/raid1/www/Hosts/bankrupt/TCREUR_Public/140218.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, February 18, 2014, Vol. 15, No. 34
Headlines
C Z E C H R E P U B L I C
CENTRAL EUROPEAN MEDIA: S&P Puts 'B-' CCR on CreditWatch Negative
F I N L A N D
FIRST QUANTUM: Moody's Confirms Ba3 CFR; Outlook Negative
F R A N C E
SOLOCAL GROUP: Fitch Lowers Issuer Default Rating to 'C'
G E R M A N Y
DEPFA BANK: S&P Puts 'BB+' Sr. Debt Rating on CreditWatch Neg.
GRAND CITY: S&P Raises CCR to 'BB+' on Stronger Capital Structure
I R E L A N D
EIRCOM HOLDINGS: S&P Revises Outlook to Stable & Affirms 'B' CCR
NASH POINT: Moody's Upgrades Rating on EUR22.5MM Notes to Ba1
I T A L Y
BANCA CARIGE: Fitch Affirms 'BB' Long-Term Issuer Default Rating
BANCA POPULARE: Fitch Affirms 'BB+' LT Issuer Default Rating
K A Z A K H S T A N
KAZEXPORTASTYK: S&P Affirms Then Withdraws 'B' Corp Credit Rating
N E T H E R L A N D S
DALRADIAN EUROPEAN: Moody's Affirms B1 Rating on EUR16.9MM Notes
GOODYEAR DUNLOP: Fitch Affirms 'B+' Issuer Default Rating
PLAYA RESORTS: Moody's Rates US$50MM Proposed Add-On Notes Caa1
R U S S I A
ALROSA OJSC: S&P Puts 'BB-' Long-Term CCR on CreditWatch Negative
S P A I N
GAT ICO-FTVPO: Moody's Downgrades Rating on EUR2.3MM Notes to B1
U K R A I N E
* Fitch Lowers Long-Term IDRs on 13 Ukrainian Banks to 'CCC'
* Fitch Lowers Ratings on 3 Ukrainian Cities to 'CCC'
U N I T E D K I N G D O M
ALL GINO: Closes Store, Cuts 150 Jobs
BAIRDS OF HAMILTON: In Liquidation, Cuts 35 Jobs
CABOT FINANCIAL: Moody's Downgrades Corporate Family Rating to B2
CO-OPERATIVE BANK: Parent Consults Public on Future
CORNERSTONE TITAN 2005-1: Fitch Cuts Class D Notes' Rating to Dsf
DRYDEN X - EURO: Moody's Affirms B1 Ratings on 2 Note Classes
EPIC PLC: Fitch Raises Rating on Class E Securities to 'BBsf'
KETLING LIMITED: Goes Into Liquidation
RSA INSURANCE: Hester Mulls GBP350 Million Share Placing
SHIMLA PINKS: In Administration, Has Been Sold in Pre-Pack Deal
SWINBURNE AND JACKSON: In Administration, Cuts 50 Jobs
TMO RENEWABLES: Administrators Hope to Strike Rescue Deal
X X X X X X X X
* EUROPE: OECD Fails to Account Weak Banking System in Forecasts
* Large Companies with Insolvent Balance Sheets
*********
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C Z E C H R E P U B L I C
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CENTRAL EUROPEAN MEDIA: S&P Puts 'B-' CCR on CreditWatch Negative
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Standard & Poor's Ratings Services said it had placed on
CreditWatch with negative implications its 'B-' long-term
corporate credit rating on Bermuda-registered TV broadcaster
Central European Media Enterprises Ltd. (CME).
S&P also placed on CreditWatch negative its 'B-' issue ratings on
the EUR240 million senior secured notes due 2017 issued by CME's
subsidiary CET 21 spol.s.r.o. (CET21) and the 'CCC+' issue rating
on the EUR273 million notes due 2016 issued by CME.
The CreditWatch placement reflects the high risk of a liquidity
shortfall over the coming months. This is coupled with low
visibility on the outcome of different options the company is
exploring to find new capital required to restore its fragile
liquidity position.
Following disappointing results in the first nine months of 2013,
the company revised its expectations of cash burn for the year to
US$140 million. As a result, cash on the balance sheet will
likely amount to only US$60 million for the end of 2013, compared
with S&P's previous expectation of US$110 million. In S&P's view,
this level might not be sufficient to fund the company's ongoing
operating needs, such as working capital requirements and capital
expenditures over the next few months.
S&P is also aware that the company is currently looking at several
options to raise new capital, including private or public debt,
equity financing, and asset sales. In this respect, the company
is in discussion with Time Warner regarding a possible capital
transaction to improve its liquidity position. S&P expects CME to
discuss a more precise plan for potential inflows of capital after
the full-year results are announced. However, any delay in
delivering a solution to address its weak liquidity position would
trigger a downgrade of CME to the 'CCC' category.
S&P views CME's liquidity as "weak," under its criteria. Despite
CME not facing any debt maturities before November 2015, S&P
believes that the company's liquidity might be insufficient to
cope with ongoing operating needs over the next six months without
any injections of new capital.
S&P aims to resolve the CreditWatch on CME after the release of
its full-year 2013 results, which S&P expects will happen in a few
weeks' time. S&P could lower the ratings on CME to the 'CCC'
category if the company failed to announce actions that would
allow it to quickly restore its liquidity position to what S&P
considers adequate. A negative rating action is also likely if
such actions contemplate any debt restructuring measures that S&P
deems tantamount to a default under our criteria.
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F I N L A N D
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FIRST QUANTUM: Moody's Confirms Ba3 CFR; Outlook Negative
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Moody's Investors Service has confirmed the Ba3 corporate family
rating (CFR) and the Ba3-PD probability of default rating of First
Quantum Minerals Ltd (FQM). Concurrently, Moody's has upgraded the
rating on the existing FQM notes due in 2019 to B1 and has
assigned a B1 rating to the new notes which have been issued by
FQM in exchange of the former Inmet Mining Corporation (now FQM
Akubra Inc.) notes pursuant to the terms of the exchange offer and
consent solicitation commenced by the issuer on January 27, 2014
(the Exchange Offer). Furthermore, Moody's has confirmed the B1
rating on the FQM Akubra notes, but intends to withdraw such
rating shortly after confirmation that the notes have been
exchanged and the terms of any residual FQM Akubra note have been
amended as proposed under the Exchange Offer. The outlook on all
ratings is negative.
These rating actions follow the recent announcements made by the
company with respect to the progress of the Exchange Offer and
concurrent consent solicitation on FQM notes, which on
February 7, 2014 reached the majority consents required to be
successfully completed. Moody's understands that the completion of
the Exchange Offer removes the uncertainty caused by the notice of
default issued on the indentures of the FQM Akubra notes.
These actions conclude the review of FQM's ratings initiated by
Moody's on December 3, 2013.
Ratings Rationale
The confirmation of the Ba3 CFR takes into account the successful
outcome of the Exchange Offer and of the parallel consent
solicitation on FQM notes, which are important milestones for the
company's plan to rationalize its capital structure. Moody's
understands that the majority bondholders' consent achieved on the
Exchange Offer will entirely remove past claims and the litigation
risk that arose with a number of former Inmet bondholders. The
rating agency considers such developments as sufficient to address
the main concerns which last December led Moody's to place all
ratings under review for downgrade. The main concern was the risk
of a legal dispute potentially affecting FQM's liquidity position
by reducing the company's ability to raise further funding to
pursue its substantial capital expenditure (capex) plan in Zambia
and Panama.
Despite recent credit positive developments, the Ba3 rating
remains constrained by the company's (1) significant concentration
risk in terms of geography (Zambia, B1 stable), commodity (copper,
although gold by-products and nickel provide modest
diversification) and a limited number of large operating mines;
and (2) Moody's view that the company remains highly exposed to
execution and country risk, as a result of its large capex plan
for strategic mining projects currently under development in
Zambia, and to the risk that any major possible delay at these
projects -- and particularly at the new smelter it is building --
could lead to material operational and financial underperformance,
as well as liquidity pressure.
However the rating recognizes as positive the (1) enlarged size of
the company, following the smooth integration during 2013 of
Inmet's three low cost copper mines in the more stable EMEA region
(Spain, Turkey, Finland) where FQM was only marginally present
before; and (2) progress being made in the development of the
Cobre Panama copper deposit, which has been transformed from a
completely externally outsourced project into an in-house project
which FQM's management can better control. Moody's believes that
the financial and business profile of FQM will improve
significantly once Cobre Panama is complete, by adding a large
low-cost copper mine in a more stable jurisdiction like Panama
(Baa2 stable), which would then start counterbalancing FQM's
historically high exposure to Zambia.
Rationale For The Negative Outlook
The negative outlook reflects Moody's concern that FQM's credit
metrics may deteriorate in the next 12 months towards levels not
commensurate with our guidance for the current rating, as the
rating agency anticipates that the company will need to draw more
debt under its available bank facilities in order to progress on
its ambitious capex plan. The negative outlook also takes into
account the possibility that the company's liquidity may weaken
not only due to increasing future capex commitments but also
increasing working capital requirements associated with the
commissioning phase of the main projects due to come on-stream in
the next 12 months.
What Could Drive The Rating Up/Down
Moody's currently considers positive rating actions to be unlikely
in the near future. However, a stabilization of the outlook could
result if FQM performs according to its plan and is able to
complete its key projects in Zambia in 2014 without delays or main
cost overruns, while preserving credit metrics commensurate with
the current rating, including a leverage ratio, on a Moody's-
adjusted basis, not exceeding 3x. Positive pressure could build
over time if the group were able to successfully execute its
ambitious growth strategy, which would result in a stronger
business profile supported by wider operational and geographic
diversification, stronger credit metrics, including a debt/EBITDA
ratio sustainably below 2.0x, as well as a strong liquidity
position.
Moody's would consider downgrading the rating if there were a
material deterioration in FQM's liquidity profile, decline in the
group's operating cash flow generation and/or higher-than-
anticipated capex due to overruns or delays at major projects.
Such a deterioration would be reflected by less robust credit
metrics, including debt/EBITDA materially in excess of 3x on a
sustained basis.
Structural Considerations
The one notch increase on the existing FQM 2019 notes to B1
anticipates the better position achieved by these notes in the
capital structure following the finalization of the Exchange
Offer, which will lead to a simpler and more rational capital
structure where all the notes rank pari-passu on a senior
unsecured basis at the same holding entity level, FQM, and benefit
from a broader senior unsecured guarantor coverage compared with
the current status. In particular, FQM's notes, which used to be
guaranteed, on a senior subordinated basis, by the two
subsidiaries managing the Kevitsa and Ravensthorpe nickel mines
(which together account for less than 10% of FQM's consolidated
EBITDA), will start to be guaranteed on a senior basis by a number
of operating subsidiaries (excluding Kansanshi and Cobre Panama)
which account for 44% of FQM's consolidated EBITDA in aggregate.
The one notch differential to the CFR of the FQM 2019 notes and of
the new FQM notes resulting from the Exchange Offer reflects the
fact that priority debt obligations still exist at some levels
within the capital structure.
Principal Methodology
The principal methodology used in these ratings was the Global
Mining Industry published in May 2009. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
First Quantum Minerals Ltd (FQM), headquartered in Canada and
listed on the Toronto Stock Exchange and the London Stock
Exchange, is a medium-sized mining company with a large operation
in Zambia, where it manages Kansanshi, a large and low-cost copper
and gold deposit. FQM also operates a small copper and gold mine
in Mauritania, a junior nickel mine in Australia and a junior
nickel-copper mine in Finland. Following the acquisition of Inmet,
FQM has gained access to one of the world's largest copper
deposits, Cobre Panama, as well as to small copper and zinc mining
operations in EMEA. The pro-forma combined revenues of FQM and
Inmet in 2012 were just above US$4.0 billion.
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F R A N C E
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SOLOCAL GROUP: Fitch Lowers Issuer Default Rating to 'C'
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Fitch Ratings has downgraded Solocal Group's Long-term Issuer
Default Rating (IDR) to 'C' from 'B-'. The Outlook was previously
Negative. Fitch has also downgraded PagesJaunes Finance & Co
S.C.A's senior secured notes rating to 'CCC-' from 'B+'.
The downgrades follow Solocal's announcement that if required, the
issuer intends to use a 'conciliation' and potentially a
'sauvegarde financiere acceleree' (SFA), both considered as French
court interventions, to implement its refinancing. The SFA would
only be used if Solocal were to get between two-thirds and an
insufficient 90% of the consent required from term loan lenders to
amend and extend the maturity of its EUR1.3 billion term loan
debt.
According to Fitch's 'Distressed Debt Exchange' criteria dated
August 2, 2013, a distressed debt exchange (DDE) includes a
material change in terms, conducted in order to avoid intervention
proceedings, which the SFA or conciliation would be.
Fitch considers Solocal's proposed EUR361 million rights issue and
the EUR79 million reserved capital increase, together with the
extension of the term loan maturities to 2018 as credit positive,
each being conditional upon the other. However, the intention to
use conciliation and/or the SFA route, which may lead to the cram-
down of non-voting debt holders, is considered by Fitch to be a
DDE. Furthermore, in the agency's view, failure to agree to the
proposed structure changes would also restrict the group's ability
to refinance its debt when maturities come due in September 2015.
Execution of a DDE typically results in the group's IDR being
downgraded to 'Restricted Default' ('RD'). Shortly after the DDE
is completed, the IDR will be re-rated and typically raised to a
performing level.
KEY RATING DRIVERS
Continued EBITDA Attrition
In February 2014, Solocal announced a reduction of its gross
operating margin (GOM, EBITDA before staff profit sharing, which
is Solocal's proxy for EBITDA) for 2013 by 8.7% to EUR424.3
million with an expected further reduction in 2014 to EUR355
million-EUR375 million. Consequently, Solocal is likely to
approach the time when it must refinance its large 2015 maturities
without demonstrating that it has successfully stabilized its core
business.
Slowing Internet Revenue Growth
Solocal's internet revenue growth was 1.6% in 2013, with more
aggressive competition from traditional media as well as other
digital media impacting the company's growth. While cyclical
factors are likely to be affecting the company's online revenue
growth, Fitch is concerned that part of this decline may be
structural, reflecting changes in the French advertising market.
Continued Digital Transition
Although Fitch recognizes management's ability to manage the
reduction in print revenues and the growth in internet revenues in
a more successful way than peers across Europe, with internet
revenues representing 63% of 2013 total revenues and expected to
grow to 75% of total revenues by 2015, the transition to a digital
business is still in progress.
Strong Brand Name
Fitch recognizes the strength of the PagesJaunes brand and the
company's presence in the online segment. This could allow Solocal
to stabilize cash flows. However, Fitch does not have visibility
on when this could occur.
Positive Cash Flow Generation
Fitch believes that despite the challenges that Solocal faces in
its continued transition towards a digital media company, it will
still generate positive cash flows and meet its debt service
requirements until the significant bullet debt repayments that are
due in 2015. However, failure to reach agreement on Solocal's
current proposals would mean it is unlikely that the company would
be able to successfully refinance its current debt in 2015.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
action to 'RD' include:
-- Execution of the DDE.
Positive: Future developments that could lead to positive rating
actions include (after DDE completed):
-- Progress in refinancing Solocal's 2015 maturities.
-- Stabilization of Solocal's GOM and cash flow generation.
-- Other factors include sustained internet revenue growth and
no significant erosion in EBITDA margin.
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G E R M A N Y
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DEPFA BANK: S&P Puts 'BB+' Sr. Debt Rating on CreditWatch Neg.
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Standard & Poor's Ratings Services said it had placed its 'BBB'
long-term and 'A-2' short-term counterparty credit ratings on
Ireland-based, Germany-owned Depfa Bank PLC on CreditWatch with
negative implications.
S&P also placed its 'BBB/A-2' long- and short-term counterparty
credit ratings on Depfa's core subsidiaries Depfa ACS Bank, Hypo
Pfandbrief Bank International S.A., and Hypo Public Finance Bank
on CreditWatch with negative implications.
At the same time, S&P placed its 'BB+' issue ratings on the bank's
non-deferrable senior subordinated debt on CreditWatch with
negative implications and affirmed the issue ratings on the bank's
preferred stock ratings at 'D'.
The CreditWatch placement follows the submission of bids from
interested parties to acquire Depfa. Bids were submitted by
Jan. 28, 2014. S&P believes that the submission of the bids
increases the likelihood of a sale within the next three months.
Hypo Real Estate Holding AG started the sale process of Depfa, its
wholly owned subsidiary, on Aug. 26, 2013.
The CreditWatch negative reflects S&P's expectation that the new
owner's ability to provide support is unlikely to match that of
the current owner, the Republic of Germany. This may lead to a
multiple-notch downgrade because S&P could remove the uplift for
its expectation of extraordinary government support and implicit
ongoing government support from the bank's stand-alone credit
profile.
Although Depfa is based in Ireland, it is supported by the German
government, which S&P believes is more relevant than the Irish
government for the bank's creditworthiness. S&P expects the
German government to support an orderly rundown of Depfa's
operations as long as it remains the owner, but S&P will unlikely
expect as much support if the bank is sold. As such, S&P might
remove one notch of uplift above the bank's stand-alone credit
profile for expected extraordinary government support.
After the sale, S&P might also review the benefits resulting from
the state ownership, which it incorporates in its assessment of
Depfa's business position, capital, risk, funding, and liquidity.
Thus, S&P could reduce the stand-alone credit profile by one or
more additional notches.
The CreditWatch negative reflects S&P's opinion that the
submission of the bids to acquire Depfa increases the likelihood
of a sale within the next three months.
S&P would likely downgrade the bank if the new owner demonstrates
a weaker credit profile and supportiveness than the current state
owner, leading to the removal of one notch of uplift for expected
extraordinary government support. In addition, S&P would review
the extent of implicit benefits due to state ownership and
commitment within our stand-alone analysis of the bank.
S&P expects to resolve the CreditWatch over the next three months
or once there is clarity on the future ownership and on the new
owner's commitment and strategy concerning the Depfa group.
S&P could also expect to resolve the CreditWatch if the current
owner decides not to proceed with the sale and initiates an
orderly wind-down, which was S&P's base-case assumption until the
offers to acquire Depfa were received.
GRAND CITY: S&P Raises CCR to 'BB+' on Stronger Capital Structure
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Standard & Poor's Ratings Services said that it raised to 'BB+'
from 'BB' its long-term corporate credit rating on German
residential property company Grand City Properties S.A. (GCP).
The outlook is stable.
At the same time, S&P assigned a 'BB+' issue rating to GCP's
proposed convertible bonds of at least EUR100 million due 2019.
The recovery rating on these bonds is '3', indicating S&P's
expectation of "meaningful" (50%-70%) recovery in the event of a
payment default.
In addition, S&P is raising its issue rating on GCP's
EUR200 million bonds due 2020 to 'BB+' from 'BB'. The recovery
rating on these bonds is unchanged at '3'.
The upgrade reflects S&P's view that GCP's EUR175 million capital
increase in December 2013 will improve the company's credit
metrics in 2014-2015. In addition, S&P understands that
management is committed to maintaining debt leverage at current
levels. S&P is therefore revising its assessment of GCP's
financial risk profile upward to "intermediate" from significant."
After the recent equity raise, the capital structure appears well-
capitalized, with an equity ratio of about 50% and a reported
loan-to-value (LTV) ratio of less than 50%. S&P also notes that
the unencumbered asset base has increased to more than 30% of the
total portfolio, and S&P projects it will increase further in
2014.
S&P understands that management is committed to maintaining a
large, stable, recurring cash flow base from the rental income
stream and limited asset disposals. S&P also understands that
management is committed to maintaining debt leverage at about 50%
LTV through the combined use of equity and debt to finance new
acquisitions.
Overall, S&P believes that GCP's credit metrics will become
commensurate with an "intermediate" financial risk profile in
2014, and stabilize at that level thereafter. In view of the
currently favorable equity and debt capital markets, S&P believes
that management has the means to undertake acquisitions without
releveraging the capital structure. Should market conditions
weaken, S&P also understands that the company will focus solely on
improving its internal cash flow.
In S&P's opinion, GCP's recurring cash flow and debt leverage
should remain steady in 2014. Under S&P's base-case scenario for
2014, it forecasts positive like-for-like rental income growth of
about 6%, based on an increase in average rents and a stable
occupancy rate. Higher rents should occur mainly thanks to solid
demand for GCP's apartments in most locations. Rating stability
depends on the company maintaining a fixed-charge coverage ratio
of more than 2.1x and a debt-to-capital ratio of up to 50%.
Upside Scenario
S&P believes that an upgrade is contingent on GCP's property
portfolio maturing, with lower vacancy rates and more predictable
rent growth. An upgrade is also contingent on S&P's upward
revision of GCP's management and governance score to
"satisfactory" from "fair," as the company increases the number of
managers and thereby reduces its dependence on key executives.
In terms of financial metrics, an upgrade depends on GCP's ability
to maintain a fixed-charge coverage ratio of more than 2.1x and
debt to debt plus equity of about 50% at all times. S&P will
monitor the financing of future acquisitions and the company's
ability to access equity and debt capital markets.
Downside Scenario
S&P would lower the rating if GCP alters its current policy to
accommodate higher leverage through large debt-financed
acquisitions, or if it increases its asset rotation, which would
reduce the stability of cash flows. S&P could also lower the
rating if GCP's fixed-charge coverage ratio decreases to less than
2x and its debt-to-capital ratio increases to more than 50% on a
sustained basis. This would most likely occur if the company
started acquiring large portfolios of properties that required
more extensive renovation than the assets it has acquired in the
past.
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I R E L A N D
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EIRCOM HOLDINGS: S&P Revises Outlook to Stable & Affirms 'B' CCR
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Standard & Poor's Ratings Services said that it revised its
outlook on Ireland-based telecommunications group eircom Holdings
(Ireland) Ltd. to stable from negative. At the same time, S&P
affirmed its 'B' long-term corporate credit rating on eircom, as
well as the 'B' issue rating and '3' recovery rating on the
company's senior secured debt (comprising the term loan B and
senior secured notes).
"The outlook revision reflects the improvements that we expect in
eircom's free operating cash flow (FOCF) and EBITDA margin.
Although we anticipate negative FOCF for the year ending
June 2014 (as we consider the cash impact of the "voluntary
leaving plan" [VLP] as operating cash costs in our cash flow
calculation), we expect it to become positive by June 2015, thanks
to the effects of eircom's recent investments (including a
countrywide fiber broadband roll-out and the launch of 4G and
Internet Protocol television [IPTV] services) and cost-cutting
program. We think that the upgrade of the company's
infrastructure will help to stabilize its fixed-line market share,
as eircom is now able to compete directly on fixed triple-play
bundles (voice, broadband, and IPTV) and is the first player in
the Irish market to offer quadruple-play bundles (triple-play plus
mobile). While quadruple play bundles have tended to erode mobile
pricing in many European markets, they have also helped stabilize
the market share and reduce the subscriber turnover (and therefore
subscriber acquisition costs) for the strongest fixed-line
operators, including eircom," S&P said.
"We anticipate that the cost-cutting plan, which is well on track,
will contribute to a significant improvement of eircom's adjusted
EBITDA margin (excluding the cash cost of the VLP). We now expect
a margin of over 40% for June 2014 to June 2015, instead of 36%-
37% as we expected previously. The stabilization of the revenue
base, combined with improved profitability and a decrease in
capital expenditure (capex) following two years of massive
investments, should lead to relatively good cash generation in
June 2015 and thereafter," S&P added.
S&P expects that eircom's revenue and cash position will be at
their lowest in June 2014. At that time, S&P anticipates that the
company will have EUR200 million in cash, down a third from
EUR320 million a year before. S&P forecasts eircom to return to
positive cash generation in June 2015, however, underpinned by the
stabilized revenues, a lower cost base, and a reduction of capex.
S&P thinks an improving economic backdrop in Ireland, including
somewhat lower unemployment and a return to positive nominal GDP
growth of about 2% in 2014, will combine with eircom's own
initiatives to materially slow the company's revenue decline.
Eircom recently announced that it is seeking to alter the terms of
its senior secured term loan in order to improve its debt maturity
profile and operating flexibility (which is relatively constrained
by the current legal documentation) through an "amend and extend"
(A&E) process. This currently has no specific impact on the
rating or outlook. S&P anticipates that the process will have a
relatively weak negative effect on cash flow generation and the
EBITDA-to-cash-interest ratio because of the increase in the cash
interest margin (which is likely to be 100 or 150 basis points).
However, the payment-in-kind (PIK) component will be withdrawn,
and we understand that the A&E will give eircom more flexibility
on its capex investments and overall operations.
"The "fair" business risk profile assessment reflects our view of
eircom's leading positions in the Irish fixed-line telephony and
broadband markets, which leads to solid fixed-line margins, and a
meaningful presence in the mobile telephony and broadband markets.
The group's business risk profile is also supported by its
demonstrated ability to steadily trim its cost base. These
strengths are offset by the ongoing weak profitability of its
mobile division Meteor, which competes with the local divisions of
the much larger and financially stronger Vodafone, Telefonica
(O2), and Hutchison Whampoa (3); continued slight decline in
mobile and fixed-line broadband average revenue per user; fierce
and still-increasing competition; and the uncertain timing and
extent of commercial benefits from the recent investments.
Although we think the planned merger of O2 and 3, if approved,
could gradually shift competition away from price and more toward
network and service quality, we expect that Meteor will remain a
distant third in the small Irish wireless market for some time,
which will likely limit its scale benefits and keep its margins at
subpar levels," S&P said.
"We continue to assess eircom's financial risk profile as "highly
leveraged." This primarily reflects the relatively high Standard
& Poor's-adjusted leverage of about 6x, with relatively slow
deleveraging, and continued negative generation of FOCF. Eircom
will continue to benefit from a long-term debt maturity profile,
with limited debt repayment in the short term (no amortization
schedule exists under the term loan, which could even be extended
through the A&E process), and comfortable headroom under its
various covenants. While the A&E will somewhat increase eircom's
cash interest costs, we still expect a pro forma EBITDA-to-cash-
interest ratio comfortably above 4.0x, higher than most similarly
rated peers," S&P noted.
S&P's base case assumes:
-- A decrease of 6.5% in revenue in June 2014 compared with
June 2013 (4.6% excluding the sale of Phonewatch) and flat
revenue thereafter.
-- Its forecasts are below its current expectation of about 2%
nominal GDP growth in Ireland in 2014, underpinning the
fierce competition in the country and eircom's continued
fixed-line access losses.
-- EBITDA margin improvement to over 40% by June 2014, before
voluntary leave costs, thanks to the first impact of the
cost-cutting plan, slightly offset by the increase in new
customer acquisition costs realized in the second half of
the year.
-- Higher cash interest following the A&E, partly offset by a
reduction in PIK interest, and therefore a modest reduction
in adjusted debt.
-- Further substantial investments up to June 2014, after
which capex will reduce.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted debt to EBITDA of about 6.0x. S&P adjusts
reported debt figures for operating leases and
post-retirement obligations.
-- Negative adjusted FOCF to debt in June 2014, returning to
positive in June 2015.
-- Adjusted EBITDA to cash interest comfortably above 4x.
The stable outlook reflects S&P's view that eircom's revenues and
cash balances will be at their lowest in June 2014 and that
margins will improve over the next two years. Thereafter, S&P
anticipates that the company will return to positive cash
generation leading to an increase in cash from a low of
EUR200 million. The stable outlook also incorporates S&P's
expectation that the company will remain highly leveraged over the
next two years with a relatively slow deleveraging profile.
S&P considers that it is unlikely to raise the rating in the
medium term. However, S&P could consider an upgrade if adjusted
leverage falls below 5x on a sustainable basis, combined with
FOCF-to-debt in the mid-single digits. In addition, an upgrade
would likely require stability in the company's overall market
share (fixed-line and mobile) and an improvement of the mobile
division's EBITDA margin, from mid-single digits to closer to 15%.
S&P could consider lowering the rating if the group's "adequate"
liquidity profile was impaired by continued significantly negative
FOCF generation or if the company continued to burn cash, leading
to a cash position below EUR200 million. Such a scenario would
likely follow weakening revenues and EBITDA as a result of
increasingly aggressive behavior by eircom's principal
competitors, particularly in the retail fixed-line broadband and
mobile businesses.
NASH POINT: Moody's Upgrades Rating on EUR22.5MM Notes to Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Nash Point CLO:
EUR35M Class C Senior Secured Deferrable Floating Rate Notes due
2022, Upgraded to Aa2 (sf); previously on Nov 14, 2013 Upgraded to
A1 (sf) and Placed Under Review for Possible Upgrade
EUR17.5M Class D Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to A3 (sf); previously on Nov 14, 2013 Baa2
(sf) Placed Under Review for Possible Upgrade
EUR22.5M Class E Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to Ba1 (sf); previously on Jan 25, 2013
Upgraded to Ba2 (sf)
Moody's has also affirmed the ratings on the following notes
issued by Nash Point CLO:
EUR428.5M (currently EUR 212,338,959.83 outstanding) Class A
Senior Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Jan 25, 2013 Affirmed Aaa (sf)
EUR35M Class B Senior Secured Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Nov 14, 2013 Upgraded to Aaa (sf)
Nash Point CLO, issued in July 2006, is a collateralized loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European and US loans. The portfolio is managed by Sankaty
Advisors, LLC. The transaction's reinvestment period ended in July
2012.
Ratings Rationale
The rating actions on the notes are primarily a result of the
significant deleveraging of the Class A notes during 2013 and the
subsequent improvement in over-collateralization ratios. Moody's
had previously upgraded the ratings on November 14, 2013 of Class
B from Aa1 (sf) to Aaa (sf) and Class C from A2 (sf) to A1 (sf),
which was left on review for upgrade, and placed the Baa2 (sf)
rating of Class D on review for upgrade due to significant loan
prepayments. The actions conclude the rating review of the
transaction.
The Class A notes have paid down by approximately EUR72.1 million
(16.8% of the initial balance) on the last payment date in January
2014 and EUR216.2 million (50.5.%) since the rating action in
January 2013 where the notes were still fully outstanding. As a
result of the deleveraging, over-collateralization has increased.
As of the trustee's January 2014 report, the Class A/B, C, D and E
had over-collateralization ratios of 141.3%, 127.4%, 121.4% and
114.5% respectively, compared with 129.2%, 120.2%, 116.1% and
111.2%,respectively, in the January 2013 action (based on the
December 2012 report). The reported weighted average rating factor
("WARF") and weighted average spread ("WAS") have been stable
while diversity score has decreased from 55 to 41.
The key model inputs Moody's uses in its analysis, such as par,
WARF, diversity score and the weighted average recovery rate, are
based on its published methodology and could differ from the
trustee's reported numbers. In its base case, Moody's analyzed the
underlying collateral pool as having a performing par and
principal proceeds balance of EUR360.7 million, defaulted par of
EUR13.2 million, a weighted average default probability of 19.1%
(consistent with a WARF of 2839), a weighted average recovery rate
upon default of 48.0% for a Aaa liability target rating, a
diversity score of 41 and a WAS of 3.7%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. For a Aaa liability target rating, Moody's
assumed that a recovery of 50% of the 94.6% of the portfolio
exposed to first-lien senior secured corporate assets upon default
and of 15% of the remaining non-first-lien loan corporate assets
upon default. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
November 2013.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3 or
lower and maturing between 2014 and 2015 make up approximately
6.0% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 2938
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy and 2) the concentration of lowly- rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1. Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
2. Around 22% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
3. Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
=========
I T A L Y
=========
BANCA CARIGE: Fitch Affirms 'BB' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Banca Carige's (Carige) and Banca
Popolare di Milano's Long-term Issuer Default Ratings (IDRs) at
'BB' and 'BB+', respectively, with Negative Outlooks. It has also
maintained Carige's and BPM's Viability Ratings (VR) on Rating
Watch Negative (RWN).
KEY RATING DRIVERS - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT
Both banks' Long-term IDRs are at their Support Rating Floors
(SRF) and both reflect potential support from the Italian
authorities.
Carige's Support Rating (SR) and SRF reflect Fitch's view that
there is a moderate probability that the authorities would provide
support to Carige if required because of its franchise in its home
region of Liguria and its relatively large customer funding base.
Similarly, BPM's SR and SRF reflect Fitch's view that there is a
moderate probability that the authorities would provide support to
BPM if required because of BPM's strong franchise in its home
region of Lombardy and its relatively large customer funding base.
The Negative Outlooks on BPM's and Carige's Long-term IDRs are in
line with the Outlook on Italy's 'BBB+' Long-term IDR.
RATING SENSITIVITIES - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT
Carige's and BPM's Long-term IDR, SR, SRF and senior debt ratings
are sensitive to a change in Fitch's assumptions about the
propensity or ability of the Italian authorities to provide timely
support to the banks.
The Italian state's ability to provide such support is dependent
upon its creditworthiness, reflected in its Long-term IDR. A
downgrade of Italy's sovereign rating would reflect a weakened
ability of the state to provide support and therefore likely
result in the downward revision of Carige's and BPM's SRFs.
Carige's and BPM's SRs and SRFs are also sensitive to changes in
Fitch's assumptions around the propensity of support, in light of
the weakening of legal, regulatory, political and economic
dynamics about potential future sovereign support for senior
creditors of banks across jurisdictions, as indicated in "The
Evolving Dynamics of Support for Banks" and "Bank Support: Likely
Rating Paths", both dated September 11, 2013 at
www.fitchratings.com.
Any downward revision of Carige's and BPM's SRF would lead to a
downgrade of the banks' Long-term IDRs. In line with Fitch's
criteria, the banks' Long-term IDRs are the higher of their
respective VR or SRF.
KEY RATING DRIVERS - VRs
Carige's 'b-' VR reflects its weak capitalization combined with a
significant deterioration in asset quality and operating
performance. The VR has been maintained on RWN because the
EUR800 million capital strengthening plan announced in early 2013
and originally planned to be completed by end-2013, which included
significant asset disposals, has been only partially implemented
to date.
In January 2014 Carige sold its asset management subsidiary for
EUR101 million, with a gain of EUR93 million and a positive impact
of about 40 bp on the bank's core Tier 1 ratio, while the disposal
of the two insurance subsidiaries, which was key to the execution
of the capital strengthening plan, remains undefined. As a result,
the bank will issue new shares to improve its capitalisation. The
new share issue will likely be launched in 2Q14. Carige's Board of
Directors is authorized to issue new shares equivalent to a
maximum of EUR800 million. The bank's largest shareholder, a
banking foundation, has only limited financial strength and its
share will likely be diluted.
Carige's Fitch core capital (FCC) ratio was a low 6.2% at end-9M13
and likely fell below 6% at end-2013 as Fitch expects Carige to
report a significant operating loss for 4Q13. The regulatory core
Tier 1 ratio at end-9M13 stood at 5.8%, well below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review. Some benefit to capital ratios
will come from the sale of its asset management subsidiary and
lower capital deductions from the conversion of deferred tax
assets into tax credits. Capitalisation is weak relative to the
bank's high level of unreserved impaired loans, which account for
more than 200% of FCC.
Carige's asset quality has deteriorated sharply and is weak. The
bank's gross impaired loans/total loans ratio reached 16.2% at
end- 9M13, up from 9.5% at end-3M13, and coverage of impaired
loans is low at 37%. Reported impaired loans and LICs likely rose
further in 4Q13 and Fitch expects end-2013 asset quality ratios to
have deteriorated further compared with 9M13.
Carige's profitability is structurally weak, burdened by loan
impairment charges, the performance of the insurance subsidiaries
and declining net interest income.
BPM's VR reflects Fitch's opinion of the bank's weak corporate
governance where a small group of active current and retired
employee shareholders with close links to the unions have at times
blocked strategic and restructuring proposals. The process of
strengthening the bank's corporate governance gained momentum with
the recent appointment of new supervisory and management boards.
Clarity over the bank's future corporate governance and its
effectiveness should allow it to raise the necessary capital,
estimated at EUR500 million. However, it is still too early to
assess if the proposed corporate governance reform will be in the
necessary direction.
Excluding higher risk weightings imposed by the regulator in 2011,
BPM's Basel 2.5 Core Tier 1 ratio at end-9M13 stood at 8.9%, which
compares adequately with its direct domestic peers. However, the
reported statutory ratio was lower at 7.25%, below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review.
BPM's VR reflect its deteriorating asset quality, its above-
average exposure to the real estate and construction sectors and
increasing impaired loans. BPM's efficiency has improved and
funding and liquidity are acceptable. Its impaired loans ratios
reached 11% at end-9M13, which is still lower than most of its
peers and below the average for the sector. Coverage levels are
acceptable, but Fitch expects loan impairment charges to remain
high.
RATING SENSITVITIES - VRs
The RWN on Carige's VR reflects Fitch's opinion that the
likelihood of the bank failing to achieve the required capital
strengthening by end-1H14 remains high. Additionally, the number
of Italian banks going to the equity markets to raise fresh
capital is increasing.
Fitch expects to resolve the RWN after the completion of the
capital increase, which the bank expects to take place in June
2014. Should the bank be unable to raise the necessary capital in
full or in part, the VR would likely be downgraded to reflect the
risks to its standalone viability.
Any upgrade of Carige's VR would require evidence of the bank's
turnaround, stronger capitalisation, and improving profitability
and asset quality. The disposal of the bank's two insurance
subsidiaries would be an indicator of the bank's improved risk
appetite.
The RWN on BPM's VR continues to reflect Fitch's view that
uncertainty over the bank's future remains until shareholders
reach a clear agreement on how to strengthen the bank's corporate
governance effectively and permanently. Failure to reach a durable
solution for the bank's corporate governance and to increase
capital would result in a downgrade of its VR. The bank's VR could
be downgraded by more than one notch, to reflect the increased
risks to the bank's viability.
Fitch expects to resolve the RWN on BPM's VR once it can assess
the proposed changes to the bank's corporate governance. These
changes will likely be disclosed ahead of the annual general
meeting to approve BPM's 2013 results, which is scheduled for 19
April 2014.
BPM's VR would also come under pressure if asset quality
deterioration was materially worse than currently expected by
Fitch, or if liquidity and funding weakened.
Any upgrade of BPM's VR would require a credible strengthening of
its corporate governance, higher capital levels (through the
announced EUR500 million capital increase and the removal of the
higher risk-weightings imposed by the regulator) and stabilising
asset quality ratios. Should the changes in the bank's corporate
governance be merely cosmetic in Fitch's opinion, the sole
completion of the capital increase would not be sufficient for the
VR to be upgraded.
KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES
The subordinated notes issued by Carige and BPM are notched down
from their respective VR in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles. Their rating is primarily sensitive to any
change in the banks' VR but also to any change in Fitch's view of
non-performance or loss severity risk relative to the banks'
viability.
The rating of BPM's preferred stock and hybrid capital instruments
reflects their non-performance in the form of non-payment of
interest. Their rating is sensitive to changes in Fitch's view of
their loss severity.
The rating actions are as follows:
Banca Carige
- Long-term IDR: affirmed at 'BB'; Negative Outlook
- Short-term IDR: affirmed at 'B'
- Viability Rating: 'b-'; maintained on RWN
- Support Rating: affirmed at '3'
- Support Rating Floor: affirmed at 'BB'
- Senior unsecured notes: affirmed at 'BB'/'B'
- Subordinated notes: 'CCC'; maintained on RWN
Banca Popolare di Milano
- Long-term IDR: affirmed at 'BB+'; Outlook Negative
- Short-term IDR: affirmed at 'B';
- Viability Rating: 'bb-'; maintained on RWN
- Support Rating: affirmed at '3'
- Support Rating Floor: affirmed at 'BB+'
- Senior unsecured notes and EMTN programme: affirmed at
'BB+'/'B'
- Commercial Paper: affirmed at 'B'
- Subordinated Lower Tier 2 debt: 'B+'; maintained on RWN
- Preferred stock and hybrid capital instruments: affirmed at
'CCC'
BANCA POPULARE: Fitch Affirms 'BB+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Banca Carige's (Carige) and Banca
Popolare di Milano's Long-term Issuer Default Ratings (IDRs) at
'BB' and 'BB+', respectively, with Negative Outlooks. It has also
maintained Carige's and BPM's Viability Ratings (VR) on Rating
Watch Negative (RWN).
KEY RATING DRIVERS - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT
Both banks' Long-term IDRs are at their Support Rating Floors
(SRF) and both reflect potential support from the Italian
authorities.
Carige's Support Rating (SR) and SRF reflect Fitch's view that
there is a moderate probability that the authorities would provide
support to Carige if required because of its franchise in its home
region of Liguria and its relatively large customer funding base.
Similarly, BPM's SR and SRF reflect Fitch's view that there is a
moderate probability that the authorities would provide support to
BPM if required because of BPM's strong franchise in its home
region of Lombardy and its relatively large customer funding base.
The Negative Outlooks on BPM's and Carige's Long-term IDRs are in
line with the Outlook on Italy's 'BBB+' Long-term IDR.
RATING SENSITIVITIES - IDRs, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT
Carige's and BPM's Long-term IDR, SR, SRF and senior debt ratings
are sensitive to a change in Fitch's assumptions about the
propensity or ability of the Italian authorities to provide timely
support to the banks.
The Italian state's ability to provide such support is dependent
upon its creditworthiness, reflected in its Long-term IDR. A
downgrade of Italy's sovereign rating would reflect a weakened
ability of the state to provide support and therefore likely
result in the downward revision of Carige's and BPM's SRFs.
Carige's and BPM's SRs and SRFs are also sensitive to changes in
Fitch's assumptions around the propensity of support, in light of
the weakening of legal, regulatory, political and economic
dynamics about potential future sovereign support for senior
creditors of banks across jurisdictions, as indicated in "The
Evolving Dynamics of Support for Banks" and "Bank Support: Likely
Rating Paths", both dated September 11, 2013 at
www.fitchratings.com.
Any downward revision of Carige's and BPM's SRF would lead to a
downgrade of the banks' Long-term IDRs. In line with Fitch's
criteria, the banks' Long-term IDRs are the higher of their
respective VR or SRF.
KEY RATING DRIVERS - VRs
Carige's 'b-' VR reflects its weak capitalization combined with a
significant deterioration in asset quality and operating
performance. The VR has been maintained on RWN because the EUR800
million capital strengthening plan announced in early 2013 and
originally planned to be completed by end-2013, which included
significant asset disposals, has been only partially implemented
to date.
In January 2014 Carige sold its asset management subsidiary for
EUR101 million, with a gain of EUR93 million and a positive impact
of about 40 bp on the bank's core Tier 1 ratio, while the disposal
of the two insurance subsidiaries, which was key to the execution
of the capital strengthening plan, remains undefined. As a result,
the bank will issue new shares to improve its capitalization. The
new share issue will likely be launched in 2Q14. Carige's Board of
Directors is authorized to issue new shares equivalent to a
maximum of EUR800 million. The bank's largest shareholder, a
banking foundation, has only limited financial strength and its
share will likely be diluted.
Carige's Fitch core capital (FCC) ratio was a low 6.2% at end-9M13
and likely fell below 6% at end-2013 as Fitch expects Carige to
report a significant operating loss for 4Q13. The regulatory core
Tier 1 ratio at end-9M13 stood at 5.8%, well below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review. Some benefit to capital ratios
will come from the sale of its asset management subsidiary and
lower capital deductions from the conversion of deferred tax
assets into tax credits. Capitalization is weak relative to the
bank's high level of unreserved impaired loans, which account for
more than 200% of FCC.
Carige's asset quality has deteriorated sharply and is weak. The
bank's gross impaired loans/total loans ratio reached 16.2% at
end- 9M13, up from 9.5% at end-3M13, and coverage of impaired
loans is low at 37%. Reported impaired loans and LICs likely rose
further in 4Q13 and Fitch expects end-2013 asset quality ratios to
have deteriorated further compared with 9M13.
Carige's profitability is structurally weak, burdened by loan
impairment charges, the performance of the insurance subsidiaries
and declining net interest income.
BPM's VR reflects Fitch's opinion of the bank's weak corporate
governance where a small group of active current and retired
employee shareholders with close links to the unions have at times
blocked strategic and restructuring proposals. The process of
strengthening the bank's corporate governance gained momentum with
the recent appointment of new supervisory and management boards.
Clarity over the bank's future corporate governance and its
effectiveness should allow it to raise the necessary capital,
estimated at EUR500 million. However, it is still too early to
assess if the proposed corporate governance reform will be in the
necessary direction.
Excluding higher risk weightings imposed by the regulator in 2011,
BPM's Basel 2.5 Core Tier 1 ratio at end-9M13 stood at 8.9%, which
compares adequately with its direct domestic peers. However, the
reported statutory ratio was lower at 7.25%, below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review.
BPM's VR reflect its deteriorating asset quality, its above-
average exposure to the real estate and construction sectors and
increasing impaired loans. BPM's efficiency has improved and
funding and liquidity are acceptable. Its impaired loans ratios
reached 11% at end-9M13, which is still lower than most of its
peers and below the average for the sector. Coverage levels are
acceptable, but Fitch expects loan impairment charges to remain
high.
RATING SENSITVITIES - VRs
The RWN on Carige's VR reflects Fitch's opinion that the
likelihood of the bank failing to achieve the required capital
strengthening by end-1H14 remains high. Additionally, the number
of Italian banks going to the equity markets to raise fresh
capital is increasing.
Fitch expects to resolve the RWN after the completion of the
capital increase, which the bank expects to take place in June
2014. Should the bank be unable to raise the necessary capital in
full or in part, the VR would likely be downgraded to reflect the
risks to its standalone viability.
Any upgrade of Carige's VR would require evidence of the bank's
turnaround, stronger capitalization, and improving profitability
and asset quality. The disposal of the bank's two insurance
subsidiaries would be an indicator of the bank's improved risk
appetite.
The RWN on BPM's VR continues to reflect Fitch's view that
uncertainty over the bank's future remains until shareholders
reach a clear agreement on how to strengthen the bank's corporate
governance effectively and permanently. Failure to reach a durable
solution for the bank's corporate governance and to increase
capital would result in a downgrade of its VR. The bank's VR could
be downgraded by more than one notch, to reflect the increased
risks to the bank's viability.
Fitch expects to resolve the RWN on BPM's VR once it can assess
the proposed changes to the bank's corporate governance. These
changes will likely be disclosed ahead of the annual general
meeting to approve BPM's 2013 results, which is scheduled for 19
April 2014.
BPM's VR would also come under pressure if asset quality
deterioration was materially worse than currently expected by
Fitch, or if liquidity and funding weakened.
Any upgrade of BPM's VR would require a credible strengthening of
its corporate governance, higher capital levels (through the
announced EUR500 million capital increase and the removal of the
higher risk-weightings imposed by the regulator) and stabilizing
asset quality ratios. Should the changes in the bank's corporate
governance be merely cosmetic in Fitch's opinion, the sole
completion of the capital increase would not be sufficient for the
VR to be upgraded.
KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES
The subordinated notes issued by Carige and BPM are notched down
from their respective VR in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles. Their rating is primarily sensitive to any
change in the banks' VR but also to any change in Fitch's view of
non-performance or loss severity risk relative to the banks'
viability.
The rating of BPM's preferred stock and hybrid capital instruments
reflects their non-performance in the form of non-payment of
interest. Their rating is sensitive to changes in Fitch's view of
their loss severity.
The rating actions are as follows:
Banca Carige
Long-term IDR: affirmed at 'BB'; Negative Outlook
Short-term IDR: affirmed at 'B'
Viability Rating: 'b-'; maintained on RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes: affirmed at 'BB'/'B'
Subordinated notes: 'CCC'; maintained on RWN
Banca Popolare di Milano
Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B';
Viability Rating: 'bb-'; maintained on RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
Senior unsecured notes and EMTN programme: affirmed at 'BB+'/'B'
Commercial Paper: affirmed at 'B'
Subordinated Lower Tier 2 debt: 'B+'; maintained on RWN
Preferred stock and hybrid capital instruments: affirmed at 'CCC'
===================
K A Z A K H S T A N
===================
KAZEXPORTASTYK: S&P Affirms Then Withdraws 'B' Corp Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term corporate credit rating on Kazakh agribusiness company
Holding KazExportAstyk JSC. S&P subsequently withdrew the rating
at the issuer's request. At the time of withdrawal, the outlook
was stable.
The affirmation reflects S&P's view that KazExportAstyk's adjusted
debt to EBITDA will not materially exceed 4x in the foreseeable
future. S&P also considers that KazExportAstyk's refinancing
risks are mitigated by its well-established relationship with its
banking group.
=====================
N E T H E R L A N D S
=====================
DALRADIAN EUROPEAN: Moody's Affirms B1 Rating on EUR16.9MM Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Dalradian European CLO III B.V.:
EUR36M Class B Deferrable Secured Floating Rate Notes due 2023,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Aa2 (sf) Placed
Under Review for Possible Upgrade
EUR27M Class C Deferrable Secured Floating Rate Notes due 2023,
Upgraded to A1 (sf); previously on Nov 14, 2013 Baa1 (sf) Placed
Under Review for Possible Upgrade
EUR28.125M Class D Deferrable Secured Floating Rate Notes due
2023, Upgraded to Ba1 (sf); previously on Jul 3, 2013 Affirmed Ba2
(sf)
EUR8M Class W Combination Notes due 2023, Upgraded to Baa3 (sf);
previously on Jul 3, 2013 Affirmed Ba1 (sf)
Moody's also affirmed the ratings of the following notes:
EUR112.5M (current outstanding balance of EUR27,878,548.34)
Senior Secured Floating Rate Variable Funding Notes due 2023,
Affirmed Aaa (sf); previously on Jul 3, 2013 Affirmed Aaa (sf)
EUR114.75M (current outstanding balance of EUR32,895,734.82)
Class A1 Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
(sf); previously on Jul 3, 2013 Affirmed Aaa (sf)
EUR67.5M Class A2 Senior Secured Floating Rate Notes due 2023,
Affirmed Aaa (sf); previously on Jul 3, 2013 Affirmed Aaa (sf)
EUR16.875M (current outstanding balance of EUR12,065,795.40)
Class E Deferrable Secured Floating Rate Notes due 2023, Affirmed
B1 (sf); previously on Jul 3, 2013 Affirmed B1 (sf)
EUR6.5M Class X Combination Notes due 2023, Affirmed Ba3 (sf);
previously on Jul 3, 2013 Affirmed Ba3 (sf)
Dalradian European CLO III B.V., issued in March 2007, is a multi
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly senior secured European loans. The portfolio
is managed by Rothschild (NM) & Sons Limited. This transaction has
ended the reinvestment period in April 2013.
Ratings Rationale
The actions on the notes Class B, C, D and W Combination Notes are
primarily a result of the improvement in overcollateralization
("OC") ratios since the rating action on July 2013. On November
14, 2013, Moody's put Class B and Class C on review for upgrade
due to significant loan prepayments. Today's actions conclude the
rating review of the transaction.
Moody's notes that the VFN, Class A and Class E notes have been
paid down by approximately EUR84.6 million (75.2%), EUR81.8
million (71.3%) and EUR4.8 million (28.4%), respectively, since
closing. As a result of the deleveraging the overcollateralization
ratios have increased. As of the latest trustee report dated
December 2013, the Class A, B, C, D and E overcollateralization
ratios are reported at 191.37%, 149.44%, 128.34%, 111.89% and
106.06%, respectively, as compared to 159.13%, 135.22%, 121.53%,
109.93% and 104.60%, respectively, on April 2013. All of the notes
have passed their over-collateralization tests.
The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the Class
W Combination Notes, the 'rated balance' at any time is equal to
the principal amount of the combination note on the issue date
times a rated coupon of 0.25% per annum accrued on the rated
balance on the preceding payment date, minus the sum of all
payments made from the issue date to such date, of either interest
or principal. For the Class X Combination notes, the rated balance
at any time is equal to the principal amount of the combination
note on the issue date minus the sum of all payments made from the
issue date to such date, of either interest or principal. The
rated balance will not necessarily correspond to the outstanding
notional amount reported by the trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score, and weighted
average recovery rate, are based on its published methodology and
may be different from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR153.9 million
and GBP30.7 million, defaulted par of EUR16.87 million, a weighted
average default probability of 19.50% (consistent with a WARF of
2811), a weighted average recovery rate upon default of 45.42% for
a Aaa liability target rating, a diversity score of 27 and a
weighted average spread of 4.09%. The GBP and USD denominated
liabilities are naturally hedged by the GBP and USD assets.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realised on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 86.9% of the portfolio exposed to first lien senior
secured corporate assets would recover 50% upon default, while the
remainder non first-lien loan corporate assets would recover 15%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
November 2013.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3 or
lower and maturing between 2014 and 2015 make up approximately
1.77% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 2845
by forcing ratings on 25% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of the uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
* Around 31.5% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.
* Foreign currency exposure: The deal has significant exposure to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss
of rated tranches.
In addition to the quantitative factors that Moody's explicitly
modeled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
GOODYEAR DUNLOP: Fitch Affirms 'B+' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed the 'B+' Issuer Default Rating (IDR)
and various issue ratings of The Goodyear Tire & Rubber Company
(GT) and its subsidiary Goodyear Dunlop Tires Europe B.V. (GDTE).
GT's ratings apply to a US$2 billion secured revolving credit
facility, a US$1.2 billion second lien secured term loan and
US$3 billion in senior unsecured notes. GDTE's ratings apply to a
EUR400 million secured revolving credit facility and EUR250
million of senior unsecured notes.
The Rating Outlooks for GT and GDTE have been revised to Positive
from Stable.
Key Rating Drivers
GT's ratings reflect the company's strong market position as the
third-largest global manufacturer of replacement and original
equipment (OE) tires. Although GT's global unit tire sales have
declined annually over the past two years, the company's focus on
producing higher-margin high value added (HVA) tires and its cost
reduction initiatives have helped to grow margins and operating
income as revenue has fallen. However, the tire volume decline in
2013 was driven solely by lighter volumes in the first quarter, as
GT's global tire volumes rose in each of the last three quarters
of 2013. This suggests that GT's volume declines have bottomed and
will grow modestly going forward. Free cash flow improved markedly
in 2013, although discretionary pension contributions made early
in the year kept the overall free cash flow figure negative.
Liquidity remains strong, in part due to the company issuing debt
to fund its 2013 discretionary pension contribution. Fitch expects
GT's credit protection metrics will improve over the intermediate
term as overall tire demand grows, particularly in emerging
markets, and the company makes further progress on improving its
cost structure. Leverage is likely to trend down over the
intermediate term, as earnings rise and as the company was able to
fund its 2014 discretionary pension contribution without issuing
incremental debt. With the discretionary contributions to its U.S.
salaried and hourly pension plans in 2013 and 2014, the funded
status of the company's global pension plans has improved
dramatically, and it is no longer viewed as a key risk to GT's
credit profile.
Rating concerns include growing tire industry capacity,
particularly in North America, which could pressure industry
pricing over the longer term, and volatility in raw material
costs, especially for natural rubber. The tire market environment
in Europe remains a concern, although the brightening economic
situation in the region may help the market to at least stabilize
over the next year. Other concerns include seasonal swings in GT's
working capital, and margins that continue to lag several of its
key European and Asian competitors. GT's focus on lessening
working capital volatility has shown results over the past two
years, with the magnitude of the seasonal changes significantly
reduced, while cost savings initiatives and a continued focus on
pricing will help to narrow its competitive profitability gap.
GT's free cash flow generation has improved markedly over the past
two years. Free cash flow in 2013 was (US$271) million. However,
excluding US$834 million in discretionary pension contributions
made in early 2013, free cash flow would have been US$563 million.
This compares to free cash flow of (US$118) million in 2012 and
(US$285) million in 2011. The improvement has largely been driven
by GT's HVA tire focus, traction on cost reduction activities and
moderating raw material prices. Going forward, Fitch expects GT to
continue posting positive free cash flow, excluding pension pre-
funding, although volatile raw material prices remain a meaningful
risk. Capital spending in 2014 is expected to decline somewhat, to
a range of US$900 million to US$1 billion, while GT's common stock
dividend, which the company began paying in the fourth quarter of
2013, will reduce free cash flow by US$55 million annually (at the
current payout rate), although a partial offset will be the
savings of US$29 million in annual preferred stock dividends once
GT's Series B preferred stock converts to common stock on April 1,
2014.
The funded status of GT's pension plans has improved dramatically
following the company's discretionary contributions to its U.S.
salaried plan in early 2013 and its U.S. hourly plan in January
2014. GT now estimates that its plans are underfunded by only
US$700 million, down from US$3.5 billion at year end 2012. Based
on GT's labor agreement with the United Steelworkers entered into
in August 2013, the company can freeze its U.S. hourly pension
plan on April 30, 2014. The remaining underfunded pension plans
are primarily outside the U.S., with a sizeable portion of the
remaining underfunding tied to unfunded plans in certain countries
where plans are administered on a pay-as-you-go basis. GT
estimates that after contributing US$1.3 billion to its pension
plans in 2014, cash pension funding will only be US$75 million
annually in 2015 and 2016.
GT's liquidity position remains relatively strong. At year-end
2013, prior to the early 2014 discretionary pension contribution,
GT had US$3 billion in cash and cash equivalents and another
US$1.7 billion available on its primary U.S. and European
revolvers. Cash and cash equivalents was well above the US$1
billion level that management considers the minimum necessary to
meet GT's daily operational requirements through the cycle. Other
than US$207 million in accounts receivable facility borrowings due
in 2015, the company has no significant debt maturities until
2019, although its European and U.S. revolvers mature in 2016 and
2017, respectively. Fitch expects GT to retain a reasonably high
level of financial flexibility over the intermediate term, with
strong liquidity and positive free cash flow (excluding
discretionary pension contributions).
On an EBITDA basis, GT's gross leverage (debt/Fitch-calculated LTM
EBITDA) at year-end 2013 was 3.0x, up slightly from 2.8x at year
end 2012, as a result of a US$900 million senior unsecured note
issuance in February 2013 that was used to fund the contributions
to its U.S. salaried pension plan. EBITDA improved to US$2.1
billion in 2013 from US$1.8 billion in 2012 as the EBITDA margin
grew to 10.7% from 8.6%. The growth in the EBITDA margin was
notable, given that revenue of US$19.5 billion in 2013 was down
US$1.5 billion year-over-year. Over the intermediate term, Fitch
expects leverage to trend down on increased earnings and cash
flow.
The rating of 'BB+/RR1' on GT's and GDTE's secured credit
facilities reflects their substantial collateral coverage and
outstanding recovery prospects in the 90% to 100% range in a
distressed scenario. The rating of 'B/RR5' on GT's unsecured notes
reflects Fitch's expectation that recoveries would be below
average, in the 10% to 30% range, in a distressed scenario. The
relatively low level of expected recovery for the unsecured debt
is the result of the substantial amount of higher-priority secured
debt in the company's capital structure.
The rating of 'BB/RR2' on GDTE's senior unsecured notes is higher
than the rating on GT's unsecured notes due to structural
seniority. GDTE's notes are guaranteed on an unsecured basis by GT
and GT's subsidiaries that guarantee the parent company's secured
credit facility. However, GDTE does not guarantee GT's senior
unsecured notes. The recovery prospects of GDTE's senior unsecured
notes also benefit from the lower level of secured debt at GDTE.
GDTE's credit facility and senior unsecured notes are subject to
cross-default provisions relating to GT's material indebtedness.
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:
-- Demonstrating positive growth in tire unit volumes, market
share and revenue;
-- Producing positive annual free cash flow on a sustained basis
(adjusted for discretionary pension contributions);
-- Generating sustained gross EBITDA margins of 11% or higher;
-- Maintaining leverage below 3.5x for an extended period.
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
-- A significant step-down in demand for the company's tires;
-- An unexpected increase in costs, particularly related to raw
materials, that cannot be offset with higher pricing;
-- A decline in the company's cash below US$1 billion for
several quarters;
-- A sustained increase in gross EBITDA leverage above 4.0x,
particularly to support any shareholder-friendly activities.
Fitch has affirmed the following ratings for GT and GDTE:
GT
-- IDR at 'B+'
-- Secured bank credit facility at 'BB+/RR1';
-- Secured second-lien term loan at 'BB+/RR1';
-- Senior unsecured notes at 'B/RR5'.
GDTE
-- IDR at 'B+';
-- Secured bank credit facility at 'BB+/RR1';
-- Senior unsecured notes at 'BB/RR2'.
The Rating Outlook for both companies is revised to Positive from
Stable.
PLAYA RESORTS: Moody's Rates US$50MM Proposed Add-On Notes Caa1
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Playa Resorts
Holding B.V. (Playa) up to US$50 million proposed add-on to its
senior unsecured notes due 2020. Moody's also affirmed a B2 rating
to Playa's US$350 million secured term loan. The company plans to
use the proceeds from the add-on in connection with the renovation
and re-positioning of its Jamaica Property whereas the term loan
will replace, at a lower price, the currently outstanding term
loan, maintaining all the conditions of the latter. As part of
this rating action Moody's also affirmed the company's B3
Corporate Family Rating. The rating outlook is stable.
Ratings Rationale
The incremental debt, in conjunction with Playa's estimates of a
lower 2014 EBITDA as a result of postponements in its construction
schedule, will result in higher leverage levels from what
originally expected. "The ratings were not affected at this point,
however, given our expectation of a rapid deleverage starting in
2015, once the company is fully operational" said Sandra Beltran,
an Analyst at Moody's.
It is also worth noting that the delays in Playa's construction
schedule are driven by further business opportunities at existing
assets, requiring hotels shut downs for the remainder of the year
and additional funding. The deviation from the original plan will
result in weaker credit metrics in the short run and increased
execution risk. Nevertheless, in the long run we expect the
modified strategy to result in additional EBITDA, which would
support the company's deleveraging process.
The stable rating outlook reflects our expectation that Playa will
be able to achieve its projected growth plan while improving its
operating and credit metrics. The outlook also reflects Moody's
expectation that the company will maintain adequate liquidity.
Higher ratings would require that the company successfully
executes its brand conversion and repositioning plan such that its
operating margin increases above 13% and its credit metrics
improve with adjusted debt/EBITDA approaching to 6 times and
EBIT/interest expense above 1.5 times on a sustainable basis.
The ratings could be downgraded if the company's projected growth
plan is hampered, for example, by a weak macroeconomic environment
or further delays in its conversion plan, such that its
profitability or credit metrics deteriorate with operating margin
declining below 10% or leverage (adj. debt/EBITDA) remaining above
6.5 times in 2015.
The rating of the secured term loan is one notch above the
Corporate Family Rating (CFR) reflecting its collateral coverage
and lower expected loss relative to the unsecured debt. The rating
of the senior unsecured notes is one notch below the CFR
reflecting its effective subordination to the USD350 million term
loan.
Based in Amsterdam, Playa Resorts Holding, B.V. is a wholly owned
subsidiary of Playa Hotels & Resorts, B.V. a hotel owner and
operator that through a leveraged finance transaction in 2013
acquired some hotels in Mexico and the Caribbean. Since then, the
company owns and operates 13 hotels and 5,805 rooms located in
Mexico, Dominican Republic and Jamaica. Playa main shareholders
include Farallon Capital Management ("Farallon"; unrated), an
investment management firm, and Hyatt Hotels Corporation (Baa2,
stable), which together own about 70% equity interest in the
company. Pro-forma for this transaction, Playa reported revenues
of about US$357 million and EBITDA of US$100.5 million for the
last twelve months ended September 30, 2013.
The principal methodology used in this rating was the Global
Lodging & Cruise Industry Rating Methodology published in December
2010.
===========
R U S S I A
===========
ALROSA OJSC: S&P Puts 'BB-' Long-Term CCR on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'BB-'
long-term corporate credit rating on Russian diamond miner Alrosa
OJSC on CreditWatch with negative implications. The 'B' short-
term corporate credit rating was affirmed.
At the same time, S&P placed its 'BB-' ratings on Alrosa's
outstanding debt on CreditWatch negative.
The CreditWatch placement reflects S&P's renewed concerns about
Alrosa's ability to refinance its bank debt on time. About
US$1.2 billion in short-term loans from Alfa-Bank, UniCredit Bank,
and VTB Bank are due by the end of March. S&P previously expected
these loans to be repaid from US$1.38 billion in proceeds from
Alrosa's sale of oil and gas assets to Rosneft. The sale
agreement was signed in September 2013. However, S&P now
understands from press reports that the sale might be delayed
because Rosneft may want to renegotiate the price. Alrosa does
not have any committed bank lines, except for a three-month
extension option for one of the maturing bank lines, and its cash
balances are limited.
In S&P's view, short-term refinancing risk appears low because
Alrosa has demonstrated access to financing from Russian banks,
notably government-owned VTB, and the government owns a majority
stake in the company. Nevertheless, S&P considers that Alrosa's
history of late refinancing, lack of committed bank lines, and the
resulting degree of uncertainty are not commensurate with the
current rating level.
S&P assess Alrosa's stand-alone credit profile (SACP) at 'b+'.
S&P adds one notch of uplift to the SACP because of Alrosa's
status as a government-related entity with a "moderate" likelihood
of receiving extraordinary government support if needed, according
to S&P's criteria.
S&P expects to resolve the CreditWatch by mid-March, after it
reviews Alrosa's refinancing plan for its large maturities coming
due in March 2014 and its US$500 million Eurobond, which matures
in the fourth quarter of 2014. More generally, S&P will also
reevaluate the company's liquidity management policies.
S&P will likely lower the rating by one notch if, without a near-
term payment from Rosneft, Alrosa does not manage to secure long-
term committed funding to refinance the maturing debt before mid-
March, or if S&P considers that its liquidity management policies
(notably the uncertainty related to late refinancing of short-term
debt) are unlikely to improve.
=========
S P A I N
=========
GAT ICO-FTVPO: Moody's Downgrades Rating on EUR2.3MM Notes to B1
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of seven notes
in three Spanish residential mortgage-backed securities (RMBS)
transactions: GAT ICO-FTVPO 1, FTH (Gat ICO-FTVPO 1), GC SABADELL
1, FTH (GC Sabadell 1) and IM SABADELL RMBS 3, FTA (IM Sabadell
RMBS 3), as a result of the rating agency's detailed analysis of
swap counterparty exposure. Moody's has also affirmed the ratings
of two other notes in Gat ICO-FTVPO 1 and IM Sabadell RMBS 3,
which were not on review for possible downgrade. At the same time
Moody's has upgraded the rating of one tranche in GC Sabadell 1
after a detailed analysis of swap counterparty exposure in
combination with the increase in credit enhancement. Finally,
Moody's downgraded the ratings of five mezzanine and junior notes
in Gat ICO-FTVPO 1 as a result of an input correction to the swap
modeling undertaken during the review. Swap exposure was also a
driver of the downgrade of the rating of C(CA) tranche.
Ratings Rationale
The rating action reflects the impact on the three transactions of
their exposure to CECABANK S.A. (CECABANK, Ba3/NP) in the case of
Gat ICO-FTVPO 1 and Banco Sabadell, S.A. (Banco Sabadell, Ba2/NP)
in the case of GC Sabadell 1 and IM Sabadell RMBS 3 as swap
counterparty, following the introduction of the rating agency's
updated approach to assessing swap counterparty linkage in
structured finance cash flow transactions ("Approach to Assessing
Swap Counterparties in Structured Finance Cash Flow Transactions"
published on the November 12, 2013).
As part of its review, Moody's has incorporated the risk of
additional losses on the notes in the event of them becoming un-
hedged following a swap counterparty default.
--Gat ICO-FTVPO 1
Assets backing the notes in this deal are referenced to the VPO
reference rate set by the Spanish Cabinet, while notes are
referenced to three-month EURIBOR. The transaction includes four
swap agreements with CECABANK (one for each sub-portfolio) to
hedge this risk. The four swaps are basis risk swaps, under which
the swap counterparty pays the notes' reference rate + 100bps over
a notional equal to the daily average of the outstanding balance
of non defaulted loans, during the relevant computation period.
The inputs to the models used for the rating action on June 2013,
incorrectly considered that the swap counterparty also pays the
weighted average margin on the notes. This has been corrected for
this rating action, and is the main driver of the downgrades on
these five rated notes. Swap exposure was also a driver of the
downgrade of the rating of C(CA) tranche.
The swap agreements are consistent with Moody's swap framework and
have an original collateral provision. However, C(CA) tranche is
still slightly affected by swap exposure. Its size and credit
enhancement (relative to its corresponding sub-portfolio) is small
compared to the other tranches.
Moody's understands that no swap collateral account has been
opened for Gat ICO-FTVPO 1 given no collateral needs to be posted
for this deal, according to collateral posting computations made
by the valuation agent.
--GC Sabadell 1
Assets backing the notes in this deal are referenced to the 12-
month Euro Interbank Offered Rate (EURIBOR), 12-month Madrid
Inter-Bank Offered Rate (MIBOR) and I.R.P.H Cajas (Reference Rate
for Saving Banks loans) while notes are referenced to three-month
EURIBOR. The transaction includes a swap agreement with Banco
Sabadell to hedge this risk. The swap is a basis risk swap, which
provides 50bps of excess spread to the transaction. Swap notional
is equal to the outstanding balance of the notes.
The upgrade of tranche A2 rating to A3(sf) from Baa1(sf) has been
prompted by the increase in credit enhancement for the tranche and
the assessment of swap counterparty exposure. The reserve fund in
the transaction is slightly drawn (at 94.6% of target level),
resulting in sequential amortization of the notes and build-up in
credit enhancement for the senior tranche. In addition to
subordination and reserve fund (which stood at 7.17% as of the
same date, up from 6.72% at last rating review time), the swap is
providing significant enhancement for this deal. GC Sabadell 1 is
showing good performance - 90+ arrears as a percentage of current
balance stood at 0.69% and cumulative defaults as a percentage of
original balance at 0.65% as of last reporting date, when pool
balance represented 25% of its original balance. The detailed
assessment of swap counterparty exposure following the approach
outlined in the new methodology indicates that the revised rating
for tranche A2 and current ratings for tranches B and C are
consistent with this exposure. The swap agreement is consistent
with Moody's swap framework and has an original collateral
provision.
Moody's understands that a swap collateral account has been opened
with Banco Santander S.A. (Spain) (Baa2/P-2) but no collateral
needs to be posted for this deal, according to collateral posting
computations made by the valuation agent.
--IM Sabadell RMBS 3
The majority of the assets backing the notes in this deal are
referenced to the 12-month Euro Interbank Offered Rate (EURIBOR),
12-month Madrid Inter-Bank Offered Rate (MIBOR) and I.R.P.H Cajas
(Reference Rate for Saving Banks loans) while notes are referenced
to three-month EURIBOR, with 4.7% of the assets being fixed rate
loans. The transaction includes a swap agreement with Banco
Sabadell to hedge this risk. The swap is a basis risk swap, which
provides 25bps of excess spread to the transaction. Swap notional
is equal to the outstanding balance of the notes.
Moody's has confirmed the ratings of B and C notes in IM Sabadell
RMBS 3 after a detailed assessment of swap counterparty exposure
following the approach outlined in the new methodology. The swap
agreement is consistent with Moody's swap framework and has an
original collateral provision.
Moody's understands that no swap collateral account has been
opened for IM Sabadell RMBS 3 given no collateral needs to be
posted for this deal, according to collateral posting computations
made by the valuation agent.
-- Revision of Key Collateral Assumptions
Moody's has maintained its lifetime loss expectation (EL) as well
as its MILAN CE assumption in all three transactions.
Moody's has maintained the EL assumptions in GC Sabadell 1 and IM
Sabadell RMBS 3 at 0.58% and 2.50% respectively. Moody's has also
maintained the EL assumptions for the combined portfolio of GaT
ICO-FTVPO and its four sub-portfolios for Caixa Catalunya, Caixa
Manresa, Caixa Penedes and Caixa Terrassa at 1.48% and 1.25%,
1.75%, 1.23%, 1.50%, respectively.
During its review Moody's has maintained the MILAN CE assumption
for GC Sabadell 1, IM Sabadell RMBS 3 and for the combined
portfolio of GaT ICO-FTVPO and its four sub-portfolios for Caixa
Catalunya, Caixa Manresa, Caixa Penedes and Caixa Terrassa at 10%
for all of them.
In reviewing these transactions, Moody's used its cash flow model,
ABSROM, to determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the expected
loss for each tranche is the sum product of (1) the probability of
occurrence of each default scenario and (2) the loss derived from
the cash flow model in each default scenario for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
Factors that would lead to an upgrade or downgrade of the rating
Factors or circumstances that could lead to a downgrade of the
ratings affected by today's action would be the worse-than-
expected performance of the underlying collateral, deterioration
in the credit quality of the counterparties and an increase in
sovereign risk.
Factors or circumstances that could lead to an upgrade of the
ratings affected by the action would be the better-than-expected
performance of the underlying assets, and a decline in both
counterparty and sovereign risk.
List Of Affected Securities
Issuer: GAT ICO-FTVPO 1, FTH
EUR331.6M A(G) Notes, Affirmed A3 (sf); previously on
Jun 6, 2013 Confirmed at A3 (sf)
EUR9.8M B(CA) Notes, Downgraded to Ba1 (sf); previously on
Jun 6, 2013 Downgraded to Baa3 (sf)
EUR3.3M B (CM) Notes, Confirmed at Baa3 (sf); previously on
Nov 14, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade
EUR2.7M B(CP) Notes, Confirmed at Baa1 (sf); previously on
Nov 14, 2013 Baa1 (sf) Placed Under Review for Possible Downgrade
EUR2M B(CT) Notes, Confirmed at Baa2 (sf); previously on
Nov 14, 2013 Baa2 (sf) Placed Under Review for Possible Downgrade
EUR3.2M C(CA) Notes, Downgraded to B3 (sf); previously on
Nov 14, 2013 Ba3 (sf) Placed Under Review for Possible Downgrade
EUR2.3M C(CM) Notes, Downgraded to B1 (sf); previously on
Nov 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade
EUR1.5M C(CP) Notes, Downgraded to Ba3 (sf); previously on
Nov 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade
EUR1.5M C(CT) Notes, Downgraded to Ba3 (sf); previously on
Nov 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: GC SABADELL 1, FTH
EUR1020.6M A2 Notes, Upgraded to A3 (sf); previously on Jun 4,
2013 Confirmed at Baa1 (sf)
EUR19.2M B Notes, Confirmed at Ba2 (sf); previously on Nov 14,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade
EUR10.2M C Notes, Confirmed at B1 (sf); previously on Nov 14,
2013 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: IM SABADELL RMBS 3, FTA
EUR1411.2M A Notes, Affirmed A3 (sf); previously on Jul 17, 2013
Upgraded to A3 (sf)
EUR14.4M B Notes, Confirmed at Ba1 (sf); previously on Nov 14,
2013 Ba1 (sf) Placed Under Review for Possible Downgrade
EUR14.4M C Notes, Confirmed at Ba3 (sf); previously on Nov 14,
2013 Ba3 (sf) Placed Under Review for Possible Downgrade
=============
U K R A I N E
=============
* Fitch Lowers Long-Term IDRs on 13 Ukrainian Banks to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded 13 Ukrainian banks' Long-term foreign
currency Issuer Default Ratings (IDRs) to 'CCC' from
'B-'.
The banks are JSC The State Export-Import Bank of Ukraine
(Ukreximbank), JSC State Savings Bank of Ukraine (Oschadbank),
PJSC CB PrivatBank (Privat), Joint Stock Commercial Industrial &
Investment Bank (Prominvestbank), Public Joint Stock Company
UkrSibbank, Ukrsotsbank (Ukrsots), PJSC VTB Bank (VTBU), ProCredit
Bank (Ukraine) (PCBU), PJSCCB Pravex-Bank (Pravex), PJSC Credit
Agricole Bank (CAB), PJSC Alfa-Bank (ABU), Pivdennyi Bank (PB) and
Industrialbank (INB).
KEY RATING DRIVERS - IDRS, SENIOR DEBT, SUPPORT RATINGS AND
SUPPORT RATING FLOORS
The rating actions follow Fitch's downgrade of Ukraine's Long-term
foreign currency IDR to 'CCC' from 'B-', and the affirmation of
the sovereign's Long-term local currency IDR at 'B-' with a
Negative Outlook. The Country Ceiling was also downgraded to 'CCC'
from 'B-'.
The downgrades of the foreign-currency Long-term IDRs and, where
assigned, foreign currency senior debt ratings of Privat and the
eight foreign-owned banks - Prominvestbank, UkrSibbank, Ukrsots,
VTBU, PCBU, Pravex, CAB and ABU - reflect the downgrade of
Ukraine's Country Ceiling. The 'CCC' Country Ceiling reflects the
heightened risk of capital and/or exchange controls being
tightened, to the extent that these would materially constrain or
impede the private sector's ability to repay foreign-currency
obligations. Effective February 7, 2014, Ukraine has introduced
limited capital controls, although these measures do not prevent
external debt service.
The downgrades of the Long-term local currency IDRs of
Prominvestbank, UkrSibbank, Ukrsots, VTBU, PCBU, Pravex and CAB to
'B-' from 'B' reflect Fitch's view of the high correlation between
intervention risk on foreign currency and local currency
obligations as sovereign stress increases. In Fitch's view, in
case of an acceleration of deposit outflows in Ukraine, there
would be a heightened of risk of restrictions being imposed on
banks' ability to service their local currency obligations. The
local currency Long-term IDR of ABU was already at 'B-' prior to
today's rating action and has been affirmed; a local currency
Long-term IDR has also been assigned to Privat at this level.
The IDRs, Support and senior debt ratings of the eight foreign-
owned banks factor in the likelihood of support the banks may
receive from their majority shareholders. PSC Prominvestbank is
98.6%-owned by Russian state-owned Vnesheconombank (VEB,
BBB/Stable); UkrSibbank is 85%-owned by BNP Paribas (A+/Stable);
Ukrsots is 98.64%-owned by UniCredit S.p.A. (BBB+/Negative)
through its Vienna subsidiary UniCredit Bank Austria AG
(A/Stable); VTBU is more than 99%-owned by Russia's JSC Bank VTB;
PCBU is controlled (60% of voting stock) by Germany's ProCredit
Holding AG & Co. KGaA. (BBB-/Stable); and CAB is fully owned by
Credit Agricole S.A. (A/Stable).
Pravex is currently fully owned by Intesa Sanpaolo S.p.A.
(BBB+/Negative), although its sale to CentraGas Holding, a company
controlled by Ukrainian shareholders, has been announced and is
expected to be completed in the next three to six months, subject
to receiving necessary regulatory approvals. Fitch believes that
Intesa will provide necessary support up until the completion of
the bank's sale. ABU's IDRs and senior debt ratings are driven by
Fitch's view on potential support the bank may receive from other
assets controlled by its main shareholders, including from its
sister bank, Russia-based OJSC Alfa-Bank (AB; BBB-/Stable), which
holds a minority 19.9% stake in ABU.
The downgrades of the Long-term foreign-currency IDRs and foreign
currency senior debt ratings of Ukreximbank and Oschadbank are
driven by (i) the downward revisions of their Support Rating
Floors, reflecting the reduced ability of the government to
provide support in foreign currency in case of need, and (ii) the
downgrades of the banks' respective Viability Ratings (VRs), which
are closely linked to the sovereign credit profile. However, Fitch
still believes the authorities' propensity to provide support to
Oschadbank and Ukreximbank would be quite high, based on their
100%-state ownership, policy roles, high systemic importance, and
the track record of capital support for the banks under different
governments. The banks' 'B-' Long-term local currency IDRs reflect
the authorities' moderate ability to provide support in local
currency.
The downgrades of the Long-term IDRs of PB and INB reflect the
downgrades of the banks' respective VRs.
KEY RATING DRIVERS - VIABILITY RATINGS
The downgrades of the VRs of Oschadbank and Ukreximbank to 'ccc'
from 'b-' reflect the significant correlation between the banks'
and the sovereign's credit profiles, due to (i) the banks' large
investments in sovereign debt (equivalent to or exceeding the
banks' equity at end-2013, with significant portion denominated in
foreign currency), and in the public sector more generally (more
notably at Oschadbank given its lending to NJSC Naftogaz of
Ukraine (CCC)), and some risk that these exposures could grow
further in case of increased stress; and (ii) the likelihood that
refinancing challenges relating to the banks' maturing external
debt would increase in case of a sovereign default (the banks'
repayment schedules includes sizeable repayments of external debt
through 2015-2016, equivalent to7%-8% of their current
liabilities). At the same time, the banks' stand-alone credit
profiles are supported by their sizable capital buffers, which are
sufficient to allow them to reserve the majority of reported
impaired and restructured loans.
The downgrades of the VRs of PB and INB to 'ccc' from 'b-' reflect
Fitch's expectation that continued deterioration in the operating
environment would likely have a significant negative impact on the
banks' standalone credit metrics given their high levels of
existing problem assets, large exposure to FX risks (mainly
through foreign currency lending), limited loss absorption
capacity (more evident at PB) and weak profitability, indicating
limited ability to create higher impairment provisions. The
downgrade of INB's VR also reflects the significant erosion of the
bank's franchise following the change in its ownership structure
in 2012.
The affirmation of the VRs of Privat, CAB and PCBU at 'b-' reflect
Fitch's view that these banks' stand-alone profiles would probably
be more resilient to a further moderate deterioration in the
operating environment given somewhat less asset quality
deterioration than at most banks in the sector. The banks also
have solid pre-impairment profitability, manageable exposure to FX
risks and reasonable liquidity positions.
RATING SENSITIVITIES
The IDRs, debt ratings and VRs of all 13 banks, and the Support
Rating Floors of Ukreximbank and Oschadbank are highly correlated
with the sovereign credit profile. The ratings could be downgraded
further in case of a further downgrade of the sovereign, or
stabilize at their current levels if downward pressure on the
sovereign ratings abates. The banks' IDRs and debt ratings could
also be downgraded in case of restrictions being imposed on their
ability to service their obligations.
Fitch expects to resolve the Rating Watch Negative (RWN) on
Pravex's local currency IDRs in the next three to six months,
after the completion of the bank's sale.
KEY RATING DRIVERS AND SENSITIVITIES - UKREXIMBANK'S SUBORDINATED
DEBT
The downgrade of Ukreximbank's subordinated debt rating to 'C',
the lowest possible issue rating, reflects the downgrade of the
bank's VR. The rating could be upgraded in case of an upgrade of
the bank's VR.
KEY RATING DRIVERS AND SENSITIVITIES - NATIONAL RATINGS
The affirmation of the banks' National Ratings with Stable
Outlooks reflects Fitch's view that the creditworthiness of the
banks relative to each other and to other Ukrainian issuers has
not changed significantly as a result of the sovereign downgrade.
The rating actions are as follows:
Ukreximbank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: assigned at 'B-', Outlook Negative
Senior unsecured debt of Biz Finance PLC: downgraded to 'CCC'
from 'B-'; Recovery Rating 'RR4'
Subordinated debt: downgraded to 'C' from 'CC'; Recovery Rating
'RR5'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: revised to 'CCC' from 'B-'
Viability Rating: downgraded to 'ccc' from 'b-'
National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable
Oschadbank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: affirmed at 'B-', Outlook Negative
Senior unsecured debt of SSB No.1 PLC: downgraded to 'CCC' from
'B-'; Recovery Rating 'RR4'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: revised to 'CCC' from 'B-'
Viability Rating : downgraded to 'ccc' from 'b-'
National Long-term rating: affirmed at 'AA-(ukr)'; Outlook Stable
PJSC CB PrivatBank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: assigned at 'B-', Outlook Negative
Senior unsecured debt of UK SPV Credit Finance plc: downgraded
to 'CCC' from 'B-'; Recovery Rating 'RR4'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Viability Rating : affirmed at 'b-'
National Long-term rating: affirmed at 'A-(ukr)'; Outlook Stable
PJSC UkrSibbank:
Long-Term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
'B', Recovery Rating 'RR4'/ affirmed at 'AAA(ukr)'
Short-Term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating: 'cc', not affected
National Long-Term rating: affirmed at 'AAA(ukr)', Outlook
'Stable'
Ukrsotsbank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Upcoming senior unsecured local currency debt: downgraded to
'B-(EXP)' from 'B(EXP)', Recovery Rating 'RR4'; affirmed at
'AAA(EXP)(ukr)'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating : 'ccc', not affected
National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
PJSC VTB Bank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating : 'ccc', not affected
National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
ProCredit Bank (Ukraine):
Long-Term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
Outlook Negative
Senior unsecured local currency debt: downgraded to 'B-' from
'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Short-Term foreign currency IDR: downgraded to 'C' from 'B'
Short-Term local currency local currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Viability Rating: affirmed at 'b-'
National Long-Term rating affirmed at 'AAA(ukr)', Outlook
'Stable'
Pravex:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-';
removed from RWN
Long-term local currency IDR: downgraded to 'B-' from 'B',
maintained on RWN
Short-term foreign currency IDR: downgraded to 'C' from 'B';
removed from RWN
Support Rating: affirmed at '5'
Viability Rating: affirmed at 'ccc'
National Long-term rating: affirmed at 'AAA(ukr)'; RWN
CAB:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: downgraded to 'B-' from 'B',
Outlook Negative
Short-Term foreign currency IDR: downgraded to 'C' from 'B'
Short-Term local currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Viability Rating: affirmed at 'b-'
National Long-term Rating: affirmed at 'AAA(ukr)', Outlook
Stable
PJSC Alfa-Bank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term local currency IDR: affirmed at 'B-', Outlook Negative
Senior unsecured local currency debt: affirmed at 'B-'/'RR4' and
'BBB-(ukr)'
Upcoming senior unsecured local currency debt: affirmed at 'B-
(EXP)'/'RR4' and 'BBB-(EXP)(ukr)'
Senior unsecured debt of Alfa Ukrfinance LLC: downgraded to
'CCC' from 'B-'; Recovery Rating 'RR4'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating : 'ccc', not affected
National Long-term rating: affirmed at 'BBB-(ukr)', Outlook
Stable
PJSC Prominvestbank:
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Long-term Local Currency IDR: downgraded to 'B-' from 'B',
Outlook Negative
Senior unsecured local currency debt rating: downgraded to 'B-'
from 'B', Recovery Rating 'RR4'; affirmed at 'AAA(ukr)'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Viability Rating: 'ccc', not affected
National Long-term Rating: affirmed at 'AAA(ukr)'; Outlook
Stable
Pivdennyi Bank
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Viability Rating: downgraded to 'ccc' from 'b-'
Industrialbank
Long-term foreign currency IDR: downgraded to 'CCC' from 'B-'
Short-term foreign currency IDR: downgraded to 'C' from 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Viability Rating: downgraded to 'ccc' from 'b-'
* Fitch Lowers Ratings on 3 Ukrainian Cities to 'CCC'
-----------------------------------------------------
Fitch Ratings has downgraded the City of Kyiv, the City of Kharkov
and Odessa Region's Long-term foreign currency Issuer Default
Ratings (IDRs) to 'CCC' from 'B-' and Short-term foreign currency
IDR to 'C' from 'B'. Fitch has affirmed the Long-term local
currency IDRs at 'B-'. The Outlooks on the Long-term local
currency IDRs are Negative.
Kyiv's outstanding senior unsecured eurobonds totaling USD550
million (US225407AA34, US50154TAA34, XS0644750027 and
XS0233620235) have been downgraded to 'CCC' from 'B-'. Its
domestic bonds totaling UAH5.4 billion (UA4000142707,
UA4000142715, UA4000142723, UA4000142731, UA4000142749 and
UA4000142884) have been affirmed at 'B-'. The Long-term local
currency rating of Kharkov's outstanding UAH99.5 million senior
unsecured domestic bonds (ISIN UA4000131346) has also been
affirmed at 'B-'.
Fitch expects to publish a further rating action commentary in the
near future summarizing public finance Ukrainian National Scale
ratings.
Under EU credit rating agency (CRA) regulation, the publication of
International Public Finance reviews is subject to restrictions
and must take place according to a published schedule, except
where it is necessary for CRAs to deviate from this in order to
comply with their legal obligations.
"Fitch interprets this provision as allowing us to publish a
rating review in situations where there is a material change in
the creditworthiness of the issuer that we believe makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status," Fitch said.
"The next scheduled review date for Fitch's rating on the City of
Kyiv was April 11, 2014 and for the City of Kharkov and Odessa
Region May 16, 2014. However, following the downgrade of Ukraine
on February 7, 2014 we have taken a similar rating action on these
issuers as they were rated at the same level as the sovereign,"
Fitch said.
KEY RATING DRIVERS
The downgrade of the City of Kyiv, the City of Kharkov and Odessa
Region's ratings reflects the application of Fitch's
'International Local and Regional Governments Rating Criteria
outside United States'. Under the criteria, a local or regional
government can only be rated above the sovereign in exceptional
circumstances.
RATING SENSITIVITIES
Any downgrade of Ukraine would lead to downgrade. Conversely, a
sovereign upgrade would lead to an upgrade of the issuers'
ratings.
===========================
U N I T E D K I N G D O M
===========================
ALL GINO: Closes Store, Cuts 150 Jobs
-------------------------------------
Clare Weir at Belfast Telegraph reports that All Gino Casuals and
NV stores went into liquidation with the loss of 150 jobs in
Northern Ireland.
It is understood that parent company Nath Bros Partnership went
into liquidation on January 30 and its outlets, which number
around 15, have been shutting all over Northern Ireland in recent
weeks, including in Belfast, Portadown, Cookstown and Ballymena,
with staff sent home after closing-down sales, according to
Belfast Telegraph.
Nath Brothers had been trading from Mahon Industrial Estate in
Portadown.
BAIRDS OF HAMILTON: In Liquidation, Cuts 35 Jobs
------------------------------------------------
Gordon Thomson at Evening Times reports that Bairds of Hamilton
accumulated debts of tens of thousands of pounds. The report
relates that there wasn't even enough money to pay the workforce
of 35 while customers with gift vouchers have also lost out.
Every staff member has been made redundant after the directors
placed the stricken business into voluntary liquidation and
appointed insolvency experts at accountancy firm French Duncan,
according to Evening Times.
"Given Bairds' status as a Hamilton retail institution, it is
particularly regrettable that its liquidation has resulted in this
loss of jobs. It seems likely that the very challenging trading
conditions that many retailers have experienced over recent
months, together with substantial trading overheads, have played a
significant contribution in Bairds' liquidation," the report
quoted Liquidator Linda Barr as saying.
Bairds of Hamilton sold a range of goods from shoes to silverware,
handbags to fashionwear and from millinery to linen. It also had
a household department with a cookshop.
CABOT FINANCIAL: Moody's Downgrades Corporate Family Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bond ratings of Cabot Financial Ltd (Cabot) and
Cabot Financial (Luxembourg) S.A, respectively, to B2 from B1 as a
result of Cabot's acquisition of Marlin Financial Group (Marlin)
as announced on February 10, 2014.
At the same time Moody's has affirmed the B2 corporate family and
senior secured bond rating of Marlin Financial Intermediate II Ltd
and Marlin Intermediate Holdings plc, respectively. The corporate
family rating of Marlin Financial Intermediate II Ltd will be
withdrawn.
The outlook is stable on all ratings.
Ratings Rationale
Cabot has financed the acquisition through drawing on its existing
GBP85 million revolving credit facility (RCF) and a GBP105 million
syndicated senior secured bridge facility. The rating action
reflects the resulting significant increase in the combined firm's
pro-forma leverage to 4.3x debt/Adjusted EBITDA from 3.2x as per
Moody's calculations. Additionally and on the same basis, the
interest coverage ratio, calculated as Adjusted EBITDA/Interest
expense decreases to 2.8x from 3.5x and capital, calculated as
Tangible Common Equity/Tangible Assets will be 10.1%. These
metrics are commensurate with a B2 rating level category.
Cabot expects that 1) the acquisition will allow it to leverage
off Marlin's expertise in litigation-enhanced collections while 2)
Marlin's back-book is expected to benefit from Cabot's collection
expertise on non-litigation quality debts. Cabot also anticipates
that the combined firm's market position will strengthen in terms
of coverage of the paying-non-paying spectrum and present a better
scale in portfolio purchasing while allowing for certain
operational efficiencies (e.g. Encore's India operations).
Furthermore the B2 rating reflects the combined firms strengthened
market positioning, stable operating cash flows as well as the
monoline business model, concentrated debt maturity profile,
supplier concentration and model risk in terms of valuation and
pricing of its purchased debt portfolio.
The B2 rating reflects the combined firm's pro-forma status and
metrics therefore Marlin's debt ratings have been affirmed at B2
level. We note that at the time of the rating action Marlin's bond
remains in place and that a consent solicitation process has been
launched in order to align the Marlin bond with the currently
outstanding Cabot bonds.
The outlook is stable on all ratings as Moody's expects the firm's
metrics to remain at levels corresponding to the B2 rating in the
next 12-18 months.
Moody's will withdraw the corporate family rating of Marlin
Financial Intermediate II Ltd as the entire Marlin group has now
become part of the Cabot restricted group.
What Could Change The Rating Up / Down
Upward rating pressure could arise from a significant improvement
in the combination of leverage metrics (debt-to-adjusted EBITDA)
to around 3.5x, interest coverage to around 4x and capital to over
10%, while maintaining other financial metrics and ratios at
current levels.
The rating could come under downward pressure due to (i)
significant deterioration in income from operations (after
interest expense) and cash flow from operations, stemming from
factors such as underperforming collections productivity,
underperforming portfolio acquisitions and lower than forecast
collections; or (ii) a further increase in leverage or sustained
decline in operating performance, leading to a debt ratio which is
higher than 5.5 times adjusted EBITDA or a tangible common equity-
to-tangible managed assets ratio which is below 4%; or (iii)
significant decline in interest coverage, with an adjusted EBITDA-
to-interest expense ratio around or below 1.0x.
The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.
CO-OPERATIVE BANK: Parent Consults Public on Future
---------------------------------------------------
Gareth Mackie at The Scotsman reports that Co-operative Group
yesterday asked the public to have their say on its future after
the embattled mutual admitted it had "lost touch" with customers
and communities.
According to The Scotsman, the 150-year-old organization, which
has interests spanning banking, retail and funeral services, has
launched an online consultation to ask for people's views on
topics such as how the Co-op should share its profits and whether
it should make political donations.
The Co-op's reputation has been hammered following a string of
recent setbacks, including the discovery of a GBP1.5 billion black
hole in its finances and a drugs scandal surrounding the former
chairman of its banking arm, The Scotsman relates.
The public consultation runs until March 24, The Scotsman
discloses.
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.
* * *
The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.
CORNERSTONE TITAN 2005-1: Fitch Cuts Class D Notes' Rating to Dsf
-----------------------------------------------------------------
Fitch Ratings has downgraded Cornerstone Titan 2005-1 plc's
class D CMBS notes, due July 2014, as follows:
GBP937,000 class D (XS0227571725) downgraded to 'Dsf' from
'Csf'; Recovery Estimate (RE) 70%
Key Rating Drivers
The downgrade reflects an interest shortfall on the class D notes.
As the most senior class of notes outstanding, this constitutes a
note event of default.
Following the non-payment of interest at the January interest
payment date (IPD), the issuer has formally given notice that a
note event of default has taken place. An interest amount of less
than GBP4,000 was due on the class D notes at the January IPD but
significant senior-ranking fees and third-party expenses prevented
any interest payments on the notes despite loan interest
collections of more than GBP33,000.
The notes are backed by one remaining loan (Jubilee Way), which is
in the process of being resolved. The retail property securing the
loan has been sold for an implied gross sales price of GBP910,000
and final proceeds are expected in time for the April IPD. After
fees and expenses however, losses are expected on the class D
notes.
Rating Sensitivities
The class D notes will be withdrawn once the Jubilee Way loan is
resolved. Fitch estimates note recoveries of some GBP650,000,
although this recovery estimate is sensitive to the quantum of
senior-ranking expenses.
DRYDEN X - EURO: Moody's Affirms B1 Ratings on 2 Note Classes
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Dryden X - Euro CLO 2005 plc:
EUR19,200,000 Class B-1 Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Upgraded to Aa1
(sf) and Placed Under Review for Possible Upgrade
GBP3,262,000 Class B-2 Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Nov 14, 2013 Upgraded to Aa1
(sf) and Placed Under Review for Possible Upgrade
EUR22,400,000 Class C-1 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to A1 (sf); previously on Nov 14,
2013 Upgraded to A2 (sf) and Placed Under Review for Possible
Upgrade
GBP3,806,000 Class C-2 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to A1 (sf); previously on Nov 14,
2013 Upgraded to A2 (sf) and Placed Under Review for Possible
Upgrade
EUR14,400,000 Class D-1 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to Baa3 (sf); previously on Nov 14,
2011 Upgraded to Ba1 (sf)
GBP2,447,000 Class D-2 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Upgraded to Baa3 (sf); previously on Nov 14,
2011 Upgraded to Ba1 (sf)
EUR8,000,000 (current outstanding balance of EUR964,646.84) Class
S Combination Notes due 2022, Upgraded to Baa3 (sf); previously on
Nov 14, 2011 Upgraded to Ba2 (sf)
EUR4,000,000 (current outstanding balance of EUR 2,142,167.01)
Class Q Combination Notes due 2022, Upgraded to Aa3 (sf);
previously on Nov 14, 2011 Upgraded to A3 (sf)
Moody's also affirmed the ratings of the following notes issued by
Dryden X - Euro CLO 2005 plc
Euro 224,000,000 (current outstanding balance of
EUR 192,600,835.11) Class A-1 Senior Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Jan 17, 2006 Assigned Aaa (sf)
GBP 38,052,000 (current outstanding balance of
EUR 15,730,566.87) Class A-2 Senior Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Jan 17, 2006 Assigned Aaa (sf)
Euro 12,000,000 Class E-1 Mezzanine Deferrable Interest Floating
Rate Notes due 2022, Affirmed B1 (sf); previously on Nov 14, 2011
Upgraded to B1 (sf)
Euro 4,000,000 Class E-1B Mezzanine Deferrable Interest Fixed
Rate Notes due 2022, Affirmed B1 (sf); previously on Nov 14, 2011
Upgraded to B1 (sf)
Dryden X - Euro CLO 2005 plc, issued in January 2006, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Pramerica Investment Management Inc. It is
predominantly composed of senior secured loans.
Ratings Rationale
The upgrade of the ratings of the Classes B, C and D notes is
primarily a result of the improvement in over-
collateralization(OC) ratios. Moody's had previously on
November 14, 2013 upgraded the ratings of Class B to Aa1(sf) from
Aa2(sf) and Class C to A2(sf) from A3(sf) and left them on review
for possible upgrade due to significant loan prepayments. The
action concludes the rating review of the transaction.
The Class A notes have been redeemed by approximately EUR35.5
million since July 2013, reducing the outstanding balance from
approximately EUR147.2 million to approximately EUR111.7 million.
As a result of the deleveraging, OC ratios of the remaining
Classes of notes have improved. According to the January 2014
trustee report, the Class A/B, C, D and E OC ratios are 146%,
126%, 116% and 108% compared to 136%, 122%, 114% and 108%
respectively, in July 2013. After the January 2014 payment date
the OC ratios improved further.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR166.9 million
and GBP41 million, defaulted par of GBP0.6 million, a weighted
average default probability of 21.53% (consistent with a WARF of
3249), a weighted average recovery rate upon default of 46.8% for
a Aaa liability target rating, a diversity score of 27 and a
weighted average spread of 4.16%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. For a Aaa liability target rating, Moody's
assumed that a recovery of 50% of the 90.56% of the portfolio
exposed to first-lien senior secured corporate assets upon default
and of 8.35% of the remaining non-first-lien loan corporate assets
upon default. In each case, historical and market performance and
a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Methodology Underlying the Rating Action
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
November 2013.
Factors that would lead to an upgrade or downgrade of the rating
In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 4.65% of
the portfolio is European corporate rated B3 and below and
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. Moody's considered a model run where the
base case WARF was increased to 3400 by forcing ratings on 50% of
refinancing exposures to Ca. The run generated model outputs that
were consistent with the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the concentration of lowly- rated debt maturing
between 2014 and 2015, which may create challenges for issuers to
refinance. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior and 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to because of
embedded ambiguities.
Additional uncertainty about performance is due to the following
* Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
* Around 36% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market
prices. Recoveries higher than Moody's expectations would have a
positive impact on the notes' ratings.
* Foreign currency exposure: The deal has significant exposure to
GBP denominated assets. Volatility in foreign exchange rates will
have a direct impact on interest and principal proceeds available
to the transaction, which can affect the expected loss of rated
tranches.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
EPIC PLC: Fitch Raises Rating on Class E Securities to 'BBsf'
-------------------------------------------------------------
Fitch Ratings has upgraded Epic (Culzean) plc's class C, D and E
notes due 2019 and affirms classes B and F as follows:
-- GBP11m Class B (XS0286456198) affirmed at 'AA-sf'; Outlook
Stable
-- GBP25.8m Class C (XS0286456867) upgraded to 'AA-sf' from
'Asf'; Outlook Stable
-- GBP21.8m Class D (XS0286457758) upgraded to 'Asf' from
'BBsf+'; Outlook Stable
-- GBP9.4m Class E (XS0286458723) upgraded to 'BBsf' from 'Bsf';
Outlook Stable
-- GBP12m Class F (XS0286459374) affirmed at 'CCCsf'; Recovery
Estimate RE95%
The transaction is a fully funded synthetic securitization of four
commercial reference loans in the UK, of which two remain
outstanding.
KEY RATING DRIVERS
The upgrade reflects full repayment of the GBP35.2 million Friends
First loan and, as a result, pending redemption in full of the
class B notes and of GBP24.2 million of the Class C notes, plus
stable performance of the two remaining loans, Prime A and Prime
B.
Since closing in February 2007, four retail assets located in
London's New Bond Street and backing the Prime A loan have been
sold. A total of GBP41.8 million was prepaid (including cash
sweep) by October 2013, leaving a securitized loan balance of
GBP24 million. The remaining collateral comprises two assets, one
retail property located in Camberley/ Surrey and an office
property located in London's Tothill Street in Westminster. The
assets are fully let and the largest tenant, The Home Office
(rated AA+/Stable) accounts for 90.2% of the current rent, with
lease expiry in 2027.
No assets backing the Prime B loan have been sold to date. The
collateral comprises five single retail units located in London's
Kensington High Street, Westbourne Grove (Notting Hill) and Covent
Garden. 206 Westbourne Grove was vacated by its tenant in July
2013. The asset manager is in discussions with prospective
tenants. The loan balance was reduced to GBP20.8 million in
October 2013 from GBP22.9 million at closing via prepayment/cash
sweep.
Both loans are hedged until 2026, 10 years after loan maturity.
Swap termination may result in breakage costs in case of
borrower's bankruptcy or non-payment. However, at loan maturity
such costs will become subordinated to payments on the securitized
loans. The securitized loan-to-value ratio (LTV) was reported at
64.9% (Prime A) and 61.1% (Prime B) in October 2013 (not taking
into consideration current swap mark-to-market).
Fitch expects the Prime A loan to repay without losses (at
maturity or thereafter), given the strong income profile and the
ability to use proceeds from the Prime B collateral in the event
of default. In the case of the Prime B loan, the agency believes a
small ultimate loss is possible.
Rating Sensitivities
Prolonged vacancy at 206 Westbourne Grove would have a detrimental
effect on its collateral value and potentially affect the
borrower's ability to repay the loan. This may result in a
revision of the recovery estimate on the class F notes. An
unlikely default of the loans may affect the ratings if it results
in swap breakage and, consequently, senior liabilities.
'Bsf' recoveries for the Prime A and Prime B loans are GBP44.2
million, approximately GBP0.6 million short of the aggregate loan
balance.
KETLING LIMITED: Goes Into Liquidation
--------------------------------------
Business Insider reports that Ketling Limited, which acquired
Henderson The Jewellers in September, has gone into liquidation.
Ketling Limited had acquired the bulk of Henderson The Jewellers
assets in a low seven-figure deal before majority shareholder
Alastair Henderson called in administrators to the parent company,
MM Henderson, last November, according to Business Insider.
The report notes that the deal with Ketling -- a new company set
up in April 2013 by former Henderson The Jewellers director Stefan
Waclawski -- included five heritable properties and a distribution
centre in Port Dundas. The report relates that all Henderson
staff had also transferred over to Ketling Limited prior to MM
Henderson appointing administrators, with Ketling then assuming
trading under the Henderson the Jewellers brand name.
Ketling Limited had also agreed to take on Henderson The Jewellers
historical lease agreements on eight outlets across Scotland,
though the company had refused to sign new lease terms at the Gyle
shopping center outlet in Edinburgh last December and the store
closed, the report notes.
Mr. Waclawski, the report discloses, emailed creditors on Jan. 30
informing them of his intention to place the company into
liquidation on January 31.
Brian Milne of French Duncan was appointed provisional liquidator
of Ketling Limited on Friday, January 31:
"Following my appointment, I have initiated a thorough assessment
of the circumstances leading up to the liquidation, though it
would seem that Henderson has fallen victim to the challenging
trading conditions that the economic downturn has imposed on many
retailers over recent years. It is particularly regrettable,
given Henderson's long history, that it has fallen into
liquidation," the report quoted Mr. Waclawski as saying.
The report recalls that MLM Corporate Solutions were appointed
administrators of Henderson the Jewellers in November 2013, though
MLM noted all property and land holdings had been sold prior to
their appointment. The report relates that MLM filed an
administrators proposal report on behalf of MM Henderson-
Henderson the Jewellers parent company -- with Companies House on
December 20.
The report relays that the administrators note the company had
borne the brunt of changing trends in the jewelry market which had
impacted on Henderson's collectables offering, which had accounted
for 40 per cent of turnover in peak trading for the company in
2001.
The Henderson's branches which have now been closed are located
in:
-- Airdrie;
-- Ayr;
-- Bishopbriggs;
-- Braehead;
-- Clydebank;
-- Cumbernauld;
-- Dundee;
-- Dunfermline;
-- Edinburgh;
-- Glasgow;
-- Hamilton;
-- Kilmarnock;
-- Kirkcaldy;
-- Motherwell; and
-- Newton Mearns.
RSA INSURANCE: Hester Mulls GBP350 Million Share Placing
--------------------------------------------------------
Alistair Gray at The Financial Times reports that Stephen Hester
is sounding out investors to raise as much as GBP350 million for
the insurer RSA in an emergency cash call that would avoid the
need of a rights issue.
Mr. Hester, the former Royal Bank of Scotland chief, drafted in to
lead the FTSE 100 insurer, has approached top institutional
investors to win their support for a "quick and easy" route of a
share placing, the FT relates.
In spite of the risks of alienating some shareholders, who could
face being diluted without the compensation of a rights issue, Mr.
Hester is seriously considering the option of raising up to 10 per
cent of RSA's equity through a placing, the FT says.
According to the FT, no decision has yet been taken by the
company, which needs to raise hundreds of millions of pounds to
fill a black hole caused by accounting problems in Ireland.
The FT relates that people close to the situation cautioned RSA
could still conduct a full rights issue and was still examining
disposals. It may yet avoid an equity raising altogether in favor
of asset sales, the FT states.
RSA Insurance Group plc is a multinational general insurance
company headquartered in London, United Kingdom. It has over 17
million customers in 140 countries across the World.
SHIMLA PINKS: In Administration, Has Been Sold in Pre-Pack Deal
---------------------------------------------------------------
Insider Media Limited reports that upmarket Indian restaurant
Shimla Pinks, based in Birmingham's Broad Street Business
Improvement District (BID), has been sold in a pre-pack deal after
collapsing into administration on declining turnover and expansion
into a second out-of-town restaurant.
Lila Thomas -- lila.thomas@begbies-traynor.com -- and David
Acland -- david.acland@begbies-traynor.com -- of Begbies Traynor's
Preston office were appointed as joint administrators of Grillfair
Ltd, which traded as Shimla Pinks, on January 13, 2014.
The report notes that the business has been sold to Grillfair's
sole director Mohinder Kohli under the banner of newly
incorporated company Shimla Pinks (Birmingham) Ltd. The sale was
negotiated prior to the administration and completed immediately
upon the appointment of Begbies Traynor, the report relates.
The report discloses that all employees have transferred to the
new company and there were no redundancies.
The report says that as well as falling sales, Shimla Pinks was
hit by the expansion into a second restaurant which exceeded its
budget and was initially significantly loss making. This had a
damaging effect on the cashflow, the report adds.
The 350-seat Birmingham Shimla Pinks opened its doors in the early
1990s and soon became a popular hangout for celebrities in the
city. It also played an important part in the rejuvenation of the
restaurant scene in the area. The chain at one point had seven
restaurants across the UK with the Birmingham site operating as
the flagship venue.
SWINBURNE AND JACKSON: In Administration, Cuts 50 Jobs
------------------------------------------------------
Leo Robb at Bridging and Commercial Distributor News reports that
Swinburne and Jackson LLP, a prestigious conveyancing firm has
plunged into administration, triggering the redundancy of 50 staff
members.
Swinburne and Jackson LLP, which has been in business for around
200 years, collapsed into administration, after business accounts
showed debts of GBP800,000, according to Bridging and Commercial
Distributor News.
The law firm has appointed Gordon Goldie --
gordon.goldie@taitwalker.co.uk -- and Matthew Higgins --
matthew.higgins@taitwalker.co.uk -- of Tait Walker as its
administrators.
"The practice was looking for a buyer for several weeks prior to
our appointment, but as we speak that has not been possible," the
report quoted Mr. Goldie as saying.
A representative from the Solicitors Regulation Authority (SRA)
confirmed that it was working with the administrators to conduct
an orderly wind-down, the report notes.
The report relates that accounts filed with Companies House showed
that Swinburne and Jackson owed GBP125,365 in loans, while
creditors were owed GBp674,866.
All offices are now in the process of being closed.
Swinburne and Jackson LLP, which is headquartered in Gateshead,
has another four offices around the North East.
TMO RENEWABLES: Administrators Hope to Strike Rescue Deal
---------------------------------------------------------
David Casey at Insider Media reports that administrators of TMO
Renewables are hoping to strike a rescue deal in a bid to save the
stricken firm.
The company collapsed under the weight of creditor pressure after
a string of well-publicized multimillion-pound deals failed to
materialize, Insider Media recounts.
Philip Duffy and Benjamin Wiles from insolvency firm Duff & Phelps
were called into the Guildford-headquartered business amid threats
from creditors to start litigation proceedings, Insider Media
relates.
According to Insider Media, a buyer is now being sought but
administrators are also seeking to thrash out a company voluntary
arrangement (CVA) if a going concern sale fails to materialize.
The CVA would allow the business to repay creditors a reduced
amount over a fixed period, Insider Media says.
A report from the administrators at Duff & Phelps has revealed the
firm is continuing to trade TMO while in administration following
the support of creditors Andbell AS and Sinoside Investments,
Insider Media discloses.
A sale or CVA should allow unsecured creditors to recoup some of
the money they are owed, Insider Media states. At the moment,
GBP5.6 million is owed to loan note holders, GBP100,000 to HM
Revenue & Customs and GBP729,000 to trade and expense creditors,
according to Insider Media .
In the year to December 31, 2012, TMO made a pre-tax loss of
GBP13.3 million on top of a loss of GBP5.5 million a year earlier,
Insider Media states.
TMO was founded in 2002 as a research-based entity. Its
technology uses thermophilic microorganism, a bacteria that can
turn household rubbish such as tea bags and wood into biofuel.
===============
X X X X X X X X
===============
* EUROPE: OECD Fails to Account Weak Banking System in Forecasts
----------------------------------------------------------------
Szu Ping Chan at The Telegraph reports that a study by the
Organisation for Economic Co-operation and Development (OECD) has
found Europe's austerity drive has caused less of a shock to
growth than the spillover effects from broken banks and
restrictive regulation.
According to The Telegraph, the Paris-based organization said
that, while fiscal consolidation clearly had a "contractionary
impact" on growth -- particularly in the eurozone -- the OECD's
failure to account for a weaker banking system and bigger cross-
border shocks between 2007 and 2012 also had a significant impact
on its forecasting errors.
It said these factors contributed more to its errors during the
financial crisis than miscalculations about the impact of
austerity, The Telegraph notes.
The OECD said the correlation between austerity and errors in its
forecasts was "not statistically significant" once outlier Greece,
which has endured repeated rounds of belt-tightening, was taken
out of the equation, The Telegraph relates.
However, the OECD said forecasting errors could also be linked to
mistakes about the amount of belt-tightening, and not just their
effects, The Telegraph relays.
Pier Carlo Padoan, the OECD's chief economist, as cited by The
Telegraph, said the impact of undercapitalized banks had caused a
big shock to the system.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
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LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
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CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
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DENMARK
-------
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FRANCE
------
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GEORGIA
-------
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GERMANY
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GREECE
------
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ICELAND
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ITALY
-----
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RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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
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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
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
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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
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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
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AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
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HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
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
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UNITED KINGDOM
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TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
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, and Peter A. Chapman, Editors.
Copyright 2014. 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 * * *