/raid1/www/Hosts/bankrupt/TCREUR_Public/130813.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, August 13, 2013, Vol. 14, No. 159
Headlines
F R A N C E
GROUPAMA SA: Fitch Keeps 'B-' Sub. Debt Rating on Watch Positive
G E R M A N Y
ECLIPSE 2007-2: Moody's Raises Rating on Cl. B Certs to 'Caa1'
EUROPROP SA: S&P Lowers Rating on Two Note Classes to 'CCC-'
I R E L A N D
APPAREL SUPPLY: High Court Approves Appointment of Examiner
FINNEGAN'S BAR: In Receivership, Continues Trading
L I T H U A N I A
BANKAS SNORAS: Creditors Contest Priority Ranking of Claims
N E T H E R L A N D S
DUCHESS VI: S&P Affirms 'BB+' Rating on Class D Notes
E-MAC DE 2005-1: Put Note Actions No Impact on Moody's Ratings
FLEET STREET: S&P Lowers Rating on Two Note Classes to 'D'
* NETHERLANDS: 779 Businesses & Institutions Declared Bankrupt
R U S S I A
MOSCOW UNITED: Fitch Assigns 'BB+' LT Issuer Default Ratings
KAZANORGSINTEZ OJSC: Fitch Raises Issuer Default Rating to 'B-'
NIZHNEKAMSKNEFTEKHIM OAO: S&P Assigns 'BB-' CCR; Outlook Stable
NIZHNEKAMSKNEFTEKHIM: Fitch Affirms 'B+' Issuer Default Rating
RUSSIAN STANDARD: S&P Affirms 'B+' Counterparty Credit Rating
* KOSTROMA REGION: Fitch Affirms 'B' ST Foreign Currency Rating
* CHELYABINSK OBLAST: S&P Affirms 'BB+' Issuer Credit Rating
U K R A I N E
* DNIPROPETROVSK: S&P Affirms 'B' Long-Term ICR; Outlook Negative
U N I T E D K I N G D O M
BELLATRIX PLC: S&P Lowers Rating on Class D Notes to 'D'
CORNERSTONE TITAN 2005-1: S&P Cuts Cl. D Notes Rating to 'CCC-'
HIBU PLC: Moody's Withdraws 'C' Rating After Debt Restructuring
ITV PLC: Moody's Withdraws Ba1 CFR; Lifts Senior Debt From Ba1
MOSTYN'S CURTAINS: In Administration, Cuts 125 Jobs
REPUBLIC: Centre Boss is Upbeat Despite Closure in Swansea
RIEGENS LIGHTING: In Administration Following Financial Losses
* UK: Corporate Insolvencies Up 91% From May to June 2013
X X X X X X X X
* EUROPE: Banks Cut 5,500 Branches Across European Union in 2012
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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GROUPAMA SA: Fitch Keeps 'B-' Sub. Debt Rating on Watch Positive
----------------------------------------------------------------
Fitch Ratings has maintained Groupama S.A.'s undated deeply
subordinated debt (ISIN FR0010533414) 'B-' rating on Rating Watch
Positive (RWP). Groupama's other ratings are unaffected by the
rating action.
Key Rating Drivers
The maintained RWP on the undated deeply subordinated debt
reflects Fitch's view that management will resume coupon payments
in 2013.
Rating Sensitivities
Fitch will likely upgrade the undated deeply subordinated debt's
rating to 'BB-' if Groupama resumes coupon payments on 22 October
2013.
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G E R M A N Y
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ECLIPSE 2007-2: Moody's Raises Rating on Cl. B Certs to 'Caa1'
--------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of notes issued by Juno (ECLIPSE 2007-2) Ltd
(amounts reflect initial outstandings):
EUR677.25M A Certificate, Upgraded to A3 (sf); previously on
Nov 29, 2011 Upgraded to Ba1 (sf)
EUR69.15M B Certificate, Upgraded to Caa1 (sf); previously on
Feb 16, 2011 Downgraded to Caa3 (sf)
EUR0.6M X Certificate, Affirmed Caa1 (sf); previously on Aug
22, 2012 Downgraded to Caa1 (sf)
Moody's does not rate the Class C, Class D and the Class E Notes.
Ratings Rationale:
The upgrade action is primarily driven by the increase in the
credit enhancement level for the Class A Notes to 37.4% and the
Class B Notes to 20.7% following the sequential allocation of
proceeds from the workouts of the Keops and SCI Clichy loans. In
February 2012, the servicer announced the sale of the final
properties in the Keops portfolio and the subsequent full
repayment of the Keops reference obligation. Moody's had
previously expected a liquidation loss of under 10% based on the
costs associated with the loan work-out.
Despite ongoing delays in the calculation of the liquidation loss
amount on the Neumarkt loan a resolution is expected by the end
of 2013 with proceeds in excess of EUR106 million.
The calculation agent has determined a loss of more than
EUR23.09 million in respect of the Senior Den Tir loan. The
calculation agent appointed the eligibility criteria verification
agent on May 22, 2013.
Once resolved, the fully sequential allocation of the principal
proceeds from the liquidation of the Neumarkt loan and Senior Den
Tir loan will further increase the credit enhancement of the
Class A Notes to above 43%. All future principal repayments will
be allocated in a fully sequential manner further benefitting the
Class A Notes.
Principal losses from the workout of the SCI Clichy loan resulted
in a full write-down of the Class E Notes and partial write-down
of the Class D Notes. Further losses expected on the Neumarkt
loan and the Senior Den Tir loan will result in a full write down
of the Class D Notes and partial write- down of the Class C
Notes. Moody's does not rate these notes.
The quality of the outstanding pool of loans remains low. The
weighted average Moody's loan to value (LTV) at maturity is 95%
indicating the remaining loans will struggle to refinance at
maturity. The high expected loss on the outstanding loan pool is
driven by (1) the high default probability upon refinancing on
seven out of the eight remaining loans and (2) the high loan loss
severity due to the non-prime quality of the properties securing
74% of the outstanding loan balance.
The current ratings of the Class A Notes are sensitive to the
further performance of the Obelisco loan which, excluding the
Neumarkt reference obligation, is the largest loan in the pool.
Moody's assigns a high default probability at refinancing of the
loan (>50%) owing to the high quarterly asset related costs that
significantly reduce the net income generated by the portfolio as
well as the unfavorable lease profile.
The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.
In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions . There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) lending
will remain constrained over the next years, while subject to
strict underwriting criteria and heavily dependent on the
underlying property quality, (ii) strong differentiation between
prime and secondary properties, with further value declines
expected for non-prime properties, and (iii) occupational markets
will remain under pressure in the short term and will only slowly
recover in the medium term in line with anticipated economic
recovery. Overall, Moody's central global macroeconomic scenario
for the world's largest economies is for only a gradual
strengthening in growth over the coming two years. Fiscal
consolidation and volatility in financial markets will continue
to weigh on business and consumer confidence, while heightened
uncertainty hampers spending, hiring and investment decisions. In
2013, Moody's expects no growth in the Euro area and only slow
growth in the UK.
Moody's Portfolio Analysis:
Juno (ECLIPSE 2007-2) LTD closed in May 2007 and represents a
fully-funded synthetic transaction of initially 17 mortgage
reference obligations originated by Barclays Bank PLC
("Barclays") secured mainly by first ranking mortgages on 206
properties located in Germany (32.8%), Sweden (28.7%), France
(15.7%), Belgium (10.6%), Italy (10.2%) and Monaco (1.9%). The
properties were predominantly office (52%) and retail (32%).
As of the May 2013 Note IPD, the transaction's total pool balance
was EUR 408.8 million down by 53% since closing due to repayments
and prepayments. Based on the underwriter's ("U/W") market value
as of May 2013, the pool of the remaining ten reference
obligations exhibits an average concentration in terms of
geographic location (31% Italy, 57% Germany, 11% Belgium) and
property type (49% office, 34% retail). Moody's uses a variation
of Herf to measure diversity of loan size, where a high number
represents greater diversity. Large multi-borrower transactions
typically have a Herf of less than 10 with an average of around
5. The pool of the remaining ten reference obligations has a Herf
of 4.9, lower than at Moody's prior review.
As per the last investor report on the transaction (May 2013),
only one of the remaining reference obligations (Monheim; 6% of
the remaining pool) was in special servicing following a failure
to repay at its maturity in August 2012. Moody's expects a
significant loss on this loan. Three further loans (Petersbogen
26%, Le Croissant 7% and Prins Boudewijn 4%) are on the
servicer's watchlist owing to loan covenant breaches and upcoming
maturities.
Obelisco is the largest of the remaining reference obligations
(31% of the current pool). It is secured by a portfolio of
predominantly office buildings located across Italy. About 27% of
the rental area is currently vacant compared to 24% at closing,
but vacancy has fluctuated considerably during the loan term. At
present, interest coverage is healthy at 1.40x, however, the net
income generated by the portfolio is significantly reduced by
high property taxes and other irrecoverable expenses that account
for roughly half of the current contractual income. Despite a low
reported UW LTV of 40%, Moody's high expected default probability
at maturity (>50%) is driven by a weighted average ("WA")
remaining lease term to first break that is almost coterminous
with loan maturity and a Moody's LTV of 91%.
The second largest reference obligation of the remaining pool
(Petersbogen; 26% of the pool) is secured by a retail and leisure
property in Leipzig, anchored by a multiplex cinema. The asset
benefits from a near prime location is the centre of Leipzig as
well as a strong lease rollover profile with a WA remaining term
to break of 8.25 years, well beyond loan maturity in November
2013. A recent revaluation of the asset (March 2013) resulted in
an increase of the UW whole loan LTV to 94% which is close to
Moody's expectation of leverage and drives the high risk of
default (>50%) at maturity.
Pyrus, is the third largest reference obligation of the remaining
portfolio (12% of the pool). It is secured by six multifamily
properties mainly located in North Rhine Westphalia. The
reference obligation is performing in line with expectations.
Moody's has not adjusted it assumptions and expects a medium risk
of default (10%-25%) at maturity in November 2014 based on 80%
Moody's LTV at maturity.
Portfolio Loss Exposure: Moody's expects a significant amount of
losses on the securitized portfolio, stemming mainly from the
refinancing profile of the securitized portfolio. Given the
default risk profile and the anticipated work-out strategy for
potentially defaulting loans, the expected losses on 8 from the
10 remaining loans are likely to crystallize only towards the end
of the transaction term.
Rating Methodology:
The methodologies used in this rating were Moody's Approach to
Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio) published in April 2006, and Moody's Approach to
Rating Structured Finance Interest-Only Securities published in
February 2012.
Other factors used in this rating are described in European CMBS:
2013 Central Scenarios published in February 2013.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. The last Performance Overview for this transaction
was published on July 17, 2013.
In rating this transaction, Moody's used both MoRE Portfolio and
ABSROM 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 ABSROM, 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.
EUROPROP SA: S&P Lowers Rating on Two Note Classes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EuroProp (EMC VI) S.A.'s class C, D, and E notes. At the same
time, S&P has affirmed its 'D (sf)' rating on the class F notes.
The rating actions follows S&P's review of the credit quality of
the remaining underlying loans under our European commercial
mortgage-backed securities (CMBS) criteria following the updated
valuation of the Epic Rhino and Epic Horse loans. S&P's ratings
on the class A and B notes are unaffected by the rating actions.
At present, 14 of the 18 original loans remain outstanding, as
four loans have repaid. The note balance has decreased to
EUR380.14 million from EUR489.8 million at closing. The
transaction's legal final maturity date is in April 2017.
EPIC RHINO LOAN (8.92% of the pool)
The Epic Rhino loan is the fifth-largest loan in the pool and is
secured on eight mixed-use German properties (seven residential
properties and one small supermarket). These properties are
located in Wuppertal (three properties), Kaiserslautern (three
properties), Fassberg, and Neu Isenberg in Germany.
The borrower failed to repay the loan by the original loan
maturity date of July 16, 2010, and subsequently on the extended
maturity date of May 5, 2013. The repayment event of default
remains outstanding and the loan has been in special servicing
since September 2010.
S&P understands that the special servicer has recently obtained
an updated valuation of the properties securing the loan at
EUR24.8 million (dated April 23, 2013). The portfolio's value
has dropped by about 21% against the previously reported
valuation. The updated valuation compares with an outstanding
securitized loan balance of EUR32.99 million, reflecting a
securitized loan-to-value (LTV) ratio of 133%.
The updated valuation will likely constrain the level of
recoveries that the special servicer could obtain from the
underlying assets. Therefore, S&P has reflected the increased
risk of losses in its base-case scenario.
EPIC HORSE LOAN (6.72% of the pool)
The Epic Horse loan is the sixth-largest loan in the pool and is
secured on 19 German properties (18 residential property and one
office). These properties are located in Bad Orb (six
properties), Wilhelmshaven (12 properties), and Norderstedt in
Germany.
The borrower failed to repay the loan by the original loan
maturity date of July 16, 2010, and subsequently on the extended
maturity date of May 5, 2013. The repayment event of default
remains outstanding and the loan has been in special servicing
since September 2010.
S&P understands that the special servicer has recently obtained
an updated valuation of the properties securing the loan at
EUR12.48 million (dated April 23, 2013). The portfolio's value
has dropped by about 50% against the previously reported
valuation. The updated valuation compares with an outstanding
securitized loan balance of EUR24.84 million, reflecting a
securitized LTV ratio of 199%.
The updated valuation will likely constrain the level of
recoveries that the special servicer could obtain from the
underlying assets. Therefore, S&P has reflected the increased
risk of losses in its base-case scenario.
RATING ACTIONS
S&P's ratings in this transaction address timely interest
payments and principal repayments no later than the February 2020
legal final maturity date.
Although S&P's overall amount of expected losses under the loan
pool has increased, the level of available credit enhancement for
the class A and B notes remains adequate to absorb the amount of
losses that the underlying properties would experience under
their respective rating stress scenarios, in S&P's opinion.
Therefore, S&P did not take any rating actions on these two
classes of notes.
In S&P's view, the class C, D, and E notes' creditworthiness has
deteriorated as a result of the updated valuations for the Epic
Rhino and Epic Horse loans. S&P do not consider the available
credit enhancement to be sufficient to absorb the amount of
losses that the underlying properties would suffer at their
currently assigned rating levels. S&P has therefore lowered its
ratings on these classes of notes. At the same time S&P has
affirmed its 'D (sf)' rating on the class F notes as they are
still in default.
EuroProp (EMC VI) is a 2007-vintage securitization of German and
French commercial real estate assets.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
C B- (sf) B (sf)
D CCC- (sf) B- (sf)
E CCC- (sf) CCC (sf)
Rating Affirmed
F D (sf)
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I R E L A N D
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APPAREL SUPPLY: High Court Approves Appointment of Examiner
-----------------------------------------------------------
BreakingNews.ie reports that the High Court has approved the
appointment of an examiner to Apparel Supply Solutions Ltd.
According to BreakingNews.ie, the company is insolvent because of
a EUR435,000 tax liability.
The court heard a contract with the GAA for sportswear has not
brought about the desired returns and this part of the business
will be slimmed down, BreakingNews.ie relates.
Two staff members have been made redundant and new conditions
have been arranged with 12 other employees since Jason Sheehy was
appointed interim examiner last month, BreakingNews.ie discloses.
His appointment has now been approved by High Court President
Nicholas Kearns, BreakingNews.ie notes.
Apparel Supply Solutions Ltd. is a Waterford-based company that
provides sportswear and specialist industrial wear. The company
employs over 30 people and its clients include the Dublin Fire
Service and ESB Networks.
FINNEGAN'S BAR: In Receivership, Continues Trading
--------------------------------------------------
Limerick Leader News reports that one of Limerick's most well
known pubs has gone into receivership -- but it will continue to
trade for the time being.
There are fears for 30 full and part time jobs at Finnegan's Bar
and Restaurant on the Dublin Road in Annacotty after NAMA
appointed statutory receivers to Novaridge, its the holding
company, according to Limerick Leader News.
Limerick Leader News notes that an unnamed spokesperson for the
receivers at KPMG confirmed the pub would trade as normal for the
time being - but restructuring looks likely.
The report notes that Jerry O'Dea, local representative of the
Vintners Federation says the receivership represents "a sign of
the times".
"Costs are still as high as they ever were, and I think
inevitably we will see more closures until we get to the bottom
of this," the report quoted Mr. O'Dea as saying.
Barry O'Donohoe and David Swinburne of KPMG were appointed Joint
Statutory Receivers by NAMA.
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L I T H U A N I A
=================
BANKAS SNORAS: Creditors Contest Priority Ranking of Claims
-----------------------------------------------------------
Toomas Hobemagi at Baltic Business News reports that almost 500
Lithuanian and foreign companies as well as private individuals
are contesting the priority ranking of claims of Snoras'
creditors that puts the state's deposit insurance fund, which
reimbursed almost LTL4 billion (EUR1.2 billion) in deposits,
second in line for payment after the collapsed bank's employees.
Law firms Raidla Lejins & Norcous that represents 407 creditors
of the bankrupt bank, and Pavlov & Mamontovas that represents 87
creditors have already disputed the claim ranking decision in
court, BBN relates. They request that the court annul its
decision that the deposit insurance fund with its LTL3.982
billion claim is a second-tier creditor, BBN discloses.
On July 29, Vilnius Regional Court ruled that the state deposit
insurance fund was second in line for repayment and that the
State tax Inspectorate and the state social insurance fund Sodra,
as well as the government's bad loans agency Turto Bankas (Asset
Bank) with a LTL1.428-million claim, were third-tier creditors,
BBN recounts.
About Bankas Snoras
Bankas Snoras AB is Lithuania's fifth biggest lender. Snoras
held LTL6.05 billion in deposits and had assets of LTL8.14
billion at the end of September. It competes with Scandinavian
lenders including SEB AB, Swedbank AB (SWEDA), and Nordea AB. It
also controls investment bank Finasta and Latvian lender Latvijas
Krajbanka AS.
As reported in the Troubled Company Reporter-Europe on Dec. 2,
2011, The Baltic Times, citing LETA/ELTA, said Vilnius District
Court accepted the application regarding the initiation of
bankruptcy proceedings against Snoras bank. The Bank of
Lithuania delivered application on Snoras bankruptcy on Nov. 28,
2011.
The TCR-Europe, citing Bloomberg News, reported on Nov. 28, 2011,
that Lithuania's central bank said that Snoras' financial
situation is "worse than previously identified" and saving the
bank "would cost significantly more and would take longer than
the available liquidity" at Snoras. Governor Vitas Vasiliauskas
said at a news conference on Nov. 24 that some LTL3.4 billion
(US$1.3 billion) in assets are missing, according to Bloomberg.
=====================
N E T H E R L A N D S
=====================
DUCHESS VI: S&P Affirms 'BB+' Rating on Class D Notes
-----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class B and E notes in Duchess VI CLO B.V. and affirmed its
ratings on the class A-1, C, and D notes, and the revolving loan
facility.
The rating actions follow S&P's assessment of the transaction's
performance using data from the latest available trustee report,
dated May 31, 2013.
S&P has subjected the capital structure to a cash flow analysis
to determine the break-even default rates for each rated class of
notes. In S&P's analysis, it used the reported portfolio balance
that it considered to be performing (EUR424,687,317), the current
weighted-average spread (4.19%), and the weighted-average
recovery rates that S&P considered to be appropriate. S&P
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate and
currency stress scenarios.
From S&P's analysis, it has observed that the scenario default
rates, weighted average recovery rates, and credit enhancement
have remained stable since S&P's July 2012 rating action. The
noneuro asset-liability mismatch has decreased and the weighted-
average spread has increased to 4.19% from 3.94% over the same
period.
Non-euro-denominated assets currently make up 18.63% of the total
performing assets in S&P's analysis. This transaction features
multicurrency revolving liabilities intended to match the non-
euro-denominated assets and multicurrency revolving loans
purchased by the issuer. Currency mismatches are hedged with
"American-style" currency call options (i.e., options that may be
exercised at any time before the expiration date). In S&P's
opinion, the downgrade remedies for these currency call options
do not fully comply with S&P's 2012 counterparty criteria.
Consequently, S&P's cash flow analysis includes scenarios where
the American option counterparty does not perform, exposing the
transaction to changes in currency rates.
In S&P's opinion, the credit enhancement available to the class
A-1 notes and the revolving loan facility is commensurate with
the currently assigned ratings, taking into account the results
of S&P's credit and cash flow analysis and the application of its
counterparty criteria. S&P has therefore affirmed its ratings on
the class A-1 notes and revolving loan facility.
Based on S&P's credit and cash flow analysis, it considers the
level of credit enhancement available to the class C and D notes
to be consistent with its currently assigned ratings. Applying
S&P's counterparty criteria would not constrain the ratings on
the class C and D notes because the ratings on them are lower
than those on the transaction counterparties. S&P has therefore
affirmed the ratings on these classes of notes.
S&P's credit and cash flow analysis of the class B and E notes
indicated that the level of credit enhancement available is
commensurate with higher ratings. S&P has therefore raised its
ratings on these classes of notes. The current ratings on the
counterparties are sufficient to support the ratings on the
class B and E notes.
Duchess VI CLO B.V. is a managed cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
European speculative-grade corporate firms. The transaction
closed in August 2006 and is managed by Babson Capital Europe
Ltd.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Duchess VI CLO B.V.
EUR501 Million Senior Secured and Deferrable Floating-Rate Notes
Class Rating Rating
To From
Ratings Raised
B A+ (sf) A (sf)
E BB- (sf) B+ (sf)
Ratings Affirmed
A-1 A+ (sf)
Rev ln fac A+ (sf)
C BBB+ (sf)
D BB+ (sf)
Rev ln fac--Revolving loan facility.
E-MAC DE 2005-1: Put Note Actions No Impact on Moody's Ratings
--------------------------------------------------------------
Moody's Investors Service has reviewed the program of the issuer
in conjunction with the announcement that the servicer advance
will not be provided to redeem the Put Notes on the Put Date on
August 25, 2013.
At this time and strictly on the assumption that there will be no
obligation to effect a mandatory redemption under Condition
6(d)(v)(3) for E-MAC 2005-1 B.V., a failure to redeem the Put
Notes on the Put date on August 25, 2013 will not, in itself,
result in any reduction or withdrawal of the ratings of the
notes.
The assumption of no obligation to effect a mandatory redemption
is made solely for the purpose of defining the hypothetical
circumstances to which this release relates and should not be
taken to be necessarily consistent with the assumptions that
underlie Moody's ratings of the notes. Further, for the avoidance
of doubt, Moody's does not express a view on any particular
objective under the conditions of the notes.
The principal methodology used in this rating was Moody's
Approach to Rating RMBS using the MILAN Framework published in
May 2013.
No cash flow analysis or stress scenarios have been conducted as
the amendments have not had an impact on the cash flow analysis
conducted at closing.
Moody's carries these ratings for E-MAC DE 2005-1
A, PASS-THRU CTFS, Baa1
B, PASS-THRU CTFS, Baa1
C, PASS-THRU CTFS, Ba3
D, PASS-THRU CTFS, Caa2
E, PASS-THRU CTFS, Ca
FLEET STREET: S&P Lowers Rating on Two Note Classes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Fleet Street Finance Three PLC's class D and E notes to 'D (sf)'
from 'CCC- (sf)'. S&P's ratings on the class A1, A2, B, and C
notes are unaffected by the rating actions.
The rating actions follow the loss application to the class D and
E notes on the July 2013 note payment date, resulting from the
Orange loan.
The Orange loan was initially secured on Dutch properties, and
entered special servicing in December 2010 after the borrower did
not repay the debt at maturity. In late July 2013, the special
servicer determined that the final recovery proceeds of the loan
were EUR48.8 million. The cash manager subsequently applied
EUR18.2 million of losses reverse sequentially to the notes on
the July 2013 payment date.
In accordance with S&P's criteria on the use of 'D' and 'SD'
ratings and its rating definitions, S&P has lowered its ratings
on the class D and E notes to 'D (sf)' from 'CCC- (sf)'.
Fleet Street Finance Three is a true sale commercial mortgage-
backed securities (CMBS) transaction backed by three loans
secured on German commercial properties.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Fleet Street Finance Three PLC
EUR1.105 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
D D (sf) CCC- (sf)
E D (sf) CCC- (sf)
Ratings Unaffected
A1 A- (sf)
A2 BB (sf)
B B (sf)
C B- (sf)
* NETHERLANDS: 779 Businesses & Institutions Declared Bankrupt
--------------------------------------------------------------
Xinhua reports that a total of 779 Dutch businesses and
institutions were declared bankrupt in the Netherlands in July,
an increase of over 100 companies from June.
According to Xinhua, CBS said many businesses and institutions
that were declared bankrupt in July were active in the sectors
trade (224) and construction (92). The number of bankruptcies in
the construction sector was lower than in previous months, while
the number of bankruptcies in the trade sector was higher, Xinhua
notes.
"Due to the current economic crisis, the retail sector is facing
hard times . . . Consumers spend less on products such as cars,
furniture and electronic devices," chief economist of the CBS
Peter Hein van Mulligen told Xinhua.
Xinhua relates that CBS said as the number of businesses declared
bankrupt in a particular month is closely related to the number
of days courts are in session, it may vary considerably from one
month to the next.
===========
R U S S I A
===========
MOSCOW UNITED: Fitch Assigns 'BB+' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned JSC Moscow United Electric Grid
Company (MOESK) Long-term foreign and local currency Issuer
Default Ratings (IDR) of 'BB+' and a Short-term foreign currency
IDR of 'B'. The Outlooks on the Long-term IDRs are Stable.
MOESK's 'BB+' Long-term IDR includes a one-notch uplift
reflecting moderately strong links with its majority shareholder,
JSC Russian Grids, and indirectly the state. The company's 'BB'
standalone rating is underpinned by its near monopoly position in
electricity distribution market in Moscow and Moscow region,
diversified customer base, outperformance of the set regulatory
targets and sound credit metrics. One of the main constraining
factors for the rating is the uncertainty and low predictability
of the Russian regulatory framework. The company's exposure to
volume risk, although not perceived by Fitch as high, is also a
rating concern.
Key Rating Drivers
Rating Incorporates Implied Support
Fitch incorporates a one-notch uplift in MOESK's 'BB+' Long-term
IDR for implied parental support as Fitch assesses the overall
strategic, operational and legal ties between the company and its
majority-shareholder, JSC Russian Grids and ultimately the state,
as moderately strong, according to the agency's Parent and
Subsidiary Rating Linkage methodology. The relative strength of
the strategic and operational ties is underpinned by MOESK's
near-monopoly position in electricity distribution in Moscow and
Moscow region and its sizeable contribution to the parent's
EBITDA (42% in 2012).
Limited Legal Links
At the same time, Fitch views the legal ties as limited as they
lack financial guarantees, capital call arrangements or cross
default provisions. Although the company has not received any
tangible financial support (eg equity contributions) in the past
given its strong financial profile, the track record of Russian
Grids providing capital injections to its other subsidiaries and
holdings demonstrates the parent's willingness to provide support
if needed. MOESK is 51%-owned by Russian Grids, which is in turn
62%-owned by the Russian Federation (BBB/Stable).
Near Monopoly in Moscow and Moscow Region
MOESK's standalone rating of 'BB' is supported by the company's
position as a near-monopoly electricity distributor in Moscow and
Moscow region and its relatively good quality asset base compared
with Russian peers. The company is responsible for around 87% of
total electricity distribution market (by volume) in Moscow and
62% in the Moscow region. MOESK is also the largest regional
distribution grid company in Russia based on the volumes of
distributed electricity.
Another favorable aspect of the company's operations in the
Moscow area is the fact that this is the most dynamically growing
region of Russia in terms of electricity consumption and a
relatively high income per capita compared with the Russian
average, which should support consumers' purchasing power.
Electricity consumption has increased at a 2.9% CAGR in Moscow
over 2000-2012 compared to the average growth of 1.7% in Russia
over the same period.
Weak Regulatory Framework
The uncertainty and low predictability inherent in the Russian
regulatory framework for the electricity distribution networks is
one of the main constraining factors for MOESK's rating. In our
view, the revision of the RAB regulation (the RAB reload)
undertaken soon after its introduction in Russia in 2011
undermines the underlying principles of the RAB regulation as
well as stability and predictability of the regulatory
environment necessary for long-term investments in the sector.
Fitch does not expect the RAB regulation to be fully abandoned,
but it is likely to continue to be implemented only slowly (in
those regions where it was maintained), at least in the medium-
term, with less distinct differences from the indexation method.
Regulatory Uncertainty Within Headroom
While MOESK was the least affected by the RAB reload with limited
amendments to its RAB targets and main parameters set for 2012-
2017 compared with its peers, Fitch believes these changes
increased the uncertainty in the company's operations and, as a
result, its cash flow risk. However, Fitch views MOESK's
currently strong financial profile (2012 funds from operations
(FFO) gross adjusted leverage of 1.4x and FFO fixed charge cover
of 11.8x) as a mitigating factor for the regulatory risk, which
Fitch perceives as high. Fitch sees headroom to absorb adverse
regulatory changes within our forecast for MOESK. Although solid
financials cannot fully offset all the uncertainties and
unpredictability of the Russian electricity distribution
regulation, they provide a degree of financial and operational
flexibility for the company to adjust its strategy and
investments to potential tariff cuts or other amendments by the
regulator.
Volume Risk
Despite the positive volume dynamics over 2009-2012, the company
is not immune from volume risk, particularly during the economic
and/or financial downturn. While Fitch does not assess the extent
of this exposure as high, it still constitutes a rating concern.
Fitch believes this is mitigated by the fact that volume changes
should be captured in the tariff dynamics, even if delayed to
non-recessionary periods, as well as MOESK's diversified customer
base and geography of operations. Steady demand was evidenced by
a limited 2% yoy decline of its distributed volumes during the
financial and economic crisis in 2009 followed by a quick rebound
in 2010 (up by 4% yoy).
Outperformance of Operational Regulatory Targets
Should the RAB-related regime continue to be executed in the
Russian electricity distribution sector, Fitch expects MOESK to
continue largely outperforming the set operational regulatory
targets (eg controllable OPEX, electricity losses, interruption
rate) over 2013-2017. This is because at the initial stages of
the targets implementation, the company has large headroom for
efficiency improvement through cost cutting and technical
upgrades and enhancements. Fitch believes that the forecast good
operational performance should underpin MOESK's credit profile
and reduce the cash flow risk. This is important in the context
of the Russian regulatory framework because, in contrast to some
European regimes, it fully penalizes the underperforming
companies (without the limitation of the sharing factor) thus
exacerbating the downside risk. Equally, it does not limit the
upside potential allowing the outperforming networks to receive
full rewards.
Diversified Customer Base
MOESK's business profile benefits from its relatively diversified
customer base. Along with its geography of operations, this
supports relatively good dynamics of its accounts receivable, the
majority of which (around 82% in 2012) are not past due and the
bad debt charge accounted for 6% of 2012 EBITDA. Fitch estimated
the company's average accounts receivable days during 2010-2012
at 29 days, which places it at an advantage to Mosenergo
(BB+/Stable) with the 2010-2012 average of about 44 days and
Ventrelt Holding Ltd (BB-/ Stable) with 72 days average.
Sound Credit Metrics
The rating is underpinned by the company's solid credit metrics
compared to international networks and Russian/CIS utilities.
Fitch forecasts FFO gross adjusted leverage to increase to around
2.8x in 2014 from 1.4x in 2012 and FFO fixed charge cover to stay
within 4x-6x over 2013-2015 (11.8x in 2012). The forecast
deterioration of MOESK's credit metrics is driven by our
conservative assumptions of the distribution tariff growth in
line with Russia's inflation forecast by Fitch at 6% over 2013-
2015, which is well below the level currently set by the
regulator, and an expected drop in the connection fee revenue in
2013, which accounted for 34% of the company's 2012 EBITDA (FFO
gross adjusted leverage was 1.96x at YE12, excluding connection
fees from FFO). However, this does not materially undermine the
company's positioning versus its peers. Despite a forecast
decline of the operating cash flow in 2013 and the impact of the
RAB reload in Russia, Fitch expects MOESK to continue generating
relatively stable cash flow over 2014-2015 similar to the
international networks.
Liquidity & Debt Structure
Fitch assesses MOESK's liquidity position as satisfactory, with
RUB8.3 billion cash at end-2012 and uncommitted available credit
lines of about RUB8 billion (as of April 2013) more than
sufficient to cover its short-term debt of RUB4.1 billion. Most
of the company's debt (71%) at end-2012 was long term, maturing
in 2015-2017. The peak of debt repayment is expected in 2015 when
RUB10.2 billion of domestic bonds and RUB15 billion of bank loans
become due. The company plans to partly refinance these upcoming
maturities with either a domestic or a Eurobond issue. Fitch
forecasts the company to remain free cash flow negative over the
next five years due to a sizeable capex program of RUB236.5
billion (USD7.9 billion).
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
-- Improvement of the Russian regulatory framework for
electricity distribution and track record of its stability
and predictability.
-- Evidence that the company can maintain its FFO gross adjusted
leverage well below 2.5x and FFO fixed charge cover above 6x
on a sustained basis would be positive for the standalone
rating.
Negative: Future developments that could lead to negative rating
actions include:
-- Significant deterioration of the credit metrics on a
sustained basis (FFO gross adjusted leverage trending towards
3.5x and FFO fixed charge cover below 4x) due to, for
example, tariff growth below forecast inflation and/or
persistent underperformance of the regulated operating
expenses.
-- Further material adverse changes to the regulatory framework.
-- Weaker links with the parent and ultimately the state.
KAZANORGSINTEZ OJSC: Fitch Raises Issuer Default Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings has upgraded Tatarstan-based chemical producer OJSC
Kazanorgsintez's (KOS) Long-term foreign currency Issuer Default
Rating (IDR) to 'B-' from 'CCC'. The agency has simultaneously
upgraded the Short-term foreign currency IDR to 'B' from 'C' and
the senior unsecured rating on the outstanding USD101m loan
participation notes (Eurobond) to 'CCC' (RR6) from 'C' (RR6).
Key Rating Drivers
The upgrade reflects KOS's dramatically improved capital
structure and financial metrics. The group's recovery has been
faster than we had anticipated -- funds from operations (FFO)
adjusted debt leverage reduced to 2.4x at end-2012 from 4.5x at
end-2011 -- and refinancing risk beyond 2013 has lessened. At
end-2012, total debt was RUB23 billion compared with RUB27
billion forecast under our previous rating base case. KOS's 2012
stronger than projected operating performance and cash flow
generation were due to better capacity utilizations and increased
high density polyethylene volumes (+28%) and prices (+12%). Sales
increased 22.5% yoy and EBITDA margin was 21.4%, up from 19% in
2011. Of the RUB7 billion free cash flow (FCF) generated, RUB6.7
billion was used to prepay debt.
Bulky Refinancing in 2015
"We expect a reduction in the pace of debt prepayments as the
Sberbank ('BBB'/Stable) facilities started amortizing in
June 2013 after a two-year grace period. Under our revised base
case, KOS generates positive free cash flow (FCF) in 2013-2014
and is able to repay scheduled maturities up until 2015. In 2015,
FCF and cash balances are insufficient to cover debt repayments
of RUB5 billion under the Sberbank loans and the redemption of
its US$101 million (RUB3 billion) loan participation notes. The
rating case forecasts FFO adjusted leverage of around 2.4x at end
2014 and we assume that KOS will be able to refinance or extend
these maturities. Although the financial metrics remain
vulnerable to cyclical downturns, we believe that the debt
reduction achieved by then should allow it to release some of the
fixed assets pledged to Sberbank and to procure improved pricing
and terms and conditions," Fitch said.
Sound Near-term Liquidity
FCF and cash balances cover KOS's debt service requirements over
2013-2014 under the base case. At the end of May 2013, gross debt
of RUB21.6 billion consisted of RUB18 billion outstanding under
Sberbank's senior secured loans amortizing from mid-2013, the
US$101 million (RUB3.2 billion) unsecured Eurobonds due in 2015
and unsecured bank facilities of US$13.2 million (RUB0.4 billion)
out to 2014. KOS prepaid RUB2.5 billion worth of Sberbank loans
in H113 and refinanced one of its unsecured bank lines. At the
end of May, the group had cash balances of RUB1 billion and
RUB1 billion in short term deposits against maturing debt of
roughly RUB2.6 billion in H213-2014. "Our rating case forecasts
FCF of around RUB3.2 billion-RUB3.7 billion in 2013-2014," Fitch
said.
2013 Base Case Assumptions
"Our base rating case projects a low single digit revenue decline
in 2013 reflecting flat or lower average selling prices yoy and
maintenance shutdowns. This should be partly offset by better
capacity utilizations overall for the Ethylene-500 plant as
ethane feedstock supply from OAO Tatneft ('BB+', Stable)
increased in 2013 (capacity upgrade). The group's five-year
ethane supply contract with OAO Gazprom ('BBB', Stable) is due
for renewal in 2014. We continue to regard the ethane supply risk
as a constraint on the rating, although potential disruptions are
partly mitigated by KOS's ability to source ethylene as an
alternative feedstock, albeit at the detriment of margins. The
rating case also assumes normalized capex levels of around RUB1.2
billion and dividends equivalent to 30% of net profit," Fitch
said.
Margin Erosion
The agency continues to assume that the benefits from the
improved vertical integration (1.5 times increase in ethylene
processing capacity) and ongoing energy efficiency projects will
be insufficient to offset the inflationary cost environment in
Russia. The EBITDAR margin is forecast to remain in the high
teens with gradual erosion over the rating horizon.
Rating constraints
The ratings are constrained by KOS's exposure to commodity
chemicals, its small size relative to the large diversified
chemical groups competing in its core polymer markets, its single
site operations and its limited product and geographical
diversification. Finally, the rating is discounted to reflect the
higher than average legal, business and regulatory risks
associated with Russia ('BBB'/Stable/'F3') and the absence of
information on KOS's ultimate beneficiaries.
Rating Sensitivities
Positive:
-- FFO net adjusted leverage sustained below 3.0x through
the cycle; and
-- FFO fixed charge coverage sustained above 5.0x; and
-- Further improvement in capital structure stemming from the
repayment/refinancing of Sberbank's facilities with
resulting financial flexibility/headroom beyond 2014.
Negative:
-- A sustained cash drain resulting from a sharp deterioration
in market conditions or from supply disruption issues.
NIZHNEKAMSKNEFTEKHIM OAO: S&P Assigns 'BB-' CCR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit and 'ruAA-' Russia national
scale ratings to petrochemical producer Nizhnekamskneftekhim OAO
(NKNK). The outlook is stable.
The rating on NKNK, which is based in Tatarstan, Russia, reflects
the company's stand-alone credit profile (SACP), based on S&P's
assessment of NKNK's business risk profile as "fair" and its
financial risk profile as "significant", as S&P's criteria
defines the terms.
In accordance with S&P's criteria for government-related entities
(GREs), it views the likelihood of timely and sufficient
extraordinary support from the Russian Republic of Tatarstan,
which holds 28.6% of voting shares in NKNK via investment holding
OJSC Svyazinvestneftekhim, as "moderate". This is based on S&P's
assessment of NKNK's "important" role for and "limited" link with
Tatarstan.
As per S&P's methodology for rating GREs, it adds no uplift for
possible extraordinary local government support to NKNK's SACP
because it estimates the credit quality for the Republic of
Tatarstan is not materially stronger.
The stable outlook reflects S&P's expectation of continuing
satisfactory profitability for NKNK, despite the currently
challenging conditions in the petrochemical industry, supported
by its favorable cost position and strong market shares in
synthetic rubber and plastics. It also factors in the ratio of
adjusted debt to EBITDA below 3x in the next two to three years,
even if the company proceeds with its investment program.
Although not likely in the near term, downward pressure on the
rating may build up if leverage were to increase above 3x, for
example, as a result of simultaneous substantial deterioration in
performance and high investment outlays. Inability to obtain
long-term committed financing prior to the start of the
investment program, if such program is approved, may also lead to
a downgrade.
S&P don't expect rating upside in the next 12 months, due to
risks related to the potential large investment program and
limited information on NKNK's majority shareholder.
NIZHNEKAMSKNEFTEKHIM: Fitch Affirms 'B+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Tatarstan-based chemical producer OAO
Nizhnekamskneftekhim's (NKNK) Long-term foreign currency Issuer
Default Rating (IDR) at 'B+', Short-term foreign currency IDR at
'B' and National Long-term Rating at 'A-(rus)'. Fitch has also
affirmed the senior unsecured rating at 'B+'/'RR4'. The Outlook
on the Long-term ratings is Stable.
The affirmation reflects Fitch's view that while current
financial metrics compare favorably with higher rated peers, the
USD3bn investment program currently under consideration by NKNK
could materially weaken its financial profile. In addition to the
significant capex required, the proposed investment comes at a
time when competitors have also announced capacity expansion
projects. This leaves the potential return on investment, and
paydown period for the debt, unclear.
Key Rating Drivers
Uncertainties on New Expansion Plans
Fitch's base case assumes new expansion capex of US$3 billion in
2014-2017, with peak spending in 2015-2016. The project would
include a 1m tonne per annum (tpa) ethylene plant and downstream
polypropylene (PP) and polyethylene (PE) units of 400ktpa and
600ktpa, respectively. NKNK is in the last stages of the FEED and
expects to make a decision in Q413. Under our base case, the
investment is debt-funded and translates into FFO adjusted
leverage in excess of 3.0x during peak spending years, against
0.1x in FY12. While NKNK's current profile offers headroom for
this temporary spike in leverage, Fitch is concerned about the
potential impact a supply-driven pricing pressure in the domestic
plastics market could have on its deleveraging capacity.
Potential Overcapacity in Russian Plastics
Sibur (BB+/Stable) is also contemplating a new integrated complex
in Tobolsk, the ZapSib-2 project, with annual production
capacities of 1.5mtpa for ethylene and 1.5mtpa and 500ktpa for PE
and PP, respectively. The FEED phase is also underway and a
decision is expected to be made before the end of the year. This
follows the completion of its Tobolsk-Polymer project in 2013,
with 500ktpa of new PP capacity ramping up in 2014. The Russian
PP and PE markets had estimated sizes of 840ktpa and 1.84mtpa
respectively, in 2012. Fitch projects positive growth momentum in
the domestic plastics market as consumption remains low compared
with developed economies. However, Fitch is also forecasting
pricing pressure on PP in Russia in 2014 from Sibur's new output,
and are concerned about the rationale, economics and viability of
the new projects if both are undertaken.
Headroom for Forecast Headwinds
Fitch believes that NKNK's conservative balance sheet and cash
generating ability place it in a strong position to face pricing
pressure in its core markets. The rating case assumes a 15% drop
in rubber prices yoy in 2013, in line with the trends observed in
H113 and erosion in margins yoy. Sluggish demand for tyres,
plummeting butadiene prices and increasing competition from Asia
have resulted in strong pressure on synthetic rubber prices
globally and our base case does not assume any recovery in yoy
trends in H213. The medium-term demand outlook for rubbers
continues to be supported by favourable mobility trends in
emerging markets and regulatory changes in Europe but near-term
visibility for demand is poor. Fitch also forecasts pressure on
domestic PP prices in 2014 as Sibur's unit ramps up. Fitch
expects FFO leverage to remain well below 1.0x in 2013-2014.
Constraint From Opaque Ownership Structure
Although NKNK's underlying financial and business profile implies
an IDR in the 'BB' category, the ratings are lower due to the
lack of transparency on the ultimate beneficiaries of its
majority shareholder, private investment company TAIF (NR), and
due to systemic characteristics linked with the Russian business
and jurisdictional environment.
Cost and Market Positions
The ratings reflect NKNK's position among the world's top-10
synthetic rubber producers by capacity and its leading positions
in the Russian polymers market. The company has limited
diversification across the rubber spectrum but benefits from top-
five market positions in selected products included the higher-
value halobutyl rubbers. The ratings also incorporate the risks
related to its single-site location and its limited vertical
integration (upstream) although, in mitigation, these factors
translate to lower intra-group logistics costs than peers. The
group's cost advantage is also supported by the proximity of key
raw materials suppliers.
Rating Sensitivities
Positive:
-- Full clarity on future investment plans.
-- Maintenance of margins in the high teens and FFO net adjusted
leverage sustained below 2.5x through the cycle.
-- Improved transparency on the ownership structure and on the
shareholders' strategy towards the company.
Negative:
-- Market deterioration or realisation of supply risk leading to
EBITDAR margin sustained below mid-teens level.
-- Investments and/or shareholder-friendly activities leading to
FFO net adjusted leverage sustainably above 3.5x.
RUSSIAN STANDARD: S&P Affirms 'B+' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
long-term and 'B' short-term counterparty credit ratings on
Russian Standard Bank JSC (RSB). The outlook is stable. At the
same time, S&P affirmed its 'ruA' Russia national scale rating on
the bank.
S&P bases its ratings on RSB on its 'bb' anchor for banks
operating predominantly in Russia, as well as S&P's view of the
bank's "moderate" business position, "moderate" risk position,
"average" funding, "adequate" liquidity, and "low systemic
importance" in Russia. S&P assess RSB's stand-alone credit
profile (SACP) as 'b+'.
"The affirmation also reflects our view that in the first half of
2013 RSB's shareholders and management took several actions to
strengthen the bank's capital base. These moves alleviated our
concerns regarding RSB's capital buffers in the context of
continued growth of the bank's loan portfolio. Following recent
developments, our base-case scenario factors in our opinion of
RSB's capital and earnings as "moderate." In 2012 RSB had a
pronounced increase in assets, which caused its risk-weighted
asset (RWA) to leap to 59.7% compared with 14% in 2011. The main
driver behind this growth was the rapidly expanding loan
portfolio, which stood at 67.1% in 2012, compared with 38.8% in
2011. Combined with an aggressive dividend payout and additional
capital distribution--a total of Russian ruble (RUB) 4 billion--
this trend caused the bank's capital position to decline
substantially," S&P said.
In particular, RSB's efforts focus on the regulator's initiatives
to tighten loan reserves requirements for unsecured consumer
loans and on the implementation of Basel III in Russia. The bank
has taken the following actions:
-- It injected additional equity of RUB5 billion in
March 2013;
-- The board decided not to pay dividends in 2013; and
-- It increased Tier-2 capital by issuing US$200 million in
subordinated bonds, due early 2024.
S&P do not give any equity content to the subordinated bond
issue, but the issuance contains loss absorption and deferral
options that apply under Russian banking legislation, making it
available for inclusion in Tier-2 regulatory capital and giving
the bank a buffer far above the minimum requirements.
The stable outlook on RSB reflects S&P's expectations that the
bank will continue to strengthen its capital base, enhancing
buffers above minimum requirements, and that a rise in credit
costs would not lead to a decline in profits compared with 2012.
S&P would consider a negative rating action if shareholders'
decisions regarding the dividend policy and involvement in
nonbanking projects further weakened the bank's capitalization,
or if the bank demonstrated growth notably greater than S&P's
forecast of 40% for 2013, with its risk-adjusted capital (RAC)
ratio before diversification for RSB falling to less than 5% in
2014. S&P could also lower the ratings if rapidly deteriorating
credit portfolio increased credit costs much higher than it
expects. This would contract RSB's earnings capacity, which may
result in lowering either the capital and earnings or the risk
position assessment.
A positive rating action is unlikely in the next 12 months.
However, S&P might consider raising the rating if RSB's systemic
importance developed further, thanks to a stronger retail
customer deposit franchise, or it received a sizable capital
injection. Combined with a lower growth appetite, this could
enable the RAC ratio to remain sustainably above 10%.
* KOSTROMA REGION: Fitch Affirms 'B' ST Foreign Currency Rating
---------------------------------------------------------------
Fitch Ratings has revised Russia's Kostroma Region's Outlooks to
Positive from Stable and affirmed its Long-term foreign and local
currency ratings at 'B+' and National Long-term Rating at
'A(rus)'. The agency has also affirmed Kostroma's Short-term
foreign currency rating at 'B'.
The rating action also affects the region's outstanding senior
unsecured domestic bonds of RUB4 billion.
Key Rating Drivers
The Outlook revision reflects the following rating drivers and
their relative weights:
High
-- Expected Debt Profile Lengthening
Kostroma aims to improve its direct risk maturity profile by
substitution of outstanding short-term bank loans with RUB4
billion of domestic bonds to be issued until the end-2013. This
will lengthen the maturity of its direct risk profile until 2018
and reduce refinancing pressure as about 30% of direct risk is
now represented by short term bank loans. Fitch expects the
region's direct risk to stabilize in 2013 at 52% of current
revenue, albeit still high compared to national peers. However,
debt coverage at about five years forecasted for 2013-2015 will
stay in line with the expected debt maturity.
-- Budgetary Performance Improvement
Fitch expects the region to continue its sound budgetary
performance in the medium term with an operating balance hovering
close to 12% of operating revenue and an overall balanced budget.
Tax base expansion and control on operating expenditure led to
the significant improvement of the operating balance in 2011-
2012. The latter soared to 12.7% of operating revenue in 2012
from close to zero or a negative level during 2009-2010.
Medium
-- Prudent Management
Kostroma intends to maintain the policy of close to zero deficit
before debt variation during 2013-2015, which will lead to a debt
burden decline in relative terms. The administration proved its
commitment to prudent fiscal management by curbing operating
expenditure below operating revenue's growth rate in 2011-2012.
In 2012 the region recorded a surplus before debt variation for
the first time since 2008 after significant deficits in the past
three years.
Kostroma region's rating also reflects the following key rating
drivers
-- Weak Fiscal Capacity
Kostroma's tax base is historically modest, limiting the region's
self-financing capacity. It is however supplemented by the steady
flow of financial aid from the federal government. Federal
current transfers accounted for 31% of the region's operating
revenue in 2012 (2011: 38%) stabilizing its budgetary performance
and improving budget capacity. Fitch expects Kostroma to receive
federal transfers in the range of 30%-32% of operating revenue in
2013-2015, which constitutes a rating support factor.
-- Modest Economy, Steady Growth
The administration expects 3.1% yoy expansion of the local
economy in 2013, close to 2012's outturn. Kostroma region's
socio-economic profile is weaker than the average Russian region.
The region's per capita gross regional product was 23% below the
national median in 2011. Despite its small scale, the local
economy's tax base is well diversified across several sectors
thus limiting vulnerability to negative shocks in a particular
sector.
Rating Sensitivities
Successful refinancing of maturing debt in H213 and the extension
of its direct risk profile, accompanied by the maintenance of its
sound budgetary performance would lead to a ratings upgrade.
* CHELYABINSK OBLAST: S&P Affirms 'BB+' Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' issuer
credit rating on Chelyabinsk Oblast, an industrial region in
Russia's Urals Federal District. The outlook is stable. At the
same time, S&P affirmed its Russia national scale rating on the
oblast at 'ruAA+'.
RATIONALE
The ratings on Chelyabinsk Oblast are constrained by S&P's view
of Russia's "developing and unbalanced" institutional framework,
which limits the oblast's budgetary flexibility, and the exposure
of the oblast's budget revenues to economic concentration in the
cyclical metallurgy industry. The ratings also reflects S&P's
view of the lack of reliable medium-term financial and capital
planning, which is common for most of Chelyabinsk Oblast's
Russian peers. S&P's expectation of a sound budgetary
performance, low debt burden, positive liquidity position, and
low contingent liabilities support the ratings.
"We believe that Chelyabinsk Oblast has little budgetary
flexibility within Russia's "developing and unbalanced"
institutional framework, under which the federal government
regulates intergovernmental relations, tax regimes, regional
revenue sources, and spending responsibilities. We estimate
that, in 2013-2015, the oblast will have very limited control
over its budget revenues, because about 95% of them will likely
come from state-regulated taxes and federal transfers," S&P said.
S&P also thinks that, over the medium term, spending mandates
that the federal government levied on regional budgets will
likely further limit the oblast's spending flexibility and
pressure its budgetary performance. In 2012, the federal
government initiated an increase in public sector salaries and
social-related capital expenditure, and S&P expects it to only
partly cofinance the hiked mandates with transfers.
"At the same time, we expect Chelyabinsk Oblast's economy to grow
only gradually in 2013-2015. The oblast's economy is
concentrated in the cyclical metallurgy industry, with ferrous
metallurgy accounting for about 17% of the oblast's gross
regional product on average in 2011-2013. Since the second half
of 2012, toughening steel production industry conditions and
weaker prices have led to a deteriorating performance of the
oblast's largest taxpayers, including Magnitogorsk Metallurgical
Kombinat (MMK; not rated), which accounted for almost 9% of the
oblast's tax revenues in 2011-2012. We expect that, in the next
three years, growth in the transport, trade, and energy
generation sectors will support overall modest economic growth in
the oblast, in line with the national average, but tax revenue
growth will likely be weaker than we had previously forecast in
our base-case scenario," S&P noted.
"In our view, Chelyabinsk Oblast has little leeway in terms of
managing its expenditure, especially given the need to raise
public sector salaries, which will cost the oblast an estimated
additional 10% of operating spending in 2013. Nevertheless, we
believe the oblast's management will continue to curtail
expenditure not related to social issues. We also don't think
the oblast will increase its capital program in an effort to
control spending growth rates and maintain modest deficits after
capital accounts. We estimate that capital expenditure will make
up about 18% of total spending in 2013-2015, and that the oblast
might partly cut it in case of need, because about one-half of
this amount will be funded with the oblast's own funds and won't
be earmarked for road construction," S&P added.
S&P therefore expects that the oblast's budgetary performance
will weaken over the next three years, but will likely remain
sound on average. S&P's base-case scenario assumes still
relatively high average operating margins of about 7% of
operating revenues in 2013-2015, although they will be lower
compared with about 13% in 2010-2012. Deficits after capital
accounts might widen to about 5% of total revenues in 2014-2015,
but will likely remain moderate.
As a result, Chelyabinsk Oblast will gradually accumulate direct
debt and its tax-supported debt will increase to about 25% of
consolidated operating revenues in 2014, but its debt will still
remain low compared with that of peers. S&P also expects the
oblast to decrease the amount of new guarantees it issues in the
next three years compared with 2011-2012.
Because S&P includes guarantees that were granted to local
enterprises in the oblast's tax-supported debt, its outstanding
contingent liabilities are low, in S&P's view. The oblast owns
shares in only a few companies, and its municipal sector is
relatively healthy financially.
S&P views Chelyabinsk Oblast's financial management as a
"negative" factor for its creditworthiness, as S&P do for most
Russian local and regional governments (LRGs), mainly due to the
lack of reliable long-term financial planning and limited ability
to withstand external risks, such as a potential sharp correction
on the world commodity and metals markets. At the same time, S&P
thinks the oblast compares well with its peers in terms of
revenue and expenditure management.
LIQUIDITY
S&P views Chelyabinsk Oblast's liquidity position as "positive",
because it expect that, in 2013-2014, the oblast will maintain
average free cash exceeding its low debt service falling due in
the next 12 months. At the same time, S&P views the oblast's
access to external liquidity as "limited", as it is for most
Russian LRGs, given the weaknesses of the domestic capital
market, for which S&P assigns Russia to Group '7' under its
Banking Industry Country Risk Assessment, with group '1'
representing the lowest risk banking industries and group '10'
the highest risk.
"In our base-case scenario, we expect that, throughout the second
half of 2013 and the first half of 2014, the oblast's average
free cash will equal about Russian ruble (RUB) 4.7 billion (about
US$140 million). This will exceed the oblast's low debt service,
which we forecast at only 1% of operating revenues in 2014, by
about 3x. We expect the oblast to gradually accumulate direct
debt and to rely on medium-term borrowing, which should allow it
to build a gradual repayment schedule and keep debt service at a
low 2% on average over the next three years," S&P said.
In 2012, the oblast incurred commercial debt for the first time
in several years, and will likely continue to obtain medium-term
bank loans in 2013-2015. In July 2013, it organized RUB7.9
billion in bank lines with three-year maturities and will likely
withdraw about one-half of this amount by the end of the year.
OUTLOOK
The stable outlook reflects S&P's view that, in 2013-2015,
despite weaker tax revenue growth and the need to continue
increasing operating spending, Chelyabinsk Oblast's management
will maintain a sound budgetary performance, and deficits after
capital accounts will reach only about 5% of total revenues in
2014-2015. The outlook also assumes that the oblast's gradually
growing debt will remain low, and liquidity will be "positive,"
thanks to a gradual repayment schedule.
S&P could take a negative rating action within the next 12 months
if the oblast's budgetary performance deteriorated more
significantly, in line with its downside scenario, as a result of
a drop in tax revenues and loosened controls over operating
expenditure, and deficits after capital accounts reached about
8%-10% of total revenues in 2013-2015. Under S&P's downside
scenario, increasing borrowing needs would also likely push tax-
supported debt above 30% of consolidated operating revenues in
2014-2015.
S&P could take a positive rating action if higher-than-forecast
revenues and the management's adherence to strict fiscal
discipline resulted in consistently sound budgetary performance
and led to a structural consolidation of the oblast's liquidity
position, with the view to reducing the oblast's exposure to
financial and cash volatility, in line with S&P's upside
scenario. However, ratings upside is unlikely for the next 12
months, in S&P's view.
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
Chelyabinsk Oblast
Issuer Credit Rating BB+/Stable/--
Russia National Scale Rating ruAA+
=============
U K R A I N E
=============
* DNIPROPETROVSK: S&P Affirms 'B' Long-Term ICR; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
issuer credit and 'uaA-' Ukraine national scale ratings on the
Ukrainian City of Dnipropetrovsk. The outlook is negative.
RATIONALE
The ratings on Dnipropetrovsk reflect Ukraine's "volatile and
underfunded" public finance system, resulting in the city's low
financial flexibility and predictability, what S&P regards as
"negative" financial management, material contingent liabilities
related to municipal utilities, and a poor and concentrated
economy. These constraints are mitigated by Dnipropetrovsk's low
debt burden, strong financial support from the central
government, moderate budgetary performance, and a "neutral"
liquidity position. The rating on the city is capped by the
sovereign rating on Ukraine.
The central government's almost full control over the city's
revenues and expenditures, and what S&P considers as Ukraine's
"volatile and underfunded" system of public finance,
significantly reduce Dnipropetrovsk's financial predictability
and flexibility.
Material overdue payables of the city's municipal enterprises
continue to present one of the key rating constraints.
Dnipropetrovsk's municipal heating, water, and transport
companies account for the major part of accumulated payables, the
size of which has not decreased over the last few years. By
year-end 2012, their total size was just over 30% of total budget
revenues. The city is not directly responsible for the
obligations of these companies, as it is the central government
that regulates municipal tariffs (which continue to be
artificially low). Nevertheless, in the event of stress , the
city might need to provide some help by increasing subsidies or
capital.
Due to the slowdown in the national economy and tax revenues, as
well as existing spending pressure, S&P expects Dnipropetrovsk's
budgetary performance to weaken somewhat after very solid results
in 2011-2012. The city's operating surplus will fluctuate at
about 4% of operating revenues in 2013-2015 according to S&P's
base-case scenario. This is despite the ongoing experiment,
under which the financing of the city's health care was assumed
by the central government and the share of personal income tax
entering the city budget was lowered to 50% from 75%.
Dnipropetrovsk's adherence to cautious spending policies, evident
in 2011-2012, will likely support budgetary performance.
Management quality is still below international standards,
however.
S&P expects Ukraine's central government to continue to support
Dnipropetrovsk's major infrastructure projects, which should help
suppress the city's deficits after capital accounts. They will
likely average 2.5% of operating revenues in 2013-2015.
As Dnipropetrovsk's borrowing plans are very modest, S&P's base-
case scenario sees the city's tax-supported debt likely remaining
at 30% or less of consolidated operating revenues. The city's
debt burden will consist of minor direct obligations, small bank
loans, and the commercial debt of municipal companies, some of
which are guaranteed by the budget.
In 2012, the central government guaranteed a EUR152 million
15-year loan from the European Bank for Reconstruction and
Development (EBRD) and a EUR152 million 25-year loan from the
European Investment Bank (EIB) to the city subway company. The
city is responsible for interest payments only and not the
principal, which S&P includes in its debt-service assumptions.
Dnipropetrovsk's wealth levels are somewhat above the Ukrainian
average, but the city's economy is concentrated in the steel and
machine-building industries. After a postcrisis recovery, S&P
expects the city's economic growth to slow in the medium term, in
line with the national economy.
Liquidity
Dnipropetrovsk's liquidity position is "neutral" according to
S&P's criteria. Average cash on accounts will comfortably exceed
expected debt service in the next 12 months, which consists of a
minor bank loan repayment and interest, in particular on the EBRD
and EIB loans.
However, according to S&P's methodology, it adjusts the
assessment of the city's liquidity position because of its
"uncertain" access to external liquidity. This is due to what
S&P regards as Ukraine's undeveloped domestic capital markets and
weak banking system.
The weaknesses of Ukraine's banking sector are reflected in S&P's
Banking Industry Country Risk Assessment (BICRA), which
classifies Ukraine in group '10'. S&P's BICRA ranks 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 on Dnipropetrovsk reflects that on the
sovereign.
S&P might lower the ratings on the city in the next 12 months if
it lowers the ratings on Ukraine, all other things being equal.
Another scenario for ratings downside would be weaker budgetary
performance, with operating surpluses dipping into the red
already in 2014, and increased short-term borrowings, which would
undermine the city's liquidity position. However, such a
scenario is less likely, in S&P's view.
S&P would revise the outlook to stable if it revised the outlook
on the sovereign to stable.
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
Dnipropetrovsk (City of)
Issuer Credit Rating B/Negative/--
Ukraine National Scale uaA-
Senior Unsecured B
Senior Unsecured uaA-
===========================
U N I T E D K I N G D O M
===========================
BELLATRIX PLC: S&P Lowers Rating on Class D Notes to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on BELLATRIX (ECLIPSE 2005-2) PLC's
class D notes. At the same time, S&P has affirmed its 'D (sf)'
rating on the class E notes. S&P has subsequently withdrawn its
ratings on these classes of notes at the issuer's request. These
ratings will remain at 'D (sf)' for a period of 30 days before
the withdrawal becomes effective.
The July 2013 cash manager's report noted that the issuer failed
to meet its interest payment obligation under the class D and E
notes. Although the remaining loans paid full interest, the
weighted-average loan coupon on the remaining loan pool was not
sufficient to cover issuer expenses and note interest.
The class D notes have experienced four consecutive quarters of
interest shortfalls from the October 2012 interest payment date,
while the class E notes have experienced ongoing interest
shortfalls since November 2010. The class D and E notes have
experienced an aggregate interest shortfall of GBP16,077.27 and
GBP385,588.93, respectively.
S&P's ratings on BELLATRIX (ECLIPSE 2005-2)'s notes address
timely payment of interest and repayment of principal not later
than the legal maturity date (January 2017).
Although the class D notes fully repaid principal in April 2013,
they continue to accrue unpaid interest (GBP16,077.27). S&P
understands that the issuer continues to pay interest and
principal in accordance with the pre-acceleration priority of
payments. In S&P's opinion, the shortfall is unlikely to be
repaid. In accordance with S&P's timeliness of payments
criteria, it has lowered to 'D (sf)' from 'CCC- (sf)' its rating
on the class D notes.
S&P has affirmed its 'D (sf)' rating on the class E notes because
it continues to experience interest shortfalls.
The issuer has requested that S&P withdraw its ratings on the
outstanding class D and class E notes. Consequently, S&P has
withdrawn its ratings on both classes, effective in 30 days'
time.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
BELLATRIX (ECLIPSE 2005-2) PLC
GBP393.69 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Lowered And Withdrawn[1]
D D (sf) CCC- (sf)
NR D (sf
Rating Affirmed And Withdrawn[1]
E D (sf)
NR D (sf)
[1] The withdrawals become effective in 30 days' time.
NR - Not rated.
CORNERSTONE TITAN 2005-1: S&P Cuts Cl. D Notes Rating to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'B- (sf)' its credit rating on Cornerstone Titan 2005-1 PLC's
class D notes. At the same time, S&P has affirmed its 'D (sf)'
and 'CCC- (sf)' ratings on the class E and F notes, respectively.
The rating actions follow the interest shortfalls that occurred
on the July 2013 interest payment date (IPD).
Although the Eagle office Portfolio loan and the Jubilee Way loan
paid full interest, the weighted-average cost of the class C, D,
E and F notes' coupon (including the prior ranking issuer costs)
exceeded the weighted-average loan coupon on the July 2013 IPD.
The class D, E, and F notes have experienced interest shortfalls.
S&P's ratings in Cornerstone Titan 2005-1 address the timely
payment of interest, payable quarterly in arrears, and the
payment of principal not later than the legal final maturity date
(in July 2014).
S&P has lowered to 'CCC- (sf)' from 'B- (sf)' its rating on the
class D notes because they experienced interest shortfalls on the
July 2013 IPD. S&P has not lowered its rating to 'D (sf)'
because it believes the interest shortfalls will be repaid from
property sales. If the property sales do not take place and if
interest shortfalls continue, this may result in future rating
actions.
S&P has affirmed its 'D (sf)' rating on the class E notes because
they continue to experience interest shortfalls.
The class F notes are subject to an available funds cap (AFC).
Under the AFC, interest shortfalls resulting from yield
compression and prepayments are not paid and do not accrue (and
are therefore extinguished). In S&P's analysis, it considers
interest payments under an AFC to be a pass-through of the
issuer's available funds. This AFC mechanism therefore meets
S&P's requirements for the timely payment of interest. S&P has
affirmed its 'CCC- (sf)' rating on the class F notes because the
AFC covers interest shortfalls.
Cornerstone Titan 2005-1 is a 2005-vintage European commercial
mortgage-backed securities (CMBS) transaction, which is secured
on two European commercial real estate loans that are in special
servicing.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Rating
Class To From
Cornerstone Titan 2005-1 PLC
GBP592.043 Million Commercial Mortgage-Backed Floating-
and Variable-Rate Notes
Rating Lowered
D CCC-(sf) B- (sf)
Ratings Affirmed
E D (sf)
F CCC- (sf)
HIBU PLC: Moody's Withdraws 'C' Rating After Debt Restructuring
---------------------------------------------------------------
Moody's Investors Service has withdrawn hibu Plc's ratings.
Ratings Rationale:
The withdrawal of hibu Plc's ratings -- CFR at C and PDR at D-PD
-- follows the company's announced debt restructuring which will
result in a group reorganization that will require the quoted
parent company hibu plc to be placed into administration and a
significant portion of company's debt being written-off. The
restructuring is expected to close during Q4 2013.
Rating Methodologies:
The principal methodology used in this rating was the Global
Publishing Industry published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US
Hispanic markets. In the twelve months to March 31, 2013, hibu
had one million SME customers and total revenues of GBP1.3
billion.
ITV PLC: Moody's Withdraws Ba1 CFR; Lifts Senior Debt From Ba1
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on all of the
senior unsecured debt of ITV plc. to Baa3 from Ba1. Concurrently,
Moody's has assigned a long-term senior unsecured issuer rating
of Baa3 to the company. The outlook for all ratings is stable.
Moody's has also withdrawn ITV's Ba1 corporate family rating
(CFR) and Ba1-PD probability of default rating (PDR) in line with
the rating agency's policy for credits that transition to
investment grade from speculative grade.
"We have upgraded ITV's rating to Baa3 primarily because the
company has continued to successfully increase its total non-net
advertising related revenues, by 23% since 2012, as a proportion
of its total external revenues, while also reducing its
leverage," says Christian Azzi, Moody's lead analyst for ITV.
"The upgrade also reflects our expectation that ITV's high-
quality content will continue to support the company's share of
advertising and share of viewing, and that the latter, as well as
the company's share of commercial impact, is likely to stabilize
in 2013 and increase in 2014," adds Mr. Azzi.
Ratings Rationale:
The rating upgrade primarily reflects (1) ITV's consistent
success in growing its non-net advertising related ("Non-NAR")
revenues as a proportion of its total external revenues; and (2)
the company's deleveraging trajectory, with its Moody's-adjusted
leverage now trending towards 2.3x and the rating agency
expecting that the company will continue to manage this ratio
below 2.5x. In addition, the upgrade reflects Moody's expectation
that (1) the UK advertising market will remain stable in 2013 and
that ITV's high-quality content will continue to support the
company's share of viewing ("SOV") and share of advertising; and
(2) SOV and share of commercial impact ("SOCI"), which
experienced a decline in 2012, will stabilize in 2013 and
increase in 2014 as the company benefits from shared rights over
the FIFA World Cup.
Moody's cautions that the current ratings assume that the special
dividend of GBP156 million announced by ITV in H1 2013 is an
exceptional and non-recurring payment and that the company will
continue to favor prudent financial policy over excessive
shareholder returns, consistent with maintaining Moody's-adjusted
leverage below 2.5x. Any deviation from ITV's historically
prudent financial management (including aggressive M&A, which is
not incorporated into the assumptions underpinning the Baa3
rating) would exert pressure on the ratings.
After growing 12% in 2012, ITV's total Non-NAR revenues increased
by a further 11% in H1 2013 and helped lift the broadcaster's
total external revenues by 1%, despite a 3% year-on-year decline
in net advertising related ("NAR") revenues. At end of H1 2013,
Non-NAR revenues represented around 35% of the company's total
external revenues and were continuingly driven by the success of
ITV Studios (+11% vs. H1 2012) and ITV's Pay, Online and
Interactive (+19% vs. H1 2012) products. Non-NAR remains a focus
of ITV's five-pronged strategy to mitigate the potential impact
on the company of a cyclical UK advertising market. This market
is still facing month-by-month volatility, driven by a reluctance
of the biggest traditional advertisers to commit to long-term
campaign budgets in the face of a still uncertain economic
landscape. In addition to balancing revenue volatility, ITV's
content production activities are likely to drive growth in 2013
and 2014. This is because demand for content remains high as
traditional broadcasters and new digital platforms (e.g.,
Netflix) compete to maintain and attract a bigger share of a
fragmented viewership.
In 2013, ITV continued to build out its content business through
small bolt-on acquisitions. In the UK, the company purchased The
Garden and Big Talk and in the US it acquired Think Factory Media
and a majority stake in High Noon. These were all financed
through initial cash considerations and contain performance-based
earn-outs to be paid out in the future. As per Moody's
methodology, the rating agency has adjusted the company's debt
figure to include these potential future payments. Moody's
continues to view ITV's growth in the content segment as credit
positive; however, it cautions that the current rating assumes
that the company will not engage in large debt-funded
acquisitions that would lead to leverage increases above what the
rating agency expects at this rating level.
The year-on-year decline in ITV's NAR revenues is partly
explained by ITV's strong first half of 2012, when the company
decided to front-load a large part of its programming schedule in
anticipation of a weaker second half as a result of the Olympics
and Paralympics broadcasts on the BBC and Channel 4,
respectively. However, the company expects to report good NAR
revenue growth of around 9% in Q3 2013, which should lead to a
stable broadcast performance for the full year.
Moody's notes positively that ITV's share of TV advertising
relative to total advertising spend has remained broadly stable
and that the company's position as the number one UK commercial
broadcaster provides it with a strong advertising platform. To
maintain this competitive leadership position, ITV will need to
continue investing in quality content to sustain its share of
viewing at the current levels of 23.2% for the ITV family of
channels and 16.3% for the main channel -- broadly flat from H1
2012. In addition, Moody's anticipates that the company will
continue benefitting from a high share of broadcast ("SOB", ITV's
market share of TV advertising), which the rating agency expects
to be around 45% at H1 2013. Any structural softening in either
of these metrics could lead to a substantial loss in NAR
revenues. This is because ITV is unlikely to be able to recoup
the loss of volume by increasing prices, given a regulatory
requirement under the Contract Renewal Rights ("CRR") scheme that
caps the price increases the company is able to generate from
renewing contracts with media firms.
In H1 2013, ITV's EBITA margin improved as a result of the
company's continued cost efficiency savings (expected to amount
to GBP20 million for the full year) and a higher proportion of
total revenues that are Non-NAR, which generate a higher margin
than the traditional broadcast business. However, Moody's notes
that the margin increase for the full year is likely to be lower
than reported in H1 2013 as the company increases programming
over the second half of this year.
In February 2013, ITV announced the payment of a special dividend
of GBP156 million. The current rating incorporates Moody's
assumption that, save for this exceptional shareholder return,
the company will continue to pursue what has historically been a
prudent financial policy. This policy includes adequately
balancing shareholder returns with a debt load commensurate with
a company that has high operational leverage and is exposed to
cyclicality.
ITV's liquidity profile is very good as the company's cash
generation continues to benefit from the business's cost
rationalization programs and low capex requirements (Moody's
notes that 2013 capex will be inflated by the GBP56 million cash-
funded acquisition of ITV's offices in Central London). ITV also
benefits from a GBP250 million revolving credit facility, which
at H1 2013 remained undrawn, and a GBP125 million invoice
discounting facility. Against these, ITV has a well-staggered
debt maturity profile with little to no debt maturing in 2013 and
2014.
Rationale For Stable Outlook
The stable rating outlook reflects Moody's expectation that the
company's leverage will remain below 2.5x. The outlook also
assumes that the company will continue to outperform the UK TV
advertising market as it stabilizes its SOV in 2013.
What Could Change The Rating Up/Down
There is no upward pressure on the rating until the company
publicly articulates a financial policy that would also be
consistent with higher rating levels. Subsequent to that, upward
pressure on the ratings could arise should ITV (1) once again
realize positive growth in its NAR revenues as a result of a
sustained recovery in the UK advertising market; (2) continue to
generate organic growth in its content-based businesses; (3)
maintain Moody's adjusted debt/EBITDA sustainably below 2.0x, and
free cash flow to debt trending towards 25%.
Downward rating pressure could develop should ITV (1) experience
a sustained decline in its profitability as a result of a sharp
drop in advertising demand; (2) engage in an aggressive financial
policy such as material debt-funded acquisitions leading to
Moody's-adjusted gross debt/EBITDA ratio trending above 2.5x on a
sustained basis; or (3) fail to maintain its leading SOV in the
UK broadcasting market.
The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industries published in May
2012.
Headquartered in London, United Kingdom, ITV plc is the leading
commercial free-to-air broadcaster and producer of television
programming.
MOSTYN'S CURTAINS: In Administration, Cuts 125 Jobs
---------------------------------------------------
BBC News reports that a Dorset-based curtain retailer which
failed to find a buyer for its business has closed with the loss
of 125 jobs.
Mostyn's Curtains Limited, based in Christchurch, went into
administration last month, according to BBC News. The report
relates that it had been trading since 1950.
BBC News notes that a spokesman for the firm said, despite a
restructuring of the company in September 2012, "the difficulties
have sadly proved insurmountable".
Its 27 stores have stopped trading and have been closed down.
The company was also placed into administration last September,
when it employed 128 staff in 35 retail outlets, BBC News says.
The report discloses that at the time, "difficult trading
conditions" and issues over property leases were blamed for it
going into administration.
The business was then sold to WCDI Ltd, safeguarding the majority
of jobs at that time, BBC News notes.
BBC News says that Mostyn's Curtains Limited said customers'
existing orders would be fulfilled in the vast majority of cases.
In a statement it said: "If for any reason an existing customer
order cannot be met, all moneys the individual has paid will be
reimbursed," the report adds.
REPUBLIC: Centre Boss is Upbeat Despite Closure in Swansea
----------------------------------------------------------
thisissouthwales.co.uk reports that a clothing chain Republic
will shortly shut, leaving another empty business property in
Swansea - although discussions are ongoing with a prospective new
tenant.
Centre boss is upbeat despite Republic's closure in Swansea,
according to thisissouthwales.co.uk.
The report relates that the move follows news earlier this year
that the business was going into administration.
And it comes on the heels of other businesses going into
administration - including Jessops and Blockbuster in January,
and the collapse of electricals chain Comet in December, the
report notes.
However, the report discloses that Ian Kirkpatrick, manager for
the Quadrant Shopping Centre, said the store's closure was due to
the company's problems nationally, and did not reflect the
shopping experience in Swansea.
And Mr. Kirkpatrick added some businesses had seen an improvement
in trading over the past 12 months, the report says.
"I can confirm that the Republic store in the centre is due to
close imminently and our thoughts are obviously with the staff
for whom this is a difficult and uncertain time. . . . Republic's
situation is a result of underlying problems in the business at a
national level and I would emphasise it is not a reflection of
the situation at the Quadrant where businesses are flourishing
with many reporting increased year on year sales. . . . The
Quadrant remains a busy and thriving shopping centre and the
Republic unit is already under offer from a prospective new
tenant," the report quoted Mr. Kirkpatrick as saying.
"The Quadrant has made an important contribution to the local
economy over very many years, providing more than 1,500 jobs and
a home for some of the high street's biggest names," Mr.
Kirkpatrick said, the report adds.
RIEGENS LIGHTING: In Administration Following Financial Losses
--------------------------------------------------------------
Lightning News reports that Essex-based Riegens Lighting Ltd has
been entered into administration following a series of financial
losses. The report relates that the company will continue to
trade and will aim to save the positions of all current
employees.
Danish company Riegens A/S has not been affected and has not
entered into administration.
Riegens Lighting supplied the luminaires for the baggage hall at
Edinburgh Airport
The UK part of the business performed poorly in 2012 with a 15
per cent decline in sales to approximately GBP31 million and a
net loss of approximately GBP800,000, according to Lightning
News.
The report notes that restructuring firm FRP Advisory has been
appointed to handle the restructuring which will be overseen by
partners Jason Baker and Geoff Rowley.
"Following our appointment as administrators of Riegens Lighting
Ltd we are seeking to sell the business in order to maximize the
position for creditors. The company continues to trade as a
going concern while we seek a buyer with the aim of securing the
future of the business and safeguarding the jobs of all remaining
employees," the report quoted Mr. Baker as saying.
* UK: Corporate Insolvencies Up 91% From May to June 2013
---------------------------------------------------------
Belfast Telegraph, citing to new personal and corporate
insolvency figures, reports that five consecutive months of
falling unemployment, signs of financial strain remain evident
among Northern Ireland households.
According to Belfast Telegraph, Northern Ireland corporate
insolvencies were up 91% from May to June compared to January to
March but were lower than the corresponding quarter in 2012.
In the last quarter, there were 105 company liquidations or
corporate insolvencies here, Belfast Telegraph discloses. Last
year was a record year for corporate insolvencies in Northern
Ireland with 410 in total, Belfast Telegraph notes.
However, the steep decline in the first three months of 2013
means that the latest four-quarter corporate insolvency total has
fallen to 341, Belfast Telegraph states. But the latter is 134%
above the level that prevailed before the credit crunch began in
the third quarter of 2007, Belfast Telegraph notes.
Since the credit crunch began, about 1,800 firms in Northern
Ireland have been declared insolvent, Belfast Telegraph recounts.
Belfast Telegraph relates that Richard Ramsey, chief economist
with Ulster Bank in Northern Ireland, said that an important
factor behind Northern Ireland's surge in insolvencies is due to
the fact that insolvencies were coming off a low base.
"In the second quarter of 2012, the number of corporate
insolvencies was 57% lower relative to the corresponding quarter
in 2012," Belfast Telegraph quotes Mr. Ramsey as saying.
"Clearly, Northern Ireland's corporates appear to be exhibiting
more signs of financial distress than their counterparts in Great
Britain.
"Two factors behind this are exposure to the property downturn
and the Republic's economy.
"Despite the sharper rises in Northern Ireland's insolvency
figures, the incidence of personal insolvency in Northern Ireland
and England and Wales is broadly the same.
"It should be noted that Northern Ireland's corporate insolvency
rate of 0.5%, which is corporate insolvencies expressed as a
proportion of the business base, remains below that of England
and Wales."
===============
X X X X X X X X
===============
* EUROPE: Banks Cut 5,500 Branches Across European Union in 2012
----------------------------------------------------------------
Laura Noonan at Reuters reports that banks cut 5,500 branches
across the European Union last year, 2.5% of the total, leaving
the region with 20,000 fewer outlets than it had when the
financial industry was plunged into crisis in 2008.
Last year's cuts come after 7,200 branches were axed in 2011,
according to data analyzed by Reuters from European Central Bank
statistics.
Banks across Europe have been closing branches in a bid to trim
operating costs and improve their battered earnings, Reuters
discloses.
According to Reuters, the data show EU banks cut 8% of branches
in aggregate in the four years to the end of 2012, leaving
218,687 branches, or one for every 2,300 people.
Crisis-stricken Greece saw one of the biggest contractions in
2012, shedding 5.7% of its outlets, as mergers of local banks led
to 219 branch closures, Reuters discloses. The trend is expected
to continue into 2013 as Piraeus shuts some of the 312 branches
it snapped up from stricken Cypriot lenders in March, Reuters
states.
Spain, where massive loan losses have put banks under fierce
pressure to cut costs, lost 4.9%, or 1,963, of its branches in
2012, according to Reuters.
Ireland's branch network contracted by 3.3% and is expected to
shrink again in 2013, while Italy's network was 3.1% smaller by
the end of the year, Reuters states.
Branch numbers were on the rise in some eastern European
countries including Poland (up 4%), the Czech Republic (up 2.3%)
and Lithuania (up 1.8%), Reuters relates.
In Britain, the ECB data showed the number of branches remained
little changed at 11,870, Reuters notes.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
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MATERNUS-KLINIKE MAK S1 -17249775.07 161290141
MATERNUS-KLINIKE MAK PZ -17249775.07 161290141
MATERNUS-KLINIKE MAK TH -17249775.07 161290141
MATERNUS-KLINIKE MAK EU -17249775.07 161290141
MATERNUS-KLINIKE MAKG IX -17249775.07 161290141
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
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NORDENIA INTL AG NOD GR -74471727.44 729626481.3
NORDENIA INTL AG NOD8 GR -74471727.44 729626481.3
NORDSEE AG 533061Q GR -8200551.142 194616922.6
NUERNB HYPO-RTS NUE8 GR -2104037124 5.86E+11
NUERNB HYPOTHEK 0478131D GR -2104037124 5.86E+11
PFLEIDERER AG PBVDF US -97572495.87 1832488196
PFLEIDERER AG-BE PFD GR -97572495.87 1832488196
PFLEIDERER A-RTS PFDB GR -97572495.87 1832488196
PFLEIDERER-NEW PFD1 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 EB -97572495.87 1832488196
PFLEIDERER-REG PFD4 EU -97572495.87 1832488196
PFLEIDERER-REG PFD4GBP EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 TH -97572495.87 1832488196
PFLEIDERER-REG PFD4 NR -97572495.87 1832488196
PFLEIDERER-REG PFD4 TQ -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EO -97572495.87 1832488196
PFLEIDERER-REG PFDG IX -97572495.87 1832488196
PFLEIDERER-REG PFD4 S1 -97572495.87 1832488196
PFLEIDERER-REG PFD4 EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 PZ -97572495.87 1832488196
PFLEIDERER-REG PFD4 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 QM -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.87 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
PFLEIDERER-REG PFD4 BQ -97572495.87 1832488196
PFLEIDERER-REG PFEIF US -97572495.87 1832488196
PRIMACOM AG PRCG IX -18656751.16 610380925.7
PRIMACOM AG PRC2 GR -18656751.16 610380925.7
PRIMACOM AG PRC S1 -18656751.16 610380925.7
PRIMACOM AG PRC NM -18656751.16 610380925.7
PRIMACOM AG PCAGF US -18656751.16 610380925.7
PRIMACOM AG PRC EU -18656751.16 610380925.7
PRIMACOM AG PRC GR -18656751.16 610380925.7
PRIMACOM AG PRC TH -18656751.16 610380925.7
PRIMACOM AG PRCG PZ -18656751.16 610380925.7
PRIMACOM AG PRC EO -18656751.16 610380925.7
PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAG US -18656751.16 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RINOL AG RILB S1 -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RILB PZ -1.171602 168095049.1
RINOL AG RILB EO -1.171602 168095049.1
ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
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SOLON AG FUE-NEW SOOJ GR -138663225.9 627116116.4
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SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
SOLON SE SOO1 TQ -138663225.9 627116116.4
SOLON SE SOO1 S1 -138663225.9 627116116.4
SOLON SE SNBZF US -138663225.9 627116116.4
SOLON SE SOO1 EO -138663225.9 627116116.4
SOLON SE SOON EO -138663225.9 627116116.4
SOLON SE SOO1 EU -138663225.9 627116116.4
SOLON SE SOO1 BQ -138663225.9 627116116.4
SOLON SE SOON GR -138663225.9 627116116.4
SOLON SE SOO1USD EU -138663225.9 627116116.4
SOLON SE-RTS 3664247Z GR -138663225.9 627116116.4
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
ALAPIS HOLDING 3385874Q GA -670700605.1 924332371.1
ALAPIS HOLDING I V2R GR -670700605.1 924332371.1
ALAPIS HOLDING I VTERF US -670700605.1 924332371.1
ALAPIS HOLDING I FFE GR -670700605.1 924332371.1
ALAPIS HOLDING I ALAPIS EU -670700605.1 924332371.1
ALAPIS HOLDING I VETER GA -670700605.1 924332371.1
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ALAPIS SA ALAPI EO -670700605.1 924332371.1
ALAPIS SA ALAPIS GA -670700605.1 924332371.1
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ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
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ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
EDRASIS C. PSALL EDRAR GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EU -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA EO -68424544.93 193206489.9
EDRASIS PSALIDAS EPP GR -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA PZ -68424544.93 193206489.9
EDRASIS-AUCTION EDRAE GA -68424544.93 193206489.9
EMPEDOS SA EMPED GA -33637669.62 174742646.9
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HELLAS ONLINE SA 0394471Q GA -4264723.817 411173224.1
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HELLAS ONLINE SA HOL GA -4264723.817 411173224.1
HELLAS ONLIN-RTS HOLR GA -4264723.817 411173224.1
KATSELIS SON-P R KATPD GA -84623057.15 115632796.2
KATSELIS SONS-PF KATSP GA -84623057.15 115632796.2
KATSELIS SONS-RT KATKD GA -84623057.15 115632796.2
LAMBRAKIS PR -RT DOLD GA -39671021.31 225710342.6
LAMBRAKIS PRESS LMBKF US -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EU -39671021.31 225710342.6
LAMBRAKIS PRESS LA3A GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL GA -39671021.31 225710342.6
LAMBRAKIS PRESS LA3 GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL PZ -39671021.31 225710342.6
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LAMBRAKIS R-R DOLV10 GA -39671021.31 225710342.6
LAMBRAKIS-AUC DOLE GA -39671021.31 225710342.6
LAVIPHARM SA LAVI GA -5006040.333 167080549.6
LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
LAVIPHARM SA LAVI PZ -5006040.333 167080549.6
LAVIPHARM SA LVP GR -5006040.333 167080549.6
LAVIPHARM SA BXA GR -5006040.333 167080549.6
LAVIPHARM SA LVIXF US -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVID GA -5006040.333 167080549.6
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MAILLIS MLISF US -2041887.566 401387790.4
MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
MAILLIS-SPON ADR MJMSY US -2041887.566 401387790.4
MARITIME CO LESB MEKD CH -7779986.972 235355419.9
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MARITIME CO LESV NEL PZ -7779986.972 235355419.9
MARITIME CO LESV MTMLF US -7779986.972 235355419.9
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MARITIME CO LESV NEL EO -7779986.972 235355419.9
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MARITIME CO -RTS 2749585Q GA -7779986.972 235355419.9
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MJ MAILLIS S.A. MJL GR -2041887.566 401387790.4
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NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
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PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
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RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
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UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
-------
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INDEP NEWS & MED INWS IX -257955932.2 715040181
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INDEP NEWS & MED INM1GBX EO -257955932.2 715040181
INDEP NEWS & MED INNS VX -257955932.2 715040181
INDEP NEWS & MED IPDC GK -257955932.2 715040181
INDEP NEWS & MED INM1GBX EU -257955932.2 715040181
INDEP NEWS & MED INM VX -257955932.2 715040181
INDEP NEWS & MED IPD PZ -257955932.2 715040181
INDEP NEWS & MED INNZF US -257955932.2 715040181
INDEP NEWS & MED INM1 EO -257955932.2 715040181
INDEP NEWS & MED INM1 NQ -257955932.2 715040181
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INDEP NEWS & MED INM1 EB -257955932.2 715040181
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INDEP NEWS & MED INM1 NR -257955932.2 715040181
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INDEP NEWS &-N/P INDB ID -257955932.2 715040181
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INDEP NEWSPAPERS IPNWF US -257955932.2 715040181
INDEP NEWSPAPERS QQIAF US -257955932.2 715040181
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INDEPENDENT-FPR INMF LN -257955932.2 715040181
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INDEPENDENT-NPR INMN PZ -257955932.2 715040181
INDEPENDENT-NPR INMN ID -257955932.2 715040181
INDEPENDENT-NPR INMN LN -257955932.2 715040181
IRISH NATIONWIDE 1020Z ID -24460514.19 16215850688
LCH EUROPEAN POR 3809212Z ID -91665071.77 296022574.1
LTR FINANCE NO 8 3816616Z ID -8799339.829 323480874.1
MAINAU FUNDING L 4460161Z ID -216846138.8 1309830017
MCAFEE IRELAND L 3809112Z ID -39595362.44 515570024.5
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY HLDGS MK9 GR -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBX EU -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI IX -137972148.5 304108432.2
MCINERNEY HLDGS MCI EU -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
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MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
MCINERNEY PROP-A MCIYF US -137972148.5 304108432.2
MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
MCINERNEY -RT FP MCIF ID -137972148.5 304108432.2
MCINERNEY -RT NP MCIN LN -137972148.5 304108432.2
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PAYZONE PLC PAYZ LN -138030903.2 510010035.3
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RHATIGAN COMMERC 3800004Z ID -196980690.9 136107436.9
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SPENCER DOCK DEV 3813908Z ID -87906519 773958702
START FUNDING NO 3816392Z ID -8410425.946 624257073.1
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
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COGEME AXA COGAXA IM -77319804.75 102552226.7
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COGEME SET SPA COG IM -77319804.75 102552226.7
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GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
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MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
MAIRE TECNIMONT MT1 EO -18172040.27 3401620362
MAIRE TECNIMONT MRTZF US -18172040.27 3401620362
MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
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MERIDIANA SPA 1163Z IM -4645217.834 187285866.9
MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
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OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
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PRAMAC SPA PRAM PZ -87225647.28 314935866.6
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RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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RISANAMENTO SPA RN EO -182584482.9 2453594767
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RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
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RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
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SEAT PAGINE PG BQ -741904802.3 3755632231
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SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
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SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
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BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
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KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
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NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
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UPC HOLDING BV 3590264Z NA -12602392978 14238054163
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
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INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
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MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
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PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
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PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
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PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
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PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
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PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
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SLOVENIA
--------
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SPAIN
-----
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SWEDEN
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SWITZERLAND
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TURKEY
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UKRAINE
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UNITED KINGDOM
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EDF ENERGY 1 LTD 1201287Z LN -173168019.1 373323626.4
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ELE INVTS LTD ELCT US -50659516.57 281969290.1
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
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EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
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ERM GROUP HOLDIN 3125976Z LN -175924992 616248000
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GGT GROUP-ADR GGTRY US -156372272 408211200.9
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HMV GROUP -GDR 276960Q GR -218490042.1 415846374.8
HMV GROUP -GDR 29362Z US -218490042.1 415846374.8
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HMV GROUP PLC HMV NQ -218490042.1 415846374.8
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HMV GROUP PLC HMV10 EO -218490042.1 415846374.8
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HMV GROUP PLC HMV BQ -218490042.1 415846374.8
HMV GROUP PLC HM4 GK -218490042.1 415846374.8
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HMV GROUP PLC HMV EB -218490042.1 415846374.8
HMV GROUP PLC HMV PZ -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EU -218490042.1 415846374.8
HMV GROUP PLC HMV VX -218490042.1 415846374.8
HMV GROUP PLC HMV9 EO -218490042.1 415846374.8
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HMV GROUP PLC HMV S1 -218490042.1 415846374.8
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HMV GROUP PLC HMV EO -218490042.1 415846374.8
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RENTOKIL INITIAL RTO VX -265497954 2695753100
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
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TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
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TUI UK LTD 1653824Z LN -913811298.8 5088088830
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
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WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
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WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *