/raid1/www/Hosts/bankrupt/TCREUR_Public/140408.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, April 8, 2014, Vol. 15, No. 69
Headlines
F R A N C E
KAUFMAN & BROAD: S&P Assigns 'B' Corp. Credit Rating
G E R M A N Y
KLEOPATRA HOLDINGS 2: S&P Raises CCR to 'B'; Outlook Stable
G R E E C E
PUBLIC POWER: S&P Raises CCR to 'B' on Successful Refinancing
I C E L A N D
KAUPTHING BANK: Creditors Fear Investec May Walk Away From Debt
I R E L A N D
TABERNA EUROPE I: S&P Lowers Rating on Class A-1 Notes to 'B'
I T A L Y
ALITALIA SPA: Etihad Still in Negotiations on Investment Terms
L I T H U A N I A
AGROWILL GROUP: Makes First Payment to Creditors
N E T H E R L A N D S
EUROPEAN PROPERTY: Moody's Affirms C Rating on EUR31.3MM Notes
INVESCO MEZZANO: Moody's Hikes Rating on EUR16.75MM Notes to Ba3
P O L A N D
LOT POLISH: Posts PLN26-Mil. 2013 Net Profit Following Bailout
P O R T U G A L
SANTANDER TOTTA: S&P Affirms BB+ Rating on Mortgage-Covered Bonds
R U S S I A
EVRAZ GROUP: Stake Disposal No Impact on Moody's Ba3 Rating
KHANTY-MANSIYSK: S&P Assigns 'BB-/B' Ratings; Outlook Stable
NOMOS BANK: S&P Assigns 'BB-/B' Ratings; Outlook Stable
OTKRITIE BANK: S&P Raises LT Counterpart Credit Rating to 'B+'
TRANSOIL LLC: Moody's Withdraws Ba3 Corporate Family Rating
S P A I N
TITULIZACION DE ACTIVOS 16: S&P Cuts Class C Notes Rating to CCC
U K R A I N E
MHP SA: Fitch Affirms 'CCC' Issuer Default Rating
UKRAINE: Moody's Lowers Government Bond Rating to 'Caa3'
U N I T E D K I N G D O M
AVINCIS MISSION: S&P Puts B Corp Credit Rating on Watch Positive
CEVA GROUP: Moody's Assigns 'B2' Ratings to New Secured Loans
CO-OPERATIVE BANK: DBRS Puts 'BB' Ratings Under Review
DECO 2005-UK: S&P Raises Rating on Class C Notes to 'B'
DONCASTERS GROUP: S&P Affirms 'B' Rating on First-Lien Loans
PUNCH TAVERNS: Seeks to Suspend Covenants on GBP2.3-Bil. Debt
UK COAL: Financial Woes May Hit Pension Protection Fund
U Z B E K I S T A N
HAMKORBANK: Moody's Affirms B1/B2 Deposit Ratings, E+ BFSR
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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KAUFMAN & BROAD: S&P Assigns 'B' Corp. Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to Financiere Gaillon 8 S.A.
(FG8), the holding company of France-based real estate developer
Kaufman & Broad S.A. (K&B). The outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the
group's EUR370 million senior notes due 2019 recently issued by
FG8. The recovery rating on these notes is '4', indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.
The rating on FG8 reflects S&P's assessment of the group's
business risk profile as "fair," and financial risk profile as
"highly leveraged," as S&P's criteria define these terms. No
rating modifiers affect S&P's ratings assessment. S&P views
liquidity as "adequate" following the refinancing of the debt at
K&B and FG8.
K&B is the No. 3 residential property developer in France, with a
market share of about 6%. It generates most of its revenues from
housing development, mainly privately developed apartments (90%
in 2013) as well as single-family homes (5%). K&B is also
involved in some office development operations, which accounted
for 5% of revenues in 2013. K&B directly handles land
acquisition, project design, building permits, sales and customer
service, while the actual construction is subcontracted. It runs
160-170 housing projects on average, mostly low-rise
construction, with about 44% located in the Paris region. K&B
was acquired by a private equity group PAI Partners in 2007
through a leveraged buyout.
"Our assessment of the business risk profile as "fair" is
supported by K&B's established market position and long track
record in the French market. We also view positively the legal
framework for developers in France (VEFA; "Vente en l'Etat Futur
d'Achevement"), which allows housing construction to be financed
to a large extent by the end customers, which reduces overall
working capital requirements. High pre-sale requirements (an
average of 60% of residential projects are sold to clients before
construction) and the absence of speculative land acquisitions
also limit the risks associated with developers' business models,
in our view," S&P said.
FG8's "fair" business risk profile assessment also reflects the
group's exposure to the very cyclical and competitive residential
property development industry, including volume and price
cyclicality and high sensitivity to interest rate changes. The
new-build market is currently experiencing a low point in France
amid challenging macroeconomic conditions, and S&P anticipates
only a modest recovery in the next two years. S&P's assessment
of the business risk profile is also constrained by what it views
as the relatively narrow business focus of K&B and its
concentration solely in France, which means it is exposed to
changes in French regulation and tax incentives that affect
homebuyers' purchase decisions.
Based on the recent refinancing, S&P understands that FG8's
capital structure includes a EUR150 million term loan and EUR50
million revolving credit facility (RCF) at K&B and EUR370 million
of senior notes at FG8. As a result, S&P estimates FG8's
Standard & Poor's-adjusted ratio of gross debt to EBITDA to be
about 6x, including some modest adjustments for operating leases
and other minor liabilities.
S&P's base-case scenario assumes:
-- A minor decline in revenues from residential housing in
2014 as a result of low order levels in the past two years.
S&P anticipates a slow recovery in housing orders for the
next two years, which should lead to slightly improved
housing revenues after 2015.
-- K&B's housing prices staying relatively flat, compared to
its forecast of a 3% decline in France overall. S&P's
forecast incorporates that the average selling price for
French new-build properties (especially apartments) has
proved more resilient than that of existing homes, and
K&B's concentration in French regions with stronger
economic and demographic trends.
-- Revenue from commercial development activities increasing
in 2014, as a result of a major project that S&P expects in
the Paris region, although S&P understands that there is
still some uncertainty surrounding the project's completion
and timing. Overall, this should offset the small decline
in residential activities and S&P expects growth in
revenues to be around 4% in 2014 and flat in 2015.
-- Gross margins declining by about 1% in 2014 as a result of
higher commercial real estate sales, but recovering
afterward in line with the increase in housing order
volumes.
S&P assess management and governance as "fair," reflecting FG8's
experienced management team and good track record. FG8 has
proven its ability to maintain positive cash flow generation
during various economic cycles, despite some significant drops in
revenues and EBITDA, thanks to its low-risk business model.
S&P's assessment of the group's financial policy as "financial
sponsor-6" encapsulates the private equity ownership and the
group's relatively high cash-paying debt following the
refinancing.
Based on these assumptions, S&P arrives at the following credit
measures:
-- EBITDA margin of about 9% (including capitalized interest).
Overall, FG8's margins are fairly low compared with other
rated developers, partly because of the low-risk VEFA
framework and relatively high administrative and labor
costs in France;
-- EBITDA cash interest coverage of about 2.5x; and
-- Positive free operating cash flow (FOCF) in 2014 and 2015.
However, FOCF is likely to be hindered in 2014 by an
increase in working capital if the commercial development
major project materializes.
S&P assess FG8's liquidity as "adequate" under its criteria. S&P
estimates that the group's ratio of liquidity sources to uses
will exceed 1.2x over the next 12 months. This is due to S&P's
forecast of positive FOCF generation, adequate coverage of intra-
year working capital by a EUR50 million RCF and substantial cash
balances.
S&P forecasts that FG8's liquidity sources over the next 12
months will include:
-- Cash balances of about EUR119 million at closing of the
refinancing;
-- A fully committed EUR50 million RCF (currently undrawn);
and
-- Funds from operations (FFO) of about EUR50 million-EUR60
million.
S&P forecasts that FG8 will have the following liquidity uses for
the next 12 months:
-- Working capital outflows that could reach up to
EUR50 million-EUR60 million at peak times of the year
(including the increase in working capital that it expects
as a result of the commercial development projects);
-- Small maintenance capital expenditure of about
EUR2 million; and
-- Dividend to minority interests of about EUR12 million.
Mandatory amortization payments on the term loan A (about
EUR11 million per year) will only start from 2015.
Following the debt refinancing, FG8's debt maturity profile
supports its liquidity because there are no significant
maturities over the next five years. S&P also anticipates
adequate headroom (more than 15% under its criteria) over the
next 12-18 months under the financial covenants of the term loan
and RCF at K&B.
The stable outlook reflects S&P's view that FG8 should be able to
maintain positive FOCF thanks to its established market position
in France and current backlog of housing orders. This is despite
the sluggish environment for the new-build housing market in
France.
The outlook further assumes that FG8's liquidity will remain
"adequate" as per S&P's criteria. Over the next 12 months, S&P
anticipates that FG8's coverage of cash interest by EBITDA will
stay close to 2.5x. S&P considers these levels commensurate with
a "highly leveraged" financial risk profile and the current
rating.
S&P could take a positive rating action if FG8 manages to expand
its EBITDA base and FOCF generation over the next 12 months and
if the leverage ratio falls below 5x on a sustainable basis, with
the company committing to a permanent leverage reduction. This
would most likely accompany FG8's improvement in housing orders
and successful completion of its commercial development plans for
the next two years.
S&P could lower the ratings if FG8 does not maintain "adequate"
liquidity or if adjusted EBITDA cash interest coverage falls to
less than 2x. The most likely trigger for these developments
would be a further material decline in volumes of housing orders
leading to a drop in revenues, with the company unable to
maintain EBITDA margins.
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G E R M A N Y
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KLEOPATRA HOLDINGS 2: S&P Raises CCR to 'B'; Outlook Stable
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Standard & Poor's Ratings Services raised its long-term corporate
credit rating to 'B' from 'B-' on Kleopatra Holdings 2 S.C.A --
the parent of German plastic packaging manufacturer Kloeckner
Pentaplast -- and on Kleopatra Holdings 1 S.C.A. -- the ultimate
holding company. The outlook is stable.
At the same time, S&P raised its issue rating to 'B+' from 'B' on
the group's US$500 million senior secured credit facilities --
comprising a US$435 million term loan B and a US$65 million
revolving credit facility (RCF).
In addition, S&P raised to 'CCC+' from 'CCC' its issue ratings on
the group's EUR255 million second-lien notes and on Kleopatra
Holdings 1 S.C.A.'s payment in kind notes.
The upgrade reflects S&P's view that Kleopatra Holdings 2 has
gradually improved its operating efficiency, leading S&P to
revise upward its assessment of its business risk profile to
"fair" from "weak," following the group's restructuring and
change in ownership in 2012. S&P believes that improvements in
Kleopatra Holdings 2's operating performance can be seen in
margin improvements supported by management's focus on cost
curtailment, an improved product mix, an improving ability to
pass on costs to its customers, and a more sustainable capital
structure.
Over the past two years, Kleopatra Holdings 2 has undertaken a
major program across its European operations in order to optimize
capacity and streamline production processes. The group has
focused on improving its asset utilization, reducing wastage, and
shifting its product mix away from lower margin businesses. As a
result of these measures, the group's profitability has improved
to about 14% in 2013 from 9.6% in 2011. S&P further expects that
Kleopatra Holdings 2 can sustain margins at about 14%-15%, going
forward.
Despite improvements in profitability, S&P do not forecast
significant improvements in credit metrics. This owes to the
high level of accruals on preferred equity certificates against
the Kleopatra Holdings 1 level, which S&P consolidates within the
adjusted debt of Kleopatra Holdings 2. This leads to adjusted
credit metrics remaining in the "highly leveraged" category under
S&P's criteria for the next few years. These metrics include
adjusted leverage remaining at about 6x and a ratio of funds from
operations (FFO) to total debt of about 4%. However, S&P views
positively management's commitment to reducing senior leverage
and the consequent improvements to cash interest coverage.
The ratings on Kleopatra Holdings 2 reflect S&P's revised
assessment of the group's "fair" business risk profile and
"highly leveraged" financial risk profile, as S&P's criteria
define these terms. Kleopatra Holdings 2 is exposed to volatile
raw material and energy prices, and to exchange risk from foreign
currencies. The group relies heavily on being able to pass
through changes in raw material costs to customers -- only about
40% of the group's sales are via medium-to-long-term contracts
that include automatic price adjustment clauses. Kleopatra
Holdings 2 has limited product diversity in a price-competitive,
low-profit-margin industry with significant exposure to
commodity-like products (plastic films). However, more recently,
Kleopatra Holdings 2 has inserted special clauses into some of
its contracts that have allowed the group to pass on cost
increases to customers more effectively. These weaknesses are
partially offset by the group's sizable revenue base (almost
EUR1.2 billion in the financial year to Sept. 30, 2013), and
leading positions in niche markets, which are supported by long-
term customer relationships. The group derives a large portion
of its revenues from fairly stable end markets of pharmaceuticals
and food, although the group has some exposure to more cyclical
end markets too (for example, plastic credit cards and furniture
products).
"Our assessment of Kleopatra Holdings 2's financial risk profile
as "highly leveraged" is based on its weak credit metrics
including preferred equity certificates with their heavy
accumulation of accrued interest. However, since
recapitalization in June 2012, the group has made overall debt
repayments of $117 million, of which $110 million were optional,
and management is committed to deleveraging through senior net
debt reduction and improved operating performance. In addition,
the group has also been able to reprice its senior secured term
loan B for a second time since the restructuring, leading to
overall savings of 200 basis points. Therefore, we forecast that
EBITDA cash interest coverage should remain well above 2x," S&P
said.
S&P's base-case operating scenario for Kleopatra Holdings 2
assumes:
-- Low-to-mid-single-digit revenue growth driven by better
growth prospects in European and emerging markets.
-- Improved EBITDA margins on the back of operational
synergies and an improving product mix.
-- Capital expenditure (capex) of around EUR40 million and
small bolt-on acquisitions.
Based on these assumptions, S&P arrives at the following credit
measures:
-- FFO to debt of below 5% in 2014 and 2015.
-- Debt to EBITDA in the range of 5.8x-6.2x over the same
period.
The stable outlook reflects S&P's view that the enhancements in
profitability and operating efficiency at Kleopatra Holdings 2
are sustainable. S&P believes that Kleopatra Holdings 2's
operations will continue to benefit from cost curtailment, an
improved product mix, and a greater ability to pass on increased
costs to customers, resulting in stable operating margins.
S&P could lower the ratings if it believes Kleopatra Holdings 2
is unable to maintain its margins at current levels over the
medium term. This could occur if the group incurs higher
operating costs, fiercer competition, and difficulties in passing
on raw material increases to its customers. S&P could also
revise the outlook to stable if the group's credit metrics weaken
significantly, or if management changes its policy on
deleveraging.
"We believe that rating upside is limited at this stage. This is
because of Kleopatra Holdings 2's high adjusted leverage,
including preferred equity certificates that we anticipate will
accrue at a rate that will constrain material further
improvements in credit metrics in the short-to-medium term. We
could nevertheless raise the ratings if Kleopatra Holdings 2's
credit metrics improve to levels that we view as commensurate
with an "aggressive" financial risk profile. This could occur if
the group's earnings improve faster than our forecasts suggest,
or if adjusted debt levels fall. More specifically, an upgrade
would require the group to improve its adjusted FFO to debt to
more than 12% and its adjusted debt to EBITDA to less than 5x,
including preferred equity certificates, with clear evidence that
these improvements were sustainable," S&P said.
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G R E E C E
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PUBLIC POWER: S&P Raises CCR to 'B' on Successful Refinancing
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Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on Greece-based utility Public
Power Corp. S.A. (PPC) to 'B' from 'CCC'. The outlook is stable.
At the same time, S&P assigned a 'B' issue rating to PPC's five-
year EUR2.2 billion syndicated loan facility with Greek banks.
The rating action follows the finalization of a EUR2.2 billion
five-year syndicated loan facility with a consortium of Greek
banks, for the refinancing of its bank loans, including
EUR1.2 billion maturing in April 2014. PPC also recently signed
its first financing contract with the European Investment Bank
(EIB) for EUR235 million, in the context of a total credit line
of EUR415 million approved by the EIB and EUR739 million with a
syndicate of foreign banks led by KfW, the German development
bank.
The rating action chiefly reflects the improvement in PPC's
liquidity. S&P now assess liquidity as adequate and it sees no
substantial refinancing risk until 2019. This gives PPC time to
sustainably improve its profitability and to strengthen its
capital structure.
The corporate credit rating on PPC is based on the company's
stand-alone credit profile (SACP), which S&P has revised to 'b'
from 'ccc'. S&P views PPC as a government-related entity (GRE)
and it assess that there is a "moderate" likelihood that the
Greek government (Hellenic Republic; B-/Stable/B) would provide
timely and sufficient extraordinary support to PPC, or exert
negative pressure on it.
Based on S&P's stress-test, but also supported by the recent
precedents, it assess that there is a measureable likelihood that
PPC would again withstand a sovereign default. S&P believes the
utility's ability to service and repay debt is superior to that
of the sovereign. PPC -- as a domestic utility and GRE -- can be
rated a maximum of one notch above its related sovereign,
according to S&P's criteria.
The stable outlook reflects the outlook on Greece and S&P's
expectation that PPC's business risk and financial risk profiles
will consolidate in the next two years. S&P anticipates in
particular that our ratio of adjusted FFO to debt will
comfortably exceed 12%.
A downward revision of PPC's SACP would prompt a downgrade. This
could result from a far-reaching adverse regulation overhaul,
which S&P views as unlikely in light of the conditions attached
to Greece's bailout by international lenders. It could also
result from credit metrics sustainably deteriorating to levels
commensurate with a "highly leveraged" financial risk profile,
such as adjusted FFO to debt below 12%.
A failure of PPC to pass S&P's stress-test for rating it above
the sovereign or a downgrade of Greece would also trigger a
downgrade.
Rating upside is constrained by S&P's criteria for rating above
the sovereign, under which PPC cannot be rated more than one
notch higher than Greece. This rating differential could
increase to two notches, should S&P no longer considers PPC as a
GRE. S&P may review PPC's GRE status after the full execution of
the three-stage privatization program.
Should S&P upgrades Greece to 'B' or above, we would upgrade PPC
only if S&P revised upward its SACP. This could result from
declining political risk, the execution of PPC's privatization
plan, or a new supportive redesign for the Greek power market.
It could also result from PPC achieving and sustaining credit
metrics commensurate with a "significant" financial risk profile.
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I C E L A N D
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KAUPTHING BANK: Creditors Fear Investec May Walk Away From Debt
---------------------------------------------------------------
Simon Bowers at The Guardian reports that Investec, the FTSE 250
banking and asset management group, is preparing to walk away
from a debt of about GBP150 million owed by one of its offshore
businesses, according to those chasing the money on behalf of
creditors to the failed Icelandic bank Kaupthing.
The debt, equivalent to almost 40% of the Anglo-South African
group's profits for 2013, is an unintended legacy of Investec's
administration of a hugely complex offshore trust on behalf of
Robert Tchenguiz, one of London's most active corporate raiders
before the 2008 banking crisis, The Guardian notes.
The banking crisis saw many of Mr. Tchenguiz's investments come
crashing down as the banks seized trust assets, The Guardian
recounts. Although it was not until last December that receivers
were officially appointed over the trust, it has long been
accepted that the Kaupthing claim, if successful, left
Mr. Tchenguiz's empire horribly insolvent, The Guardian
discloses.
In January, a court in the Channel Islands found that an Investec
subsidiary, Investec Trust Guernsey (ITG), must be held liable
for some of the borrowings Tchenguiz had taken on, through his
trust, to finance investments, The Guardian relays. Investec is
appealing against the judgment, The Guardian says.
With remaining assets in the trust -- Mr. Tchenguiz's home, his
office in Mayfair and several other properties -- estimated by
creditors to be worth about GBP30 million, the shortfall on the
GBP180 million owing to Kaupthing is likely to be enormous, The
Guardian relates.
Mr. Tchenguiz is not personally liable for the shortfall, The
Guardian says. According to The Guardian, he is appealing
against the Guernsey court's decision affirming Kaupthing's claim
over trust assets.
About Kaupthing Bank
Headquartered in Reykjavik, Iceland Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups. With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management. Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank. In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.
As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.
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I R E L A N D
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TABERNA EUROPE I: S&P Lowers Rating on Class A-1 Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Taberna Europe CDO I PLC's class A-1 and B notes. At the same
time, S&P has affirmed its ratings on the class A-2, C, D, and E
notes.
The rating actions follow S&P's performance review of the
transaction, which included its credit and cash flow analysis
using data from the trustee report (dated Jan. 31, 2014) and the
note valuation report (dated Feb. 5, 2014), as well as the
application of S&P's relevant criteria.
"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes. The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders. We used the portfolio balance
that we consider to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
our criteria," S&P said.
Since S&P's previous review on Sept. 11, 2012, it has observed
further credit deterioration in the underlying pool. S&P's
analysis shows that the proportion of defaulted assets in the
pool has increased to EUR152.141 million, from EUR115.000 million
as of S&P's previous review. As a result, the collateral
available to support the notes has decreased, thereby reducing
the available credit enhancement for each class of notes to the
extent that the class A-1 and B notes pass at lower rating
levels.
The interest and par value tests continue to breach their
required levels under the transaction documents. S&P's analysis
indicates that the class A-2 notes continue to be at risk of an
interest payment shortfall in the near term. If triggered, this
would result in an event of default under the transaction
documents. This may lead to the acceleration or enforcement of
the transaction, in S&P's view. S&P has therefore affirmed its
'CCC- (sf)' rating on the class A-2 notes in light of these
risks.
In addition to the growing proportion of the underlying
portfolio's nonperforming assets, in S&P's opinion the payments
due from the issuer under several swap transactions, and the
payment of senior fees and expenses under the transaction's
waterfall, are limiting the transaction's cash flows. S&P's
analysis highlights that the combination of these factors
increases the risk of potential interest shortfalls for the class
A-1 and A-2 notes. S&P's review of the transaction documents
indicates that the class A-2 notes benefit from less structural
protection than the class A-1 notes: If interest proceeds were
insufficient to pay timely interest on the class A-1 notes, the
issuer would apply available principal proceeds to pay any
interest shortfalls. The class A-2 notes do not benefit from
principal proceeds in the same way, as long as the class A-1
notes are outstanding.
The class A-1 notes have amortized by about 9% of their
outstanding balance since S&P's previous review. While S&P views
this as a positive credit development, available credit
enhancement has still decreased due to the underlying portfolio's
increased proportion of defaulted assets. In turn, the results
of S&P's cash flow analysis indicate that the class A-1 notes
cannot sustain defaults at a 'BB+' rating level. Based on the
results of S&P's cash flow analysis and taking into account the
risk of an event of default occurring -- and the associated
market value risk if the transaction were to be liquidated -- in
S&P's view, the available credit enhancement for the class A-1
notes is commensurate with a 'B (sf)' rating. S&P has therefore
lowered to 'B (sf)' from 'BB+ (sf)' its rating on the class A-1
notes.
S&P has lowered to 'CC (sf)' from 'CCC- (sf)' its rating on the
class B notes because of its view of reduced available credit
enhancement, the increased likelihood of a nonpayment of interest
event of default, and the associated market value if the
transaction were to be liquidated.
As in S&P's previous review, its cash flow analysis continues to
indicate that the class C, D, and E notes are unable to withstand
its credit and cash flow stresses at rating levels higher than
those currently assigned. S&P has therefore affirmed its 'CC
(sf)' ratings on the class C, D, and E notes.
Taberna Europe CDO I is backed by a portfolio of mostly corporate
loans and bonds, with some commercial mortgage-backed securities
exposure.
RATINGS LIST
Class Rating
To From
Taberna Europe CDO I PLC
EUR600 Million Floating-Rate Notes
Ratings Lowered
A-1 B (sf) BB+ (sf)
B CC (sf) CCC- (sf)
Ratings Affirmed
A-2 CCC- (sf)
C CC (sf)
D CC (sf)
E CC (sf)
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I T A L Y
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ALITALIA SPA: Etihad Still in Negotiations on Investment Terms
--------------------------------------------------------------
Deena Kamel Yousef at Bloomberg News reports that Etihad Airways
PJSC said it's still working on commercial terms for an
investment in Italy's Alitalia SpA while closing in on a
restructuring of its relationship with discount operator Air
Berlin Plc.
The third-biggest Gulf carrier is negotiating on both fronts,
Chief Executive Officer James Hogan said on Friday as he seeks to
add Alitalia to a batch of minority holdings purchased to help
funnel traffic through his company's Abu Dhabi hub, Bloomberg
relates.
According to Bloomberg, three people familiar with the plan said
April 3 that Etihad is nearing an agreement that will make it the
biggest investor in Alitalia after studying the Rome-based
airline's books for the past weeks.
Etihad is continuing "due diligence" of Alitalia, Mr. Hogan said
at the 2014 Global Aerospace Summit in Abu Dhabi, Bloomberg
relates.
Mr. Hogan didn't give any indication on Friday of when he expects
to reach a deal either on Alitalia or the Air Berlin
restructuring, Bloomberg notes.
Adding Alitalia to Etihad's so-called equity partnerships would
boost access to Europe's third-largest outbound travel market
while exposing it to the Italian company's losses in short-haul
travel where low-cost rivals are grabbing share, Bloomberg says.
About Alitalia
Alitalia-Compagnia Aerea Italiana has navigated its way through
a successful restructuring. After filing for bankruptcy
protection in 2008, Alitalia found additional investors, acquired
rival airline Air One, and re-emerged as Italy's leading airline
in early 2009. Operating a fleet of about 150 aircraft, the
airline now serves more than 75 national and international
destinations from hubs in Fiumicino (Rome), Milan, Turin, Venice,
Naples, and Catania. Alitalia extends its network as a member of
the SkyTeam code-sharing and marketing alliance, which also
includes Air France, Delta Air Lines, and KLM. An Italian
investor group owns a majority of the company, while Air France-
KLM owns 25%.
=================
L I T H U A N I A
=================
AGROWILL GROUP: Makes First Payment to Creditors
------------------------------------------------
Agrowill Group AB made its first payment to creditors in time
according to restructuring plan -- 15% of its creditors' amount
(in total LTL1,846 million).
Payment for bond holders of the Company has been transferred to
representative of bond holders -- brokerage company UAB FM Orion
Securities, which is due to distribute payments to accounts of
bond holders.
Other Group's subsidiaries (according to their restructuring
plans) will pay 15% to their creditors until December 1, 2014.
Agrowill Group, AB informs that payments to the creditors of
Agrowill Group, AB and it subsidiary companies will be carried
out as it is foreseen in the restructuring plans of each company.
On the third year, i.e. 2013-2014, it be paid 15% of total
amount, and on the last year of restructuring process it will be
paid the remainder -- 85% of creditors claims.
Agrowill Group AB (Agrowill Group JSC), formerly Agrovaldymo
grupe AB, is a Lithuania-based company engaged in the agriculture
sector. The Company produces agricultural products in Lithuania,
as well as in the European Union. The Company's activities are
structured mainly into three divisions, namely Dairy Farming,
Crop production and Land management.
=====================
N E T H E R L A N D S
=====================
EUROPEAN PROPERTY: Moody's Affirms C Rating on EUR31.3MM Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded two classes and affirmed
further two classes of notes issued by European Property Capital
3 p.l.c.
Moody's rating action is as follows:
EUR311.5M A Certificate, Downgraded to Baa1 (sf); previously
on Jul 11, 2011 Downgraded to A2 (sf)
EUR31.8M B Certificate, Downgraded to Ba3 (sf); previously on
Jul 11, 2011 Downgraded to Ba1 (sf)
EUR32.1M C Notes, Affirmed Caa3 (sf); previously on Jun 19,
2012 Downgraded to Caa3 (sf)
EUR31.312M D Notes, Affirmed Ca (sf); previously on Jun 19,
2012 Downgraded to Ca (sf)
Ratings Rationale
The rating action is driven by increased concerns about the
timely repayment of principal by the note legal final maturity in
May 2015 given the short period of time to note maturity and the
slow liquidation of the properties securing the last remaining
loan in the pool. In addition, the sales so far were mostly below
the latest reported valuation. The loan is in default and in
special servicing, with the special servicer currently marketing
the remaining properties for sale.
The ratings on Classes C and D Notes reflect the expected losses
of the pool and the risk that the recovery proceeds will not be
paid by the note maturity to the noteholders and are therefore
affirmed.
The special servicer has made some progress in the property
disposal process. During 2013, the special servicer took actions
to remove the influence of the mezzanine lender and appointed a
new asset manager. Since then four properties have been sold,
with the remaining assets currently being marketed for sale.
However, with 13 properties remaining, the completion of the
disposals by May 2015 appears increasingly challenging.
The credit enhancement levels for Classes A and B Notes have
improved due to the sequential allocation of recovery proceeds
and amortization amounts from excess cash. The credit enhancement
on Classes A and B Notes are currently 66% and 44%, respectively
compared to 54% and 36% at the time of the last Moody's rating
action in June 2012.
Based on Moody's reassessment of the underlying property values,
the loan-to-value (LTV) ratio is 126% on the securitized loan and
150% on the whole loan. This compares to a Moody's LTV of 114% on
the securitized loan and 131% on the whole loan in June 2012.
Compared to the market valuation, the haircut applied to derive
the Moody's value has increased since last review, due to the
deterioration of the lease profile and the reduced time available
to market the properties.
Moody's rating actions reflect a base expected loss in the range
of 30%-40% of the current balance, increased since last review.
Moody's derives this loss expectation from the analysis of the
default probability of the securitized loan (both during the term
and at maturity) and its recovery assessment of the collateral.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013. Other factors used in this rating are described in
European CMBS: 2014-16 Central Scenarios published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
The main factors or circumstances that could lead to a downgrade
of the ratings are (i) lower than expected proceeds from future
property sales, leading to an increased loss expectation for the
notes or (ii) slower than expected timing of property sales,
leading to an increased likelihood of non- repayment of the notes
in full by the note legal final maturity.
The main factors or circumstances that could lead to an upgrade
of the ratings are (i) significantly higher than expected
proceeds from property sales or (ii) faster than expected timing
of sales. Any potential upgrades are subject to the rating caps
due to the short legal final maturity.
Moody's Portfolio Analysis
European Property Capital 3 p.l.c. closed in December 2005 and
represents the securitization of initially five loans originated
by JP Morgan Chase Bank, N.A. Four loans have repaid since
securitization, representing a 80% paydown including partial
repayments on the remaining loan. The pool has not experienced
any realised losses to date.
The last remaining loan, the Randstad Loan, is secured by 13
properties (originally 20) that are all located in the
Netherlands. The property types are office (11 properties
representing 82% by UW value) and industrial (2 properties
representing 18% by UW value). The portfolio contains relatively
old properties, with the majority built between 1980 -- early
1990s. The current portfolio vacancy rate is 18%, relatively
stable since last review. The tenancy base is still granular with
currently 64 leases outstanding. However, the lease profile is
deteriorating with two major tenants with lease expiries in less
than one year. The weighted average time remaining to lease break
is currently slightly above three years, compared to 3.7 years in
June 2012. The Dutch office market continues to experience a
challenging environment with some of the highest vacancy rates in
Europe.
The outstanding balance is EUR95.4 million, which is split
between a securitized portion of EUR80.2 million and a B-Note of
EUR15.2 million. The latest investor report (as of February 2014)
exhibits a strong whole loan interest coverage ratio of 3.3x. The
loan payments due to the B-lender and all surplus rent are swept
to pay down the A-loan. The A-loan will continue to benefit as
long as excess cash is not negatively impacted by rollover
exposure on the portfolio.
The loan is in default because it did not repay at its scheduled
maturity in August 2010 and was transferred to special servicing
in October 2010. Between September 2011 and February 2012, the
lenders and the borrower agreed to work together on a consensual
sale process and sold three properties. The sale prices were
substantially lower than the appraised values and reflected the
progressively deteriorating conditions in the Dutch office
market, particularly for secondary properties. From February 2012
to May 2013 no properties have been sold, mainly due to a lack of
consent from the junior lender to agree on a consensual sale of
the properties. Since May 2013, the junior lender's consent is no
longer required and the special servicer has more control over
the disposal process. Four properties have been sold and the
remaining assets are being marketed.
INVESCO MEZZANO: Moody's Hikes Rating on EUR16.75MM Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Invesco Mezzano B.V.:
EUR10,500,000 Class B Deferrable Interest Floating Rate Notes
due 2024, Upgraded to Aa3 (sf); previously on Aug 16, 2011
Upgraded to A3 (sf)
EUR19,250,000 Class C Deferrable Interest Floating Rate Notes
due 2024, Upgraded to Baa1 (sf); previously on Aug 16, 2011
Upgraded to Baa3 (sf)
EUR10,000,000 Class D Deferrable Interest Floating Rate Notes
due 2024, Upgraded to Ba1 (sf); previously on Aug 16, 2011
Upgraded to Ba2 (sf)
EUR16,750,000 Class E Deferrable Interest Floating Rate Notes
due 2024, Upgraded to Ba3 (sf); previously on Aug 16, 2011
Upgraded to B2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR254,500,000 Class A Senior Floating Rate Notes due 2024,
Affirmed Aa1 (sf); previously on Aug 16, 2011 Upgraded to Aa1
(sf)
Invesco Mezzano B.V., issued in October 2007, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Invesco Asset Management Limited. The transaction's reinvestment
period ended in November 2013.
Ratings Rationale
The rating actions on the notes are primarily a result of stable
performance of the underlying collateral pool and the benefit of
modelling actual deal parameters following the end of the
transaction's reinvestment period in November 2013.
In light of reinvestment restrictions during the amortization
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analyzed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed
that the deal will benefit from a better average credit rating of
the portfolio (measured by the weighted average rating factor, or
WARF), higher recoveries and higher spread levels than it had
previously assumed.
The stable performance is reflected in the movements in
collateral quality metrics such as the portfolio WARF, weighted
average spread and diversity score. The over-collateralization
(OC) ratios of the rated notes have been relatively stable in
recent years. According to the February 2014 trustee report the
OC ratio of Classes A,B, C, D and E slightly improved to 127.8%,
122.6%, 114.1%, 110.1% and 105.1%, respectively, as compared to
February 2013 levels of 126.8%, 121.7%, 113.2%, 109.3% and
104.3%, respectively.
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 EUR 307.6 million, defaulted par of
EUR17.2 million, a weighted average default probability of 20.6%
(consistent with a WARF of 2763), a weighted average recovery
rate upon default of 47.8% for a Aa1 liability target rating, a
diversity score of 42 and a weighted average spread of 3.86%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures of 3.44% to obligors in Italy, whose LCC is A2, of
0.65% to obligors in Ireland, whose LCC is A2, and of 7.32% to
obligors in Spain, whose LCC is A1, Moody's ran the model with
different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts is a function of the
exposure to peripheral countries and the target rating of the
rated notes, and amounts to 0.35% for the Class A and Class B
notes.
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 Aa1 liability target rating,
Moody's assumed a recovery of 50% on the 91.2% of the portfolio
exposed to first-lien senior secured corporate assets upon
default, a recovery of 15% on the 4.5% of the portfolio exposed
to non-first-lien loan corporate assets upon default and a
recovery of 35% on the 4.3% of the portfolio exposed to asset-
backed securities. 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.
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
2% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 2816
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were consistent with the base-case
results.
Moody's also ran a model scenario in which it lowered the base
case WAS to 3.5%; 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 because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
Around 24% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. If Moody's does not receive the necessary information
to update the credit estimates in a timely fashion, the
transaction could be affected by any default probability stresses
Moody's assumes in lieu of updated credit estimates.
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.
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 OC 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. 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.
===========
P O L A N D
===========
LOT POLISH: Posts PLN26-Mil. 2013 Net Profit Following Bailout
---------------------------------------------------------------
Jan Cienski at The Financial Times reports that Poland's state
carrier Lot Polish Airlines SA posted an unexpected net profit
for 2013 just a year after being bailed out by the government.
The result -- a PLN26 million (US$8.6 million) profit -- marked
the airline's first year in the black since 2008 and followed a
restructuring program and the updating of its fleet with five
Boeing 787 Dreamliners, the FT relates.
The shake-up was launched by Sebastian Mikosz, chief executive,
who took over after a management purge following the government's
PLN400 million bailout, the FT recounts.
The results come after the airline had predicted a loss of PLN96
million for the year, the FT notes. The European Commission is
investigating the bailout to see if it violates EU rules, the FT
discloses.
Lot cut back its network so as not to fall foul of EU competition
regulations, the FT relays.
The airline has been approved for another PLN400 million in state
aid but has not yet had to tap that money, according to the FT.
Mr. Mikosz has said he wants to stabilize the airline and prepare
it for sale, the FT relates.
Headquartered in Warsaw, Poland, Polskie Linie Lotnicze LOT, or
LOT Polish Airlines -- http://www.lot.com-- serves about a dozen
cities in Poland and about 120 destinations across Europe and
North America. Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings. Overall, LOT and its affiliates
maintain a fleet of about 55 aircraft, consisting of Embraer
regional jets, Boeing 767s and 737s, and ATR turboprops. The
airline is a member of the Star Alliance marketing group, and LOT
serves many of its North American destinations through code-
sharing with Star partners United Airlines and Air Canada.
(Code-sharing allows airlines to sell tickets on one another's
flights and thus extend their networks.) The Polish government
owns 68% of the company.
===============
P O R T U G A L
===============
SANTANDER TOTTA: S&P Affirms BB+ Rating on Mortgage-Covered Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' rating on the mortgage-covered bonds (Obrigacoes
hipotecarias) issued by Portugal-based Banco Santander Totta S.A.
(BB/Negative/B). S&P subsequently withdrew the ratings on the
program and all related issues at Banco Santander Totta's
request. The outlook on the program was negative at the time of
withdrawal.
The affirmation was based on S&P's assessment that
overcollateralization as of March 26, 2014, was commensurate with
the 'BB+' rating on the program. Under S&P's criteria
"Methodology And Assumptions For Assessing Asset-Liability
Mismatch Risk In Covered Bonds," published Dec. 16, 2009, the
ratings on the program could be four notches above the issuer
credit rating (ICR). However, available credit enhancement in
the program enabled the covered bonds to achieve a single notch
of uplift from the ICR. This left the covered bonds rated at
'BB+'.
The negative outlook on the program reflected that on Banco
Santander Totta. This meant that, all else being equal, any
downgrade of Banco Santander Totta would have automatically led
to a downgrade of the covered bond program and related series.
===========
R U S S I A
===========
EVRAZ GROUP: Stake Disposal No Impact on Moody's Ba3 Rating
-----------------------------------------------------------
Moody's Investors Service has said that it views as credit
positive for Evraz Group S.A. ('Evraz'; Ba3 stable) the
announcement by EVRAZ plc (unrated) that it has signed and closed
of the deal on the disposal of its wholly-owned subsidiary, EVRAZ
Vitkovice Steel (EVS) to a group of private investors. The
transaction does not have immediate credit implications for the
rating or outlook of Evraz, given its sizeable leverage and the
uncertainty surrounding current industry conditions, including
weak steel demand.
EVRAZ plc announced that it had signed and closed the deal on the
disposal of its wholly-owned subsidiary EVRAZ Vitkovice Steel
("EVS") to a group of private investors (Martinley Holdings
Limited, Nabara Holdings Limited, Vitect Services Limited,
Hayston Investments Limited and Dawnaly Investments Limited, with
each buying 20% of EVS), for a gross consideration of US$89
million adjustable for the actual level of EVS working capital.
In addition the buyers have assumed US$198 million of EVS's debt,
including the repayment of US$128 million of EVRAZ's inter-
company loan.
The disposal is credit positive for Evraz for the following
reasons:
-- Operations at EVS were partially disrupted in 2013 due to low
market demand and maintenance works with the plant being
operational only one month in Q3 2014 and two months in Q4 2014.
This contributed to a reduction of rolled product production at
Evraz's European operations in 2013 compared to 2012 (this factor
alone accounted for a 67 thousand rolled products volume
reduction).
-- EVS had indirect and rather limited impact on steel
operations of the company. EVS's revenues in 2013 was US$442
million while it generated negative US$2 million EBITDA and US$32
million of loss before tax due to, among other factors, fairly
substantial fixed costs (the plant employs over 1,000 people).
Despite the prices growing at Evraz's European operations in Q4
2013 with average prices for flat rolled products growing to
US$707/tonne in Q4 2013 compared to US$661/tonne in Q3 2013 on
the back of improved macroeconomic outlook, prices are likely to
remain under pressure in 2014 due to weakness in end user steel
market, which continues remaining in structural overcapacity
despite somewhat better capacity utilization exhibited in 2013
compared to 2012 by the European steel sector.
-- The company will be able to focus on its steel operations in
Russia, where its subsidiaries are working at full available
economic capacity.
-- With flat products production volumes at Evraz's European
operations falling by 24% in 2013 compared to 2012 there is a
limited level of additional synergy between EVS and Evraz's other
steel operations, mainly located in Russia as Evraz reduced the
volume of its slabs exported from Russia for further re-rolling
at its European plants.
-- The transaction would indicatively add around US$217 million
to Evraz's cash balances, which stood at around US$1.5 billion as
of June 30, 2013, improving the company's solid cash cushion,
and will allow the company to reduce net debt by around 0$0.2
billion, which amounted to around $6.6 billion as of June 30,
2013.
-- The company's leverage, as measured by Moody's-adjusted gross
debt/EBITDA, stood at 4.56x as of June 30, 2013.
Evraz is a vertically integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine,
Kazakhstan, USA, Canada, Czech Republic, Italy and South Africa.
EVRAZ produced 16.1 million tonnes of crude steel in 2013. A
significant portion of the company's internal consumption of iron
ore and coking coal is covered by its mining operations. The
company's consolidated revenues in H1 2013 was US$7,362 million
and the reported H1 2013 EBITDA was US$939 million.
KHANTY-MANSIYSK: S&P Assigns 'BB-/B' Ratings; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB-/B'
long- and short-term counterparty credit ratings and its 'ruAA-'
Russia national scale rating to Russia-based Bank of Khanty-
Mansiysk (JSC) (BKM). The outlook is stable.
"We base our ratings on BKM, which we view as a "highly
strategic" subsidiary of the NOMOS banking group, on our 'bb'
anchor for a commercial bank operating only in Russia, and its
"moderate" business position, "moderate" capital and earnings,
"adequate" risk position, "average" funding, and "adequate"
liquidity, as our criteria define the terms. We usually cap the
ratings of a highly strategic strategy one notch below the group
credit profile, which is 'bb-' for the NOMOS banking group," S&P
said. BKM's ratings are at the level of its parent because S&P
assess its stand-alone credit profile (SACP) at 'bb-'.
S&P's assessment of BKM's business position as moderate reflects
its status as a midsize Russian bank whose assets totaled Russian
ruble (RUB) 366 billion (about US$10 billion) as of Dec. 31,
2013. It ranks in the top 20 Russian banks and the top five
regional banks. Despite fairly small overall market share in
Russia, BKM has a strong franchise and market shares in Tyumen
region (including Khanty-Mansiysk Autonomous Okrug and Yamal-
Nenets Autonomous Okrug) which have a combined population of 3.5
million. BKM's market share in its home region is close to 11.5%
in retail loans, 12% in retail deposits, 9% in corporate loans,
and 18.3% in corporate deposits.
BKM's home region has higher GDP and disposable income than the
national average. This has positive implications for the average
quality of borrowers, especially in the retail segment.
NOMOS bank maintains majority operational control over BKM and
consolidates it fully in its financials. Still, BKM continues to
pursue a strategy that, although in line with the group, reflects
its regional focus and the preservation of its strong local
competitive position.
S&P considers BKM to be a highly strategic subsidiary of the
NOMOS banking group as it is unlikely to be sold and operates in
lines of business or functions, including group risk management
and financing, that are integral to the overall group strategy.
It also has a strong, long-term support commitment from senior
group management and is successful at what it does. In addition,
BKM constitutes a significant proportion of the consolidated
group -- 30% from total equity -- has been operating since 1992.
The NOMOS group acquired the bank in 2010 but it is not yet
closely linked to the group's reputation, name, and brand.
The long-term counterparty credit rating on the bank is at the
level of its SACP and at this stage does not include any notches
of support from the NOMOS banking group, as it is rated at the
same level.
The stable outlook reflects S&P's view that BKM's smooth
integration within the strategy of its parent Nomos Bank, strong
market shares, and pricing power in its oil-rich home region,
which should help the bank show asset quality indicators that are
better than the system average and moderate levels of capital.
S&P might consider a negative rating action if the bank's
profitability deteriorated because of higher credit losses and
significantly impaired its capital base. S&P could also consider
a negative rating action if it saw any signs of shareholder abuse
of BKM, or negative changes in the funding profile not
compensated for by the group. S&P could take a negative rating
action on BKM if it took similar action on NOMOS Bank.
The possibility of a positive rating action is currently remote
and would depend on further integration of BKM into the NOMOS
banking group, and would be impossible without an upgrade of
NOMOS Bank.
NOMOS BANK: S&P Assigns 'BB-/B' Ratings; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'BB-'
long-term and 'B' short-term counterparty credit ratings and its
'ruAA-' Russia national scale rating to Russian private bank
NOMOS Bank. The outlook is stable.
The ratings on NOMOS Bank reflect S&P's 'bb' anchor for banks
operating in Russia, and the group's "adequate" business
position, "moderate" capital and earnings, "moderate" risk
position, "average" funding, and "adequate" liquidity. NOMOS
Bank's stand-alone credit profile (SACP) is at 'bb-'. The long-
term rating includes one notch of uplift for S&P's view of NOMOS
Bank's "moderate" systemic importance. However, S&P applies a
negative adjustment because it sees operational, governance, and
financial risks arising from the group's complex structure.
NOMOS Bank is the main operating entity of the NOMOS banking
group. S&P therefore bases its analysis on the group's
consolidated accounts, which include NOMOS Bank and its two main
subsidiaries, Bank of Khanty-Mansiysk (BKM) and OTKRITIE Bank.
As of year-end 2013, Otkritie Financial Corp. (OFC) has a
controlling stake of about 75% in NOMOS Bank. To finance this
stake, OFC has increased its already elevated leverage, which we
consider to be a risk.
"We assess the group's business position as "adequate,"
reflecting its significant market share in Russia, especially in
the corporate segment. The group's consolidated assets, under
International Financial Reporting Standards, of Russian ruble
(RUB) 1.379 billion (about US$42 billion) at year-end 2013 make
it the second-largest privately owned financial group in Russia.
Over the past five years, NOMOS Bank has demonstrated consistent
revenue generation and market-share stability, and we believe the
group's entities will maintain their current specializations.
OTKRITIE Bank focuses mainly on retail business and NOMOS Bank
operations serve mainly corporate clients, while BKM is active in
both retail and corporate lines in its home region," S&P said.
The group has the size, franchise, and pricing power to generate
good earnings through the cycle. However, at present it lacks
the homogeneity and lean structure of some peers, in S&P's view,
which can complicate planning. This year, OFC plans to acquire
midsize Russian bank Petrocommerce, whose current owner will
become a minority stakeholder in OFC. S&P understands the
consolidation of Petrocommerce is unlikely before 2015. At this
stage, and without details of the transaction, it is difficult
for S&P to gauge the effects of this acquisition on NOMOS Bank.
"Our view of NOMOS Bank's capital and earnings as "moderate"
reflects the balance between the group's good earnings capacity
and its moderate capitalization. We forecast the group's risk-
adjusted capital (RAC) ratio at 5%-5.5% over the next 12-24
months. The ratio of core earnings to average adjusted assets
remained at 1.6%-1.5% over 2009-2013. But we expect this ratio
to decline to 1.2% in 2014 because economic slowdown in Russia
will limit lending opportunities and likely lead to additional
loss provisions. More than 70% of the group's operating revenues
come from net interest income. We expect the net interest margin
to stay at about 4.5% in 2014 and 2015, reflecting a balanced mix
of corporate and retail business," S&P noted.
"Our assessment of NOMOS Bank's risk position as "moderate"
reflects the group's limited post-consolidation track record and
fast growth in unsecured consumer lending. The 20 largest
exposures comprised 26.4% of the loan book and 194% of total
adjusted capital on Sept. 30, 2013, which we think is relatively
high in the Russian context and unlikely to change in 2014.
Related-party exposures represented only 0.5% of the loan book on
the same date. Nevertheless, we consider that some large
borrowers are connected with the bank's minority shareholders.
We anticipate some deterioration of asset quality, but believe
the share of nonperforming loans will remain below the market
average," S&P added.
S&P considers that the group's funding is "average" and liquidity
is "adequate." Overall, the funding mix is relatively well
balanced, with customer deposits representing 65% of the funding
base. The stable funding ratio consistently exceeds 100%. The
20 largest depositors contribute 28% of total liabilities,
reflecting concentrations below the market average. Cash and
equivalents and liquid securities accounted for about 20% of the
balance sheet as of Sept. 30, 2013, providing an adequate cushion
against negative market trends, in S&P's view. Broad liquid
assets cover short-term funding 1.3x-1.6x. S&P also thinks that
potential debt-refinancing needs at the holding company are
compensated by cash and liquid securities that substantially
exceed the amount of debt.
As the second largest private bank in Russia, with market shares
of about 2.5% in loans and deposits, NOMOS Bank has "moderate"
systemic importance, in S&P's opinion. S&P therefore includes
one notch of uplift in the long-term rating for potential
government support if needed.
But S&P considers that the group faces risks from its evolving
ownership and organizational structure, which results in a
downward adjustment of one notch. There are several
shareholders, although no individual owns more than 20% of the
bank. S&P believes the key decision-makers are Vadim Belyaev
(cofounder of OFC), Alexander Mamut, Sergey Gordeev, and NOMOS
Bank's previous owners (who now have minority stakes).
More specifically, S&P sees risks from:
-- High debt at the holding company (OFC) of more than RUB90
billion, partly to finance the acquisition of stakes in
NOMOS Bank. This debt creates double leverage exceeding
120%, which S&P expects to diminish over the next two
years. However, it reduces the bank's loss-absorption
capacity and poses refinancing risks for OFC that could
affect NOMOS Bank;
-- Uncertainties about the future ownership structure and, as
a consequence, potential corporate governance issues if
management's views regarding the group's strategy diverge;
and
-- Ongoing integration of acquired entities, which creates
operational risks during the transition period. S&P notes
also the owners' above-average appetite for mergers and
acquisitions (M&A).
The stable outlook reflects S&P's view that, over the next two
years, the group's strategic and operational transformation will
proceed smoothly and that capitalization will remain at the
current levels. S&P forecasts the RAC ratio to stay above 5% and
double leverage at the holding company to gradually decline. S&P
don't expect the group's asset quality metrics to worsen
significantly, with the level of nonperforming assets remaining
below the market average and credit costs at 1.5%-1.7%.
S&P could take a negative rating action if it saw:
-- The group's capital position deteriorating faster than it
expects, with the RAC ratio falling below 5%. This could
result, for example, from higher credit losses than S&P
anticipates or lower margins because of reduced pricing
power;
-- Increasing uncertainty regarding the ownership structure
and operational transformation that affected the group's
business stability and its capacity to articulate a focused
strategy; and
-- A more aggressive risk appetite or worsening asset quality,
as shown by increased credit costs and rapidly rising
nonperforming loan levels.
An upgrade is a remote possibility over the next two years
because S&P don't believe the group will complete its
transformation within that period. However, S&P could consider a
positive rating action if it saw the group's M&A appetite
reducing or a significant improvement in capitalization in the
longer term, as shown by a RAC ratio sustainably above 10% and
reduction of double leverage at the holding company.
OTKRITIE BANK: S&P Raises LT Counterpart Credit Rating to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
counterparty credit rating on Russia-based OTKRITIE Bank to 'B+'
from 'B', and its Russia national scale rating to 'ruA+' from
'ruA'. At the same time, S&P affirmed the 'B' short-term
counterparty credit rating. The outlook is stable.
The upgrade reflects the smooth progression of the integration of
OTKRITIE Bank into the NOMOS banking group, of which it will
become the principal retail arm. While the transaction is not
immune to risk, S&P now considers the chance of elevated
operational or execution risk to be remote. The upgrade also
reflects S&P's view that OTKRITIE Bank is now a "highly
strategic" subsidiary of NOMOS Bank, as S&P's criteria define the
term.
On Feb. 6, 2014, NOMOS Bank became OTKRITIE Bank's majority
shareholder, increasing its stake to 55.48% with the intention of
including the bank in its 2013 financial accounts. S&P
understands that OTKRITIE Bank will be a platform for developing
the retail and small and midsize enterprise (SME) franchise
within the NOMOS banking group, and will therefore have a crucial
role.
S&P believes that the integration of NOMOS Bank and OTKRITIE
Bank, which continues NOMOS' strategy of differentiation between
commercial and retail banking that began in June 2013, has been
successful so far. The merger included the transfer of loan
portfolios, staff, and the distribution network between the two
entities, and was largely completed by March 2014. Although S&P
understands that all the procedures connected to the merger are
not scheduled to be complete until 2015, it no longer believes
OTKRITIE Bank to be exposed to additional operational and
execution risks coming from this integration. As a result S&P is
removing the one notch of adjustment that reflected those
transition risks.
"We note that the level of operational integration between
OTKRITIE Bank and the NOMOS banking group is high. This includes
alignment of products and services, a united treasury, and
management sharing responsibilities between the two structures.
We estimate that OTKRITIE Bank represents around 15% of the
consolidated balance sheet of the group for 2013, which makes it
part of the cross-default provisions under NOMOS Bank's public
debt. We therefore believe OTKRITIE Bank to be a highly
strategic subsidiary of NOMOS Bank. This does not, however,
result in an additional notch of support because we assess
OTKRITIE Bank's stand-alone credit profile at 'b+', and we cap
the rating of a highly strategic subsidiary at one notch below
the group credit profile, which is 'bb-' in the case of NOMOS
Bank," S&P added.
The stable outlook mirrors that on OTKRITIE Bank's parent NOMOS
Bank. This reflects S&P's assumption that the bank will continue
to develop its SME and retail franchise within the NOMOS banking
group while maintaining its 2013 capitalization of around 6.5%-
7%.
S&P might consider a negative rating action if OTKRITIE Bank
experienced liquidity stress because of a loss of customer
confidence. A deterioration in the whole group's financial
profile or a change in group strategy leading to a spin-off of
OTKRITIE Bank could also lead us to lower the ratings.
A positive rating action, although unlikely in next 12 months,
could be prompted by an improvement in capitalization, with a
projected risk-adjusted capital ratio of over 10% or general
improvement in the NOMOS banking group's credit profile.
TRANSOIL LLC: Moody's Withdraws Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Transoil LLC's Ba3
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) of Ba3-PD. At the time of the withdrawal the company's
ratings carried a positive outlook.
Moody's has withdrawn the rating for its own business reasons.
Moody's has not adjusted these Credit Ratings before their
withdrawal.
=========
S P A I N
=========
TITULIZACION DE ACTIVOS 16: S&P Cuts Class C Notes Rating to CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Fondo de Titulizacion de Activos UCI 16.
Specifically, S&P has:
-- Lowered to 'BBB- (sf)' from 'BBB (sf)' its rating on the
class A2 notes;
-- Affirmed its 'B- (sf)' rating on the class B notes;
-- Lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
class C notes; and
-- Affirmed its 'CCC- (sf)' and 'D (sf)' ratings on the
class D and E notes, respectively.
The rating actions follow S&P's credit and cash flow analysis,
taking into account the evolution of the transaction's credit
quality and its structural features.
Since S&P's previous review on Feb. 1, 2012, and the December
2011 interest payment date (IPD), the transaction's performance
has deteriorated and delinquencies have increased. As of the
March 2014 IPD, 90+ days arrears were 9.04% of the collateral
balance, up from 7.64% in December 2011.
As the transaction's available performing balance continues to
decrease, its performance continues to deteriorate and its
collateralization has decreased due to the lack of structural
mitigants.
Since 2009, Union de Creditos Inmobiliarios, Establecimiento
Financiero de Credito S.A. (UCI) has been offering temporary
reductions in monthly installments to borrowers experiencing
financial difficulties. At the end of December 2013, loans in
forbearance arrangements totaled 31.29% of the collateral balance
(compared with 20.47% in December 2011).
S&P considers that the high proportion of loans in forbearance
arrangements could lead to further defaults. Based on the most
recent available data on the performance of the loans with
temporary installment reductions, S&P applied an increased
foreclosure frequency to loans that are, or have been, in
forbearance arrangements, in S&P's analysis.
The accrued default balance (loans in arrears for more than 18
months or that have started the process of the execution of
guarantees, having deducted any recovered amounts) has increased
to 12.17% of the outstanding pool balance as of March 2014, from
11.21% in December 2011. Current defaults and lower forecasted
recoveries (taking into account our expectations for the Spanish
real estate market) have contributed to the reduction of
available credit enhancement for all classes of notes.
Due to the level of defaults, the reserve fund has been fully
depleted since September 2010. The reserve fund has not been
replenished since then, due to a lack of available funds under
the transaction's priority of payments.
The transaction is exposed to basis risk, as there is no swap in
place to mitigate the mismatch between the reference index on the
loans and the notes, which pay three-month Euro Interbank Offered
Rate (EURIBOR). Of the outstanding pool balance, 91% is indexed
to IRPH Entidades (Indice de Referencia de Prestamos Hipotecarios
del Conjunto de Entidades), and 9% to 12-month EURIBOR.
At the end of February 2014, IRPH Entidades was 3.199%, compared
with 12-month EURIBOR at 0.549%. Therefore, excess spread arises
from the difference between IRPH Entidades and 12-month EURIBOR,
which the issuer uses to mitigate accrued defaults.
However, such excess spread has been insufficient to cure all
accrued defaults. As of the March 2014 IPD, the transaction had
a principal deficiency amount of EUR31.45 million -- the
difference between the accrued redemption on the notes and the
available funds, in accordance with the priority of payments. In
December 2011, the transaction's principal deficiency amount
totaled EUR31.74 million.
Under the transaction documents, even if there is a principal
deficiency amount, interest on the junior notes won't be deferred
if the ratio of accrued defaults over the initial balance of the
collateral is under 9.6%. In December 2011, accrued defaults were
7.25% of the closing pool balance. On the March 2014 IPD, the
outstanding balance of accrued defaults was 6.88% of the closing
pool balance (below the default ratio of 9.60%).
The transaction is exposed to counterparty risk through Santander
UK PLC as the bank account provider. The bank account agreement
is in line with S&P's current counterparty criteria and does not
constrain its ratings on the notes. The available credit
enhancement for all classes of notes has decreased since
December 2011. Taking into account the performing balance
(excluding loans in arrears for more than 90 days and the balance
of accrued defaults), all of the notes are undercollateralized.
The available credit enhancement arising from the performing
balance is negative for all classes of notes.
As a result of the reduced performing collateral, S&P's analysis
indicates that the class A2 notes cannot withstand its rating
stress scenarios at their currently assigned level. Following
S&P's cash flow analysis, it has therefore lowered to 'BBB- (sf)'
from 'BBB (sf)' its rating on the class A2 notes.
S&P has affirmed its 'B- (sf)' rating on the class B notes, as
the available credit enhancement is sufficient to affirm its
currently assigned rating.
S&P considers that the collateral performance negatively affects
its rating on the class C notes, and that the available credit
enhancement is no longer sufficient to maintain the currently
assigned rating. In S&P's opinion, the issuer is unlikely to be
able to pay principal at maturity. S&P has therefore lowered to
'CCC (sf)' from 'B- (sf)' its rating on the class C notes, in
line with its relevant criteria.
Although the class D notes breached their interest deferral
trigger since the September 2010 IPD, the trustee has
consistently allocated timely interest payments to this class of
notes from available funds. S&P has therefore affirmed its
'CCC- (sf)' rating on the class D notes.
S&P's ratings on the notes in this transaction address the timely
payment of interest due under the rated notes, and ultimate
payment of principal at maturity. S&P has affirmed its 'D (sf)'
rating on the class E notes because they defaulted in July 2009,
and have not paid any of the interest due since then.
Fondo de Titulizacion de Activos UCI 16 is a Spanish residential
mortgage-backed securities (RMBS) transaction, backed by first-
ranking mortgages secured on owner-occupied residential
properties in Spain, associated second-ranking mortgages, and
unsecured personal loans. It closed in November 2006. UCI
originated and services the loans.
RATINGS LIST
Class Rating Rating
To From
Fondo de Titulizacion de Activos UCI 16
EUR1.82 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A2 BBB- (sf) BBB (sf)
C CCC (sf) B- (sf)
Ratings Affirmed
B B- (sf)
D CCC- (sf)
E D (sf)
=============
U K R A I N E
=============
MHP SA: Fitch Affirms 'CCC' Issuer Default Rating
-------------------------------------------------
Fitch Ratings has affirmed Ukraine-based poultry and agricultural
producer MHP S.A.'s (MHP) Long-term foreign currency Issuer
Default Rating (IDR) at 'CCC'. The rating is capped by Ukraine's
Country Ceiling of 'CCC'. Fitch has also affirmed the company's
Long-term local currency IDR at 'B-' with a Negative Outlook. A
full list of rating actions is below.
The ratings reflect the uncertainty regarding the political and
economic situation in Ukraine, which may ultimately threaten
MHP's ability to meet its debt obligations. They also reflect
the company's exposure to FX and upcoming refinancing risks.
Nevertheless, Fitch notes that MHP's business and financial
profile remains strong relative to close peers, supported by
growing exports, and more commensurate with the 'B' rating
category. This profile might only be reflected in the event of a
normalization in the operating environment.
KEY RATING DRIVERS
Strong Business Model
MHP is the leading poultry producer in Ukraine and benefits from
a strong market position with about half of the domestic market
for industrially produced chicken. Its business model is
supported by high vertical integration into grain sourcing and
expansion of export markets. However, despite the increasing
diversification from value-added products (meat processing and
convenience foods) the group remains focused on poultry, grain
and sunflower oil as a by-product of the crushing capacities in
place.
Foreign Currency Rating constrained by Ukraine's Sovereign Rating
MHP's ratings are constrained by Ukraine's Country Celling of
'CCC' reflecting political and economic instability in the
country. Any upgrade of the foreign currency IDR is contingent
on an upgrade of Ukraine's sovereign rating. At present Fitch
views MHP's business and financial profile as commensurate with
the mid-to high 'B' rating category with no visible corporate
governance issues albeit constrained by the difficult operating
environment in Ukraine.
Currency Devaluation Vulnerability
There is a material, but improving mismatch between MHP's hard
currency debt and profits that are still mainly derived from
domestic operations. However, over the past few years MHP has
increased its hard currency-denominated proceeds from exporting
sunflower oil, grain and frozen chicken (USD571 million combined
in 2013 or 38% of group sales). In view of the capacity added by
the Vinnytsia complex, Fitch expects increasing poultry exports
in 2014-2016.
Challenges to Maintain Profitability
In 2013 both the poultry and grain segments delivered lower
profits and the total EBITDA margin decreased to 25% from 32% in
2012. Although in 2014 margins are expected to return to pre-
2013 levels, as a result of cheaper cost base for all segments
and recovery in world grain prices, we expect operating margins
to be pressured again post-2014.
The key driver for margin compression is growing exports of low
value-added products (frozen chicken) and cost inflation spurred
by hryvna devaluation. In the domestic market, while higher
(dollarized) grain prices could dampen profitability in the
poultry segment, this will be mitigated by lower cost of grain
carried forward from last year's stocks in 2014. MHP's ability
to raise prices domestically as a pass through from the currency
depreciation remains another important driver of profitability
for its domestic poultry operations after 2014.
Limited Further Deleveraging
MHP's FFO-adjusted net leverage decreased to 3x in 2013 (2012:
3.3x) due to better FFO generation and despite higher debt
resulting from its new bond issue. Fitch considers there is some
scope for slight deleveraging in 2014 due to positive free cash
flow (FCF) driven by muted capex and better operating profits.
However, Fitch expects MHP to increase leverage in 2015-2017
driven by investments under the second phase of the Vinnytsia
poultry farm. As a result, leverage could rise temporarily to
4.1x by 2017. However, Fitch notes that expansion capex is
scalable. As a result, MHP's debt burden and corresponding
leverage could be maintained below 3x should MHP decide to
postpone the project.
High Distributions to Shareholders
Additional pressure on FCF and, thus, credit metrics could arise
from dividend distributions of up to 50% of net income. These
distributions could absorb substantial amounts of cash (between
USD80 million- USD120 million) although Fitch understands that
management would maintain a reasonable financial policy so as not
to jeopardize its credit metrics and financial flexibility. A
debt incurrence covenant test of net debt/EBITDA below 3.0x would
further constrain MHP's ability to distribute money to
shareholders in the event of weak profit or cash flows
generation.
Adequate Near-Term Liquidity, Refinancing Risks in 2015/2016
Adequate liquidity is supported by USD172 million of cash and
short-term bank deposits (mainly foreign currency-denominated)
and USD288 million available committed bilateral bank lines at
end-2013. Short-term debt was USD126 million, just below 10% of
total debt at end-2013 thanks to refinancing of maturing bank
facilities with a new seven-year bond issue in 2013. Fitch
acknowledges that some refinancing risks may arise by end-2014 in
view of forthcoming bond maturity in April 2015 (USD235 million).
Although MHP currently has access to various sources of external
and internal liquidity, the current political and economic
instability in Ukraine may limit the access of Ukrainian issuers
to bank debt and capital markets.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions on the Long-term local currency IDR include:
* Provided Fitch sees a sustained improvement in the issuer's
operating environment.
-- Evidence of sustained improvement in free cash flow
generation ability whilst maintaining high profit margins.
-- FFO adjusted net leverage consistently below 3x.
-- FFO fixed charge cover strengthening above 4.5x.
* An upgrade of the foreign currency IDR would only be possible
if the Country Ceiling for Ukraine was upgraded (currently
'CCC').
Negative: Future developments that could lead to negative rating
action on the Long-term local currency IDR include:
* FFO adjusted net leverage rising above 4.5x on a continuing
basis due to sustained operational underperformance,
aggressive capex plans or share buy-backs/dividends, or
prompted by a sharper than expected further depreciation of
the hryvna.
* FFO fixed charge cover weakening below 2x.
* Tightening liquidity position in the face of maturing
outstanding bond in April 2015.
FULL LIST OF RATING ACTIONS
MHP S.A.
Long-term foreign currency IDR: affirmed at 'CCC'.
Long-term local currency IDR: affirmed at 'B-'; Outlook Negative
Foreign currency senior unsecured rating: affirmed at 'CCC';
Recovery Rating of 'RR4'
OJSC Myronivsky Hliboproduct (MHP S.A.'s 99.9% owned subsidiary)
Long-term foreign currency IDR: affirmed at 'CCC'
Long-term local currency IDR: affirmed at 'B-'; Outlook Negative
National Long-term rating: affirmed at 'AA+(ukr)', Stable
Outlook
UKRAINE: Moody's Lowers Government Bond Rating to 'Caa3'
--------------------------------------------------------
Moody's Investors Service has downgraded Ukraine's government
bond rating to Caa3 from Caa2. The outlook on the Caa3 rating is
negative.
The downgrade is driven by the following three factors, which
exacerbate Ukraine's more longstanding economic and fiscal
fragility:
- The escalation of Ukraine's political crisis, as reflected by
the recent regime change in Kiev as well as the annexation of
Crimea by Russia (Baa1, on review for downgrade).
- Ukraine's stressed external liquidity position, in light of a
continued decline in foreign-currency reserves, the withdrawal
of Russian financial support and a rise in gas import prices.
This assessment accounts for the near-term liquidity relief
that the recently agreed IMF staff-level agreement will
provide.
- The decline in Ukraine's fiscal strength, with an expected
increase in the debt-to-GDP ratio to 55%-60% by the end of
2014 (from 40.5% at year-end 2013) due to a sizable fiscal
deficit, a significant GDP contraction and a sharp currency
depreciation.
Concurrently, Moody's has also downgraded to Caa3 from Caa2 the
rating of the Ukrainian State Enterprise "Financing of
Infrastructural Projects". The outlook is negative in line with
the outlook on the sovereign rating. The enterprise's debt is
fully and unconditionally guaranteed by the government of
Ukraine.
In Moody's assessment, the recent developments in Ukraine and the
resulting material changes to sovereign creditworthiness
necessitate this rating action being released on a date not
listed for this entity on Moody's 2014 sovereign release calendar
published, in accordance with EU Regulation 462/2013 ("CRA").
Ratings Rationale
Rationale For Downgrade
First Driver: Escalation Of Ukraine's Political Crisis
The first driver underlying Moody's decision to downgrade
Ukraine's sovereign rating is the escalation of the country's
political crisis, which led to a regime change in late February,
followed by the suspension of Russia's financial support program.
Since then, Ukraine's relations with Russia have deteriorated
further, as the latter lent its support to a local referendum in
Crimea which ultimately led to Russia's annexation of Crimea.
Moody's expects that domestic political risk in Ukraine will
remain high given upcoming presidential elections in May, and the
risk of early parliamentary elections later in the year. Moody's
also sees a significant risk of a further destabilization of
eastern and southern Ukraine.
The political situation is complicated by a challenging economic
environment, with real GDP projected to decline by around 5%-10%
in 2014. Furthermore, an escalation of economic sanctions by
Russia, with increases in the gas price and potentially
escalating to trade restrictions, would also be detrimental to
Ukraine's economic outlook, given that Russia accounts for almost
all of Ukraine's gas imports, and for around 25% of Ukraine's
goods exports. Whilst it is extremely challenging to assess the
probability of such an event occurring, Moody's considers it
sufficiently material to be a factor in the rating.
Second Driver: Stressed External Liquidity Risk
The second key driver of the downgrade is the increase in the
country's long-standing external liquidity pressures. Following
the escalation of the political crisis, the central bank reduced
its intervention in the foreign-currency market, leading to a
year-to-date depreciation of the hryvnia of around 27% relative
to the US dollar. At the same time, foreign-currency reserves
have declined further to US$13.6 billion as of February 2014,
which implies import coverage (based on 2013 imports) of only
around 1.6 months, down from 2.4 months six months ago (September
2013) and 3.2 months in September 2012. Moody's estimates that
Ukraine has around $8 billion in foreign-currency denominated
public debt service for the remainder of 2014, and over $9
billion in 2015.
Ukraine's short-term external liquidity pressures have been
exacerbated by the suspension of Russia's support package, which
had included (1) an additional US$12 billion to be disbursed
during 2014 and 2015; (2) a discount on gas imports. Under the
package, Ukraine would have paid approximately US$268.5 per 1,000
cubic meters of gas, but is now likely to face prices of around
US$400-US$500 (if Russia also unilaterally ends a discount
granted in 2010). Based on the around 28 billion cubic meters of
gas Ukraine imported in 2013, Moody's estimates that Ukraine
would need an additional US$3.5-US$6.5 billion in foreign
currency, compared to conditions under the Russian support
package. Economic contraction and higher domestic gas prices are
likely to lead to a decline in gas consumption, thereby somewhat
alleviating pressures on foreign exchange reserves, but Moody's
believe the impact of higher gas import prices will remain
significant.
The IMF recently announced a staff-level agreement on a US$14-
US$18 billion support program for 2014 and 2015. Securing
external financing from the IMF and other related international
financial assistance limits the risk of an acute foreign-exchange
crisis by supporting Ukraine's public-sector borrowing needs, and
by easing the roll-over of private-sector debt (of which around
$60 billion will come due in 2014). However, even if the IMF
package exceeds the proposed Russian package, the difference is
not material against the background of recent developments. In
light of Ukraine's weak track record in complying with IMF
programs in the past, as documented in IMF research, and the
program's likely challenging conditionality, as well as the very
uncertain political situation at present, Moody's sees a high
risk that an IMF program will move off track (i.e., the IMF halts
disbursements) in the coming 12-18 months.
Third Driver: Decline In Fiscal Strength, With A Significant Rise
In Debt-To-Gdp
The third driver underpinning the downgrade is Moody's
expectation that Ukraine's general government debt-to-GDP ratio
will increase to around 55%-60% by the end of 2014, from 40.5% at
the end of 2013. Moody's expects the rise in debt will be driven
by (1) a fiscal deficit of around 6% of GDP; (2) a sharp economic
contraction of around 5-10% in 2014; and (3) a 20-30%
depreciation of the hryvnia against the US dollar (about 60% of
Ukraine's general government debt is denominated in foreign
currency) by year-end.
Furthermore, Ukraine may be required to repay its outstanding
Eurobonds early. The covenants of the US$3 billion Ukrainian
Eurobond issued to Russia as part of the financial support
package in December 2013 define a debt-to-GDP ratio (state and
state-guaranteed debt) above 60% as an event of default, which
could trigger an acceleration of payments if it were to occur.
The acceleration on the Ukrainian Eurobond in turn could in
Moody's view trigger a cross-default in all other Eurobonds.
Subject to definite legal interpretation, the rating agency sees
a material risk that Russia could call the Eurobond early,
thereby causing a liquidity crisis and ultimately a payment
default.
Rationale For Negative Outlook
Moody's decision to assign a negative outlook to Ukraine's Caa3
rating is mainly driven by the continued risk of a further
aggravation of the external liquidity situation, despite the IMF
program. Given Ukraine's unstable domestic political situation,
as well as the likely unpopularity of the economic reforms
attached to an IMF program, Moody's considers there to be a high
risk that an IMF program, if implemented, could move off-track in
the coming 12-18 months. In addition, a further escalation of the
crisis with Russia poses significant downside risks.
What Could Move The Rating Up/Down
Given the negative outlook, Ukraine's sovereign rating is
unlikely to experience upward pressure over the medium term.
Moody's would consider stabilizing the outlook on the rating if
it were to see a sustained stabilization of the political
situation along with improvements in Ukraine's external liquidity
position. An upgrade would be considered against the background
of a positive policy track record with the implementation of
structural reforms that addressed Ukraine's fiscal and external
risks in particular.
Moody's would consider downgrading Ukraine's rating if there was
no significant external liquidity support forthcoming, leading to
a significant further decrease in foreign-exchange reserves.
Other factors that would exert downward rating pressure include a
deterioration in Ukraine's balance of payments, rising contingent
liabilities from the banking system, a further deterioration in
public debt metrics, severe economic sanctions by Russia, or a
further escalation of the geopolitical crisis.
Country Ceilings
Moody's did not change Ukraine's Caa1 local-currency country risk
ceilings. This is the maximum credit rating achievable in local
currency for a debt issuer domiciled in the country. The rating
agency lowered Ukraine's foreign-currency bond country ceiling to
Caa2 from Caa1. In addition, Ukraine's country ceiling for
foreign-currency bank deposits was lowered to Ca from Caa3.
Short-term foreign-currency country and deposit ceilings remain
unchanged at Not Prime.
GDP per capita (PPP basis, US$): 7,295 (2012 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 0% (2013 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 0.5% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -4.5% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -9% (2013 Actual) (also known as
External Balance)
External debt/GDP: 78.3% (2013 Actual)
Level of economic development: Moderate level of economic
resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
A rating committee was called to discuss the rating of the
Ukraine, Government of. The main points raised during the
discussion were: The issuer's fiscal or financial strength,
including its debt profile, has materially decreased. The issuer
has become increasingly susceptible to event risks.
The principal methodology used in these ratings was Sovereign
Bond Ratings published in September 2013.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
===========================
U N I T E D K I N G D O M
===========================
AVINCIS MISSION: S&P Puts B Corp Credit Rating on Watch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said it placed on CreditWatch
with positive implications its 'B' long-term corporate credit
rating on U.K. helicopter services provider Avincis Mission
Critical Services Holdings, S.L.U. and Bond Mission Critical
Services Holdings (together Avincis or the group).
S&P also placed on CreditWatch positive its 'B+' issue rating on
the revolving credit facility issued by Avincis Mission Critical
Services, its 'B-' issue ratings on the EUR470 million notes
issued by special purpose vehicle Inaer Aviation Finance and on
the EUR470 million back-to-back credit facility issued by Avincis
Mission Critical Services, and the 'B' issue rating on the
GBP260 million senior secured floating rate notes issued by Bond
Mission Critical Services.
The CreditWatch placements follow U.K.-based engineering support
services group Babcock International Group PLC's (Babcock; not
rated) announcement that it has entered into a conditional
agreement to buy the entire capital of Avincis for EUR1.1
billion.
Babcock plans to fund the acquisition through a fully
underwritten rights issue of its existing shares and to repay
Avincis' debt with a GBP900 million bridge debt facility, should
the Babcock board consider it necessary and desirable to do so.
S&P understands that all of Avincis' outstanding debt will most
likely be repaid after the transaction. If Avincis' debt falls
significantly after the acquisition, or S&P assess that Avincis
is at least a "moderately strategic" subsidiary under its group
rating methodology, it could raise the rating by one or more
notches given that S&P estimates that Babcock's credit quality is
stronger than Avincis'. The acquisition is subject to
shareholder approval and customary closing conditions, including
regulatory approvals, and S&P expects it to close in the second
quarter of 2014.
S&P views Avincis' business risk profile as "fair" based on its
leading position in the mission-critical helicopter services
market, geographic diversity in Western Europe, Chile, and
Australia, and its stable revenue stream from multi-year
contracts with national, regional, and local government entities.
S&P assess the group's financial risk profile as "highly
leveraged," mainly due to its weak credit metrics and high
capital expenditure requirements.
CEVA GROUP: Moody's Assigns 'B2' Ratings to New Secured Loans
-------------------------------------------------------------
Moody's Investors Service has assigned definitive B2 ratings to
CEVA Group plc's new senior secured term loans, synthetic letter
of credit and revolving credit facilities, and 1st lien senior
secured notes due 2021 and Caa2 ratings to the new first and a
half lien (effectively 2nd lien) notes due 2021, following
receipt of final documentation. CEVA's CFR and PDR are unchanged
at Caa1 and Caa1-PD, with a negative outlook.
Ratings Rationale
Moody's definitive ratings on these debt obligations are in line
with the provisional ratings assigned on March 6, 2014. Moody's
rating rationale was set out in a press release on that date.
Whilst the amounts of the facilities and notes changed between
launching and closing, these changes were insufficiently material
to affect the provisionally assigned ratings. The final terms of
the facilities and notes are otherwise in line with the drafts
reviewed for the provisional instrument rating assignments.
Additionally, Moody's notes that CEVA recently equitized
approximately USD85 million of its intercompany USD724 million
2nd lien (effectively 3rd lien) PIK Notes due 2023 from CEVA
Holdings LLC, which is included in Moody's adjusted leverage
calculation. Moody's may determine, under its definition of
default, that if CEVA were to capitalize additional amounts in
the future, this could constitute a Moody's default of the CEVA
group which, however, would not cause a cross default on any of
CEVA's other debt.
The principal methodology used in this rating was the Global
Surface Transportation and Logistics Companies published in
April 2013.
CEVA Group plc is the fourth-largest integrated logistics
provider in the world in terms of revenues (USD8.5 billion as at
December 31, 2013). As at financial year-end 2012, CEVA had a
presence in more than 170 countries worldwide, employing around
44,000 people and managing approximately 9 million square meters
of warehouse facilities.
CO-OPERATIVE BANK: DBRS Puts 'BB' Ratings Under Review
------------------------------------------------------
DBRS Ratings Limited has placed The Co-operative Bank plc Under
Review with Negative Implications, including its BB Long-Term
debt and deposit ratings. As part of the review process, the
Intrinsic Assessment (IA) of BB will also be re-evaluated.
The rating action follows the March 24 announcement that the 2013
year-end capital ratios will be lower than previously expected
and that the Bank needs to raise a further GBP400 million of
equity. At the time of the completion of the capital
restructuring in December 2013, the Bank had been expecting to
post a year-end common equity tier 1 (CET1) ratio at the upper
end of the 7-9% range, including the expected loss for the full
year 2013. However, as a result of further charges relating to
conduct and legal documentation, including charges related to
payment protection insurance (PPI), and higher costs relating to
the separation of the Bank from the Co-operative Group, the Bank
now expects the end-2013 CET1 ratio to be substantially lower, at
around 7.2%. Details of the proposed capital raising are
still to be finalized.
The review of the BB Long-Term debt and deposit ratings will
focus primarily on the proposed capital raise and its
implications for the bank's future financial flexibility. If the
capital raise is unsuccessful then a multi-notch downgrade is a
potential outcome. DBRS continues to view the far-reaching
restructuring of the Bank as extremely challenging. In DBRS's
view, the proposed capital raise, only three months after the
liability management exercise, confirms the Bank's susceptibly to
event risk, and further reduces the Bank's capital flexibility.
As a result of this, there is potentially also downward pressure
on the Bank's ratings even if the Bank successfully raises the
proposed GBP400 million.
Additionally the review will focus on the shareholding structure
of the Bank. This reflects that, although details of the capital
raising are still to be finalized, DBRS anticipates The
Co-operative Group (the Group) will be required to make a further
contribution to maintain its approximate 30% shareholding in the
Bank. In DBRS's view, however, there is a risk that the Group
may choose not to participate in the latest proposed capital
raising, which could potentially weaken the Bank's franchise as
its connection with the wider Group reduces. DBRS also notes
that as part of the capital agreement reached in 2013 the Group
is still contractually committed to contribute GBP263 million to
the Bank in 2014.
DBRS considers that the performance of the Bank's Core retail
banking business in 2013 has proven to be relatively resilient
despite the potential adverse impact of the widespread media
coverage of developments at the Bank and the change in the
ownership structure. Progress has also been made in reducing
non-core assets with the Bank anticipating a reduction of
GBP2 billion in 2013 through trade sales, the exit of corporate
banking relationships, and loan repayments.
DECO 2005-UK: S&P Raises Rating on Class C Notes to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
DECO Series 2005-UK Conduit 1 PLC's class B and C notes. At the
same time, S&P has affirmed its ratings on the class D and E
notes. S&P has withdrawn its rating on the class A notes because
they fully repaid on the January 2014 interest payment date
(IPD).
The rating actions follow S&P's review of the four remaining
loans' credit quality according to its criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions. S&P's review follows the full repayment of the
Commercial And Warehouse Properties Ltd. loan and the resolution
of the Sandfile Ltd. loan, along with the partial repayment of
the Holaw (420) Ltd. and Heathvale Estates Ltd. loans.
CPI RETAIL ACTIVE MANAGEMENT (80.7% OF THE POOL)
This loan is the largest remaining loan and failed to repay at
maturity in October 2010. It is in special servicing and in
administration. The loan is secured on three secondary retail
shopping centers in the South East of England (Waterlooville,
Gravesend, and Leighton Buzzard).
The top five tenants contribute 30.0% to the total rent, with the
largest tenant, Wilkinson's Hardware Store Ltd., contributing
7.9%. The weighted average lease length is 4.37 years.
In 2012, the special servicer marketed the properties for sale.
However, bids did not meet the special servicer's expectations,
and the special servicer decided to hold the assets and reassess
the situation regularly.
The current outstanding securitized loan balance is
GBP26,452,119. As of the January 2014 investor report, the whole
loan-to-value (LTV) ratio is 128.1%, and the senior loan LTV
ratio is 107.1%. This is based on a May 2013 market valuation.
S&P has assumed losses on the loan in its expected-case scenario.
HEATHVALE ESTATES (11.6% OF THE POOL)
This loan failed to repay at maturity in July 2012, and was
subsequently transferred to special servicing. The whole loan
balance is GBP4,319,805, and the securitized loan balance is
GBP3,815,595. The whole loan LTV ratio is 169.4%, and the
securitized loan LTV ratio is 149.6%, according to an October
2012 valuation.
There is currently only a single office property backing this
loan. In February 2014, the special servicer reported a rental
income of GBP415,385, with a 4.03 year weighted-average lease.
The main tenant, Bancroft Ltd., generating 37% of the rental
income, has committed to a new lease which expires in 2021, with
an option to break in January 2017.
S&P has assumed losses on the loan in its expected-case scenario.
I/S SCANDINAVIAN PROPERTY INVESTMENT V (6.7% OF THE POOL)
This loan is due to mature in July 2015, and is performing in
line with the terms of the loan agreement. The whole loan
balance is GBP2,742,890, with a senior securitized balance of
GBP2,194,017.
The loan is secured on a single retail property, arranged as two
retail units in Whitehaven, a town on the North West coast of
England. The property is fully let, with 88% of its rental
income coming from a tenancy, to Wilkinson Hardware Store Ltd.
which will expire in 2025. The remaining income is from
Connexions' tenancy, a government-funded agency, which expires in
2022 but has a break option in November 2014.
The reported whole loan LTV ratio is 70.8%, and the securitized
loan LTV ratio is 56.6%. The properties have not been revalued
since April 2005.
S&P has assumed no losses on the loan in its expected-case
scenario.
HOLAW LOAN
On Jan. 10, 2014, the sales agent appointed by the receivers sold
all properties securing this loan. The cash manager applied the
proceeds on the January 2014 IPD. The outstanding loan balance
is GBP305,330. The administrators may dispurse additional
proceeds, which would be applied to the notes on the April 2014
IPD. S&P has assumed a total loss on the remaining balance in
its expected-case scenario.
RATING ACTIONS
S&P's ratings in DECO Series 2005-UK Conduit 1 address the timely
payment of interest and payment of principal no later than the
July 2017 legal final maturity date.
Following the full repayment of the Commercial and Warehouse loan
and the resolution of the Sandfile loan, along with the partial
repayment of the Holaw and Heathvale Estates loans, S&P considers
that the credit characteristics of the class B and C notes have
improved.
S&P's analysis indicates that the available credit enhancement
for the class B notes is sufficient to address its principal loss
expectations under a 'AA+' rating scenario. S&P has therefore
raised to 'AA+ (sf)' from 'BBB- (sf)' its rating on the class B
notes.
S&P considers the class C notes' available credit enhancement to
be sufficient to mitigate the risk of losses from the underlying
loans in a 'B' rating scenario. S&P has therefore raised to 'B
(sf)' from 'B- (sf)' its rating on the class C notes.
S&P has affirmed its 'D (sf)' ratings on the class D and E notes
because they continue to experience interest shortfalls. Given
the non-accruing interest (NAI) amounts outstanding, these
classes of notes are not receiving full interest payments, in
S&P's view. S&P also expects principal losses on these notes.
S&P has withdrawn its 'A+ (sf)' rating on the class A notes
because they fully repaid on the January 2014 IPD.
DECO Series 2005-UK Conduit 1 is a true sale CMBS transaction,
which closed in July 2005. It is secured against U.K. commercial
real estate properties.
RATINGS LIST
DECO Series 2005-UK Conduit 1 PLC
GBP236.057 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Raised
B AA+ (sf) BBB- (sf)
C B (sf) B- (sf)
Ratings Affirmed
D D (sf)
E D (sf)
Rating Withdrawn
A NR A+ (sf)
NR--Not rated.
DONCASTERS GROUP: S&P Affirms 'B' Rating on First-Lien Loans
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
issue rating on the first-lien senior secured term loans issued
by financial subsidiaries of U.K. engineering group Doncasters
Group Ltd. Doncasters is increasing its first-lien senior
secured debt by borrowing a proposed loan of up to $130 million.
The recovery rating on the first-lien senior secured term loans
is unchanged at '3', indicating S&P's expectation of meaningful
(50%-70%) recovery prospects in the event of a payment default,
albeit at the low end of the range.
At the same time, S&P affirmed its 'CCC+' issue rating on the
second-lien secured loan, due 2020, issued by financial
subsidiaries of Doncasters. S&P anticipates that Doncasters will
reduce the amount of this loan to US$160 million from US$290
million using the proceeds of the proposed loan. The recovery
rating on the second-lien secured loan remains unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery
prospects in the event of a payment default.
The affirmation of the issue rating on the first-lien senior
secured term loans follows the increase in first-lien debt to
about US$1 billion from US$878 million as a result of the
proposed loan of up to US$130 million. The affirmation reflects
S&P's view that although the proposed increase in first-lien debt
will reduce headroom under the '3' recovery rating on the senior
secured term loans to the lower end of the 50%-70% range, the
recovery prospects remain commensurate with the '3' recovery
rating. At the same time, the proposed increase in first-lien
debt leaves the recovery prospects for the second-lien secured
loan unchanged at the level S&P defines as negligible.
RECOVERY ANALYSIS
S&P's recovery rating on the first-lien senior secured term loans
is constrained by the presence of an asset-backed loan (ABL),
which it views as having priority status. S&P sees recovery
prospects for the first-lien senior secured term loans at the low
end of the 50%-70% range due to the sizable amount of pari passu-
ranking debt following the establishment of the proposed loan.
S&P assumes an EBITDA multiple of 5.5x at the hypothetical point
of default, in line with Doncasters' rated peers in the capital
goods industry with "fair" business risk profiles. This leads to
a stressed enterprise value of approximately GBP440 million,
after taking account of estimated administrative costs at the
point of hypothetical default, and based on stressed EBITDA of
approximately GBP79 million.
S&P's simulated default scenario contemplates a default in 2017,
amid unexpected economic weakness as a result of a significant
decline in Doncasters' key end markets, including the aerospace,
commercial truck, and other industrial segments.
From the stressed enterprise value, S&P deducts priority
liabilities of about GBP95 million -- mainly comprising the
multicurrency ABL, which S&P assumes will be drawn by 85% of its
total committed amount -- and arrive at a net stressed enterprise
value of about GBP317 million. This is available for repayment
of the GBP617 million of first-lien senior secured debt,
including six months of prepetition interest.
PUNCH TAVERNS: Seeks to Suspend Covenants on GBP2.3-Bil. Debt
-------------------------------------------------------------
Julie Miecamp at Bloomberg News reports that Punch Taverns Plc is
seeking to suspend covenants on GBP2.3 billion (US$3.8 billion)
of debt to give it more time for restructuring talks with
bondholders.
According to Bloomberg, a company statement said the owner of
more than 4,000 pubs across the U.K. wants to waive the debt
interest covenant and other provisions under its securitized
borrowings until Aug. 29 at the latest. The company has
scheduled an April 29 vote for holders of its Punch A and Punch B
securitizations, Bloomberg relates.
"The waivers are necessary to avoid the risk of a near-term
default in both securitizations, which in the case of Punch A
securitization is anticipated as early as May 15, 2014,"
Bloomberg quotes the company as saying in the statement.
Punch has failed to get debt holders to agree on restructuring
proposals since negotiations began in October 2012, Bloomberg
recounts.
Punch Taverns plc is a United Kingdom-based pub company. The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company. The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate.
UK COAL: Financial Woes May Hit Pension Protection Fund
-------------------------------------------------------
Steve Johnson at The Financial Times reports that the UK's
government-backed pensions rescue service is facing further
criticism over its dealings with UK Coal, which is on the brink
of insolvency for the second time in two years.
The Pension Protection Fund took what by some measures was the
largest single hit to its finances when Britain's biggest
coalminer went into administration in July 2013 with a GBP500
million deficit in its two pension schemes, which have 6,700
members between them, the FT relates.
Controversially, the PPF chose to help restructure UK Coal rather
than push it into liquidation, a move that would have seen it
receive GBP23 million as a creditor, the FT relays.
Instead, the PPF received a GBP2.2 million payment, a GBP60
million secured loan note and GBP790 million of non-recourse debt
that UK Coal would only have to pay if its finances proved robust
enough, the FT notes.
In a letter sent last year to Steve Webb, the pensions minister,
released under the Freedom of Information Act, the PPF forecast
it could receive GBP180 million from these debt instruments over
the next five years, the FT recounts.
However, UK Coal's latest troubles, which could lead to it
closing two of the last three deep pits in Britain, have raised
fresh doubts about whether the PPF will receive anything at all,
according to the FT.
UK Coal plc -- http://www.ukcoal.com/-- is a United Kingdom-
based company engaged in surface and underground coal mining,
property regeneration and management, and power generation.
===================
U Z B E K I S T A N
===================
HAMKORBANK: Moody's Affirms B1/B2 Deposit Ratings, E+ BFSR
----------------------------------------------------------
Moody's Investors Service has affirmed the B1/Not Prime global
local-currency and B2/Not Prime foreign- currency deposit ratings
of Uzbekistan-based Hamkorbank. The rating agency also affirmed
the bank's E+ standalone bank financial strength rating (BFSR),
equivalent to b1 baseline credit assessment (BCA). Moody's
maintains a stable outlook on all of the aforementioned long-term
ratings.
The rating action reflects Hamkorbank's track record of strong
financial performance and Moody's expectation that the bank's
standalone creditworthiness will remain robust for the
foreseeable future.
Moody's assessment of Hamkorbank is largely based on its
unaudited financial statements for 2013, prepared under local
GAAP, as well as information received from the bank.
Ratings Rationale
According to Moody's, the rating action reflects Hamkorbank's (1)
track record of good asset quality, (2) robust profitability,
which, together with healthy capital buffer, provide the bank
with good loss-absorption capacity. At the same time, Moody's
says that the bank's relatively high appetite for credit risk --
demonstrated by the rapidly growing loan book in recent years --
will remain a key constraining factor for the ratings.
Solid Asset Quality
Despite a trend of rapid loan growth, Moody's expects
Hamkorbank's asset quality to remain solid over the next 12-18
months -- in line with recent years -- supported by the good
diversification of the bank's loan portfolio and the favorable
operating environment in Uzbekistan.
Moody's notes that Hamkorbank's overall asset quality remains
superior to that of similarly rated local peers, with the level
of loans overdue for more than 90 days remaining below 1% of the
gross loan portfolio as of 31 December 2013. In addition, the
bank's loan loss reserves provide sufficient coverage of non-
performing loans of around 150%.
Strong Profitability Leads To Ample Internal Capital Generation
Capacity
The rating action also takes into account Moody's expectation
that Hamkorbank's core profitability will remain robust over the
next 12-18 months. In 2013, Hamkorbank's return on average assets
(RoAA) stood at around 3.6%, according to the bank's non-audited
local GAAP (3.9% in accordance with audited IFRS for 2012).
Moody's explains that Hamkorbank's profitability benefits from
its focus on high-yielding retail and microfinance loans, leading
to a solid net interest margin of around 8%. In addition,
Hamkorbank's profitability benefits from its strong fee-
generating capacity. Its fee and commission income (accounted for
around 50% of operating income) is also supported by the
remittance business where the bank has maintained strong market
positions.
Hamkorbank's capital position benefits from its strong internal
capital generation, and Moody's expects that the bank's capital
buffer will be sufficient to absorb expected credit losses under
Moody's central and averse scenarios. At year-end 2013, the bank
reported a Tier 1 ratio of 14.9%.
Ample Liquidity Cushion Support Liquidity Position
Hamkorbank has historically maintained satisfactory liquidity
profile supported by growing deposits and ample liquidity cushion
which is necessary for its money transfer operations. The bank's
liquid assets (cash and nostro accounts) have remained above 30%
of its total assets at year-end 2013.
What Could Move The Rating Up/Down
Hamkorbank's ratings have limited upward potential, given the
concentration of its business activity within the operating
environment of Uzbekistan and its relatively high appetite for
credit risk; however, downward pressure could be exerted on
Hamkorbank's ratings as a result of any material adverse changes
in the bank's risk profile, particularly any significant
impairment in the bank's liquidity or asset quality.
The principal methodology used in this rating was Global Banks
published in May 2013.
Headquartered in Andizhan, Uzbekistan, Hamkorbank reported total
assets of UZS1 trillion (US$454 million), total equity of UZS139
billion (US$63 million), and net income of UZS33 billion (US$15
million) (under non-audited Local GAAP) as of December 31, 2013.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
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TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
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ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
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GREEN WIND ENERG GW BY -11320362.72 176234029.6
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HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
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JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
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SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
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SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
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BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
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I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
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MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
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NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
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PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
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RHODIA SA 3218857Q IX -72552001.48 7951699362
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SOCIETE COMMERCI 4516647Z FP -179862008.2 1576030746
SOCIETE D'AGENCE 4741441Z FP -11128710.59 243411105.2
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GREECE
------
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IRELAND
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ICELAND
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ITALY
-----
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SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
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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
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SOPAF SPA SPF IM -24220971.66 153763906.2
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SOPAF SPA SPF EO -24220971.66 153763906.2
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SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
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TISCALI SPA TIS NQ -167327246 362728538.3
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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
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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INTEROIL EXPLORA INOX NO -21010000 139828992
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INTEROIL EXPLORA IOXUSD EU -21010000 139828992
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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
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PETROJACK AS JACKEUR EO -54932000 191586000
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PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
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PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
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PETROMENA AS PMENA PZ -47299000 317747008
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PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
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PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
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TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
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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
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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
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TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
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 * * *