/raid1/www/Hosts/bankrupt/TCREUR_Public/131119.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 19, 2013, Vol. 14, No. 229
Headlines
F R A N C E
ALBEA BEAUTY: Moody's Confirms B2 CFR & Sr. Sec. Notes Rating
VEOLIA ENVIRONNEMENT: S&P Cuts Jr. Securities Rating to 'BB+'
YPSO FRANCE: Moody's Continues Review on B2 CFR for Upgrade
G E R M A N Y
PRAKTIKER AG: Max Bahr Faces Liquidation After Sale Talks Fail
I C E L A N D
ICELAND: Tells Hedge Funds 75% Claims Writedown Exaggeration
L U X E M B O U R G
BEVERAGE PACKAGING: Moody's Affirms Caa2 Rating on EUR480MM Notes
N E T H E R L A N D S
STORK TECHNICAL: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
N O R W A Y
ALBAIN MIDCO: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
P O R T U G A L
COMBOIOS DE PORTUGAL: Moody's Reviews 'B3' Ratings for Upgrade
ELECTRICIDADE DOS ACORES: Moody's Affirms 'B1' Issuer Rating
EMPRESA DE ELECTRICIDADE: Moody's Changes Outlook to Stable
ENERGIAS DE PORTUGAL: Moody's Affirms 'Ba1' Rating; Outlook Neg.
REDE FERROVIARIA: Moody's Hikes CFR to 'B1'; Outlook Stable
REDES ENERGETICAS: Moody's Affirms 'Ba1' Sr. Unsecured Ratings
R U S S I A
BANK PETROCOMMERCE: S&P Affirms 'B+/B' Counterparty Ratings
CENTER-INVEST BANK: Moody's Affirms Ba3 Deposit & Debt Ratings
MECHEL OAO: VTB Agrees to Join Other Creditors in Restructuring
MORDOVIA REPUBLIC: Moody's Assigns B1 Rating to RUB3-Bil. Bond
S P A I N
GRIFOLS SA: Moody's Changes Outlook to Neg. & Affirms Ba2 CFR
PROMOTORA DE INFORMACIONES: Seeks Refinancing Deal with Creditors
SOLOCAL GROUP: Moody's Puts B3 CFR Under Review for Downgrade
U N I T E D K I N G D O M
BLOCKBUSTER: Falsgrave Road Store to Close, To Cut 6 Jobs
CO-OPERATIVE BANK: Ex-Chairman Suspended Over Drug Allegations
CORNERSTONE TITAN 2005-1: S&P Withdraws BB+ Rating on Cl. C Notes
FLYBE: To Close Six Bases Under Restructuring Plan
G24 INNOVATIONS: G24 Power Buys Firm Out of Administration
HYPERION INSURANCE: S&P Assigns 'B' CCR; Outlook Stable
MAGIC NEWCO: Moody's Lowers Term Loan Rating to 'B1'
MAPELEY ACQUISITIONS: Goes Into Receivership
MIDLOTHIAN FOOTBALL CLUB: Holds Fundraiser Game for Club Costs
PROSPECT MAILING: In Administration, Cuts 30 Jobs
ROCKTRON GROUP: In Administration, Cuts 50% of Workforce
SPLASH MEDIA: In Administration, Not Enough Commissions
TURBO FINANCE 4: Moody's Rates GBP11.3MM Class C Notes at Ba1
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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ALBEA BEAUTY: Moody's Confirms B2 CFR & Sr. Sec. Notes Rating
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Moody's Investors Service has confirmed the B2 corporate family
rating (CFR), B2-PD probability of default rating (PDR) and B2
rating on the senior secured notes of Albea Beauty Holdings S.A.
following Albea Beauty Partners S.A.'s decision to discontinue
its plans to issue US$150 million of pay-in-kind (PIK) notes. The
outlook on all ratings is stable.
Ratings Rationale:
Albea's B2 CFR remains constrained by the company's Debt/EBITDA
of 5.5x based on LTM June 2013 EBITDA (on a Moody's adjusted
basis), continued execution risks regarding the Rexam PC
integration and Moody's expectation that cash restructuring costs
related to synergies and cost savings result in negative free
cash flow at least through 2014. Albea estimates these cash cost
at USD110 million of which Moody's expects the vast majority to
occur in 2013 and 2014, thereby absorbing a substantial amount of
cash.
Additionally, Albea's liquidity profile relies on an uncommitted
(three month termination period) EUR100 million European
receivables facility. As of September 2013, the company had
US$48 million in cash, availability of US$39 million under the
committed US$60 million North American ABL facility due in 2017
and US$86 million of availability under the uncommitted
receivables facility.
However, Moody's also understands that the company is on track
regarding its stated target of generating US$47 million of annual
synergies and cost savings by 2016, reporting USD13 million at
the end of September 2013 and rising to US$25.5 million by the
end of 2014. The rating also takes into account Albea's
longstanding relationships with blue-chip customers, which
mitigates to an extent its customer concentration risk. In
addition, the rating factors in (1) Albea's geographically well-
diversified and broad product portfolio; (2) the leading market
positions for several product lines; and (3) the significant
barriers to market entry, particularly regarding the more complex
pumps business.
Rating Outlook:
The stable outlook on the ratings is based on Moody's expectation
that Albea will make visible progress on the integration in line
with its stated target regarding synergies and implementation
cost, which over time will also lead to sustained margin
improvements.
What Could Change The Rating Up/Down:
Downward pressure could occur if Moody's becomes concerned over
Albea's liquidity profile for example from delays in its return
to free cash flow generation. The rating could also experience
negative pressure if improvements in operating performance from
growth opportunities and synergies fail to materialize or
Debt/EBITDA (as adjusted by Moody's) moves towards 6x.
Conversely, upward rating pressure on the rating could occur if
the integration has visibly progressed in line with the company's
stated targets. For upgrade pressure, Moody's would also expect
margin improvements and EBITDA growth resulting in visible
reduction of leverage measured as Debt/EBITDA (as adjusted by
Moody's) and a return to positive free cash flow.
Albea Beauty Holdings S.A. is the holding company for the recent
combination (December 2012) of Albea Group and Rexam PC, the
cosmetics business of Rexam Plc (Baa3, stable). For the first
half of 2013, combined revenues and adjusted EBITDA (as measured
by the company) reached US$774 million and US$76 million,
respectively.
VEOLIA ENVIRONNEMENT: S&P Cuts Jr. Securities Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on French environmental services group
Veolia Environnement S.A. to 'BBB' from 'BBB+'. At the same
time, S&P affirmed its 'A-2' short-term corporate credit rating
on Veolia. The outlook is negative.
S&P has also lowered its issue ratings on Veolia's senior
unsecured debt to 'BBB' from 'BBB+' and on its junior
subordinated hybrid securities to 'BB+' from 'BBB-'.
The rating action follows Veolia's recent announcement of its
third-quarter 2013 results and our subsequent downward revision
of S&P's base-case expectations for the group. The downgrade
mainly incorporates the uncertainty we see stemming from the
relentless decline in group EBITDA. S&P also factors in the
lackluster recovery in economic conditions in Europe and in
France, which in S&P's view will likely further delay the
turnaround in Veolia's organic growth. S&P expects this
turnaround to be supported primarily by planned massive cost-
cutting, most of which is yet to be implemented. S&P believes
this adverse momentum will prevent the group from turning free
operating cash flow positive before 2016 and from strengthening
its credit metrics to levels S&P regards as commensurate with a
'BBB+' rating in 2014 or 2015, despite the possibility of higher
disposal gains than S&P currently anticipates.
Veolia reported a 6.6% drop in year-on-year reported EBITDA in
the first nine months of 2013, adjusted for consolidation scope
changes, currency swings, and exceptional items, after 3.3% and
4.9% contractions in 2012 and 2011, respectively. This fall is
at the low end of our previous base-case scenario. Veolia is
suffering from intense pressure on prices and volumes under its
contracts with local authorities. . In addition, S&P anticipates
little relief in the near term given the hardening budgetary
constraints for local governments in general in France and
elsewhere in Europe. Moreover, the sluggish economic recovery in
Europe and in France, in particular, where Veolia derives half of
its revenues, could hinder the recovery of its more cyclical
operations, namely industrial waste and recycled materials. S&P
is also uncertain about Veolia's ability to retain the benefits
of its cost-cutting program, which it recently scaled up to
EUR750 million by 2016, without passing on these benefits to end-
customers.
"Under our current base-case scenario, we anticipate a turnaround
in Veolia's operating performance in the coming 12 months. In
our base case, we apply weaker economic conditions than the
midcycle assumptions Veolia uses and we assume successful
implementation of the group's cost-cutting plan. We think the
full consolidation of Proactiva, a water and waste company active
in Latin America, will mainly drive the turnaround. We forecast
modest organic growth, with a low-single-digit increase in EBITDA
increase on the back of some recovery in the industrial waste
markets in Europe and the benefits of cost cuts. We anticipate
that Veolia's EBITDA will revisit the 2011 reported level only in
2015 at constant scope of consolidation. We consider that major
changes in International Financial Reporting Standards (IFRS)
accounting rules regarding joint ventures and Veolia's large
divestments in recent years have substantially altered the
visibility and comparability of Veolia's accounts," S&P said.
"We anticipate that Veolia will again make marked progress in
reducing debt in 2013, notably through sizeable asset disposals
totaling about EUR1.5 billion and hybrid issues of EUR1.45
billion accounted as equity under IFRS. Some moderation in
investments, down to roughly EUR2 billion in 2013, and a script
option on dividends that saved about EUR220 million in cash have
also helped to decrease Veolia's financing needs. Our adjusted
credit metrics for Veolia have only marginally improved as a
result, though, given the group's still-ailing cash flow
generation. By our estimates, the group's ratio of adjusted
funds from operations (FFO) to debt will increase to about 17% in
2013 from 16.6% in 2012," S&P added.
"In our base-case scenario, we assume stable annual dividends of
EUR0.7 per share paid in cash, stable capital expenditure
(capex), the successful implementation of the split by French
power incumbent Electricite de France S.A. (EDF) and Veolia of
their Dalkia joint venture in energy services into French
domestic and international operations, and proceeds from
disposals or from repayments of loans from the group's subsidiary
Transdev--totaling about EUR1.5 billion over 2014-2015. We
therefore forecast that Veolia will continue to generate negative
discretionary cash flow and that its adjusted FFO-to-debt ratio
will reach about 18% in 2014 and 19% in 2015," S&P noted. This
is below the 20% level S&P deems commensurate with a 'BBB+'
rating and our assessment of Veolia's business risk profile as
"strong."
Veolia's rating and its "strong" business risk profile continue
to be underpinned by the group's leading worldwide positions in
water and waste, recurrent revenues from long-term municipal
contracts that bear minimal volume and performance risk, and wide
diversification in terms of business, contracts, and geography.
The strong structural growth drivers for environmental services
globally provide additional support. Offsetting factors that
create some volatility in group earnings are local authorities'
tough bargaining powers, which have structurally impaired
Veolia's historically high margins in core markets such as French
water; the waste business' exposure to economic cycles; fuel and
raw material prices; and the energy business' exposure to weather
conditions and energy prices. S&P views the proposed split of
Dalkia's assets as modestly supportive of Veolia's business risk
profile in light of profitability at Dalkia's international
division, growth prospects, and focus on regulated heat and
cooling networks.
S&P continues to regard Veolia's financial risk profile as
significant." Constraints include the group's high debt to
EBITDA, structurally negative cash flows before disposals, and
stretched credit metrics, which reflect the low profitability of
Veolia's businesses compared with its high capital intensity, in
S&P's opinion. Management's demonstrated strong financial
discipline and the group's prudent liability management partially
offset these weaknesses. S&P considers that the proposed split
of Dalkia's assets will lead to modest dilution of Veolia's
financial risk profile.
The negative outlook reflects the one-in-three possibility of a
downgrade of Veolia in the next two years if it fails to improve
its profitability and credit metrics. S&P views an adjusted FFO-
to-debt ratio above 18% as commensurate with Veolia's 'BBB'
rating.
The outlook also reflects S&P's view that there are significant
downside risks to its base-case scenario. In particular, the
economic recovery S&P assumes in its base case is fragile,
management has yet to demonstrate its ability to reap the
benefits of cost cutting, the execution of the proposed split of
Dalkia assets is still uncertain at this stage, and the troubled
conditions at Corsica ferry company SNCM (66% owned by Transdev)
hampers visibility on Veolia's exit from Transdev.
S&P could lower the ratings on Veolia if its adjusted credit
metrics fall short of its current expectations, or if it fails to
implement its plans or adapt to potentially increasingly adverse
conditions. S&P may also consider a downgrade if Veolia doesn't
remove the intense pressure on its margins, it expands
significantly in more volatile markets beyond the currently
announced plans, or it relaxes its financial discipline.
S&P could revise the outlook to stable if downside risks do not
materialize and if we gain good visibility that group cash flow
generation will gradually strengthen to an extent that enables
the group to self-finance its capex and to consolidate its credit
metrics in line with S&P's base-case scenario.
Ratings upside is remote at this stage. S&P views positive
discretionary cash flows and a ratio of adjusted FFO to debt
sustainably above 20% as commensurate with a 'BBB+' rating.
YPSO FRANCE: Moody's Continues Review on B2 CFR for Upgrade
-----------------------------------------------------------
Moody's continues its review on the ratings of Ypso France S.A.S.
("Numericable" or "the company"; CFR at B2 -- under review for
upgrade) and those of Numericable Finance & Co. S.C.A following
(i) the closing of Numericable Group ("the group")'s initial
public offering (IPO) on Paris Euronext NYSE exchange and (ii) an
announcement that the group has launched a transaction to
refinance the bank debt at its Altice B2B France SAS
("Completel") subsidiary, which operates the group's B2B
telecommunication activities. The refinancing will combine the
two separate Numericable and Completel credit pools and
Numericable will become the owner of Completel. Numericable Group
is the parent company of both Numericable and Completel. Since
closing of the IPO, the group's main shareholders are Altice Six
S.A. which holds a 30% interest, followed by Carlyle (26%) and
Cinven (18%).
Ratings Rationale:
Moody's expects to conclude its review following the completion
of the refinancing and upon receiving confirmation that
Numericable has become a subsidiary of Completel. Should
refinancing and ownership transfer of Completel occur as
envisaged, Moody's expects to upgrade Numericable's CFR to B1
with a positive outlook. Instrument ratings will be adjusted on
the basis of the final capital structure. Should the refinancing
not be completed and Completel remain outside the Numericable
credit pool, Moody's would reassess its position.
Moody's review for upgrade remains focused on the (i) the use of
a part of the targeted primary proceeds from the IPO (EUR 250
million) for debt reduction; (ii) a stated objective to maintain
leverage (as measured by a Net Debt/EBITDA ratio) between 3.5x
and 4.0x during the 2014-2016 period and (iii) an evaluation of
the current operating trends and strategic objectives for the new
company's B2B and B2C businesses. The review is also weighing the
different degree of business risk Moody's sees for the relatively
stable B2C business and the more volatile B2B business. The
review is further calibrated on the assumption that a transfer of
the Completel ownership to Numericable will occur in the short
term.
Numericable is the largest cable TV operator in France. For the
twelve months period to June 2013, Numericable generated EUR891
million in revenues and EUR456 million in adjusted EBITDA (as
reported by the company).
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G E R M A N Y
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PRAKTIKER AG: Max Bahr Faces Liquidation After Sale Talks Fail
--------------------------------------------------------------
Arno Schuetze and Alexander Huebner at Reuters report that
insolvent German home improvement store chain Max Bahr's
administrator said on Friday it is to enter liquidation after
talks to sell the retailer to rival Hellweg failed.
Max Bahr's parent Praktiker is already being liquidated after the
administrator failed to find a buyer for the whole group, Reuters
notes.
Reuters relates that the adminisrator said the Max Bahr
negotiations were at an advanced stage but collapsed over demands
from Royal Bank of Scotland, owner of 66 of the chain's 73
buildings. He added that 3,600 jobs are now at risk, Reuters
relays.
Sources told Reuters last month that Hellweg had teamed up with
former Max Bahr chief Dirk Moehrle to make an offer of more than
EUR100 million (US$134 million).
But the administrator said Hellweg declined to grant RBS a
guarantee that would have enabled the bank to hold it accountable
if Max Bahr ran into financial trouble, Reuters relates.
According to Reuters, RBS, which declined comment on the matter,
is now looking to rent out the Max Bahr sites. Reuters notes
that two people familiar with the situation said OBI, Rewe/Toom
and Hagebau have expressed interest in about half the sites.
Reuters relates that another source said RBS also turned down a
bid from German DIY group Globus, which had offered to buy 60 Max
Bahr outlets, after RBS had already turned down an earlier offer
from Globus to rent stores, albeit at lower prices.
The Praktiker stores have already started a clearance sale and
the same will now shortly happen in Max Bahr stores, Reuters
says.
As reported by the Troubled Company Reporter-Europe on July 29,
2013, Bloomberg News related that Max Bahr do-it-yourself stores
filed for insolvency after suppliers lost their insurance cover,
joining its home-improvement retailing parent company in
bankruptcy proceedings. Hamburg's higher regional court said
that Attorney Jens-Soeren Schroeder will be the insolvency
administrator for three Max Bahr units and Christopher Seagon
will oversee proceedings for a fourth, Bloomberg relayed.
Mr. Seagon is also the administrator for the Praktiker-branded
businesses that filed for bankruptcy protection in mid-July,
Bloomberg disclosed.
Praktiker AG is a German home-improvement retailer.
In July, Praktiker AG filed for insolvency after the sale of a
division collapsed, and said it will focus on restructuring the
business. The company applied at Hamburg's local court for
protection from creditors.
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I C E L A N D
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ICELAND: Tells Hedge Funds 75% Claims Writedown Exaggeration
------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
government says speculation by creditors in the island's failed
banks, many of whom are hedge funds, that they will need to take
a 75% writedown on their claims is an exaggeration.
Creditors in Iceland's failed banks are trying to reach an
agreement with the island's authorities on how to treat US$3.8
billion in krona-denominated claims without triggering a currency
slump, Bloomberg relates.
According to Bloomberg, Iceland has said it won't lift capital
controls unless creditors accept writedowns as the nation tries
to avoid a balance of payments crisis.
The government, elected in April after promising to help
households through debt relief, estimates it will be able to
unwind capital controls in place since 2008 within six months of
striking a deal with creditors, Bloomberg recounts.
The claims are a five-year-old legacy stemming from the failures
of Kaupthing Bank hf, Glitnir and Landsbanki Islands hf, whose
combined default on US$85 billion lurched Iceland into its worst
recession in six decades, Bloomberg discloses. Unemployment
jumped nine-fold and the government was forced to turn to the
International Monetary Fund to avoid national bankruptcy,
Bloomberg recounts.
A number of the creditors waiting to get their money back are
hedge funds that had bet on a faster resolution of Iceland's
banks, Bloomberg says. Firms including Davidson Kempner Capital
Management LLC and Taconic Capital Advisors LP, bought claims on
the lenders' assets at prices well below face value, Bloomberg
discloses.
Kaupthing had assets of US$6.5 billion and Glitnir had US$7.5
billion at the end of June, Bloomberg says, citing reports from
the banks.
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L U X E M B O U R G
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BEVERAGE PACKAGING: Moody's Affirms Caa2 Rating on EUR480MM Notes
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Moody's Investors Service assigned B1 ratings to the proposed
senior secured credit facilities and proposed senior secured term
loans of Reynolds Group Holdings Inc. Additionally, Moody's
affirmed the company's B3 Corporate Family, B3-PD Probability of
Default, and all other instrument ratings. The ratings outlook is
stable. The proceeds of the new facilities will be used to
refinance the existing facilities.
Moody's took the following actions:
Reynolds Group Holdings Limited
-- Affirmed B3 corporate family rating
-- Affirmed B3-PD probability of default rating
Reynolds Group Holdings Inc.
-- Affirmed $120 million senior secured revolving credit
facility due 11/05/2014, B1 (LGD2, 25%) (to be withdrawn at
the close of the transaction)
-- Affirmed EUR80 million senior secured revolving credit
facility due 11/05/2014, B1 (LGD2, 25%) (to be withdrawn at
the close of the transaction)
-- Assigned new $120 million senior secured revolving credit
facility due December 2018, B1 (LGD2, 25%)
-- Assigned new EUR80 million senior secured revolving credit
facility due December 2018, B1 (LGD2, 25%)
-- Affirmed $2,235 million senior secured term loan due
9/28/2018, B1 (LGD2, 25%) (to be withdrawn at the close of
the transaction)
-- Affirmed EUR300 million senior secured term loan due
9/28/2018, B1 (LGD2, 25%) (to be withdrawn at the close of
the transaction)
-- Assigned new $2,235 million senior secured term loan due
December 2018, B1 (LGD2, 25%)
-- Assigned new EUR300 million senior secured term loan due
December 2018, B1 (LGD2, 25%)
Beverage Packaging Holdings (Luxembourg) II S.A.
-- Affirmed EUR480 million 8.000% senior unsecured notes due
12/15/2016, Caa2 (LGD 5, 79%) (to be withdrawn at the close
of the transaction)
-- Affirmed subordinated notes, Caa2 (LGD6, 96%)
Beverage Packaging Holdings (Luxembourg) II S.A. and Beverage
Packaging Holdings II Issuer Inc. (USA)
-- Affirmed senior unsecured notes due 12/15/2016, Caa2 (LGD
5, 79%)
Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds
Group Issuer (Luxembourg) S.A.
-- Affirmed senior secured notes, B1 (LGD2, 25%)
-- Affirmed senior unsecured notes, Caa2 (LGD5, 79%)
Pactiv Corporation
-- Affirmed senior unsecured notes, Caa2 (LGD6, 93%)
The rating outlook is stable.
All ratings are subject to the receipt and review of the final
documentation.
Ratings Rationale:
The B3 corporate family rating reflects RGHL's weak credit
metrics, concentration of sales within certain segments and
acquisitiveness/financial aggressiveness. The rating also
reflects the competitive and fragmented market and the company's
mixed contract and cost pass-through position. RGHL has
comparatively limited transparency, a complex capital and
organizational structure and is owned by a single individual.
Strengths in the company's profile include its strong brands and
market positions in certain segments, scale and high percentage
of blue-chip customers. There are high switching costs for
customers in certain segments as well as a history of innovation.
Many of RGHL's businesses had a history of strong execution and
innovation prior to their acquisition and much of the existing
management teams were retained. Scale, as measured by revenue, is
significant for the industry and helps RGHL lower its raw
material costs. The company also has high exposure to food and
beverage packaging. RGHL currently has adequate liquidity with
approximately US$1.5 billion in cash on hand as of September 30,
2013.
The ratings could be downgraded if there is deterioration in
credit metrics, liquidity or the competitive and operating
environment. The ratings could also be downgraded if the company
undertakes any significant acquisition. Specifically, the ratings
could be downgraded if debt to EBITDA increases to above 7.0
times, EBIT to interest expense declined below 1.0 time, and free
cash flow to debt remained below 1.0%.
The rating could be upgraded if RGHL sustainably improves its
credit metrics within the context of a stable operating and
competitive environment while maintaining adequate liquidity
including ample cushion under financial covenants. Specifically,
RGHL would need to improve debt to EBITDA to below 6.3 times,
EBIT to interest expense to at least 1.4 times and free cash flow
to debt to above 3.5% while maintaining the EBIT margin in the
high single digits.
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N E T H E R L A N D S
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STORK TECHNICAL: S&P Cuts Long-Term Corp. Credit Rating to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'B-' from
'B' its long-term corporate credit rating on Stork Technical
Services Holding B.V. (STS), a Netherlands-based business
services company focusing on the oil and gas, chemical, and power
sectors. At the same time, S&P placed the ratings on CreditWatch
with negative implications.
S&P also lowered its issue rating on STS' senior secured notes to
'CCC+' from 'B-'. The recovery rating on these notes is
unchanged at '5', indicating S&P's expectation of modest (10%-
30%) recovery in the event of a payment default.
The downgrade reflects S&P's revision of STS' liquidity to "weak"
from "adequate" due to increased risk that the company's
compliance with its maintenance covenant will come under pressure
as early as December 2013 and remain constricted in 2014. S&P's
view of tightening covenant headroom is based on its expectation
that STS will significantly underperform its previous forecast,
and generate negative free operating cash flow in 2013. The
CreditWatch placement reflects the possibility of further
downgrades if no corrective action is undertaken by the company
to reset the covenants and keep up the availability of its
revolving credit facility (RCF). A covenant breach could lead to
acceleration of repayment of the EUR240 million payment-in-kind
(PIK) notes at the parent Stork Topco B.V and EUR272 million STS
notes.
S&P sees a risk that the company could breach its net-debt-to-
EBITDA covenant under the EUR110 million RCF at the end of
December due to lower EBITDA generation. The covenant thresholds
are a maximum of 4.55x at the end of December 2013 and 4.0x at
the end of 2014. In the first half of 2013, STS was hit by
subdued demand in the European industrial, chemical, and power
sectors, and other one-off items, that resulted in a roughly 80%
drop in reported EBITDA to EUR7.5 million, or a 42% drop in
adjusted EBITDA as defined by management to EUR44.5 million. S&P
expects the market to be difficult for the rest of 2013.
In light of weaker-than-expected performance in 2013, S&P has
revised its assessment of STS' business risk to "weak" from
"fair." S&P sees STS' exposure to the sluggish European
industrial end-markets as a weakness, which is only partly offset
by its 58% exposure to the more dynamic oil and gas end-markets.
S&P thinks that protracted underutilization in continental Europe
due to declining demand from the power and chemical sectors could
hamper the group's cash flow generating capacity. S&P also sees
its volatile margins as a negative, partly due to the presence of
one-off items that reappear every year.
"The rating continues to reflect our assessment of STS' financial
risk profile as "highly leveraged," due to its highly indebted
parent Stork Topco's capital structure and STS' Standard &
Poor's-adjusted leverage of 5.5x at the end of 2012. We
anticipate that STS' adjusted debt-to-EBITDA ratio will be
slightly below 10x at the end of 2013, based on our forecast of
about EUR50 million in reported EBITDA. We adjust gross debt for
pension obligations and operating leases, among other things. We
also expect that leverage will far exceed 10x at the level of the
parent Stork Topco, when including EUR1.2 billion of shareholders
loans. We also see heightened financial risks attached to "weak"
liquidity and covenant compliance exposure. Our access to Stork
Topco's financial information is limited and lagging and
therefore we rely on our estimate of its liquidity headroom. The
CreditWatch placement reflects our view of the risk that STS may
breach its leverage covenant at the end of December 2013," S&P
said.
S&P could lower its rating on STS by one notch or more before the
end of this year if it don't see the company taking proactive
corrective action to reset the covenant, as it thinks that a lack
of action may constrain its ability to access the RCF, create a
liquidity shortfall and potential risk of cross acceleration with
senior secured notes and the PIK notes at Stork Topco.
S&P would likely remove the rating from CreditWatch and affirm it
if it saw a prompt covenant reset with comfortable headroom.
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N O R W A Y
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ALBAIN MIDCO: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
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Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to Norway-based producer of
salmonid feed Albain Midco Norway AS (EWOS). The outlook is
stable.
At the same time, S&P assigned its issue rating of 'B' to the
EUR225 million and Norwegian krone (NOK) 1.81 billion of senior
secured notes, due 2020, issued by EWOS' subsidiary Albain Bidco
Norway AS. The recovery rating on the notes is '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event
of a payment default.
In addition, S&P assigned its issue rating of 'CCC+' to the
NOK1.04 billion privately placed subordinated notes, due 2021,
issued by EWOS. The recovery rating on the subordinated notes is
'6', indicating S&P's expectation of negligible (0%-10%) recovery
in the event of a payment default.
The ratings on EWOS reflect S&P's view of the company's
aggressive capital structure as a result of its ownership by
private equity groups Altor Fund III and Bain Capital Europe Fund
III, L.P. S&P assess EWOS' financial risk profile as "highly
leveraged" under its criteria. EWOS has raised EUR225 million
and NOK1.81 billion of senior secured notes, and NOK1.04 billion
of privately placed subordinated notes, to finance Altor Fund
III's and Bain Capital Europe Fund III's purchase of EWOS from
its parent, Norway-based fish farming group Cermaq. The purchase
price is NOK6.6 billion.
"We assess EWOS' business risk profile as "weak" under our
criteria. We base our view on EWOS' operations in an industry
that is closely correlated with the salmonid farming industry and
its demand for salmonid feed. The amount of feed that the farmed
fish consume depends on the size and quality of the fish
inventories. Inventories of farmed salmonids are determined by
the lifecycle of the farmed fish, mortality rates, and
harvesting. As such, demand for salmonid feed can decrease with
fluctuating water temperatures or outbreaks of disease," S&P
said.
In S&P's view, EWOS will sustain positive underlying revenue
growth at least in line with expected growth in the global supply
of Atlantic salmon of 3%-4%, while maintaining an EBITDA margin
of at least 7% over the next 12-18 months. This assumes that the
company will be able to continue to pass on raw material price
increases to its customers, while optimizing its product
portfolio to offset price pressure and maintaining its current
operating cost structure.
S&P could take a negative rating action if adjusted EBITDA
interest coverage drops to less than 2x, or if EWOS is unable to
generate positive free operating cash flow. This would most
likely result from significant revenue erosion due to a decrease
in volumes of feed sold, or a significant working capital outflow
caused by a major disease outbreak either in Chile or Norway, and
a subsequent build-up of receivables.
In S&P's opinion, a positive rating action is unlikely over the
next 12-18 months, due to EWOS' high adjusted leverage.
===============
P O R T U G A L
===============
COMBOIOS DE PORTUGAL: Moody's Reviews 'B3' Ratings for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed the B3 ratings of Comboios
de Portugal (CP), a Portuguese government-related issuer (GRI),
on review for upgrade. The baseline credit assessment (BCA) of
CP, which is ca, remains unchanged.
The B1 ratings on the instruments of Polo Securities II Limited
(Polo II) and Polo III - CP Finance Limited (Polo III) are
unaffected by the review, as they currently bear the rating of
their financial guarantor, MBIA UK Insurance Limited (MBIA UK, B1
positive), which is a monoline insurer. However, Moody's has also
placed the Caa1 underlying ratings of Polo II and Polo III on
review for upgrade.
Ratings Rationale:
Moody's review for upgrade of CP's ratings takes account of the
stabilization of the outlook on Portugal. It also reflects the
good track record of effective government support received by CP
over the past 18-24 months, which could, in Moody's view, warrant
a rating upgrade for CP. However, the rating agency notes that an
upgrade, if any, would likely be limited to one notch.
Over the past 18-24 months, CP has effectively benefited from the
support of Portugal, which allowed the company to roll over its
short-term debt maturities as they became due. Moody's also notes
that a portion of CP's debt (around 23% at the end of March 2013)
is guaranteed by the government.
At the same time, CP's liquidity profile has been very weak and
highly dependent on Portuguese banks rolling over their loans to
the company. Therefore, CP's liquidity profile continues to
constrain the rating. Among other things, as part of its review,
Moody's will assess how the liquidity profile of CP is likely to
evolve over the next couple of years. The review will also focus
on the degree and form of support to be provided by Portugal
going forward, as well as the extent to which the refinancing
profile of the company could be strengthened over time.
In accordance with Moody's GRI rating methodology, CP's B3 rating
continues to reflect the combination of the following inputs: (1)
a BCA, which is a measure of the company's standalone financial
strength without the assumed benefit of government support, of
ca; (2) the Ba3 local currency rating of Portugal; (3) a high
probability of government support; and (4) very high dependence.
As regards the Polo II and Polo III instruments, their credit
profiles are correlated with CP. This is because the proceeds of
the notes were on-lent by the issuers to CP, although Moody's
understands that they are subordinated to the extent that part of
CP debt is secured. However, as per Moody's current practice, the
rating agency assigns to Polo II and Polo III, which are wrapped
ratings, the higher of (1) the guarantor's financial strength
rating or (2) any published underlying rating. The B1 ratings of
Polo II and Polo III are currently aligned with that of its
financial guarantor, MBIA UK.
What Could Change the Ratings Up/Down:
Prior to initiating the review, Moody's had indicated that upward
pressure on the rating could potentially result from an
improvement in sovereign creditworthiness.
In view of action, Moody's does not currently anticipate downward
rating pressure. However, prior to the review process being
initiated, Moody's had indicated that downward pressure on the
rating would likely result from a deterioration in sovereign
creditworthiness. Furthermore, any evidence that the provision of
financial support from Portugal would not be forthcoming if
required would result in a downgrade of the rating of CP.
CP is the main railway operator in Portugal, controlling 90% of
the passenger market. The company is 100% owned by the Portuguese
government though the Ministry of Finance and in 2012 reported
revenues of EUR270 million. Polo II and Polo III, which are
incorporated in Jersey, are two finance conduits that raise
finance and on-lend the proceeds to CP, pursuant to loan
agreements.
ELECTRICIDADE DOS ACORES: Moody's Affirms 'B1' Issuer Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the B1 issuer rating of
EDA-Electricidade dos Acores, S.A. The outlook on the rating
remains negative.
This rating action follows Moody's recent decision to affirm the
B1 ratings of the Autonomous Region of Azores (RAA) and to change
its outlook to stable from negative. The action on the RAA
followed the rating agency's affirmation of the Ba3 rating of the
Government of Portugal and the change in its outlook to stable
from negative.
Ratings Rationale:
The rating affirmation reflects (1) EDA's position as the
dominant vertically integrated utility in the RAA; (2) its
relatively low business risk profile; and (3) the fully regulated
nature of the company's activities in the context of a relatively
well-established and transparent regulatory framework. At the
same time, the rating recognizes the small size of the company
and the constraint on its credit quality as a result of the risks
(macroeconomic and financial) associated with being based in the
RAA. The company's long-term capital structure and liquidity
relies in large part on continued access to debt funding for its
capex program.
In maintaining the negative outlook, Moody's takes into account
that EDA exhibits material refinancing requirements in 2014,
primarily a bond amounting to EUR50 million. In addition, EUR50
million of commercial paper programs (EUR40 million is undrawn)
and the company's short-term facilities of EUR37 million have
maturity dates between 2013 and 2014.
However, Moody's notes that EDA was successful in finalizing a
three-year EUR50 million bond in February and that in the past
the company has consistently renewed the majority of its short-
term facilities.
EDA's liquidity profile is further constrained by the delays in
payment to the company of outstanding receivables, specifically
overdue amounts from the Portuguese government that total
approximately EUR41 million. In Moody's view, pressures on the
sovereign budget reduce the visibility of the timing and
likelihood of the repayment of these amounts.
What Could Change the Rating Up/Down:
A stabilization of the rating outlook could occur if the company
managed to secure funding for its 2014 maturities and exhibit a
more comfortable liquidity profile.
Moody's would consider downgrading EDA's rating if the company
makes no near-term progress in executing a plan for refinancing
its 2014 debt maturities and hence strengthening its liquidity
position. Any downward migration in the ratings of the sovereign
or the RAA could also result in an adjustment of EDA's rating.
EDA is the dominant vertically integrated utility in Azores,
50.01% owned by the Autonomous Region of Azores. As of December
2012, the company reported revenues of EUR220 million, operating
profit of EUR32 million and gross debt of EUR335 million.
EMPRESA DE ELECTRICIDADE: Moody's Changes Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the Caa1 issuer rating of Empresa de Electricidade da
Madeira, S.A. (EEM). Concurrently, Moody's has affirmed the
rating.
This rating action follows Moody's recent decision to affirm the
B3 ratings of the Autonomous Region of Madeira (RAM) and to
change its outlook to stable from negative. The action on the RAM
followed the rating agency's affirmation of the Ba3 rating of the
Government of Portugal and the change in its outlook to stable
from negative.
Ratings Rationale:
In stabilizing the outlook on EEM's ratings in line with the RAM,
Moody's recognizes the company's strong linkages with the region,
which has 100% ownership of the company. EEM exclusively operates
in the region as its dominant utility and currently receives a
guarantee from the RAM in respect of its EUR220 million
syndicated facility, which represents more than half of the
company's outstanding long-term debt. In light of this guarantee
mechanism, the integrity of EEM's financial structure and its
credit quality are materially linked to the credit profile of the
RAM.
EEM's Caa1 rating continues to reflect the company's challenging
liquidity situation, its leveraged profile and weak credit
metrics resulting from the build-up of outstanding receivables
from various municipalities, regional public entities in the RAM
and the Portuguese government. More specifically, as a
consequence of the challenges associated with the sovereign
pressures on Portugal and a weakened bank sector, EEM has
experienced a progressive reduction in the size of its committed
short-term facilities, mainly provided by Portuguese banks, which
are the company's main source of funding to meet debt repayments
and new cash requirements over the next year. In addition,
Moody's notes that EEM's available facilities exhibit very near-
term maturities and, in the rating agency's view, these
facilities will have to be replaced or renewed to ensure that the
company is able to meet its funding requirements in 2014.
The Caa1 rating also recognizes EEM's position as the dominant
vertically integrated utility in the RAM, underpinned by the
company's low business risk profile and the fully regulated
nature of its activities, in the context of a relatively well-
established regulatory framework. In addition, the rating
reflects the small size of the company. EEM's rating is capped by
the rating of the RAM, given the company's exposure to economic
stresses in the area and its inability to disconnect itself from
the region's credit risk.
What Could Change the Rating Up/Down:
Upward pressure on EEM's rating could develop if (1) upward
pressure were to develop on the RAM; and/or (2) the company were
able to (i) replace more of its short-term facilities with
committed long-term lines, thereby strengthening its liquidity
position and reducing its refinancing risk; and (ii) stabilize,
or reduce, the amount of its overdue receivables.
Conversely, further negative pressure on EEM's rating could
develop in the event of (1) a downward move in the sovereign
rating; or (2) further deterioration in the company's financial
position, resulting from, but not limited to, (i) an acceleration
in the maturities of EEM's bank loan facilities; (ii) a material
write-down of receivables or other evidence that they were
unrecoverable; or (iii) liquidity that is further weakened or
evidence that the company were unable to raise the finance
necessary to support its business obligations.
Empresa de Electricidade da Madeira, S.A. (is the dominant
vertically integrated utility in the islands of Madeira and Porto
Santo, an archipelago pertaining to Portugal. EEM is 100% owned
by the Autonomous Region of Madeira. In the 2012 consolidated
accounts, EEM reported EUR218 million revenues, EUR25 million
operating profit and gross financial debt of EUR423 million.
ENERGIAS DE PORTUGAL: Moody's Affirms 'Ba1' Rating; Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 issuer rating of
Energias de Portugal, S.A. and its Spanish subsidiary,
Hidroelectrica del Cantabrico, S.A. ("HC Energia"). Concurrently
the Ba1/(P)Ba1 senior unsecured and non prime short-term ratings
of EDP, its finance subsidiary EDP Finance B.V. ("EDP Finance")
and HC Energia have also been affirmed. The outlook on all
ratings is negative.
This rating action follows Moody's recent decision to affirm the
Ba3 ratings of the Government of Portugal and to change its
outlook to stable from negative.
Ratings Rationale:
The rating affirmation reflects that EDP has maintained its
strategic position as Portugal's largest utility, as well as the
company's strong mix of largely regulated businesses or
generation under contract, with limited exposure to volume or
price risk. It also factors in its geographic diversification,
with more than 50% of EBITDA emanating from businesses outside of
Portugal. Furthermore, the rating reflects financial support from
the company's shareholder China Three Gorges Corporation (A1
stable), EDP's deleveraging strategy and management's stated
commitment to achieve reported net debt (net of regulatory
receivables)/EBITDA of less than 3.0x by 2015.
In addition, the affirmation takes account of EDP's operating
performance in the first nine months of 2013, when the company's
EBITDA rose 2% to EUR2.8 billion. It also recognizes EDP's
securitization and sale in 2013 of around EUR714 million of
Portuguese regulatory receivables, which partially offset the
impact of further tariff deficits on the company's debt in 2013.
EDP's regulatory receivables in Portugal nevertheless continued
to rise in the first nine months of 2013 to EUR2.5 billion, up
from EUR2.2 billion at end-2012. In addition, slower divestments
of assets than originally planned due to regulatory uncertainties
in Spain, may also constrain the company's planned financial
improvement, despite the slightly reduced levels of capex that
were recently announced. As a result, Moody's expects the
company's financial ratios could remain weakly positioned in 2013
and 2014 in relation to ratio guidance for the Ba1 rating of
funds from operations (FFO)/net debt in the mid-double digits and
retained cash flow (RCF)/net debt in the low double digits in
percentage terms.
The rating takes account of the political and regulatory
uncertainties that continue to exert pressure on EDP's credit
metrics. An example of such a risk is the increase in regulatory
receivables since 2011 on EDP's books. In the context of a weaker
macroeconomic environment, the risk is that the government
chooses to smooth the transference of the impact of higher
electricity costs through to the end consumer at the expense of
EDP's speedy cost recovery and improvement in its financial
profile.
The negative rating outlook reflects regulatory and political
uncertainties in Portugal. The company may be unable to reduce
its debt, or its efforts in this regard could at least be
constrained, if net new regulatory deficits continue to be
created in the medium term.
What Could Change the Rating Up/Down:
Given the current negative outlook and linkages with the
sovereign rating, Moody's considers an upgrade of EDP's rating to
be unlikely at this stage. The rating agency could change the
outlook to stable if there were indications that improved
operating performance and slowing growth of regulatory
receivables were to position EDP's credit metrics more
comfortably in line with guidance for the Ba1 rating.
The rating could be downgraded if (1) there were a deterioration
in the company's fundamental creditworthiness; or (2) there were
to be a deterioration in the sovereign rating. To support its
current rating, Moody's would expect EDP to generally maintain
FFO/net debt in the mid-double digits (and generally solid cash
flow from operations (CFO)/net debt) and RCF/net debt in the low
double digits in percentage terms. Whilst EDP could dip below
these metrics due to high levels of regulatory receivables in
2013 and 2014, failure to demonstrate an improving trend in its
financial profile by 2015 could lead to further negative rating
pressure.
EDP, based in Lisbon, Portugal, is the country's largest
vertically integrated utility. The company also has interests in
Spain, Brazil and the US. It is active in the renewables sector
through EDP Renovaveis. As at fiscal year ended 2012, EDP had
revenues of EUR4.2 billion.
REDE FERROVIARIA: Moody's Hikes CFR to 'B1'; Outlook Stable
-----------------------------------------------------------
Moody's investors Service has upgraded the corporate family
rating (CFR) to B1 from B2 and the probability of default rating
(PDR) to B1-PD from B2-PD of Rede Ferroviaria Nacional-REFER,
E.P.E. (REFER), a Portuguese government-related issuer (GRI).
Concurrently, Moody's has upgraded the senior unsecured ratings
to B1 and (P)B1 from B2 and (P)B2, respectively. At the same
time, Moody's has affirmed the Ba3/(P)Ba3 ratings on the REFER
debt that is guaranteed by the Government of the Republic of
Portugal (Ba3 stable). The rating outlook has been changed to
stable from negative.
Ratings Rationale:
The upgrade of REFER's rating reflects the strengthened support
that the Portuguese government has given to the company over the
past two years. REFER's standalone credit quality remains
exceptionally weak, but the government has continued to provide
loans to REFER in sufficient amounts to ensure that the company
can meet all of its debt obligations on a timely basis. Such
loans are now at least EUR2.9 billion and will increase to meet
REFER's ongoing interest and operating expenses as well as
upcoming debt repayments. In Moody's view, the risk that the
government will not continue to provide assistance to REFER is
less than that implied by the previous B2 rating, hence the
rating upgrade. Nevertheless, Moody's continues to make a rating
distinction between REFER and the Portuguese government,
recognizing the residual risk, albeit small in the rating
agency's view, that the government may not be able to make
payments in the future or that REFER's unguaranteed debt may not
be treated as part of government debt in any restructuring.
Absent such payments, REFER would likely have minimal value as a
standalone enterprise.
REFER's rating reflects (1) REFER's critical role in the railway
transport industry; (2) its special legal status and close
oversight by the Portuguese government; (3) Moody's expectation
that the government would continue to step in with timely
financial support if required; (4) high indebtedness; and (5) a
weak financial profile on a standalone basis, reflected in a
baseline credit assessment, which is a measure of the company's
standalone financial strength without the assumed benefit of
government support, of ca.
Rationale For Stable Outlook:
The stable outlook on the rating reflects the stable outlook on
the Government of Portugal's rating and Moody's view that REFER's
rating is likely to move in line with the government's rating,
with the one-notch differential being maintained.
What Could Change the Rating Up/Down:
An upgrade of the rating of the Government of Portugal would
likely result in an upgrade of the rating of REFER.
Conversly, a downgrade of the rating of Government of Portugal
would likely result in a downgrade of the rating of REFER.
Furthermore, any evidence that the provision of financial support
from RoP would not be forthcoming to REFER if required would
result in a downgrade of the rating of REFER.
REFER is a special status corporation set up by Portuguese Decree
Law to upgrade, operate and maintain substantially all of
Portugal's heavy rail infrastructure. REFER is 100% owned by the
RoP and has a special legal status (Entidade Publica Empresarial,
or "EPE") that defines its role as a company undertaking
activities of public interest.
REDES ENERGETICAS: Moody's Affirms 'Ba1' Sr. Unsecured Ratings
--------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on REN - Redes Energeticas Nacionais, SGPS S.A. ("REN")
and its finance subsidiary, REN Finance B.V. 's (REN BV) ratings.
Concurrently, the Ba1 issuer rating of REN and the Ba1/(P)Ba1
senior unsecured ratings assigned to REN and REN BV have been
affirmed.
Ratings Rationale:
In stabilizing the outlook on REN's ratings in line with the
sovereign, Moody's recognizes the company's improved access to
liquidity, as evidenced not only by the support provided as a
result of its relationship with its strategic shareholder but
also by its EUR850 million of bond issuances in 2013, including
EUR400 million in October. The rating agency expects that REN
will continue to improve and diversify its funding sources in the
near term, thereby ensuring that it is able to strengthen its
liquidity profile further.
In addition, the rating takes account of (1) the low risk
business profile associated with the electricity and gas
transmission activities of the REN group, which generates
virtually all its earnings under the relatively well-established
and transparent Portuguese regulatory framework; (2) the
financial support provided by China Development Bank (CDB; Aa3
stable) as a result of its relationship with REN's strategic 25%
shareholder, the State Grid Corporation of China (Aa3 stable);
and (3) Moody's expectation that REN's large investment program
and high dividends will continue to weigh on its financial
profile.
REN's ratings continue to be constrained by those of the
Government of Portugal. This reflects REN's exposure to a still
challenging domestic macro environment and to the potential
pressures that this may exert on the company's financial and
business risk profile. Such pressures are illustrated by the
Portuguese government's recent proposal to take EUR150 million of
additional measures to tackle the high costs of the electricity
sector, to be passed into the state budget for 2014. If approved
as drafted, REN has said the post-tax impact for the company
would be a one-off charge of EUR30 million (24% of net income if
based on 2012 results.) The diversification benefits provided by
REN's two international shareholders (including 15% by Oman Oil
Company), as well as the financial support provided by the CDB,
are key supporting factors in Moody's maintenance of a two-notch
differential with the sovereign.
What Could Change the Rating Up/Down:
Given the linkages between REN's rating and that of the
Portuguese government, an upward move in the sovereign rating
would be a condition for Moody's to consider a similar move in
REN's ratings. The company would also need to demonstrate that it
could maintain multi-year access to liquidity and a stable
financial and business profile.
Any downward move in the Portuguese sovereign rating would likely
result in a corresponding adjustment of REN's rating. REN's
rating positioning versus the sovereign rating is also based on
Moody's expectation of regulatory stability in the sector in
Portugal and that the company will not be subject to further
political interference and/or discriminatory fiscal measures that
would have an ongoing negative impact beyond current
expectations. Downward rating pressure could also develop as a
consequence of REN pursuing a more risky strategy and/or
investments that resulted in a more negative financial or
business profile than that currently demonstrated.
REN is the exclusive long-term concessionaire of Portugal's
mainland high-voltage electricity transmission grid and the
country's high-pressure natural gas transportation network. The
group reported EBITDA of EUR515 million for 2012.
===========
R U S S I A
===========
BANK PETROCOMMERCE: S&P Affirms 'B+/B' Counterparty Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services said it had revised its
outlook on Russia-based OJSC Commercial Bank Petrocommerce to
developing from stable. At the same time, S&P affirmed the
'B+/B' long- and short-term counterparty credit ratings and 'ruA'
Russia national scale rating.
The outlook revision follows Russian banking group Otkritie
Financial Corporation's (OFC) recent announcement that it will
acquire Bank Petrocommerce, and reflects S&P's assessment of the
potential benefits of the transaction and the challenges that may
arise during the integration process.
On Oct. 30, 2013, OFC and IFD Kapital, Petrocommerce Bank's
current majority owner, announced plans for a strategic
partnership in which OFC will become the owner of Bank
Petrocommerce and IFD Kapital will become a large minority
shareholder of OFC. S&P understands that the transaction will be
completed by the end of 2014, subject to regulatory approval.
S&P understands that OFC will issue 19.9% additional shares to
IFD Kapital and that the issue proceeds will be used to acquire
at least a 95% stake in Bank Petrocommerce, including 79.3% of
shares owned by IFD Kapital, and minority shareholdings. OFC's
current banking group comprises NOMOS-BANK, Otkritie Bank, and
the Bank of Khanty-Mansiysk. With total assets exceeding Russian
ruble (RUB) 1.25 trillion (about US$40 billion), OFC is the
second-largest privately owned banking group in Russia.
Before the end of 2013, when the ownership change takes effect,
IFD Kapital is expected to provide additional financial support
to Bank Petrocommerce as a precondition of the sale agreement.
This includes transferring a substantial portion of the bank's
problem assets to its own balance sheet and injecting a new
subordinated loan of RUB10 billion. These measures, in S&P's
view, should support its capitalization and improve
profitability.
However, S&P believes there are potential execution risks
stemming from this transaction, as we believe that the
integration process will be challenging and exacerbated by the
remaining uncertainties over OFC's ongoing integration of the
recently acquired NOMOS-BANK and Bank of Khanty-Mansiysk, which
represent about 80% of OFC's banking group assets.
The developing outlook reflects that there is a one-in-three
chance S&P could raise or lower the ratings over the next 12-18
months under different but similarly probable scenarios. This
will depend on how OFC incorporates Bank Petrocommerce into its
structure and any potential changes to the bank's financial
profile.
S&P may consider a positive rating action if integration within
OFC's banking group is successful and improves Bank
Petrocommerce's financial performance. Furthermore, an upgrade
would depend on whether S&P considers Bank Petrocommerce
strategically important to OFC and whether there is a stronger
likelihood of support from OFC, subject to S&P's assessment of
OFC's own credit profile.
S&P would take negative rating action if execution and operating
risks increased following the transaction, leading to significant
deterioration in Bank Petrocommerce's financial and business
profiles. At the same time, in S&P's opinion, Bank
Petrocommerce's credit standing could deteriorate if OFC adopted
a more aggressive financial policy, threatening the bank's
financial performance and capital buffers. Additionally, the
ratings might come under pressure if the anticipated financial
support is insufficient to rectify the bank's weakened
profitability and capitalization.
CENTER-INVEST BANK: Moody's Affirms Ba3 Deposit & Debt Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 deposit and senior
debt ratings of Center-Invest Bank (Russia). The rating agency
has also affirmed the bank's standalone bank financial strength
rating (BFSR) of D-, which is equivalent to a baseline credit
assessment (BCA) of ba3. The bank's Not Prime short-term deposit
ratings were also affirmed. All ratings carry a stable outlook.
The affirmation of Center-Invest Bank's ratings reflects Moody's
assessment of the bank's solid financial fundamentals, entrenched
franchise in the Rostov region and good corporate governance. The
affirmation also takes into account constraints associated with
geographical concentration of the bank's assets and liabilities
and single-name concentration in its loan portfolio.
Moody's affirmation of the issuer's ratings is primarily based on
Center-Invest Bank's audited financial statements for 2012 (IFRS)
and its unaudited financial statements for H1 2013.
Ratings Rationale:
The affirmation of Center-Invest Bank's ratings reflects the
bank's (1) entrenched franchise in its home market (Rostov
region) where it has solid positions and accumulated expertise in
the SME and retail banking segments; (2) granular deposit base;
(3) good corporate governance and focused strategy compared with
its peers; and (4) robust profitability, sound capital adequacy
and good efficiency.
Center-Invest Bank benefits from its established positions in the
Rostov region, where it is second only to Sberbank in terms of
market share in loans and retail deposits (10% and 13%,
respectively, as of 1 October 2013). The bank's shareholders
(including international financial institutions, which control
49.9% of the bank) ensure adequate corporate governance
procedures, leading to a very low level of related-party
transactions.
Center-Invest Bank reports solid profitability (return on average
assets of 2.0% in 1H 2013), on the back of its high net interest
margin (1H 2013: 5.8%), controlled operating expenses and fairly
modest credit costs. Moody's considers that Center-Invest Bank
has a healthy capital buffer against potential credit losses due
to sound capital adequacy ratios (10.7% Tier 1 and 15.5% total
capital adequacy as of 1H 2013), solid recurring earnings (pre-
provision income-to-average risk weighted assets ratio of 4.9% in
1H 2013) and good loan provision coverage (loan loss reserves-to-
problem loans ratio of 90% as at year-end 2012). Moody's notes
that the bank's Tier 1 ratio has decreased by 1.2 percentage
points in H1 2013 due to a rapid credit growth of 19% during that
period; however, credit growth in the second half of the year has
slowed down, which should lead to less acute pressure on capital
adequacy.
Center-Invest Bank has a relatively low share of liquid assets on
its balance sheet (15% as of 1H 2013). However, the liquidity
risk is mitigated by (1) the bank's granular deposit base with
the 10 largest depositors accounting for less than 10% of total
customer funds; (2) stable funding from international financial
institutions, which constitutes 12% of total funding (including
subordinated debt); and (3) availability of unutilized credit
lines from international financial institutions and the Central
Bank of Russia for a total of RUB3.3 billion.
The rating agency adds that Center-Invest Bank's ratings remain
constrained by the limited geographical diversification of the
bank's business (confined to four neighboring regions of Russia
with about two thirds of revenues stemming from the Rostov region
alone). This geographical concentration -- along with the
existing single-name and industry concentrations in the loan
book -- renders the bank's performance vulnerable to (1) the
health of the regional economy, which is correlated with the
performance of the agriculture sector; and (2) the performance of
the largest borrowers.
What Could Move the Ratings Up/Down:
Prerequisites for a rating upgrade would include substantially
improved geographical diversification of Center-Invest Bank's
business, which Moody's does not currently anticipate, combined
with greater granularity in the loan book.
Downward pressure could be exerted on Center-Invest Bank's
ratings as a result of (1) a rapid impairment of the bank's
assets given high single-name and geographical concentrations
prevailing in the bank's loan book and the recent rapid loan
growth; and/or (2) a further deterioration of the bank's capital
adequacy metrics.
Domiciled in Rostov, Russia, Center-Invest Bank reported -- as of
1H 2013 -- total assets of RUB72.8 billion (US$2.2 billion),
equity of RUB8.0 billion (US$244 million) and net income of
RUB675 million (US$22 million) under unaudited IFRS.
MECHEL OAO: VTB Agrees to Join Other Creditors in Restructuring
---------------------------------------------------------------
Douglas Busvine at Reuters reports that Russian state-controlled
bank VTB has agreed to join other creditors in restructuring
mining group Mechel's US$9.6 billion debt.
The coal-to-steel group, controlled by Igor Zyuzin, borrowed
heavily to pay for acquisitions even after the 2008-2009 global
economic slump, leaving it dangerously exposed to a global
industrial downturn, Reuters recounts.
According to Reuters, bankers familiar with the negotiations said
VTB had been resisting a restructuring deal in which Mechel
wanted a waiver of loan covenants and delays to its debt
repayments.
New York-listed Mechel owes 60% of its debts to state banks,
which last week showed impatience over its failure to shore up
its balance sheet with asset sales, Reuters discloses.
Fears about the company's viability were further fuelled on
Thursday when the central bank ruled that its bonds were
worthless as loan collateral, Reuters relays.
"We confirmed that we and other banks are ready to restructure,"
Reuters quotes a source close to VTB as saying on Saturday.
According to Reuters, citing sources, Forbes magazine's Russian
online edition reported that Mechel's banks had agreed to defer
loan payments for next year and that these would now be spread
across 2015-17. Forbes said that no final deal has been signed,
Reuters notes.
Mechel declined to comment, but has said it hopes to wrap up
restructuring talks by the end of November, Reuters states. It
is due to repay US$2.5 billion in loans next year, Reuters
discloses.
Mechel OAO is a Russian mining and metals company. Its business
includes four segments: mining, steel, ferroalloy and power.
Mechel unites producers of coal, iron ore concentrate, nickel,
ferrochrome, ferrosilicon, steel, rolled products, hardware, heat
and electric power. Mechel products are marketed domestically
and internationally.
MORDOVIA REPUBLIC: Moody's Assigns B1 Rating to RUB3-Bil. Bond
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 global
scale local-currency rating to the Republic of Mordovia's
recently issued bond (RU34001MOR0) totaling RUB3.0 billion. The
rating on the bond is derived from the region's issuer rating.
This amortized senior unsecured bond has a fixed coupon and are
due in 2018. The proceeds of the bond will be used to fund the
Republic's financing deficit and to refinance forthcoming debt
payments.
Ratings Rationale:
Mordovia's B1 issuer rating reflects the republic's very high
debt burden relative to its Russian peers, its limited own-source
tax revenue and its weak liquidity profile. The rating pressures
are somewhat mitigated by historically substantial federal
government subsidies and investments to the region.
The Mordovia Republic's senior unsecured local-currency bond of
RUB3.0 billion (RU34001MOR0) was issued on 28 October 2013 with a
quarterly coupon. This amortized bond is direct, unconditional,
unsecured and unsubordinated obligations of the issuer, ranking
pari passu with all its other unsecured and unsubordinated debt.
The proceeds of the bond will be used to fund the Republic's
financing deficit and to refinance forthcoming debt payments
until year-end 2013.
Specific economic indicators as required by EU regulation are not
applicable for this entity.
On November 12, 2013, a rating committee was called to discuss
the rating of the Mordovia, Republic of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's governance and/or management, have not
materially changed. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The
systemic risk in which the issuer operates has not materially
changed. Rating committee also considered final debt
documentation received as of the rating committee date.
Mordovia Republic is located in the Volga Federal District in
European Russia. Mordovia's economy is small, with a gross
regional product (GRP) of just 0.3% of Russia's gross domestic
product (GDP), while its population is around 0.6% of the total
Russian population. Mordovia's economy is diversified: the
tertiary sector (including transportation) accounts for around
41% of GRP, industry for 30%, construction for 12% and
agriculture for 17%.
=========
S P A I N
=========
GRIFOLS SA: Moody's Changes Outlook to Neg. & Affirms Ba2 CFR
-------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Grifols S.A. ratings. Concurrently, the Ba2 Corporate
Family Rating (CFR), the Ba2-PD Probability of Default Rating as
well as the Ba1 senior secured and B1 senior unsecured ratings to
bank and bond instruments respectively of Grifols and its
guaranteed subsidiary have been affirmed. This rating action
follows the announcement to acquire Novartis diagnostic business
unit for US$1.675 billion.
Ratings Rationale:
The rating action reflects moderate releveraging of Grifols
pro-forma for the planned purchase of Novartis diagnostic units
for US$1.675 million in a largely debt funded transaction. The
increase in leverage of around 0.7x to 3.9x pro-forma for this
transaction and assuming comparable to Grifols profitability is
above the current downgrade rating trigger of 3.5x. Whereas
Moody's acknowledges the positive impact of the purchase on
Grifols' business diversification and the high cash flow
generation of the target, Moody's cautions that the pro forma
leverage calculation could understate the leverage impact
considering the potential of the diagnostics unit for lower
growth and the prospect of a decline of the target's EBITDA over
time due to the expiration of intellectual royalties in the
medium term.
Overall the transaction will improve Grifols' business profile as
it reduces on a proforma basis its dependence on the blood plasma
business, which so far has accounted for almost 90% of total
turnover and will now reduce towards 70% levels. Despite the high
profitability and cash generative nature of the blood plasma
business this still exposes Grifols to regulatory and safety
risks of a certain, very concentrated product line. The
diagnostics business will help broaden Grifols' portfolio
considerably with a complementary product line. The improvement
in business profile, however, is offset by the increase in
leverage given the fully debt financed nature of the transaction.
It is also another rather aggressive step of Grifols to grow its
business following the 2011 Talecris acquisition, which also was
entirely debt financed.
The affirmation of the Ba2 CFR is predominantly driven by the
expectation of sizeable positive free cash flow generation which
Moody's would expect to be applied to debt reduction helping to
bring leverage down to levels that are more commensurate with the
current rating category over the next 12-18 months.
The Ba2 CFR of Grifols incorporates: (i) the company's increased
scale, with a high degree of vertical integration and the solid
market position of the combined group; (ii) the numerous barriers
to entry to the plasma derivatives market including, but not
limited to, a high degree of capital-intensiveness and regulatory
constraints in combination with a highly consolidated market that
is dominated by three players (Grifols, CSL and Baxter); (iii)
favorable market dynamics, with attractive volume growth
supported by earlier and enhanced diagnosis of patients, and line
extensions of existing products; and (iv) progress achieved as
well as commitment to reduce debt from the currently elevated
levels as a primary use for free cash flow generated.
These positive rating drivers are balanced by: (i) the company's
narrow, though improving , diversification, with plasma-derived
products being its main activity, and its corresponding
vulnerability with regard to market imbalances and negative
pricing movements; (ii) Grifols' elevated, but declining levels
of leverage; and (iii) Moody's view of high impact /low
probability safety risks relating to product contamination.
The negative outlook incorporates risk that the pace of
deleveraging following the acquisition of the Novartis diagnostic
unit will be relatively slow and the leverage metrics would
remain weakly positioned in the Ba2 category, being initially
above the rating triggers (est. 3.9x vs. 3.5x). It may take
Grifols longer to restore its pre-transaction levels of leverage,
partly due to the lack of immediate cost synergies.
Following the refinancing and repricing of its debt in 2012,
Grifols' financing package consists of around US$3.0 billion of
senior secured facilities (including undrawn revolver of around
US$200 million) and US$1.1 billion senior unsecured notes due
2018. The notes benefit from the same, pari-passu ranking
guarantees but are subordinated to the secured debt which
additionally benefits from first priority pledges over the
majority of tangible and intangible assets of the combined group.
The additional debt used to finance the diagnostics business is
an unsecured bridge facility of US$1.5 billion which therefore
will rank behind the senior secured facilities at the same level
as the existing senior unsecured notes.
What Could Change the Rating - Up:
Given the fully debt-financed character of the acquisition of
Novartis' diagnostics business an upgrade of Grifols' ratings is
currently unlikely. However, an upgrade of the corporate family
rating to Ba1 could be considered if Grifols' leverage trends
toward or below Debt/EBITDA of 2.5x and CFO/Debt improves to
sustainably above 25%.
What Could Change the Rating - Down:
Downward pressure could arise if the company's leverage remains
sustainably over 3.5x and/or CFO/Debt falls towards 15% and
liquidity profile deteriorates significantly.
Based in Barcelona, Spain, Grifols is a global healthcare company
with 2012 reported revenues of EUR2.62 billion. The company
operates through four divisions: Bioscience, Diagnostics,
Hospital as well as Raw Materials and Others (mainly
engineering). Bioscience, which accounts for approximately 89% of
current revenues, focuses on the development, manufacturing,
marketing and distribution of a broad range of blood plasma-
derived products. These products are used for the treatment of
chronic and acute conditions, such as immune system deficiencies,
neurological diseases, bleeding diseases, burns and major
surgery. The company is listed on the Madrid Stock Exchange and
is in the IBEX 35 Index and in NASDAQ via ADR's.
PROMOTORA DE INFORMACIONES: Seeks Refinancing Deal with Creditors
-----------------------------------------------------------------
Manuel Baigorri and Esteban Duarte at Bloomberg News report that
Promotora de Informaciones SA is seeking to reach an agreement
with creditors to refinance more than EUR3 billion (US$4 billion)
in debt as early as this week.
According to Bloomberg, two people familiar with the matter said
that Prisa is scheduled to meet with lenders today, Nov. 19, with
definitive signing of an accord to take place by the end of this
month. The people said that Prisa still needs the backing of
some international and Spanish banks that hold about 15% of the
company's debt, Bloomberg notes.
The people, as cited by Bloomberg, said that while a unanimous
agreement from creditors is Prisa's preferred option, an accord
with the backing of a majority of lenders would also be possible
subject to court approval.
Earlier this month, Prisa obtained a new credit line of EUR350
million to cover some financing needs, Bloomberg recounts.
Refinancing the debt, due in 2014 and 2015, would give Prisa time
to sell assets as Spain struggles to reverse a decline in
advertising spending, Bloomberg states. Prisa has called a
shareholders meeting for Dec. 10 in Madrid to approve the
issuance of warrants as part of the refinancing as it seeks to
extend debt maturities to five or six years, Bloomberg discloses.
Bloomberg relates that a Prisa spokeswoman in Madrid said there
is more work to be done on the refinancing, which should be ready
by Dec. 10.
Promotora de Informaciones SA is Spain's biggest media company
and publisher of El Pais newspaper.
SOLOCAL GROUP: Moody's Puts B3 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed all ratings of Solocal Group
S.A. on review for downgrade, including the company's Corporate
Family Rating (CFR) of B3, Probability of Default Rating of B3-
PD, and senior notes rating of B3.
Ratings Rationale:
The rating action follows Solocal's results announcement for the
third quarter of 2013, which evidenced continued steep declines
in its print revenues (-15.9% on a like-for-like basis for the
9-month period ended September 30, 2013, taking into account the
disposal of Editus), but also stalled growth for the its online
business (+1.7% reported in the nine months ended September 30,
2013) against a backdrop of tough macro-economic conditions in
France. This prompted the company to lower its full year revenue
and profit guidance to slightly below the lower end of previous
guidance (Gross Operating Margin now expected at EUR420 million).
More importantly, Solocal also disclosed that 2014 will see a
further steep decline in Gross Operating Margin to a range of
EUR355-375 million, partly due to continued investment in the
execution of the company's "Digital 2015" business transformation
plan. On the basis of the guidance Moody's believes that a
covenant breach under the company's bank facilities could occur
as early as for the 4th quarter 2013 leverage test. Therefore, in
Moody's opinion, Solocal's capital structure as its stands might
be too stretched to effectively support the company business and
in particular its ambitious digital transformations plans. The
bulk of the company's debt currently falls due in September 2015.
More positively, Moody's notes that Solocal appears to make
measurable progress in effecting the structural change that is
needed for its Digital 2015 agenda and that internet audience
numbers have improved measurably, predominantly in mobile.
Moody's review will focus on (i) potential solutions for the
company's capital structure challenges, (ii) current operating
trends and (iii) the feasibility of Solocal's digital
transformation plans. Moody's aims to conclude its review swiftly
within the next few weeks. In the absence of any plausible plans
to improve the company's capital structure, swift negative action
is likely.
Solocal is the leading provider of local media advertising and
local website and digital marketing services, with the majority
of its operations (approximately 96% of 2012 total revenue) in
France and the remainder (approximately 4%) of operations in
Spain mainly. The company reported approximately EUR1 billion
revenues in the twelve-month period ended September 30, 2013.
Solocal is listed on the Paris stock exchange.
===========================
U N I T E D K I N G D O M
===========================
BLOCKBUSTER: Falsgrave Road Store to Close, To Cut 6 Jobs
---------------------------------------------------------
The Scarborough News reports that the Blockbuster store in
Falsgrave Road is to close with the loss of six jobs.
A notice has gone up saying that the store will close for the
final time on Thursday, November 21, according to The Scarborough
News.
The report notes that it is a sad end for the staff of the store,
which one of the few was saved from closure the first time
Blockbuster went into administration in January.
The report relates that despite this, the company has just
entered administration for a second time as it struggles to
compete with new online rental services.
In October, the retailer's owner, Gordon Brothers, admitted that
its turnaround strategy had not worked because of a rapid switch
to renting films online or via TV subscription services such as
Netflix and Love Film, the report discloses.
The report notes that the company has put a list of questions and
answers on its website for people who have outstanding orders or
rentals with Blockbuster.
People who pre-ordered the next generation of X-box and
Playstation consoles have had their orders cancelled and money
refunded, the report adds.
CO-OPERATIVE BANK: Ex-Chairman Suspended Over Drug Allegations
--------------------------------------------------------------
Tanya Powley at The Financial Times reports that Paul Flowers,
the former chairman of the Co-operative Bank, has been suspended
from his ministerial duties by the Methodist Church, after
allegations emerged that he had handed over money for illegal
drugs.
According to the FT, Mr. Flowers, a Methodist minister, who
presided over the bank's expansionary drive that ended in its
rescue by its bondholders and the parent Co-op group, on Sunday
apologized for his "stupid and wrong" behavior after a video
allegedly showed him giving money to buy illegal substances.
The FT relates that a report by the Mail on Sunday appeared to
show Rev. Flowers giving GBP300 in cash for the substances just
days after he was interviewed by the Treasury select committee
about the Co-op bank's financial troubles. It also included a
series of text messages believed to be sent by Rev. Flowers, both
before and after his committee appearance, which discussed drug
taking, the FT discloses.
A Methodist Church statement on Sunday, as cited by the FT, said
that Rev. Flowers had been suspended from his duties for three
weeks, pending investigations.
Earlier this month, during a two-and-a-half hour committee
session, Rev. Flowers shocked MPs by admitting he did not know
how much the bank lent, the FT recounts. He also told the
Treasury select committee that the Co-op's total assets were
about GBP3 billion, when they are actually GBP47 billion, the FT
relays.
Just days before his appearance at the committee meeting, the
Co-op revealed the terms of a sweeping debt restructuring aimed
at saving its banking arm from collapse, the FT relates.
According to the FT, the mutual will own just 30% of the bank
after a radical restructuring handed control to bondholders. A
group of bondholders will own about 70% of the bank, about half
of which will go to hedge funds, in exchange for their debt and a
new GBP125 million cash injection, the FT discloses.
Other bondholders, including a group of thousands of retail
investors, will be forced to take losses of up to 40-50 per cent
as they trade in existing bonds for new debt, the FT notes.
About Co-operative Bank
Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872. The bank gained prominence for specializing in ethical
investment. It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.
Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.
* * *
As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1. The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.
CORNERSTONE TITAN 2005-1: S&P Withdraws BB+ Rating on Cl. C Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+ (sf)' credit
rating on Cornerstone Titan 2005-1 PLC's class C notes. S&P's
ratings on the other classes of notes in this transaction are
unaffected by the rating action.
The withdrawal follows S&P's receipt of the cash manager's
report, which confirms that the class C notes fully redeemed on
the October 2013 interest payment date (IPD). The redemption
followed principal payments being received from the sale of the
Mitre House property securing the Eagle Office Portfolio loan.
The issuer also partially redeemed the class D notes due to the
prepayment of the Eagle Office Portfolio loan. As the loan was
repaid with a principal loss, non-accruing interest (NAI) amounts
were applied to the class F notes. On Oct. 29, 2013, S&P lowered
to 'CC (sf)' from 'CCC- (sf)' its rating on the class F notes,
due to anticipated interest shortfalls on the Jan. 31, 2014 IPD.
Cornerstone Titan 2005-1 is a 2005-vintage European commercial
mortgage-backed securities transaction secured on one commercial
real estate loan that is currently in special servicing.
RATINGS LIST
Class Rating
To From
Cornerstone Titan 2005-1 PLC
GBP592.043 Million Commercial Mortgage-Backed Floating- And
Variable-Rate Notes
Rating Withdrawn
C NR BB+ (sf)
Ratings Unaffected
D CCC- (sf)
E D (sf)
F CC (sf)
NR--Not rated.
FLYBE: To Close Six Bases Under Restructuring Plan
--------------------------------------------------
Jane Wild at The Financial Times reports that Flybe confirmed on
Friday it is to close six of its bases with the loss of 179
pilots jobs as part of its restructuring.
The regional airline will shut bases at Aberdeen, Guernsey,
Inverness, the Isle of Man, Jersey and Newcastle, the FT
discloses. All others, apart from Manchester, will see a cut in
their pilot numbers, the FT notes.
According to the FT, Saad Hammad, Flybe's chief executive, said
the airline would continue to fly to the affected airports.
"I know that these proposals are creating great personal
uncertainty but they are necessary to secure a long-term future
for Flybe," the FT quotes Mr. Hammad as saying.
The Exeter-based company detailed the need for more cuts when it
presented its half-year results last week, the FT notes. Another
500 jobs would go, Mr. Hammad said -- about a fifth of its 2,700-
strong workforce -- on top of 650 that have already left during
its restructuring, the FT states.
The airline, the FT says, has undergone a wide-ranging overhaul
that has included a shake-up of senior executives.
Flybe Group PLC is a British low-cost regional airline group
based in Exeter, Devon, England. It operates over 180 routes to
65 European airports and is Europe's largest regional airline,
carrying over 7 million passengers during 2013
G24 INNOVATIONS: G24 Power Buys Firm Out of Administration
----------------------------------------------------------
WalesOnline report that G24 Power re-started production after
acquiring G24 Innovations, a business which went into
administration in 2012.
The company will now employ 35 workers at its factory and plans
to quadruple its production capacity from 500,000 meters to
2,000,000 in the next two years, according to WalesOnline.
The report notes that a spokeswoman for G24 Power said it is
recognized as the world leader in the design and manufacture of
the GCell, a thin, flexible, photovoltaic film that converts
light energy into electrical energy even in low light conditions.
The Newport factory will enable more than 500,000 meters of
flexible GCell modules to be produced each year, the report
relays.
Design engineers at G24 are also looking into developing the next
generation GCell which will see enhancements to its power density
and configuration as well as offering new aesthetic options, the
report adds.
G24 Innovations develops and manufactures a type of small
flexible solar panel, which can be used to provide sustainable
and portable energy supplies for wireless electronic accessories,
including laptops, keyboards and computer mice.
HYPERION INSURANCE: S&P Assigns 'B' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.-based insurance intermediary
Hyperion Insurance Group Ltd. The outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the
US$250 million term loan B issued by Hyperion Finance S.a.r.l., a
subsidiary of Hyperion. The recovery rating on the proposed loan
is '4', indicating S&P's expectation of average (30%-50%)
recovery for creditors in the event of a payment default.
The ratings reflect S&P's assessment of Hyperion's business risk
profile as "fair" and financial risk profile as "highly
leveraged."
S&P considers Hyperion's business risk profile to be constrained
by it being smaller than peers, having relatively lower profit
margins, and running the implicit risk of losing key personnel.
It is also limited by the highly fragmented, competitive, and
cyclical industry in which it operates. These risks are partly
offset by the group's relatively diverse customer, product, and
geographic base. Its good client retention record, ability to
attract and retain top talent in the industry, and strong
leadership are further mitigating factors.
S&P forecasts the group's Standard & Poor's-adjusted debt to
EBITDA for financial 2013 will be about 7.1x (5.8x excluding a
liquidity put option of GBP48 million). However, S&P forecasts
that this ratio will improve to 5.9x (4.7x excluding the
liquidity put option) by the end of financial 2014. S&P includes
deferred earn-outs of GBP17 million and the liquidity put option
when S&P calculates debt. However, S&P do acknowledge that the
liquidity put option is highly contingent--option holders will
decide whether to exercise the option in September 2017--and it
is currently deeply subordinated.
In S&P's base case, it forecasts the group's revenues and EBITDA
at about GBP167 million and œ36 million, respectively, for the
financial year ending Sept. 30, 2013 (financial 2013). For
financial 2014, S&P expects revenue to grow organically while the
EBITDA margin remains steady as the group focuses on specialized
insurance products and new geographic regions (mainly emerging
markets) that have historically achieved high growth rates.
In the past, the group has demonstrated good cash flow
generation, which S&P expects to continue. S&P also expects the
group to generate EBITDA cash interest coverage of more than 3x.
S&P views positively the fact that 66% of the group's
shareholdings are held by the group's staff members and do not
consider any substantial shareholder-friendly payments likely at
this stage.
S&P expects the group to undertake regular bolt-on acquisitions
as it seeks to further diversify its product range and geographic
reach. In S&P's base case, it expects the group's bolt-on
acquisitions to total about GBP10 million annually. (The bolt-on
acquisition spend is not considered in our liquidity calculation
because it is not contracted).
The stable outlook reflects S&P's view that the company will
continue to grow organically. S&P anticipates that it will do
this by utilizing its wide geographic and product diversity to
attract new customers and enable it to generate positive free
operating cash flow of about GBP10 million.
S&P could raise the rating if Hyperion demonstrates a consistent
improvement in its operating performance, including organic
revenue growth of 7%-9% along with a steady increase in EBITDA
margins as the newly acquired companies, as well as the start-
ups, integrate efficiently. S&P might also consider an upgrade
if the group can improve its credit metrics so that they are in
line with an aggressive financial risk profile, including
adjusted debt to EBITDA of less than 5x.
S&P could lower the rating if increased competition and loss of
key personnel were to stifle the group's profitability and cash
flow generation, which could result in negative free operating
cash flow. S&P could also lower the rating if the group were to
undertake a substantial debt-financed acquisition or if its
financial policy became more aggressive than we currently
consider it to be.
MAGIC NEWCO: Moody's Lowers Term Loan Rating to 'B1'
----------------------------------------------------
Moody's Investors Service downgraded, to B1 from Ba3, the Term
Loan B issued by Magic Newco LLC (USD tranche) and Magic Newco 5
S.a.r.l. (EUR tranche), and the Revolving Credit Facility (RCF)
raised by Magic Bidco Limited. Moody's also affirmed the B2
corporate family rating (CFR) and B2-PD probability of default
rating (PDR) of Misys Newco 2 S.a.r.l. (Misys or the company),
and the Caa1 rating of the Second Lien Term Loan issued by Magic
Newco LLC. Concurrently, Moody's changed the outlook on all
ratings of Misys to negative from stable.
The rating changes follow the issuance of a US$200 million add-on
to the existing Term Loan B USD tranche, the proceeds of which
will be used to repay preferred equity certificates (PECs)
initially funded by a holding company loan issued in conjunction
with the Turaz transaction in January 2012. The add-on will be
immediately fungible with the existing Term Loan B.
Ratings Rationale:
"The change of outlook to negative from stable reflects Misys's
weaker-than-expected free cash flow generation in fiscal year
2012/2013 compared with the initial plan at the closing of the
merger. Moody's does not foresee any significant free cash flow
improvement in 2013/14 and 2014/15 due to restructuring charges
related to the cost savings plan and larger than initially
expected working capital needs," says Sebastien Cieniewski, a
Moody's Assistant Vice President and lead analyst for Misys.
Despite the weaker liquidity, Moody's recognizes that Misys still
enjoys a strong position in its markets as demonstrated by the
company's recent contract wins and high retention rates. In
addition, while the USD200 million add-on to the Term Loan B will
slow down de-leveraging, Moody's expects the company to further
improve its adjusted debt-to-EBITDA ratio to below 6.0x by fiscal
year-end (FYE) May 2014 from 6.1x in 2012/13 thanks to synergies
and moderate top line growth.
Misys's free cash flow generation was significantly negatively
impacted in 2012/2013 by the restructuring charges that
accompanied the company's cost savings plan following the merger
of Misys and Turaz in March 2012 as well as larger-than-initially
expected working capital outflow. This resulted in negative free
cash flow of US$93 million during that year (based on the
company's first audited consolidated accounts combining the Misys
and Turaz entities for the 13 months running from April 12, 2012
to May 31, 2013). Moody's expects free cash flow to remain
negative in 2013/14 and to only progressively improve to a modest
3% as a percentage of total adjusted debt by 2014/15 when
restructuring charges are eventually phased out while working
capital-related outflows -- approximately US$60 million in
FY2013/2014 -- should remain as long as Misys experiences top
line growth.
While the US$200 million add-on to the Term Loan B facility will
significantly slow-down Misys's de-leveraging path, Moody's
expects the company to be able to further improve its adjusted
debt-to-EBITDA ratio to approximately 5.8x by FYE2013/14 compared
to 6.1x in the previous year. This de-leveraging is primarily
driven by US$38 million of additional synergies to flow through
in FY2013/14 in order to reach run-rate synergies of US$126
million per annum -- above Moody's initial expectations at the
closing of the merger.
More positively, Moody's notes that Misys's B2 CFR is supported
by the company's continued strong position as the leading
financial services software provider. The company demonstrated
over the last couple of quarters its capacity to retain existing
clients with retention rates consistently above 95% and also to
sign on new customers. Thanks to high renewals and new customer
signings, Misys experienced revenue growth of 3% pro-forma on a
constant currency basis in FY2012/13 compared to the previous
year. The growth was mainly driven by license fees which
increased by 31% on a year-on-year basis in FY2012/13. The strong
license performance more than offset the planned decline of
professional services (17% decline in FY2012/13) due to
management's continued shift towards software activities.
Despite the negative free cash flow in FY2012/13 and projected
for 2013/14, Misys' liquidity remains adequate for its near-term
needs. The liquidity position is supported by the company's
undrawn RCF of US$100 million and US$26 million cash balance at
the end of FY2012/13. While Moody's initially expected that Misys
could be able to build up a significant cash balance over the 18
months following the closing of the merger between Misys and
Turaz, Moody's now projects that the company will continue
relying on its RCF in particular in Q1 and Q2 of FY2013/14 and
FY2014/15 to address the seasonality of cash flows.
The RCF and the Term Loan B including the US$200 million add-on
to the latter (together the first lien facilities) rank pari
passu and benefit from the same comprehensive security package
which consists of share pledges and charges over the assets
granted by the holding companies and operating companies in the
group and benefit from upstream guarantees from operating
subsidiaries accounting for at least 80% of Misys's consolidated
EBITDA and gross assets.
The downgrade of the first lien facilities to B1 from Ba3 results
from the lower cushion provided by the second lien facility,
following the upsizing of the first lien facilities.
The negative outlook reflects Moody's expectation that Misys's
free cash flow generation will remain under pressure over the
next 18 months, notwithstanding Moody's view that the company
will continue generating modest positive top line growth thanks
to new signings and high renewals.
What Could Change The Rating Up/Down:
Given the negative outlook, Moody's does not currently expect
upward pressure on the rating. However, the rating outlook could
be stabilized if Misys shows continued de-leveraging towards
5.5x, with strong visibility that FCF-to-debt ratio can rise to
above 5% on a sustainable basis.
Conversely, ratings could be downgraded following either: (1) an
increase of the company's adjusted leverage towards 6.5x; (2)
further weakening in the free cash flow; (3) additional concerns
over the company's liquidity profile; (4) a more aggressive
financial strategy resulting in Misys distributing further
dividends or performing debt-financed acquisitions.
Headquartered in London, United Kingdom, Misys Newco 2 S.a.r.l.
is the ultimate holding company of the group created in June
2012, when Vista Equity Partners acquired Misys (after delisting
it from the London Stock Exchange) and merged it with its
existing portfolio company Turaz (acquired from Thomson Reuters
in January 2012). The combined group operates under the name
Misys and is one of the world's leading financial services
software providers offering a broad range of solutions to over
1,900 Banking and Treasury & Capital Markets customers located in
120 countries.
MAPELEY ACQUISITIONS: Goes Into Receivership
--------------------------------------------
Southend Standard News reports that Southend could wind up with
yet another empty office block following confirmation that
Mapeley Acquisitions, the owner of EssexHouse and the Lloyds Bank
building, has gone into receivership.
Lloyds is due to move out of the Southchurch Road office block on
December 14, with no sign of a new tenant to take it on,
according to Southend Standard News.
The report notes that tower blocks in Victoria Avenue are already
standing empty, but business leaders had hoped owner Mapeley
Acquisitions might find fresh tenants for the Lloyds building.
However, the report relates, the Bermuda-registered property
company has now gone into administration, plunging the 12-storey
block's future into doubt.
The report discloses that John Lamb, Southend councilor
responsible for business, expressed shocked at the news.
Lloyds announced in April it was leaving the tower block. It is
due to leave next month, with the loss of 250 jobs, the report
says.
Mapeley Acquisitions, a subsidiary of London-based Mapeley
Estates, paid GBP6.3million for Essex House in 2005. The building
is now only thought to be worth about GBP2.6million.
The tower block is one of 20 British buildings bought by Mapeley
in the UK with finance Deutsche Bank.
The company paid about GBP244 million for the buildings and they
are now thought to be worth just GBP75 million, prompting the
bank to petition for the receivers to come in, the report
discloses.
Mapeley remains the registered owner, the report adds.
MIDLOTHIAN FOOTBALL CLUB: Holds Fundraiser Game for Club Costs
--------------------------------------------------------------
asia.eurosport.com reports that the Hearts of Midlothian Football
Club and Wolfsburg shared a goalless draw in a fundraising
friendly at Tynecastle.
All profits from the game will go towards the running of the
Edinburgh club, who were placed into administration in the
summer, and a crowd of 5,535 turned out for the clash with the
2009 Bundesliga winners, according to asia.eurosport.com.
The report relates that Hearts entered administration in June and
were handed a 15-point deduction in the Scottish Premiership.
The report however notes that administrators BDO have issued a
proposal to creditors which could result in a deal to bring the
club out of administration this month.
Creditors can meet on November 22 to consider a GBP2.5million
offer from the Foundation of Hearts, which has been named
preferred bidders, the report adds.
PROSPECT MAILING: In Administration, Cuts 30 Jobs
-------------------------------------------------
Telegraph & Argus News reports that Prospect Mailing Services of
Wyke has gone into administration with a reported loss of 30 jobs
and the threat of more to come if a buyer is not found.
Remaining staff claim they have been told if a new owner is not
found within two weeks the company will be finished, according to
Telegraph & Argus News.
The report notes that earlier this month Kevin Dunstall, of
investment group Cogent B2B which owns Prospect, told the
Telegraph & Argus he was working on a move to combine it with
Laisterdyke's St Ives Direct, which Cogent recently bought in an
GBP8 million deal.
Mr. Dunstall, the report notes, said a merger plan would be the
only way to save Prospect after describing it as "a distressed
business." However, the Telegraph & Argus understands that
merger has not yet been completed.
Staff from Prospect have been raising concerns since the deal was
announced, claiming that wages were being delayed or withheld,
something the company blamed on enforced changes to its
accounting system, the report relays.
Prospect Mailing is now in the hands of London-based
administrator SFP group.
Prospect Mailing Services is a Bradford-based direct-mailing
company.
ROCKTRON GROUP: In Administration, Cuts 50% of Workforce
--------------------------------------------------------
Insider Media Limited reports that more than half of the
workforce at the RockTron Group, which operates a plant at
Fiddler's Ferry Power Station in Cheshire, have been made
redundant after the company failed to secure funding for a new
recycling plant in South Wales.
RockTron will now be sold at auction with administrators still
hopeful the remaining jobs can be saved, according to Insider
Media Limited.
Simon Rowe -- srowe@milsted-langdon.co.uk -- and Roger Isaacs --
risaacs@milsted-langdon.co.uk -- of Milsted Langdon were
appointed joint administrators of the RockTron group on Oct. 24,
2013.
The subsidiaries entering administration are RockTron
International Ltd, and its subsidiaries RockTron Ltd and RockTron
Research Ltd. RockTron Ltd's subsidiaries are RockTron (Aberthaw
Ltd) and RockTron (Gale Common) Ltd. Meanwhile, RockTron
Research Ltd operates the group's pilot plant at Fiddler's Ferry
Power Station in Warrington.
The report notes that the group had 18 employees, ten of which
were made redundant after the appointment of administrators.
There was one redundancy in its Bristol head office and nine at
its production facility and test laboratory in Gale Common,
Yorkshire, the report relates.
The report discloses that RockTron slipped into administration
after being unable to secure funding to commence work on a new
South Wales plant. The proposed plant would have been capable of
producing 400 kilo-tonnes per year, the report relates.
The report notes that RockTron claims its technology is the first
and only commercially viable application for recycling the fly
ash waste produced by coal-fired power stations. As a result,
the group was profiled in the Financial Times, the Telegraph, the
Jakarta Post and the Sunday Times among others, the report adds.
RockTron Group converts waste from coal power stations into high-
value mineral products.
SPLASH MEDIA: In Administration, Not Enough Commissions
-------------------------------------------------------
Jake Kanter at Broadcast News reports that Splash Media has
fallen into administration after failing to win enough
commissions.
The Desperate Scousewives and A Farmer's Life For Me producer has
ceased trading and PCR partners Julie Swan and Mark Phillips have
taken over as administrators on behalf of the company's
management, according to Broadcast News.
The report relates that it is understood that three fulltime
staff were handed a week's notice, but a group of freelancers are
continuing to produce an eight-part series after the broadcaster
involved rescued the project.
PCR would not name the commission, but Broadcast understands it
is a show for A+E Networks' History, titled Wonder Wheels, the
report notes. The format follows two petrol-heads who specialize
in 'pimping up' classic cars, the report relates.
"The administrators have been able to secure the support of the
broadcaster and we now anticipate that this series will be
completed on schedule," Ms. Swan said in a statement obtained by
the news agency.
The report relays that the project was not enough to keep Splash
in business, with the administrator noting: "Recently there has
been a downturn in the number of commissions and recommissions."
Joint managing director Fenia Vardanis left the business in May
and Lush said at the time, she was "focused" on new commissions,
the report adds.
Splash Media was established by Lush and former BBC executive
editor of format entertainment Fenia Vardanis in 2005. It was
originally part of Tinopolis Group, but struck out on its own in
2006 with backing from former Television Corporation chairman Tom
Chandos.
TURBO FINANCE 4: Moody's Rates GBP11.3MM Class C Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Turbo Finance 4 plc (the "Issuer"):
GBP328.9M Class A Floating Rate Asset Backed Notes due January
2021, Definitive Rating Assigned Aaa (sf)
GBP33.6M Class B Floating Rate Asset Backed Notes due January
2021, Definitive Rating Assigned A1 (sf)
GBP11.3M Class C Fixed Rate Asset Backed Notes due January 2021,
Definitive Rating Assigned Ba1 (sf)
Moody's has not assigned ratings to the subordinated GBP 4.9
million Class D Notes. The proceeds of the Class D Notes are
applied to fund the reserve fund in the transaction.
Ratings Rationale:
The transaction is a revolving cash securitization of hire
purchase agreements extended to obligors in United Kingdom by
MotoNovo Finance, a division of FirstRand Bank Limited ("FRB":
Baa1/P-2) acting through its London Branch ("FRB London"). This
is the fourth public securitization transaction in the United
Kingdom sponsored by FRB London. The originator will also act as
the servicer of the portfolio during the life of the transaction.
The portfolio of underlying assets consists of hire purchase
agreements granted to individuals and companies resident in the
United Kingdom collateralized by new and used vehicles. The
portfolio comprises receivables whereby the underlying obligor is
required to pay a monthly installment during the term of the
underlying contract. Certain hire purchase agreements in the
portfolio are also exposed to mandatory balloon payments,
although these make up a limited portion of the portfolio and are
limited to a maximum 4% by the eligibility criteria. As of
October 31, 2013, the portfolio consists of approximately 55,000
hire purchase contracts. The leases were originated after 2007,
with a weighted average seasoning of 6 months and a weighted
average remaining term of 45 months.
According to Moody's, the transaction benefits from credit
strengths such as a granular portfolio, relatively simple
waterfall and a 1.30% reserve fund which is fully funded at
closing and can amortize to a floor of 0.5% of the initial pool
balance. It is available to cover any liquidity shortfalls on
Classes A and B throughout the life of the transaction and credit
enhancement at the end. In addition, the transaction benefits
from an initial portfolio yield of approx. 14% (minimum 13%
during the revolving period) and thus an estimated approximate
11% of excess spread at closing. Available excess spread can be
trapped to cover losses through the waterfall mechanism present
in the structure.
However, Moody's notes some credit weaknesses. As with all auto
hire purchase agreement transactions in the UK, the portfolio is
exposed to the risk of voluntary termination ("VT") by the
obligor if the obligor has made payments equal to at least one
half of the total amount which would have been payable under the
contract and returns the vehicle to the originator. Moody's did
not receive gross VT default data from the originator, but only
net VT default data (i.e. with recoveries included). In addition,
Moody's did not receive static recovery but only dynamic recovery
data for the entire portfolio. These aspects were factored in
Moody's overall analysis.
Furthermore, the Class C notes do not benefit from the cash
reserve until Classes A and B are repaid, and are subordinated to
principal payments due on Classes A and B due to their
subordinated position in the waterfall. Hence, this increases the
likelihood of interest deferral on the Class C notes. Moody's
treated this in its quantitative analysis.
Moody's analysis focused, among other factors, on (i) an
evaluation of the underlying portfolio; (ii) historical
performance information; (iii) the credit enhancement provided by
subordination, by the excess spread and the reserve fund; (iv)
the liquidity support available in the transaction, by way of
principal to pay interest and the reserve fund; (v) the back-up
servicing arrangement of the transaction; (vi) the independent
cash manager and (vii) the legal and structural integrity of the
transaction.
Moody's assumed a gross loss rate of 4.0% for the entire pool,
which takes into account both defaults arising from normal
defaults by the obligors and losses arising from the exercise of
the obligor voluntary termination right. A coefficient of
variation of 50% is used as the other main input for Moody's cash
flow model ABSROM. Whilst the historical default rate for older
vintages showed default rates higher than the assumed gross loss
level, Moody's has given benefit to the lower default rate
observed in more recent vintages as a result of updated
underwriting methods used by the originator. Commingling risk and
set-off risk is assessed to be commensurate with the ratings
assigned on the Notes.
The V-score analysis for the transaction is Low/Medium. One
aspect of note is the assessment on the quality of historical
data received from the transaction parties. In addition, Moody's
has observed significant variability in the performance of
different origination vintages and assigned the Originator's
performance variability score Medium, above that of the sector
score for this asset class. For more information, the V-Score has
been assigned according to the report "V Scores and Parameter
Sensitivities in the Non-U.S. Vehicles ABS Sector", published in
January 2009.
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 lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.
Parameter sensitivities for this transaction have been calculated
in the following manner: Moody's tested 9 scenarios derived from
the combination of mean default: 4.0% (base case), 4.5% (base
case +0.5%), 5.0% (base case + 1%) and recovery rate: 40% (base
case), 35% (base case - 5%), 30% (base case - 10%). The 4.0% /
40% scenario would represent the base case assumptions used in
the initial rating process. At the time the rating was assigned,
the model output indicated that Class A would have achieved Aa1
even if mean default was as high as 5.0% with a recovery as low
as 30% (all other factors unchanged). Under the same assumptions,
the Class B would have achieved Baa1 and the Class C would have
achieved B1. Parameter sensitivities provide a quantitative,
model-indicated calculation of the number of notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. It is not intended
to measure how the rating of the security might migrate over
time, but rather, how the initial rating of the tranches might
differ as certain key parameters vary.
Therefore, Moody's analysis encompasses the assessment of stress
scenarios.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest on the Class A
Notes, ultimate payment of interest on the Class B Notes and
ultimate payment of principal with respect to the Class A and
Class B Notes by the legal final maturity. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
Provisional ratings have been assigned on October 30, 2013.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
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BULGARIA
--------
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-------
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CYPRUS
------
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CZECH REPUBLIC
--------------
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DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
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FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
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I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
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GEORGIA
-------
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
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GERMANY
-------
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
AGOR AG DOO EU -482449.8788 144432986.2
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GREECE
------
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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
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
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
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
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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
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FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
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FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
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
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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
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HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
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HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
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HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
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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
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NYESA VALORES CO 7NY GR -208568793.8 658498551.2
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PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
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RENTA CORP REN1 TQ -40378516.38 216503337.5
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RENTA CORP REN1 EU -40378516.38 216503337.5
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RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
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PANAXIA AB PAXA SS -13977223.06 102375741.8
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PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
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SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
ZORLU ENERJI ELE ZRLUF US -2128989.458 1841396734
ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
KRYMENERGO KREN UZ -34125639.53 127185486.6
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.15 405377719.8
ACE INA SERVICES 1442282Z LN -32838796.68 148703014.2
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SETON HEALTHCARE 2290Z LN -10585183.94 156822902.8
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SMITHS NEWS PLC NWS IX -82175781.01 424997909.9
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SMITHS NEWS PLC NWS1 BQ -82175781.01 424997909.9
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SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
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SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
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SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
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STV GROUP PLC STVG VX -44693985.16 126240905.5
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STV GROUP PLC SMG IX -44693985.16 126240905.5
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TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
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TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
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TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
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THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
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TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
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TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *