/raid1/www/Hosts/bankrupt/TCREUR_Public/131112.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, November 12, 2013, Vol. 14, No. 224
Headlines
A U S T R I A
HYPO GROUP: Liquidation Not an Option, Chairman Says
B E L G I U M
FIELDLINK N.V.: S&P Assigns Preliminary 'B-' Corp. Credit Rating
F R A N C E
ALCATEL-LUCENT: Moody's Changes Outlook on 'B3' CFR to Stable
ALCATEL-LUCENT: S&P Alters Outlook to Positive & Affirms 'B-' CCR
G E R M A N Y
ABERDEEN ASSET: Liquidating German Degi Fund Pays EUR216-Mil.
I R E L A N D
TLT INTERNATIONAL: In Receivership, Huge Losses for Farmers
I T A L Y
BARCLAYS PLC: S&P Rates New Subordinated Securities 'B+'
EUROHOME MORTGAGES: S&P Lowers Rating on Class B Notes to 'D'
K A Z A K H S T A N
KAZAKHSTAN ENGINEERING: Moody's Rates US$200-Mil. Notes '(P)Ba2'
N E T H E R L A N D S
CABLE COMMUNICATIONS: Moody's Rates EUR450MM Secured Notes 'B1'
FIELDLINK NV: Moody's Assigns First-Time 'B2' CFR; Outlook Stable
P O L A N D
POLSKI CONCERN: Moody's Hikes Issuer Rating From 'Ba1'
R U S S I A
MARITIME BANK: Moody's Lowers Currency Deposit Ratings to 'B3'
PETROCOMMERCE BANK: Moody's Affirms 'B1' Deposit & Debt Ratings
S P A I N
AUTOVIA DE LA MANCHA: Moody's Alters Sr. Loan Outlook to Positive
T U R K E Y
ALLIANZ SIGORTA: S&P Assigns 'BBpi' Counterparty Credit Rating
AXA SIGORTA: S&P Assigns 'BBpi' Counterparty Credit Rating
U N I T E D K I N G D O M
ANGLO-CAPITAL PARTNERS: High Court Enters Wind Up Order
CHARLES GEE: CM Downton Buys C&H Unit Out of Administration
EYEMOUTH: Assets Have Been Split in Two
OXFORD SUNERGY: Wound Up Over GBP700K Carbon Credit Scam
RHONDDA CYNON: In Administration, Cuts 8 Jobs
SAVE BRITAIN MONEY: Two Call Centers Go Into Administration
TEMESE FUNDING: Moody's Cuts Rating on Class D Notes to '(P)B2'
ULTRALASE: Enters Into Administration
X X X X X X X X
* Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
=============
HYPO GROUP: Liquidation Not an Option, Chairman Says
----------------------------------------------------
Reuters reports that liquidating nationalised Austrian lender
Hypo Alpe Adria is not an option as the state tries to wind down
non-core parts of the bank, its chairman said.
"A liquidation of the bank or other insolvency scenarios are in
any event not part of the model calculations," Klaus Liebscher,
also head of a state task force on dealing with loss-making Hypo,
said in a statement, Reuters relates.
He was referring to scenarios his panel is drawing up to address
the way forward for Hypo, whose capital needs threaten to disrupt
Austria's drive to cut public debt and budget deficits, the
report says.
Reuters relates that Mr. Liebscher denied media reports that the
task force would present its suggestions to political leaders by
mid-week.
"Our work is in the final stage. The quality -- not the speed --
of the proposals is decisive," he said, stressing the goal was
protecting public finances as much as possible while creating a
sustainable structure for further restructuring.
The government had to take over Hypo in 2009 to avoid a collapse
with regional implications, Reuters recalls.
According to the report, the government has already provided more
than EUR3 billion (US$4 billion) in state aid to the bank, whose
unbridled growth fuelled by public guarantees from its home
province of Carinthia drove it to the brink of insolvency.
Austria's central bank last month denied a newspaper report that
Hypo could need as much as EUR17 billion in fresh aid, Reuters
notes.
Reuters adds that Austria said in September, Hypo's sell-off
could cost taxpayers up to EUR5.4 billion in fresh capital by
2017.
Hypo Group Alpe Adria -- http://www.hypo-alpe-adria.com/-- is an
international financing group with more than 370 banking and
leasing locations in 12 countries (Austria, Italy, Slovenia,
Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Germany,
Hungary, Bulgaria, Macedonia and the Ukraine), which can look
back on a history of more than 110 years. The principal company
of Hypo Group Alpe Adria is Hypo Alpe-Adria-Bank International
AG, which has its head office in Klagenfurt (Austria). The Hypo
Group Alpe Adria network currently has over 7,400 employees
serving approximately 1.2 million customers.
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B E L G I U M
=============
FIELDLINK N.V.: S&P Assigns Preliminary 'B-' Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its
preliminary 'B-' long-term corporate credit rating to Belgium-
based fresh produce importer and distributor FieldLink N.V. The
outlook is stable.
S&P also assigned its preliminary 'CCC+' issue rating to the
group's proposed senior secured notes of EUR265 million to be
issued by its key operating subsidiary Univeg Holding B.V. The
recovery rating on the proposed senior secured notes is '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.
The preliminary rating reflects S&P's assessment that the
company's business risk profile is "weak" and its financial risk
profile is "highly leveraged", according to its criteria. The
rating also reflects S&P's view that FieldLink will be able to
maintain margins of more than 2% within the next several years,
owing to improvements in company's operating efficiency and its
focus on more-closely integrating with the supply chain of its
customers, large food retailers in Europe. S&P also expects
FieldLink's balance sheet will remain highly leveraged after
taking into consideration an off-balance sheet factoring facility
and operating leases.
FieldLink is the largest food distributor of fresh produce in
Europe, with strong relationships with a number of food retailers
in The Netherlands, Belgium, and Germany. FieldLink sources
globally and locally through independent growers and provides
logistics and distribution services to its customers. The
company's sales are highly focused on three large retailers in
Europe, which account for more than 50% of the company's sales,
while FieldLink's own production makes up less than 10%.
Furthermore, the company lacks strong consumer brands and focuses
on private labels and trade brands, which account for 85% of
sales.
At the same time, S&P views positively the recent takeover of
FieldLink by its founder Hein Deprez from CVC Capital in 2013,
and believe this should help to deliver sustainable growth and
generate increasing free operating cash flow.
S&P's base case for FieldLink for the next several years includes
the following assumptions:
-- Single-digit-percentage sales growth as a result of an
increasing market share of existing customers and expansion
into new geographies.
-- A sustainable EBITDA margin of about 2.5%, supported by the
company's focus on operating efficiency and a high share of
value-added services such as category management, with
closer integration with the food retail supply chain.
-- About EUR22 million of capital expenditure, reflecting the
company's relatively light asset base.
-- No large debt-financed acquisitions.
The stable outlook reflects S&P's view that FieldLink will
demonstrate resilient operating performance and maintain an
adequate liquidity position.
S&P could lower the rating if FieldLink's performance became more
volatile than it currently expects, thereby putting pressure on
the company's margins and liquidity position. This could result
from a food contamination crisis, intensified competition with
other distributors, or rising prices on fresh produce, which can
be fully passed on to retailers and consumers.
S&P currently views a positive rating action as remote.
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F R A N C E
===========
ALCATEL-LUCENT: Moody's Changes Outlook on 'B3' CFR to Stable
-------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on Alcatel-Lucent's B3 corporate family rating (CFR) and
B3-PD probability of default rating (PDR). Concurrently, Moody's
has affirmed Alcatel-Lucent's B3 CFR, B3-PD PDR as well as the
group's existing instrument ratings and assigned a provisional
(P)B3 rating to the US$750 million senior unsecured notes to be
issued by Alcatel-Lucent USA Inc.
"We have changed the outlook on Alcatel-Lucent's B3 rating to
stable from negative due to the company further improving its
liquidity and debt maturity profile as a result of three
refinancing transactions since the beginning of 2013," says
Roberto Pozzi, Moody's lead analyst on Alcatel-Lucent. "We also
expect the company's announced underwritten capital raising to
increase its flexibility to carry out ongoing restructuring
plans," adds Mr. Pozzi.
Ratings Rationale:
Rationale for Change in Outlook to Stable:
The change in the rating outlook on Alcatel-Lucent's B3 rating to
stable from negative reflects the further improvement in the
company's liquidity and debt maturity profile as a result of
three refinancing transactions since the beginning of 2013. The
stable outlook also reflects the company's announcement that it
will undertake an underwritten capital raising approximately
equivalent to its negative free cash flow expected in 2013. The
proposed transaction will provide the company with greater
flexibility to execute its ongoing restructuring plan.
The company's most recent results (Q3 results), showed some
improvement reflecting the reorganization measures under way. In
the three months ending 30 September 2013, Alcatel-Lucent's
revenue rose 7% year on year, at constant exchange rates, to
EUR3.7 billion, and 3% sequentially. As of this period, the
company's gross margin was stable at around 32%-33%, whilst
ongoing cost savings contributed to an improvement in (company-
adjusted) operating income to EUR116 million, from a loss of
EUR126 million in the same period of the previous year, and
profits of EUR46 million in the three months to June. However,
partly reflecting the costs of Alcatel-Lucent's ongoing
restructuring plan, group free cash flow remained negative at
EUR218 million, compared with a negative EUR366 million in the
same period of the previous year. This leads to a continued high
total cash outflow for the 9 month period of EUR 999 million,
which was funded by Alcatel-Lucent's cash balance.
Under its planned capital raising, Alcatel-Lucent plans an equity
offering of EUR955 million, a $750 million high-yield bond, and a
new EUR500 million revolving credit facility. At the end of
September 2013, the company reported approximately EUR4.4 billion
of cash and marketable securities. Pro-forma for the planned
transaction, the company's liquidity buffer will increase to
approximately EUR6.5 billion, including the revolver. Alcatel-
Lucent will use the majority of the expected proceeds from the
refinancing package to redeem as well as pre-finance outstanding
debt maturities due in 2014-16 and to extend its overall debt
maturity profile.
Prior to the contemplated refinancing, the company already had
fairly well-spread debt maturities totalling approximately EUR2.2
billion between 2014 and 2018, a EUR1.5 billion loan due in 2019
and additional longer term debt worth around EUR1.5 billion.
It is too early to gauge the effects of Alcatel-Lucent's ongoing
strategic refocusing and its cost reduction plan, announced in
June of this year. However, Moody's believes that the measures
currently being implemented by the company are more radical than
those seen in the past and that they could help to rationalise
the structure of the telecom equipment industry.
Assignment of (P)B3 Rating to Senior Unsecured Notes:
The (P)B3 rating on the senior unsecured notes issued by Alcatel-
Lucent USA reflects (1) their unsecured nature and hence their
junior position in Alcatel-Lucent's capital structure behind the
senior secured debt raised by the same entity; and (2) the senior
unsecured guarantees from Alcatel-Lucent and certain
subsidiaries, which rank pari passu with the other senior debt of
the guarantors.
For the 12-month period ending 30 June 2013, initial guarantors
and the issuer represented 54.4% of gross assets and 47.9% of
group revenues. Moody's notes that the value of the guarantees
could be impaired given that in certain situations (e.g., sale,
liquidation, merger) a guarantor might be released from its
guarantee without the consent of the noteholders. Moreover, the
laws of certain jurisdictions may limit the enforceability of
some guarantees, whilst certain guarantees contain limitations.
What Could Change the Rating Up/Down:
Negative pressure would be exerted on the B3 rating if Alcatel-
Lucent's ongoing restructuring plan fails to gain traction such
that (1) the company's operating margin (as adjusted by Alcatel-
Lucent) fails to trend towards the mid-single digits in
percentage terms; (2) it is unable to reduce its negative free
cash flows (Moody's-adjusted) over the next 12-18 months; (3) the
company's debt/EBITDA does not improve towards 6.0x (Moody's-
adjusted); or (4) it is unable to maintain adequate liquidity.
Upward rating pressure would develop if Alcatel-Lucent shows
evidence of sustained positive free cash flows and operating
margins in the mid-single digits (as adjusted by Alcatel-Lucent)
as well as improved leverage, as evidenced by a Debt/EBITDA ratio
of approximately 6.0x.
Alcatel-Lucent is a leading developer and manufacturer of telecom
equipment, with sales of approximately EUR14.4 billion in 2012.
In terms of revenues, the company ranks behind Cisco Systems,
Inc. (A1 stable), with $47.3 billion (EUR36.7 billion) of
revenues in the 12-month period to January 2013,
Telefonaktiebolaget LM Ericsson (A3 negative), with SEK228
billion (EUR26.2 billion) of sales (2012), and Huawei, with
CNY220 billion (EUR27.2 billion) of sales in 2012, but before
Nokia Solutions and Networks B.V (B1 developing), with sales of
EUR13.4 billion in 2012.
ALCATEL-LUCENT: S&P Alters Outlook to Positive & Affirms 'B-' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable its outlook on France-based telecommunications equipment
supplier Alcatel-Lucent and its subsidiary Alcatel-Lucent USA
Inc. and affirmed its long-term corporate credit ratings on both
companies at 'B-'.
S&P affirmed the 'B' short-term rating on Alcatel-Lucent.
At the same time, S&P assigned a 'CCC+' issue rating on the
proposed US$750 million seven-year notes, to be issued by
Alcatel-Lucent USA. The recovery rating on these notes is '5',
indicating S&P's expectation of modest (10%-30%) recovery for
debtholders in the event of a payment default.
S&P affirmed its issue rating on the senior secured term
facilities issued by Alcatel-Lucent USA at 'B+'. The recovery
rating on these facilities is '1', indicating S&P's expectation
of very high (90%-100%) recovery for debtholders in the event of
a payment default.
S&P affirmed its issue rating on the group's existing unsecured
debt instruments at 'CCC+'. The recovery rating on these debt
instruments is '5', reflecting S&P's expectation of modest (10%-
30%) recovery for debtholders in the event of a payment default.
Furthermore, S&P affirmed its issue rating on the preferred stock
issued by Alcatel-Lucent USA at 'CCC-'.
The outlook revision primarily reflects S&P's expectation of a
positive impact on Alcatel-Lucent's capital structure and
liquidity profile as a result of the announced EUR955 million
capital increase, which is guaranteed by a bank syndicate, the
raising of a new EUR500 million unsecured revolving credit
facility (RCF) due 2017, and the issuance of US$750 million
(EUR556 million) senior unsecured notes. In S&P's view, these
new funds, together with the group's existing cash balances and
modestly positive free cash flow generation before restructuring
costs, comfortably cover the group's upcoming cash restructuring
costs of about EUR1.5 billion until end-2015 and its debt
maturities of EUR0.9 billion until January 2016.
Despite the improved liquidity profile, S&P continues to assess
the group's financial risk profile as "highly leveraged." S&P's
assessment reflects its expectation of continued high cash losses
zn 2014, weak interest coverage ratios (after restructuring
costs), and high gross adjusted leverage.
"In our base-case scenario, we forecast a deterioration of the
group's free operating cash flow (FOCF) generation to about
negative EUR0.8 billion in 2013, from negative EUR0.7 billion in
2012, following negative FOCF of EUR1.0 billion in the first nine
months of 2013. In addition, we forecast only a moderate
improvement in FOCF to between negative EUR0.6 billion and
negative EUR0.5 billion in 2014, primarily based on our
zxpectation of higher operating profits and flat to low-single-
digit percentage revenue growth in 2013 and 2014, following a
zear-on-year revenue decline of 5.7% in 2012. We expect that the
group's operating margin (as adjusted by Alcatel-Lucent) will
improve gradually to about 2% in 2013 and 4%-5% by 2014 from
negative 1.8% in 2012. In our view, the margin improvement will
be primarily fueled by the group's plans to reduce its fixed-cost
base by roughly EUR1 billion (including cost-saving benefits
under its previous restructuring plans) by the end of 2015. This
includes refocusing its research and development (R&D) spending
and reducing spending for legacy technologies," S&P said.
These cost cuts should support the achievement of at least mid-
single-digit profit margins from 2015 onward, in S&P's view.
This would also support S&P's current assessment of Alcatel-
Lucent's business risk profile as "weak," as its criteria define
the term. Nevertheless, Alcatel-Lucent's margins and cash
generation are currently much weaker than those of peers whose
business risk profiles S&P also considers "weak," such as Nokia
Siemens Networks.
The positive outlook reflects that S&P could raise the rating in
2014 if Alcatel-Lucent demonstrates a further gradual improvement
of its operating margins toward mid-single digits and prospects
of achieving about break-even FOCF generation (excluding
potential asset disposal proceeds) in 2015.
S&P could revise the outlook to stable if it was to assume no
reduction of Alcatel-Lucent's pronounced negative FOCF in 2014
and thereafter compared with the levels in 2013. Specifically,
S&P could consider revising the outlook to stable if it thinks
that the group's operating margins--as adjusted by Alcatel-
Lucent--will remain at low-single digits in 2014 and 2015 as a
result of higher-than-expected competitive pressure on revenues
and gross margins or insufficient cost-cutting measures. This
could also lead S&P to revise its business risk profile
assessment on Alcatel-Lucent to "vulnerable" from "weak."
Additionally, prospective covenant headroom below 30% could also
prevent an upgrade and lead S&P to revise the outlook to stable.
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G E R M A N Y
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ABERDEEN ASSET: Liquidating German Degi Fund Pays EUR216-Mil.
-------------------------------------------------------------
pie-mag.com reports that the German unit of Aberdeen Asset
Management is to pay EUR216 million to investors in its open-
ended fund Degi International, currently in liquidation,
amounting to nearly 20% of asset value of EUR1.08 billion.
Aberdeen Asset Manager is a specialist emerging markets fund
manager. It runs several highly regarded funds, such as the
Aberdeen Asia Pacific, overseen by veteran manger Hugh Young.
=============
I R E L A N D
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TLT INTERNATIONAL: In Receivership, Huge Losses for Farmers
-----------------------------------------------------------
independent.ie reports that Irish farmers and marts are facing
potentially massive losses following the collapse of one of the
country's biggest livestock exporters. Mullingar-based TLT
International went into receivership.
In a statement, the IFA said its solicitors have been in contact
with the receiver to request that payments to farmers and marts
be prioritized, according to independent.ie. The report relates
that IFA president John Bryan said farmers and marts would claim
retention of title on livestock recently purchased but not yet
exported.
The report notes that IFA said the extent of the potential losses
isn't known but describe the collapse as "very worrying". The
receiver, Gearoid Costelloe -- gearoid.costelloe@ie.gt.com -- of
Grant Thornton's Limerick office is expected to contact
creditors.
=========
I T A L Y
=========
BARCLAYS PLC: S&P Rates New Subordinated Securities 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
issue rating to the proposed perpetual subordinated contingent
convertible securities to be issued by U.K. bank holding company,
Barclays PLC (Barclays; A-/Stable/A-2). The rating is subject to
S&P's review of the notes' final documentation.
This will be the first issue by Barclays, or by any U.K. bank, of
an Additional Tier 1 contingent convertible security (AT1), which
S&P understands will be compliant with CRD IV (which implements
Basel III in the EU).
Under the terms of the proposed notes, a capital adequacy trigger
event would occur if Barclays' estimated consolidated fully
loaded common equity Tier 1 (CET1) ratio under CRD IV is less
than 7.0% on any quarterly financial period end date or
extraordinary calculation date. S&P understands that this
trigger is tougher than those it has seen by banks in other
countries issuing contingent capital securities. In the event
that the CET1 ratio falls below the trigger, we believe that the
notes will be automatically converted into Barclays ordinary
shares. S&P understands that the proposed notes will rank senior
to ordinary shareholders absent a trigger event and subordinated
to any senior creditors, including Tier 2 creditors, of Barclays
PLC.
When assigning a rating to a hybrid capital instrument with a
"going-concern" capital trigger S&P applies Table 3a from its
bank hybrid criteria, which reflects the combination of the
bank's stand-alone credit profile (SACP) and S&P's view of the
distance from the trigger. The SACP of the main operating entity
of the Barclays group, Barclays Bank PLC, is 'bbb+'. Barclays
has reported that its pro forma fully loaded CET1 ratio, which
includes the positive impact of the rights issue completed in
early October, was 9.6% at Sept. 30, 2013. S&P takes into
account the current reported ratio and its expectations for the
evolution of the specified regulatory ratio over each of the
reporting dates over the next 18-24 months. S&P don't
necessarily believe Barclays' CET1 ratio will exceed 10% in the
next three-to-six months, although it acknowledges the bank's
public statement that this ratio will exceed 10.5% by early 2015,
and that the upward direction of travel for U.K. banks' CET1
ratios is clear as a result of regulatory proposals. S&P
therefore applies a projected buffer above the trigger of 201-300
basis points. In this instance, S&P also lowers the issue rating
by one notch to reflect its standard approach to structural
subordination arising from the issuer being the nonoperating
holding company.
S&P could raise the issue rating by one notch if Barclays reports
a CET1 ratio that exceeds 10.0% and S&P believes that this ratio
will remain above this level, or if it raises the SACP.
Conversely, S&P could lower the issue rating if Barclays' CET1
ratio materially declines, or if it lowers the SACP.
S&P has assigned "intermediate" equity content, in accordance
with its bank hybrid criteria, because the notes are perpetual
and they can absorb losses while the issuer is a going concern.
EUROHOME MORTGAGES: S&P Lowers Rating on Class B Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB(sf)' from
'A(sf)' and to 'D(sf)' from 'CCC(sf)' its credit ratings on
Eurohome (Italy) Mortgages S.r.l.'s class A and B notes,
respectively. At the same time, S&P's 'D(sf)' ratings on the
class C and D notes remain unaffected.
The rating actions follow S&P's review of transaction after
further credit quality deterioration since its previous review,
and the breach of the class B interest deferral trigger.
The available credit enhancement for the class A notes decreased
to 4.98% in November 2013 from 7.81% in May 2013. As the
transaction's credit quality continues to deteriorate, cumulative
defaults increased to EUR62,279,867.70 in November 2013 from
EUR56,151,976.68 in May 2013. S&P expects this deterioration to
continue over the next year. The level of undercollateralization
has continued to increase over the past six months, with the
unpaid principal deficiency ledger (PDL) reaching EUR40,132,387
compared with EUR35,516,723 in May 2013. S&P expects this PDL
increase to continue on subsequent IPDs. S&P has therefore
lowered to 'BBB (sf)' from 'A (sf)' its rating on the class A
notes.
The transaction has an interest deferral mechanism for the class
B, C, D, and E notes, based on the cumulative default level.
This mechanism provides additional protection to the class A
notes. If an interest deferral trigger is breached, the interest
on that class of notes is deferred until the PDL is cleared and
the principal borrowed under the principal priority of payments
is repaid. The class C, D, and unrated class E notes have
already breached this trigger and are not paying any interest
The gross cumulative default ratio increased to 24.02% on the
November 2013 IPD from 22.82% on the August 2013 IPD. This
increase resulted in a breach of the class B interest deferral
trigger of 23.75%, with the class B notes defaulting on interest
payments. S&P has therefore lowered to 'D (sf)' from 'CCC (sf)'
its rating on the class B notes.
Eurohome (Italy) Mortgages is an Italian residential mortgage-
backed securities (RMBS) transaction, with loans originated by
Deutsche Bank Mutui SpA. The transaction closed in December
2007.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Eurohome (Italy) Mortgages S.r.l.
EUR260.85 Million Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A BBB (sf) A (sf)
B D (sf) CCC (sf)
===================
K A Z A K H S T A N
===================
KAZAKHSTAN ENGINEERING: Moody's Rates US$200-Mil. Notes '(P)Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2, with
a loss given default (LGD) of LGD5/70%, rating to the
approximately US$200 million worth of up to 10 years notes to be
issued by the JSC NC Kazakhstan Engineering (KE). The outlook on
the rating is stable.
Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings represent only the rating
agency's preliminary opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will assign
definitive ratings to the bonds. A final rating may differ from a
provisional rating.
Ratings Rationale:
The Ba2 provisional rating to the notes is equivalent to KE's Ba2
corporate family rating (CFR), which reflects (1) the fact that
KE currently has small share of debt ranked senior to the bond
and this debt will be refinanced entirely after the bond
placement; and (2) the rating agency's expectation that KE will
raise any new debt on an unsecured basis and at the holding
company level.
As KE is wholly-owned by the Government of Kazakhstan through
Kazakhstan Sovereign Wealth Fund Samruk-Kazyna JSC (Samruk-
Kazyna), Moody's applies its rating methodology for government-
related issuers (GRIs) in determining the group's corporate
family rating (CFR). According to this methodology, the CFR is
driven by a combination of (1) Kazakhstan Engineering's baseline
credit assessment (BCA) of b2; (2) the Baa2 local currency rating
of the Kazakh government; (3) the very high default dependence
between the group and the government; and (4) the strong
probability of the provision of state support to the group in the
event of financial distress.
Kazakhstan Engineering's b2 BCA reflects the group's (1) small
size in comparison to other aerospace and defense peers rated in
the global market by Moody's; (2) significant customer
concentration and lack of geographical diversification; (3) low
market share in the civil segment; (4) implementation risk
related to the company's ability to meet ambitious medium-term
growth targets, primarily related to profitability of its
operations, which Moody's expects to translate into a material
step up in cash flow generation; and (5) overall exposure to an
emerging market operating environment with a less developed
regulatory, political and legal framework.
Moody's also notes that following the issuance of the bond KE's
credit metrics and ability to service its debt will be exposed to
fluctuations in Kazakhstan's national currency (tenge) given that
around 90% of company's debt will be denominated in US dollars
while 90% of revenue is in Kazakhstani tenge. However, this
foreign exchange risk will be partly mitigated by the fact that
(1) majority of KE's debt will be long-term; (2) the company
plans to maintain deposits nominated in US dollars sufficient to
service the coupon on the bond; and (3) the company plans to use
hedging to reduce this risk.
At the same time, the BCA factors in Kazakhstan Engineering's (1)
dominant position in the Kazakh defense machinery building
industry and favorable conditions of financing state orders; (2)
status as a preferred supplier for large state-controlled
customers; (3) moderate supplier concentration; and (4) moderate
leverage and adequate liquidity.
The rating also factors in that despite the anticipated increase
in company's debt to around KZT34 billion following the issuance
of Eurobonds (2012: KZT14.3 billion), the company's adjusted
leverage will remain below 3.0x and within Moody's guidance for
the current rating. This is underpinned by an anticipated
increase in EBITDA as a result of revenue growth (as per the
company's order book) and company's projections of increase in
EBITDA margin to around 18% in 2013 (H1 2013: 10%) on the back of
ongoing cost-cutting program and increase in share of higher
margin products in company's output. However, Moody's sees the
execution risks that this increase in EBITDA margin will be
achieved as planned.
The stable outlook on Kazakhstan Engineering's ratings
incorporates Moody's expectation that (1) the Kazakh government
will continue to support the group; (2) domestic demand for the
group's products will remain stable; (3) the company will be able
to achieve growth in revenue, cash flow and profitability
generation, as planned; and (4) the company will maintain
debt/EBITDA of less than 3.5x (as adjusted by Moody's) and
adequate liquidity.
What Could Change The Rating Up/Down:
Moody's does not envisage positive pressure being exerted on the
ratings in the next 12-18 months. However, Moody's would consider
upgrading Kazakhstan Engineering's ratings by one notch if the
group were to build a track record of maintaining a strong
financial profile over time, while materially increasing its
scale.
Negative pressure could be exerted on the ratings if (1)
Kazakhstan Engineering's debt/EBITDA were to increase above 3.5x
on a sustainable basis; or (2) its liquidity were to deteriorate
materially. A one-notch downgrade of the sovereign rating would
not in itself trigger a downgrade of Kazakhstan Engineering's
ratings, provided that all the other GRI inputs remain unchanged.
Structural Considerations:
The notes will rank pari passu among themselves and with other
present and future unsecured and unsubordinated obligations of
KE's holding company. Noteholders will benefit from several debt
protection covenants, such as negative pledge, limitations on
asset disposal, restrictions on mergers and consolidations,
limitation on distributions of net income. The proceeds of the
issue will be used for the company's general corporate purposes,
which will include partial refinancing of its existing tenge-
denominated domestic bond. Given the small share of financial
liabilities other than bonds in KE debt structure following the
issuance of the notes, Moody's is applying a standard 35%
recovery rate used for all-bond debt capital structures.
Current rating of the bond at the level of the CFR reflects
Moody's understanding that the company's strategy going forward
is to borrow on an unsecured basis at the holding company level.
Moody's notes that notes are not guaranteed by KE's operating
subsidiaries. Should the company increase its unsecured
borrowings at the level of operating subsidiaries this might
potentially result in a structural subordination of the notes to
the unsecured debt at subsidiaries level and consequent notching
down of notes from the issuer rating.
JSC Kazakhstan Engineering National Company is a state-controlled
holding company consolidating the machinery building and
engineering enterprises in Kazakhstan. The group executes around
75% of state defense orders and produces around 10% of machinery
products in Kazakhstan. The group is 100% owned by the Kazakhstan
Sovereign Wealth Fund Samruk-Kazyna JSC (Samruk-Kazyna) and its
shares are managed by the Kazakhstan Ministry of Defence (MoD)
pursuant to a trust management agreement. In 2012, Kazakhstan
Engineering generated revenue of KZT52.2 billion (around US$347
million) and had adjusted EBITDA of KZT5.3 billion (around US$35
million).
=====================
N E T H E R L A N D S
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CABLE COMMUNICATIONS: Moody's Rates EUR450MM Secured Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service has assigned B1 definitive ratings to
the recent debt issuance by Cable Communications Systems N.V.
(CCS), the controlling shareholder of RCS & RDS S.A. (RCS & RDS).
The definitive ratings assigned are as follows:
-- Corporate family rating (CFR) of CCS: B1
-- EUR450 million worth of senior secured notes due in 2020
issued by CCS: B1 rating and loss given default (LGD)
assessment of LGD3
Concurrently, Moody's has assigned to CCS a probability of
default rating (PDR) of B1-PD.
The outlook for all ratings is stable.
Ratings Rationale:
Moody's definitive ratings on these debt obligations are in line
with the provisional ratings assigned on October 23, 2013.
CCS upsized its bond issuance by EUR100 million, to EUR450
million. The company used incremental proceeds of EUR20 million
to cancel drawings under its EUR50 million revolving credit
facility, and EUR45 million to reduce drawings under its
EUR250 million term loan. However, the company may draw up to the
full amount of this loan by June 2014, providing it with
additional flexibility to fund growth opportunities. The
remainder, EUR35 million of incremental proceeds, was placed as
cash on the company's balance sheet.
As a result of the upsizing of the bond, Moody's expects CCS's
pro-forma adjusted leverage to increase by 0.2x to 4.2x, within
the guidance range for the B1 rating category. The slightly
higher leverage will be offset by a stronger liquidity profile,
given that the company will have EUR35 million of additional
cash, full availability under the revolver, an extra cushion of
EUR45 million under the term loan and a more evenly spread debt
maturity profile.
The B1 CFR reflects RCS & RDS's relatively smaller size compared
with its similarly rated peer group, the highly competitive
environment in which it operates, and the company's concentration
in Romania, despite some geographical diversification.
Furthermore, the rating reflects the company's exposure to
foreign exchange risk, its moderate leverage, and its limited
free cash flow generation.
More positively, the rating also reflects (1) RCS & RDS's strong
market positions within the Romanian and Hungarian cable TV,
internet, telephony and satellite TV markets; (2) the company's
track record of solid operating performance; (3) its ability to
maximize returns on its state-of-the-art network given that the
company's large investment phase is over; (4) its stable
financial profile; and (5) its improved debt maturity profile
following the refinancing exercise.
The B1 rating on the EUR450 million worth of senior secured notes
is at the same level as the company's CFR of B1. Given that the
vast majority of liabilities in the waterfall rank pari passu,
the rating on the proposed notes is not notched from the CFR.
The PDR of B1-PD reflects a family recovery rate assumption of
50%.
Rationale for Stable Outlook:
The stable rating outlook reflects Moody's expectation that RCS &
RDS will continue to consistently operate in line with its
current financial profile, i.e., maintaining debt/EBITDA (as
adjusted by Moody's) at around 4.0x.
What Could Change the Rating Up/Down:
Upward pressure on the rating could develop if RCS & RDS delivers
on its business plan, such that its debt/EBITDA ratio (as
adjusted by Moody's) is well below 3.5x and the company generates
positive free cash flow on a sustained basis.
Conversely, downward pressure could be exerted on the rating if
RCS & RDS's operating performance weakens such that its
debt/EBITDA ratio (as adjusted by Moody's) rises towards 4.5x and
the company generates negative free cash flow on a sustained
basis. A weakening of the company's liquidity profile (including
a reduction in headroom under financial covenants) could also
exert downward pressure on the rating.
RCS & RDS S.A. is a leading pay-TV and communications services
provider in Romania and Hungary. The company also operates in the
Czech Republic and offers mobile virtual network operator (MVNO)
services in Spain and Italy, targeting the large Romanian
population in these countries. The service offering of RCS & RDS
includes cable TV, internet and data access, fixed-line telephony
and mobile telecommunications services, and direct-to-home (DTH)
satellite services.
For the last 12 months ending June 30, 2013, RCS & RDS reported
revenues of EUR629 million and EBITDA of EUR258 million. The
company reported more than 10.39 million revenue-generating units
(RGUs) in June 2013 and employed more than 11,243 people.
FIELDLINK NV: Moody's Assigns First-Time 'B2' CFR; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) of B2 and probability of default rating (PDR)
of B2-PD to FieldLink NV, the parent of the Univeg Group.
Concurrently, Moody's has assigned a provisional (P)B3 rating to
the EUR265 million senior secured notes due 2020 issued by Univeg
Holding B.V. The outlook on all ratings is stable.
The proceeds from the notes, together with drawings under the
EUR90 million Revolving Credit Facility (RCF) will be used to
refinance the existing indebtedness. Univeg was acquired by Mr
Hein Deprez (the founder of the Univeg Group and an existing
shareholder) together with management and a group investors from
CVC Capital Partners in July 2013.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings.
A definitive rating may differ from a provisional rating.
Ratings Rationale:
The CFR of B2 reflects Univeg's (i) exposure to the volatile
fresh fruit and vegetables industry which is vulnerable to
weather fluctuations, crop diseases, local currency exchange
rates and government policies; (ii) commoditized nature of fresh
fruit produce business leading to low profitability and weak cash
flow generation; (iii) high customer concentration, leading to
low negotiating power; and (iv) geographic concentration, with c.
85% of 2012 sales (continued business) coming from Germany,
Belgium and Netherlands. Positively, the rating reflects Univeg's
(i) diversified supply chain with a degree of vertical
integration covering wide range of fruit and vegetables; (ii)
large scale, with EUR3.1 billion sales generated in 2012; (iii)
strong market share in its key markets (based on the company's
estimates); (iv) stable customer base of major European retailers
with long-term relationship history and cost pass through pricing
mechanism.
Univeg operates in the fresh fruit and vegetables industry, which
is considered to be volatile, competitive and fragmented, with
little differentiation from branded produce and stagnating fruit
consumption per capita in the European Union. The industry
players range from multinational companies, such as Dole Food
Company, Inc. (B3, stable), Chiquita Brands International, Inc.
(B2, negative), Fresh DelMonte (unrated), Noboa (unrated) and
Fyffes (unrated), Total Produce (unrated), to local cooperatives.
Although the vast majority of Univeg's sales is generated in
Europe, with revenue concentration and significant market share
in key markets of Germany, Belgium and Netherlands, the company
is a global player, reflecting the global nature and complexity
of sourcing and supply chain. Univeg's ability to supply a wide
range of products on a full-year round basis to major European
retailers is supported by its sourcing capabilities from a
diversified suppliers base: (1) in Europe's most important
horticultural countries, such as Spain, Italy and the
Netherlands, and (2) other exporting countries around the world,
such as South Africa, Turkey, Chile, Argentina, Brazil, Peru,
Costa Rica and Uruguay. The supply chain is connected by the
company's facilities located in key import hubs in the
Netherlands, Belgium, Germany and Italy. Furthermore, the company
has growing operations in multiple geographies around the world,
which provide c. 3% of Univeg's supply requirements.
Univeg's customer base, which includes 19 out of 20 of the
largest European retailers, is concentrated, with top 10, 5 and 3
customers representing 69%, 60% and 52% of sales respectively.
However, the company benefits from long-term relationships with
its customers and value-added services, contributing c. 41% of
2012 sales, such as cold storage, ripening, order picking and
customer label packaging in its 32 service and distribution
centers throughout Europe, before distributing produce to
customers' own distribution facilities or directly to their
stores. The absence of contractual arrangements with suppliers
and customers is mitigated by cost pass-through pricing
mechanisms imbedded in the arrangements with suppliers and
customers.
During the years of weak financial performance in 2011 due to the
global economic downturn, significant inflation in South America,
particularly in Argentina, impacting gross margins and the impact
of the EHEC bacteria crises in Germany the company took a number
of reorganization steps, aimed at improving profitability,
including renewed focus on its core fruit and vegetables business
and the divestments of loss-making divisions. These measures,
combined with post-EHEC price recovery, resulted in partial
recovery in EBITDA and EBITDA margin in 2012 and during the first
6 months of 2013. Management adjusted EBITDA margin (proforma of
divestments) increased to 2% in 2012 from 1.7% in 2011 and 2.3%
LTM June 2013.
The company's leverage (Moody's adjusted) pro forma for the
transaction is high, expected at 5.2x at the end of 2013, with
meaningful deleveraging expected by the company in 2014 due to
anticipated acquisitions and growth projects. Thereafter the
deleveraging is expected to be moderate.
Liquidity is considered to be adequate, although vulnerable,
given the inherent volatility of Univeg's working capital and
negative free cash flow (FCF), as defined by Moody's, expected in
2014. Liquidity will consist of EUR12 million pro forma cash on
balance sheet and EUR43 million undrawn RCF expected at the
transaction closing.
The proposed capital structure includes EUR265 million senior
secured notes and EUR90 million RCF, ranking senior to the notes
via the terms of the intercreditor agreement. The (P)B3 rating on
the notes reflects the presence of a large amount of more senior
debt in the capital structure, including the trade payables. The
RCF benefits from a net leverage covenant tested on quarterly
basis expected to be set with 25% initial headroom.
The stable rating outlook is based on Moody's expectation that
the company will maintain growth with its key clients including
via value-added services.
What Could Change The Rating Up/Down:
The ratings could be upgraded if the company achieves material
and sustained improvement in operating margin, and is able to
reduce debt/EBITDA (Moody's adjusted) below 4x. Upward rating
momentum would also require Univeg to improve its liquidity
profile, and generate positive free cash flow for a sustained
period.
A downgrade could be considered if Moody's adjusted debt/EBITDA
does not fall below 5x by FYE 2014 as expected, or if liquidity
weakens. A downgrade could also occur if the company engages in
large debt funded acquisitions. Founded in 1987 and headquartered
in Belgium, Univeg is a leading supplier of fresh fruit and
vegetables for large retailers in Germany, Belgium and
Netherlands. Together, these three countries account for c. 85%
of 2012 sales (continued business). The company is also a
specialist player in France (tropical fruit), the United Kingdom
(tropical and stone fruit) and the United States (citrus fruit
and grapes). Univeg generated EUR3.1 billion sales in 2012.
FieldLink NV's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside FieldLink NV's core
industry and believes FieldLink NV's ratings are comparable to
those of other issuers with similar credit risk.
===========
P O L A N D
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POLSKI CONCERN: Moody's Hikes Issuer Rating From 'Ba1'
------------------------------------------------------
Moody's Investors Service has upgraded the issuer rating of
Polski Koncern Naftowy ORLEN SA (PKN ORLEN or the company) to
Baa3 from Ba1 and concurrently upgraded PKN ORLEN's baseline
credit assessment (BCA) to ba1 from ba2. The rating outlook is
also changed to stable from positive.
Ratings Rationale:
Rating action reflects the improvement in operating performance
and financial metrics reported by PKN ORLEN in the past couple of
years, despite the challenging operating conditions persisting
within the European downstream sector for the majority of this
time. Following the sale of its 24.39% stake in Polkomtel for
PLN3.7 billion at the end of 2011, PKN ORLEN has successfully
maintained a more modest level of gearing (below 30% on a
management reported basis) as well as achieving resilient
operating cash flows, with around 26% retained cash flow (RCF) to
debt for the last twelve months (LTM) to September 2013 (as
adjusted by Moody's).
Since the downturn of 2009, PKN ORLEN's operating profitability
has recovered to healthier, albeit lower than pre-crisis, levels.
This has benefited from robust petrochemical volumes (boosted by
the commissioning of a new paraxylene and PTA plant in Plock) and
margins, as well as resilient contributions from retail
activities underpinned by volume growth, which partially offset
downward margin pressure. While conditions in refining have
remained tough, performance has been supported by the efficiency
and upgrading initiatives implemented with a view to increasing
crude oil throughput, raising diesel production (e.g. new
desulphurization unit in Plock) and improving energy efficiency
(e.g. catalytic cracking plant at Unipetrol).
Moody's notes that PKN ORLEN's financial results have continued
to fluctuate significantly quarter-on-quarter. This has reflected
persistent volatility in refining margins, Ural-Brent
differentials and petrochemical margins. Since the start of 2012,
PKN ORLEN generated positive free cash flow (before receipt of
divestment proceeds) despite significant working capital swings
during the period, this has enabled a decrease in net debt (as
adjusted by Moody's) to around PLN7.9 billion at the end of
September 2013, down from PLN9.8 billion at the end of 2011.
Moody's also notes that the debt position of PKN ORLEN is
materially inflated by its strategic reserves obligations, which
accounted for PLN9.4 billion (PLN7.2 billion on balance sheet and
PLN2.2 billion of 'sold' obligatory reserves off balance sheet)
of its inventories at the end of September 2013, compared to an
adjusted debt of around PLN10.6 billion. In this respect, any
change in Polish regulations, which would reduce the mandatory
reserves obligations of PKN ORLEN, would benefit its financial
profile.
Moody's views PKN ORLEN's liquidity profile as sound, underpinned
by consolidated cash & cash equivalents of PLN2.7 billion on
balance sheet at September 30, 2013 and access to approximately
PLN8.6 billion of availability under committed revolving credit
facilities in PKN ORLEN, maturing between December 2015 and
June 2018. PKN ORLEN is currently in compliance with its
financial covenants.
PKN ORLEN recently extended the maturity of EUR2.1 billion of its
main EUR2.6 billion syndicated bank loan facility from 2016 to
2017. Also, PKN ORLEN's ability to 'sell' parts of its obligatory
reserves on a short term basis gives it additional flexibility in
its liquidity management.
Looking ahead, while PKN ORLEN has set out an ambitious plan in
its 2013-17 strategy of improving its core business while
expanding into the energy and upstream sectors, Moody's
recognizes the flexibility built into these plans. The total
capex budget for 2013-17 is PLN22.5 billion, however this is
split into PLN7.4 billion of maintenance capex, PLN8.2 billion of
growth capex and PLN6.9 billion of discretionary accelerated
growth capex. Should the macro environment prove tougher than PKN
ORLEN's strategy plan assumes, Moody's expects that the group
would curtail its accelerated growth capex and to some extent its
growth capex in order to keep with management's conservative
financial objectives (including maintaining reported gearing
below 30%).
In conjunction with the company's strategic plan, PKN ORLEN paid
its first dividend since 2008 (PLN1.5/share) in August 2013. The
company plans to gradually increase its dividend payments up to a
5% dividend yield in over the next few years, although this will
be subject to meeting financial policy goals and the prevailing
macroeconomic environment.
The outlook for the Baa3 rating is stable, reflecting Moody's
expectations that PKN ORLEN will be able to maintain a standalone
credit profile in line with the ba1 BCA, including RCF/Debt of
around 20% (on a fully adjusted basis) and positive free cash
flow through the cycle, as well as Debt/EBITDA below 3.5x.
What Could Change the Rating Up/Down:
The Baa3 rating could come under pressure should (i) PKN ORLEN
suffer adverse refining and petrochemicals macroeconomic
environment for a sustained period of time resulting in markedly
weaker operating performance and /or (ii) fail to manage its
growth capex strategy within its stated financial policy
framework, with the effect that the group's credit metrics fall
outside Moody's guidance.
Moody's does not see any near-term upgrade pressures. However, in
the longer term, the successful execution of PKN ORLEN's 2013-17
growth strategy, leading to improved efficiency in the company's
core operations as well as diversification into the energy and
upstream sectors, may lead to some sustainable improvement in
operating cash flow and permanent debt de-leveraging, which could
create upward pressure on the Baa3 rating.
PKN ORLEN, headquartered in Plock, is the largest oil refining
and retail group in Poland and one of the leading companies in
this sector in Central Eastern Europe (CEE). The company is
engaged in the processing of crude oil into a broad range of
petroleum products, transportation, wholesale and retail
distribution of such products. PKN ORLEN reported revenues of
PLN120 billion and EBITDA of PLN5.1 billion (on a LIFO basis) for
the fiscal year to December 31, 2012.
===========
R U S S I A
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MARITIME BANK: Moody's Lowers Currency Deposit Ratings to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded Maritime Bank's
long-term local- and foreign-currency deposit ratings to B3 from
B2, and the outlook on these ratings was changed to stable from
negative.
Concurrently, Moody's affirmed Maritime Bank's E+ standalone bank
financial strength rating (BFSR) and lowered the corresponding
baseline credit assessment (BCA) to b3 from b2. The standalone
BFSR maintains a stable outlook. The bank's Not Prime short-term
local- and foreign-currency deposit ratings were affirmed.
Moody's assessment of the issuer's ratings is largely based on
Maritime Bank's audited financial statements for 2012, its
unaudited financial statements for H1 2013, prepared under IFRS
as well as information received from the bank.
Ratings Rationale:
The downgrade of Maritime Bank's ratings reflects deterioration
of the bank's credit profile, which incorporates the following
aspects:
1) As a result of a decline in customer funds of around 25% in H1
2013, Maritime Bank's liquid assets-to-total assets ratio
declined to 20.2% at end-H1 2013 (year-end 2012: 27.5%). This
material reduction in customer accounts and deposits was
triggered mainly by the withdrawal of funds by companies, which
were previously affiliated with FESCO (Maritime Bank's
controlling shareholder -- Sergey Generalov -- used to be a key
shareholder in FESCO before he divested in late 2012). Although
part of the withdrawn funds were substituted by market borrowings
and retail deposits, Moody's believes that Maritime Bank's
liquidity profile has become more vulnerable given its high
funding concentration, with the top 10 customer deposits
accounting for 48.4% of the total customer funds at end-H1 2013.
2) Maritime Bank reported net income of RUB42.8 million ($1.3
million) in H1 2013 that resulted in an annualized return on
average assets (ROAA) of 0.56%, a substantial decline from 1.57%
in 2012. This deterioration mainly stemmed from increased funding
and operating expenses. One-off charges accounted for some of the
operating cost; however, a considerable portion of the increased
costs represented recurring charges, and will constrain the
bank's profitability at least in the next 12-18 months.
3) Maritime Bank's borrower concentration remains high, as the 20
largest credit exposures accounted for 55% of the gross loans or
over 450% of its equity at end-H1 2013, according to the bank.
Such a high concentration exerts negative pressure on the bank's
modest capital adequacy. Maritime Bank's equity-to-assets ratio
was 12.2% at end-H1 2013, representing a marginal change from
11.9% at year-end 2012. Although Maritime Bank's shareholder
injected RUB300 million of equity in September 2013, the bank's
capital adequacy has not changed substantially as the bank used
the newly injected capital to increase its assets.
4) The bank's problem loans (i.e., individually impaired and 90+
days overdue) accounted for 10.2% of the gross loans at end-H1
2013. The bank's loan loss reserves-to-gross loans ratio of 8.7%
is adequate for covering expected losses from the impaired
portfolio. Nevertheless, weakening economic conditions in Russia,
coupled with the seasoning of the loan portfolio may require
higher loan reserves over the next 12-18 months. At the same
time, Moody's expects that the bank's pre-provision earnings will
be sufficient to absorb most of the new loan loss charges.
What Could Move The Ratings Up/Down:
A significant strengthening of Maritime Bank's capitalization and
franchise coupled with a reduction in its borrower and funding
concentrations, may have positive rating implications in the next
12 to 18 months.
A material weakening in Maritime Bank's capital adequacy and
profitability, or a weakening of the liquidity profile could
warrant a downgrade of the bank's ratings.
Headquartered in Moscow, Russia, Maritime Bank reported total
assets of US$461.4 million, shareholders equity of US$56.1
million and net income of US$1.3 million at end-H1 2013,
according to the bank's unaudited IFRS financial statements.
PETROCOMMERCE BANK: Moody's Affirms 'B1' Deposit & Debt Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed the following ratings of
Petrocommerce Bank : the long-term foreign- and local-currency
deposit ratings and local-currency debt ratings of B1, the
standalone bank financial strength rating (BFSR) of E+,
equivalent to a baseline credit assessment (BCA) of b1, and the
Not Prime short-term foreign- and local-currency ratings. The
outlook on all long-term ratings remains negative, while the
outlook on the bank's standalone BFSR is stable.
Moody's assessment of the issuer's ratings is largely based on
the public announcement of the sale of Petrocommerce to Otkritie
Financial Corporation (FC Otkritie) as well as the bank's audited
financial statements for 2012, and its unaudited financial
statements for H1 2013, prepared under IFRS.
Ratings Rationale:
The affirmation of Petrocommerce's ratings reflects the expected
financial aid (scheduled by year-end 2013) from the bank's
current controlling shareholder -- IFD Kapital Group. This aid
consists of the following: (1) the disposal of Petrocommerce's
problem assets to IFD Kapital Group; and (2) a new subordinated
loan of RUB10 billion, which should enable the bank to restore
its capitalization, profitability and liquidity.
This financial aid for Petrocommerce will be forthcoming as a
pre-condition of the sale agreement whereby IFD Kapital Group
disposes its controlling stake in Petrocommerce to FC Otkritie --
a leading Russian financial institution, which also controls
Nomos Bank (deposits Ba3 stable; BFSR D-/BCA ba3 stable) and its
subsidiary banks. Moody's expects the deal to be closed in 2014,
and Petrocommerce will operate under the umbrella of FC Otkritie
which will have a controlling a 95% stake in Petrocommerce.
The negative outlook on Petrocommerce's long-term ratings now
reflect the risk of failure of execution of the sale agreement
and/or the risk that the new financial aid will not be
sufficiently adequate to rectify the bank's deficiencies that
include (1) weakened capitalization, which has been under
pressure from asset quality erosion; and (2) expectations of
further pressure from a problematic legacy loan book (mainly
corporate loans originated prior to the 2008-09 financial crisis)
on asset quality, capital and profitability.
Petrocommerce's capitalization has deteriorated, with the total
capital adequacy ratio (CAR) and Tier 1 ratio falling to 15.6%
and 12.6%, respectively, at end-H1 2013 (year-end 2012: 18.0% and
14.7%). The bank's capital base was negatively affected by new
provision charges, which reduced Tier 1 capital by 4% in H1 2013,
while risk-weighted assets recorded a further increase of 11%
during the same period. As a result, the bank has a modest buffer
to absorb potential losses arising from any further asset quality
erosion.
Moody's notes that Petrocommerce's asset quality remains weak
despite some diversification into activities including lending to
smaller companies and retail customers, in accordance with the
new strategy. As of year-end 2012, the level of Petrocommerce's
problem loans (defined as individually impaired in the corporate
segment, and 90+ days overdue in the retail segment) remained
significant: 24% of the gross loan book (vs. approximately 8%
average for Russia), with the majority of problem loans
concentrated in the corporate segment and representing legacy
loans originated before the 2008-09 financial crisis. In Moody's
view, the likelihood of recovery for most of these problem loans
is limited over the next 12-18 months.
Moody's believes that, in the context of the expectations for
problem loan recovery, the 11% of loan loss reserves created by
Petrocommerce against the loan portfolio as of year-end 2012 is
unlikely to be sufficient to fully compensate for the expected
level of credit losses that may additionally crystallize from the
problematic loan portfolio, thereby further undermining the
bank's capital adequacy ratio and putting pressure on its already
weak profitability.
Petrocommerce's profitability has been weak for several years,
and was negatively affected by large provision charges and a low
revenue stream -- the latter being negatively affected by the
high proportion of problem loans. Despite some progress in
diversifying into higher-margin business (in accordance with the
new strategy), the bank demonstrated weak pre-provision income
(net of gains from the sale of loans to the shareholder) relative
to total assets: 1.4% in H1 2013 and 1.6% at year-end 2012. As a
result, the bank's income was not sufficient to absorb additional
provision charges for problem loans, as reflected in negative
bottom-line earnings in H1 2013 and the weak result in 2012
(return on assets (ROA) of less than 1%).
What Could Move The Ratings Up/Down:
Given the negative outlook on Petrocommerce's long-term ratings,
upward pressure is limited. The outlook on the long-term ratings
could be changed to stable from negative if the bank improves its
profitability and asset quality while maintaining capital and
liquidity at adequate levels.
Moody's says that Petrocommerce's ratings could be downgraded if
the new financial aid is not sufficiently adequate to rectify the
bank's previous deficiencies (e.g. asset quality, capital and
profitability).
Headquartered in Moscow, Russia, Petrocommerce reported total
assets of RUB239 billion (US$7 billion) under IFRS (unaudited) as
of end-June 2013. The bank's net loss totaled RUB1.6 billion
(US$48 million) in the first six months of 2013.
=========
S P A I N
=========
AUTOVIA DE LA MANCHA: Moody's Alters Sr. Loan Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from negative
the outlook on the Caa1 EUR110 million guaranteed senior secured
loan due 2031 (the "Underlying Loan") originally raised by
Autovia de la Mancha S.A. ("Aumancha") in 2008. Moody's has also
affirmed the rating on the Underlying Loan. The rating on the
loan taking into account the benefit of a guarantee of scheduled
payments of principal and interest provided by Assured Guaranty
(Europe) Ltd (the "Insured Loan") is unchanged at A3.
Aumancha is a special purpose company that in June 2003 entered
into a 30-year concession agreement with the Castilla-La Mancha
to build, operate and maintain a 52.3 km shadow toll road, namely
the Toledo to Consuegra section of the Autovia de los Vinedos
motorway linking the cities of Toledo and Tomelloso in central
Spain.
Ratings Rationale:
"The change of outlook on Aumancha's Caa1 Underlying Loan rating
to positive is prompted by improvements in the timeliness of the
payment of invoices by the offtaker, the Spanish regional
government of Castilla-La Mancha, and the continued support of
the Spanish government to the region," says Declan O'Brien, an
Analyst in Moody's Infrastructure Finance Group. "The trend of
declining traffic volumes on the project road is showing signs of
easing and Moody's believes that Aumancha's financials are
sufficiently robust to withstand a range of downside traffic
scenarios," adds Mr. O' Brien
The Caa1 rating on the Underlying Loan is constrained by (1)
Aumancha's exposure to declining traffic volumes; (2) the credit
quality of Castilla-La Mancha (Ba3 negative) as payer under the
concession agreement; (3) the history of late payments by
Castilla-La Mancha, to the detriment of Aumancha's capacity to
meet debt service payments, although the recent payment history
has been in line with contractual terms; and (4) high leverage.
These risks are to some extent mitigated by Aumancha's
satisfactory debt service coverage ratios (DSCRs), even under
downside traffic cases, and its strong liquidity. Moody's also
notes the protection afforded to Aumancha by the compensation on
termination regime in the event of a default under the concession
agreement.
Observed traffic on the road has been volatile over the past
three years. Traffic volumes for light vehicles fell in 2011 and
2012 by 4% and 10%, respectively, whereas the fall in heavy
vehicles has been more pronounced, with a fall of 7%, and 12%,
respectively. In the nine months to September 2013, light vehicle
and heavy vehicle traffic also declined, by 1.2% and 7%
respectively, albeit the rate of decline in traffic volumes on
the project road is showing signs of easing. Moody's has run a
conservative scenario ("Moody's Case") whereby it assumes a fall
in light vehicle and heavy vehicle traffic volumes in 2014 and
2015 of 3% and 8%, respectively (in line with traffic for the
seven months to July 2013), flat growth in 2016 and 1.2% growth
thereafter. Under this scenario, Moody's forecasts that
Aumancha's minimum and average DSCR will be 1.12x and 1.49x,
respectively.
The A3 rating of the Insured Loan is positioned at the same level
as the Local Currency Country Risk Ceiling for credits in Spain.
This reflects the risk, most specifically in the event of a
currency redenomination, that the guarantee will not reliably and
effectively mitigate the risks embedded in the A3 ceiling.
What Could Change The Rating Up/Down:
Moody's could consider upgrading the rating on the Underlying
Loan if (1) Aumancha's traffic and DSCR profiles improve and
there are no ongoing payment delays; or (2) the rating of
Castilla-La Mancha is upgraded. Conversely, Moody's could
consider downgrading the ratings if (1) traffic continues to
decline such that the DSCRs deteriorate and/or the project
experiences further payment delays; (2) operating, maintenance
and lifecycle cost assumptions prove inadequate; or (3) the
rating of Castilla-La Mancha is downgraded.
===========
T U R K E Y
===========
ALLIANZ SIGORTA: S&P Assigns 'BBpi' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited
public information (pi) insurer financial strength rating on
Allianz Sigorta A.S. at 'BBpi' and assigned its 'BBpi'
counterparty credit rating to the company.
The ratings predominantly reflect S&P's view of Allianz Sigorta's
fair business risk profile and less than adequate financial risk
profile, according to its criteria. S&P bases its assessment of
Allianz Sigorta's business risk profile on its opinion of its
moderate industry and country risk and adequate competitive
position. Despite S&P's view that Allianz Sigorta has upper
adequate capital and earnings and strong financial flexibility,
our financial risk profile assessment is constrained by generally
marginal credit quality of the investment options available
within Turkey. This comes to light through the company's high
risk position. S&P combines these factors to derive a 'bb+'
anchor for Allianz Sigorta. S&P views Allianz Sigorta as
nonstrategic to its 84% majority shareholder Allianz Group, which
means that the rating on the company receives no notches of
uplift for group support. The rating is 'BBpi' as S&P's public
information ratings generally do not bear plus or minus
modifiers.
"Overall, we consider that Allianz Sigorta faces moderate
industry and country risk owing to its full exposure to the
Turkish insurance sector. Our assessment of country risk for
Allianz Sigorta is moderate. This balances our view of generally
effective policymaking in Turkey with economic risk owing to
credit-driven growth. Our assessment of Allianz Sigorta's
industry risk is moderate, primarily due to the high barriers to
entry into the Turkish market. This is offset by our view of the
negative product risk caused by the sector's exposure to
earthquake risk. We note that there is significant potential for
premium growth in Turkey. However, we believe that the
industry's profitability, measured using return on equity, is
likely to remain low over the next two years because of severe
competition. We view the institutional framework in Turkey as
moderately strong, reflecting adequate regulation and
supervision. We view favorably the regulator's aim to implement
the EU's Solvency II Directive," S&P said.
Allianz Sigorta's competitive position is adequate, in S&P's
opinion, thanks to its well-established position in the Turkish
market.
Allianz Group formed a long-term joint venture with Yepi Kredi
Turkey and acquired non-life insurer Yepi Kredi Sigorta in the
second quarter of 2013. If Allianz Sigorta and Yepi Kredi
Sigorta (Allianz Turkey Operations) merge in 2014, the combined
entity would become the leading player in Turkey's non-life
market with a combined market share of around 15%. If the two
entities do merge, S&P believes this could potentially enhance
the competitive position of Allianz Sigorta, as long as the
merger does not dilute Allianz Sigorta's improved operating
performance.
An important part of the agreement between Allianz Sigorta and
Yapi Kredi is a 15-year bancassurance agreement, which will
provide Allianz Sigorta exclusive access to the fifth-largest
banking network in Turkey. S&P believes that this will enhance
Allianz Sigorta's distribution network as the company previously
lacked this distribution channel. On a stand-alone basis,
operating performance has been materially above that of its
peers: a three-year average combined ratio of just below 100%
compares favorably to a market average of 110%. However, the
company's competitive position is constrained by its business
concentration in Turkey.
Diversification of Allianz Sigorta's portfolio is limited. In
line with its local peers, Allianz Sigorta's premium income was
dominated by motor insurance (about 50%), health (about 25%), and
commercial property (about 10%) by the end of 2012. Under S&P's
base case, it assumes Allianz Sigorta's total gross premiums on a
stand-alone basis will grow by 15% annually from 2012 to 2015,
with 10% growth in health insurance. S&P believes this is likely
to be supported mainly by premium rate increases.
"We assess Allianz Sigorta's capital and earnings as upper
adequate, as our criteria define the term. Our assessment is
supported by upper adequate capital adequacy, according to our
risk-based capital model. Our base-case scenario assumes that
retained earnings will be sufficient to support Allianz Sigorta's
organic growth over the next three years and that the company
will maintain total adjusted capital (TAC; our definition of risk
adjusted capital) at the 'BBB' level of confidence," S&P noted.
"We regard Allianz Sigorta's risk position as high under our
criteria. Our assessment is constrained by the generally limited
credit quality of the investment options available within Turkey.
Furthermore, its concentration in the Turkish market exacerbates
its exposure to possible earthquake risk. In addition, it
recognizes some concentration risk to the financial services
sector through bank deposits. We note Allianz Sigorta has high
nvestment leverage given its exposure to speculative-grade bonds
in excess of its capital base (under our definition, bonds rated
'BB+' or lower are considered high risk). The investment
portfolio comprises bonds (57%), cash (40%), real estate (2%),
and investment in affiliates (1%) in the first half of 2013.
Given the high volatility of the equity and real estate markets
and the high capital requirements for equity holdings, we do not
expect Allianz Sigorta to diversify into the local stock market,"
S&P added.
S&P considers the company's financial flexibility to be strong,
mainly given its debt-free balance sheet and access to its
parent's capital and liquidity. S&P do not anticipate that
Allianz Sigorta will require any substantial level of extra
capital to meet organic needs over the rating horizon. S&P
expects that retained earnings will remain the principal source
of capital growth in the next few years.
In line with S&P's criteria, in its assessment of public
information ratings it limits its assessments of management and
governance to fair, enterprise risk management to adequate, and
liquidity to adequate.
AXA SIGORTA: S&P Assigns 'BBpi' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited
public information (pi) insurer financial strength rating on
Turkish insurer AXA Sigorta A.S.
At the same time, S&P assigned its 'BBpi' counterparty credit
ratings to the company.
The ratings predominantly reflect S&P's view of AXA Sigorta's
fair business risk profile and less than adequate financial risk
profile, according to its criteria. S&P bases its assessment of
the company's business risk profile on its opinion of its
moderate industry and country risk and adequate competitive
position. Its lower adequate capital and earnings, according to
S&P's criteria; strong financial flexibility; and high risk
position form its view of the company's financial risk profile.
S&P's financial risk profile assessment is constrained by the
generally marginal credit quality of the investment options
available within Turkey. S&P combines these factors to derive a
'bb+' anchor for AXA Sigorta. The indicative stand-alone credit
profile is 'bb-', incorporating S&P's assessment of management
and governance at the company as weak. S&P views AXA Sigorta as
nonstrategic to its parent, according to its strict definition,
which means that the ratings receive no uplift for group support.
The rating is 'BBpi', as S&P's public information ratings
generally do not bear plus or minus modifiers.
Overall, S&P considers that AXA Sigorta faces moderate industry
and country risk owing to its full exposure to the Turkish
insurance sector. S&P's assessment of country risk for the
company is moderate, reflecting its view of generally effective
policymaking in Turkey, partly offset by the economic risk owing
to credit-driven growth. S&P's assessment of AXA Sigorta's
industry risk is moderate, primarily due to the high barriers of
entry into the Turkish market. This is offset by S&P's view of
the negative product risk caused by the sector's exposure to
earthquake risk. S&P notes that there is significant potential
for premium growth in Turkey. However, S&P believes that the
industry's profitability, measured using return on equity, is
likely to remain low over the next two years because of severe
competition. S&P views the institutional framework in Turkey as
moderately strong, reflecting adequate regulation and
supervision. S&P views favorably the regulator's aim to implement
the EU's Solvency II directive.
AXA Sigorta's competitive position is adequate, in S&P's opinion.
The company was ranked first in the Turkish market by gross non-
life premium written at the end of 2012, with a 13.9% market
share (2011: 13.8%). Gross premium written grew by 19.5% in 2012
(in real terms 13.3% after an average inflation of 6.2% in Turkey
in 2012) and driven by motor third party liability (TPL)
products. However, the company's operating performance has in
recent years been materially below that of its peers: a three-
year average combined ratio (CR) of around 116% compares
unfavorably to a market average of 110%. (The CR is a measure of
profitability to indicate performance on underwriting operations.
A ratio below 100% indicates underwriting profit; a ratio of more
than 100% means the company is paying out more on claims and
expenses than it is receiving from premiums.)
The company's competitive position is also constrained by the
concentration of its business in Turkey. Diversification of AXA
Sigorta's portfolio is limited. In line with local peers,
premium income is dominated by motor insurance, which made up for
approximately 66% of gross premium written in 2012 (2011: 36%
motor TPL, 30% motor own damage).
"We assess the company's capital and earnings as lower adequate,
as our criteria define the term. We anticipate that AXA
Sigorta's total adjusted capital (TAC; our definition of risk-
adjusted capital) will continue to exceed our benchmark for the
'BBB' level of confidence, through until 2015. The company's
current capital position owes entirely to a material capital
injection from its parent in the first quarter of 2013 to offset
material reserve strengthening in 2012. Our assessment is also
based on our assumption that the company's earnings will be
insufficient to fund the expected strong growth in premiums.
Total technical reserves increased by almost 50% to Turkish lira
(TRY) 2,204.4 million in 2012, due to the increase in bodily
injuries claims reserves (both in motor TPL and general liability
lines of business). This came as a consequence of the
deterioration in 2012 of this type of claim and changes in
regulations. It led to a 2.3x rise in incurred but not reported
reserves and unexpired risk reserves (an increase of 27.3x)
according to Turkish regulation in 2012. Hence, the 2012 overall
net CR stood at a record high of 146.3% (2011: 105.1%); much
higher than the 2007-2011 average of 100%, which was in line with
the market average. However, in the first half of 2013, AXA
Sigorta had an encouraging CR of 95.8%, with a TRY56.1 million
technical result, excluding investment income that was
transferred to a non-technical account. The result in 2012
suggests that AXA Sigorta may have under-reserved for a prolonged
period or may have priced more aggressively to grow its
business," S&P said.
S&P regards AXA Sigorta's risk position as high, under its
criteria. The 2012 results highlight the company's capital
volatility with regards its reserving risk. S&P's assessment is
also constrained by the generally limited credit quality of the
investment options available within Turkey. In addition, it
recognizes some concentration risk associated with the Turkish
financial services sector through bank deposits and corporate
bonds. S&P notes that AXA Sigorta has high investment leverage,
given its exposure to below investment grade bonds in excess of
its capital base (under S&P's definition bonds rated 'BB+' or
lower are considered high risk). The investment portfolio
comprises cash (56%), bonds (43%), real estate, excluding for own
use (less than 1%), and investment in affiliates and equities
(less than 1%) in the first half of 2013. Given the high
volatility of the equity and real estate markets, and the high
capital requirements for equity holdings, S&P do not expect AXA
Sigorta to diversify into the local stock market.
"We assess AXA Sigorta's financial flexibility as strong
reflecting the benefits of its ongoing relationship with AXA, as
demonstrated by the significant capital injection in 2013. In
the first quarter of 2013, AXA Sigorta received a TRY770 million
capital injection from its parent AXA Group to make up for 2012
losses. We believe that there remains the potential need for
further capital support, given that the company is growing
rapidly and profits are low," S&P noted.
S&P views management and governance at AXA Sigorta as weak. S&P
believes the significant adverse reserve development in 2012
reflects weaknesses in the company's strategic and operational
management. The extent of the reserve charge -- contributing to
a 97% decline in shareholders' equity -- highlights to S&P that
on a stand-alone basis, some key aspects of management have
proved potentially harmful to the company's risk profile.
In line with S&P's criteria, in its pi ratings analysis, it
limits its assessments of enterprise risk management and
liquidity to adequate.
===========================
U N I T E D K I N G D O M
===========================
ANGLO-CAPITAL PARTNERS: High Court Enters Wind Up Order
-------------------------------------------------------
Anglo-Capital Partners Ltd, a London company that cold-called the
public offering carbon credits for investment has been ordered
into liquidation in the High Court on grounds of public interest
following an investigation by Company Investigations of the
Insolvency Service.
The order winding up the company on Oct. 23, 2013, followed a
petition presented by the Insolvency Service on behalf of the
Secretary of State for Business, Innovation and Skills.
The investigation found that the company charged investors
between GBP4.45 and GBP9.22 a credit and raised over GBP1 million
by promising investors that the credits were a phenomenal
investment opportunity and to expect returns of between 20-25 per
cent within two years.
The company's Web site www.angloalternatives.com described carbon
credits as the ethical alternative investment stating that "Anglo
Alternative Investments was developed not only to offer a variety
of ways to invest but also to start making a real and influential
difference to companies and individuals carbon output."
Welcoming the Court's judgment, Chris Mayhew, Investigations
Supervisor with Company Investigations, part of the Insolvency
Service, said:
"The real and influential difference in reality was that elderly
and financially inexperienced investors were deprived of their
savings after answering calls from the company's representatives,
some of whom, when contacting investors referred to themselves as
bankers and/or implied they were calling from a bank; thereby
giving the false impression to investors that they were dealing
with a reputable financial institution.
"A carbon credit is generally defined as a permit that allows the
holder to emit one tonne of carbon dioxide into the atmosphere.
Here the business was about releasing as much hot air as it took
to achieve a sale.
"The Insolvency Service will not hesitate to take action to close
down unscrupulous companies."
CHARLES GEE: CM Downton Buys C&H Unit Out of Administration
-----------------------------------------------------------
Simon Nias Monda at PrintWeek reports that independent logistics
business CM Downton has bought the Charles Gee Group subsidiary
C&H (Hauliers), a major supplier to UK newspaper printers, from
administrators FRP Advisory.
PrintWeek relates that the deal was finalised on October 25 and
will see CM Downton take on all 180 C&H staff and take over the
GBP23 million turnover business's operations with immediate
effect.
"The Downton Group has been looking to expand its business
through either acquisition or mergers, and the C&H business was a
perfect match. We both work in the same sectors -- in particular
with paper and publishing clients -- and there are synergies for
both businesses that made the deal a no-brainer," the report
quotes Andrew Downton, managing director of CM Downton, as
saying.
"C&H is a fantastic business with a great heritage, which
unfortunately had suffered through the cash flow difficulties of
the holding company. To be able to save this business -- and its
staff -- while driving forward our own business was too good an
opportunity to turn down."
PrintWeek relates that Phil Armstrong, partner at FRP Advisory
and joint administrator, said: "We are delighted to have found a
new home in CM Downton for the business of C&H, its staff and its
array of loyal customers."
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 23, 2013, Press Association said Charles Gee Group has been
forced into administration after running out of cash. Charles
Gee called in restructuring firm FRP Advisory after suffering
"acute cashflow pressures" following years of tough trading,
Press Association related.
Charles Gee is a haulier and shipping group. The group serves
the nuclear power industry, and has offices in Clevedon and
Bridgewater.
EYEMOUTH: Assets Have Been Split in Two
---------------------------------------
Berwick Advertiser reports that the assets of an Eyemouth boat
building business which went into administration in August have
been split in two, creditors have been told.
Administrators insist Coastal Marine Boatbuilders Limited's
boatyard has been sold to former company director Andrew
Thornhill because it was the "only viable offer" on the table,
according to Berwick Advertiser. That means the remaining
business, the part based at Eyemouth Industrial Estate and set up
last year to build support vessels for an offshore wind farm, is
still up for sale, according to the report.
The report notes that a spokesperson for administrators PCR told
us: "The offer for the boat repair part of the business was the
only one able to be accepted . . . . It was the only one that
was viable and made sense, so the deal was done. The buyer was
not interested in the other part of the business."
PCR told creditors at a meeting last week that a higher offer
than the one made by Mr. Thornhill was turned down because it
contained a condition that could not be met.
The report discloses that about a dozen local firms were
represented at the meeting, where the sale of the boatyard and
premises was voted through by the major creditors. The report
relays that it was revealed last month that about GBP1.3 million,
or 70%, of the debt is owed to company directors, including Mr.
Thornhill himself.
Some local creditors are furious that Mr. Thornhill has been
allowed to buy part of the company back after it was driven into
administration with estimated debts of GBP1.7 million, the report
notes.
The report discloses that more than GBP500,000 is owed to local
traders and businesses in Eyemouth and the surrounding area.
They fear they will be left out of pocket, the report relays.
Originally a boat building and repair firm, CMBL expanded into
building offshore wind farm support vessels in early 2012. But
18 months later, the company went into administration with the
loss of 17 jobs.
OXFORD SUNERGY: Wound Up Over GBP700K Carbon Credit Scam
--------------------------------------------------------
Three connected companies that sold non-existent carbon credits
to the public using high pressure sales tactics were wound up in
the public interest by the High Court on Sept. 18, 2013,
following investigations by the Insolvency Service.
Oxford Sunergy Limited, Fast Corporate Solutions Ltd, and Vero
Energy Ltd traded through virtual office and email contact
facilities, between August 2011 and October 2012. They used cold-
calling and high pressure sales techniques to persuade people to
invest in Voluntary Emission Reduction -- carbon credits.
Oxford Sunergy was based in Oxford while Fast Corporate Solutions
Ltd and Vero Energy Ltd were based in London.
Investors were promised short-term high returns from selling
carbon credits to corporate clients including Marks & Spencer and
British Airways. In practice, the companies took customer funds
without providing any products in return.
The companies were found to have all been abandoned and only one
director from Vero Energy Ltd co-operated with investigators, and
claimed that she had been a victim of identity theft, being
unaware that her name had been used as that of an appointed
company director.
None of the companies' customers had received any proof of
ownership of carbon credits documentation, and have been left out
of pocket in the sum of GBP690,000.
In her judgment on Sept. 18, 2013, in the High Court in London,
Register Derrett stated that she was "satisfied that the trading
practices of the companies demonstrated fraudulent trading and
for that reason alone those companies should be wound up in the
public interest."
Commenting on the matter, David Hill, Investigations Supervisor
with the Insolvency Service, said:
"This company set out to fool the public into buying alleged
carbon credits, when in reality, they were selling nothing more
than hot air . . . . The Insolvency Service will not hesitate to
take action to put such unscrupulous companies out of business."
RHONDDA CYNON: In Administration, Cuts 8 Jobs
---------------------------------------------
WalesOnline reports that eight people are to lose their jobs
after Groundwork Merthyr and Rhondda Cynon Taff went into
administration.
The trust, based in Rhondda Cynon Taff, is a charity which helps
people and organisations make changes in order to create better
neighbourhoods, to build skills and job prospects, and to live
and work in a greener way.
It is run under the banner of Groundwork Wales but is run
independently, employing 22 people.
It was announced that BDO LLP business restructuring partners,
Ian Gould and Simon Girling, were appointed as joint
administrators over the trust on Wednesday.
The joint administrators are continuing to trade the trust with a
view to seeking a sale of the business as a going concern.
Mr Gould, BDO business restructuring partner, said: "Reductions
in funding caused significant difficulties for Groundwork
Merthyr. We are liaising closely with local project funders to
find the best way forward.
"We intend to trade the trust through administration and are
hopeful of securing a sale of the business and assets."
A statement from the administrators added: "The Trust employed 22
staff and regrettably, it has been necessary to make eight
employees redundant."
SAVE BRITAIN MONEY: Two Call Centers Go Into Administration
-----------------------------------------------------------
BBC News reports that two companies which form part of a Swansea-
based call center business have gone into administration.
We Claim U Gain Ltd and Fuelswitch.com Ltd called in
administrators from Deloitte on October 31, according to BBC
News.
The report relates that both companies are part of the Save
Britain Money group owned by Nev Wilshire, well-known through BBC
TV documentary series The Call Centre. BBC News notes that all
220 employees have been transferred to other companies within the
organization.
Richard Hawes -- rhawes@deloitte.co.uk -- restructuring partner
at Deloitte said: "We are now in the process of winding up these
two companies.
"Prior to our appointment, they had already scaled down
operations significantly and all 220 employees, who were largely
already re-deployed to other parts of the business, have been
formally transferred to other companies within the Save Britain
Money Limited group," the report quoted Mr. Hawes as saying.
We Claim U Gain was a claims management company specializing in
payment protection insurance (PPI) claims while Fuelswitch.com
operated as an online energy price comparison business.
TEMESE FUNDING: Moody's Cuts Rating on Class D Notes to '(P)B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the provisional ratings
of four classes of asset-backed notes to be issued by Temese
Funding 1 Plc, and will withdraw these ratings for business
reasons. These actions are driven by a correction to one key
input of the rating model Moody's used to rate this transaction.
GBP226M Class A Asset Backed Floating Rate Notes due 2021,
Downgraded to (P)A2(sf) and to be withdrawn, previously on
October 23, 2013 Assigned (P)Aaa (sf)
GBP16M Class B Asset Backed Floating Rate Notes due 2021,
Downgraded to (P)Baa3(sf) and to be withdrawn, previously on
October 23, 2013 Assigned (P)Aa2 (sf)
GBP11M Class C Asset Backed Floating Rate Notes due 2021,
Downgraded to (P) Ba2(sf) and to be withdrawn, previously on
October 23, 2013 Assigned (P)A2 (sf)
GBP9M Class D Asset Backed Floating Rate Notes due 2021,
Downgraded to (P)B2(sf) and to be withdrawn, previously on
October 23, 2013 Assigned (P)Baa3 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. A definitive rating (if any)
may differ from a provisional rating.
Ratings Rationale:
Actions result from a correction Moody's has made to one key
input of the rating model for this transaction. Due to an input
error by Moody's, the rating model used in the October 23, 2013
rating action mistakenly assumed a quarterly cash flow, which as
a result impacted the modeling of other input factors such as the
portfolio yield, amortization amounts and timing of defaulted
amounts. When the cash flow is correctly input as monthly, the
model indicates a higher expected loss and a lower weighted
average life for each class of notes. Moody's has now corrected
the rating model cash flow input, and rating actions reflect this
change.
In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the Inverse Normal distribution
assumed for the portfolio default rate. On the recovery side
Moody's assumes a 5% fixed rate. In each default scenario, the
corresponding loss for each class of notes is calculated given
the incoming cash flows from the assets and the outgoing payments
to third parties and noteholders. Therefore, the expected loss or
EL for each tranche is the sum product of (i) the probability of
occurrence of each default scenario; and (ii) the loss derived
from the cash flow model in each default scenario for each
tranche. As such, Moody's analysis encompasses the assessment of
stressed scenarios.
Moody's will withdraw these provisional ratings for its own
business reasons.
ULTRALASE: Enters Into Administration
-------------------------------------
Insider Media News reports that laser eye surgery company
Ultralase has entered administration only days after its
acquisition by Optimax was cleared by the Competition Commission.
A spokesman for Ultralase said: "We regret to announce that,
owing to the challenging economic climate, Ultralase Ltd was
placed into administration on October 30, 2013," according to
Insider Media News.
Administrators from ReSolve Partners have been appointed to the
business.
The report relates that Ultralase has been part of the Ultralase
Optimax Group for just 11 months after it was acquired by rival
Optimax in December 2012.
That deal, which saved about 120 jobs, was referred to the
Competition Commission over concerns that it could reduce
competition for laser eye surgery in six localities, the report
notes.
But the watchdog provisionally cleared the transaction at the end
of October after accepting the laser eye treatment provider would
otherwise have gone out of business, the report adds.
===============
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* Cross-Border Insolvency & Chapter 11 Webinar Set for Dec. 10
--------------------------------------------------------------
Five restructuring professionals, including the Honorable
Kevin J. Carey, United States Bankruptcy Court, District of
Delaware, will define and discuss the complexity of cross-border
insolvency and Chapter 15 bankruptcy. Joining Judge Carey will
be:
-- Thomas J. Salerno, Esq., Partner, Squire Sanders (US) LLP,
-- Nava Hazan, Esq., Partner, Squire Sanders (US) LLP,
-- Margot MacInnis, Managing Director, KRyS Global (Cayman
Islands), and
-- Michael Morrison, Partner, KPMG (Bermuda).
Ms. Hazan will lead a discussion on how Chapter 15 of the U.S.
Bankruptcy Code provides a mechanism for a company in a foreign
insolvency to seek injunctive relief against litigation in U.S.
courts or U.S. bankruptcy court assistance in the
administration and protection of its U.S. assets.
The panel will also address the topic of how Chapter 15 can be
used as a tool to bind creditors, including creditors in the
U.S., to the terms of a plan of reorganization approved by a
foreign court.
The event faculty will convene on Tuesday, December 10, 2013,
at 11:00 a.m., Eastern Time, to share their observations and
practice tips during a live 90-minute webinar.
Visit http://bankrupt.com/webinars/for more information and to
register for the webinar.
* 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
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
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SOLON SE SOO1 GR -138663225.9 627116116.4
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SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
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TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
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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WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
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WATERFORD WE-RTS WTFF LN -505729895.2 820803256
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WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
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GABETTI AXA+W GABAAW IM -11268334.91 224454564
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GABETTI SPA GABH IM -11268334.91 224454564
GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
MAIRE TECNIMONT MTCM PZ -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
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MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
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OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
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PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
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TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
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
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
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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
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
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DE LA RUE PLC DL1C GK -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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DE LA RUE PLC DLAR VX -72920095.83 652922700.1
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DE LA RUE PLC DLAR EU -72920095.83 652922700.1
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JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
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SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
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TELEWEST COMM 715382Q LN -3702234581 7581020925
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TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
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THORN EMI PLC THNE FP -2265916257 2950021937
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TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
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
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TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
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TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
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UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
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VIRGIN 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 * * *