFHL. There is no debt at the holding company level.
The stable outlook reflects S&P's view that, under new ownership,
RenCap will continue to progress the divestment of its large
equity holdings, improve profitability at least to breakeven, and
partly settle intragroup loans. S&P expects ONEXIM to provide
liquidity and capital support as and when needed.
An upgrade appears unlikely at this stage. However, S&P would
consider raising the ratings if it saw a material increase in
capital through additional shareholder investments or retained
earnings; a large decrease in equity holdings; and, particularly,
intragroup loans and growing global investor interest in emerging
markets.
A negative rating action could follow a significant liquidity
shortage, slower divestments, and loss in value of private equity
holdings than currently expected. Pressure on ratings could
build from a lack of progress in settling intragroup loans or
continued operating losses.
=====================================
S E R B I A & M O N T E N E G R O
=====================================
RED STAR: In the Brink of Administration, President Says
--------------------------------------------------------
AU.Eurosport.com reports that former European Cup winners Red
Star Belgrade are likely to go into administration unless the
Serbian government steps in with short-term financial aid, the
club's president Dragan Dzajic said on June 27.
The former Yugoslavia winger, who was Red Star's technical
director when they won Europe's premier club competition in 1991,
sent an open letter to Serbia's sports minister Alisa Maric
asking her to allocate a loan in order to save "a fallen giant
from going under," according to AU.Eurosport.com.
"We are not asking for subsidies . . . . What we want is a short-
term loan to keep Red Star afloat...which we would repay straight
into the country's budget as soon as we can. Otherwise, Red Star
may cease to exist," the report quoted Mr. Maric as saying.
The report relates that Dzajic's dramatic appeal came only a day
after Partizan Belgrade basketball club president Predrag
Danilovic, a key player as they won the 1992 Euroleague title,
also asked the government to help Serbia's top side overcome a
financial crisis.
The report says that Danilovic said Partizan's account had been
frozen as the club owed EUR1.5 million of unpaid wages to players
and another EUR1.2 million in unpaid taxes.
The report discloses that Red Star and Partizan were both heavily
subsidized by the government in former communist Yugoslavia but
were left largely to their own devices after the country's bloody
break-up which went hand in hand with Serbia's economic
depression.
The report notes that Partizan, who won a record 12th successive
basketball league title earlier this month, had somehow managed
to stay afloat thanks to playing in the Euroleague, the
continent's flagship club competition, and nurturing a production
belt of talent regularly snapped up by wealthier rivals.
The report says that Red Star, however, have been unable to
produce in the last decade players remotely as good as former
captains Nemanja Vidic and Dejan Stankovic, hence becoming a
debt-ridden liability unable to pay even the most basic bills.
The report adds that, their Portuguese coach Ricardo Sa Pinto
quit after the board failed to make any major signings, making
way for Slovenian Slavisa Stojanovic who had said he hoped to win
Red Star's first league title since 2007 next season.
===============
S L O V E N I A
===============
MERCATOR: Expects to Reach Long-Term Creditor Deal by End-2013
--------------------------------------------------------------
SeeNews reports that Mercator said on Monday it expects to reach
by the end of 2013 a long-term and sustainable solution with its
creditors to the company's financing structure.
According to SeeNews, Mercator said in a bourse filing that the
amended and restated agreement relating to the pre-negotiation
agreement became effective on June 28 and has been signed by
companies within the Mercator Group and the respective lenders.
Mercator is a Slovenian retailer.
=========
S P A I N
=========
BANKIA SA: Sells 12.1% Stake in IAG for EUR675 Million
------------------------------------------------------
http://www.ft.com/intl/cms/s/0/4d1f8dd2-defc-11e2-881f-
00144feab7de.html#axzz2XnlPivdX
(Joy)
Miles Johnson and Andrew Parker at The Financial Times report
that Bankia SA, the nationalized Spanish savings bank, has sold
its 12.1% stake in International Airlines Group as part of a
series of Brussels-imposed disposals of non-core assets as it
starts to pay back a EUR24 billion European bailout.
According to the FT, Bankia, which was IAG's largest shareholder,
said on Thursday it had sold the stake for EUR675 million in an
accelerated placement overnight to institutional investors,
resulting in a EUR167 million capital gain for the rescued
lender.
Bankia, which last year succumbed to the largest bank rescue in
Spanish history after becoming overburdened by bad loans, had
been forced by the European Commission to sell its IAG stake in
return for accepting state aid, the FT discloses.
The lender, which used Bank of America Merrill Lynch and its own
brokerage arm to sell its IAG shares, has insisted it was under
no immediate pressure to offload the stakes as Brussels had
allowed it until 2016 to complete its forced divestments, the FT
notes.
Bankia SA is a Spanish banking conglomerate that was formed in
December 2010, consolidating the operations of seven regional
savings banks. As of 2012, Bankia is the fourth largest bank of
Spain with 12 million customers.
CAIXA LAIETANA I: S&P Raises Rating on Class B Notes to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+ (sf)' from 'BB
(sf)' its credit rating on AyT Colaterales Global Hipotecario FTA
Caixa Laietana I's class B notes. At the same time, S&P has
affirmed and removed from CreditWatch negative its 'A- (sf)'
rating on the class A notes.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received
(dated March 2013). S&P has also applied its relevant criteria.
On Nov. 13, 2012, S&P placed on CreditWatch negative its rating
on the class A notes for counterparty reasons.
SOVEREIGN RISK
S&P's nonsovereign ratings criteria classify the underlying
assets in this transaction as having low country risk. Under
S&P's criteria, the maximum rating differential between its
investment-grade rating on the sovereign in which the underlying
assets are based (Spain) and its ratings in the transaction is up
to six notches. Therefore, S&P's criteria cap the maximum
potential rating in this transaction at 'AA- (sf)'.
COUNTERPARTY RISK
"On March 29, 2012, we lowered our ratings on Confederacion
Espa¤ola de Cajas de Ahorros (CECA; BB+/Negative/B), the swap
counterparty in this transaction at the time. On Nov. 30, 2012,
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; BBB-/Negative/A-3)
replaced CECA as the swap provider. BBVA was in breach of the
first minimum rating trigger within the swap documentation and it
is therefore posting collateral, which in turn means that it is
still an eligible swap counterparty at the notes' current rating
level," S&P said.
On Oct. 26, 2012, Banco Santander (BBB/Negative/A-2) replaced
Barclays Bank S.A. (BBB-/Negative/A-3) as the bank account
provider. This replacement was the remedy action taken once
Barclays Bank S.A. became ineligible under the transaction
documents and under our current counterparty criteria.
In accordance with S&P's current counterparty criteria and the
current transaction documents relating to the bank account
provider and swap provider, the maximum potential rating that the
class A notes in this transaction can achieve is 'A- (sf)'. This
is due to the minimum required rating and remedial actions upon
the loss of this rating as documented in the related agreements.
CREDIT AND CASH FLOW ANALYSIS
The transaction's credit quality deteriorated between September
2012 and March 2013. Arrears of 90+ days increased to 5.20% in
March 2013 from 3.84% in September 2012, showing a pronounced
rend of deterioration. Defaulted loans (defined in the
transaction documents as loans in arrears for more than 18
months) increased to 0.17% of outstanding portfolio balance from
0.00% over the same period. Since S&P first rated this
transaction in February 2011, it has experienced higher
prepayments than similar ones in S&P's Spanish residential
mortgage-backed securities (RMBS) index, which is currently at
4.1%.
Looking at the evolution of the transaction prepayment rate, the
level of long-term delinquencies, and the high level of
unscheduled principal prepayments as reported by the trustee, in
S&P's opinion, the transaction benefits from the support of the
servicer repurchasing some of the loans within this pool. The
servicer is repurchasing loans that are nonperforming or showing
signs of deterioration and is using forbearance arrangements in
order to limit the portfolio's credit quality deterioration, in
S&P's view. Nevertheless, S&P cannot assume that the servicer
will continue to support the performance of the collateral by
repurchasing some of the loans, neither can S&P assume that these
restructured loans will avoid some of the borrowers defaulting.
The reserve fund is at 99% of its target level. There is a
combined waterfall where principal can be used to pay interest
and the class A notes benefit from an interest-deferral trigger
mechanism, which diverts interest from the class B, C, and D
notes to repay amounts due on the class A notes.
"In our opinion, taking into account the portfolio composition
showing a significant exposure to self-employed borrowers and
non-Spanish citizens, the underlying collateral is likely to
deteriorate in line with our outlook for the Spanish economy and
housing market. The portfolio is highly concentrated in
Catalonia (90%) and does therefore not benefit from regional
diversification. Among other things, we assume in our portfolio
credit analysis that loans with these features are more likely to
enter into a foreclosure process and any realized losses to be
more severe in the current and expected Spanish economic
environment. We have therefore projected further arrears in our
analysis," S&P noted.
"As a consequence, our surveillance assumptions in terms of
portfolio weighted-average foreclosure frequency have increased
due to the increase in 90+ days arrears and projected arrears.
Our weighted-average loss severity assumption has decreased over
the same period, due to the decrease on the current loan-to-value
ratio of the portfolio," S&P added.
"In spite of the credit quality deterioration we expect, our cash
flow analysis shows that there is sufficient available credit
enhancement to support our current 'A- (sf)' rating on the class
A notes. This is mainly due to the current level of 32%
available credit enhancement for the notes, which the performing
collateral balance and the cash reserve provide. We have
therefore affirmed and removed from CreditWatch negative our 'A-
(sf)' rating on the class A notes. Our cash flow results also
indicate that we can raise to 'BB+ (sf)' our rating on the class
B notes, as this class of notes can support our 'BB+ (sf)' credit
and cash flow stresses. We have therefore raised to 'BB+ (sf)'
from 'BB (sf)' our rating on the class B notes," S&P said.
AyT Colaterales Global Hipotecario FTA Caixa Laietana I is a
Spanish RMBS transaction backed by first-ranking mortgages
originated mainly in Catalonia and Madrid. The transaction
closed in June 2008, but S&P was not engaged to assign its
ratings to the class A and B notes until February 2011.
STANDARD & POOR'S 17-G7 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
AyT Colaterales Global Hipotecario Caixa Laietana I
EUR170 Million Mortgage-Backed Floating-Rate Notes
Series AyT Colaterales Global Hipotecario Caixa Laietana I
Rating Affirmed And Removed From CreditWatch Negative
A A- (sf) A- (sf)/Watch Neg
Rating Raised
B BB+ (sf) BB (sf)
FIRST QUANTUM: S&P Affirms 'B+' Corp. Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
corporate credit rating on Canada-registered mid-sized copper
mining group First Quantum Minerals Ltd. (FQM). The outlook is
stable. At the same time, S&P lowered to 'B' from 'B+' its issue
rating on FQM's existing US$350 million senior unsecured notes.
S&P removed all ratings from CreditWatch developing, where it
initially placed them on April 22, 2013.
The affirmation reflects S&P's view that FQM's business risk
profile strengthened after the acquisition of Toronto-based
mining company FQM (Akubra) Inc. -- formerly Inmet Mining Corp. -
-increased its geographic and asset diversity. At the same time,
FQM's financial risk profile weakened because of the US$2.5
billion 50% debt-funded acquisition, and anticipated higher
negative free operating cash flow (FOCF) over the next three
years. The falling FOCF will be prompted by the newly acquired
multibillion dollar greenfield copper project Cobre Panama, in
addition to existing projects including a copper smelter and mine
expansions in Zambia.
S&P lowered the issue rating on the US$350 million bond to
reflect the higher amount of priority debt, including FQM
(Akubra)'s US$2 billion bonds.
"We view FQM's broader geographic footprint, good cash cost
position, and diversified asset base--with seven mines running
independently--as the key positives for its business risk
profile. We also note that FQM's dependence on cash flows from
and assets in Zambia has fallen. We estimate that pro forma
EBITDA outside Zambia was close to 50% of the group's total $1.7
billion EBITDA in 2012, compared with 80% for FQM, excluding FQM
(Akubra). Furthermore, by 2017, FQM (Akubra)'s key Cobre Panama
project will be a low-cost copper mine making large EBITDA
contributions. However, we attach high execution risks to FQM's
growth plan, including project concentration in 2014-2016. In
addition, the revision of Cobre Panama's development plan will
take another several months and we have not factored in potential
savings from already announced capital expenditure (capex) of
US$6.2 billion," S&P said.
S&P currently forecasts that FQM's intensive growth plan will
lead to substantial debt increases in 2013-2015, while adjusted
debt-to-EBITDA ratios should average about 2.5x. For 2013, S&P
projects that FQM's net financial debt will reach about
US$2.5 billion, versus a pro forma net US$1.5 billion cash
position at year-end 2012.
Under S&P's base-case scenario, which factors in a copper price
of US$3.3/pound (lb) in 2013 and US$3.1/lb in 2014, it forecasts
EBITDA of about US$1.8 billion per year in 2013-2014. However,
from 2015 S&P expects significantly higher EBITDA, with the group
aiming to almost double its current 400,000 metric tons per year
of copper production through major projects in Zambia.
S&P also expects debt to grow more rapidly than in its previous
assumptions, as it projects sizable negative FOCF of about
US$1.5 billion per year in 2013-2015, assuming an average
US$2.5 billion per year in capex, including important outlays for
Cobre Panama.
The stable outlook factors in S&P's expectation that FQM will
convert its current short-term US$2.5 billion RCF into long-term
funding to support its liquidity, in light of S&P's expectation
of sizable negative FOCF in 2013-2014. In addition, S&P expects
FQM to be able to execute its various ongoing expansion projects
according to plan.
S&P might consider a negative rating action if the company did
not put in place additional long-term funding, or if it faced a
more severe drop in copper prices or significant delays and cost
overruns on its key projects. Negative country risk developments
in Zambia that could impair FQM's ability to export or retain
export proceeds are also a risk factor.
"We might consider a positive rating action in the second half of
2014 or in 2015 if the integration of the two companies advances
as planned and FQM commissions some of its projects in Zambia,
including the new smelter, and advances toward the completion of
the 100,000 metric tons per year Kansanshi mine expansion and the
Sentinel project, which should add 200,000 metric tons per year
from 2015 and up to 300,000 metric tons after the ramp-up phase.
Rating upside will also hinge on FQM's ability to execute its
investment projects according to the initial schedule and budget,
and to demonstrate sound management of the Cobre Panama mine
development. Am upgrade would also require sufficiently
supportive copper prices and "adequate" liquidity, including
long-term funding, to mitigate FQM's significant negative free
cash flow over the growth phase," S&P said.
FQM AKUBRA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
long-term corporate credit rating on Toronto-based mining company
FQM (Akubra) Inc., formerly Inmet Mining Corp., a wholly owned
subsidiary of Canada-based base metals producer First Quantum
Minerals Ltd. (FQM). The outlook is stable.
S&P also affirmed its 'B+' issue rating on FQM (Akubra)'s
existing US$2 billion senior unsecured notes.
At the same time, S&P removed both ratings from CreditWatch with
developing implications, where it had placed them on April 22,
2013.
The rating reflects S&P's view of FQM (Akubra)'s stand-alone
credit profile (SACP) of 'b', plus one notch for parental support
from FQM.
"Our assessment of FQM (Akubra)'s SACP at 'b' reflects our view
of the company's financial risk profile as "highly leveraged,"
revised from "aggressive" after its acquisition by FQM. FQM
(Akubra)'s financial metrics weakened after its acquisition by
FQM, because cash intended to fund the 80%-owned Cobre Panama
copper development was used to fund the cash portion of the
transaction. We currently expect FQM (Akubra) to post about
US$0.4 billion of negative free operating cash flow (FOCF) in
2013, increasing to US$1.3 billion negative FOCF in 2014. We
also expect the company to report high leverage of 4.0x-5.0x in
2013-2014, versus a net cash position of US$1.5 billion at the
end of the first quarter 2013. However, we assume that FQM will
attract long-term funding to support Cobre Panama," S&P said.
"We continue to assess FQM (Akubra)'s business risk profile as
"weak" based on its exposure to volatile base metals prices, the
short reserve lives of its production assets, and its fairly
limited operating diversity, which is counterbalanced by an
attractive second-quartile cost position and balanced earnings
base. We think that the company will benefit from its parent's
good track record in mine construction, but execution risks on
the project remain significant in our view," S&P added.
"The rating on FQM (Akubra) includes a one-notch uplift from the
SACP to factor in support from parent FQM. Supportive factors
include FQM's 100% ownership, the shared name, and the strategic
importance of the subsidiary for the wider FQM group. We also
note positively the existence of a cross-default clause included
in the US$2.5 billion revolving credit facility (RCF), which is
guaranteed by FQM. Constraining factors are the lack of a
parental guarantee for the outstanding US$2 billion bonds and the
Cobre Panama project's substantial execution risks," S&P noted.
The stable outlook reflects S&P's expectation that FQM (Akubra)
will continue to generate positive FOCF from its existing assets
in Spain, Turkey, and Finland. It also factors in S&P's
anticipation of financial support from its parent FQM for the
construction of Cobre Panama and for funding of the sizeable
negative FOCF expected until 2016.
S&P could lower the ratings if the company faced significant
delays or difficulties in developing Cobre Panama and we
perceived diminishing parental
support from FQM.
S&P currently do not anticipate rating upside for FQM (Akubra)
because of its highly leveraged financial risk profile, with
credit metrics expected to gradually deteriorate until 2016
because of high capex for Cobre Panama. For rating upside to
materialize over the medium term, S&P would expect the execution
risks attached to the development of Cobre Panama to be
substantially reduced.
PESCANOVA SA: KPMG Uncovers Hidden Losses From Past Years
---------------------------------------------------------
According to Bloomberg News' Manuel Baigorri, El Confidencial,
citing people in the financial industry, reports that KPMG, which
is doing a forensic analyis of Pescanova SA, has found hidden
losses from past years amounting EUR1 billion.
Bloomberg relates that El Confidencial said Pescanova's total
banking debt may amount to EU3.17 billion.
Pescanova spokesman Juan Antonio Tarjuelo wasn't immediately
available for comment when contacted by Bloomberg News by phone
on June 28.
Pescanova is a Galicia-based fishing company. The company
catches, processes, and packages fish on factory ships. It is
one of the world's largest fishing groups.
Pescanova filed for insolvency on April 15 on at least EUR1.5
billion (US$2 billion) of debt run up to fuel expansion before
economic crisis hit its earnings. The Pontevedra mercantile
court in northwestern Galicia accepted Pescanova's insolvency
petition on April 25. The court ordered the board of directors
to step down and proposed Deloitte as the firm's administrator.
TDA CAM 11: Fitch Cuts Rating on Class C RMBS to 'CCC'
------------------------------------------------------
Fitch Ratings has downgraded TDA CAM 11 and 12 Spanish RMBS
transactions, as follows:
TDA CAM 11
Class A2 (ES0377845013) downgraded to 'A-sf' from 'A+sf'; Outlook
Negative
Class A3 (ES0377845021) downgraded to 'A-sf' from 'A+sf'; Outlook
Negative
Class A4 (ES0377845039) downgraded to 'A-sf' from 'A+sf'; Outlook
Negative
Class B (ES0377845047) downgraded to 'BBBsf' from 'A-sf'; Outlook
Negative
Class C (ES0377845054) downgraded to 'CCCsf' from 'BB-sf';
Recovery Estimate 85%
TDA CAM 12:
Class A2 (ISIN ES0377104015): downgraded to 'A-sf' from 'A+sf';
Outlook Negative
Class A3 (ISIN ES0377104023): downgraded to 'A-sf' from 'A+sf';
Outlook Negative
Class A4 (ISIN ES0377104031): downgraded to 'A-sf' from 'A+sf';
Outlook Negative
Class B (ISIN ES0377104049): downgraded to 'BBBsf' from 'A-sf';
Outlook Negative
Class C (ISIN ES0377104056); downgraded to 'CCCsf' from 'BB-sf';
Recovery Estimate 85%
Key Rating Drivers
Removal of Swaps
Fitch believes the removal of the swaps, which guaranteed excess
margin and mitigated against basis and reset risks on the
collateral, introduces material cash flow risks to the
transactions. Fitch has consequently downgraded all the tranches
to rating levels commensurate with the new risks. The removal was
formalized on June 27, 2013 with the termination fees waived.
Without the swaps, the transactions no longer receive guaranteed
excess margin of 65bp of the performing balance and are exposed
to interest rate mismatches between the mortgages and the notes,
especially in a rising interest rate scenario (as most of the
loan interest rates reset annually while the note rates reset
quarterly). Fitch applied its cash flow model interest rate
stresses to the transactions to test whether the credit
enhancement levels available to the notes were sufficient given
the increased risks.
The increased volume of the reserve fund and associated target
level in each transaction offsets some of the increased risks
resulting from the swap removal. The current and target reserve
fund amount for TDA CAM 11 increased to EUR79.3 million and
EUR87.3 million respectively (from a current reserve fund of
EUR67.9 million) whereas for TDA CAM 12 they increased to EUR80.5
million and EUR89.5 million, respectively (from a current reserve
fund of EUR67.0 million).
Deteriorating Asset Performance
Fitch believes the asset performance is weakening in both
transactions, with the volume of loans in arrears by more than
three months excluding defaults standing at 5.8% in TDA CAM 11
and 4.4% in TDA CAM 12 relative to the portfolio current balance
as of April 2013 (compared with 3.7% and 3.2%, respectively 12
months ago). Cumulative gross defaults as a percentage of
collateral balance stands at 6.0% and 4.6% in TDA CAM 11 and 12,
respectively.
The downgrades of the class B and C notes are due to a
combination of the weakening asset performance as well as the
impact on cash flow following the removal of the swaps.
Rating Sensitivities
Home price declines beyond Fitch's expectations could have a
negative effect on the ratings as this would limit recoveries,
causing additional stress on portfolio cash flows.
The Negative Outlooks on all tranches rated above 'CCCsf' reflect
the uncertainty associated with changes to the mortgage
enforcement framework currently being drafted. The eventual
effects of framework changes on borrower payment behaviour,
recovery timing and amounts are currently unclear and will be
factored into Fitch's analysis as they emerge.
An unexpected sharp rise in interest rates beyond Fitch's
stressed expectations would cause the transactions to suffer cash
shortfalls and may cause the agency to take rating action.
===========
T U R K E Y
===========
EREGLI DEMIR: S&P Raises Corp. Credit Rating to B+
--------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'B+' from
'B' its long-term corporate credit rating on Eregli Demir ve
Celik Fabrikalari T.A.S. (Erdemir), the leading flat steel
producer in Turkey. The outlook is stable.
The upgrade reflects Erdemir's strong operating performance in
the first quarter of 2013, which led S&P to reassess the strength
of the company's competitive position. S&P thinks that Erdemir
is benefitting from the Turkish flat steel industry's supportive
supply and demand balance, high capacity utilization rates, and
its leading position on the domestic market in a globally
challenged steel industry environment. In addition, Erdemir's
Standard & Poor's adjusted debt-to-EBITDA ratio has remained
lower than it expected and S&P foresees leverage metrics,
excluding debt at Oyak-owned special purpose vehicle Ataer,
remaining below 3.0x, even if it continues to factor in the
possibility of more significant dividends that S&P believes may
be needed to service Ataer's sizable debt.
Erdemir reported impressive results for the first three months of
2013, with EBITDA of Turkish lira (TRY) 0.4 billion
(US$0.24 billion), sharply up from the same period last year and
contrasting with other global steel producers' weaker results.
Under S&P's base-case scenario, it expects Erdemir to generate at
least TRY1.3 billion in EBITDA in 2013, up from roughly TRY1
billion reported for 2012.
"We think Erdemir's stronger-than-expected performance was
prompted by its marketing strategy and the flat steel deficit in
the Turkish market, coupled with the drop in raw material prices.
Turkish flat steel production covers approximately 60%-70% of
domestic consumption, while the rest is imported. Erdemir
produces 70% of Turkey's flat steel. In addition, based on our
assumption of 4% GDP growth in Turkey in 2013, we expect better
steel demand growth in the country than in Europe, where we
foresee a 0.5% GDP decline," S&P said.
"We nevertheless continue to see risks that the supply and demand
balance in the flat steel industry in Turkey may become less
favorable, given the existing surplus capacity from electric arc
furnaces (EAFs) and the risk of higher imports. EAFs are
currently underutilized, but competition from them could increase
if scrap prices fell significantly compared with iron ore and
coking coal, and depending on steel prices. As of now, however,
Erdemir has higher utilization rates than its EAF-based peers in
Turkey and many other European competitors. A comparative
weakness, however, is Erdemir's lack of integration into raw
materials, in our view," S&P noted.
Over the past couple of years, reported net debt has fallen from
a peak of TRY3.6 billion at the end of 2009 to TRY2.2 billion at
the end of March 2013, after an impressive TRY0.5 billion of free
cash flow in the first quarter this year. Standard & Poor's-
adjusted net debt to EBITDA for the rolling 12 months ended March
31, 2013, was a modest 2.0x. S&P's adjustments to gross
financial debt of TRY4.1 billion at the end of March include
TRY0.2 billion for postretirement obligations, minus TRY1.7
billion of surplus cash. However, when consolidating US$1.6
billion (TRY3 billion) of Ataer debt, leverage is 4.2x.
S&P also thinks that currently low iron ore and coking coal
prices, in combination with declining steel prices, will contain
Erdemir's working capital requirements, thereby supporting cash
flows.
The stable outlook reflects S&P's expectation that Erdemir will
continue to show adequate operating resilience in challenging
steel industry conditions because of the more supportive supply-
and-demand balance in the Turkish flat steel industry. S&P also
expect the company's Standard & Poor's-adjusted debt-to-EBITDA
ratio to remain below 3.0x in 2013-2014, excluding Ataer's debt,
or about 5.0x including Ataer's debt, a level S&P sees as
commensurate with the current rating. With current leverage
closer to 2.0x, a degree of financial flexibility therefore
exists.
S&P might consider a negative rating action if Erdemir adopted a
more aggressive dividend distribution policy than S&P currently
assumes, or if it pursued mid-sized acquisitions, such that its
adjusted debt to EBITDA (excluding Ataer) exceeded 3x. Other
risk factors are any structural weakening in the Turkish flat
steel industry environment and Erdemir's competitive position
versus EAFs.
S&P do not currently see rating upside, but any positive rating
action would ultimately depend on debt-to-EBITDA ratios being
consistently close to or below 2.0x, excluding Ataer's debt. A
positive action would also depend on S&P's perception that there
was less pressure to pay higher dividends and service the Ataer
debt. Finally, upside would also depend on a more supportive
global steel environment, continuing structural deficit in the
Turkish flat steel industry, and Erdemir's retaining its market
share in Turkey.
=============
U K R A I N E
=============
* UKRAINE: Fitch Affirms Foreign and Local Currency IDRs at 'B'
----------------------------------------------------------------
Fitch Ratings has affirmed Ukraine's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'B' and has revised the
Outlooks on the ratings to Negative from Stable. The short-term
IDR is affirmed at 'B' and the Country Ceiling at 'B'.
Key Rating Drivers
The revision of the Outlook to Negative from Stable reflects an
increasingly fragile external financing position, the likelihood
that international reserves will decline further as Ukraine faces
a heavy external debt repayment schedule through 2014, and
greater challenges in borrowing on international capital markets.
The Outlook revision reflects the following key rating factors
and their relative weights:
High
- Financing flexibility and market access: Ukraine's large
external financing requirement makes it vulnerable to adverse
shifts on international capital markets. The rating has derived
support from the ability of the Ukrainian sovereign (as well as
state-owned corporates and banks) to maintain access to
international markets since mid-2012 despite poor fundamentals.
- Ukraine could strike a new deal with the IMF, thereby unlocking
the necessary funds to refinance liabilities to the IMF.
However, barring a further sharp deterioration in external
financing conditions, Fitch no longer expects Ukraine to reach
an IMF deal in 2013. The authorities have not budged on key,
politically sensitive conditions: cutting subsidies on domestic
household gas prices which cost an estimated 5% of GDP, and
moving to a more flexible exchange rate. Raising sufficient
funds from alternative sources to refinance IMF repayments
totaling US$6.4 billion in 2013-2014 will prove a challenge.
- Economic policy coherence and credibility: Ukraine runs a wide
current account deficit of 8% of GDP. The national bank
depleted
its reserves by 18% (or US$5.3 billion) to barely two months'
of
current account payments in the year to end-May 2013 to support
the hryvnia. The authorities have limited scope to resist any
renewed pressure on the currency, raising risks of a sharp
exchange rate depreciation. High dollarization and foreign-
currency exposure makes government solvency, banks' balance
sheets and the overall economy vulnerable to such an event.
Medium
- Public Debt Sustainability: Sovereign credit metrics are
deteriorating. The fiscal deficit widened to 5.8% of GDP in
2012
(including the losses of state-owned energy company Naftogaz)
and the trend has continued into 2013. General government debt
plus guarantees stood at 38% of GDP at the end of May 2013 and
is rising, despite the repayment of debt to the IMF by the
national bank and the government. As a share of government
revenue, direct government debt is still comfortably below the
median. But the risk of a sharp exchange rate depreciation
pushing up debt/GDP and debt service ratios has increased.
- External Debt Sustainability: Ukraine's gross external debt is
higher than the 'B' median at 78.5% of GDP. At a prospective
28%
of current external receipts (CXR) in 2013, external debt
service is among the highest in the 'B' category. The 2012
external liquidity ratio of 48% is also low. Concerns focus on
the sovereign's external debt. Fitch recognizes that the share
of private sector external debt owed to related parties and the
100%+ rollover rate of private external debt since 2009
mitigates the gross external debt position. Private sector
external assets are also high.
Ukraine's 'B' IDRs also reflect the following key rating drivers:
- A weak business environment and governance indicators, even
relative to the 'B' median, constrain the country's ability
to fully exploit its economic potential.
- GDP and inflation volatility are high, reflecting overheating
before the global financial crisis and a deep recession in
2008-09, followed by a slowdown in 2012.
- The relatively large and still-distressed financial system
remains fragile, burdened by non-performing loans (NPLs) of
30%, and represents a contingent liability to the sovereign,
even after solvency support since 2008 worth 10% of GDP.
- As a result of a weak monetary policy regime and fragile
confidence in the domestic currency, dollarization is high.
- Conversely, high levels of dollarization afford the sovereign
an important measure of domestic financing flexibility in
foreign currency.
- Income per head is relatively high (at purchasing power
parity), and private sector estimates suggest that up to half
of GDP is unrecorded. Human development indicators exceed both
'BB' and 'B' median levels.
Rating Sensitivities
The main factors that individually, or collectively, could
trigger negative rating action:
- A more rapid than forecast fall in international reserves,
whether triggered by a shortfall in external financing, a
terms of trade shock, or an upsurge in capital outflows.
- The need for more state support to recapitalize the banking
system, which is not Fitch's base case.
The main factors that individually, or collectively, could
trigger positive rating action:
- Successful refinancing of obligations due in 2013 and 2014 in
such a manner as to reduce pressure on reserves.
- A return to sustainable growth and a moderation in fiscal and
external imbalances.
Key Assumptions
- Fitch assumes that the economy will grow by 0.5%-1% in 2013 and
2%-3% in 2014. A much weaker economic performance could trigger
negative rating action.
- Fitch's forecast assumes some further depreciation in the
hryvnia to UAH8.5/USD by end-2013 and UAH9/USD by end-2014.
Depreciation on this scale would be manageable for the
financial system and the economy. A more severe depreciation
could lead to a negative rating action.
- Fitch assumes that the eurozone remains intact and that there
is no materialization of severe tail risks to global financial
stability that could trigger a sudden increase in investor risk
aversion and financial market stress. Such a scenario would bar
Ukraine from borrowing on international capital markets and
would likely trigger a downgrade.
- Tensions between government and opposition have risen since
the legislative elections in October 2012, causing
interruptions to parliamentary business. Fitch assumes that the
government can pass legislation if required. A serious
breakdown in governability would be negative for the rating.
===========================
U N I T E D K I N G D O M
===========================
INDUS ECLIPSE: Moody's Affirms B3 Rating on GBP48MM B Notes
-----------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of Notes issued by INDUS (ECLIPSE 2007-1) plc
(amounts reflect initial outstanding):
GBP729M A Notes, Upgraded to A1 (sf); previously on Apr 12, 2011
Downgraded to Baa3 (sf)
GBP48M B Notes, Affirmed B3 (sf); previously on Apr 12, 2011
Downgraded to B3 (sf)
GBP0.1M X Notes, Affirmed B1 (sf); previously on Aug 22, 2012
Downgraded to B1 (sf)
Moody's does not rate the Class C, Class D and the Class E Notes.
Ratings Rationale:
The upgrade action is primarily driven by the increase in the
credit enhancement level for the Class A Notes to 40.6% following
the full repayment of the Adelphi loan and the respective
sequential allocation of the proceeds to the Class A Notes.
Another credit positive factor for the Class A Notes is the fully
sequential allocation of the future principal repayments of the
remaining nine loans in the pool.
The ratings on the Class B and Class X Notes are affirmed because
the quality of the outstanding pool of loans remains low. The
weighted average Moody's loan to value (LTV) at maturity is 112%.
The expected loss on the outstanding loan pool is driven by (i)
the high default probability upon refinancing of seven out of the
nine remaining loans, (ii) the non-prime quality of the
properties, which secure 55% of the outstanding loan balance and
for which values are not expected to recover over the short term.
The current ratings of Class A and Class B are sensitive to the
performance of the largest loan in the pool, the Criterion loan
(43% of the current pool). Moody's assigns a high default
probability at refinancing of the loan (>50%) but notes that a
full repayment of the loan, other things equal, could lead to
upgrades of the Class A and Class B Notes.
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
Indus (Eclipse 2007-1) plc closed in 2007 and represents the
securitization of initially 19 mortgage loans originated by
Barclays Bank Plc. Currently nine loans remain in the pool, which
are secured by first-ranking legal mortgages over 255 commercial
properties. The pool exhibits an average concentration in terms
of property type (56% office, based on underwriter market value)
and geographic location (100% in the UK). Moody's uses a
variation of Herf to measure diversity of loan size, where a
higher number represents greater diversity. Large multi-borrower
transactions typically have a Herf of less than 10 with an
average of around 5. The remaining pool has a Herf of 3.8, lower
than the Herf of 7.9 at closing.
The loan pool has experienced significant repayments, thereby
reducing the pool balance by 68% to GBP284.1 million since
closing. A total of GBP45.8 million of losses have been realized
and allocated to the junior classes, including a GBP12.2 million
loss on the Agora Max loan (18% of its initial loan balance), a
GBP22.3 million loss on the Greater London Portfolio loan (30% of
its initial loan balance), a GBP 8.2 million loss on the Gullwing
Portfolio loan (63% of its initial loan balance) and a GBP3.1
million loss on the Apex loan (70% of its initial loan balance).
Five of the remaining nine loans (59% of the current pool) are on
the servicer's watchlist for various reasons including upcoming
loan maturities (Pitch 2, St George and Wylie loans) and prior
loan restructuring (Criterion and Forster Hall loans). One loan,
Workspace Portfolio, which represents 9% of the current pool
balance is in special servicing undergoing workout and sale of
the assets. Moody's expects a loss on this loans in the range of
50-75%.
Moody's notes that for seven of the currently outstanding loans
(95% of the securitized pool), Moody's LTV ratios on the whole
loan are above 80%, translating into high probability of default
at maturity (>50%).
The largest loan in the pool, the Criterion loan, represents 43%
of the current securitized loan balance and matures in July 2015.
The whole loan is split into a securitized senior loan and a
junior loan outside of the securitization. An interest rate swap
covering the whole loan amount matures only in January 2022 and
has currently a significant negative mark-to-market value for the
borrower.
The loan is secured by a trophy asset in Picadilly Circus,
London, which has a mix of retail and office use. Although
Moody's value assessment of the property has increased in line
with the strong performance of the London prime market, Moody's
LTV is still very high at 105% on the whole loan level, including
the mark-to-market exposure on the long dated interest rate swap,
which ranks senior to the securitized loan. Therefore Moody's
assigns high default probability at refinancing of the loan
(>50%).
The second largest loan, NOS Portfolio loan, represents 24% of
the current securitized balance and matures in January 2017. The
loan is secured by a granular portfolio of 228 small secondary
retail units spread across the UK. The tenants are mostly small
local businesses. The portfolio vacancy has remained close to
20%. Moody's LTV ratio increased to 128%. The lower value
assessment of the portfolio is due to the continued challenging
environment for the retail sector in the UK and the further
polarization between the prime and secondary markets. Moody's has
increased the refinancing default risk for the loan to high
(>50%).
Rating Methodology
The methodologies used in this rating were Moody's Approach to
Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio) published in April 2006 and Moody's Approach to Rating
Structured Finance Interest-Only Securities published in February
2012.
Other factors used in this rating are described in European CMBS:
2013 Central Scenarios published in February 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.
MODELZONE: In Administration, 400 Jobs at Risk
----------------------------------------------
This Is Money reports that ModelZone has fallen into
administration, putting about 400 jobs at risk.
ModelZone, which has 47 stores across the UK, and its wholesaling
arm Amerang have appointed Deloitte as administrator after the
store was hit by online competition and onerous shop leases,
according to This Is Money.
The report notes that Deloitte said Modelzone gift vouchers would
continue to be honored but only towards 50 per cent of the
purchase price.
The report relates that the latest high street casualty follows
the demise of furniture seller Dwell last week, and coincides
with quarterly rent day when retailers have to stump up three
months' money in advance to remain in business.
The report relays that Deloitte said it was seeking to 'preserve
jobs' at ModelZone, which is headquartered in West Sussex, and
secure a sale of the business as a going concern.
The report notes that ModelZone founder David Mordecai, who is
chief executive of Hawkin's Bazaar parent Tobar Group, is
reportedly preparing to launch a rescue bid for the chain.
Richard Hawes -- rhawes@deloitte.co.uk --, joint administrator
and partner in Deloitte's restructuring services practice, said:
"ModelZone has historically been profitable, however in recent
years the company entered into leases for new stores that proved
to be loss making . . . . This, coupled with the growth in
online competition, has resulted in ModelZone generating losses
over the last couple of years, which the board of directors has
now concluded is unsustainable and sought the appointment of
administrators."
SHIP LUXCO 3: S&P Lowers Long-Term CCR to 'B'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on U.K.-based payment processing
company Ship Luxco 3 S.a.r.l. (Worldpay) to 'B' from 'B+' and
affirmed its short-term corporate credit rating on the company at
'B'. At the same time, S&P removed the ratings from CreditWatch,
where it placed them with negative implications on March 22,
2013. The outlook is stable.
In addition, S&P lowered its 'BB' issue ratings on Worldpay's
senior secured term loans to 'B+' from 'BB' and removed them from
CreditWatch, where it placed them with negative implications on
March 22, 2013. S&P also revised downward the recovery ratings
on this debt to '2' from '1', indicating its expectation of
substantial (70%-90%) recovery prospects in the event of a
payment default.
S&P is also assigning its 'B+' issue rating to the cumulative
GBP700 million new term loan C. The recovery rating on this
instrument is '2', indicating S&P's expectation of substantial
(70%-90%) recovery prospects in the event of a payment default.
The rating actions primarily reflect the increase in leverage
following Worldpay's recent refinancing, under which it issued
approximately GBP700 million in new term loans. About
GBP328 million was used to pay a dividend to shareholders and
cumulative GBP377 million was used to repay the mezzanine
debtholders. The company has also cancelled the disposal of its
U.S. business, part of the proceeds of which it had planned to
repay debt and part to repay its shareholders.
As a result, S&P expects Worldpay's credit metrics to deteriorate
such that adjusted leverage will remain at or above 6x, funds
from operations to debt below 10%, and cash EBITDA interest
coverage in the 2.5x-3.0x range in 2013 and 2014. As of March
31, 2013, Standard & Poor's-adjusted leverage, including
Worldpay's preferred equity certificates (PECs) stood at 6.7x, up
from 5.6x before the refinancing.
The ratings on Worldpay are constrained by S&P's assessment of
the group's financial risk profile as "highly leveraged."
Following the increase in debt, S&P anticipates that Worldpay's
capital structure will continue to remain "highly leveraged," as
per S&P's criteria definition, over the next two years. S&P
believes that the company still faces significant restructuring
risks and costs.
The ratings also take into account S&P's assessment of Worldpay's
business risk profile as "satisfactory," which is supportive of
the overall rating. S&P's assessment primarily reflects its view
that Worldpay will maintain its leading position in the U.K. and
continue to deliver modest EBITDA growth, notably from its e-
commerce and U.S. divisions, while maintaining resilient
performance in its streamline division.
In S&P's view, Worldpay will continue to maintain EBITDA margins
at about 7% and positive free operating cash flow (FOCF) in the
near term.
Rating stability is dependent on Worldpay maintaining adjusted
gross leverage of about 6x-7x including the PECs, and positive
FOCF. It is also dependent on the company/group maintaining a
coverage ratio of cash interest by EBITDA of more than 2x.
In S&P's opinion, a positive rating action on Worldpay is remote
at this stage, due to the company's increased appetite for
leverage and modest free cash flow generation prospects.
S&P could lower the ratings if it sees a deterioration in the
company's liquidity, particularly if covenant headroom tightens
consistently to less than 15%. Equally, S&P could downgrade
Worldpay if the company's EBITDA declines over the next few
quarters without any reasonable prospect of meaningful recovery,
and if EBITDA coverage of cash interest falls below 2x over the
next few years.
Similarly, S&P could lower the ratings if it observes that
Worldpay's carve-out-related investments in 2013 are meaningfully
higher than its base-case scenario, implying no significant
improvement in free cash flow generation.
SOUTH CROFTY: Goes Into Administration, Cuts 35 Jobs
----------------------------------------------------
thisisthewestcountry.co.uk reports that South Crofty has been put
into administration to allow the owners Western United Mines Ltd
to "stop to take breath and consolidate its position".
A number of employees will be made redundant as the mine is moved
to a "care and maintenance basis", however Western United Mines
(WUM) say they still have "production and economic revival firmly
in our sights," according to thisisthewestcountry.co.uk.
The report notes that the mine's owners said they "have had to
take the preservation step" of appointing David Tann --
david.tann@wilkinskennedy.com -- John Kirkpatrick and Keith
Stevens -- john.kirkpatrick@wilkinskennedy.com -- of Wilkins
Kennedy LLP as administrators.
The report discloses that the move follows Canada-based Celeste
entered into an earn-in agreement with WUM in May 2011 but was
served with a default notice on June 5.
The report notes that WUM said no further payments have been
received and the administration is to safeguard South Crofty's
assets.
"Celeste's failure to meet its financial responsibilities has
been a major blow for us in terms of being able to continue with
the exploration and development work that has been yielding such
hugely positive results . . . . We have faced endless challenges
since buying the mine in 2001 - the most recent being UNESCO's
highly publicized objections to mining operations taking place
within Cornwall's World Heritage Site. Each of the battles we
have fought has had a considerable impact on our financial
resources and on our attractiveness as an investment opportunity
but, through it all, we have remained confident and optimistic
about the huge potential that South Crofty has to offer. . . .
That optimism and confidence has not been diminished. We have
appointed an administrator to protect the mine whilst we stop to
take breath and consolidate our position," the report quoted ,"
said Alan Shoesmith, WUM's chief executive, as saying.
THOMAS COOK: Fitch Raises Long-Term Issuer Default Rating to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded Thomas Cook Group plc's (TCG) Long-
term foreign currency Issuer Default Rating (IDR) to 'B' from 'B-
' and senior unsecured rating to 'B+'/RR3 from 'B-'/RR4. The IDR
and senior unsecured rating have been removed from Rating Watch
Positive (RWP), where they were placed on May 16, 2013. The
Outlook on the IDR is Positive.
Fitch has also assigned a final rating of 'B+'/'RR3' to the new
EUR525 million 7.75% senior unsecured notes issued by Thomas Cook
Finance plc, which are guaranteed by TCG. The notes rank pari
passu with the new bank debt and existing notes. The terms of the
final documentation conform to the information already received.
The upgrade follows the completion of TCG's GBP1.6 billion
refinancing plan, which includes the three financing elements: 1)
GBP430.9 million gross proceeds from a placing and rights issue;
2) a new EUR525 million 7.75%senior unsecured notes maturing in
2020 issued by Thomas Cook Finance plc, guaranteed by Thomas Cook
plc; and 3) a GPP691 million revolving credit facility (RCF)
facility maturing in 2017. The latter incorporates a GBP300
million RCF facility and GBP200 million bonding facility (GBP30
million maturing in 2015 and a GBP170 million in 2017) plus an
equivalent of GBP191 million additional RCF available for the
purpose to repay at maturity the EUR400 million, 6.75% notes due
in June 22, 2015.
Fitch expects that the refinancing and the already-announced
group "transformation plan" are likely to result in a further
improvement in both the group's profitability and adjusted
leverage ratios. The Positive Outlook reflects upside potential,
albeit constrained at this point by further inherent execution
risks associated with the full realization of the results of the
company's transformation plan.
Key Rating Drivers
Improved Debt Maturity Profile and Liquidity Headroom:
Fitch views the group's refinancing proposal as positive as it
will extend the 2015 bank debt maturities to 2017 and has partly
already ensured the refinancing of its June 2015 EUR400 million
senior unsecured notes. This leaves the company more flexibility
to concentrate on its turnaround plan until 2015.
Expected Recovery For Creditors Upon Default:
TCG's recovery ratings reflect Fitch's expectations that the
enterprise value of the company in a default scenario -- and
resulting recovery for its creditors would be maximized in a
going-concern approach, rather than liquidation due to the asset-
light nature of the business. The distressed multiple applied
across both scenarios is 4.5x. The recovery rate for the senior
unsecured debt is estimated at 'RR3' (51%-70%). However, Fitch
notes that the company has previously obtained secured bank
funding to the amount of GBP200 million. If this happens again,
the recovery rate on the unsecured classes of debt could be
reduced from the current level of 'RR3' (51%-70%).
Turnaround Plan:
The group is undertaking a comprehensive turnaround of its UK
business as well as a group-wide cost-cutting program. The aim of
these measures is to improve EBIT from 2012 to 2015 by GBP390
million (GBP140 million UK turnaround and GBP250 million group-
wide cost-cutting). The transformation plan entails inherent
execution risks, although Fitch notes that the majority of the
improvement is driven by cutting costs that have been clearly
identified. However, the full achievement will be subject to
external factors such as the fluctuation of jet fuel prices, FX
changes and any external shocks disrupting international tourism.
Competitive, Low-Margin Industry:
Competition in the sector remains intense, notably from low-cost
airlines and the rapid development of online companies. Fitch
considers TCG's target of increasing online penetration as
critical to address customer booking behavior, notably in the UK.
The group targets increasing its share of passengers booking
online to more than 50% from 34% by FY15. The main risk lies with
the group's ability to create an online platform that works
efficiently across all group functions.
Exceptional Costs:
TCG reported high exceptional costs of GBP129.9 million at FYE12.
Fitch understands that exceptional costs will be reduced over
2013-2015 to approximately GBP100 million, mainly related to the
group's restructuring plans. However, the group will also incur
restructuring costs related to its French operation.
Disposals:
The group divested businesses (GBP122.7 million) and carried out
some sale and lease-back transactions on its aircraft (GBP189.4
million) in order to improve liquidity and stabilize its debt
level in FY12. Fitch expects more modest divestments in the next
three years. Management has identified potential for GBP100
million-GBP150 million of gross proceeds from sales of non-core
assets.
Seasonality and Leverage:
Working-capital cash outflow increases during September to
December as it is a traditionally quieter holiday period. The
working capital swing throughout the year is about GBP850
million. From September to December Fitch will continue to
conservatively adjust its year-end debt (September) by GBP700
million, although acknowledges that successful implementation of
the group's working capital initiatives is likely to reduce this
amount.
Improved Credit Metrics:
Fitch expects the new capital structure to delever faster than it
initially envisaged in the next two years thanks to the group's
turnaround plan and equity injection. Fitch notes that gross debt
will initially increase post refinancing due to the low level of
undrawn bank debt at September 2012 and the issuance of the new
senior unsecured notes. Fitch expects adjusted leverage (assuming
a seasonal GBP700 million working capital swing) to decrease to
below 3.5x by FY15 from 6.0x at FY12.
Rating Sensitivities
Future developments that could lead to positive rating action
include:
- Generating positive free cash flow (including restructuring
and exceptional costs)
- Lease-adjusted EBITDAR/ gross interest plus rents above 2.2x
- Improvement of the group's operating margin towards 4%
- Lease-adjusted net debt/EBITDAR below 3x or lease-adjusted
net debt (including GBP700m for working capital swing)/EBITDAR
below 4x)
Future developments that could lead to negative rating action
include:
- Generating positive free cash flow (including restructuring
and exceptional costs)
- Lease-adjusted EBITDAR/gross interest plus rents below 2x
- Group operating margin below 3%
- Lease-adjusted net debt (including GBP700m for working capital
swing)/EBITDAR above 5x
- Total liquidity headroom below GBP200m
VIRGIN MEDIA: S&P Lowers Corp. Rating to 'BB-'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K. cable operator Virgin Media Inc.
to 'BB-' from 'BB' and removed it from CreditWatch negative. The
outlook is stable.
At the same time, S&P lowered the issue ratings on the senior
secured notes issued by Virgin Media Secured Finance PLC,
maturing in 2018 and 2021, to 'BB-' from 'BBB-' in line with the
revised corporate credit rating on Virgin Media. S&P lowered the
recovery rating on these notes to '3' from '1' reflecting its
revised expectation of meaningful (50%-70%) recovery prospects
for these lenders in the event of default.
"In addition, we have lowered the issue ratings on the senior
unsecured notes issued by Virgin Media Finance PLC, maturing in
2019 and 2022, to 'B' from 'BB-', two notches below the corporate
credit rating on Virgin Media. At the same time, we lowered the
recovery ratings on these notes to '6' from '5' reflecting our
revised expectation of negligible (0%-10%) recovery prospects
for lenders in the event of a default," S&P said.
S&P has also lowered the issue rating on the convertible notes
issued by Virgin Media to 'B' from 'B+', two notches below the
corporate credit rating on VMI. The recovery rating on these
notes is unchanged at '6', reflecting S&P's expectation of
negligible (0%-10%) recovery prospects in the event of default.
"The rating action primarily reflects our revised assessment of
Virgin Media's financial risk profile to "aggressive" (formerly
"significant") following the completion of Liberty Global's
acquisition of the company. Based on the revised capital
structure and the approximate GBP2.5 billion of new debt that it
will take on, we anticipate that Virgin Media's Standard &
Poor's-adjusted ratio of gross debt to EBITDA will remain just
less than 5x over the next 12-18 months, up from 3.7x on Dec. 31,
2012, assuming Virgin Media's 2016 convertible loan is fully
converted into equity," S&P added.
"The ratings are supported by our assessment of Virgin Media's
business risk profile as "satisfactory" under our criteria. This
reflects the company's well-established business position as the
second-largest pay-TV operator in the U.K. and a leading provider
of bundled services (TV, broadband Internet, fixed-line
telephony, and mobile telephony). The group's cable network
passes through approximately one-half of all U.K. homes, and its
strong network capabilities and scalable infrastructure enable it
to provide very fast, innovative offerings, as well as advanced
broadband Internet and content. However, Virgin Media's business
risk profile is constrained by our view of the U.K.'s highly
competitive landscape and by the company's only partial network
coverage," S&P noted.
In S&P's base case, it anticipates overall revenue growth of
about 3%, resulting in stable EBITDA margins at about 40% for
2013 and 2014.
The issue rating on the senior secured notes issued by Virgin
Media Secured Finance PLC, maturing in 2018 and 2021, is 'BB-',
in line with the corporate credit rating on Virgin Media. The
recovery rating on these notes is '3' reflecting S&P's
expectation of meaningful (50-70%) recovery prospects for lenders
in the event of default. S&P's recovery ratings reflect the
increase in senior secured and total debt following the
acquisition.
The issue rating on the senior notes issued by Virgin Media
Finance PLC, maturing in 2019 and 2022 is 'B' two notches below
the corporate credit rating on Virgin Media. The recovery rating
on these notes is '6', reflecting S&P's expectation of negligible
(0%-10%) recovery prospects for lenders in the event of a
default.
The issue rating on the convertible notes issued by Virgin Media
is 'B', two notches below the revised corporate credit rating on
Virgin Media. The recovery rating on these notes is '6',
reflecting S&P's expectation of negligible (0%-10%) recovery
prospects in the event of default.
The issue rating on the senior secured notes maturing in 2021
originally issued by Lynx I and the new senior secured credit
facility issued by Virgin Media Investment Holding Ltd. is 'BB-',
in line with the corporate credit rating on Virgin Media. The
recovery rating on these facilities is '3' indicating S&P's
expectation of meaningful (50%-70%) recovery prospects in the
event of a default.
The issue ratings on the senior notes maturing in 2023 originally
issued by Lynx II is 'B', two notches below the corporate credit
rating on Virgin Media. The recovery rating on these facilities
is '6' indicating S&P's expectation of negligible (0%-10%)
recovery prospects in the event of a default.
S&P's recovery and issue ratings for the senior secured notes are
supported, in S&P's view, by a comprehensive security package,
including pledges over substantially all Virgin Media assets.
However, in S&P's view, the recovery rating is constrained by the
large amount of senior secured debt relative to unsecured debt in
the capital structure following the acquisition.
"We believe that a default of Virgin Media would most likely
occur following deterioration in operating performance due to
declining revenues and lower margins, the result of increased
competition and increased marketing costs. At our simulated
point of default in 2018, triggered by the maturity of the senior
secured notes, we project EBITDA would have fallen to GBP1,100
million. We have revised our EBITDA at default from our previous
analysis, given the increased amount of senior secured debt in
the capital structure from what we initially expected when the
merger with Liberty Global was announced. We assume that the
GBP660 million RCF will be fully drawn at default. We value
Virgin Media as a going concern, given our view of the company's
solid market position in the U.K., highly valuable cable
networks, and relatively stable customer base, as well as the
high barriers to entry inherent to a consolidated industry.
(Duplicating a modern cable network such as Virgin Media's would
be very expensive.)," S&P noted
"We estimate a stressed enterprise value of GBP5.83 billion at
our hypothetical point of default, equivalent to a 5.75x
enterprise value multiple. After deducting priority liabilities
of about GBP400 million associated with the cost of enforcement,
and about GBP270 million related to finance leases and pension
liabilities, we estimate about GBP5.15 billion of value remaining
for debtholders. At our simulated point of default, we envisage
about GBP7.85 billion of senior secured debt outstanding at
default (including six months' prepetition interest). We
therefore see meaningful (50%-70%) recovery for senior secured
creditors, equating to a recovery rating of 3," S&P said.
S&P estimates GBP1.4 billion of senior unsecured debt outstanding
at default, including prepetition interest. This results in
S&P's expectation of negligible (0%-10%) recovery prospects for
senior unsecured noteholders, equating to a recovery rating of
'6'.
On the basis of our distressed valuation, there is no residual
value for the convertible noteholders at Virgin Media, resulting
in negligible estimated recovery prospects of 0%-10%, translating
into a recovery rating of '6'.
The stable outlook on Virgin Media reflects S&P's view that the
group will maintain positive revenue growth of about 2%-3%,
resulting in stable margins and free operating cash flow (FOCF)
in excess of GBP350 million over the next 12-18 months.
In S&P's opinion, a positive rating action on Virgin Media is
remote at this stage, due to the group's high leverage.
S&P could lower the ratings if Virgin Media's new shareholders
adopt a more aggressive financial policy than it currently
expects, for example, if the returns to shareholders are
increased before headroom under the credit metrics is improved.
S&P could also consider a negative rating action if there is any
deterioration in operating performance or FOCF generation in the
face of excessive market competition, or increased acquisition
activity that would lead to adjusted debt leverage returning to
sustainably more than 5.0x.
* UK: Number of Scottish Company Insolvencies Down by 73% in May
----------------------------------------------------------------
The Glasgow Herald reports that the number of businesses going
bust in Scotland fell by 73% in May, which may indicate firms are
benefiting from the recent gradual upturn in the economy.
Experian recorded 38 insolvencies in Scotland in May compared
with 139 in the preceding year, the Glasgow Herald discloses.
Calculations by the business information giant suggest the
corporate sector in Scotland is faring better than other parts of
the UK, the Glasgow Herald notes.
It says 0.03% of the total stock of businesses failed in Scotland
in May, compared with 0.08% across the UK, according to the
Glasgow Herald.
The number of insolvencies in the UK fell by 5% annually, to
1755, from 1841 in the same month in 2012, the Glasgow Herald
says.
In April, the Accountant in Bankruptcy body said 143 firms went
into receivership or compulsory or creditors' voluntary
liquidation in Scotland in the three months to March, down 63% on
the same period in the preceding year, when 385 failed, the
Glasgow Herald relates.
There have been worries significant numbers of so-called zombie
companies are being kept alive by low interest rates and the
reluctance of banks and the tax authorities to initiate
insolvency proceedings in respect of strugglers, the Glasgow
Herald notes.
Experian said the insolvency rate fell in seven out of the 11
government regions in May 2013, the Glasgow Herald relates.
According to the Glasgow Herald, Experian said smaller
businesses, which represent the "vast majority" of UK companies
had done well. Companies with six to 10 employees showed the
best improvement, with 0.16% of the stock going bust in May,
compared with 0.2% in the same month last year, the Glasgow
Herald notes.
Some 249 building and construction firms went into insolvency in
May down from 303 last time, the Glasgow Herald says.
Max Firth, managing director, Experian Business Information
Services, UK and Ireland, said construction firms could take
heart at the fall in insolvencies after a particularly tough
period, the Glasgow Herald relates.
===============
X X X X X X X X
===============
* Fitch Says ESM, Bank Resolution Pos. for Eurozone Sovereigns
--------------------------------------------------------------
Allowing the European Stability Mechanism (ESM) to directly
recapitalize banks is credit positive for eurozone sovereigns,
but the European Council proposal to keep deposit protection and
resolution funds at a largely national level reduces the extent
to which the link between banks and sovereign ratings is
weakened, Fitch Ratings says.
The Council's Recovery and Resolution directive proposal is a key
step towards formalizing a framework for intervention and
resolution decisions for EU banks. However, its position on
liabilities eligible for bail-in and the bail-in hierarchy shows
some differences with the position of the European Parliament.
The Council's agreement requires the setup of national resolution
funds that have to be pre-financed, and sets out conditions for
when and how a fund can be used.
The Council's proposal does not establish a "European Resolution
Fund" as envisaged by European Council President Herman Van
Rompuy in December last year. Instead, national funds will be
able to lend to each other on a voluntary basis and the ESM can
act as a centralized back-stop fund to weaken the link between a
troubled sovereign and its banking sector. Further political
negotiations are likely if there is a need to borrow from other
resolution funds or use more than the ESM's modest EUR60 billion
set aside for direct bank recapitalization.
The recovery and resolution proposals are credit positive for
sovereigns because together with enhanced capital buffers they
mean that future banking crises should be less costly for
sovereigns than over the past five years. The initial burden of
stabilizing failed banks is to be borne by bank shareholders and
debt holders before the bank-financed resolution fund. With a
minimum bail-in requirement at 8% of liabilities and the
resolution fund's ability to contribute up to 5%, the risk of the
public sector bearing costs if a bank fails will reduce
substantially unless the losses are exceptionally large or the
resolution funds insufficient.
However, reducing the risk of public sector intervention will be
a lengthy process. Banks have 10 years to make their annual
contributions until funds reach a minimum level of 0.8% of
insured deposits. During that period, there is a risk that they
will be too small if another banking crisis hits. In a systemic
crisis, a national resolution fund may have a shortfall even if
borrowing from other countries is agreed.
* 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
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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
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BELVEDERE SA BVD PW -256191005.4 927737997.9
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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
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
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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
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T BANK TBANK GA -46224213.41 3486115450
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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
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IRELAND
-------
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START FUNDING NO 3816392Z ID -8410425.946 624257073.1
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
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AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
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COGEME AXA COGAXA IM -77319804.75 102552226.7
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GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
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MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
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MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
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MERIDIANA SPA 1163Z IM -4645217.834 187285866.9
MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
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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 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-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
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SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
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SEAT PAGINE PG VX -741904802.3 3755632231
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SEAT PAGINE PG1GBX EO -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
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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
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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
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TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
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INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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INTEROIL EXPLORA INOX NO -21010000 139828992
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PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
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PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
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PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
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TDC AS 4287413Z NO -83055192.99 129421953.7
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TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
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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
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FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
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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
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HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
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HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
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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
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SLOVENIA
--------
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SPAIN
-----
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SWEDEN
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SWITZERLAND
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TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
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UKRAINE
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UNITED KINGDOM
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DAVENHAM GROUP P DAV EU -57317833.22 114701147.6
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DE LA RUE PLC DLAR TQ -72920095.83 652922700.1
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ELE INVTS LTD ELCT US -50659516.57 281969290.1
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
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EMI GROUP PLC 3020138Q GR -2265916257 2950021937
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EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
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GGT GROUP-ADR GGTRY US -156372272 408211200.9
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RENTOKIL INITIAL RTO EB -265497954 2695753100
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RENTOKIL INITIAL RTO NR -265497954 2695753100
RENTOKIL INITIAL RTO S1 -265497954 2695753100
RENTOKIL INITIAL RTO1 GR -265497954 2695753100
RENTOKIL INITIAL RTO QM -265497954 2695753100
RENTOKIL INITIAL RKLIF US -265497954 2695753100
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RENTOKIL INITIAL RTOUSD EO -265497954 2695753100
RENTOKIL INITIAL RTO LN -265497954 2695753100
RENTOKIL INITIAL RTO EU -265497954 2695753100
RENTOKIL INITIAL RTO TQ -265497954 2695753100
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RENTOKIL INITIAL RTOPEN EO -265497954 2695753100
RENTOKIL INITIAL RTO GR -265497954 2695753100
RENTOKIL INITIAL RTO PZ -265497954 2695753100
RENTOKIL INITIAL RTO VX -265497954 2695753100
RENTOKIL INITIAL RTOUSD EU -265497954 2695753100
RENTOKIL INITIAL RTO1 EO -265497954 2695753100
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RENTOKIL INITIAL RTOKF US -265497954 2695753100
RENTOKIL INITIAL RTOEUR EU -265497954 2695753100
RENTOKIL-SP ADR RTOKY US -265497954 2695753100
RENTOKIL-SP ADR AP76 LI -265497954 2695753100
REXAM BEVERAGE C 1120903Z LN -15123027.48 118921563.6
ROAD MGMT CONS 1239Z LN -24813.99918 315561166
ROSEMONT HOLDING 4391905Z LN -34807182.85 158222622.5
ROSYTH ROYAL DOC 2184524Z LN -38831265.46 176808921.7
ROYAL BANK LEASI 2177244Z LN -96708288.01 12689075410
ROYAL MAIL HOLDI 3900202Z LN -4979588987 9290852179
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SCOTTISH TELEV SCTVF US -44693985.16 126240905.5
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SCOTTS CO UK LTD 1154459Z LN -42301127.16 119882290.9
SETON HEALTHCARE 2290Z LN -10585183.94 156822902.8
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SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
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SIMON CARVES LTD 1209367Z LN -309426997.2 105356699.7
SKANDIA LIFE BUS 1451642Z LN -16563612.78 132120692.5
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SMG PLC SMG LN -44693985.16 126240905.5
SMG PLC SMG PO -44693985.16 126240905.5
SMG PLC-FUL PAID SMGF LN -44693985.16 126240905.5
SMG PLC-NIL PAID SMGN LN -44693985.16 126240905.5
SMITHS NEWS PLC NWS6 EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS2GBP EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS PZ -82175781.01 424997909.9
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SMITHS NEWS PLC NWS IX -82175781.01 424997909.9
SMITHS NEWS PLC NWS11 EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS LN -82175781.01 424997909.9
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SMITHS NEWS PLC SMWPY US -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 BQ -82175781.01 424997909.9
SMITHS NEWS PLC NWS1GBP EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS4 EO -82175781.01 424997909.9
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SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
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TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
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UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
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VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
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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
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *