/raid1/www/Hosts/bankrupt/TCREUR_Public/131001.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, October 1, 2013, Vol. 14, No. 194
Headlines
A R M E N I A
* ARMENIA: Moody's Rates New US$700MM Notes Due 2020 'Ba2'
A U S T R I A
* Austrian Banks' Cost Focus to Offset CEE, Levy Pressures
B U L G A R I A
* BULGARIA: 5,000 Chemical Sector SMEs Went Bust in Past 3 Years
G E O R G I A
BANK OF GEORGIA: Moody's Affirms 'B1' Deposit Ratings
G E R M A N Y
ENTERPRISE NETWORKS: S&P Puts 'CCC+' Rating on CreditWatch Pos.
GROHE HOLDING: S&P Puts 'B-' CCR on CreditWatch Positive
I R E L A N D
SMURFIT KAPPA: Fitch Affirms 'BB' Long-Term Issuer Default Rating
I T A L Y
BANCA MONTE: Investors Await Finer Points of Restructuring Plan
N E T H E R L A N D S
PANTHER CDO: Fitch Affirms 'CC' Ratings on Two Note Classes
P O R T U G A L
* S&P Puts Ratings on 58 Tranches on CreditWatch Negative
R O M A N I A
LEONARDO: Restructuring Process Nears End
R U S S I A
NOTA-BANK: Good Performance Cues Moody's to Raise Ratings to B2
TELE2 RUSSIA: Fitch Keeps 'BB+' LT IDR on Rating Watch Evolving
* KRASNOYARSK: Fitch Affirms 'BB' Long-Term Currency Ratings
S P A I N
SANTANDER PUBLICO 1: Fitch Affirms 'B' Rating on Class B Notes
* Further Rise in Spanish NPLs Likely as Loans Reclassified
S W E D E N
SSAB AB: S&P Lowers Corp. Credit Rating to 'BB'; Outlook Stable
U N I T E D K I N G D O M
AVANTI COMMUNICATIONS: Moody's Assigns Caa1 CFR; Outlook Positive
AVANTI COMMUNICATIONS: S&P Assigns 'B-' CCR; Outlook Stable
COLLECTABLES: Closes Stockton Store Amid Administration
CO-OPERATIVE GROUP: S&P Cuts CCR & Sr. Unsecured Debt Rating to B
LAMBERT SMITH: Countrywide Plc to Buy Firm Out of Administration
MOTO HOSPITALITY: S&P Revises Outlook to Stable & Affirms B- CCR
NEW EDINBURGH: Jones Lang LaSalle to Sell Remaining Assets
OPAL: Goes Into Administration, Student Accommodation Blocks Sold
PIHL UK: Council Seeks Builder as Firm Goes Into Administration
TIUTA PLC: Administrators Start Putting Firm in Liquidation
* UK: January-September Administration Figures Down 16%
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A R M E N I A
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* ARMENIA: Moody's Rates New US$700MM Notes Due 2020 'Ba2'
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Moody's Investors Service has assigned a rating of Ba2 to the
Government of Armenia's 700 million $-denominated notes due 2020.
The notes will bear interest at a rate of 6% per annum. The
rating is derived from Armenia's Ba2 government bond rating with
stable outlook.
Ratings Rationale:
Moody's notes that Armenia's rating is supported by its prudent
fiscal policy, which is reflected in recent deficit reduction
from 7.5% in 2009 to 1.5% in 2012, in part achieved by under-
realized capital expenditure and gradual revenue-mobilization.
The latter is underpinned by tax reform to broaden the tax base
and the introduction of a funded multi-pillar pension system from
2014 onwards. Other credit positive factors include the favorable
cost of funding due to borrowings from official lenders.
At the same time, Armenia's Ba2 rating is constrained by the
economy's small size and its reliance on commodity exports and on
remittances, mainly from Russia. In this regard, Armenia's
already high economic and financial exposure to Russia is set to
intensify within the Customs Union of Russia, Belarus and
Kazakhstan as opposed to the previously considered EU Deep and
Comprehensive Free Trade Area (DCFTA). Moreover, the country's
limited tax take and relatively high corruption rank also
represent credit challenges.
Armenia's moderate geopolitical risks stem from its strained
relations with neighboring Azerbaijan and Turkey. With respect to
economic event risk, the supply side shock stemming from the
increase in natural gas and energy tariffs that came into effect
in July 2013 will likely weaken the country's shock-absorption
capacity, especially in view of a sufficient, but limited
international reserve buffer at 3.9 months as of June 2013. While
Moody's expects a gradual reduction in Armenia's still large
current account deficit at 11.1% of GDP in 2012 over the medium
term, the economy has accrued a sizable external debt stock at
77% of GDP as of end-2012. The multilateral debt repayment
schedule and the graduation from concessional funding further
drives the external debt service ratio over the next few years.
The $700 million note sale proceeds amounting to 7% of 2012 GDP
will be used for general governmental purposes and potentially
for infrastructure investment. They add to the general government
debt stock of 44.1% of GDP to the extent that they are not used
for the repayment of the US$500 million loan from Russia. At the
same time, the note sale proceeds are set to temporarily boost
gross foreign exchange reserves.
Moody's also notes that the high degree of dollarization in the
banking system amid rapid, but slowing credit growth toward
nominal GDP growth levels underpins the country's medium
financial event risk. This is particularly relevant if the
country was to experience a foreign-exchange funding shortfall,
mitigated in part by the central bank's macro-prudential
regulations regarding banks' foreign-currency exposures.
GDP per capita (PPP basis, $): 5,838 (2012 Actual) (also known as
Per Capita Income)
Real GDP growth (% change): 7.2% (2012 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 3.2% (2012 Actual)
Gen. Gov. Financial Balance/GDP: -1.5% (2012 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -11.1% (2012 Actual) (also known as
External Balance)
External debt/GDP: 76.7 (2012 Actual)
Level of economic development: Low level of economic resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On August 15, 2013, a rating committee was called to discuss the
rating of the Armenia, Government of. The main points raised
during the discussion were:
The issuer's economic fundamentals, including its economic
strength, have not materially changed. The issuer's institutional
strength/framework, has not materially changed. The issuer's
fiscal or financial strength, including its debt profile, has
materially increased. The issuer's susceptibility to political
and economic event risk and the susceptibility to risks in the
banking system have not materially changed.
The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.
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A U S T R I A
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* Austrian Banks' Cost Focus to Offset CEE, Levy Pressures
----------------------------------------------------------
"Austrian banks' efforts to contain costs should help offset both
revenue pressure in many of their central and eastern Europe
(CEE) subsidiaries and taxes imposed on the financial sector,"
Fitch Ratings says. "However, the outlook is still fragile, with
asset quality yet to stabilize and subdued credit growth in both
domestic and core CEE markets."
Austrian banks have been streamlining branch networks and
disposing of underperforming non-core subsidiaries since 2010.
Raiffeisen Bank International's (RBI) announcement of a EUR400
million to 450 million three-year cost savings plan on Sept. 24
highlights that banks may make further efforts to support
profitability as pressure persists for core revenues and costs.
"Sluggish or negative loan growth, low interest rates and the
weak economy have weighed on revenues at the largest Austrian
banks. Operations in the home market and some CEE countries,
notably Poland, the Czech Republic and Russia, remain profitable.
But continued asset quality deterioration in Romania, Hungary and
to a lesser extent Croatia means these subsidiaries continue to
be loss-making or underperforming. We expect Hungary and Croatia
to remain a drag on profitability in H213, while profitability in
Romania should gradually improve," Fitch said.
"Bank levies and transaction taxes in Austria, Slovakia and,
notably, Hungary may potentially counteract the cost efficiency
gains made by the Austrian banks since the global financial
crisis. In H113, bank levies and financial transaction taxes
accounted for 5%-9% of operating expenses at the four largest
rated institutions. We expect some of the extraordinary levies,
designed to be temporary measures, to become permanent or at
least remain in place for the foreseeable future. This would
burden the profitability of Austrian banks active in the
countries where the levies apply," according to Fitch.
"The large banks remain committed to their core CEE markets,
despite some loan deleveraging due to sluggish credit demand but
also as part of efforts to increase local funding. We see the
risk and earnings diversification from overseas operations as a
positive rating factor. However, RBI and Bank Austria
increasingly rely on the well-performing Russian market for a big
chunk of their revenue, which could ultimately be ratings-
negative. We believe the balance will be naturally redressed when
operating conditions in other CEE countries improve, particularly
in Hungary and to a lesser extent Romania," said Fitch.
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B U L G A R I A
===============
* BULGARIA: 5,000 Chemical Sector SMEs Went Bust in Past 3 Years
----------------------------------------------------------------
Novinite.com reports that Yoncho Pelovski, Deputy Chair of the
Bulgarian Chamber of Chemical Industry, said in the past three
years, around 5,000 small and medium-sized enterprises in the
chemical industry went bankrupt in Bulgaria, and around 10% of
the people working in the sector were laid off.
Mr. Pelovski, who presented an analysis of the development of the
sector on Monday, explained that high energy costs and shrinking
markets were the main reasons for the bankruptcies and some of
the lay-offs could be attributed to the introduction of new
technologies, Novinite.com relates.
Mr. Pelovski made clear that chemical industry companies, except
for pharmaceutical firms, provided employment for 40,000 people,
Novinite.com notes.
According to Novinite.com, he informed that the sector mostly
needed machine operators -- secondary education specialists and
chemical engineers.
He pointed out that demand for such specialists was expected to
increase over the next 5-6 years due to the anticipated
retirement of the people currently employed in the sector,
Novinite.com discloses.
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G E O R G I A
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BANK OF GEORGIA: Moody's Affirms 'B1' Deposit Ratings
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Moody's Investors Service has affirmed Bank of Georgia's and TBC
Bank's long and short-term foreign-currency deposit ratings at
B1/NP and their local-currency deposit ratings at Ba3/NP. At the
same time, Moody's affirmed the banks' baseline credit
assessments (BCAs) at ba3. Bank of Georgia's senior unsecured
debt rating was also affirmed at Ba3. The outlook on the ratings
is stable.
These affirmations reflect to differing degrees the two banks':
(1) strong domestic franchises; (2) solid profitability metrics;
and (3) sufficient capitalization buffers to absorb unexpected
losses. These positive elements are balanced against: (1) the
risk of accelerated asset-quality deterioration, owing to
extensive foreign-currency lending; and (2) operating environment
risks arising from Georgia's shallow, developing economy, which
is vulnerable to external shocks and political challenges.
Ratings Rationale:
Bank of Georgia
BoG's strong domestic franchise is a key driver behind the
affirmation of the bank's ratings. BoG is the largest bank in
Georgia, with a market share of over a third of system assets,
loans and deposits. It has the most extensive branch network of
any Georgian bank, providing it with strong access to primary
deposits and broad brand recognition. The bank's size and
standing also translates into price-setting capacity in terms of
loans and deposits, which has allowed the bank to maintain strong
financial metrics.
Moody's also notes that BoG displays strong core profitability
metrics, as demonstrated by pre-provision income-to-risk-weighted
assets of 5.9% and net income-to-risk-weighted assets ratio of
3.8% as at year end 2012. Although Moody's expects that margins
will come under gradual pressure, the rating agency expects that
BoG's franchise will support its capacity to generate strong
revenues. The bank also maintains sufficient capitalization
metrics to absorb unexpected losses, with BoG's Tier 1 ratio
under National Bank of Georgia's (NBG) rules at 15.4% (NBG rules
are similar to Basel I but require foreign-currency denominated
loans to be risk-weighted by an additional 75% to compensate for
the lack of a market risk capital add on).
However, Moody's notes that the ratings also reflect the high
credit risks arising from foreign-currency lending, which
accounted for 66% of its loan book, as at June 2013. Foreign-
currency loans to unhedged customers are susceptible to
accelerated deterioration and lower recoverability during periods
of economic downturn that result in local-currency depreciation.
The bank is also exposed to operating environment risks, as the
Georgian economy is vulnerable to external shocks and political
challenges. Consequently, uncertainty surrounding the
parliamentary elections in October 2012, which triggered an
economic slowdown, drove an increase in problem loan formation,
which led to a 74% increase in loan-loss provision expense in H1
2013 compared with H1 2012.
TBC Bank
The strength of TBC's franchise is a key driver for the rating
affirmation. TBC ranks second (behind BoG) in terms of size with
a market share of 26%. The acquisition of Bank Constanta in 2011
further increased its geographic footprint and its reach to
smaller retail customers.
The affirmation of TBC's ratings also takes into consideration
the bank's strong profitability metrics. Based on June 2013
unaudited financials, TBC's pre-provision income-to-risk-weighted
assets stood at 6.1% (year-end 2012: 5.2%) and its net income-to-
risk-weighted assets ratio at 4.0% (2012: 3.5%). Although Moody's
expects some pressure on margins going forward and that
provisioning charges will remain relatively elevated, the rating
agency expects that TBC's profitability will remain solid. The
bank's capitalization also edged higher, with its Tier 1 capital
adequacy ratio under NBG rules standing at 12.2% at H1 2013,
which Moody's considers sufficient to absorb unexpected losses.
Similar to its domestic peers, TBC faces currency induced credit
risk arising from extensive foreign-currency lending, which stood
at 73% of total loans, as of June 2013. Concurrently,
susceptibility to political risk was evidenced in the steep rise
in NPLs resulting from the economic slowdown brought about by
political uncertainty surrounding the October 2012 parliamentary
elections. At year-end 2012, NPLs reached 9.7% (year-end 2011:
3.3%) before declining to 8.1% in June 2013.
What Could Move The Ratings -- Up/Down
Upward pressure on both banks' ratings remains linked to the
evolution and diversification of the Georgian economy, the
reduction of currency-induced credit risk (arising from high loan
dollarization) and evidence of sustainable improvements in asset
quality.
Downward pressure on the two banks' ratings would develop as a
result of a renewed weakening in credit conditions and rising
levels of non-performing loans. The ratings would also come under
pressure as a result of a resurgence of either domestic or
international political risk that would also lead to a
substantial loss of funding (either from deposits or from
international financial institutions).
The principal methodology used in these ratings was "Global
Banks" published in May 2013.
Bank of Georgia is incorporated in Tbilisi, Georgia and reported
consolidated total assets of GEL5.72 billion (US$3.45 billion
equivalent) as of year-end 2012 (in accordance with audited
IFRS).
TBC Bank is incorporated in Tbilisi, Georgia and reported
consolidated total assets of GEL3.99 billion (US$2.42 billion
equivalent) as of June 2013 (in accordance with unaudited IFRS).
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G E R M A N Y
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ENTERPRISE NETWORKS: S&P Puts 'CCC+' Rating on CreditWatch Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'CCC+'
long-term corporate credit rating on Germany-headquartered
provider of enterprise communications-related technology and
solutions, Enterprise Networks Holdings B.V., on CreditWatch with
positive implications.
At the same time, S&P placed its 'CCC+' issue rating on ENH's
senior secured notes on CreditWatch with positive implications.
The CreditWatch placement follows the announcement of U.S.-based
Extreme Networks, Inc. that it has entered into an agreement with
Germany-based Enterprise Networks Holdings B.V. (ENH), to acquire
all outstanding stock of Enterasys Networks, Inc., a wholly-owned
subsidiary of ENH, for US$180 million in cash. The transaction
is subject to customary closing conditions and regulatory
approvals and is expected to close during the fourth calendar
quarter of 2013.
In S&P's view, the disposal of Enterasys could moderately improve
the group's credit metrics and liquidity if it primarily used the
expected disposal proceeds to reduce debt and cover near-term
cash losses.
Nevertheless, at this stage, ENH has not made any announcement
regarding the Enterasys sale or its plans for using the sale
proceeds. In addition, the group has not disclosed how much
Enterasys is currently contributing to total EBITDA and free
operating cash flow (FOCF) generation. Enterasys generates
annual revenues of about US$330 million and its reported results
are primarily under the segment Network Infrastructure and
Security (NIS), which reports the highest gross margins among
ENH's segments. In the nine months ended June 30, 2013, NIS
contributed 24% to group reported gross profit and the segment's
gross margin was 54%. This compares with a reported gross margin
of 30% for the group. As a result, S&P currently estimates that
the disposal would dilute the group EBITDA margin and negatively
affect its free cash flow generation.
According to the documentation of the group's EUR200 million
senior secured notes (EUR143 million outstanding as of June 30,
2013), due Nov. 2015, the group has the discretion to apply the
net disposal proceeds within 365 days after receipt either toward
debt reduction, capital expenditures, or acquisitions.
S&P aims to resolve the CreditWatch in the next three months once
the Enterasys disposal has gone through and after S&P has
discussed with the group's management the impact on the group's
profitability and free cash flow generation, capital structure,
and liquidity. In addition, S&P aims to discuss the progress and
impact of the cost-cutting program currently underway on the
group's financial results.
At this stage, S&P sees an equal likelihood for either an
affirmation or a one-notch raising of the long-term rating on
ENH. This is primarily because the positive impact from the
expected $180 million in disposal proceeds on the group's credit
ratios and liquidity could be offset by the weakening of the
group's profitability and cash flow generation that we expect
after the Enterasys transaction. Moreover, S&P still needs
further details to form its assumptions regarding the potential
for debt reduction from the disposal.
The following factors could prompt an upgrade of ENH:
-- S&P's view of the Enterasys deal does not lead it to revise
down its current assessment of the group's business risk
profile as weak;
-- Prospects of mid-to-high single digit EBITDA margin after
restructuring costs and about break-even FOCF generation,
supported by the current cost cuts and improving industry
demand;
-- Disposal proceeds mainly used to reduce debt and to bolster
liquidity to cover expected cash flow losses; and
-- Covenant headroom of at least 20% pro forma the disposal.
S&P could raise its issue rating on the senior secured notes if
it raises the long-term rating on ENH and S&P sees sufficient
value remaining in the group to result in recovery prospects for
noteholders of at least 30% under a stressed scenario.
A scenario where S&P affirms the long-term rating on ENH and, at
the same time, recovery prospects declined to less than 30% seems
highly unlikely at this point, in S&P's view.
GROHE HOLDING: S&P Puts 'B-' CCR on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on Grohe Holding GmbH, the indirect
parent of German sanitary fittings manufacturer Grohe AG, on
CreditWatch with positive implications.
At the same time, S&P placed the 'B-' issue ratings on Grohe's
senior secured debt--comprising the EUR375 million-equivalent
senior secured term loan and EUR500 million senior secured
notes--on CreditWatch positive. The recovery rating on these
instruments is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.
In addition, S&P placed the 'B+' issue rating on Grohe's
EUR150 million super senior revolving credit facility (RCF) due
2016 on CreditWatch positive. The recovery rating on the super
senior RCF is '1', indicating S&P's expectation of very high
(90%-100%) recovery for debtholders in the event of a payment
default.
The CreditWatch placement follows the announcement that Grohe's
majority shareholders, TPJ & DLJ Merchant Banking Partners, have
agreed to sell their 87.5% equity interest in the Grohe group to
an entity jointly owned by Japanese building products
manufacturer and distributor LIXIL Corporation (LIXIL) and the
Development Bank of Japan. Grohe anticipates that the transaction
will close in the first quarter of 2014.
The placement reflects S&P's view that the consolidation of the
group into the larger and less leveraged LIXIL will benefit Grohe
and boost its credit quality: For the year ending March 31, 2013,
LIXIL's parent LIXIL Group Corporation reported net debt/EBITDA
of 2.5x before any Standard & Poor's adjustments, compared with
Grohe's unadjusted reported net debt to EBITDA of around 4.8x.
Nevertheless, S&P understands that many key decisions on Grohe's
capital structure and its integration within the LIXIL group have
yet to be finalized. Such decisions could strongly influence the
final rating outcome. S&P therefore intends to discuss these
with Grohe's management and the new owners over the coming
months, and resolve the CreditWatch by the time the transaction
closes.
The ratings on Grohe reflect S&P's view of the group's financial
risk profile as "highly leveraged" and business risk profile as
"fair". S&P bases its assessments on Grohe's exposure to
volatile commodity prices and exchange-rate fluctuations, its
limited scale, and its dependence on some key markets such as
Germany. S&P considers as rating strengths Grohe's solid market
position in the fragmented European sanitary fittings industry,
good product diversity, strong brand name, and exposure to the
less cyclical renovation and refurbishment end market--which we
estimate at about 70% of the group's sales).
The issue rating on Grohe's EUR150 million super senior RCF due
2016 is 'B+', two notches above the corporate credit rating. The
recovery rating on the super senior RCF is '1', indicating S&P's
expectation of very high (90%-100%) recovery for debtholders in
the event of a payment default.
The issue rating on Grohe's senior secured debt--comprising the
EUR375 million-equivalent senior secured term loan and
EUR500 million senior secured notes--is 'B-', in line with the
corporate credit rating. The recovery rating on these debt
instruments is '3', indicating S&P's expectation of meaningful
(50%-70%) recovery in the event of a payment default.
The recovery ratings on all debt are supported by S&P's valuation
of Grohe as a going concern, reflecting the group's good market
position in Europe, and the comprehensive security package. The
recovery ratings are also supported by the likely center of main
interest for Grohe being Germany, a jurisdiction that S&P
considers to be relatively creditor-friendly.
The recovery rating on the super senior RCF reflects its
seniority over the various senior secured notes and subordinated
notes vis-…-vis the security and its structural priority. The
recovery ratings on the senior secured notes reflect the notes'
second-ranking security on the same collateral.
To determine recoveries, S&P simulates a hypothetical default
scenario. S&P's simulated default scenario projects a default in
2015, assuming a combination of high financial leverage, a
prolonged and severe deterioration in the construction market,
and a weak macroeconomic environment from 2013. In S&P's
scenario, these factors lead to a reorganization of the group.
The CreditWatch placement reflects S&P's view that Grohe's credit
quality will likely be enhanced by the acquisition of the larger
and less leveraged LIXIL, potentially supporting a multi-notch
upgrade. That said, there remain a number of open questions
about the capital structure and strategy of the new resulting
consolidated entity, as well as the extent of Grohe's
integration. S&P aims to resolve the CreditWatch when the
acquisition is finalized, which is expected during the first
quarter of 2014.
Prior to the CreditWatch placement, the outlook on Grohe was
positive, reflecting the group's solid trading performance and
improving credit metrics. Should the transaction not proceed,
S&P could return the outlook to positive. Alternatively, S&P
could still raise the rating by one notch to 'B' if full-year
results demonstrate positive discretionary cash flow and adjusted
FFO to debt in the high single digits.
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I R E L A N D
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SMURFIT KAPPA: Fitch Affirms 'BB' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Smurfit Kappa Group's (SKG) Long-term
foreign currency Issuer Default Rating (IDR) at 'BB', and revised
the Outlook to Positive from Stable. The agency has also affirmed
the ratings of the related entities, Smurfit Kappa Acquisitions
and Smurfit Kappa Treasury Funding, at 'BB'.
The affirmation reflects SKG's solid operating performance
despite the weak economic environment in Western Europe.
Effective cost-cutting measures and revenue growth and margin
improvement in Latin America continue to support cash generation.
The Positive Outlook reflects Fitch's view that credit metrics
will continue improving, with the funds from operation (FFO)
gross leverage ratio expected to decline to below 3.5x over the
next 18-24 months, or even earlier if the company decide to
redeem part of the outstanding debt using available cash.
Key Rating Drivers
Good Operating Performance
SKG's H113operating results continued to show a good performance,
despite the sluggish economy in Western Europe, driven by solid
growth in Latin America, which also benefits from the
consolidation of Smurfit Kappa Orange County. Cash generation
remained solid, with free cash flow (FCF) improving to EUR205
million from EUR175 million in H112, thanks also to lower
interest costs.
Improving Outlook
While demand in Europe is likely to remain weak, the price trend
is improving for the testliner (recycled-fibre cardboard), which
showed some weaknesses in H212. Following a first price increase
in H113, prices were back again to H112 levels. A further price
hike was successfully implemented in Q313, which should benefit
margins in H213. Market conditions remain positive for virgin
fibre containerboard (Kraftliner), with prices remaining healthy
and backed by solid demand.
Deleveraging Notwithstanding Acquisitions
Management's strategy is to allocate FCF to pay down debt or for
acquisitions with the aim of maximizing shareholders' value.
While deleveraging was the absolute priority in past years,
leverage is now back at a sustainable level allowing the company
to revamp its external-growth policy, with the 2012 acquisition
of Smurfit Kappa Orange County. Fitch believes that further
external growth in Latam is possible. However, Fitch believes
that SKG has sufficient financial flexibility to sustain mid-
sized acquisitions, while continuing deleveraging. The agency
estimates FFO gross leverage to improve to below 3.5x over the
next 18-24 months.
Leading Position
SKG's ratings are further supported by its leading market
positions, exposure to recession-resilient markets, and strong
presence in Latin America. Vertical integration into
containerboard gives some margin protection against raw material
cost inflation.
Rating Sensitivities:
Positive: Future developments that could lead to positive rating
actions include:
-- The continuation of the current path in debt reduction and
the improvement in credit metrics, with FFO adjusted
leverage improving to below 3.5x, FCF/revenue remaining
above 1% and FFO fixed charges coverage to improve to above
4.0x.
Negative: Future developments that could lead to negative rating
action include:
-- A slowdown in the deleverage process, due to either a
deterioration of the operating performance or to M&A
activity, with FFO adjusted gross leverage remaining above
3.5x over the next 18-24 months could lead to a revision of
the Outlook to Stable.
Full List of Rating Actions
Smurfit Kappa Group
Long-term foreign currency IDR affirmed at 'BB', Outlook
revised to Positive from Stable
The following instruments' ratings have been affirmed at 'BB':
Smurfit Kappa Acquisitions
Senior unsecured bank facility due 2018
EUR500m notes due 2017
EUR200m and USD300m notes due 2018
EUR500m notes due 2019
EUR400m and EUR250m notes due 2020
Smurfit Kappa Treasury Funding
USD292m notes due 2025
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I T A L Y
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BANCA MONTE: Investors Await Finer Points of Restructuring Plan
---------------------------------------------------------------
Laura Noonan at Reuters reports that investors awaiting the finer
points of Monte dei Paschi's restructuring plan could soon find
themselves wishing their bank had run aground at another time and
place in the euro zone financial crisis.
After approving more than EUR5 trillion of state aid to its
financial system over the past five years, the European Union has
switched the burden of bank bailouts away from taxpayers and onto
shareholders, bondholders and big depositors, Reuters relates.
But a consistent approach and certainty over who pays when a bank
gets into trouble is still lacking, deterring much-needed
investment into the region and its lenders and ensuring a steady
stream of lawsuits when losses are imposed, Reuters notes.
"We are trending in the direction of a proper priority of claim,
a proper following of the hierarchy of the capital structure,"
Reuters quotes Aaron Elliott, a London-based credit analyst at
Citi, as saying. "But we are certainly not there yet."
"It's very difficult for investors to get involved," he added,
pointing to a reluctance to buy bank debt in some countries.
European rules designed to ensure a harmonized approach to bank
bail-ins, forged over the summer, do not take effect until 2018,
leaving bank investors in heavily indebted countries in limbo and
weighing on those states' own cost of borrowing, Reuters states.
"The reality is, these individual countries can't wait for 2018
to bail in bondholders, they just can't afford to do that," Mr.
Elliott, as cited by Reuters, said.
In response to public outrage over taxpayer-funded bailouts and
to reassure small depositors their funds were safe, the European
Commission, which sets conditions banks must fulfill to qualify
for state aid, in July updated its framework for bank bailouts
for the seventh time in the crisis, Reuters discloses.
But the EU Competition Authority's powers as defacto guardian of
bailout consistency are limited -- the framework lays out broad
guidelines for imposing losses on shareholders, bondholders and
large depositors, but exceptions can be made if the measures
would do more harm than good, Reuters says.
"State aid control does not enable the Commission to 'harmonize'
measures that member states intend to implement, but merely to
set minimum standards for them to be compatible with the internal
market," Reuters quotes the spokesman for the EC's competition
division as saying. "Inconsistencies . . . are thus due to the
choices of member states."
Investors in Monte dei Paschi are still waiting to see how they
will be affected by a new restructuring plan to avert
nationalization, according to Reuters. Sources have told Reuters
that Italy's third-largest lender has delayed approval of the
plan because it is hoping the EC will give it more time to raise
EUR2.5 billion.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).
As reported by the Troubled Company Reporter-Europe on June 19,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'B' from 'BB', and affirmed the
'B' short-term rating. S&P also lowered its rating on MPS' Lower
Tier 2 subordinated notes to 'CCC-' from 'CCC+'. S&P affirmed
the ratings on MPS' junior subordinated debt at 'CCC-' and on its
preferred stock at 'C'. At the same time, S&P removed the
ratings from CreditWatch, where it placed them with negative
implications on Dec. 5, 2012.
=====================
N E T H E R L A N D S
=====================
PANTHER CDO: Fitch Affirms 'CC' Ratings on Two Note Classes
-----------------------------------------------------------
Fitch Ratings has taken various rating actions on Panther CDO V
B.V.'s notes, as follows:
EUR194.1m Class A1 (ISIN XS0308593671): affirmed at 'Asf';
Outlook Stable
EUR29.8m Class A2 (ISIN XS0308594059): upgraded to 'BB+sf' from
'BBsf'; Outlook Stable
EUR24.5m Class B (ISIN XS0308594489): affirmed at 'Bsf';
Outlook revised to Stable from Negative
EUR17.5m Class C (ISIN XS0308594729): affirmed at 'CCCsf'
EUR18.0m Class D (ISIN XS0308595296): affirmed at 'CCsf'
EUR4.0m Class E (ISIN XS0308595536): affirmed at 'CCsf'
Key Rating Drivers
The upgrade of the class A2 and the Outlook revision on the class
B reflects the improvement in credit quality of the underlying
portfolio. The reported weighted average rating factor (WARF) has
gone down to 21.02 in August 2013 from 23.08 in August 2012.
Since the previous review the percentage of assets rated below
'B' has fallen to 19.30% from 25.67% in August 2013.
Since the previous review the manager has undertaken substantial
trading activity and this has resulted in improving the overall
credit quality of the underlying portfolio but also changed the
risk profile. The portfolio has increased its exposure to
European peripheral countries to 30.31% as of August 2013 from
19.22% in August 2012. In addition, since the previous review,
the corporate and high yield allocation has gone up to 25.66% in
August 2013 from 20.28%.
The class D and E overcollateralization (OC) tests are currently
in breach. OC test cushions have recently improved but are
slightly lower across the capital structure compared to the
previous review. The interest coverage test remains in compliance
with increasing cushion.
The transaction is still in its reinvestment period ending in
October 2014. It is exposed to interest rate risk for the un-
hedged portion of the portfolio which currently accounts for
4.07% of the portfolio collateral. The interest rate risk
exposure could increase as the portfolio composition changes over
time and the interest rate swap notional amortizes and matures in
2015.
Rating Sensitivities
Applying a 1.25x default rate multiplier to all assets in the
portfolio would result in an upgrade of the senior notes A1, A2
and B within one category and no impact on the junior notes.
Applying a 0.75x recovery rate multiplier to all assets in the
portfolio would result in an upgrade of senior notes A1, A2 and B
within one category and no impact on the junior notes.
Panther CDO V B.V. is a managed cash arbitrage securitization of
a diverse pool of assets, including high-yield bonds, property B-
notes, asset-backed securities, senior loans, second lien loans
and mezzanine loans. The portfolio is managed by M&G Investment
Management Limited.
===============
P O R T U G A L
===============
* S&P Puts Ratings on 58 Tranches on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 58 tranches in 41 Portuguese
securitizations.
Specifically, S&P has placed on CreditWatch negative:
-- Its ratings on 42 tranches in 29 residential mortgage-
backed securities (RMBS) transactions;
-- Its ratings on four tranches in three small and midsize
enterprise (SME) collateralized loan obligation (CLO)
transactions; and
-- Its ratings on 12 tranches in nine asset-backed securities
(ABS) transactions.
On Sept. 18, 2013, S&P placed its 'BB' long-term sovereign
ratings on Portugal on CreditWatch negative, in light of
Portugal's budgetary risks.
S&P has placed on CreditWatch negative its ratings on those
structured finance tranches that, according to its criteria, are
directly linked to its long-term sovereign ratings on Portugal
(BB/Watch Neg/B) and are capped at the maximum rating
differential of five notches above S&P's long-term sovereign
ratings on Portugal.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage backed security
as defined in the Rule, to include a description of the
representations, warranties and enforcement mechanisms available
to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in
issuances of similar securities. The Rule applies to in-scope
securities initially rated (including preliminary ratings) on or
after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
=============
R O M A N I A
=============
LEONARDO: Restructuring Process Nears End
-----------------------------------------
Cristina Rosca at Ziarul Financiar reports that Leonardo has
reached its last year of reorganization.
The debt-mired company entered insolvency in the second half of
2009, Ziarul Financiar recounts.
Leonardo is the largest Romanian footwear retailer.
===========
R U S S I A
===========
NOTA-BANK: Good Performance Cues Moody's to Raise Ratings to B2
---------------------------------------------------------------
Moody's Investors Service has upgraded NOTA Bank's long-term
local and foreign currency deposit and senior unsecured local-
currency debt ratings from B3 to B2. Concurrently, Moody's
affirmed NOTA Bank's standalone E+ bank financial strength rating
(BFSR), which is now equivalent to a baseline credit assessment
(BCA) of b2 (formerly b3), and the bank's Not Prime short-term
local and foreign currency deposit ratings. All the bank's long-
term ratings carry a stable outlook.
The upgrade of NOTA-Bank's deposit and debt ratings reflects its
strengthened customer franchise, robust asset quality, and
shareholders' regular capital injections.
Ratings Rationale:
The rating action on NOTA-Bank reflects (1) strengthened customer
franchise on both sides of the balance sheet, (2) its ability to
sustain robust asset quality and a solid liquidity profile in the
course of business expansion, as well as (3) regular capital
injections from shareholders supporting bank's asset growth.
NOTA-Bank demonstrated positive commercial dynamics and solid
business growth within past years. According to Interfax, the
bank now ranks 67th among Russian banks by assets as of July 1,
2013 (up from 99th in 2010). It increased its client base among
large and mid-size companies, operating in such industries as
infrastructure construction, electric power, engineering, and
pharmaceuticals, driven by the business connections of its
shareholders and senior management. The bank's expanded customer
franchise enabled it to decrease customer funding concentrations,
with the top 20 depositors representing 28% of customer accounts
as of July 1, 2013 (year-end 2012: 32% and 2011: 48%).
NOTA-Bank's shareholders appear to be committed to supporting the
bank's business expansion through capital injections, as internal
capital generation lags behind its assets growth. In July 2013,
the bank converted RUB470 million of subordinated debt into Tier
1 capital, and received an additional RUB500 million subordinated
loan from shareholders, which improved its regulatory capital
adequacy ratio (N1) to 11.9% as of September 1, 2013. The bank
plans another capital increase through the conversion of a
remaining RUB450 million of subordinated debt into Tier 1 capital
and the issue of an additional RUB500 million subordinated loan
by year-end 2013, which should support its currently modest
capitalization metrics.
NOTA-Bank has a track record of robust asset quality: loans
overdue by more than 90 days accounted for less than 1% of gross
loans within the past three years, whereas impaired loans
amounted to 1.4% as of July 1, 2013 (year-end 2012: 2.9%),
compared to 6%-9% average for rated peers. This can be explained
by the bank's exposure to large and mid-size companies with good
credit standing, and the short-term nature of loans. At the same
time, high single-name concentrations -- with top 20 borrowers
accounting for 298% of Tier 1 capital as of year-end 2012 --
could lead to a rapid depletion of the bank's capital if some of
its large borrowers default.
NOTA-Bank maintains solid liquidity position due to the
predominately short-term nature of customer accounts. Its
liquidity cushion (net of liquid assets pledged with the Central
Bank of Russia) averaged around 25% of total assets, therefore,
Moody's does not envisage any imminent liquidity risks for the
bank.
NOTA-Banks ratings remain constrained by (1) its still modest
market position; (2) high concentrations in its loan portfolio
which put pressure on capitalization; and (3) limited internal
capital generation capacity, with a negative trend in
profitability due to narrowing net interest margin (3.1% as of
July 1, 2013).
What Could Change The Ratings Up/Down
NOTA-Bank's ratings have low upward potential in the medium term;
however, any positive rating actions would require the bank to
demonstrate improved diversification of its credit exposure,
significant increase in capital, and stronger revenue generation,
while also maintaining good asset quality and liquidity.
The ratings may be downgraded if Moody's observed elevated risks
for NOTA-Bank's asset quality and, consequently, profitability
and capitalization, or if the bank's gradual business expansion
is not sufficiently matched by regular capital injections (as the
bank's internal capital generation capacity is limited).
Principal Methodologies
The principal methodology used in this rating was Global Banks
published in May 2013.
Domiciled in Moscow, Russia, NOTA-Bank reported -- as of 1H 2013
-- total assets of RUB81.9 billion (US$2.5 billion), equity of
RUB6.1 billion (US$188 million) and net income of RUB479 million
(US$14.6 million) under IFRS reviewed by auditors.
TELE2 RUSSIA: Fitch Keeps 'BB+' LT IDR on Rating Watch Evolving
---------------------------------------------------------------
Fitch Ratings has maintained Tele2 Russia Holdings AB's, Long-
Term IDR of 'BB+' on Rating Watch Evolving (RWE) due to the
uncertainty over its longer-term capital structure and strategic
shareholding situation. The RWE is likely to be resolved once
there is more clarity on these issues. Fitch understands that
company and its shareholder are likely to address their strategic
options before the year end.
Tele2 Russia is a successful regional mobile-only operator in
Russia with a lean and efficient business model. It is uniquely
positioned as a mild price discounter.
Key Rating Drivers
RWE
Tele2 Russia's new 100% shareholder, Bank VTB (JSC)
(BBB/Negative) announced that it is a financial investor. As
such, it is likely to divest or at least significantly reduce its
exposure to this asset at some point. If VTB commits itself to
this investment as a controlling shareholder for a few years and
puts in place a sustainable capital structure for Tele2 Russia,
the ratings are likely to be stabilized with a subsequent sale
viewed as an event risk.
Fitch notes that Tele2 Russia may be of strategic interest to key
Russian telecom players rated 'BB+' and above. If any of these
groups become controlling shareholders in Tele2 Russia or
strategic shareholders in partnership with VTB, Tele2 Russia's
ratings are unlikely to come under downward pressure. Fitch will
analyze the linkage between Tele2 Russia and its shareholders
under the agency's parent-subsidiary methodology and may equalize
the ratings if parent-subsidiary ties are viewed as strong.
A weaker shareholder without a ring-fence around Tele2 Russia
would likely lead to a negative rating action. A more complicated
shareholder structure without a ring-fence around Tele2 Russia
and/or a more aggressive capital structure could be concerns, as
would material asset divestments by Tele2 Russia.
Successful 2G Operator
Tele2 Russia's ratings reflect the company's successful position
of a value-for-money operator. It is the fourth-largest Russian
mobile operator with around a 10% market share and 23.2 million
subscribers at end-Q213. The company has been able to grow its
subscriber base slightly ahead of the market maintaining strong
customer perception of price leadership coupled with acceptable
service quality.
Limited Geographic Franchise
Tele2 Russia's 2G licenses only cover less than half of the
country's 143 million population. It is unlikely that the company
can organically acquire mobile licenses to operate in new
regions, including in Moscow. The company will be challenged to
increase its low market share of corporate customers unless it
becomes a truly nationwide operator.
New Regulation is Positive
The introduction of mobile number portability likely in 2014
should benefit the company and help it to eat into the market
share of its larger peers. This new piece of regulation would
allow Tele2 Russia to more fully exploit the benefits of its
market positioning as a mild price discounter.
Limited Data Opportunities
Tele2 Russia does not have 3G or 4G licenses. The company's data
future hinges on the introduction of technological neutrality,
which would allow spectrum re-farming. Under the new
shareholding, the prospects of this key piece of regulation to be
ultimately introduced look brighter than ever before.
Revenue Growth to Slow
Fitch expects that due to stagnating voice revenue and an already
high mobile penetration of above 160% at end-Q213, Tele2 Russia's
revenue growth will decelerate in 2013-15.
Strong Cash Generation
Tele2R's business model has been efficient with a good control
over operating costs and capex leading to strong free cash flow
generation. Fitch believes it would be a challenge to preserve
the company's lean business model after the company has been
detached from the business processes of its former shareholder,
Tele2 AB.
Rating Sensitivities
More clarity on Tele2 Russia's long-term shareholding and capital
structure would lead to resolution of the RWE.
Full List of Rating Actions
Long-Term IDR: 'BB+' maintained on RWE
National Long-Term Rating: 'AA(rus)' maintained on RWE
Senior unsecured debt: 'BB+'/'AA(rus)' maintained on RWE
* KRASNOYARSK: Fitch Affirms 'BB' Long-Term Currency Ratings
------------------------------------------------------------
Fitch Ratings has affirmed the Russian City of Krasnoyarsk's
Long-term foreign and local currency ratings at 'BB', with Stable
Outlooks, and Short-term foreign currency rating at 'B'. The
agency has also affirmed the city's National Long-term rating at
'AA-(rus)' with a Stable Outlook.
Key Rating Drivers
The affirmation reflects the developed local economy, sound
budgetary performance and still moderate, albeit growing direct
risk. The ratings also factor in the city's continuous budget
deficit driven by high capital expenditure, and refinancing
pressure due to a large proportion of short-term bank loans in
Krasnoyarsk's direct risk structure.
Fitch expects Krasnoyarsk's operating performance to stabilize,
with an operating margin of 10%-11% in 2013-2015. The operating
balance remains satisfactory for the city's debt servicing needs.
Operating expenditure is under pressure because of promises made
by the federal government of salary increases, but these are
mostly compensated for by earmarked transfers from Krasnoyarsk
region and rapid increase of tax revenue.
Fitch expects an increase of 19% yoy in tax proceeds compared
with 2012, which should compensate a 10% decline of current
transfers from the regional budget in 2013. With a population of
about 1 million, the city is the capital of Krasnoyarsk Region,
one of the top 10 Russian regions by gross regional product. It
has a strong industrial sector dominated by metallurgy and
machine-building, which provides a strong tax base but exposes
the city to volatile business cycles.
Fitch expects the city's direct risk will grow to RUB7.6 billion
by end-2013, which corresponds to a moderate 30% of current
revenue. Debt will increase to 35% of current revenue in 2014-
2015. The city has recorded a deficit before debt variation since
2008 and Fitch forecasts a deficit in 2013-2015. It is driven by
high capital spending, which has constantly exceeded 20% of total
expenditure during the past five years.
Krasnoyarsk's direct risk maturity profile is shorter than its
debt coverage ratio (direct risk/current balance) of three years.
Debt is dominated by bank loans with an average maturity of
between one and two years. More than half of the city's
liabilities expire within next 12 months, creating refinancing
pressure. Immediate risk is mitigated by several unused credit
lines totaling RUB3.4 billion. These exceed the RUB1.9 billion of
short-term liabilities due in October-December 2013.
The region's contingent risk is immaterial and limited to minor
indebtedness in Krasnoyarsk's municipal public companies.
However, the city traditionally provides subsidies to public
transportation companies.
Rating Sensitivities
Easing refinancing pressure with a longer direct risk maturity
profile matching the city's debt coverage, coupled with
maintenance of a sound budgetary performance in line with Fitch's
forecast would lead to an upgrade.
Deterioration of budgetary performance with operating margin
below 5% and significant increase of short-term direct risk would
lead to a downgrade.
Key Assumptions
-- Russia's economy will continue to demonstrate modest
economic growth. Fitch does not expect dramatic external
macroeconomic shocks, which could lead to significant
deterioration of the city's tax base.
-- The tax sharing system between Krasnoyarsk City and
Krasnoyarsk Region will remain stable. Krasnoyarsk will
continue to receive a steady flow of transfers from
Krasnoyarsk Region, the bulk of which will be earmarked to
particular social spending.
-- Krasnoyarsk will continue to have fair access to the
domestic financial markets sufficient for refinancing of
maturing debt.
=========
S P A I N
=========
SANTANDER PUBLICO 1: Fitch Affirms 'B' Rating on Class B Notes
--------------------------------------------------------------
Fitch Ratings has affirmed Santander Publico 1, F.T.A.'s notes as
follows:
Class A (ISIN ES0338185004): affirmed at 'BBsf' Outlook
Negative
Class B (ISIN ES0338185012): affirmed at 'Bsf' Outlook Negative
Key Rating Drivers
The affirmation reflects the increased credit enhancement since
the previous rating review in October 2012 (to 10.39% from 8.75%
for class A, to 5.26% from 4.19% for class B), which compensates
for the deterioration in credit quality.. Loans in arrears by
more than 180 days have increased to 1.8% from 1.1% in October
2013. The transaction is amortizing sequentially as a result of
the reserve fund being below the required amount. .
The Negative Outlook reflects Fitch's view on the credit quality
of the underlying portfolio of loans to public sector entities
including regions, municipalities and universities, which depend
significantly on transfer payments from the Spanish sovereign.
The ratings are capped at the Spanish sovereign rating of
'BBB'/Negative/'F2'. Fitch has credit opinions or public ratings
that cover 45% of the portfolio in notional terms, with an
average credit quality of 'BBB-'/'BB+'.
Rating Sensitivities
Obligor concentration levels in the portfolio remains high. The
largest 10 obligors represent around 42% of the portfolio. The
largest obligor in the portfolio accounts for 6.3% of the
notional. However Fitch's credit opinions for the largest
obligors are currently above the rating of the class A notes.
Fitch expects high recoveries while the Spanish sovereign remains
solvent. Nevertheless any recovery rates may be delayed for a
significant period of time. Fitch has factored the timing of
recoveries into the analysis, assuming that it would take on
average up to eight years before recoveries would be realized.
This results in a substantial amount of negative carry for the
transaction as the interest on the rated notes has to be paid in
the interim.
* Further Rise in Spanish NPLs Likely as Loans Reclassified
-----------------------------------------------------------
The rise in Spanish non-performing loans (NPLs) recently
announced by the Bank of Spain is likely to continue as banks
reclassify some refinanced loans and reduce the support they have
provided to their structured finance transactions, Fitch Ratings
says. "If the rate of increase continues, it could trigger a
review of our probability of default assumptions for individual
borrowers in Spanish RMBS and covered bonds' transactions," Fitch
says.
"At a national level, the jump in the NPL ratio for residential
mortgages to 5.2% from 3.2% a year earlier is particularly
significant because the stock of mortgage debt only decreased by
5% over the year. This means rising NPLs rather than falling
mortgage volumes drove the increase.
"We believe the increase is partly due to banks reclassifying
some refinanced transactions as non-performing after the Bank of
Spain required them to re-analyze these. This review is required
to be completed by the end of this month and is therefore likely
to contribute to a further increase in NPLs. In addition, the
amount of support banks provide to structured finance
transactions will continue to fall, which may also push up NPLs
and the number of modified loans within structured finance
transactions. We currently estimate loan modifications to account
for 6% in number terms of the RMBS portfolios we rate, and see
arrears over 90 days inclusive of defaults at 5.4% as of Q213
compared with 4.2% in Q212.
"If the national NPL ratio for residential mortgages reaches 6.0%
it will very likely trigger a review of our probability of
default assumptions for Spanish residential mortgages.
"The latest data from Bank of Spain show the entire private loan
book NPLs of 11.6% to be much higher than residential mortgage
NPLs at the end of June, with an increase from 9.7% a year
earlier. This mainly reflects a EUR225 billion drop in the
national private loan book (80% of which came from SMEs) and an
EUR8 billion increase in NPLs entries.
"We expect to publish the next version of our regular report
Spanish Repossession and Loan Modification Analysis in October,
based on data to the end of June."
===========
S W E D E N
===========
SSAB AB: S&P Lowers Corp. Credit Rating to 'BB'; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Swedish steelmaker SSAB AB to 'BB'
from 'BB+'. The outlook is stable.
"The downgrade reflects our view that SSAB faces ongoing
challenges in coping with the weak macroeconomic environment,
which has led to very low demand for steel in Europe and has
strained plate margins in the Americas. Consequently, we are
revising downward our forecasts for SSAB's EBITDA for 2013 and
for 2014 to SEK2.6 billion and SEK3.7 billion, respectively. In
light of this, we now estimate that SSAB's Standard & Poor's-
adjusted funds from operations (FFO)-to-debt ratio will fall to
11% in 2013 and climb to around 20% in 2014, below the 25%-30%
threshold that we consider commensurate with the 'BB+' rating we
had previously assigned to SSAB," S&P said.
In the first half of 2013, SSAB reported a 4% drop in its steel
deliveries. This followed a decline of 10.2% in 2012. According
to preliminary data by the World Steel Association, general steel
production in Europe and the U.S. remained negative in July and
August, with further drops of 3% year-on-year. S&P anticipates
that the macroeconomic environment will remain subdued for the
next 18 months, and that consequently, demand for steel in Europe
and the U.S. will remain flat.
"We previously considered SSAB's highly competitive assets in the
U.S., which, according to our calculations were operating at
utilization rates of about 90%, to be positive for SSAB, while
European operations suffered from poor results. However, this
trend has since changed. This can be explained by the
combination of the weaker demand for steel; the implementation of
efficiency programs by other players; and imports, which have
created significant pressure on margins and have resulted in weak
profits for SSAB's Americas operations since the third quarter of
2012. In fact, the EBIT margin dropped to about 0.5% in the
first half of 2013 from 12% in 2011 and 2012," S&P said.
With the demand for steel in Europe falling, S&P believes that
SSAB's European operations may continue to disappoint over the
coming quarters, even if S&P factors in the full benefits of the
efficiency program. A change in European market dynamics will
likely only arise if substantial steelmaking capacity is
permanently shut down. In the meantime, SSAB will need to
further modify its cost structure, in S&P's view.
Under S&P's base-case credit scenario, it projects that SSAB will
generate EBITDA of SEK2.6 billion in 2013 and SEK3.7 billion in
2014, compared with SEK2.5 billion in 2012 (EBITDA in the first
half of 2013 was SEK1.0 billion). S&P had previously factored
into its analysis EBITDA of SEK3.8 billion for 2013. This
scenario takes into account the following:
-- A contraction in steel production in Europe and the U.S. by
4%-6% in 2013 (the drop in the apparent demand for steel is
lower, which can be explained by imports). For 2014, S&P
factors in flat production in Europe and an increase of 0%-
2% in the U.S.
-- Demand for SSAB's specialty quenched and tempered (Q&T)
steel products will grow at a slower pace (current
production reflects pre-new facilities levels).
-- An important contribution will come in 2014 from the
company's efficiency program.
-- Outages in the U.S. assets in 2013 translating into lower
EBITDA of SEK200 million-SEK300 million.
-- Capital expenditure (capex) of about SEK1.0 billion,
representing the maintenance level.
-- Dividends in line with previous distributions.
More positively, with the relative low capex in the coming years,
we believe that SSAB will be able to generate free operating cash
flows (FOCF) to support a gradual reduction of debt. S&P views
SSAB's positive FOCF as differentiating it from other
steelmakers. That said, this figure will depend, to a large
extent, on the raw material prices and changes in the level of
demand for steel.
S&P's rating on SSAB's senior unsecured debt is 'BB', in line
with the corporate credit rating. The recovery rating on this
debt is '3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.
S&P believes that recovery prospects are underpinned by SSAB's
substantial asset base, its assessment of the business as a
going-concern post-default, and what S&P considers to be the
favorable insolvency regimes of the countries in which SSAB has
its key manufacturing assets; Sweden and the U.S. Furthermore,
with virtually all debt issued at the parent company level and
very little secured or structurally senior debt ranking above
that, S&P believes that the rated debt would be fairly senior in
the event of a payment default.
In line with S&P's criteria, to determine recoveries it simulates
a hypothetical payment default. Given the cyclical markets in
which SSAB operates, it assumes a period of sustained weakness in
steel demand, leading to a drop in volumes sold and prices. In
S&P's view, this would in turn push down utilization rates as new
capacity in global steel would come on stream. Under S&P's
scenario, a default would be triggered due to the inability of
SSAB to refinance its maturing debt. This hypothetical scenario
would lead to a default in 2017 with EBITDA declining to
approximately SEK2.6 billion. S&P envisages a stressed
enterprise value of about SEK13 billion at the point of default,
which is equivalent to a 5.0x stressed EBITDA multiple.
S&P assumes that SSAB would refinance all commercial paper
through drawings under its bank facilities and that, as a result
of declining credit quality or a demand for increasing risk
premiums, holders of the ATR bonds would exercise their put
option. This would result in the intervention of the
guaranteeing bank and, after one year, a requirement for SSAB to
repay this obligation.
After deducting priority liabilities, mainly comprising
enforcement costs and 50% of pension liabilities, S&P arrives at
a net enterprise value of about SEK12 billion. S&P envisage
about SEK21 billion of senior unsecured debt outstanding at
default (including full drawings on the revolving credit
facilities and six months of prepetition interest). This equates
to recovery prospects of between 50%-70% for unsecured lenders.
The stable outlook reflects S&P's view that SSAB's free cash flow
should remain positive, given low investment levels amid a tough
operating environment. S&P also factors in some improvements in
credit metrics in 2014, assuming stable demand for steel, some
recovery in U.S. profits, and benefits from the efficiency
program. This should support SSAB's competitive position and its
ability to reach adjusted FFO-to-debt of 20% by 2014. S&P
considers an adjusted FFO-to-debt of 20%-25% to be commensurate
with the current rating.
The rating could come under pressure if U.S. operations deliver
weak results in the next six to 12 months, while demand for Q&T
products remains at current levels. The rating could also come
under pressure if the company reports material negative free cash
flow or if the competitive position of SSAB's European operations
remains weak after the implementation of its efficiency plan.
These developments could lead to a downgrade if, for example,
EBITDA in 2014 does not recover significantly above SEK3.0
billion and FFO to debt remains at less than 15%.
A positive rating action is unlikely at this stage, as it would
require a material improvement in the European steel industry and
FFO to debt of closer to 30%.
===========================
U N I T E D K I N G D O M
===========================
AVANTI COMMUNICATIONS: Moody's Assigns Caa1 CFR; Outlook Positive
-----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 Corporate Family Rating
and a B3-PD Probability of Default rating to Avanti
Communications Group plc. It also assigned a Caa1 rating on the
US$370 million Senior Secured Notes, maturing 2019, issued by
Avanti. The outlook on the ratings is positive.
Rating Rationale:
Avanti's Caa1 CFR reflects the company's limited scale compared
to its larger peers, weak credit metrics and limited financial
flexibility, while also recognizing the young satellite fleet
with long residual lives and focus on faster growing target
markets. Moody's adjusted leverage as at June 30, 2014 will be
above 10x.
Avanti's rating is constrained by its relatively small size with
a current fleet of only two satellites. In addition, the
company's revenues for the twelve months ended June 30, 2013 of
GBP 20.6 million are very low. The small scale leaves Avanti very
exposed in the outcome of a satellite anomaly or total loss. The
company faces competition from other satellite operators offering
alternative Ku- and Ka-band services. The attractive Ka-band
market dynamics should encourage operators to continue developing
and launching competing satellites with Ka-band capacity. This
could result in increasing time taken to fill satellite
capacities. Furthermore, the rating is constrained by the
company's highly leveraged capital structure and weak credit
metrics. Leverage is expected to remain above 10x for the
duration of FY2014 with interest coverage hovering around 1.0x.
Additionally, free cash flow is expected to remain negative over
the next 12 months. The weak financial profile of the business
constrains financial flexibility in the short term, emphasizing
the need for management to grow the business closely in line with
the business plan. Avanti also has significant customer
concentration in terms of revenues, although the backlog is a
little more diverse. The loss of, or a significant reduction in
business with, the company's largest customers, including
renewals on weaker commercial terms, could adversely affect its
financial position.
Positively, the rating is supported by the fact that both of the
company's satellites recently entered operations and have long
expected remaining useful lives. As at June 30, 2013, HYLAS 1 had
13.4 years of remaining propellant life, and HYLAS 2 had 14.9
years. Furthermore, the satellites incorporate advanced
technology including steerable beams, wide transponders and
variable payloads. Beyond the immediate 12 months, as satellite
utilization ramps-up, the stable cost base should result in
revenue growth translating ultimately into strong cash
conversion. The incremental growth in EBITDA will drive solid
deleveraging, while low capex should support positive free cash
flow generation.
The Notes will be used to repay existing bank debt and for
general corporate purposes. While Avanti will not benefit from
additional external liquidity in the form of a revolving credit
facility, Moody's considers the current liquidity position to be
adequate. The Notes issued by Avanti rank at the same level as
the CFR reflecting the lack of more senior debt.
The positive outlook reflects Moody's expectations that Avanti
will successfully execute its business plan, driving improved
financial metrics over the next 12 to 18 months. Given the small
scale of Avanti's business, upward pressure on the rating would
be dependent upon a sustained reduction in leverage driven by
strong EBITDA growth and FCF turning positive. Moody's would also
expect to see continued growth in the backlog and reducing
customer concentration. Avanti's rating could experience downward
pressure if the company significantly deviates from its projected
growth path. Specifically, if FCF remains negative and leverage
remains above 10x or the company experiences the total loss of a
spacecraft.
Principal Methodology
The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in
June 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.
Avanti Communications Group Plc. is a fixed satellite service
provider with licenses for three geostationary orbital slots. The
company sells satellite data communications services to telecoms
companies which use them to supply enterprise, institutional and
consumer users. Avanti's first satellite, HYLAS 1, launched in
November 2010 and was one of the first Ka-band satellites
launched In Europe. Avanti's second satellite, HYLAS 2, was
launched in August 2012 and extends coverage to Africa, the
Caucasus and the Middle East. HYLAS 3 will also serve Africa
following its expected launch in 2016.
Founded in 2002, the present group was formed when the company
floated on the Alternative Investment Market in 2007. The company
reported revenues and EBITDA of GBP20.6 million and
GBP-8.1million for the last 12 months ended June 30, 2013.
AVANTI COMMUNICATIONS: S&P Assigns 'B-' CCR; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to U.K.-based fixed satellite services
(FSS) provider Avanti Communications Group PLC. The outlook is
stable.
At the same time, S&P assigned its 'B' issue rating to Avanti's
US$370 million senior secured notes.
The recovery rating on these notes is '2', indicating S&P's
expectation of substantial (70%-90%) recovery prospects in the
event of a payment default.
The ratings on Avanti reflect S&P's assessment of the company's
business risk profile as "weak" and its financial risk profile as
"highly leveraged."
S&P's assessment of Avanti's business risk profile is constrained
by its view that the company is a small player, and is in the
developing, or "ramp-up," phase, with a limited fleet of only two
satellites, one of which is particularly small; the Hylas 1 has
only eight uplink spot beams. In addition, Avanti has to compete
with two larger and stronger local FSS incumbents--Eutelsat and
SES--which benefit from far greater financial resources than
Avanti. As a result, these companies can be more aggressively
competitive if they need to be, both in terms of price and
offering, as there are no new Ka-satellites scheduled to be
launched in the next few years. S&P also sees the possibility of
some competition from alternative carriers in the corporate and
carriers segment and, to a lesser extent, in the consumer
broadband segment (because the roll out of terrestrial
infrastructure for consumer broadband in remote areas would not
be profitable). S&P also sees some risks linked to Avanti's
customer concentration with some of them based in countries that
S&P considers to be fairly risky. Despite the relatively good
backlog accumulated, any delay in filling the satellites'
capacity could have a significant effect on the future company's
prospects.
These negative factors are offset by Avanti already having two
satellites in orbit, which reduces the risk linked to launches.
The company's locked orbital positions, coupled with its focus on
the Ka-band spectrum, which is expected to be the fastest growing
spectrum, are further strengths. Moreover, the inherent features
of the FSS industry, such as the high barriers to entry due to
the scarcity of orbital positions, and the high costs linked to
the building, insuring, launching, and operating satellites
provide additional benefits. S&P also sees the potential for
growth deriving from the carrier business (primarily mobile
backhaul) where competition appears less intense than in the pure
consumer broadband business, and where Avanti seems to have a
clear competitive advantage; the innovative management of its
ground infrastructure allows the company to provide highly
reliable services, which is a key determinant for telecom
customers. As the use of the Ka-spectrum in Europe, the Middle
East, and Africa is relatively recent, S&P expects competition to
be intense. However, S&P thinks that Avanti, despite its small
scale, can gain market share thanks to its differentiated product
offering.
S&P's financial risk profile assessment is mainly constrained by
Avanti's currently very high leverage. This translates into
Standard & Poor's-adjusted leverage of above 10x by the end of
fiscal 2014, based on S&P's EBITDA growth expectations.
The issue rating on the $370 million senior secured notes is 'B',
one notch above the corporate credit rating on Avanti. The
recovery rating on the senior secured notes is '2', reflecting
S&P's expectation of substantial (70-90%) recovery prospects in
the event of a hypothetical default.
S&P's recovery and issue ratings on the senior secured notes
reflect its view that the security package provided to senior
secured lenders is comprehensive, including pledges over the
satellites, and that the U.K. jurisdiction is, in S&P's view,
relatively favorable for senior secured lenders in the event of a
default. S&P's ratings are subject to its satisfactory review of
the final documentation for the notes.
S&P's hypothetical default scenario contemplates a default in
2015, caused by Avanti's inability to increase utilization rates
and generate positive free cash flow. S&P believes that this
could be exacerbated by a loss of key customers, most likely the
result of increased competition from satellite service providers
or a technical fault resulting in service outages.
S&P values Avanti on a going-concern basis, however, S&P believes
recovery values are likely to be intrinsically linked to the
value of the satellites. S&P has therefore used a discrete-asset
valuation to estimate the value available to creditors. S&P has
taken a 40% haircut on the company's current operating satellites
to account for potential depreciation and a reduction in value
due to a distressed sale.
S&P values Avanti's assets at around GBP235 million at its
hypothetical point of default, from which S&P deducts priority
liabilities of around GBP20 million, which predominantly comprise
of the cost of enforcement and finance leases. This leaves
around GBP215 million available for senior secured lenders. S&P
assumes around GBP255 million of senior secured notes outstanding
at default, equivalent to 70%-90% recovery prospects.
The stable outlook reflects S&P's view that the company will
maintain a significantly leveraged profile in the next two years.
This is despite the continued EBITDA growth expected to result
from the ramp up of the Hylas 1 satellite and especially,
Hylas 2.
"It seems unlikely in the near term that we would downgrade
Avanti given the company's growth trajectory, but we could do if
liquidity significantly weakens. This could occur if the company
fails to grow its fill rate, resulting in Avanti burning cash in
excess of GBP20 million on a cumulative basis, without the
additional liquidity sources to offset this," S&P said.
"We could raise the rating on Avanti from 2014-2015 if the
company remains on its positive trajectory to reach an
approximate 50% EBITDA margin by financial 2015, which could lead
us to revise our business risk profile assessment to "fair".
This would need to be coupled with a gradual improvement in the
company's FOCF generation toward break even, absent any new capex
linked to new satellite launches," S&P added.
COLLECTABLES: Closes Stockton Store Amid Administration
-------------------------------------------------------
Kelly Price at GazetteLive reports that staff at Stockton store
Collectables is facing an uncertain future after the retailer
collapsed into administration late last night. The report
relates that around 75 workers on Teesside are affected by the
move.
Administrator KPMG has confirmed there will be no immediate
redundancies - but have confirmed the "situation is uncertain,"
according to GazetteLive.
The report notes that stores, including the Portrack Lane branch,
have closed while administrators KPMG conduct an "initial
analysis" of the company.
The report relates that the administrators have claimed a further
update will be provided "in the coming days" once a trading
strategy has been determined.
The company employs a further 175 staff at 11 branches across the
North-east, Yorkshire and Cumbria.
The report notes that staffs were told about the problems the
company was facing, after the administrators were called in.
The report relates that KPMG joint Administrator, Jonny Marston
said trading at the 27-year-old family business has been hit by
the "challenging economic environment for the retail sector,"
which has impacted on its performance.
"Sustained difficult trading conditions have resulted in the
business facing cash pressures with a further increased demand
for working capital in preparation for the Christmas trading
period. . . . We are now assessing the company's financial
position and the options available," the report quoted as Mr.
Marston saying.
The report notes that outward signs the company was facing
troubled times have been scarce.
The retailer sells gifts including bags, clothes and cookware.
It employs around 45 at one of its key stores on Portrack Lane,
Stockton, and also operates its warehouse and online order
dispatches from the site.
CO-OPERATIVE GROUP: S&P Cuts CCR & Sr. Unsecured Debt Rating to B
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on The Co-
operative Group Ltd. (the trading group) to 'B' from BB-. At the
same time, S&P removed the corporate credit rating from
CreditWatch, where it placed it with negative implications on
June 18, 2013. The outlook is negative.
The recovery rating on the group's senior unsecured debt is
unchanged at '3', indicating S&P's expectation of meaningful
(50%-70%) recovery for debtholders in the event of a payment
default.
The downgrade reflects S&P's view that the Co-operative Group's
financial risk profile will deteriorate following the trading
group's contribution of up to GBP1 billion to its banking arm,
The Co-operative Bank, to help cover the latter's capital
shortfall of GBP1.5 billion. S&P bases its view on the likely
increase in the trading group's indebtedness following the
transaction, pressure on its financial covenants, and the
relative lack of visibility on its financial policy, due to
uncertainties arising from the decision to support the bank in
its capital requirements. As a result, S&P now assess the
trading group's financial risk profile as "highly leveraged,"
compared with "aggressive" previously, as defined under S&P's
criteria. In S&P's view, the added debt could result in the Co-
operative Group breaching its financial covenants under its bank
facilities, which has caused S&P to reassess its view of the
group's liquidity to "less than adequate."
"We believe that the additional debt at the trading group level
raises the question of how far the group will commit to provide
further financial support to the bank. Management maintains that
the financial services businesses remain, in effect, ring-fenced
from the rest of the group, for regulatory purposes. In any
case, we believe the trading group would be constrained in
providing any further substantial capital support to the bank
once this transaction is completed, and has no meaningful
capacity to support the bank's liquidity," S&P noted.
"The bank has stated that it requires an additional aggregate
Common Equity Tier 1 capital of GBP1.5 billion, following a
regulatory review of its capitalization. The group plans to
contribute up to GBP1 billion of this total, with the balance
coming from bank debtholders. The first contribution of
GBP500 million from the group will be through the issue of a new
group senior, unsecured fixed-income instrument, as part of an
exchange offer in the fourth quarter of 2013. This will be used
to finance the trading group's acquisition of new ordinary shares
in the bank. The second GBP500 million contribution is expected
to take place in 2014, primarily funded through the sale of the
general insurance business and from the proceeds of the recently
completed sale of the life insurance business to Royal London
Mutual Insurance Society Ltd. for about GBP219 million. While
management expects to carry out these transactions successfully,
we see substantial execution risk, particularly around the
exchange offer but also the planned divestment, which could yet
be delayed or fall short of expectations," S&P added.
S&P also notes that the Co-operative Group's contribution to the
bank's capital, through the GBP500 million unsecured fixed income
instrument, is subject to an approval process from its banking
syndicate. S&P understands that this approval will also include
arrangements for adequate covenant headroom, such that the group
does not breach its covenants due to the increased indebtedness
at the group level.
The high indebtedness that the trading group will likely incur
has prompted S&P to revise its assessment of its financial risk
profile to "highly leveraged" under its criteria. However, S&P's
assessment also reflects the group's inability to raise public
equity due to its status as a co-operative; and its substantial
off-balance-sheet liabilities, such as operating lease
commitments. Following these transactions, S&P believes the
group's 2013 credit ratios will weaken. S&P forecasts adjusted
debt to EBITDA at close to 5.0x at year-end and adjusted funds
from operations (FFO) to debt at around 15%.
The issue rating on the Co-operative Group's GBP450 million and
GBP350 million unsecured notes due 2020 and 2026, respectively,
is 'B', in line with the corporate credit rating.
The recovery rating on these unsecured notes is '3', indicating
S&P's expectation of meaningful (50%-70%) recovery for
debtholders in the event of a payment default.
The issue and recovery ratings on the unsecured debt instruments
are supported by S&P's valuation of the trading group (excluding
the bank and financial services business) as a going concern.
S&P's recovery analysis is also underpinned by the large
portfolio of stores owned by the group. However, the ratings
also reflect the unsecured status of the notes.
S&P's hypothetical default scenario assumes a decline in sales
and profits. As well as increasing competition from large
grocery stores moving into convenience food retailing, in this
scenario, rising food commodity prices and energy costs could
also reduce the group's profit margin. S&P now assumes a payment
default in 2016. That said, a default could conceivably occur
earlier if the group is unable to resolve issues relating to the
bank, or if there is "an event of default" involving the bank, as
defined under the GBP200 million Eurobond notes documentation.
S&P notes that the group has sent a redemption notice to
bondholders for these bonds due to be completed on Oct. 21, 2013,
together with a request to the UK Listing Authority to cancel the
listing of these notes.
In calculating S&P's estimated stressed enterprise value of the
Co-operative Group, it excludes any value from the banking group.
Therefore, S&P do not include any debt facilities that sit at the
banking group level in its post-default recovery waterfall.
S&P's going-concern valuation leads to a stressed enterprise
value of the trading group alone of approximately GBP1.9 billion,
equivalent to 6x stressed EBITDA. S&P then deducts priority
claims of about GBP400 million mainly comprising enforcement
costs, pension liabilities, and a senior bilateral facility.
This leaves around GBP1.5 billion of value for the outstanding
GBP2.4 billion senior unsecured debt.
S&P will review its recovery analysis once it receives the terms
of the GBP500 million senior unsecured fixed-income instrument
issued by the group to support the bank's capital.
The negative outlook reflects S&P's view that the group's
decision to support the bank in its recapitalization plans will
result in weaker financial metrics. Considering S&P's
expectations of weak trading, it believes that the trading group
will be unable to meaningfully reduce debt and its adjusted debt-
to-EBITDA ratio will remain in the region of 5x over the next two
years. The negative outlook also factors in execution and event
risks posed to the group as a result of the bank's exchange
offer, and the planned subsequent sale of the general insurance
business.
Furthermore, pending completion of the bank's recapitalization,
S&P lacks visibility over the group's financial policy,
particularly with respect to improving its leverage position.
The evolution of the trading group's liquidity position is, in
S&P's view, also subject to a covenant waiver or reset as part of
the proposed exchange offer.
"We could lower the ratings further if we see additional risks
and uncertainties arising. These could include the group's
failure to obtain adequate covenant relief, which could in turn
cause us to reassess its liquidity position. Even if the bank
recapitalization proceeds as planned, we could still lower the
rating if the group is unable to demonstrate a clear deleveraging
path, which could come from an improved operating performance in
the food retail business accompanied by credible, longer-term
financial policy measures," S&P said.
"We could revise the outlook to stable if the Co-operative Group
improves its liquidity position to "adequate," under our
criteria, and improves its adjusted financial metrics, such that
debt to EBITDA is less than 5x, on a sustainable basis. In our
view, this outcome could arise following material deleveraging at
the trading group as a result of significant disposals. A
positive rating action would also depend on our increased
confidence in the bank being able to support itself sufficiently,
such that it is unlikely to need further financial support from
the group," S&P added.
LAMBERT SMITH: Countrywide Plc to Buy Firm Out of Administration
----------------------------------------------------------------
Steve McGrath at Alliance News reports that Countrywide PLC said
it will acquire commercial property consultancy Lambert Smith
Hampton Ltd for GBP34.1 million in cash after its parent company
went into administration.
Lambert Smith Hampton was sold to its management by WS Atkins PLC
in 2007, but the new owners have struggled to cope with the debt
they took on to do the deal and therefore the holding company has
gone into administration despite the operating company remaining
profitable, according to Alliance News.
The report recalls that the company will first be sold by
administrators to Sankaty European Investments Sarl in a debt-
for-equity swap, and the operating company will then be sold on
to Countrywide, which will be free from all debt obligations.
This process, where the eventual buyer of the operations is
known, is called a pre-pack administration, the report notes.
The report says that Lambert Smith Hampton's clients include the
BBC, more than half of the London borough councils and rail
firms. It recently completed the sale of the BBC Television
Centre in west London for GBP200 million and sold 800 former
railway sites raising GBP300 million, the report discloses.
The report notes that it sales in 2012 were GBP64.1 million and
its operating profit GBP5 million. Gross assets are
approximately GBP17.7 million as at August 2013, Countrywide said
in a statement obtained by the news agency.
"The acquisition of LSH is an important part of Countrywide's
continued growth strategy. It will enhance our footprint across
the UK and will help to drive more opportunities to our teams
operating our core Land and New Homes, and Residential
Development & Investment businesses," the report quoted
Countrywide Chief Executive Grenville Turner as saying.
MOTO HOSPITALITY: S&P Revises Outlook to Stable & Affirms B- CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.
motorway services area (MSA) operator Moto Hospitality (Moto) to
stable from negative. S&P also affirmed its 'B-' long-term
corporate credit rating on the company.
At the same time, S&P affirmed its 'CCC' issue ratings on the
GBP176 million second-lien notes issued by Moto Finance PLC. The
recovery rating on these bonds is unchanged at '6', reflecting
S&P's expectation of negligible (0%-10%) recovery in the event of
a payment default.
The outlook revision was triggered by Moto's improved operating
performance (nonfuel like-for-like sales grew by 3.2% over the
first half of 2013) and stable earnings trends. In addition,
although Moto's covenant headroom on its senior facilities
remains tight at less than 10%, the risk of a covenant breach in
next 18 months has reduced. U.K. motorway traffic has also
started to grow again; U.K. GDP growth and traffic volumes are
closely correlated.
In the first half of 2013, Moto's revenues fell 1.6% to
GBP404.5 million because of lower fuel turnover. However, EBITDA
grew by 8.5% to GBP35.1 million thanks to improved fuel margins
and nonfuel sales growth. Moto achieved increased nonfuel sales
by franchise management initiatives such as introducing the
Greggs Bakery franchise, which caters for value-conscious
customers. Fuel volumes were down by 1.7%, but fuel margins
improved by 8.3% because the price of fuel was less volatile.
S&P anticipates Moto will achieve full-year revenue of about
GBP850 million and EBITDA of GBP77 million for the financial year
ending Dec. 31, 2013.
For the 2014 financial year, S&P forecasts low EBITDA growth to
about GBP80 million and reduced adjusted leverage. S&P expects
Standard & Poor's adjusted debt to EBITDA to fall to about 6.8x
in 2014 from 7.2x in 2013. S&P bases its forecasts on improved
operating performance, increased traffic volumes, and scheduled
debt amortization. S&P forecasts that Moto will generate
positive free operating cash flow (FOCF) of about GBP5 million
after capital expenditure of GBP10 million, and that adjusted
interest cover will be about 1.3x.
Moto's highly leveraged capital structure is supported by its
portfolio of well-located freehold and long-term leasehold
motorway service areas. Moto has a loan-to-value ratio of 87%,
based on total debt of GBP566 million and a net book value of
fixed assets of GBP648 million in December 2012. Moto's
shareholders, a consortium of Australia-based infrastructure and
pension funds, might also offer equity support, given the
company's high leverage, low FOCF, and tight covenant headroom.
The stable outlook reflects S&P's view that Moto should be able
to achieve low EBITDA growth as U.K. traffic volumes grow and
through franchise management initiatives. S&P observes that
Moto's earnings trends are very stable, which mitigates against
the tight covenant headroom.
S&P could lower the ratings on Moto if it suffers from
operational setbacks and a weakening in liquidity, such that
covenant headroom drops to less than 5%, FOCF levels turn
negative, or adjusted EBITDA falls below GBP75 million.
S&P could raise the rating if Moto's strategy to grow EBITDA
through ongoing site refurbishments and franchise management is
successful, and results in adequate covenant headroom while
maintaining positive FOCF. S&P could also raise the rating if
the company can achieve adjusted EBITDA interest coverage of more
than 1.5x.
NEW EDINBURGH: Jones Lang LaSalle to Sell Remaining Assets
----------------------------------------------------------
CoStar UK reports that Scottish Widows Investment Partnerships
has appointed Jones Lang LaSalle to sell the remaining assets of
New Edinburgh Limited at Edinburgh Park out of administration,
including a 60,000 sq ft office block.
According to CoStar UK, the assets comprise 7 Lochside View, a
60,000 sq ft office block, 48 acres of undeveloped land and
various ground leases and other licenses.
A guide price was not disclosed, CoStar UK notes.
SWIP was appointed as asset manager for the assets by the
administrators of NEL, Matt Cowlishaw, John Reid and Neville Kahn
of business advisory firm Deloitte, CoStar UK relates.
The land has existing consent for office and other ancillary uses
but may be suitable for alternative uses, as highlighted in the
revised Local Development Plan, issued in March, CoStar
discloses.
New Edinburgh Ltd. was set up by the city council and builders
Miller to develop Edinburgh Park.
OPAL: Goes Into Administration, Student Accommodation Blocks Sold
-----------------------------------------------------------------
Adam Jupp at Manchester Evening News reports that more than 20
student accommodation blocks owned by failed construction company
Opal have been sold.
The sale -- to a consortium including Greystar Real Estate
Partners and Goldman Sachs -- represents just less than half of
Opal's nationwide student portfolio, according Manchester Evening
News.
The report relates that it fell into the hands of Ernst & Young
administrators when Opal crashed in March.
The report relays that the firm owed GBP880million to 14
different lenders and had unsuccessfully tried to agree a
refinancing deal. The report adds that when Opal failed, its
assets were split between four different administrators.
EY took a portfolio known as Athena, with sites in Manchester,
Leeds, Liverpool, Huddersfield, Bradford and the West Midlands.
The report notes that joint administrator Sam Woodward said, "I
am delighted to have concluded a sale of all of the properties
within the Athena Portfolio. This transaction will ensure that
ongoing operations are maintained at the sites, providing
accommodation for current tenants, including students and
universities. . . . The international marketing campaign
concluded by EY Real Estate Corporate Finance has achieved an
excellent outcome for creditors and we are pleased to exchange
contracts with the consortium. . . . Greystar's strong, existing
reputation in managing student housing assets gives us confidence
that the portfolio will transition smoothly to the new owners and
give comfort to our tenants and University clients."
The Manchester sites are:
-- 15.25 Ladybarn Road, Fallowfield;
-- Daisybank Hall, Victoria Park;
-- Lamber & Fairfield, Granby Row;
-- Mayfair Court, Wilmslow Road;
-- Opal Court, Moseley Road;
-- Opal Gardens,
-- Victoria Park,
-- Opal Hall, Candish Street;
-- Opal House, Whitworth Street;
-- Orient House,
-- Granby Row and Oxford Court,
-- Stretford Road.
PIHL UK: Council Seeks Builder as Firm Goes Into Administration
---------------------------------------------------------------
Emily Pearce at Isle of Wright Country Press Online reports that
a new builder will have to be brought in to finish Cowes
Enterprise College as contractor Pihl UK has gone into
administration.
IW Council, which has appointed a quantity surveyor to ensure the
GBP32 million building has been delivered to specification, is
gearing up for a possible legal dispute with the administrators,
according to Isle of Wright Country Press Online.
The report notes that Economy and Environment Director Stuart
Love said there was no dispute currently but admitted that could
change.
"Pihl going into administration does not mean the potential for a
dispute has gone away. We have appointed the quantity surveyor
because, quite frankly, we are preparing a counter claim. . . .
We will submit our evidence to the administrator in due course,"
the quoted Mr. Stuart as saying.
The report relays that Mr. Love said the administrator could
claim for outstanding money owed to Pihl, but contested by the
council, and the council could claim for costs it had incurred to
fix snagging problems with the building.
Responding to questions from Cllr Chris Whitehouse, who described
the project as a white elephant, Mr. Love said the council shared
concerns about the building's energy and maintenance costs, the
report notes.
Mr. Love, the report discloses, said they would be monitored over
the next year and, if there was a problem in meeting them, the
council would help the school find a solution.
The report relays that when asked by Cllr Whitehouse what had
gone wrong with the project, and who was responsible, Mr. Love
said it was a matter for members.
The report notes Mr. Love said that the contract with Pihl UK
will be terminated now the firm had gone into administration and
a new contract for the remaining work -- predominantly the
demolition of the old building -- will go out to tender.
"We have been planning for this eventuality. The final phase is
not critical to the school in terms of education. We will try
to make it happen as quickly as possible but it is too early to
confirm timescales and cost implications. We retain money for
the final phase and will say more as soon as we can", the report
quoted Mr. Love as saying.
TIUTA PLC: Administrators Start Putting Firm in Liquidation
-----------------------------------------------------------
Paul Thomas at MoneyMarketing News reports that the
administrators of Tiuta plc have begun to place the bridging
lender into liquidation.
Creditors have passed the resolution to put Tiuta into
liquidation and the lender will be liquidated once Companies
House has been notified, according to MoneyMarketing News. The
firm was placed into administration in September last year,
although the administration order expires on September 27, 2013,
the report relates.
The report notes that Tiuta funded its lending with a GBP106
million funding line from the GBP118 million Income Series 1 fund
provided by Connaught Asset Management, which is currently in
administration after huge shortfalls were discovered in several
of its funds, two of which provided funding lines to Tiuta
subsidiaries.
The report relates that when the funding line was agreed, in
April 2008, a guarantee was agreed whereby Tiuta promised to
guarantee all obligations to the fund, regardless of whether its
loans were redeemed fully or not. The Tiuta subsidiary which
used the Series 1 funding line was called Tiuta International
Limited, which was later purchased by CAM, the report says.
The report relates that a statement published by Tiuta's
administrators on Companies House this week shows the fund has
lodged a GBP106 million claim against the lender, citing the
guarantee.
The report relays in the statement it says Tiuta's joint
administrators, David Rubin & Partners and Duff & Phelps, have
sought legal advice and have found the guarantee is enforceable.
However, the report discloses that a source at David Rubin &
Partners who is working on the administration said, as an
unsecured creditor, the fund will only be paid if any Tiuta
assets are realised in the liquidation process.
The report says that the last available accounts for Tiuta show
the lender made a GBP37.8million loss in the 18 months to
September 2011.
Duff & Phelps will handle the liquidation process.
Tiuta entered administration on September 21, 2012, ten days
after the former regulator, the FSA, confirmed it had approved
the decision.
The report relates that the directors of CAM placed the company
into administration the same day as Tiuta. Two Tiuta
subsidiaries, Tiuta International and Tiuta Development Finance,
used The Connaught Series 1 and Series 2 Ucis funds to fund their
lending, the report discloses.
The report relays that the Series 1 fund was suspended in March
2012, after a shortfall was discovered, and interest payments
were not made to investors.
In August 2012, MoneyMarketing revealed Series 1 investors faced
losses of up to 50 per cent. An independent review by Duff and
Phelps suggested recoveries would be between GBP46.5 million and
GBP53.2 million of the GBP106 million used to fund Tiuta, the
report relays.
The report notes that a decision to wind down the Series 1 and
GBP18 million Series 2 fund, which was used to fund another Tiuta
subsidiary called Tiuta Development Finance, was made in June
2012. A Series 3 fund, which was not linked to Tiuta loans and
raised around GBP22 million, was wound down in July 2012 due to a
spike in redemptions, the report relays.
MoneyMarketing notes that CAM bought Tiuta International and
Tiuta Development Finance, the Tiuta Plc subsidiaries that used
the Series 1 and Series 2 funds respectively, for GBP1 in June so
it could manage the redemption of loans and the wind down of the
funds. In July, Mortgage Strategy revealed Tiuta International
had been placed into administration by CAM, the report adds.
* UK: January-September Administration Figures Down 16%
-------------------------------------------------------
Belfast Telegraph reports that new figures have revealed
Britain's recovering housing market has driven a steep fall in
the number of building firms falling into administration.
Construction and property administrations in England fell by 31%
to 241 between January and September on a year earlier, while
overall administrations dropped by 16% to 1,224, Belfast
Telegraph discloses.
According to Belfast Telegraph, figures from consultancy Deloitte
showed that there was also a 25% drop in hospitality and leisure
firms such as hotels and restaurants hitting the rocks, with 107
companies calling in administrators.
Retail collapses dropped 10% to 142 from 157, Belfast Telegraph
discloses.
Belfast Telegraph relates that Deloitte restructuring partner
Lee Manning said the figures show a "clearing out" of struggling
firms has now given way to an "encouraging rebalancing of supply
and demand".
"Construction has clearly benefited from more activity in the
housing sector as demand and prices pick up."
The insolvency figures, which only cover England, showed the area
with the largest number of administrations was London with 316
appointments, followed by the North West with 272, Belfast
Telegraph relays.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
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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
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RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
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ITALY
-----
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I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
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I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
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SOPAF SPA SPF TQ -24220971.66 153763906.2
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TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
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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
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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
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BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
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HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
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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
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
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FW FARNSWORTH LT 1293386Z LN -44420065.35 102695080.1
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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 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
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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
HMV GROUP PLC HMV7 EO -218490042.1 415846374.8
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HMV GROUP PLC HMV QM -218490042.1 415846374.8
HMV GROUP PLC HMV PO -218490042.1 415846374.8
HMV GROUP PLC HMV EU -218490042.1 415846374.8
HMV GROUP PLC HMV LN -218490042.1 415846374.8
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HMV GROUP PLC HMV6 EO -218490042.1 415846374.8
HOLIDAY AUTOS IN 1155863Z LN -47020142.86 391438531.3
HOMEFIELD PVT UK 4501835Z LN -13668996.51 455224068.7
HOTEL CORP PLC HHA TH -234303120.5 370820493.6
HOTEL CORP PLC HCP EU -234303120.5 370820493.6
HOTEL CORP PLC HCP LN -234303120.5 370820493.6
HOTEL CORP PLC HHA GR -234303120.5 370820493.6
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HOTEL CORP PLC HCP PG -234303120.5 370820493.6
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SCOTTS CO UK LTD 1154459Z LN -42301127.16 119882290.9
SETON HEALTHCARE 2290Z LN -10585183.94 156822902.8
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SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
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SKANDIA LIFE BUS 1451642Z LN -16563612.78 132120692.5
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SMG PLC SMG LN -44693985.16 126240905.5
SMG PLC SMG PO -44693985.16 126240905.5
SMG PLC-FUL PAID SMGF LN -44693985.16 126240905.5
SMG PLC-NIL PAID SMGN LN -44693985.16 126240905.5
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SMITHS NEWS PLC NWS IX -82175781.01 424997909.9
SMITHS NEWS PLC NWS11 EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS LN -82175781.01 424997909.9
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SMITHS NEWS PLC NWS8 EO -82175781.01 424997909.9
SMITHS NEWS PLC SMWPY US -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 BQ -82175781.01 424997909.9
SMITHS NEWS PLC NWS1GBP EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS7 EO -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS4 EO -82175781.01 424997909.9
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SMITHS NEWS PLC NWS VX -82175781.01 424997909.9
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SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
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SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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STV GROUP PLC STVG VX -44693985.16 126240905.5
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STV GROUP PLC SMGPF US -44693985.16 126240905.5
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STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
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STV GROUP PLC SMG IX -44693985.16 126240905.5
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SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
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TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
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TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
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TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
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THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
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TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
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TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
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VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
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VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *