/raid1/www/Hosts/bankrupt/TCREUR_Public/130709.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 9, 2013, Vol. 14, No. 134
Headlines
C Y P R U S
* CYPRUS: Fitch Hikes Long-Term Issuer Default Rating to 'CCC'
D E N M A R K
FIH ERHVERVSBANK: Moody's Affirms 'B1' Deposit Ratings
F I N L A N D
NOKIA CORP: S&P Cuts Corp. Credit Rating to 'B+': Outlook Stable
G E R M A N Y
GEHRLICHER SOLAR: Files for Insolvency in Munich Court
KION: S&P Raises Corp. Credit Rating to 'BB-'; Outlook Positive
G R E E C E
* GREECE: Bailout & Economic Outlook Uncertain, Creditors Say
H U N G A R Y
KAPUVARI: Court Extends Liquidation Procedure Until December
L U X E M B O U R G
GELDILUX-TS-2013 SA: Moody's Rates EUR12.8MM Cl. D Notes '(P)Ba2'
N E T H E R L A N D S
CONISTON CLO: Moody's Lowers Rating on Class F Notes to 'Caa3'
DE MASTER 1753: S&P May Lower Rating to B+ if Buy-Out Pushes Thru
POLIMEX-MOTOSTAL: In Talks with Creditors on Debt Repayment
P O R T U G A L
ATLANTES MORTGAGES: Moody's Cuts Rating on EUR12.5M C Notes to B3
* PORTUGAL: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Neg.
R U S S I A
YAMAL INVESTMENT: S&P Assigns 'B-' Long-Term Issuer Credit Rating
* IRKUTSK OBLAST: S&P Affirms 'BB+' Issuer Credit Ratings
S P A I N
BANCAJA 10: S&P Lowers Rating on Class D Notes to 'CCC-'
BIOCARBUROS DEL ALMANZORA: Almeria Court Okays Liquidation Plan
FONCAIXA FTGENCAT: Fitch Affirms 'CC' Rating on Class E Notes
HIPOTEBANSA 11: S&P Lowers Rating on Class B Notes to 'B+'
RURAL HIPOTECARIO XIV: Fitch Rates EUR22.5MM Cl. B Notes 'B(EXP)'
TDA CAM 11: Moody's Lowers Rating on EUR33MM B Notes to 'Ba2'
T U R K E Y
TURCAS PETROL: Fitch Affirms 'B' Long-Term Issuer Default Ratings
U K R A I N E
* CRIMEA: S&P Affirms 'B' Issuer Credit Rating; Outlook Negative
U N I T E D K I N G D O M
DINAMO PRODUCTIONS: Goes Into Administration
ERUMA PLC: In Administration; Share Trading Suspended
FAIRHOLD SECURITISATION: Moody's Cuts Ratings on Two Notes to B3
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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C Y P R U S
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* CYPRUS: Fitch Hikes Long-Term Issuer Default Rating to 'CCC'
--------------------------------------------------------------
Fitch Ratings has upgraded Cyprus's Long-term local currency
Issuer Default Rating (IDR) to 'CCC' from 'Restricted Default'
(RD). Individual bonds affected by the exchange completed 1 July
have been upgraded to 'CCC' from 'D'; unaffected domestic bonds
have been affirmed at 'CCC'. The Long-term foreign currency IDR
has been affirmed at 'B-' with a Negative Outlook. The Short-term
foreign currency IDR has been affirmed at 'B' and the Country
Ceiling affirmed at 'B'.
Key Rating Drivers
The upgrade of Cyprus's local currency IDR reflects the following
key rating drivers and their relative weights:
- High
The announcement of the completion of the government's domestic
debt exchange and issue of the new bonds on 1 July marks the
resolution of a default event. The government's exchange of
EUR1 billion of domestic laws bonds maturing during the IMF-EU
program period for new bonds maturing in 2019-23 was considered a
distressed debt exchange (DDE) by Fitch. Although the new bonds
have the same coupon and face value as those exchanged, the
transaction represented a material reduction in terms for
bondholders, who were not compensated for the longer duration
against a backdrop of heightened credit risk over the medium
term.
- Medium
The one-notch differential between the local currency IDR (CCC)
over the foreign currency IDR (B-) reflects the agency's
assessment of the greater vulnerability of bonds issued under
domestic law relative to foreign law bonds, as demonstrated by
the recent exchange, which reveals a preferential treatment of
foreign law sovereign bonds. Domestic law bonds represent 26% of
the stock of general government debt and foreign law bonds 14%.
EUR670 million (4% of GDP) domestic law bonds mature during the
program period, excluding the EUR1,987 million 'recapitalization
bond'; EUR1,618 billion (9% of GDP) of foreign law MTNs mature
during the same period.
Cyprus's 'B-' foreign currency IDR reflects the following key
rating drivers:
-- External support under the auspices of the EU-IMF program
improves the immediate position of the sovereign from both
a liquidity and solvency perspective, albeit with large
downside risks.
-- There is a high risk of the agreed program going off track,
stemming from downside risks to economic performance and
political commitment to the program.
-- Lack of flexibility to deal with domestic or external shocks,
with financing buffers potentially insufficient to absorb
material fiscal and economic slippage, notwithstanding the
recent maturity extensions of domestic debt.
-- High public debt, likely to peak above the 126% of GDP by
2015 assumed under the program, reflecting Fitch's
assumption of a deeper recession in the later years of the
program and a slower recovery than that assumed.
-- Capital controls pose an additional risk: a premature lifting
of these controls triggering material capital flight would
have negative economic consequences.
Rating Sensitivities
The Negative Outlook on the Long-term foreign currency IDR
reflects the following risk factors that may, individually or
collectively, result in further pressure on the ratings:-
-- Implementation risk for the program is high. The deep
recession and sharply rising unemployment will make it
more difficult to implement fiscal consolidation plans.
Political will for implementing painful measures may weaken.
Significant slippage from future program targets, in
particular fiscal deficits, would undermine the rating.
-- The recession could be materially deeper and last longer than
assumed under the EU/IMF program as has been the experience
of other program countries in the eurozone. This would have
adverse consequences for the Cypriot debt dynamics.
-- Intensification of the banking crisis in Cyprus. There is a
still high risk of capital flight from banks if capital
controls are lifted prematurely, exacerbating the domestic
credit contraction even assuming liquidity support from the
ECB.
-- A further restructuring of Cyprus's marketable liabilities
could, depending on the terms, trigger a second ratings
default event.
Fitch's sensitivity analysis does not currently anticipate
developments with a material likelihood of leading to a rating
upgrade in the near term. Much further in the future, the
realization of significant off shore gas and oil reserves could
significantly help the financing of fiscal deficits and place
upwards pressure on the rating.
Key Assumptions
There is considerable uncertainty over the near- and medium-term
evolution of output, unemployment and the government deficit. The
pressure on banks to de-lever is expected to exert considerable
pressure on the economy with knock on effects to public finances.
Fitch expects the recession to be deeper and last longer than
assumed under the EU/IMF program. Fitch also anticipates slippage
from fiscal targets reflecting the weak macroeconomic outlook and
implementation risks resulting in public debt to GDP ratios
materially higher than projected by officials.
Fitch currently assumes that the fiscal costs of bank
recapitalization will not exceed the EUR2.5bn specified under the
EU-IMF program, which includes a contingency buffer.
Should the current banking sector instability result in a
prolonged breakdown in the domestic payments system, this would
lead to a surge in corporate bankruptcy and drive a deeper GDP
contraction. However, it is Fitch's expectation that the residual
banking system will be promptly recapitalized and that capital
controls will seek to allow depositors to access funds for
consumption and to pay suppliers.
Fitch has not factored possible hydrocarbon receipts into its
projections; these therefore represent an upside risk beyond the
near term. While the authorities claim government revenues to
range between EUR18.5 billion (102.9% of GDP) to EUR29.5 billion
(164.1% of GDP) in Block 12 alone, the economic viability of
extraction remains uncertain and beyond the horizon of the
program.
Fitch assumes that there is no materialization of severe tail-
risks to eurozone financial stability that could trigger a sudden
and material increase in investor risk aversion and financial
market stress. Fitch also assumes that Cyprus remains a member of
the eurozone.
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D E N M A R K
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FIH ERHVERVSBANK: Moody's Affirms 'B1' Deposit Ratings
------------------------------------------------------
Moody's Investors Service has affirmed FIH Erhvervsbank A/S' B1
long-term and deposit ratings and E+ standalone bank financial
strength rating, equivalent to a b2 standalone credit assessment.
The outlook remains negative and continues the negative outlook
first assigned in October 7, 2011.
Moody's also affirmed the bank's (P) Caa1 junior subordinated
debt ratings. The bank's Not Prime short-term ratings are
unaffected by this announcement.
Ratings Rationale:
The affirmation of FIH's ratings follows the repayment of the
last tranches of FIH's government-guaranteed debt on June 12 and
June 13 2013. Following these repayments and the redemption of
the DKK1.9 billion core capital hybrid loan from the Danish state
in mid-2012, FIH has no further outstanding government guaranteed
debt. In Moody's opinion this marks a milestone in the
restructuring that the bank has been going through since the
change of ownership in the beginning of 2011, and mitigates the
specific concerns Moody's has raised relating to the refinancing
of this debt. However, the maintained negative outlook reflects
the challenging funding environment that Moody's believes FIH
still faces, as a consequence of the bank's limited refinancing
options and the potential volatility of its deposit base, which
increased dramatically in recent years, and which Moody's
considers price sensitive.
The negative outlook also reflects that problem loans (loans with
objective indication of impairment) have continued to increase as
share of total lending to 26.3% at end March 2013 from 24.7% at
end-December 2012. This excludes the DKK12.4 billion property
loans transferred to Finansiel Stabilitet, the government backed
vehicle mandated to take over, sell and winddown struggling
Danish banks, for which FIH still carries credit risk.
With regards to FIH's profitability, the economic climate in
Denmark remains challenging for many Danish companies. In
addition, profitability has been negatively affected by the
elevated interest rates at which FIH has attracted deposits. In
2012 loan losses were markedly higher than expected by FIH's
management with the total result being significantly negative by
DKK1.5 billion or 22% of group equity. The Q1 2013 result did not
point to a more benign trend in credit quality and Moody's
concerns relating to the outlook for credit quality, and weakened
core earnings power continue to influence the negative rating
outlook.
The rating agency says that FIH's E+ standalone bank financial
strength rating (BFSR), which translates into a baseline credit
assessment (BCA) of b2, is constrained by the continued weak
Danish economy, the bank's high level of problem loans and
vulnerable loan portfolio, uncertainty relating to the stability
of the internet deposit funding and the group's continued low
profitability and high volatility of earnings.
The longer term assessment of the strength of the bank is
furthermore influenced by the risks Moody's see relating to the
impact that the financial challenges and comprehensive
restructuring have had on the bank's franchise and future
earnings strength.
What Could Move The Rating Up/Down
Upwards rating pressure on FIH's rating would likely follow a
sustained improvement in the group's asset quality, profitability
and earnings quality.
In addition positive indications of the strength of FIH's
franchise as lender and relationship bank to the Danish SME
sector will likely lead to upward pressure on the banks ratings.
Downward pressure on the ratings would likely follow a
deterioration in asset quality, funding stress and /or negative
indications of the strength of the group's franchise.
Unless otherwise stated, all information is from FIH's full-year
or interim financial reports.
The principal methodology used in this rating was Global Banks
published in May 2013.
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F I N L A N D
=============
NOKIA CORP: S&P Cuts Corp. Credit Rating to 'B+': Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Finnish mobile telecommunications
equipment manufacturer Nokia Corp. to 'B+' from 'BB-' and
affirmed its 'B' short-term corporate credit rating. The outlook
is stable.
At the same time, S&P lowered its issue rating on Nokia's senior
unsecured debt to 'B+' from 'BB-'. The recovery rating on this
debt remains at '3', reflecting S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.
The rating action reflects Nokia's acquisition of the 50% stake
in Nokia Siemens Networks (NSN) from Siemens for EUR1.7 billion,
making Nokia the 100% owner. Nokia's strong balance sheet, which
we view as an offsetting factor to Nokia's cash burn and
supportive to the rating, will weaken following the acquisition.
S&P also factors in the company's estimate cash burn of
EUR300 million-EUR800 million during the second quarter of 2013.
The ratings reflect S&P's revised assessment of Nokia's financial
risk profile assessment to "aggressive" from "significant." S&P
continues to assess its business risk profile as "weak."
S&P understands that the deal could close in the third quarter of
2013, subject to regulatory approval. As Nokia was already fully
consolidating NSN, the transaction will have no positive impact
on Nokia's reported profitability or cash flow measures, but it
will weaken its net cash position. S&P has lowered its estimate
of Nokia's net cash to EUR1.3 billion or above at end-2013 from
EUR3 billion or above previously.
"We continue to think free operating cash flow (FOCF) will be
negative in the second half of 2013 and for the full year,
including the cash restructuring outlays after Nokia reported
cash burn of at least EUR300 million during the second quarter.
We also continue to be concerned about Nokia's ability to
sustainably generate positive FOCF--especially in its Devices &
Services (D&S) division, given the low visibility on revenues and
margins and its small market share in smartphones. We also think
NSN's FOCF could fluctuate, notably because of marked swings in
working capital. So, we think Nokia may struggle to return to
positive free cash generation in 2014," S&P added.
The stable outlook reflects S&P's expectation that Nokia will
maintain a strong net cash position over the next 12 months,
despite its anticipation of negative FOCF.
S&P could raise the ratings if FOCF gradually and sustainably
became positive. S&P thinks this will require Nokia's market
share in the smartphone segment to increase and adjusted
consolidated EBITDA margin to return durably to positive
territory.
S&P could lower the ratings if Nokia failed to gain smartphone
market share, leading to continuing negative FOCF prospects in
2014 and beyond. This would further reduce Nokia's net cash
position.
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G E R M A N Y
=============
GEHRLICHER SOLAR: Files for Insolvency in Munich Court
------------------------------------------------------
pv magazine reports that Gehrlicher Solar AG has filed for
insolvency with the Munich Local Court, making it the latest
major German solar company to fall victim to the ongoing crisis
in the industry.
The court, which opened proceedings for Gehrlicher on Friday, has
appointed attorney Oliver Schartl as the company's insolvency
administrator, pv magazine relates.
Mr. Schartl, who was unavailable for a comment, has reportedly
begun making an assessment of the company's financial situation,
pv magazine discloses.
Gehrlicher Solar, which currently has a workforce of some 250
employees, made EUR323 million in revenue in 2011, according to
pv magazine.
In May, the company received EUR85 million in financing from a
group of banks led by BayernLB, pv magazine recounts.
Gehrlicher Solar AG is a solar company based in Munich, Germany.
The company plans, builds, finances and operates solar power
stations in the multi-megawatt range around the world. It
operates subsidiaries and joint ventures in France, Britain,
Brazil, Italy, Spain, Turkey, India, South Africa and the U.S.
KION: S&P Raises Corp. Credit Rating to 'BB-'; Outlook Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BB-' from
'B' its corporate credit rating on Germany-based material
handling equipment manufacturer KION Material Handling GmbH
(KION). The outlook is positive.
At the same time, S&P raised its issue ratings on KION's existing
EUR650 million and EUR500 million secured notes to 'BB-' from
'B'.
S&P removed all of the ratings from CreditWatch with positive
implications, where it placed them on June 4, 2013.
The recovery rating on KION's existing EUR500 million term loan
credit facility H1 due 2018 and EUR650 million term loan credit
facility H2 due 2020, loaned by the issuer (100% owned special
purpose vehicle [SPV] Kion Finance SA) to Linde Material Handling
GmbH and other borrowers, remains at '4', indicating S&P's
expectation of average (30%-50%) recovery prospects for lenders
in the event of a payment default.
The upgrade reflects KION's significantly lower adjusted debt due
to proceeds from ultimate parent, KION Group AG's IPO and S&P's
expectation of a continued solid operating performance. KION has
indicated that it strengthen the company's equity by
EUR859 million including:
-- New shares issued in the IPO that led to net proceeds of
EUR402 million,
-- The exercise of 25%-stakeholder Weichai's option to
increase its stake to 30% led to additional equity proceeds
of EUR328 million, and
-- The conversion of a EUR116 million shareholder loan (Term
Loan G).
S&P expects KION to use those proceeds in conjunction with
drawings under its new EUR1 billion revolving credit facility
(RCF) maturing in 2018 and close to EUR190 million of cash
located at KION Group AG (previously KION Holding 1 GmbH), that
was raised in conjunction with Weichai's acquisition of a 25%
stake in KION at the end of 2012, to reduce the outstanding
amount of about EUR1,080 million under its senior facilities.
S&P believes that this would lead to an improvement in KION's
cash flow metrics to levels consistent with S&P's assessment of
its financial risk profile as "aggressive," including funds from
operations (FFO) to debt of about 14% by the end of 2013.
"We note that KION's 2013 cash flow metrics will continue to be
burdened by ongoing cash restructuring payouts and a tax payment
related to the Weichai transaction, that becomes effective only
in 2013. We expect leverage metrics to be stronger than
indicated by our "aggressive" descriptor with a debt-to-EBITDA
ratio of below 4x under our base case for 2013. We also
anticipate that KION's FFO to debt metric could improve over
coming years provided we do not see any operational setbacks, and
assuming the group will apply a financial policy with a focus on
further deleveraging. We assume the group's financial policy
will target organic growth, potentially complemented by bolt-on
acquisitions, and a moderate dividend payout," S&P said.
"Under our base-case scenario we assume the group will show a
slight revenue decline for 2013, owing to the deconsolidation of
its hydraulics business and limited organic growth potential in a
difficult operating environment. We also expect the group to
show a solid operating margin throughout 2013, with some
improvement in 2014 on the back of moderate volume recovery and
an ongoing focus on operational efficiency. We see, however,
considerable risks related to the current uncertain economic
environment in Europe and signs of a slowdown in China, which
could prevent KION from showing the necessary improvements in
cash flow metrics to secure an upgrade," S&P added.
KION's satisfactory business risk profile benefits from its very
strong market positions in Europe, where it generates close to
80% of sales, and its significant revenues generated by less-
cyclical aftersales activities. KION also has good end market
and customer diversity. This is tempered to some degree by its
exposure to cyclical demand for new material handling equipment
and its volatile, though improved, operating profitability.
The positive outlook reflects the potential for a one-notch
upgrade over the coming year. S&P would consider an upgrade to
'BB' if KION's FFO to debt improved to 20% with the expectation
that it would remain above 20% from year-end 2014. S&P would
expect KION to be able to reach those levels if the group's
operating performance remained at the current strong level and it
refrained from incurring further significant operational charges,
as it did over the past few years.
A revision of the outlook to stable would likely be prompted by
significantly weaker operating conditions than S&P currently
anticipates. This could be caused by weakening economic
situations and markets in Europe and China, failure to control
investments in working capital and capital expenditure, or a turn
to a more aggressive financial policy.
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G R E E C E
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* GREECE: Bailout & Economic Outlook Uncertain, Creditors Say
-------------------------------------------------------------
Matina Stevis at Dow Jones Newswires reports that Greece's
international creditors acknowledged that all isn't well with the
country's mammoth bailout program Monday as their representatives
issued a statement saying the outlook for the critically ailing
economy is "uncertain," even as they said progress has been made
on reforms.
The admission comes as talk of more money needed for the first
euro-zone bailout intensifies, Dow Jones discloses. Euro-zone
governments and the International Monetary Fund, having poured
more than EUR200 billion (US$256.64 billion) into the small
economy, are set to clash in the autumn over the way to cut
Greece's debt, Dow Jones discloses. The far worse-than-expected
recession, coupled with disappointing privatization attempts and
modest tax receipts, look set to boost the bailout bill for
Athens, Dow Jones notes.
Dow Jones relates that experts representing the creditors said
they had reached an "ad referendum" agreement with the government
in Athens on the latest round of reforms, which includes a
controversial scheme to cut the number of public-sector workers
and move thousands of them to more useful public services. But,
as the phrase "ad referendum" implies, the technocrat inspectors
made clear that this agreement was subject to approval by their
political bosses, Dow Jones states.
According to Dow Jones, the experts' statement came at the end of
a fraught review of Athens' implementation of bailout commitment
by experts from the so-called troika of the European Commission,
the European Central Bank and the International Monetary Fund.
Euro-zone finance ministers were due to meet yesterday to approve
at least a partial disbursement of aid to Athens, while the IMF
will make a decision on its own share of aid later this month,
Dow Jones discloses.
The decision on the size and timing of the next rescue-package
payment to Greece is expected to be made soon, Dutch Finance
Minister Jeroen Dijsselbloem, as cited by Dow Jones, said Monday,
noting that the tranche could be paid in installments.
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H U N G A R Y
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KAPUVARI: Court Extends Liquidation Procedure Until December
------------------------------------------------------------
MTI-Econews, citing regional daily Kisalfold, reports that the
regional company court has extended until December the
liquidation procedures of the two companies owning the Kapuvari
meat plant that stopped operating last autumn.
According to MTI-Econews, Kisalfold said there will only be a
chance to satisfy the claims of employees if a recently invited
second tender to sell the plant's assets proves successful; if
not, the local meat plant "cannot avoid closure".
The paper said the plant owes its creditors about HUF7.6 billion
including HUF3.5 billion in supplier claims, MTI-Econews relates.
Kapuvari is a meat plant based in Hungary.
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L U X E M B O U R G
===================
GELDILUX-TS-2013 SA: Moody's Rates EUR12.8MM Cl. D Notes '(P)Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
following class of notes issued by GELDILUX-TS-2013 S.A.:
EUR750M Class A Secured Floating Rate Notes due 2021, Assigned
(P)Aaa (sf)
EUR63.1M Class B Secured Floating Rate Notes due 2021, Assigned
(P)A1 (sf)
EUR11.1M Class C Secured Floating Rate Notes due 2021, Assigned
(P)Baa2 (sf)
EUR12.8M Class D Secured Floating Rate Notes due 2021, Assigned
(P)Ba2 (sf)
EUR10.7M Secured Floating Rate Liquidity Notes due 2021, Assigned
(P)A3 (sf)
Moody's Investors Service has not assigned ratings to the EUR
15.3M Class E Secured Floating Rate Notes due 2021.
Ratings Rationale:
Geldilux-TS-2013 S.A. is a cash securitization of short-term euro
loan receivables granted to large corporates, small and medium
sized enterprises (SME), self-employed and/or individuals
domiciled in Germany and extended by UniCredit Luxembourg S.A.
(Baa2/P-2) in cooperation with UniCredit Bank AG (A3/P-2). The
portfolio is replenished daily, subject to the portfolio limits,
among others, regional concentration limit (with the largest to
55% maximum exposure to the state of Bavaria), industry sector
limit (with the largest 38% to "Construction and Building") as
well as maximum single borrower group concentration limits
(0.80%). Portfolio substitution criteria also restricts portfolio
credit quality, weighted average portfolio collateralization
level (not less than 25%) and weighted average remaining term of
the pool (cannot exceed 90 days).
The rating is primarily based on, (i) an evaluation of the
underlying portfolio of loans; (ii) the historical performance
information; (iii) the credit enhancement provided by
subordination of the more junior notes; (iv) the excess spread
available to cover interest shortfalls and to repay the liquidity
notes; (v) cash flow redirection mechanism, which mitigates
commingling risk; (vi) the trigger to fund a set off reserve,
which mitigates set-off risk; and (vii) the legal and structural
integrity of the transaction.
According to Moody's, the transaction benefits from credit
strengths such as the granularity of the portfolio with excellent
historical performance and its short portfolio weighted average
life of 90 days maximum. However, Moody's notes that the
transaction features some credit weaknesses such as high
proportion of bullet loans with significant concentration in real
estate sector. Various mitigants have been put in place in the
transaction structure. Commingling risk is mitigated by ((i)
borrower notification and request to re-direct payments directly
to the issuer's account at Barclays Bank PLC by UCL upon loss of
Baa3 of UCB, and (ii) upon loss of P-2 of UCL all collections
made by the servicer are directly transferred to the issuer's
account at Barclays PLC. In addition, set off risk is broadly
mitigated by early notification of borrowers (upon loss of Baa3
of UCB) and a set-off cash reserve to be put in place by the
seller upon (i) loss of P-1 rating of UCL and (ii) the potential
set-off amounts exceeding 1% of the outstanding note balance.
This has been factored in Moody's quantitative analysis.
The ratings of the notes take account of UniCredit Luxembourg
S.A. (currently rated Baa2/P-2) and UniCredit Bank AG (currently
rated A3/P-2), as the major transaction parties in this
transaction, being experienced originators and servicers
respectively. In the past, they have used ABS term financing via
the previously issued ten GELDILUX transactions in respect of
which the securitized portfolios have shown excellent performance
to date (i.e. in total over all previous transactions only 16
obligors have defaulted since 1999). Moody's valued positively
the limitation of the potential deterioration of credit quality
during the 5 years revolving period via eligibility criteria and
portfolio limits as the portfolio turns around very quickly (with
a max. weighted average life of 90 days). Similarly, in its
analysis Moody's relied strongly on the early amortization
triggers, especially the one stopping the replenishment period in
case UniCredit Bank AG loses a minimum long term rating of Baa2.
In such situation the portfolio becomes static and - due to the
90 days weighted average life constraint - amortizes quickly. In
addition, upon UniCredit Bank AG losing a Baa3 rating obligors
will be notified and are also asked to pay directly to the
issuer's account. The liquidity cushion in the transaction is
provided by (i) the interest rate swap counterparty (paying 0.35%
of extra spread to the structure) and (ii) the EUR 10.7 million
issuer interest reserve, which is funded by the liquidity note
and available to fund shortfalls in respect of senior fees,
interest on the class A to D notes as well as interest on the
liquidity notes. Moody's main modeling assumption for this
transaction is the bespoke default distribution derived via the
Monte Carlo simulation in CDOROM (v2.8). Moody's derived this
default distribution from (i) the most concentrated pool
composition (with the minimum threshold of 700 obligors) that
would be possible in terms of industry and single obligor
concentration during the lifetime of the transaction (based on
the portfolio limits defined in the transaction documents), (ii)
a global correlation of 5% and (iii) the average expected
portfolio quality. Moody's expects the average default
probability of the pool to be a Baa3/Ba1 Moody's equivalent
(translating into 0.14% cumulative default rate over a weighted
average life of 90 days) taking into account: (i) the product
characteristics and the historical performance data and (ii)
potential fluctuations of the macroeconomic environment during
the lifetime of this transaction (including the 5 years revolving
period). A coefficient of variation (calculated as standard
deviation over mean default probability) for the transaction
specific default distribution is 228%. The average fixed recovery
rate assumption was set at 25% in line with previous transactions
because the non-accessory collateral is not assigned to the SPV
since it is granted by the borrower on a relationship level
rather than for the euro loan specifically. Therefore, in case of
UniCredit Bank AG's insolvency the issuer depends on recoveries
assigned by the insolvency administrator, leaving the issuer in
the position of a senior unsecured creditor. Finally, no
prepayments were assumed because of the short-term nature of the
underlying loan receivables there are no prepayments for these
loan receivables.
Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. The results show that the model output
for the Class A notes would be one notch lower, while the model
output for Class B notes would be 5 notches lower if the mean
default rate assumption was to increase to reflect a two-notch-
worse pool quality (i.e.Ba2/Ba3), all other parameters kept
unchanged. The model output would be unchanged for the Class A
and Class B notes if the mean recovery rate assumption were to
decrease.
The main source of uncertainty in the analysis relates to (i) the
high level of dependency on the originator to rollover the
expiring euro loan into a new euro loan and/or other means of
bank financing (such as a working capital line) and (ii)
uncertainty regarding the European macroeconomic conditions and
resulting negative effects on borrowers' credit quality. These
aspects are reflected in the Medium V-Score for the transaction
which is in line with the German SME ABS sector overall.
Nonetheless, for some sub-categories Moody's considers this
transaction better than the market. First, the originator
provided a comprehensive set of different historical data
covering more than 10 years of data. Second, Moody's believes
that the historical data performance variability is significantly
lower than for other German SME loan receivable portfolios, which
is caused by (i) the short-term nature of the loan contracts and
(ii) the specific origination and collection process applied to
this product type.
The methodology used in rating was Moody's Approach to EMEA SME
Balance Sheet Securitizations published in May 2013.
Other Factors used in this rating are described in "V Score and
Parameter Sensitivities in the EMEA Small-to-Medium Enterprise
ABS Sector" published in June 2009.
For rating this transaction Moody's used the following model. (i)
ABSROM (v.3.5) to model the cash flows and determine the loss for
each tranche and (ii) CDOROM (v.2.8) to determine the transaction
specific default distribution. More specifically, Moody's ABSROM
cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of such default scenarios
as defined by the transaction-specific default distribution (as
simulated in CDOROM).
On the recovery side Moody's assumes a fixed rate recovery. In
the cash flow model Moody's modeled the initial as well as each
replenished portfolio separately with equally distributed
amortization and timing of default vectors over 90 days.
Similarly, the transaction specific default distribution is
applied to each portfolio when determining the cash flows for
each portfolio period. The non-defaulted principal collections
are used to purchase the new portfolio with the same
characteristics in terms of amortization and yield during the
replenishment period and as long as no early amortization event
occurs. Thereafter the principal collections are used to pay down
the notes. The ultimate losses in the portfolio are allocated to
the Class A to Class E notes but not to the Liquidity notes in
full reverse sequential order. 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
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. As such, Moody's analysis encompasses the assessment of
stressed scenarios.
Moody's used CDOROM to simulate the default distribution for this
transaction. The Moody's CDOROM model is a Monte Carlo simulation
which takes borrower specific Moody's default probabilities as
input. Each borrower reference entity is modeled individually
with a standard multi-factor model incorporating intra- and
inter-industry correlation. The correlation structure is based on
a Gaussian copula. In each Monte Carlo scenario, defaults are
simulated.
=====================
N E T H E R L A N D S
=====================
CONISTON CLO: Moody's Lowers Rating on Class F Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service has taken the following rating actions
on the notes issued by Coniston CLO B.V.
EUR24.6M Class B Deferrable Interest Floating Rate Notes due
2024, Upgraded to Aa3 (sf); previously on Jul 29, 2011 Upgraded
to A1 (sf)
EUR24M Class C Deferrable Interest Floating Rate Notes due 2024,
Upgraded to Baa1 (sf); previously on Jul 29, 2011 Upgraded to
Baa2 (sf)
EUR17.6M Class D Deferrable Interest Floating Rate Notes due
2024, Downgraded to Ba2 (sf); previously on Jul 29, 2011 Upgraded
to Ba1 (sf)
EUR19.6M Class E Deferrable Interest Floating Rate Notes due
2024, Downgraded to Caa1 (sf); previously on Jul 29, 2011
Upgraded to B2 (sf)
EUR6.4M Class F Deferrable Interest Floating Rate Notes due 2024,
Downgraded to Caa3 (sf); previously on Jul 29, 2011 Upgraded to
Caa1 (sf)
Moody's also affirmed the rating of the following notes issued by
Coniston CLO B.V.
EUR226.9M Class A1 Senior Floating Rate Notes due 2024, Affirmed
Aaa (sf); previously on Aug 30, 2007 Assigned Aaa (sf)
EUR56.7M Class A2 Senior Floating Rate Notes due 2024, Affirmed
Aa1 (sf); previously on Jul 29, 2011 Upgraded to Aa1 (sf)
Coniston B.V. issued in August 2007, is a single currency
Collateralized Loan Obligation backed by a portfolio of mostly
high yield European loans. The portfolio is managed by 3i Debt
Management Ltd. This transaction will be in the reinvestment
period until July 30, 2013. Current portfolio is predominantly
composed of senior secured loans.
Ratings Rationale:
According to Moody's, the rating actions taken on the notes is
primarily a result of the transaction entering into amortization
period at the next payment date. 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 July 2011.
Compared to last rating action in July 2011, the reported
weighted average rating factor (the "WARF") has improved to 2755
from 2879 June. However, in the same period, the reported
overcollateralization (the "OC") ratios have decreased marginally
across the liability structure. As of the latest trustee report
dated May 2013, the Class A, Class B Class C, Class D and Class F
OC ratios are 137.9%, 126.3%, 116.7%, 110.5%, 104.4% and 102.9%,
respectively, versus June 2011 levels of 141,4%, 129.6%, 119.9%,
113.7%, 107.5% and 105.9%, respectively. Currently Class F OC
ratio is failing the trigger level of 103.34%.
In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of EUR
366.9 million, defaulted par of EUR12.8 million, a weighted
average default probability of 19.98% over 4.29 years (consistent
with a WARF of 2,862), a weighted average recovery rate upon
default of 46.93% for a Aaa liability target rating, a diversity
score of 46 and a weighted average spread of 3.59%. 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 88.89% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default and 7.8%
non-first-lien loan corporate assets would recover 15%. In each
case, historical and market performance trends and collateral
manager latitude for trading the collateral are also relevant
factors. These default and recovery properties of the collateral
pool are incorporated in cash flow model analysis where they are
subject to stresses as a function of the target rating of each
CLO liability being reviewed.
In addition to the base case analysis, Moody's also performed
sensitivity analyses on key parameters for the rated notes:
Deterioration of credit quality to address the refinancing and
sovereign risks -- Approximately 18% of the portfolio is rated B3
and below with maturities between 2014 and 2016, which may create
challenges for issuers to refinance. The portfolio is also
exposed 13.49% to obligors located in Spain, Ireland and Italy.
Moody's considered the scenario where the WARF of the portfolio
was increased to 3,420 by forcing to Ca the credit quality of 25%
of such exposures subject to refinancing or sovereign risks. This
scenario generated model outputs that were up to one notch lower
than the base case results.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties:
1) Deleveraging: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extent restructurings. Fast amortization
would usually benefit the ratings of the notes.
2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices. Realization of higher than expected recoveries
would positively impact the ratings of the notes.
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in May 2013.
Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool.
The cash flow model used for this transaction, is Moody's EMEA
Cash Flow Model. This model was used to represent the cash flows
and determine the loss for each tranche. The cash flow model
evaluates all default scenarios that are then weighted
considering the probabilities of the binomial distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche. Therefore, Moody's analysis
encompasses the assessment of stressed scenarios.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
On March 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 may be negatively affected.
DE MASTER 1753: S&P May Lower Rating to B+ if Buy-Out Pushes Thru
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it kept on CreditWatch
with negative implications its 'BBB/A-2' long- and short-term
corporate credit ratings on The Netherlands-based coffee
manufacturer D.E MASTER BLENDERS 1753 N.V.
The CreditWatch status reflects a potential downgrade of MASTER
BLENDERS ratings to 'B+/Positive/--' if its acquisition by
holding company Oak Leaf BV goes ahead as presented to S&P.
"If the public offer goes ahead, based on our treatment of the
preferred stock as 50% debt, we estimate that MASTER BLENDERS's
adjusted debt-to-EBITDA ratio after the transaction will be above
8.0x, and remain well above 5.0x for the next two years, which
would put the company's in financial risk profile into our
'highly leveraged' category," S&P said.
S&P aims to resolve the CreditWatch placement when the public
offer goes ahead, which is expected in the second half of August.
If the transaction is completed as presented to S&P it will
equalize the ratings on MASTER BLENDERS' with the
'B+/Positive/--' preliminary ratings it assigned to Oak Leaf BV,
subject to its receipt and satisfactory review of all final
transaction documentation.
POLIMEX-MOTOSTAL: In Talks with Creditors on Debt Repayment
-----------------------------------------------------------
According to Bloomberg News' Maciej Martewicz, PAP newswire,
citing Polimex's presentation, reports that the company is in
talks with creditors on repaying PLN2.8 billion of debt.
The company offers to swap PLN535 million of debt for new shares
and repay PLN896 million in installments by end of 2019,
Bloomberg discloses.
Jerzy Wisniewski, current biggest shareholder, would hold stake
of about 20% after the debt swap, Bloomberg notes.
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
===============
ATLANTES MORTGAGES: Moody's Cuts Rating on EUR12.5M C Notes to B3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
mezzanine and one junior notes in two Portuguese residential
mortgage-backed securities (RMBS) transactions: Atlantes
Mortgages No.1 Plc. and Azor Mortgages Public Limited Company. At
the same time, Moody's confirmed the rating of junior note in
Atlantes Mortgages No.1 Plc. Insufficiency of credit enhancement
to address sovereign risk and counterparty exposure have prompted
the downgrade.
The rating action concludes the review of five notes placed on
review on September 11, 2012, following Moody's adjustment of the
Portuguese country ceiling to Baa3.
Ratings Rationale:
The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk and counterparty exposure.
Moody's confirmed the ratings of securities whose credit
enhancement and structural features provided enough protection
against sovereign and counterparty risk.
The determination of the applicable credit enhancement driving
the 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 Italian
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.
Exposure to Counterparty Risk:
The downgrades of Class B notes in both transactions reflects the
set-off risks due to exposure to Banif SGPS SA (Caa1) acting as
originator in both deals. Majority of obligors have a deposit or
current account with the originator resulting in set-off exposure
of 3.5% in Atlantes Mortgages and 4.1% in Azor Mortgages. Moody's
took into account the presence of the Portuguese Government
deposit guarantee scheme as loan by loan data was provided by the
originator. Set-off exposure has been taken into account in the
downgrade of the notes by reducing the amount of available credit
support with the expected loss due to set-off.
The downgrades of Class C notes in both transaction reflects
commingling risk due to exposure to Banif SGPS SA (Caa1) acting
as servicer in both deals. Mortgages receipts in both deals are
received into a collections account with Deutsche Bank AG, London
branch and are transferred daily to the issuer account with
Deutsche Bank AG. Despite these mitigants Moody's' assumed that
one month of collections will be post upon Banif SGPS SA default.
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.
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 ABSROM to model 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 lognormal 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.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach.
List of Affected Ratings
Issuer: Atlantes Mortgages No.1 Plc.
EUR22.5M B Notes, Downgraded to Ba2 (sf); previously on Sep 11,
2012 Ba1 (sf) Placed Under Review for Possible Downgrade
EUR12.5M C Notes, Downgraded to B3 (sf); previously on Sep 11,
2012 B2 (sf) Placed Under Review for Possible Downgrade
EUR2.5M D Notes, Confirmed at Caa1 (sf); previously on Sep 11,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade
Issuer: Azor Mortgages Public Limited Company
EUR19M B Notes, Downgraded to Ba1 (sf); previously on Sep 11,
2012 Downgraded to Baa3 (sf) and Placed Under Review for
Possible Downgrade
EUR9M C Notes, Downgraded to Ba3 (sf); previously on Sep 11,
2012 Ba1 (sf) Placed Under Review for Possible Downgrade
* PORTUGAL: S&P Affirms 'BB/B' Sovereign Ratings; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term foreign and local currency sovereign credit ratings on
the Republic of Portugal to negative from stable. At the same
time, S&P affirmed the ratings at 'BB/B'.
Rationale
Following finance minister Vitor Gaspar's July 1 resignation,
Paulo Portas, the leader of Portugal's junior coalition partner,
also resigned. S&P understands the resignations followed
difficult coalition negotiations on the public expenditure review
measures. These measures had been presented by the government to
the European Commission (EC), European Central Bank (ECB), and
the International Monetary Fund ("the Troika") as part of the
Troika's seventh annual review of its financial support program
("Program") for Portugal, but still need to be passed by the
parliament, and therefore require the support of the junior
coalition. S&P believes the resignations could complicate the
adoption of additional fiscal measures that may be needed to meet
Program requirements. S&P also sees an increased risk that
coalition negotiations could falter, leading to early elections.
S&P believes political instability in Portugal largely results
from increased tensions as a result of the contracting economy,
rising unemployment, and the need for the government to keep
finding new fiscal measures to comply with the Program's targets.
In April 2013, the Constitutional Court ruled that a number of
key budget adjustment measures of the 2013 budget were
unconstitutional, which resulted in increased fiscal gaps in the
first few months of 2013. The government has indicated that it
will start to prepare the 2014 budget in the summer and allow
controversial measures to be cleared by the court before the
budget law is finalized in the autumn. However, S&P believes
this plan could now be delayed or even derailed if the
parliamentary approval process is delayed, or if elections are
called during the summer.
Due to European trading partners' weak economies, continued
private-sector deleveraging and ongoing fiscal consolidation, S&P
expects Portugal's 2013 GDP to contract, for the third
consecutive year, by 2.1% in real terms. However, S&P forecasts
that it will return to modest growth in 2014 and 2015. Export
growth is unlikely, in S&P's view, to provide as much support to
Portugal's economy during 2013 as it has done over the last two
years. The contraction in real investment could also extend to a
sixth consecutive year. S&P also projects a general government
deficit of around 5.8% of GDP in 2013. As a consequence, S&P
projects that net general government debt could peak at 122% of
GDP in 2014 before declining slowly thereafter.
With narrow net external debt (net of reserves and financial
sector assets) at about 300% of current account receipts,
Portugal has one of the highest external debt burdens of all the
sovereigns S&P rates. While the external debt burden weighs on
the ratings, S&P expects the current account will return to
surplus in 2013 for the first time since 1994.
Portuguese banks have deleveraged since the beginning of the
Program, with loan-to-deposit ratios falling to 128% at the end
of 2012, from 162% in 2009, according to the recent IMF report.
Banks remain highly dependent on external funding, partly from
the ECB; ECB funding accounted for 11% of total liabilities as of
April 2013. In S&P's opinion, high provisioning needs due to
deterioration in asset quality and the elevated cost of funding
creates significant challenges for Portuguese banks'
profitability. Despite low ECB rates, S&P notes that demand for
credit remains weak due to economic uncertainties, and that
Portuguese banks are likely to continue to face funding
constraints. S&P therefore expects that domestic credit will
continue to contract.
Outlook
The negative outlook reflects S&P's view that there is now a more
than one-in-three chance that it could downgrade Portugal within
the next 12 months.
S&P could consider lowering the ratings if Portugal's political
and social tensions lead to significant departures from the
Program terms, delaying disbursement of official funding.
Political instability could also delay the 2014 budget, further
increasing the general government deficit. This could push the
public debt ratio higher next year and potentially increase it
even further in 2015 or later, which could challenge Portugal's
access to further loans from official creditors, after the
current Program period.
S&P's view of Portugal's relatively strong and predictable policy
implementation capacity is a rating strength, which partly
offsets its very unfavorable financial and economic indicators.
However, if the government's problems cause S&P to take a more
negative view of Portugal's institutional and governance
effectiveness, this could exert downward pressure on the ratings.
The ratings could stabilize at the current level if political
tensions ease and the government maintains key Program
commitments in a timely and predictable manner, thereby
sustaining official support and raising the likelihood of a
successful program exit and a return to unconstrained capital
markets access.
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
Ratings Affirmed; CreditWatch/Outlook Action
To From
Portugal (Republic of)
Sovereign Credit Rating BB/Negative/B BB/Stable/B
Transfer & Convertibility Assessment AAA
Senior Unsecured BB
Short-Term Debt B
Commercial Paper B
Ratings Affirmed
Comboios de Portugal E.P.E
Senior Unsecured* BB
Metropolitano de Lisboa E.P.
Senior Unsecured* BB
Banco Espirito Santo S.A.
Senior Unsecured* BB
BANIF Banco Internacional do Funchal S.A.
Senior Unsecured* BB
Caixa Geral de Depositos S.A.
Senior Unsecured* BB
*Guaranteed by the Republic of Portugal
===========
R U S S I A
===========
YAMAL INVESTMENT: S&P Assigns 'B-' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
long-term issuer credit rating and 'ruBBB-' Russia national scale
rating to OAO Yamal Investments Projects' Development Fund (Yamal
Investment Fund), an investment tool owned by the Russian region
of Yamal-Nenets Autonomous Okrug. The outlook is stable.
The ratings on Yamal Investment Fund reflect S&P's view that
there is a "moderately high" likelihood that the regional
government of Yamal-Nenets, which 100% owns the fund, would
provide timely and sufficient extraordinary support in the event
of financial distress. The ratings also incorporate the fund's
stand-alone credit profile (SACP), which S&P assess at 'ccc'
owing to its so far untested business model, uncertainly about
its long-term strategy, and political risks challenging the
company's mission.
In accordance with S&P's criteria for government-related entities
(GREs), its view of a "moderately high" likelihood of
extraordinary government support is based on its assessment of
Yamal Investment Fund's:
-- "Very strong" link with Yamal-Nenets' government, which
fully owns the company and has no plans for privatization
at least until 2015.
-- Yamal-Nenets' government approves the fund's strategy and
closely monitors its operations, including investment
activities. It also regularly injects capital into the
fund and appoints its board of directors, most of whom are
government members. At the fund's request, the government
is prepared to provide a guarantee for the company's debt.
-- "Limited" role for Yamal-Nenets' government policies.
Yamal Investment Fund's mission and strategy are still only
evolving. Although the company was set up in 2008 mostly
to focus on managing Yamal-Nenets' real property assets
outside the region, since 2011 the new regional government
has been trying to redirect the fund to diversify the
regional economy by encouraging investments into non-energy
sectors. As the scope of the company's operations is so
far limited and its activities in the medium term do not
imply the provision of essential public services, the
credit stress to the company or the interruption of its
operations are likely to have only a modest effect on
Yamal-Nenets' economy.
S&P also notes that its role might be dependent on
electoral cycles given its lacking established track record
and that the fund's mission has not been formalized by the
government.
As a result, the rating on Yamal Investment Fund is two notches
higher than its SACP, which S&P assess at 'ccc'. S&P uses its
private equity companies' criteria to assess the company's SACP,
reflecting its status as a private equity investment vehicle.
The fund's SACP reflects its untested and risky business model,
uncertainty about its long-term strategy, and political risks
associated with its long-term role. These factors are somewhat
mitigated by the company's low debt, which S&P nevertheless
expects to increase, and strong capital.
Yamal Investment Fund's long-term mission and strategy are
developing and to be approved by the board of directors in the
second half of 2013. According to management, it will focus on
managing and facilitating investments into the regional economy
outside the energy sector. So far the draft strategy centers
around a number of projects such as a timber processing plant
intended to support the government's ambitious housing
construction plans, a waste recycling plant, management of Yamal-
Nenets' tourism promotion program, and bio-power generation. The
future business model is not sufficiently transparent and
detailed, and implementation risks are high, in S&P's view.
There are also political risks challenging Yamal Investment
Fund's strategy in the longer-term. The government might assign
new non-profit mandates to the fund, which would weaken its
business model and undermine profitability. There is also some
uncertainty regarding the continuity of the company's strategy
after the current government of Yamal-Nenets' term ends in 2015.
The entity's financial profile is weak, and its capacity to
generate positive cash flow is very uncertain for the next two
years. Positively, as of end-2012, total equity constituted 94%
of total assets. S&P understands that the fund expects a capital
injection from Yamal-Nenets' budget of Russian ruble
(RUB)0.6 billion in 2013 and a RUB1 billion annually starting in
2014. At the same time, the company intends to significantly
increase the share of debt in its projects, depending on market
conditions, which affects our prospective opinion on leverage and
tempers the position achieved at year-end 2012. The existing
plan envisages a RUB1.5 billion placement in 2013. If
implemented, this could potentially put pressure on the currently
strong capital base, in S&P's view, and increase refinancing
risks if the entity is unable to generate positive cash flows.
At the moment, Yamal Investment Fund has no outstanding long-term
debt, and its short-term borrowings do not exceed 15% of total
equity and liabilities.
The stable outlook reflects S&P's expectation that the
"moderately high" likelihood of extraordinary government support
will probably counterbalance the uncertainty regarding Yamal
Investment Fund's developing and untested business model.
S&P might consider a positive rating action if the company's role
for the government strengthened through clear and documented
policy statements and strategies. Successful performances from
the company's projects resulting in sustainable and sufficient
cash flow may lead S&P to reassess the company's SACP upwards.
S&P could lower the ratings within the next 12 months if it
lowered the rating on Yamal-Nenets by more than one notch, or if
the likelihood of timely extraordinary support from the
government fell. A weakening of the company's SACP resulting
from poor implementation of its business plans might also put
pressure on the ratings.
* IRKUTSK OBLAST: S&P Affirms 'BB+' Issuer Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its issuer
credit ratings on Irkutsk Oblast, a Russian region in Eastern
Siberia, at 'BB+' and its national scale rating at 'ruAA+'. The
outlook is stable.
Rationale
The affirmation reflects S&P's view of Russia's developing and
unbalanced institutional framework, the oblast's relatively low
economic wealth levels in an international context, and its high
infrastructure and operating spending needs. Limited budgetary
flexibility and management's constrained capacity to withstand
federal pressure to raise expenditure will likely result in a
weakening, although still moderately sound budgetary performance.
Contingent liabilities are modest and neutral for the oblast's
creditworthiness, in S&P's view. The ratings are supported by
low debt and very positive liquidity.
Russia's developing and unbalanced institutional framework
regulates most regional revenues and spending responsibilities.
Irkutsk's budgetary flexibility is therefore restricted, like its
Russian peers.
"We estimate that in the next three years more than 90% of the
oblast's operating revenues will be unmodifiable and will come
from several main taxes and transfers that are regulated by the
federal government. At the same time, the oblast will have to
continue raising public sector salaries and increasing capital
expenditure (capex) on construction of kindergartens and housing
infrastructure following federal initiatives announced in 2012-
2013 that will require additional spending from regional budgets.
In our view these mandates will further reduce the oblast's
spending flexibility, which we already view as low due to the
vast region and its municipalities' large infrastructure needs.
We estimate that if Irkutsk's revenues were under stress in 2013-
2015, it would probably only be able to cut a portion of its
capital program equal about 8% of total revenues," S&P said.
"Under our base-case scenario we forecast that the oblast's
economy will grow gradually in the next three years, but that
gross regional product (GRP) per capita will likely remain low
compared with international peers, and won't exceed $12,000 until
2015. We also believe that given Irkutsk's abundance of natural
resources--especially oil, gas, and coal--its economy will remain
moderately concentrated on the mining industry over the medium
term. Moreover, in the next three years the oblast's tax
revenues will be exposed to the volatility of world oil prices
and the performance of a few large taxpayers, mainly oil producer
Oil Company Rosneft OJSC and its subsidiaries and oil transporter
OAO AK Transneft. We forecast that in 2013-2015 the volume of
oil production in the oblast will stabilize and that oil prices
will remain robust, but slightly below 2012 levels, therefore tax
revenue growth will likely slow down to about 8% annually," S&P
noted.
"We therefore believe that Irkutsk's budgetary performance will
weaken in the next three years, although it will likely remain
moderately sound on average. We believe the oblast's financial
management will curb the growth of non social-related
expenditure, but the fiscal discipline that it has been
implementing in 2010-2012 will likely be relaxed. Consequently,
under our base-case scenario for 2013-2015 we expect an average
operating margin of 3% of operating revenues and modest deficits
after capital accounts below 5% of total revenues compared with
operating margins of almost 10% of operating revenues and
positive balances after capital accounts of about 7% in 2010-
2012," S&P added.
"As a result, we expect that in 2013 Irkutsk will draw down part
of its cash reserves to finance the deficit after capital
accounts, and in 2014-2015 it will start gradually accumulating
direct debt. Tax-supported debt will likely increase from about
4% of consolidated operating revenues in 2011-2012 to a still low
10% in 2015. Contingent liabilities stemming from overdue
municipal payables and the need to maintain and develop
infrastructure across the region's vast territory are modest and
neutral for the oblast's creditworthiness," S&P said.
In S&P's view, like most Russian peers, Irkutsk's financial
management is negative for its creditworthiness, mainly due to
the lack of reliable budgeting and long-term financial planning,
which brings into question the sustainability of its currently
prudent financial policy. The oblast also lacks mechanisms that
could protect its financial indicators from volatility stemming
from external risks, such as a sharp correction in commodity
prices.
Liquidity
S&P views Irkutsk's liquidity as "very positive", as defined in
its criteria. In S&P's view, in 2013-2014 the oblast's average
free cash on accounts and its operating margins will exceed its
very low debt service by more than 2x. At the same time, S&P
views the oblast's access to external liquidity as "limited", due
to the weaknesses of the Russian capital market and its banking
sector.
In line with S&P's base-case scenario, it expects that in 2013
the oblast will use a portion of its ample cash reserves to cover
the deficit after capital accounts, but that average free cash
will likely equal about Russian ruble (RUB) 20 billion (about
$600 million or 20% of operating revenues that S&P forecasts for
2013) throughout the year.
Irkutsk allocates a portion of its cash equal to about 4% of
operating revenues to a reserve fund, which it plans to maintain
over the next three years and might use in the event of weaker
revenues. The oblast plans to place free cash and funds from the
reserve fund on bank deposits in line with the methodology that
it developed. S&P believes it will select the largest Russian
banks and that the amount of cash that might be subject to
counterparty risk will be limited.
S&P therefore anticipates that in 2013-2014 the oblast will be
able to repay all its minor debt service of about 1%-2% of
operating revenues without recourse to refinancing. In the first
half of 2013 it already repaid all direct debt falling due in
2013 ahead of schedule, and under S&P's base-case scenario for
2014-2015 it expects it to incur only modest direct debt,
primarily medium-term amortizing bonds, therefore the debt
maturity profile will likely remain very smooth.
Outlook
The stable outlook reflects S&P's view that in 2013-2015 the
oblast will stabilize its budgetary performance at sound levels
despite gradual weakening resulting from modest tax revenue
growth and increasing need for social spending. S&P's base-case
scenario also assumes that the oblast will rely on medium-term
borrowings, which should keep its debt service very low and
support its very positive liquidity.
S&P could take a negative rating action within the next 12 months
if, in line with its downside scenario, the oblast's financial
policy were to substantially weaken, leading to a widening of
deficits after capital accounts to about 7% of total revenues,
rapid cash depletion and debt accumulation that could lead S&P to
revise its view of its liquidity to "positive."
S&P could take a positive rating action over the next 12 months
if it considered the supportiveness and predictability of
Russia's institutional framework to have improved. Further
formalization and consistent implementation of the oblast's
currently prudent financial policy that would allow it to
maintain a sound performance with operating margins above 5% of
operating revenues and almost balanced after capital accounts, as
well as improved long-term planning, would also be positive for
the ratings over the longer term.
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
Ratings Affirmed
Irkutsk Oblast
Issuer Credit Rating BB+/Stable/--
Russia National Scale ruAA+/--/--
=========
S P A I N
=========
BANCAJA 10: S&P Lowers Rating on Class D Notes to 'CCC-'
--------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Bancaja 10, Fondo de Titulizacion de Activos and
Bancaja 11, Fondo de Titulizacion de Activos.
Specifically, S&P has:
-- lowered its ratings on Bancaja 10's class B, C, and D
notes, Bancaja 11's class A2 to C notes; and
-- affirmed its ratings on Bancaja 10's class A2, A3, and E
notes, and Bancaja 11's class D and E notes.
The rating actions follow S&P's credit and cash flow analysis of
the transactions, using the most recent transaction information
that it has received from the trustee, and the application of its
current counterparty and non-sovereign ratings criteria.
"Our credit analysis of the reported data shows further
deterioration in the credit quality of the underlying collateral
portfolios backing these transactions. In addition, the levels
of severe delinquencies (defined as loans in arrears for more
than three months in these transactions) and defaults (defined as
18 months in arrears in these transactions) in these two
transactions are still higher than in many similar rated
transactions in the market, and other series from the same
originator. The balance of loans in severe arrears, but not yet
considered as defaulted, has increased during the past 12 months.
As of the May 2013 investor report, arrears represented 5.03% and
5.82%, respectively, of the current pool balance for Bancaja 10
and Bancaja 11. Similarly, defaulted loans have increased to
6.38% and 7.03% over the original portfolio balance securitized
at closing, representing a year-on-year increase of 18.4% and
19.0%, in Bancaja 10 and Bancaja 11 respectively. We expect a
persistent deterioration given the rollover of current delinquent
loans into defaults," S&P said.
Both transactions benefit from reserve funds, funded at closing
by the proceeds of the class E notes. The current reserve funds
represent less than their respective required levels. At Bancaja
10 and Bancaja 11's latest payment dates on May 22, 2013, and
April 27, 2013, respectively, the reserve funds represented
38.03% and 0.00% of their required levels. In Bancaja 11, the
reserve fund has been fully depleted since the April 2010 payment
date, and has not been replenished since.
Both transactions also feature an excess spread trapping
mechanism, based on cumulative default levels, which protects the
more senior classes of notes from defaults. The trustee informed
S&P that, as of the end of May 2013, these cumulative default
levels were 6.38% in Bancaja 10 and 7.03% Bancaja 11. The rating
actions on the class C notes in both transactions reflect the
proximity of the interest-deferral triggers and S&P's rating
definitions of these affected classes. Bancaja 10's class D
notes had already breached the trigger on the February 2013
payment date, and had paid the last interest payments with the
available amount in the reserve fund.
"Our ratings on the senior classes of notes in Bancaja 10 are
constrained by our 'A+' long-term issuer credit rating (ICR) on
JP Morgan Chase Bank N.A., as the swap counterparty. We do not
consider the replacement language in the swap agreement to be in
line with our current counterparty criteria, although it does
feature a replacement framework that we give some credit to in
our analysis. Under our criteria, our ratings are capped to our
long-term ICR on the swap counterparty, plus one notch. Our
ratings on the notes in Bancaja 10 are therefore capped at 'AA-'.
For Bancaja 11, where HSBC Bank PLC acts as swap counterparty,
our ratings are capped at 'AA', which does not affect the current
ratings. For Bancaja 10, we have therefore analyzed the
transaction without giving benefit to the swap agreement. As a
result, we have concluded that any adverse rating action relating
to the swap counterparty, if it occurs, may result in us lowering
our rating on the class A3 notes, as from a cash flow
perspective, we could not affirm the 'AA- (sf)' rating without
giving credit to the swap agreement," S&P noted.
S&P's cash flow analysis indicates that lower ratings are
commensurate with the available credit enhancement for Bancaja
10's class B, C, and D notes, and Bancaja 11's class A2, A3, B,
and C notes. As a consequence of all of the abovementioned
factors derived from S&P's credit analysis and review of the
transactions' structural features, it has lowered its ratings on
these classes of notes.
In accordance with the results of S&P's updated cash flow
analysis, which show that the available credit enhancement
commensurate with the levels required to maintain those ratings,
S&P has affirmed its ratings on Bancaja 10's class A2 and A3
notes. At the same time S&P has affirmed its 'D (sf)' rating on
Bancaja 10's class E and Bancaja 11's class D and E notes as they
had breached the interest-deferral trigger.
Bancaja 10 and Bancaja 11 are Spanish residential mortgage-backed
securities (RMBS) transactions backed by pools of first-ranking
mortgages secured over owner-occupied residential properties in
Spain. Bankia originated the mortgage loans.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Ratings Lowered
Bancaja 10, Fondo de Titulizacion de Activos
EUR2.631 Billion Mortgage-Backed Floating-Rate Notes
B B+ (sf) BBB- (sf)
C CCC (sf) B+ (sf)
D CCC- (sf) CCC (sf)
Bancaja 11, Fondo de Titulizacion de Activos
EUR2.023 Billion Mortgage-Backed Floating-Rate Notes
A2 A- (sf) A (sf)
A3 BBB (sf) A (sf)
B B (sf) BB (sf)
C CCC- (sf) B (sf)
Ratings Affirmed
Bancaja 10, Fondo de Titulizacion de Activos
EUR2.631 Billion Mortgage-Backed Floating-Rate Notes
A2 AA- (sf)
A3 AA- (sf)
E D (sf)
Bancaja 11, Fondo de Titulizacion de Activos
EUR2.023 Billion Mortgage-Backed Floating-Rate Notes
D D (sf)
E D (sf)
BIOCARBUROS DEL ALMANZORA: Almeria Court Okays Liquidation Plan
---------------------------------------------------------------
Agra-net reports that a Court in Almeria has approved a
liquidation plan for Biocarburos del Almanzora (Biocarsa).
The company, which in April 2012 still had presented plans for
expansion with investment of EUR9 million, has entered a
voluntary bankruptcy procedure late last year, Agra-net relates.
Biocarburos del Almanzora is a Spanish biodiesel producer.
FONCAIXA FTGENCAT: Fitch Affirms 'CC' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Foncaixa FTGENCAT 3 F.T.A as follows:
Class A (G) (ISIN ES0337937017): affirmed at 'A+sf'; Outlook
Stable
Class B (ISIN ES0337937025): affirmed at 'BBB+sf'; Outlook
Stable
Class C (ISIN ES0337937033): affirmed at 'BBsf'; Outlook
Negative
Class D (ISIN ES0337937041): affirmed at 'Bsf'; Outlook
Negative
Class E (ISIN ES0337937058): affirmed at 'CCsf'; RE 0%
Key Rating Drivers:
The affirmations reflect increased credit enhancement levels,
stable transaction performance and the notes' ability to
withstand Fitch's stresses at the current rating levels. The 90+
delinquency rate is 2.7% compared with 3% at the previous review
in July 2012. Current defaults increased by EUR2.1 million since
the previous review to EUR6.47 million or 4.43% of the
outstanding portfolio balance. The reserve fund was drawn to
provision for the defaults and hence reduced by EUR1 million to
EUR5.5 million compared to the required amount of EUR6.5 million.
The portfolio is granular in terms of borrower concentration with
the top 20 borrowers accounting for 7.18% of the outstanding
portfolio balance. However the portfolio has significant exposure
to real estate and construction sectors at 48% of the outstanding
portfolio balance and 100% of the assets were originated in
Catalonia which increases the portfolio's credit risk. Fitch
addressed the industry and regional concentrations through its
correlation assumptions within the Fitch Portfolio Credit Model.
The portfolio has high security coverage with 90% of the assets
backed by first-lien residential and commercial mortgages with
relatively low loan-to-value ratios (due to the amortizing nature
of the loans). The weighted average recovery rate on worked out
defaults in the transaction is relatively high at 58% when
compared with the Fitch rated Spanish SME CLO universe but
certainly not commensurate with 90% security coverage the
portfolio benefits from.
64% of the outstanding portfolio balance comprises flexible loans
that offer the borrower the option of further advances up to a
maximum limit. The additional draws will not be securitized and
will remain on the originator's balance sheet but will rank pari
passu with the securitized portion of the total exposure in the
event of the borrower defaulting. Fitch assumed in its recovery
analysis that all flexible loans are drawn to the maximum limit
on the existing security coverage. The impact of this adjustment
on loans in the portfolio is collateral dilution -- the pari
passu share of the related mortgage collateral is reduced.
The Negative Outlook on classes C and D was maintained reflecting
their subordinated position in the capital structure, exposure to
real estate and their vulnerability to a sudden spike in
defaults.
Rating Sensitivities
Applying a 1.25x default rate multiplier to all assets in the
portfolio would result in a downgrade of two to three notches for
all the notes.
Applying a 0.70x recovery rate multiplier to all assets in the
portfolio would result in a downgrade of one rating category for
all the notes.
HIPOTEBANSA 11: S&P Lowers Rating on Class B Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Fondo de Titulizacion de Activos, Hipotebansa X and
Fondo de Titulizacion de Activos, Hipotebansa 11.
Specifically, S&P has:
-- affirmed and removed from CreditWatch negative its 'AA-
(sf)' ratings on Hipotebansa X and Hipotebansa 11's class A
notes; and
-- lowered its ratings on Hipotebansa X and Hipotebansa 11's
class B notes to 'BB (sf)' and 'B+ (sf)' from 'BB+ (sf)'
and 'BB- (sf)', respectively.
On Feb. 15, 2013, S&P placed on CreditWatch negative its ratings
on Hipotebansa X and Hipotebansa 11's class A notes for
counterparty reasons.
Credit and Cash Flow Analysis
Hipotebansa X and Hipotebansa 11 have performed better than other
Banco Santander S.A. originated transactions in S&P's Spanish
residential mortgage-backed securities (RMBS) index. In
particular, severe delinquencies (including repossessions)
totaled 1.09% of Hipotebansa X's outstanding balance in June 2013
and 1.08% of Hipotebansa 11's outstanding balance in May 2013,
compared with 5.38% for S&P's Spanish RMBS index in Q1 2013.
"Nevertheless, we have recently observed that short-term
delinquencies have rolled over into long-term delinquencies. In
particular, in Hipotebansa X, 180+ days arrears increased to
0.82% in June 2013 from 0.51% in June 2012, and 0.34% in June
2011. In Hipotebansa 11, this ratio increased to 0.60% in June
2013 from 0.59% in June 2012, and 0.34% in June 2011. This
deterioration does not affect the class A notes' creditworthiness
in both transactions because they are senior in the priority of
payments in terms of interest and principal payments. However,
any additional increase in delinquencies would cause the class B
notes' creditworthiness to potentially decline," S&P said.
"Given that the class A notes in Hipotebansa X and Hipotebansa 11
are protected in the priority of payments by the complete
subordination of the class B notes in terms of both interest and
principal payments, the class B notes are directly exposed to the
deteriorating assets' performance. Consequently, we have lowered
to BB (sf) from BB+ (sf) our rating on Hipotebansa X's class B
notes. At the same time, we have lowered to B+ (sf) from BB-
(sf) our rating on Hipotebansa 11's class B notes," S&P noted.
Counterparty and Non-sovereign Ratings Criteria
The swap counterparty, Banco Santander, is in the process of
amending the documents after becoming ineligible in October 2012.
Even though this process has not been finalized yet, following
S&P's assessment of the transactions' performance and the
application of its current counterparty criteria, S&P's cash flow
results indicate that there is sufficient available credit
enhancement for the class A notes in both transactions without
the support of the swap. S&P has therefore affirmed and removed
from CreditWatch negative its 'AA- (sf)' ratings on Hipotebansa X
and Hipotebansa 11's class A notes.
"Our non-sovereign ratings criteria cap the maximum potential
ratings on the class A notes in both transactions at 'AA- (sf)'.
Under these criteria, the highest rating that we would assign to
a structured finance transaction is six notches above the
investment-grade rating on the country in which the securitized
assets are located. Therefore, as these transactions securitize
Spanish assets, the highest achievable rating is 'AA- (sf)',
which is six notches above our 'BBB-' long-term sovereign rating
on Spain," S&P noted.
Hipotebansa X and Hipotebansa 11 securitize residential mortgage
loans granted to individuals to buy a property. Banco Santander,
is the originator of the transactions. Hipotebansa X and
Hipotebansa 11 closed in March and November 2002, respectively.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-backed security
as defined in the Rule, to include a description of the
representations, warranties and enforcement mechanisms available
to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in
issuances of similar securities. The Rule applies to in-scope
securities initially rated (including preliminary ratings) on or
after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH NEGATIVE
Class Rating Rating
To From
Fondo de Titulizacion de Activos, Hipotebansa X
EUR917 Million Residential Mortgage-Backed Floating-Rate Notes
A AA- (sf) AA- (sf)/Watch Neg
Fondo de Titulizacion de Activos, Hipotebansa 11
EUR1.062 Billion Residential Mortgage-Backed Floating-Rate Notes
A AA- (sf) AA- (sf)/Watch Neg
RATINGS LOWERED
Fondo de Titulizacion de Activos, Hipotebansa X
EUR917 Million Residential Mortgage-Backed Floating-Rate Notes
B BB (sf) BB+ (sf)
Fondo de Titulizacion de Activos, Hipotebansa 11
EUR1.062 Billion Residential Mortgage-Backed Floating-Rate Notes
B B+ (sf) BB- (sf)
RURAL HIPOTECARIO XIV: Fitch Rates EUR22.5MM Cl. B Notes 'B(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned Rural Hipotecario XIV F.T.A.'s
mortgage-backed floating-rate notes due May 2055 expected
ratings, as follows:
EUR202,500,000 class A notes 'Asf(EXP)'; Outlook Negative
EUR22,500,000 class B notes: 'Bsf(EXP)'; Outlook Negative
The transaction is a securitisation of a EUR225 million static
pool of Spanish residential mortgage loans, originated and
serviced by Bantierra (not rated by Fitch). The ratings address
timely payment of interest and ultimate payment of principal on
the class A notes, and ultimate payment of interest and principal
on the class B notes. The Negative Outlook on the notes reflects
the uncertainty associated with changes to the mortgage
enforcement framework, which may affect borrower payment behavior
and recovery timing.
Key Rating Drivers
This is the first standalone securitization of mortgage loans
originated by Bantierra. In assigning the ratings, Fitch has
relied on the performance of previous multi-originator
securitizations of the Rural Hipotecario series, participated by
Bantierra. However, default and loss information on Bantierra's
residential mortgage loan book was not available. In Fitch's view
data quality and availability was below average. Consequently, in
deriving its expected loss assumptions, the agency has applied
commensurate stresses.
The underlying assets are a prime pool of first-lien, residential
mortgage loans, with a moderate weighted average (WA) OLTV of
69.0%. The WA indexed CLTV derived by the agency is of 72.4%,
which captures a WA loan seasoning of 59 months. 76.2% of the
pool is concentrated in the region of Aragon.
Fitch considers that the transaction is exposed to servicer
disruption risk. However, the following mechanisms have been put
in place to mitigate this risk: i) the appointment of Banco
Cooperativo (BBB/Negative/F3); ii) a dedicated liquidity deposit
of EUR3.7 million to cover temporary mortgage payment
disruptions; and iii) a dedicated liquidity reserve of EUR0.7
million to cover class A interest shortfalls.
This is an unhedged transaction. The notes are referenced to
three-month EURIBOR with quarterly resets, while most loans are
referenced to 12-month EURIBOR with annual or bi-annual resets.
In its cash flow model, Fitch has captured potential losses and
temporary interest shortfalls derived from basis and reset risk.
In the agency's view, structural credit enhancement for the class
A notes (15%) and for the class B notes (5%) is sufficient to
adequately mitigate these risks at the relevant stress scenario.
Rating Sensitivities
Fitch's expectation under a 'Bsf' rating scenario is linked to a
WA lifetime loss rate of 4.01%, which results from a WA
foreclosure frequency assumption (WAFF) of 7.4% and a WA recovery
rate (WARR) expectation of 44.3%. The assumed WA loss rate in an
'A' rating scenario is of 11.1%.
The class A notes ratings could withstand a combined 10% WAFF
increase and 10% WARR decrease before being downgraded to the
'BBBsf' category, while a combined 25% WAFF increase and 25% WARR
decrease would result in a downgrade of the class A notes to
'BBBsf'.
TDA CAM 11: Moody's Lowers Rating on EUR33MM B Notes to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the notes
issued by TDA CAM 11, FTA and affirmed the rating of notes issued
by TDA CAM 12, FTA. These rating actions follow Moody's review of
the recent structural changes to the transactions and concluded
that these amendments have negative impact on the ratings of the
notes on TDA CAM 11, FTA. However, the changes will not, in and
of itself and at this time, result in a downgrade of the current
ratings of the notes for TDA CAM 12, FTA.
Ratings Rationale:
The rating action reflects the impact of the structural
amendments to the transaction, which relate to a removal of the
interest rate swap from the transitions. The swaps were provided
by CECABANK (Ba1 review for downgrade/NP) hedging interest rate
risk in the transaction and securing a 65 basis point excess
spread plus servicing fees.
The portfolios correspond to floating-rate loans linked to 12-
month EURIBOR and IRPH, resetting annually; conversely the notes
are linked to three-month EURIBOR and reset every quarter. This
difference leads to interest rate risk (the difference between
the reference rate used to compute the interest amount payable on
the RMBS notes and the interest rate received from the underlying
mortgages) and timing mismatch (mismatch between the time of
resetting interest rates on the assets and the time of resetting
interest rates on the liabilities) in the transaction. In
addition to these risks, the transactions will not receive the
guaranteed excess spread which was provided through the swap
which constituted the first layer of protection for the
noteholders.
To compensate these risks, credit enhancement in the transactions
has been increased. The increase was implemented in the current
capital structure by increasing the size of the reserve funds.
The reserve increase was EUR11.4 million and EUR13.5 million in
TDA CAM 11 and TDA CAM 12 respectively. The current reserve fund
and the target levels for TDA CAM 11 are EUR79.3 million and
EUR87.3 million respectively and EUR80.5 million and EUR89.5
million for TDA CAM 12, FTA. Moody's believes that the increase
in the reserve fund is not sufficient to maintain the rating of
the notes on TDA CAM 11, FTA due to the increased interest rate
risk.
Key Collateral Assumptions
Moody's has not changed the current MILAN Credit Enhancement
("MILAN CE") assumptions of the transactions. MILAN CE
assumptions are 22.65% in TDA CAM 11, FTA and 20.20% in TDA CAM
12, FTA
In both transactions, Moody's has also maintained the current
expected loss assumptions: 7.50% for TDA CAM 11, FTA and 20.20%
for TDA CAM 12, FTA.
The methodology used in these ratings was "Moody's Approach to
Rating RMBS Using the MILAN Framework", published in May 2013.
In reviewing these transactions, Moody's used ABSROM to model 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 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 or EL 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: TDA CAM 11, FTA
EUR517.9M A2 Notes, Downgraded to Baa2 (sf); previously on Apr
15, 2013 Confirmed at Baa1 (sf)
EUR403.2M A3 Notes, Downgraded to Baa2 (sf); previously on Apr
15, 2013 Confirmed at Baa1 (sf)
EUR229.1M A4 Notes, Downgraded to Baa2 (sf); previously on Apr
15, 2013 Confirmed at Baa1 (sf)
EUR33M B Notes, Downgraded to Ba2 (sf); previously on Apr 15,
2013 Downgraded to Ba1 (sf)
EUR132M C Notes, Affirmed Caa1; previously on Apr 15, 2013
Downgraded to Caa1
Issuer: TDA CAM 12, FTA
EUR665M A2 Notes, Affirmed Baa1 (sf); previously on Apr 9, 2013
Downgraded to Baa1 (sf)
EUR418M A3 Notes, Affirmed Baa1 (sf); previously on Apr 9, 2013
Downgraded to Baa1 (sf)
EUR228M A4 Notes, Affirmed Baa1 (sf); previously on Apr 9, 2013
Downgraded to Baa1 (sf)
EUR57M B Notes, Affirmed Ba3 (sf); previously on Apr 9, 2013
Downgraded to Ba3 (sf)
EUR152M C Notes, Affirmed Caa1 (sf); previously on Apr 9, 2013
Downgraded to Caa1 (sf)
===========
T U R K E Y
===========
TURCAS PETROL: Fitch Affirms 'B' Long-Term Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed Turcas Petrol A.S.'s Long-term foreign
and local currency Issuer Default Ratings (IDR) at 'B' and
National Long-Term Rating at 'BBB-(tur)'. The Outlook is Stable.
Key Rating Drivers
Holding Company Ratings
The ratings reflect Turcas's profile as a holding company with
minority stakes in several JVs in Turkey's fuel distribution,
power generation, oil refining, renewable energy and energy
trading sectors, its positive free cash flow after dividends but
before project cash calls and its long-term debt maturities.
While we view positively Turcas's strategy of investing in local
projects in partnership with large global players, we note that
the ratings are constrained by its small size, high debt load
compared to dividend receipts and large cash capital commitments
in 2013-2017.
STAS Drives Dividends
Turcas's main source of cash is its 30% stake in Shell & Turcas
Petrol A.S. (STAS), a JV with Royal Dutch Shell plc (AA/Stable),
Turkey's leading fuel distributor with 1,050 Shell-branded gas
stations. One of Turkey's largest companies, STAS reported
operating profit of TYR247 million in 2012, up 30% yoy, and paid
dividends of TYR90 million, down from TYR103 million in 2011. In
2007-2012, STAS's dividends and management fees accounted for
nearly all of Turcas's cash inflows. We expect that Turcas will
continue receiving substantial payments from STAS of over TYR200
million in 2013-2016 despite its significant capex program as
Turkey remains a growing market for vehicles and motor fuels, in
particular diesel. We also anticipate that STAS will remain the
primary source of cash inflows for Turcas in 2013-2017.
STAR Refinery Project Commitment
Fitch expects Turcas to increase its leverage in 2013-2015 as it
funds its 18.5% share in the STAR refinery, a JV with the State
Oil Company of the Azerbaijan Republic (BBB-/Stable) and the
State Oil Fund of Azerbaijan, the latter expected to become the
shareholder in H213. The JV partners plan to commission STAR, a
US$5 billion, 10 million ton refinery on Turkey's West coast, in
2017 and project finance it by end-2013 with a 65%/35% target
debt to equity split. Turcas expects to fund its remaining US$283
million equity commitment using own and borrowed money.
When completed, STAR will enhance Turcas's operations due to
integration of refining and fuel distribution. STAR's products
will target the undersupplied Turkish fuel market which
experiences a deficit in diesel and naphtha.
Denizli Power Plant Commissioned
Denizli, a 775 megawatt gas-fired power plant in south-western
Turkey, and a 30%/70% JV with RWE AG (A-/Stable), was
commissioned in June 2013. Fitch believes that Denizli, one of
the most efficient power plans in the country, has attractive
economics and should start generating cash flows to repay its
debt in H213. However, its lifecycle profitability will depend on
volatile gas and power prices. From 2015, we expect the Denizli
power plant to generate sufficient cash flows to repay its
shareholder loans back to Turcas, which will then repay its
project finance loans, and to be a steady source of dividend
income for Turcas.
Rising Leverage, Moderate Payouts
Turcas's ratings are constrained by its very ambitious cash
commitments in 2013-2016. We expect that cash outflows related to
STAR will substantially increase Turcas's funds from operations
(FFO) adjusted net leverage that should peak at around 6.4x in
2014, a level commensurate with a weak 'B' rating, before
declining to a more reasonable 4.2x in 2017. In calculating FFO,
we include interest payments on a shareholder loan that Denizli
makes to Turcas because these are regular cash inflows that
Turcas will use to repay its back-to-back obligation raised for
funding the loan to the JV.
Rating Sensitivities
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO net adjusted leverage consistently below 3x coupled
with higher diversification of dividend income.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Turcas's ratings would come under pressure if its FFO
adjusted net leverage exceeded 6x on a sustained basis or
it experiences delays in project execution leading and/or
higher than anticipated equity cash calls.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity, Comfortable Maturities
At December 31, 2012, Turcas's liquidity was adequate with TRY118
million of cash and TRY16 million in short-term debt. Total debt
consisted of TRY309 million of mainly project-related ECA long-
term loans denominated in EUR and USD. Refinancing risk is
limited as only TRY32.6 million matures annually in 2014-2017 and
over half of the debt matures after 2017. These loans will be
repaid by the back-to-back shareholder loans from Denizli.
At end-June 2013, Turcas had a consolidated cash balance of
US$89.8 million, short term debt of US$3.8 million and EUR13
million and unused, uncommitted credit lines of US$125 million
and TRY85 million.
=============
U K R A I N E
=============
* CRIMEA: S&P Affirms 'B' Issuer Credit Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term issuer credit rating on Ukraine's Autonomous Republic of
Crimea. The outlook is negative.
At the same time, S&P affirmed its 'uaA-' long-term Ukraine
national scale rating on Crimea.
Rationale
The ratings on Crimea reflect S&P's assessments of its low debt,
conservative debt policies, and sound financial performance over
recent years and its expectation that its assessments will remain
unchanged over the next 24 months. At year-end 2012, these
elements were in line with S&P's base-case scenario outlined in
"Crimea (Autonomous Republic of)," published July 20, 2012, on
RatingsDirect).
Negatively, S&P views that the republic lacks revenue
predictability and has very low budgetary flexibility in terms of
revenue and expenditure. Crimea relies heavily on subsidies and
excise revenue and has high expenditure needs due to the volatile
and underfunded Ukrainian system of interbudgetary relations.
The ratings also reflect Crimea's low wealth levels, negative
liquidity, and contingent liabilities related to its
municipalities and companies.
Under the volatile and underfunded Ukrainian system of
interbudgetary relations, Crimea's budgetary flexibility is very
low. Modifiable revenues account for less than 10% of total
operating revenues, while reliance on alcohol excise and on one
taxpayer in particular who provided around 15%-20% of operating
revenues in 2012, further constrains revenue flexibility and
predictability. Excise revenue almost halved in first-quarter
2013 compared with first-quarter 2012 due to court disputes in
relation to the largest taxpayer, but then more than doubled in
April 2013 over the previous three months. S&P incorporates
modest growth in excise revenue in its base-case scenario for
2013.
Although it has little flexibility, Crimea demonstrates a
cautious approach to spending and therefore achieved an operating
surplus of 5% of operating revenues in 2012 due to additional
revenues from excises and subsidies. This margin is narrow by
international standards, but representative of good performances
in the Ukrainian context. During 2009-2012, the average
operating margin for Crimea stood at 4.6% and we expect it to
stay at comparable levels in 2013-2015.
"Crimea also implements conservative capital spending policy.
During 2009-2012, the surplus after capital accounts averaged
0.5%. In our base-case scenario, we also expect the republic to
report minor surpluses after capital accounts over 2013-2015 as
it has reiterated its commitment to keep spending under control
and consequently to refrain from borrowing in the period. To
achieve this, the republic already managed to cut its capital
spending in 2012-2013, following a decrease in capital subsidies,
which were much larger in 2010-2011. However, we still view
Crimea's financial management as having a negative impact on the
rating in the international context, given the need to develop
long-term planning, its only modest financial transparency, with
disclosure generally limited to budget activities, and the weak
performance of its related entities," S&P noted.
Nevertheless Crimea's debt policy is conservative. In 2009-2012,
its tax-supported debt grew from zero to 7% of revenues, and the
republic has no plans to increase its debt burden. In S&P's
base-case scenario, Crimea's tax-supported debt will remain below
a modest 10% of revenues until 2015. The republic issued a
Ukrainian hryvnia (UAH) 133 million bond in 2011 to finance
waste-recycling projects, but has no plans to borrow in 2013-
2014. Consequently, S&P expects its debt service to be limited to
the UAH133 million bond maturing in June 2014.
Crimea's wealth levels are low, in S&P's opinion, with reported
gross regional product per capita of only US$2,500 in 2012. In
S&P's view, the republic's infrastructure investment needs are
large. The most urgent concerns are water and sewerage,
transport, and roads. The estimated cost for these works exceeds
Crimea's annual budget several times. Although the central
government provided Crimea with large capital subsidies in 2010-
2011, which allowed heavy investment in public transportation,
the needs remain very high. Investment needs also lead to
contingent liabilities related to municipal needs and the needs
of infrastructure utilities, especially those in water and
sewage.
Liquidity
S&P considers Crimea's liquidity position to be "negative" as
defined by its criteria. This encompasses S&P's assessment of
the Republic's debt service coverage ratio, at currently above
180% including the June 2014 bond maturity, as well as S&P's view
on uncertain access to external liquidity for Ukrainian local and
regional governments and our expectation of a volatile cash
position during the next 12 months.
As of April 1, 2013, cash in both the general and special fund
accounts and deposits exceeded UAH145 million (about $18
million). However, the cash position is volatile. Crimea started
to use state treasury loans for operating spending in 2013.
These loans can be also used to secure timely interest payments,
if necessary.
To make its June 2014 bond repayment, Crimea plans to start
accumulation of cash in late 2013, largely using above-budgeted
excise revenue and asset sale revenue.
Because the Ukrainian capital market is volatile, S&P views
Crimea's access to external liquidity as "uncertain." The
weaknesses of Ukraine's banking sector are reflected in S&P's
Banking Industry Country Risk Assessment (BICRA), which
classifies Ukraine in group '9'. S&P's BICRA scores rank risk
relating to banking systems on a scale of '1' to '10', with '1'
being the lowest risk and '10' being the highest risk.
Outlook
The negative outlook reflects S&P's negative outlook on Ukraine
(B/Negative/B). S&P would revise the outlook on Crimea to stable
if it revised its outlook on the sovereign to stable.
S&P might lower the ratings on Crimea if it lowered the ratings
on Ukraine, all other things being equal.
The rating could also come under pressure if, the republic's
performance and liquidity weakened ahead of its June 2014
repayment, for example because of setbacks in revenue
performance. This might be driven by lower than expected excise
revenue, or lower revenue from asset sales, and only partially
offset by additional subsidies.
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
Ratings Affirmed
Crimea (Autonomous Republic of)
Issuer Credit Rating B/Negative/--
Ukraine National Scale uaA-/--/--
===========================
U N I T E D K I N G D O M
===========================
DINAMO PRODUCTIONS: Goes Into Administration
--------------------------------------------
Wales Online reports that Dinamo Productions has gone into
administration.
The decision comes after a challenging few years for the
animation industry in the UK as a whole, Wales Online relates.
The ongoing commitment to a large production facility is reported
to have become a burden on the company's finances, Wales Online
notes.
David Hill and Steve Wade, from Cardiff-based business recovery
specialists Begbies Traynor, have been appointed as joint
administrators of the company, Wales Online discloses.
Before the appointment of the administrators, the company ceased
trading and all 27 staff were made redundant, Wales online
recounts. However, it is understood that employment has now been
found for the majority of the staff, Wales Online states.
The directors are said to be now seeking finance to fund
investment and create new production partnerships to secure the
future of Dinamo, which has clients such as the BBC, S4C and many
independent TV production companies, according to Wales Online.
In a statement, Messrs. Hill and Wade said they were hoping that
the company's heritage would survive through a sale of the
business and assets, Wales Online relates.
Based in Pontypridd, Dinamo Productions specializes in children's
animation and has a range of clients across the media industry.
ERUMA PLC: In Administration; Share Trading Suspended
-----------------------------------------------------
The Board of Eruma plc on July 8 disclosed that Antony Batty and
Stephen Evans of Antony Batty & Co. LLP were appointed joint
administrators of the Company and also to its wholly owned
subsidiary, Security Blinds Limited, with effect from noon on
July 5, 2013.
Shares in the Company will continue to be suspended from trading
on AIM until further notice.
Further updates will be provided to shareholders as soon as
possible.
Eruma plc -- http://www.erumaplc.com-- is engaged in the
manufacture and installation of security blinds and emergency
lighting systems. The Company is a specialist solutions provider
of counter terrorism, intruder prevention and intelligent
lighting solutions and energy saving products.
FAIRHOLD SECURITISATION: Moody's Cuts Ratings on Two Notes to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded the following classes of
Notes issued by Fairhold Securitisation Limited (amounts
reflecting initial outstandings):
GBP329M A Notes, Downgraded to Ba2 (sf); previously on Apr 26,
2013 Baa3 (sf) Placed Under Review for Possible Downgrade
GBP24M B Notes, Downgraded to B3 (sf); previously on Apr 26, 2013
B1 (sf) Placed Under Review for Possible Downgrade
GBP84.7M A(N) Notes, Downgraded to Ba2 (sf); previously on Apr
26, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade
GBP5.8M B(N) Notes, Downgraded to B3 (sf); previously on Apr 26,
2013 B1 (sf) Placed Under Review for Possible Downgrade
Ratings Rationale:
The downgrade action reflects Moody's increased concerns
regarding the refinancing of the loan due in October 2015.
Despite the very good quality and predictability of the future
cash flows coming from ground rents, the refinancing risk has
increased since last review due to a number of factors, including
(i) a rising swap mark to market ("MtM") valuation amount, which
ranks mostly senior to the notes, (ii) sustained low long term
interest rates and increased risk of higher inflation rates in
the foreseeable future, and (iii) the loan maturity date
approaching. While the updated swap MtM valuation implies an
increase in liabilities for the Borrower by GBP 37 million to GBP
277 million compared with last year, the valuation of the
properties is stable and does not offset the increase in
liabilities. As a result, the leverage including the swap MtM has
increased from 87.6% to 93.2% based on the external valuations
provided.
There could be an incremental risk of swap breakage costs
becoming due and payable prior to the note final maturity as the
transfer fee reserve is being depleted at a faster rate than
initially anticipated due to lower transfer fees. Considering the
current level of income, the transfer fee reserve should ensure
debt service payments until the loan maturity date, but it may
not be sufficient until the note legal final maturity.
Primary sources of assumption uncertainty are (i) the volatility
of the swap MtM amounts due to the long swap term and sensitivity
to future changes in interest and inflation rates and (ii) the
value of the underlying portfolio given the sensitivity to real
interest rate expectations and the limited evidence of larger
transactions in the investment market for ground rent portfolios.
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.
Moody's Portfolio Analysis
Fairhold closed in March 2006 and was subsequently tapped in
2007. It represents the securitization of a loan granted by the
Issuer to Fairhold Finance Limited (the "Borrower"). The loan's
repayment relies on the receipt of ground rent payments, warden's
apartments rents and transfer fees arising from freehold and long
leasehold reversionary interests in 406 sheltered housing
developments (the "Portfolio") owned by thirteen property owning
subsidiaries of the Borrower. The Portfolio's cashflows relate to
18,678 sheltered housing apartments and 310 warden's apartments
located in town centers throughout the United Kingdom.
The transaction has been performing well with no issues to date.
Therefore, the default probability of the loan is principally due
to the refinancing risk when the loans reach maturity in 2015 and
as such the default risk of the notes is concentrated in the
period between the loan maturity date and note maturity date in
2017.
Moody's is aware that ground rent portfolios are potentially
attractive to certain types of investors, in particular those
looking for exposure to long-dated, inflation-linked cashflows.
Despite this, Moody's believes that ground rent portfolios are
still a relatively niche asset class, and as such the market is
still neither particularly deep nor are ground rent portfolios
apparently liquid. This, combined with the difficult refinancing
conditions, which are expected to persist throughout 2015, and
with the need to unwind the swaps, caused Moody's to revise its
refinancing outlook for the underlying loan, to incorporate a
greater probability of default at the loan's maturity date.
The other driver of the ratings is Moody's valuation. In the
analysis, Moody's took a blended approach, giving part value to
an actuarial method and part value to a yield-based method, to
derive Moody's sustainable portfolio valuation of GBP 550
million, which is unchanged compared to last review. Moody's
loan-to-value ratio of 80.6%, prior to the swap MtM and 131.1%
including the whole MtM as at April 2013.
In the event of a portfolio sale, and under current interest rate
and interest conditions, it is highly likely that the existing
hedging structure would need to be dismantled and a termination
payment, close to the swap MtM would become payable by the issuer
and borrowers. Swap termination payments ("TP") rank senior to
the senior notes during any allocation of funds prior to note
enforcement and pari passu with senior note interest otherwise.
The requirement to pay TP, will further constrain the
availability of financing at the refinancing date, all else being
equal. Moody's has assumed a base-case TP of GBP 172 million in
its updated credit assessment of the notes. Significant and
persistent deviations above this level, not offset by
corresponding asset value increases or by deleveraging may result
in additional negative rating pressure in the future.
Rating Methodology
The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated May 23, 2012. The last Performance Overview for
this transaction was published on December 12, 2012.
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.
===============
X X X X X X X X
===============
* 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
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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
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HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
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JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
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OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
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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
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BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
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BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
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BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
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I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
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MILLIMAGES 8131905Q FP -1006050.249 113454378.9
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MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI OROS PZ -51389802.68 181267113.2
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OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
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PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
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PAGESJAUNES GRP PAJ QM -2572329208 1590596225
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PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
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RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
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RHODIA SA RHA QM -72552001.48 7951699362
RHODIA SA RHAGBX EO -72552001.48 7951699362
RHODIA SA RHA EU -72552001.48 7951699362
RHODIA SA RHAUSD EU -72552001.48 7951699362
RHODIA SA RHA BQ -72552001.48 7951699362
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RHODIA SA 2324011Q EU -72552001.48 7951699362
RHODIA SA RHANR PZ -72552001.48 7951699362
RHODIA SA RHA IX -72552001.48 7951699362
RHODIA SA RHA NQ -72552001.48 7951699362
RHODIA SA RHDI TH -72552001.48 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.48 7951699362
RHODIA SA - NEW RHANV FP -72552001.48 7951699362
RHODIA SA - NEW 2335921Q FP -72552001.48 7951699362
RHODIA SA - NEW 8125782Q FP -72552001.48 7951699362
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RHODIA SA-ADR RHAYY US -72552001.48 7951699362
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GREECE
------
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IRELAND
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ICELAND
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ITALY
-----
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JERSEY
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LUXEMBOURG
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NETHERLANDS
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NORWAY
------
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POLAND
------
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TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
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DARTY PLC KESA BQ -154779892.4 1917418684
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DARTY PLC KESA EB -154779892.4 1917418684
DAVENHAM GROUP P DAV EO -57317833.22 114701147.6
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DE LA RUE PLC DL1C GK -72920095.83 652922700.1
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DE LA RUE PLC DLAR LN -72920095.83 652922700.1
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DE LA RUE PLC DELRF US -72920095.83 652922700.1
DE LA RUE PLC DLAR EB -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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DE LA RUE PLC DLARUSD EU -72920095.83 652922700.1
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DE LA RUE PLC DL1C GR -72920095.83 652922700.1
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DE LA RUE PLC DLAR IX -72920095.83 652922700.1
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DE LA RUE PLC DLAR QM -72920095.83 652922700.1
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DE LA RUE PLC DLAR EU -72920095.83 652922700.1
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DE LA RUE PLC DLAR PO -72920095.83 652922700.1
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DE LA RUE PLC DLAR2 EO -72920095.83 652922700.1
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THORN EMI PLC THNE FP -2265916257 2950021937
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TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
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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
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UTC GROUP UGR LN -11904428.42 203548565
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
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WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
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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 * * *