/raid1/www/Hosts/bankrupt/TCREUR_Public/140610.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, June 10, 2014, Vol. 15, No. 113
Headlines
G E O R G I A
BANK OF GEORGIA: Fitch Affirms 'BB-' LT Issuer Default Rating
H U N G A R Y
HUNGARY: Fitch Affirms 'BB+' Foreign Currency IDR; Outlook Stable
I R E L A N D
ALME LOAN II: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
HARVEST CLO IX: Moody's Assigns '(P)B2' Rating to EUR15MM Notes
HARVEST CLO IX: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
IRISH BANK: Liquidation Lucrative for Financial, Law Firms
ORIEL HOUSE: Talbot Group Secures Jobs of 120 Staff
I T A L Y
MONTE DEI PASCHI: Chair Prepares for New Round of Consolidation
K A Z A K H S T A N
KAZAKH AGRARIAN: S&P Affirms 'BB+/B' ICRs; Outlook Stable
L U X E M B O U R G
THESEUS EUROPEAN: S&P Lowers Rating on Class E Notes to 'B+'
N E T H E R L A N D S
DOME 2006-I: S&P Reinstates 'B-' Rating on Class D Notes
P O L A N D
ZABRZE CITY: Fitch Affirms 'BB+' IDR; Outlook Stable
P O R T U G A L
OCIDENTAL COMPANHIA: S&P Puts 'BB' Rating on CreditWatch Positive
R U S S I A
ALROSA OJSC: S&P Affirms 'BB-' CCR on Adequate Liquidity
ASTRAKHAN REGION: Fitch Affirms 'B+' IDRs; Outlook Stable
KRASNODAR REGION: Fitch Lowers IDRs to 'BB'; Outlook Negative
KRASNOYARSK KRAI: S&P Lowers ICR to 'BB-' on Weak Liquidity
KRASNOYARSK REGION: Fitch Affirms 'BB+' LT IDRs; Outlook Stable
LENINGRAD REGION: Fitch Raises Issuer Default Ratings From 'BB+'
TELE2 RUSSIA: Fitch Maintains 'B+' IDR on Rating Watch Negative
S P A I N
ABENGOA SA: Moody's Says Public Offering No Impact on 'B2' CFR
U N I T E D K I N G D O M
BOTSWANA DIAMONDS: To Get Around US$340,000 From the Liquidation
CO-OPERATIVE BANK: Set to Publish Revised Ethical Standards
HEARTS OF MIDLOTHIAN: Seeks Fan Support for Capital Raising
JERROLD HOLDINGS: Fitch Affirms 'B+/B' IDRs; Outlook Stable
PICKLES BROTHERS: Manager Stole GBP51,000 From Roof Company
SEADRILL PARTNERS: Moody's Affirms Ba3 Corporate Family Rating
STAN STOCK: In Liquidation, Ceases Trading
TAYLOR WIMPEY: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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G E O R G I A
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BANK OF GEORGIA: Fitch Affirms 'BB-' LT Issuer Default Rating
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Fitch Ratings has affirmed five Georgian banks' Long-term Issuer
Default Ratings (IDRs) and Viability Ratings (VRs). The banks
are Bank of Georgia (BoG), TBC Bank (TBC), ProCredit Bank
(Georgia) (PCBG), JSC Liberty Bank (LB) and Basisbank (BB). The
Outlooks on the banks' Long-term IDRs are Stable.
KEY RATING DRIVERS: VRS OF ALL BANKS, BoG's, TBC's, LB's and BB's
IDRs, BoG's SENIOR DEBT
The affirmation of BoG's, TBC's, PCBG's, LB's and BB's VRs, and
(with the exception of PCBG) their Long-term IDRs with a Stable
Outlook, reflects their generally robust capitalization, ample
liquidity and still sound financial metrics notwithstanding a
challenging operating environment in Georgia. Unlike the other
four banks whose IDRs are a reflection of their intrinsic
strength, PCBG's Long-term IDR is driven by institutional
support. The banks' asset quality ratios remain reasonable, with
non-performing loan ratios (NPLs, loans overdue by 90 days)
ranging from 1% to 5% of gross loans and restructured loans also
moderate. Fitch views the banks' near-term prospects as mildly
positive, given the agency's forecast of 5% GDP growth for the
Georgian economy in 2014, rising to 5.5% in 2015. This should
support banks' internal capital generation capacity and asset
quality notwithstanding margin pressure from competition.
Margins should remain reasonably wide in the medium term,
supported by growth in higher-margin lending and funding cost
optimization. However, asset quality is likely to remain key to
banks' performance through the cycle.
Capital levels remain moderate to high, as reflected in Fitch
core capital (FCC)/weighted risks ratios that span a broad range,
from 13% at LB to a high 34% (BB) at end-2013. Liquidity is also
robust, underpinned by high levels of liquid assets on the
balance sheet, which provide the banks with a solid buffer to
absorb unexpected funding outflows. In addition, refinancing
risk is generally limited, reflecting typically moderate levels
of wholesale funding (which, moreover, typically rely largely on
facilities from international financial institutions (IFIs)) and
granular, well-spread funding maturities. The exception is BoG's
eurobond issue, which matures in 2017 and is significant relative
to the bank's non-equity funding (13.5%).
Nevertheless, the banks' current levels of capitalization remain
warranted given the fairly high- risk operating environment, the
cyclical performance of both the economy and the banks and the
banks' expansion into the potentially risky retail, micro and SME
loan segments. There is also a risk that competition could lead
to a weakening of banks' underwriting standards and asset quality
ratios.
Georgia's banking sector is highly dollarized, exposing the banks
to exchange rate risk. Given this, with the exception of LB,
capital ratios should be viewed in light of high levels of
foreign currency (FC) lending, which would expose them to
indirect credit risks if there is a sharp depreciation of the
local currency. To an extent, this risk is already captured in
the banks' regulatory capital ratios, which in some cases are
fairly tight, as the National Bank of Georgia requires that banks
apply up to a 175% risk-weighting to FC loans. Fixed and
foreclosed assets also reduce the banks' level of free capital,
although the banks are generally reducing foreclosed assets
through asset sales.
BoG's and TBC's 'bb-' VRs are further supported by their well-
established and dominant franchises At end-2013, the two banks
(on a consolidated basis) accounted for almost 60% of sector
assets. The equalization of PCBG's VR with those of BoG and TBC,
notwithstanding PCBG's significantly smaller size, reflects the
bank's superior track record of asset quality through the cycle,
solid performance, robust corporate governance and fairly
conservative risk management, resulting from its participation in
the ProCredit group of banks.
LB's VR of 'b' reflects its pressured capitalization and weak
loss absorption capacity, particularly in light of its fairly
aggressive loan growth strategy. It also considers concentration
and volatility in the funding base resulting from significant
government, municipal and corporate funding. High funding costs,
in part connected to the latter, also weigh on performance, as
does weak cost efficiency (cost/income ratio of 87% in 2013)
resulting from LB's smaller scale and substantial branch network.
However, this is balanced by the bank's niche franchise as the
payment agent for the distribution of social payments and a low
level of FC-denominated loans in the loan portfolio.
BB's 'b' VR is constrained by the bank's small size, currently
limited franchise and short track record as a member of the
Chinese Hualing Group. Positively, the rating also reflects the
bank's solid capital ratios and sound asset quality to date.
However, based on the bank's growth targets, Fitch estimates that
BB's capital ratios will fall to levels more in line with those
of its peers by 2017.
KEY RATING DRIVERS: BOG's, TBC's AND LB's SUPPORT RATINGS AND
SUPPORT RATING FLOORS
The affirmation of BoG's, TBC's and LB's '4' Support Ratings and
'B' Support Rating Floors (SRFs) reflects Fitch's view of the
limited probability of support being available from the Georgian
government. At the same time, the Support Ratings and SRFs are
constrained by the potentially limited ability of the authorities
to provide support.
In Fitch's view, the authorities would likely have a high
propensity to support BoG and TBC in light of the banks' systemic
importance, and LB given its social function as the country's
primary distributor of pensions and social benefits. LB's
Support Rating and SRF also consider the support made available
to the bank in 2009.
Support for TBC is also possible from its IFI shareholders, which
together hold a 56% stake in the bank. However, some doubt
remains over the readiness and ability of the IFI shareholders to
provide coordinated and timely support in case of need,
particularly given their potential exit from the shareholder
structure, starting with the bank's pending IPO.
KEY RATING DRIVERS: PCBG'S IDRS AND SUPPORT RATING
The affirmation of PCBG's Long-term IDRs at 'BB', one notch above
the sovereign rating (BB-/Stable), and Support Rating at '3'
reflects Fitch's view of the moderate probability of support from
the bank's 100% shareholder, ProCredit Holding AG & Co. KGaA
(BBB-/Stable). Fitch views the propensity of PCH to provide
support as high, but PCBG's ability to receive and utilize this
support could be restricted by transfer and convertibility
restrictions, as reflected in Georgia's Country Ceiling of 'BB'.
RATING SENSITIVITIES: VRS of ALL BANKS
An upgrade of the VRs of BoG, TBC and PCBG, and hence of the
Long-term IDRs of BoG and TBC, would be contingent on a sovereign
upgrade, a favorable economic backdrop, a marked reduction in FC
lending and still strong bank financial metrics. This would be
manifested in continued sound asset quality ratios,
notwithstanding increasing competition and the banks' fairly
rapid planned growth.
LB's VR, and hence its Long-term IDR, could be upgraded in case
of a strengthening of the bank's capitalization. Both LB's and
BB's VRs, and hence also their IDRs, would benefit from a proven
track record in managing the credit risks associated with fairly
rapid growth, an extended track record of profitable growth and,
in the case of BB, also a strengthening of the bank's franchise.
Conversely, a marked deterioration in the operating environment
leading to a sovereign downgrade, would put downward pressure on
each of the banks' VRs. A material weakening of asset quality
ratios would also be negative for the VRs, particularly if Fitch
considers it indicative of a weakening of underwriting standards.
RATING SENSITIVITIES: BOG's, TBC's AND LB's SUPPORT RATINGS AND
SRFS
Fitch does not expect any change to BoG's, LB's or TBC's Support
Ratings or SRFs given the Stable Outlook on Georgia's sovereign
rating. However, any changes in the sovereign ratings could
result in revisions of the SRFs. Any change in Fitch's view of
support available to PCBG from PCH, or in the Georgian Country
Ceiling, would likely result in a change to PCBG's Long-term
IDRs.
The rating actions are as follows:
Bank of Georgia
-- Long-term foreign and local currency IDRs: affirmed at 'BB-';
Outlook Stable
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating: affirmed at 4
-- Support Rating Floor: affirmed at 'B'
-- Senior unsecured debt: affirmed at 'BB-'
TBC Bank
-- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
ProCredit Bank (Georgia)
-- Long-term foreign and local currency IDRs: affirmed at 'BB';
Outlook Stable
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating: affirmed at '3'
JSC Liberty Bank
-- Long-term foreign currency IDR affirmed at 'B'; Outlook
Stable
-- Short-term foreign currency IDR affirmed at 'B'
-- Viability Rating: affirmed at 'b'
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
JSC Basisbank
-- Long-term foreign currency IDR affirmed at 'B'; Outlook
Stable
-- Short-term foreign currency IDR affirmed at 'B'
-- Viability Rating: affirmed at 'b'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No floor'
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H U N G A R Y
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HUNGARY: Fitch Affirms 'BB+' Foreign Currency IDR; Outlook Stable
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Fitch Ratings has affirmed Hungary's Long-term foreign currency
Issuer Default Rating (IDR) at 'BB+' and its local currency IDR
at 'BBB-'. The Outlooks are Stable. The issue ratings on
Hungary's senior unsecured foreign and local currency bonds have
also been affirmed at 'BB+' and 'BBB-', respectively. The
Country Ceiling has been affirmed at 'BBB' and the Short-term
foreign currency IDR at 'B'.
KEY RATING DRIVERS
The affirmation of Hungary's sovereign ratings reflects the
following key rating drivers:
Gross general government debt (GGGD), at 79.2% of GDP in 2013, is
around twice the 'BB' and 'BBB' medians and remains Hungary's key
rating weakness. The public debt ratio has changed very little
in recent years despite considerable fiscal consolidation and the
return of private pension assets to the public sector. Fitch
forecasts that the debt ratio will fall gradually in the medium
term as deficits remain moderate and economic growth picks up,
and that the share of foreign currency denominated debt
(currently 41%) will gradually fall, reducing vulnerability to
volatility in the HUF exchange rate. However, in the agency's
baseline scenario, public debt will still be above 70% towards
the end of the decade, generating large annual gross borrowing
needs and rendering it vulnerable to economic or financial
shocks.
Average GDP growth in Hungary remains below that of its 'BB' and
'BBB' peers. Growth accelerated and unemployment fell sharply in
2013 and early 2014, leading Fitch to raise its growth forecast
for 2014 to 2.7%. However, the key growth driver has thus far
been an increase in public sector activity (jobs schemes and
stronger EU funds absorption), raising questions about the
sustainability of the recovery. Conventional and unconventional
monetary policy measures, including a Funding for Growth Scheme
are also helping to boost economic activity. Fitch deems
evidence that private sector activity is strengthening is still
tentative at this stage.
The external balance sheet continues to improve owing to a
substantial (3% of GDP in 2013) current account surplus (CAS) and
ongoing deleveraging. Fitch expects the CAS to remain
substantial in the medium term as export capacity is ramped up
and net inflows of EU funds remain strong. This facilitates the
ongoing process of external deleveraging. Fitch forecasts that
net external debt will fall to 43% of GDP (on IFS methodology,
which differs from national methodology) from 65% in 2013,
although it will still be some way above the 'BB' (20%) and 'BBB'
(11%) medians. A mitigating factor is that intercompany loans
make up one-quarter of external debt.
The banking sector is adequately capitalized in aggregate,
although there is considerable disparity among individual banks.
The sector enjoys solid HUF liquidity. Non-performing loan
ratios remain high and rising, and banks' operating environment
is unfavorable. Outstanding FX mortgages had fallen to 15% in
2013 from 27% of GDP in 2011, but remain sizeable and the risk of
a solution that increases the burden on banks has not dissipated.
The re-election of Fidesz in April 2014 with another two-thirds
majority is likely to mean that the government will continue to
mix fiscal discipline with economic policies aiming to increase
the domestic footprint in sectors such as banking and energy.
Hungary's GDP per capita is high, relative to 'BB' and 'BBB
peers, reflecting its high level of economic development and
integration with Western Europe. EU membership underpins
domestic politics and institutions.
RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced. The main
risk factors that, individually or collectively, could trigger
positive rating action are:
-- A discernible reduction in the public debt ratio and further
lowering of the foreign currency share.
-- Continued, sustained reduction in external indebtedness.
-- Evidence of stronger growth prospects supported by an
improved business environment and greater policy stability.
The main risk factors that, individually or collectively, could
trigger negative rating action are:
-- Sustained fiscal slippage that endangers debt
sustainability.
-- Policy missteps that pose risks to the inflation and
currency outlook, which could in turn exacerbate
macro-financial risks.
-- A global macro-financial or geopolitical shock, leading to a
severe recession or loss of financial market access.
KEY ASSUMPTIONS
-- Fitch assumes the Hungarian authorities will maintain fiscal
discipline, broadly in line with the targets included in the
Convergence Programme submitted to the EU in April 2014
-- Fitch does not factor into its debt sustainability any
impact from a EUR10 billion bilateral credit line agreed
with Russia in March 2014 for the construction of a new
nuclear plant.
Information regarding the drawdown and repayment schedules
of the loan is scant at this juncture, although Fitch
understands that these are spread over a period stretching
beyond the horizon of the agency's debt sustainability
analysis.
-- Fitch assumes that under severe financial stress, support
for Hungarian subsidiary banks would come first and foremost
from their parent banks
-- Fitch assumes the gradual progress in deepening fiscal and
financial integration at the eurozone level will continue;
key economic imbalances within the currency union will be
slowly unwound; and eurozone governments will tighten fiscal
policy over the medium term.
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I R E L A N D
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ALME LOAN II: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned ALME Loan Funding II Limited's notes
expected ratings, as follows:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA+(EXP)sf'; Outlook Stable
Class C: 'A+(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
Final ratings are contingent on the receipt of final documents
conforming to information already reviewed.
ALME Loan Funding II Limited (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO). Net proceeds from the
issuance of the notes will be used to purchase a EUR374.1 million
portfolio of European leveraged loans and bonds. The portfolio
is managed by Apollo Management International LLP. The
reinvestment period is scheduled to end in 2018.
KEY RATING DRIVERS
Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has public ratings or credit opinions on 52
of the 53 obligors in the identified portfolio. The covenanted
maximum Fitch weighted average rating factor (WARF) for assigning
expected ratings is 33.5. The WARF of the identified portfolio,
which represents 50% of the target par amount, is 32.54.
High Expected Recoveries
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to 53 of the 54
obligations in the identified portfolio. The covenanted minimum
weighted average recovery rate (WARR) for assigning expected
ratings is 69.5%. The WARR of the identified portfolio is 73.2%.
Limited Interest Rate Risk
Interest rate risk is naturally hedged for most of the portfolio,
as all notes and a minimum of 90% of assets must be floating
rate. Fitch modeled a 10% and a 0% fixed-rate bucket in its
analysis and the rated notes can withstand the interest rate
mismatch associated with both scenarios.
Limited FX Risk
Perfect asset swaps are used to mitigate any currency risk on
non-euro-denominated assets. The transaction is permitted to
invest up to 30% of the portfolio in non-euro-denominated assets,
provided suitable asset swaps can be entered into.
RATING SENSITIVITIES
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes.
A 25% reduction in the expected recovery rates would lead to a
downgrade of one to four notches for the rated notes.
Document Amendments
The transaction documents may be amended subject to rating agency
confirmation. Where rating agency confirmation relates to risk
factors, Fitch will analyze the proposed change and may provide a
rating action commentary if the change has a negative impact on
the then current ratings. Such amendments may delay the
repayment of the notes as long as Fitch's analysis confirms the
expected repayment of principal at the legal final maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.
HARVEST CLO IX: Moody's Assigns '(P)B2' Rating to EUR15MM Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Harvest
CLO IX Limited:
EUR304,200,000 Class A Senior Secured Floating Rate Notes due
2028, Assigned (P)Aaa (sf)
EUR60,800,000 Class B Senior Secured Floating Rate Notes due
2028, Assigned (P)Aa2 (sf)
EUR30,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2028, Assigned (P)A2 (sf)
EUR24,100,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2028, Assigned (P)Baa2 (sf)
EUR35,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2028, Assigned (P)Ba2 (sf)
EUR15,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2028, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
Ratings Rationale
Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2028. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, 3i Debt Management
Investments Limited ("3iDM"), has sufficient experience and
operational capacity and is capable of managing this CLO.
Harvest CLO IX Limited is a managed cash flow CLO. At least 90%
of the portfolio must consist of secured senior obligations and
up to 10% of the portfolio may consist of senior unsecured loans,
second-lien loans and mezzanine obligations. The portfolio is
expected to be 60% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.
3iDM will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
improved and credit impaired obligations, and are subject to
certain restrictions.
In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 55,000,000 of subordinated notes. Moody's
has not assigned ratings to this class of notes.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Loss and Cash Flow Analysis:
Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.
Moody's used the following base-case modeling assumptions:
Par Amount: EUR 507,000,000
Diversity Score: 38
Weighted Average Rating Factor (WARF): 2800
Weighted Average Spread (WAS): 3.70%
Weighted Average Coupon (WAC): 6.00%
Weighted Average Recovery Rate (WARR): 43.5%
Weighted Average Life (WAL): 8 years.
Moody's has analysed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints, only up to 10% of the pool can be
domiciled in countries with foreign currency government bond
rating below A3 with a further constraint of 5% to exposures with
foreign currency government bond rating below Baa3. Given this
portfolio composition, the model was run with different target
par amounts depending on the target rating of each class of notes
as further described in the methodology. The portfolio haircuts
are a function of the exposure size to peripheral countries and
the target ratings of the rated notes and amount to 0.75% for the
class A notes, 0.5% for the Class B notes, 0.375% for the Class C
notes and 0% for Classes D, E and F.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3220 from 2800)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: 0
Class B Senior Secured Floating Rate Notes: -2
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3640 from 2800)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B Senior Secured Floating Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -4
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -0
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. 3iDM' investment decisions and
management of the transaction will also affect the notes'
performance.
HARVEST CLO IX: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO IX Limited's notes
expected ratings, as follows:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA(EXP)sf'; Outlook Stable
Class C: 'A(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP)sf'; Outlook Stable
Subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
Harvest CLO IX Limited is an arbitrage cash flow collateralized
loan obligation (CLO).
KEY RATING DRIVERS
Payment Frequency Switch
The notes pay quarterly, while the portfolio assets can reset to
semi-annual. The transaction has an interest-smoothing account,
but no liquidity facility. A liquidity stress for the non-
deferrable class A and B notes, stemming from a large proportion
of assets resetting to semi-annual in any one quarter, is
addressed by switching the payment frequency on the notes to
semi-annual, subject to certain conditions.
Low Weighted Average Spread
The asset manager has indicated the expected minimum weighted
average spread test will be 3.7% as of the closing date. This
would be the lowest of all CLOs 2.0 rated by Fitch to date.
Limited Interest Rate Risk
Unhedged fixed rate assets cannot exceed 5% of the portfolio,
while the liabilities pay floating rate. Consequently, the
impact of unhedged interest rate risk caused by the exposure to
these assets is small.
Trading Gain Release
The portfolio manager may designate trading gains as interest
proceeds, providing the portfolio balance remains above the
reinvestment target par balance and the class F
overcollateralization test remains above its value at the
effective date.
'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range. Fitch has credit opinions on 97.4% of the
indicative portfolio and has a public rating on the remaining
entities.
High Recovery Expectations
At least 90% of the portfolio will comprise senior secured loans.
Recovery prospects for these assets are typically more favorable
than for second-lien, unsecured, and mezzanine assets. Fitch has
assigned Recovery Ratings to 99 of the 100 assets in the
indicative portfolio.
TRANSACTION SUMMARY
Net proceeds from the note issue will be used to purchase a
EUR507 million portfolio of mostly European leveraged loans. The
portfolio will be managed by 3i Debt Management Investments
Limited. The transaction will have a four-year re-investment
period scheduled to end in 2018.
The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to two notches for the rated notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of one to three notches for the rated notes.
IRISH BANK: Liquidation Lucrative for Financial, Law Firms
----------------------------------------------------------
Mark Paul at The Irish Times reports that Irish Bank Resolution
Corp.'s liquidation has proved a highly lucrative process for
some of the best known financial and law firms in the State.
According to The Irish Times, KPMG, the firm overseeing the
process, racked up fees of EUR52 million across its Irish and UK
offices but knocked EUR5 million off the bill at the request of
the Government.
The firm appears to have accrued a total of 242,000 man hours on
the liquidation, which works out at EUR194 per hour per person,
The Irish Times notes.
The bank's British legal advice, however, was far more expensive,
The Irish Times says. Linklaters, a London law firm, mainly
advised the bank on the sale of IBRC's UK assets, The Irish Times
relays. Its EUR16 million payout over 14 months works out at
EUR363 per hour, according to The Irish Times.
PricewaterhouseCoopers was paid some EUR4.6 million to value
IBRC's assets, with a further EUR4.2 million of fees paid to a
panel of 12 estate agents to help value properties underpinning
some of the loan sales, The Irish Times discloses.
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.
Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.
ORIEL HOUSE: Talbot Group Secures Jobs of 120 Staff
---------------------------------------------------
Conor Kane at Irish Examiner reports that the four-star Oriel
House Hotel in Ballincollig, just outside Cork City, has been
taken over by the Co Wexford-based Talbot Hotel Group in a deal
believed to be worth almost EUR6 million.
Oriel House went into receivership in 2012 and was put on the
market by KPMG in January with an asking price of EUR6 million,
according to Irish Examiner.
Managing Director of the Talbot Hotel Group, Philip Gavin,
confirmed they had completed the purchase of Ballincollig's only
hotel, securing the jobs of its 120 staff, the report relates.
The price has not been revealed but is understood to be slightly
below the asking price, the report discloses.
The report notes that originally a period house dating back to
the early 19th century, Oriel House was re-developed in 2006 as a
78-bedroom hotel with two bars, a restaurant, conference and
banqueting facilities for up to 480 people, and a leisure club.
It is situated on two acres of parking and grounds, the report
says.
The move by the Talbot Hotel Group follows their acquisition
earlier this year of the Midleton Park Hotel in east Cork, also
from receivership, while they already own the Talbot Hotel in
Wexford town, the Talbot Hotel in Carlow, and the Stillorgan Park
Hotel in Dublin, the report notes.
The report relates that the group is owned by the Pettitt family
who are currently spending over EUR1 million on a refurbishment
of the bars, restaurant, function room and bedrooms at the
Midleton Park Hotel.
"The Oriel House Hotel is a property which sits completely on par
with our other four-star properties across the Talbot Hotel
Group," the report quoted Mr. Gavin as saying.
"This move makes complete business sense for us and we are
looking forward to driving our business further in Cork," Mr.
Gavin said, the report relates.
The Talbot Hotel Group employs more than 480 people at its
hotels.
=========
I T A L Y
=========
MONTE DEI PASCHI: Chair Prepares for New Round of Consolidation
---------------------------------------------------------------
Rachel Sanderson at The Financial Times reports that Alessandro
Profumo, chairman of Italy's Monte dei Paschi di Siena bank and
one of Europe's most experienced banking dealmakers in his former
role as chief executive of UniCredit, is preparing for a new
round of consolidation.
According to the FT, in an interview ahead of the launch on
Monday of a EUR5 billion fundraising worth almost twice the
market capitalization of the Tuscan bank, Mr. Profumo says he
believes the introduction of a single banking supervisor in
Europe "will reopen international M&A."
"We at Monte Paschi have room to remain independent. Clearly it
is always a motivation for people to remain independent, and this
is the oldest bank in the world. It's also clear to me any bank
[that wants to buy this bank] will have to pay a lot," the FT
quotes Mr. Profumo as saying.
The fundraising and Mr. Profumo's comments cap a turbulent two
years for Monte Paschi, Italy's third largest bank by assets, and
its home: the hilltop city of Siena, the FT states.
As the banking group goes to the market this week, magistrates
have asked for a seven-year jail term for its former chairman
Giuseppe Mussari who denies charges of hiding losses from
investors, the FT relates.
The fundraising, which is fully underwritten by a consortium of
10 banks led by UBS, will stave off a threat of nationalization
from Brussels hanging over Monte Paschi since it took three state
bailouts in four years, the FT notes.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).
TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'. S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'. At
the same time, S&P removed the ratings from CreditWatch, where it
placed them with negative implications on Dec. 5, 2012.
===================
K A Z A K H S T A N
===================
KAZAKH AGRARIAN: S&P Affirms 'BB+/B' ICRs; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its 'BB+'
long-term and 'B' short-term issuer credit ratings on Kazakh
Agrarian Credit Corp. (KACC), a Kazakh government entity that
provides cheap lending to the agricultural sector. The outlook
is stable. At the same time, S&P affirmed its 'kzAA-' Kazakhstan
national scale rating on KACC.
The long-term rating on KACC reflects S&P's 'b+' assessment of
its stand-alone credit profile (SACP), its strategic importance
for the parent, KazAgro National Management Holding JSC, and
S&P's opinion of a "high" likelihood that KACC would receive
timely and sufficient extraordinary support from the Kazakh
government (Republic of Kazakhstan; BBB+/Stable/A-2,
kzAAA/--/--), its ultimate owner, via KazAgro Holding.
The 'b+' SACP reflects KACC's "moderate" business position, "very
strong" capital and earnings, "moderate" risk position, "below-
average" funding, and "moderate" liquidity, as S&P's criteria
define these terms.
In accordance with S&P's criteria for government-related
entities, it bases its opinion of a "high" likelihood of
extraordinary government support on S&P's view of the company's:
-- "Important" role for the government. As a government
instrument to subsidize the politically and socially
important agricultural sector, KACC carries out a public-
policy-based mandate of providing cheap loans to
agricultural and nonagricultural businesses in rural areas
throughout Kazakhstan. Furthermore, because KACC is
present in 163 of the country's 175 districts, it is
responsible for a large share of the loans provided to
agricultural producers in Kazakhstan (15% at year-end 2013
by KACC's estimate), and has accumulated significant
expertise in the sector, another entity would not easily be
able to perform its functions; and
-- "Very strong" link with the Kazakh government.
Kazakhstan's government, which wholly owns KACC through
KazAgro Holding.
-- S&P understands that privatization is not on the agenda.
The government tightly monitors KACC's activities through
KazAgro Holding.
As a result of this expected support, S&P's 'BB+' long-term
rating on KACC is three notches higher than the 'b+' SACP.
S&P also believes KACC has "strategically important" group status
within KazAgro Holding. KACC is protected by cross-default
provisions in KazAgro Holding's Eurobond issue terms and plays a
sizable role in its business.
The stable outlook reflects S&P's expectation of continued strong
ongoing government support to KACC, resulting in the maintenance
of "very strong" capitalization and reliance on parent funding.
S&P also factors in its view that there's a "high" likelihood of
timely and sufficient extraordinary government support to KACC if
needed. In addition, the outlook incorporates S&P's expectations
of a very gradual decrease in direct lending to agribusiness, to
be replaced by conditional funding to commercial banks. Still,
S&P thinks KACC will retain its business position in lending to
microcredit organizations in rural areas and in the livestock
segment.
S&P might consider a positive rating action if it observed
increased importance of KACC's role within KazAgro Holding over
the longer term. A stronger probability of extraordinary
government support also might lead S&P to take a positive rating
action on KACC, although S&P do not currently expect this.
Any weakening in KACC's SACP, which could follow material
deterioration in the credit quality of KACC's loan book and
sharply increased credit costs, might prompt S&P to consider
lowering the ratings on KACC. A marked shift in KACC's strategy,
leading to a scaling down of lending operations and of the
company's importance for the government and KazAgro Holding,
might also result in a negative rating action, although S&P do
not think this is likely in the next 12-18 months.
A negative rating action on Kazakhstan would not automatically
result in a similar action on KACC, on which the long-term rating
is currently three notches lower than that on the sovereign.
This is because S&P still expects highly rated KazAgro Holding to
provide support to its subsidiary KACC, owing to KACC's status as
"strategically important." Nevertheless, because KACC's funding
relies on budget loans, S&P would review the impact a negative
rating on Kazakhstan, if one were to occur, on KACC's funding
position.
===================
L U X E M B O U R G
===================
THESEUS EUROPEAN: S&P Lowers Rating on Class E Notes to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Theseus European CLO S.A.
Specifically, S&P has:
-- Affirmed its ratings on the class A1, A2A, A2B, and C
notes;
-- Raised its rating on the class B notes; and
-- Lowered its ratings on the class D and E notes.
The rating actions follow S&P's analysis of the transaction using
data from the trustee report dated April 28, 2014 and the
application of its relevant criteria.
This is a single currency transaction, which is in its
amortization phase. The reinvestment period ended on Aug. 27,
2012. Since S&P's 2013 review, the class A1 and A2A notes have
amortized by an additional EUR74.36 million. The class A1 and
A2B notes' outstanding principal balances total about 43% and 36%
of their initial balances, respectively.
As the portfolio continued to amortize, obligor concentration has
increased. The portfolio now comprises 48 performing obligors
with exposure ranging from 0.10% to 5.88% of the portfolio
(excluding cash and defaulted assets). This compares to 72
performing obligors ranging from 0.16% to 3.89% at our last
review.
At the same time, S&P has observed an increase in the proportion
of defaulted assets (obligors rated 'CC', 'SD', or 'D') to 6.98%
from 3.82%, as well as a minor decrease in 'CCC' rated assets
(debt obligations of obligors rated 'CCC+', 'CCC', and 'CCC-') to
6.16% from 7.83%. These developments, in conjunction with the
portfolio's shorter weighted-average life, have resulted in an
increase in the scenario default rates (SDRs) at the 'AAA' and
'AA' rating levels, and a minor reduction in SDRs for the
remaining rating levels.
The SDRs represent the stressed level of cumulative asset
defaults commensurate, in S&P's view, with economic stresses
assumed at different rating levels. The SDRs at a given rating
level increase or decrease with changes in the underlying
collateral characteristics of the portfolio, including changes in
obligor ratings and maturity composition, issuer, industry, and
country concentrations.
Overall, the performing asset balance has decreased by EUR82.41
million. This fall in performing assets, compared with the total
amount of note repayments, mostly relates to notional write-offs
due to restructured loans and increasing defaulted assets.
The portfolio also includes EUR15.22 million of structured
finance assets, for which S&P has applied its criteria for rating
collateralized debt obligations (CDOs) of asset-backed
securities.
In addition, exposure to obligors based in countries rated below
'A-' is 11.32% of the aggregate collateral balance (including
cash and recoveries on defaulted assets). In accordance with
S&P's nonsovereign ratings criteria, it has reduced the
performing asset balance for the purpose of its analysis at the
'AAA' rating level.
The portfolio's reported weighted-average spread has decreased to
3.78% from 3.70%. Since the transaction entered its amortization
phase, S&P believes the portfolio is exposed to the risk of a
weighted-average spread reduction. Therefore, in scenarios above
S&P's original ratings on the notes, it has assumed that the
portfolio of assets paid a covenanted weighted-average spread of
2.90%, instead of the current weighted-average spread.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level. The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still fully repay the noteholders. In S&P's
analysis, it used the portfolio balance that it considers to be
performing, the reported weighted-average spread, and the
weighted-average recovery rates that we calculated in line with
S&P's corporate collateralized debt obligations (CDOs) criteria.
S&P applied various cash flow stress scenarios using standard
default patterns and timings for each rating category assumed for
each class of notes, in conjunction with different interest rate
stress scenarios, as outlined in S&P's criteria. S&P also
applied high and low correlation and lower recovery sensitivity
tests to the notes at each rating level.
S&P performed its supplemental tests under its corporate CDO
criteria, which are intended to address both event risk and model
risk. These tests assess whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a predefined recovery
rate.
S&P's ratings on the class A1, A2A, and A2B notes address the
timely payment of interest and ultimate payment of principal.
S&P's ratings on the class B, C, D, and E notes address the
ultimate payment of principal and interest.
Taking the above into account, S&P's cash flow analysis indicates
that the available credit enhancement for the class A1, A2A, A2B,
and C notes is commensurate with their currently assigned
ratings. S&P has therefore affirmed its ratings on these classes
of notes.
The available credit enhancement for the class B notes is now
commensurate with a higher rating than previously assigned. S&P
has therefore raised to 'AA+ (sf)' from 'AA (sf)' its rating on
the class B notes.
At the same time, S&P's credit and cash flow results show that
the available credit enhancement for the class D notes is no
longer commensurate with their currently assigned rating. S&P
has therefore lowered to 'BBB (sf)' from 'BBB+ (sf)' its rating
on the class D notes.
S&P's rating on the class E notes is constrained by the
application of the largest obligor default test. S&P has
therefore lowered to 'B+ (sf)' from 'BB+ (sf)' its rating on the
class E notes.
Theseus European CLO is a collateralized loan obligation (CLO)
transaction that securitizes primarily loans to European
speculative-grade corporate firms. The transaction closed on
Aug. 3, 2006, and INVESCO Senior Secured Management Inc. manages
it. Since the end of the reinvestment period in August 2012, the
issuer has used all scheduled principal proceeds to redeem the
notes in accordance with the transaction's documented priority of
payments.
RATINGS LIST
Class Rating Rating
To From
Theseus European CLO S.A.
EUR331 Million Senior Secured
and Deferrable Floating-Rate Notes
Ratings Affirmed
A1 AAA (sf)
A2A AAA (sf)
A2B AAA (sf)
C A+ (sf)
Rating Raised
B AA+ (sf) AA (sf)
Ratings Lowered
D BBB (sf) BBB+ (sf)
E B+ (sf) BB+ (sf)
=====================
N E T H E R L A N D S
=====================
DOME 2006-I: S&P Reinstates 'B-' Rating on Class D Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has reinstated its credit
ratings on Dome 2006-I B.V.'s class A, B, C, D, and E notes.
The rating actions follow S&P's May 2014 receipt of loan-level
data and reports, for the period since June 2013, from the
trustee. S&P suspended the ratings in January 2014 due to the
lack of timely receipt of sufficient information from the
trustee. S&P has been informed by the trustee that investor
reports and loan-level data will again be available monthly.
"Following our review of the information, we have noticed an
increase in total delinquencies to 6.0% from 5.0% in June 2013.
Arrears of 90+ days have decreased to 3.09% from 3.27% over that
period. However, 90+ days arrears have still increased overall
from 2.42% in November 2013. As part of the duty-of-care claims
against the transaction originator, DSB Bank, compensation
amounts are first set off against any arrears. We therefore
believe that the transaction's actual arrears performance over
the last 12 months may have been worse than indicated.
Additionally, given Dutch macroeconomic indicators and our
expectation that unemployment will increase in 2014, we have
projected additional arrears of 2.80% in the 90+ days arrears
bucket," S&P said.
S&P's weighted-average foreclosure frequency (WAFF) assumptions
have increased, mainly due to its arrears projection and the
increase in arrears. Since S&P's last review in May 2013, its
weighted-average loss severity (WALS) assumptions have increased,
due to the house price decline in the Netherlands.
Although the transaction has experienced some deterioration, the
available credit enhancement is commensurate with S&P's currently
assigned ratings, in its view. S&P has therefore reinstated its
ratings at the levels at which they were suspended.
WAFF WALS Credit Coverage
AAA 23.27 42.62 9.92
AA 18.39 42.26 7.77
A 12.96 37.38 4.84
BBB 9.21 34.24 3.15
BB 6.85 28.99 1.00
Dome 2006-I is a securitization of residential mortgage loans
that DSB Bank originated to borrowers in the Netherlands.
RATINGS LIST
Dome 2006-I B.V.
EUR512.4 mil mortgage-backed notes
Rating Rating
Class Identifier To From
A A+ (sf) NR
B BBB+ (sf) NR
C BB- (sf) NR
D B- (sf) NR
E NR NR
NR-Not rated.
===========
P O L A N D
===========
ZABRZE CITY: Fitch Affirms 'BB+' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed the Polish City of Zabrze's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB+'
and its National Long-term rating at 'BBB+(pol)'. The Outlooks
are Stable.
Key Rating Drivers
Zabrze's ratings reflect the city's tight liquidity and low
financial flexibility as debt approaches the new borrowing limit
from 2014. The ratings further reflect the growing debt of
Zabrze's public-sector companies. Positively, the ratings also
take into account Fitch's expectations that its operating
performance will rebound in 2014-2015, with its operating balance
sufficient to cover debt service.
For 2014-2015, Fitch expects Zabrze to report an operating margin
at 7%-8% after 2013 results were weakened by a shift of revenue
(mainly current transfers) to 2014. The city authorities will
continue to balance the need to invest both to attract business
and improve living standards with gradual rising of local tax
rates. Expected recovery of the national economy in 2014 should
also support the city's operating revenue.
The city's direct debt will peak at PLN308 million in 2014 and
stabilize thereafter. This figure does not take into account
investments co-financed from EU funds under the new EU budget for
2014-2020. Zabrze's debt service will increase to PLN42 million
in 2015 from PLN38 million in 2014 and PLN34 million in 2013.
Fitch expects debt coverage to remain at seven to eight years,
close to the city's weighted average debt maturity of seven
years. Fitch also expects the operating balance to cover debt
service by 1.1x in 2014-2015.
Fitch expects the city's liquidity to marginally recover in
2014-2015 from its low levels in 2013. Fitch also expects Zabrze
to frequently tap its short-term credit line of PLN30 million as
it did in 2013.
Zabrze's flexibility to incur additional debt may be constrained
by the government's new formula for borrowing limits. Under the
new formula the city's individual limit calculated for 2014-2015
has to take into account historical current balances, which for
Zabrze included weaker operating performance in 2011-2013. This
may affect the city's borrowing capacity. Fitch expects direct
debt to be 45% of current revenue in 2014-2015, compared with 44%
in 2013.
Indirect risk will peak in 2015 at PLN244m as a result of
municipal companies' investments. This will mainly be driven by
the financing of the second stage of the waste and sewerage
project by the city's company ZPWiK and the bonds issued by the
Stadium (SPV) for reconstructing the city's football stadium.
However, the risk resulting from ZWPiK project is low due to the
company's self-financing capability.
Zabrze's payments relating to the stadium project (comprising
servicing liabilities towards a domestic bank's equity in a SPV
and capital transfers to the SPV for bond redemption) are
calculated at about PLN21 million annually for 2014-2026 and
those figures have been included in the city's multiyear
financial plan.
Rating Sensitivities
Improvement of operating performance on a sustained basis with
operating margins at 8%-9% coupled with direct risk stabilization
at 55% of current revenue would lead to an upgrade of ratings.
The ratings could be downgraded if the operating margin falls
below 2%, leading to debt coverage exceeding 20 years and/or
direct risk growth significantly above 55% of current revenue.
===============
P O R T U G A L
===============
OCIDENTAL COMPANHIA: S&P Puts 'BB' Rating on CreditWatch Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it has placed its 'BB'
long-term insurer financial strength and counterparty credit
ratings on Ocidental Companhia Portuguesa de Seguros S.A. and
Medis Companhia Portuguesa de Seguros de Saude, S.A., the two
non-life insurers of Portugal-based Millenniumbcp Ageas Grupo
Segurador S.G.P.S. (together MAGS), on CreditWatch with positive
implications.
At the same time, S&P affirmed its 'BB' long-term insurer
financial strength and corporate credit ratings on Ocidental
Companhia Portuguesa de Seguros de Vida S.A., the group's life
insurer. The outlook is stable.
The CreditWatch placement follows Belgium-based multiline insurer
Ageas' announcement on May 26, 2014, that it will take full
ownership of the two non-life activities in its joint venture
with Portugal's No. 2 retail bank, Banco Comercial Portugues S.A.
(Millenniumbcp) by acquiring the 49% stake it doesn't already
own. S&P understands the transaction is still subject to
regulatory approval.
Ageas currently owns 51% of MAGS, a holding company that fully
controls:
-- Ocidental Companhia Portuguesa de Seguros de Vida (life,
86% of gross written premium [GWP]),
-- Ocidental Companhia Portuguesa de Seguros
(property/casualty [P/C], 6% of GWP),
-- Medis Companhia Portuguesa de Seguros de Saude (health, 8%
of GWP), and Pensoes GERE, not rated, the group's pension
fund manager.
S&P currently rates the three operating subsidiaries at the same
level given their core status within MAGS. Post-transaction,
however, S&P will review the core status of the two non-life
subsidiaries.
According to Ageas' announcement, Millenniumbcp and Ageas will
continue to jointly own Ocidental Companhia Portuguesa de Seguros
de Vida through the holding company MAGS. The two non-life
entities will be directly and fully owned by Ageas Insurance
International. Consequently, S&P will no longer analyze the
three entities on a consolidated basis, we will assess individual
stand-alone credit profiles (SACPs) for the non-life entities,
and S&P will review their core status to MAGS and Ageas under its
criteria. S&P may then consequently change its view of the
financial strength of the non-life activities. In addition, S&P
will apply group support where relevant and assess the ability of
all three entities to pass its hypothetical sovereign foreign
currency default stress test for rating issuers above the
sovereign.
Under S&P's criteria, its current ratings on MAGS' operating
entities are constrained by the long-term sovereign rating on
Portugal, owing to MAGS' investment exposure to Portugal. S&P
believes MAGS -- consisting of the life operations only -- will
not pass its sovereign stress test given the life operations'
exposure to domestic investments. For the non-life entities, S&P
will perform its stress test because of the announced new
ownership structure and ratings approach, the shorter duration of
these entities' assets, and their lower exposure to Portuguese
assets than the life entity.
S&P currently classifies MAGS as strategically important to
Ageas, but this does not translate into a rating uplift, because
S&P caps the ratings on MAGS based on those on Portugal. The
change in ownership structure will also affect S&P's views of
group support, so it will review such support for the non-life
entities. S&P understands Ageas' commitment to MAGS remains
unchanged at this stage though, because the 200% regulatory
solvency target is unchanged, and Ageas' move to acquire full
ownership shows its interest in Portuguese insurance business and
its particular aim to expand its exposure to the Portuguese non-
life market.
S&P aims to resolve the CreditWatch placements within the next 90
days, after reviewing Ocidental Companhia Portuguesa de Seguros'
and Medis Companhia Portuguesa de Seguros de Saude's investment
exposure and assessing their SACPs. If the SACPs are higher than
S&P's long-term rating on Portugal, it will analyze and take into
account each entity's current and anticipated exposures to
domestic assets. S&P will also review both entities' capital
plans in the event of sovereign stress that could trigger a
negative action on Portugal.
S&P could raise its ratings on Ocidental Companhia Portuguesa de
Seguros and Medis Companhia Portuguesa de Seguros de Saude by up
to four notches if their individual SACPs are 'bb+' or higher,
and importantly, if they pass S&P's sovereign stress test.
Helped by their moderate investment exposure to Portuguese assets
relative to their regulatory capital, S&P could rate two entities
as high as 'BBB', at the same level of their indicative SACPs
(meaning before S&P factors in its sovereign-related rating
limit).
S&P would likely affirm its ratings on Ocidental Companhia
Portuguesa de Seguros and Medis Companhia Portuguesa de Seguros
de Saude if:
-- The transaction does not go ahead as currently announced,
which S&P views as unlikely; or
-- S&P assess the SACPs for the two non-life entities at lower
than 'bb' and they don't pass its sovereign stress test.
===========
R U S S I A
===========
ALROSA OJSC: S&P Affirms 'BB-' CCR on Adequate Liquidity
--------------------------------------------------------
Standard & Poor's Ratings Service affirmed its 'BB-' long-term
and 'B' short-term corporate credit ratings on Russian diamond
miner Alrosa OJSC. The outlook is stable.
Also, S&P removed the 'BB-' long-term rating from CreditWatch
negative, where it had placed it on Feb. 14, 2014.
The affirmation is primarily based on S&P's reassessment of
Alrosa's liquidity as "adequate," versus its previous base-case
assessment of "less than adequate." S&P takes into account
Alrosa's recent refinancing of short-term debt with long-term
bank facilities from Alfa Bank OJSC and the Russian branch of
UniCredit Bank for a total of US$1.44 million. That said,
Alrosa's nearest maturities now include a US$500 million Eurobond
maturing in the fourth quarter of 2014, for repayment which,
according to Alrosa's management, the company has secured cash.
Another short-term maturity is a US$290 million domestic bond,
repayment of which, S&P believes, should be manageable for
Alrosa.
S&P continues to assess Alrosa's business risk profile as "weak"
because of the inherent high volatility of the diamond industry,
in S&P's opinion. However, S&P notes above-average profitability
of Alrosa's operations, with adjusted EBITDA margin in 2012-2013
higher than 40%, which high diamond prices have largely
supported.
At the beginning of 2014, Alrosa had expected to repay its short-
term maturities with proceeds of US$1.3 billion from its sale of
oil and gas assets to Oil Company Rosneft OJSC. S&P now
understands that the disposal of Alrosa's oil and gas assets to
Rosneft will not take place in the near term, and S&P do not
include proceeds from this sale in its base case.
S&P continues to assess Alrosa's financial risk profile as
"significant," even in the absence of a large payment from
Rosneft for the oil and gas assets. In S&P's view, high
development capital expenditures in 2014-2015 and dividends of
35% of net income would weigh on Alrosa's cash flows, and S&P do
not expect the company to deleverage in the coming one to two
years. Nevertheless, S&P projects that Alrosa's adjusted debt to
EBITDA will not exceed 3.0x in the coming years (compared with
2.2x at year-end 2013), and funds from operations (FFO) to
adjusted debt will remain between 20% and 30% (compared with
slightly over 30% in 2013), supported by strong margins.
The combination of a "weak" business risk profile assessment and
a "significant" financial risk profile assessment results in
S&P's 'bb-' anchor for Alrosa. S&P subtracts one notch from the
anchor based on its comparable ratings analysis modifier to
reflect higher volatility of the diamond industry, compared with
other mining segments, as well as Alrosa's limited track record
of prudent liquidity management.
S&P assess Alrosa's stand-alone credit profile (SACP) at 'b+'.
S&P adds one notch of uplift to the SACP because of Alrosa's
status as a government-related entity (GRE) with a "moderate"
likelihood of receiving timely and sufficient extraordinary
government support if needed, according to S&P's GRE criteria.
S&P's stable outlook on Alrosa reflects its view that it will
continue to generate strong EBITDA and FFO, with adjusted debt to
EBITDA below 3x and FFO to adjusted debt in the range of 20%-30%
on average and not lower than 15% on the downcycle. S&P's stable
outlook also incorporates its view of Alrosa's reduced
refinancing risk over the coming 12 months. Furthermore, S&P
expects the implicit support of state-related banks to remain
unchanged.
S&P would consider a negative rating action if Alrosa's liquidity
deteriorates, notably as a result of an inability to secure
refinancing sources for short-term debt, which S&P do not expect
in the coming 12 months.
Rating upside might hinge on stronger free cash flow.
Deleveraging as a result of disposal of oil and gas assets would
be a positive rating driver. Moreover, a positive rating action
would require sustainable "adequate" liquidity.
ASTRAKHAN REGION: Fitch Affirms 'B+' IDRs; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Russian Astrakhan Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B+',
National Long-Term rating at 'A(rus)' and Short-term foreign
currency IDR at 'B'. The Outlooks on the Long-term ratings are
Stable.
Key Rating Drivers
The ratings reflect high debt levels dominated by short-term bank
loans, resulting in significant refinancing pressure, and a high
concentration of the region's tax base. However, the ratings
also factor in the region's exceptionally strong economic growth
and sound budgetary performance since 2011.
Fitch forecasts that federal election pledges will continue to
fuel expenditure growth leading to higher borrowings in the
medium term. The agency expects the region's direct risk to
exceed 70% of current revenue in 2014-2016 (2013: 64%). Debt
coverage (direct risk/current balance) will remain weak (2013: 16
years), significantly above the maturity profile of less than two
years, and this is reflected in the ratings of the region.
Fitch considers the region's refinancing needs as significant
given the dominance of short-term bank loans in its funding.
However, sound liquidity of RUB2 billion as of May 1, 2014 and
unutilized bank credit lines partially mitigate the refinancing
risk.
The region has low exposure to contingent risk. Guarantees issued
by the region and the debt of public sector enterprises totaled
RUB0.2 billion at end-2013, or 0.7% of the region's current
revenue. The region has not issued new guarantees since 2010.
Regional GDP increased 23.7% in real terms in 2013 (2012: 9.7%),
due to the development of vast offshore Caspian Sea oil resources
of about 300 million metric tons (mmt). Extraction of oil
increased 35% to 6.6 mmt in 2013. Fitch forecasts continued
economic growth for the region at about 7% annually in real terms
for 2014-2016.
Average salary in the region reached the national median in 2013.
However, the region's per capita GDP was 85% of the national
median. Fiscal concentration is high as the top 10 taxpayers
accounted for about 50% of Astrakhan region's total tax revenues.
Fitch expects a stable operating surplus at about 10% of
operating revenue per year for 2014-2016, supported by a growing
economy. Its operating surplus -- at 9% of operating revenue in
2013 -- is well above the close to zero or negative operating
balances of its 'B'-rated peers. However, the operating surplus
was not sufficient to cover debt servicing needs due to the
region's high debt volumes. Capital expenditure partly fuelled
by federal election pledges contributed to the region's high
overall deficit -- 11% of total revenue in 2013.
RATING SENSITIVITIES
Sound budgetary performance and reduction of debt to below 60% of
current revenue would lead to an upgrade.
Weak operating performance with close to a zero operating
surplus, coupled with further growth of short-term debt, would
lead to a downgrade.
KRASNODAR REGION: Fitch Lowers IDRs to 'BB'; Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Krasnodar Region's Long-term foreign
and local currency Issuer Default Ratings (IDRs) to 'BB' from
'BB+' and National Long-term rating to 'AA-(rus)' from 'AA(rus)'.
The Outlooks are Negative. The region's Short-term foreign
currency IDR has been affirmed at 'B'.
The region's outstanding senior unsecured domestic bonds have
also been downgraded to 'BB' from 'BB+' and 'AA-(rus)' from
'AA(rus)'.
KEY RATING DRIVERS
The downgrade and Negative Outlook reflect the following rating
drivers and their relative weights:
High:
Fitch expects the Krasnodar region's payback ratio (direct risk-
to-current balance) to remain weak, above the average debt
maturity (2013: nine years). The payback ratio deteriorated in
2013 driven by high debt growth to fund Winter Olympics projects
and weakening of operating performance. Substantial debt stock
caused higher interest expenses which led to a current balance
close to zero.
Fitch expects the region's direct risk will stabilize at 70% of
current revenue in the medium term. The region's debt portfolio
is diversified. Budget loans, maturing in 2016-2032, accounted
for 47% of Krasnodar's direct risk as at 1 May 2014, followed by
three- to five-year bank loans (41%) and domestic bonds, maturing
in 2014-2017 (12%).
The region's budgetary performance deteriorated in 2013. The
operating balance declined to a low 3% of operating revenue from
a sound 11% in 2012 and the deficit before debt variation widened
to 28% of total revenue from 17% a year earlier. The weakening
of the operating balance was driven by a contraction of corporate
income tax base following the slowdown of the national economy,
coupled with changes in the tax regime and a decline in federal
current transfers.
Fitch expects the region's operating balance will gradually
restore to about 5%-7% of operating revenue in 2014-2016. The
moderate recovery will be driven by restoration of tax revenue
and growing current transfers. Fitch notes that operating
expenditure will remain under pressure due to the federal
government's decision to raise public sector salaries and fund
other social programs. Maintenance costs for the new
infrastructure developed for the Winter Olympic Games are likely
to add more expenses to the region's budget in the medium term.
Fitch expects the deficit before debt variation will gradually
narrow to 6%-8% of total revenue in 2014-2016 following the end
of major infrastructure projects attributed to the Olympics. The
region recorded an extremely high deficit of 28% and 17% of total
revenue in 2013 and 2012, respectively, driven by significant
capex that was not sufficiently compensated by capital transfers
from the federal government. The deficit was funded by new debt.
Krasnodar region's direct risk rose to RUB107 billion by end-
2013, which is almost 3x higher than at end-2011 (RUB38.9
billion) and above Fitch's expectation.
The region's contingent liabilities are growing. Krasnodar
issued RUB12 billion of guarantees to secure the debt of its
public sector entity, the general developer of Olympic projects,
in 2013. Krasnodar has an extensive public sector composed of
more than 150 entities, which in Fitch's view could pose
potential contingency risk.
Medium:
Russia's institutional framework for subnationals is a
constraining factor on the region's ratings. Frequent changes in
the allocation of revenue sources and assignment of expenditure
responsibilities between the tiers of government limit the
region's forecasting ability and negatively affect its fiscal
capacity and financial flexibility.
Fitch expects that Krasnodar could receive additional relief on
its debt service burden as it has in the past. Restoration of
the region's budgetary performance is tightly linked to the
potential support from the federal government, either in the form
of transfers or debt restructuring.
Krasnodar Region's ratings also reflect the following key rating
drivers:
Krasnodar has a well-diversified economy, which provides a broad
tax base and growing tax revenue flows. The region has eight
international sea ports with cargo turnover representing about
40% of Russia's total seaport turnover. The region is home to a
developed agricultural sector and a wide range of industries.
The infrastructure developed for the Olympic Games should also
boost the attractiveness of the region's seaside and ski resorts.
Recent investments in the region support its GRP per capita above
the national median.
RATING SENSITIVITIES
Consistently weak operating balance insufficient to cover
interest expense along with the inability to limit direct risk
growth by narrowing deficit before debt variation below 5% of
total revenue would lead to a downgrade.
Positive rating action is unlikely under Fitch's base case
scenario. However, additional support from the federal
government leading to an improvement of the operating balance
sufficient to meet debt servicing needs could lead to a revision
of the Outlook to Stable.
KRASNOYARSK KRAI: S&P Lowers ICR to 'BB-' on Weak Liquidity
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Krasnoyarsk Krai, a region in Eastern Siberia in
Russia, to 'BB-' from 'BB'. The outlook is negative.
At the same time, S&P lowered the Russia national scale rating on
Krasnoyarsk Krai to 'ruAA-' from 'ruAA'.
Rationale
"We lowered our ratings on Krasnoyarsk Krai because we revised
our assessment of its liquidity to "negative" from "neutral,"
owing to less free cash on the krai's accounts and a weaker debt
service coverage ratio than we previously forecast. We now also
expect a slower recovery of tax revenues than in our previous
base-case scenario, given the lower economic growth rates that we
forecast for Russia. The negative outlook reflects that there is
at least a one-in-three probability that the krai will be unable
to implement sufficient budget consolidation measures during the
next 12 months. If that happened, budgetary performance would
likely remain persistently weak, and the krai's liquidity
position could deteriorate further," S&P said.
The ratings on Krasnoyarsk Krai reflect S&P's view of Russia's
"developing and unbalanced" institutional framework, the region's
limited budgetary flexibility and concentrated economy, weak
budgetary performance, S&P's assessment of financial management
as "negative" in an international context, and the krai's
"negative" liquidity. The ratings are supported by S&P's view of
the krai's low contingent liabilities and modest, albeit
increasing, debt burden.
S&P expects Krasnoyarsk Krai's resource-oriented economy to
continue growing gradually in 2014-2016, but S&P don't expect a
rapid rebound in tax revenues. Although the region's economic
wealth levels are above the average for Russian regions, S&P
estimates that gross regional product will remain below US$15,000
until 2015, which is modest in an international comparison.
Significant concentration on metals and mining group Norilsk
Nickel and oil company Rosneft exposes the krai's budget revenues
to the volatility of world commodity prices and to changes to the
national tax regime. The companies are the two largest taxpayers
in the krai. Both companies operate in cyclical industries, and
S&P estimates that they provided about 20% of the krai's tax
revenues in 2013.
Under Russia's "developing and unbalanced" institutional
framework, the federal government regulates most regional budget
revenues, including main taxes and transfers. S&P estimated
that, in 2013, the krai lost more than 10% of its operating
revenues after changes in the national tax legislation allowed
its largest taxpayers to create consolidated taxpayer groups and
significantly decrease corporate profit tax payments.
The federal government also defines regional expenditure
responsibilities and leaves little flexibility for the krai's
management to offset the volatility of the tax base. Since 2012,
the federal government has imposed a significant increase in
social spending on regional budgets, and provided only partial
cofinancing with transfers. In S&P's view, these additional
mandates were they key reason for systemwide worsening of
financial results for Russian local and regional governments in
2012-2013. Recently the president announced additional financial
support for the regions, including potential softening of target
parameters of the decrees, higher transfers, and more low-
interest-rate budget loans to be provided. Still, in S&P's view,
the measures announced will be sufficient only to temporarily
support the weakest entities, and it is uncertain whether
Krasnoyarsk Krai will be among the key recipients.
S&P therefore expects that, over the next three years, the krai's
budgetary performance will remain under pressure, but it might
gradually improve if the management successfully implements
austerity measures. It is currently working on amendments to the
2014 budget that assume optimization of costs and redistribution
of funds in favor of salaries and other areas related to the
presidential decrees. S&P also understands that fiscal
consolidation is among the newly appointed acting governor's key
priorities, so S&P expects further budget revisions in the second
half of 2014 and a more conservative approach to the 2015-2017
budget.
"In our base-case scenario, we forecast the operating balance
will remain negative in 2014, as it was in 2013, and will
gradually improve to about 2% of operating revenues in 2015-2016,
thanks to cost-reduction measures and modest tax revenue growth
on the back of increasing salaries, recovering metals prices, and
potential positive effects from inflation and ruble devaluation
on the export-oriented taxpayers' profits. Deficits after
capital accounts in 2014-2016 will likely narrow to about 6.5% of
total revenues from a high 20% in 2012-2013 following the
completion of several investment projects in Lower Priangariye,
and because we expect new capital expenditures to be partly cut
or postponed. However, these measures might appear painful, given
the existing infrastructure development needs. If the krai proves
unable to adjust budget expenditures, budgetary performance might
remain persistently weak with deficits after capital accounts at
about 10% of total revenues on average, in line with our downside
scenario," S&P said.
Debt accumulation will continue, although at a slower pace
compared with 2011-2013, and tax-supported debt will reach about
50% of consolidated operating revenues by the end of 2016.
Although the debt burden will remain moderate compared with that
of international peers, it will result in relatively high debt
service, given that S&P currently estimates the average maturity
of outstanding debt at about 3.5 years. Debt service might
further increase owing to the worsened borrowing terms in the
Russian capital market, with shorter maturities available at
higher interest rates.
S&P believes that contingent liabilities will remain only modest
over the next three years. The krai-owned government-related
entities are unlikely to require significant extraordinary
support, and its municipal sector is also relatively healthy
financially.
S&P views Krasnoyarsk Krai's financial management as a "negative"
factor for its creditworthiness in an international context, as
S&P do for most Russian local and regional governments. In S&P's
view, the krai lacks reliable long-term financial planning and
doesn't have sufficient mechanisms to counterbalance the
volatility that stems from the concentrated nature of its economy
and tax base. Also, in S&P's view, in recent years the
management loosened controls over spending growth, and, together
with federal decisions, this has led to weaker budgetary
performance.
Liquidity
"We have revised our view of Krasnoyarsk Krai's liquidity
position to "negative" from "neutral" as defined in our criteria.
We expect that, in 2014-2015, following a depletion of cash
reserves in 2013, Krasnoyarsk Krai's average free cash net of
deficits after capital accounts, together with committed credit
facilities, will cover about 80%-100% of annual debt service. We
also apply a negative adjustment for the krai's "limited" access
to external liquidity due to the weaknesses of the domestic
capital market," S&P added.
In 2013, Krasnoyarsk Krai used about Russian ruble (RUB)13
billion (US$375 million) of cash to cover its large deficit after
capital accounts. S&P expects that, in 2014-2015, average free
cash net of the deficit will be lower than it previously
forecasts, owing to continued weak budgetary performance and
large deficits. It will likely equal only about RUB5 billion-
RUB7 billion, covering only 20%-30% of the krai's annual debt
service. The debt service in 2014 will equal about 9% of
operating revenues and will mostly consist of maturing bonds. By
the end of 2014, the krai will also have to refinance RUB10
billion in short-term bank lines that it obtained to cover the
liquidity gap in the first half of the year. S&P believes it
will increasingly rely on committed bank lines, budget loans, and
cash on accounts of budgetary units, which it can use
temporarily, to cover its refinancing needs. S&P's base-case
scenario assumes that, within the next 12 months, cash and
committed facilities will cover about 80%-100% of debt service.
In 2015, S&P estimates debt service will peak at 14% of operating
revenues, because, apart from amortizing bonds, the krai will
have to repay almost RUB8 billion of two-year bank loans that it
obtained in 2013. S&P's base case assumes that, after 2015, debt
service will reduce again, because the krai will primarily rely
on medium-term borrowing and will extend maturities once market
conditions improve.
OUTLOOK
The negative outlook reflects S&P's view that, in 2014-2015,
Krasnoyarsk Krai's constrained capacity to implement cost-cutting
measures might lead to consistently large deficits after capital
accounts of about 10% of total revenues, and further weakening of
its liquidity position.
S&P could take a negative rating action within the next 12 months
if, in line with its downside scenario, budgetary performance
remains persistently weak and the krai's debt service coverage
ratio falls below 80% as a result of cash depletion or shorter
maturities of newly contracted debt, which would lead S&P to
change its assessment of its liquidity to "very negative."
S&P could revise the outlook to stable within the next 12 months
if, in line with its base-case scenario, Krasnoyarsk Krai's
currently weak budgetary performance improved gradually in 2014-
2016, thanks to a modest recovery in tax revenues, lower capital
expenditures, and tighter controls over operating spending
growth.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Krasnoyarsk Krai
Issuer Credit Rating BB-/Negative/-- BB/Stable/--
Russia National Scale ruAA-/--/-- ruAA/--/--
KRASNOYARSK REGION: Fitch Affirms 'BB+' LT IDRs; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Russian Krasnoyarsk Region's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', Short-term foreign currency IDR at 'B' and National Long-
term rating at 'AA(rus)'. The Outlooks on the Long-term IDRs and
the National Long-term rating are Stable.
Krasnoyarsk region's outstanding senior unsecured domestic bonds
have also been affirmed at 'BB+' and 'AA(rus)'.
Key Rating Drivers
Fitch expects Krasnoyarsk region's operating performance to
recover, with operating surpluses to be restored to about 3% of
operating revenue in 2014 and up to 8%-12% in 2015-2016. The
region recorded an operating deficit at 1% of operating revenue
in 2013 due to changes in the fiscal regime and increased
operating expenditure. The region's deficit before debt
variation widened to 23% of total revenue in 2013 from 17% in
2012, but Fitch expects to gradually reverse over the medium
term.
New fiscal regulation enacted in 2013 allowed large corporations
to form consolidated groups of taxpayers, equalize net financial
results and employ advanced deprecation, resulting in tax revenue
contraction of 1% yoy The federal government's 2012 election
pledges to raise public sector salaries and fund other social
programs led to a 12% yoy increase of operating expenditure in
2013. Those factors are likely to continue to pressure operating
expenditure over the medium term.
The region's capital outlays decreased to 19% of total
expenditure in 2013, after averaging 28% in 2009-2012 as a result
of large-scale investments. Fitch expects Krasnoyarsk region to
maintain capex at about 15% of total spending in the medium term.
Fitch expects continued growth in Krasnoyarsk region's direct
risk, up to 45% of current revenue in 2014 and 50% by end-2016,
from 35% in 2013. The 2013 debt stock comprised 73% domestic
bonds, 19% bank loans and 8% federal budget loans. The region
placed a new bond of RUB10bn in May 2014 to meet its refinancing
needs on maturing debt.
As expected Krasnoyarsk region materially depleted its cash
holdings to RUB4.7 billion in 2013 (2012: RUB17.6 billion) to
fund its budget deficit. Cash held on accounts totaled RUB6.3
billion as of the beginning of May 2014, which fully covers
expected 2014 interest costs.
The region's administration expects moderate growth in the local
economy at about 2%-3% in 2014-2016. Economic growth in the
region is underpinned by the development of power generation, oil
and other natural resources and non-ferrous metallurgy sectors.
The region's strong industrial profile supports above-national
average wealth metrics.
Rating Sensitivities
Continued increase in debt to above 50% of current revenue,
accompanied by a weak operating margin below 5% in the medium
term, would lead to downward pressure on the ratings.
An upgrade is not likely under our baseline scenario, but could
arise from consistently sound budgetary performance with an
operating margin above 10%, leading to direct risk at below 30%
of current revenue on a sustained basis.
LENINGRAD REGION: Fitch Raises Issuer Default Ratings From 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded Russian Leningrad Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) to
'BBB-' from 'BB+', National Long-Term rating to 'AA+(rus)' from
'AA(rus)' and Short-term foreign currency IDR to 'F3' from 'B'.
The Outlooks are Stable.
The agency has also upgraded the region's outstanding RUB1.3
billion senior unsecured domestic bonds' (ISIN RU000A0DH708)
Long-term local currency rating to 'BBB-' from 'BB+' and National
Long-term rating to 'AA+(rus)' from 'AA(rus)'.
KEY RATING DRIVERS
The upgrade reflects the following rating drivers and their
relative weights:
High:
Fitch expects the region will maintain a low level of debt and
sound debt ratios in 2014-2016. Direct risk to current revenue
will grow in absolute terms, but remain below 30% by end-2016 --
lower than its national and international peers. Leningrad
region has a low level of debt and sound debt servicing and debt
coverage ratios. At end-2013, debt amounted to 11% of current
revenue (2012: 5%). At 1.2 years of the current surplus, the
debt coverage ratio was strong and sufficient enough to repay all
debt in 2013. Interest paid accounted for less than 0.5% of
operating revenue.
The region had sound liquidity of RUB2.3bn at end-2013 (2012:
RUB3.5 billion). Outstanding guarantees at end-2013 totaled
RUB2.2 billion or about 3% of operating revenue. Financial debt
of the public sector companies (excluding guaranteed amounts) was
an immaterial RUB29 million at end-2013. The companies are
mostly self-financed and there were no cases where the region had
to cover guaranteed debt or pay debt of its public-sector
entities.
Fitch expects Leningrad region's operating surplus to remain
sound in 2014-2016, averaging 10%-12%. The region demonstrated
sound budgetary performance in 2013 with an operating surplus at
14% of operating revenue. This was a slight deterioration from
16% in 2012 due to high pressure on opex caused by the federal
government's pre-election promises. The region has low reliance
on transfers from the federal budget. Tax revenue represents
about 90% of the region's total operating revenue.
Medium:
The region has a well-diversified economy based on processing
industries and the transport sector. Its wealth indicators are
above the national average. The region's location on the Baltic
shore makes it Russia's strategic export and import hub. It
accounted for 1.3% of the country's GDP in 2012 and 1.2% of its
population.
Leningrad region's ratings also reflect the following key rating
driver:
The region's creditworthiness remains constrained by the
institutional framework for local and regional governments (LRGs)
in Russia. The predictability of Russian LRGs' budgetary policy
is hampered by frequent reallocation of revenue and expenditure
responsibilities between the tiers of government.
Rating Sensitivities
A further upgrade is unlikely under Fitch's base case scenario.
However, a strong budgetary performance with operating surpluses
consistently above 20% coupled with maintenance of low
indebtedness at below 50% of current revenue could lead to an
upgrade.
A sharp growth in debt leading to significant deterioration of
debt coverage would lead to a downgrade.
TELE2 RUSSIA: Fitch Maintains 'B+' IDR on Rating Watch Negative
---------------------------------------------------------------
Fitch Ratings has maintained Tele2 Russia Holdings AB's (Tele2
Russia) 'B+' Long-Term Issuer Default Rating (IDR) on Rating
Watch Negative (RWN). The rating action follows continued
uncertainty over the development strategy and funding options of
its joint venture with Rostelecom.
Although the first stage of setting up a joint venture between
Tele2R and Rostelecom has been concluded, the new entity has
delayed making a legal undertaking that would make Tele2R's
current bonds recourse to the new entity. A failure to do so
would be viewed as a rating risk, which is reflected in the RWN.
The RWN will likely be resolved once the new entity narrows its
funding and strategic development options and undertakes that
Tele2 Russia's current bonds are recourse to the new entity.
Tele2 Russia is a successful regional mobile-only operator in
Russia with a lean and efficient business model. It is uniquely
positioned as a mild price discounter. A merger with
Rostelecom's mobile assets significantly expanded its territory
of operations, subscriber base and network/spectrum capacity, but
also exposed the company to notable integration risks, and will
likely lead to a significant increase in capex and leverage.
KEY RATING DRIVERS
New Shareholding Structure
Tele2R's ratings are notched two notches down for corporate
governance under the approach Fitch takes with most Russian
companies. The corporate governance discount reflects, among
others, the risk that private investors with a fairly weak credit
profile and non-transparent strategy may end up as effective
controlling shareholders of the new entity.
Owing only 45% of voting shares, Rostelecom is not committed to
become a majority shareholder in the merged entity, which rules
out any support under Fitch's parent-subsidiary methodology. The
remaining 55% voting stake belongs to a consortium of private
investors led by VTB, a government-controlled bank. VTB has
previously announced that it was a financial investor in the JV
and already divested of 50% of its investment in Tele2R. Fitch
believes that it is likely to further reduce its exposure to this
asset as it would be unusual for a bank to hold on to an equity
investment in a non-financial corporate.
Organic Development; Integration Challenges
The enlarged company faces significant integration challenges,
given the different business cultures at Tele2 Russia and
Rostelecom. The operator will have to rapidly strengthen its 3G
and 4G network coverage if it is to take advantage of its wide
spectrum portfolio. Tele2 Russia has so far been quite
successful in launching greenfield mobile operations in new
Russian territories. However, the large scale of new geographic
expansion presents significant operating challenges, in Fitch's
view. The company's plans to aggressively enter the so far
untested 4G and 3G data market also entail execution risks.
High Leverage
Fitch expects leverage will likely rise significantly on the back
of RUB37 billion of debt that was transferred to the new company
along with Rostelecom's assets and aggressive greenfield capex.
The enlarged operator is planning to swiftly roll-out 4G and 3G
networks, which would require substantial investments. Fitch
believes Tele2 Russia is exploring a number of options regarding
its development strategy, but we estimate that it is unlikely
that leverage would be lower than 3x net debt /EBITDA and 4x on a
funds from operations (FFO) adjusted net basis.
Temporary spikes above the downgrade trigger levels caused by
rapid development may be accommodated within the current rating
level provided that these would be accompanied by positive
operating trends and substantial network coverage improvements.
Larger Scale Positive
Following the merger, Tele2 Russia emerged as a significantly
larger player with a 16% subscriber market share servicing over
38 million customers. The company has a sufficiently large
spectrum portfolio on a par with its larger domestic peers. It
is likely to remain uniquely positioned as a mild-discounter and
a value-for-money operator with a stronger growth profile versus
the industry. However, the Russian market is already highly
penetrated so that any expansion is likely to be accompanied by
increased competition.
Lean Operations
Tele2R's business model has been efficient with tight control of
operating costs and capex leading to strong free cash flow
generation. Fitch believes it will be challenging to preserve
the company's lean business model after the company has been
severed from the business processes of its former shareholder,
Tele2 AB.
New Regulation Positive
The introduction of mobile number portability in December 2013
should benefit the company and help it to gain market share at
the expense of its larger peers. This new regulation allows
Tele2 Russia to more fully exploit the benefits of its market
positioning as a mild price discounter.
RATING SENSITIVITIES
Negative: Future developments that may result in negative rating
action:
-- A sustained rise in FFO adjusted net leverage to above 4.5x
and net debt/EBITDA to above 3.5x
Positive: Future developments that may result in positive rating
action:
-- Successful operating development and leverage stabilizing at
below 4x FFO adjusted net leverage and 3x net debt/EBITDA on
a sustained basis
Full List of Rating Actions
-- Long-Term IDR: 'B+' maintained on RWN
-- National Long-term Rating: 'A(rus)' maintained on RWN
-- Senior unsecured debt: 'B+'/A(rus)', maintained on RWN;
Recovery Rating 'RR4' assigned.
=========
S P A I N
=========
ABENGOA SA: Moody's Says Public Offering No Impact on 'B2' CFR
--------------------------------------------------------------
On June 2, 2014, Abengoa S.A. announced the commencement of the
Initial Public Offering of Abengoa Yield plc (ABY), a so called
yieldco. Initially after the initial public offering Abengoa S.A.
will hold approximately 71.1% of the voting power in ABY. The
establishment of the yieldco will at this point in time have no
impact on Abengoa's B2 Corporate Family Rating (CFR) and the
stable outlook on the rating, says Moody's Investors Service.
Abengoa will upon the consummation of the offering transfer its
equity stake certain concession assets to ABY. In 2013 the assets
which will be transferred to ABY generated USD159 million of
company defined adjusted EBITDA and cash from operations of USD37
million.
Moody's acknowledge that the establishment of ABY creates a
platform for Abengoa to recover equity invested in concession
projects at high EBITDA multiples. Assuming the proceeds from the
IPO and future asset transfers will be applied to corporate net
debt reduction and the company will remain committed to its
corporate capex target of EUR450 million per annum this is credit
positive. Moody's currently expect that Abengoa will use the
estimated proceeds of the IPO of around EUR430 million to
strengthen its cash on balance sheet, thus moving Abengoa's
reported net corporate leverage towards its target range of 2.0x
from 2.5x as of March 2014.
At the same time a share of the relatively stable and, over time,
increasing EBITDA from the concessions is sold to the new
minority owners of ABY. The non-recourse debt transferred to ABY
will amount to USD2.8 billion. Since ABY will be controlled by
Abengoa, non-recourse debt and EBITDA related to the concessions
transferred will remain consolidated at Abengoa's financial
statements, and hence be considered in Moody's ratios.
Anticipated cash streams within the group will remain similar to
the situation prior to the creation of ABY. Cash generated at the
level of ABY can only be upstreamed to Abengoa by the way of
dividends i.e. cash generated at ABY's concessions will first
service the existing non-recourse debt before ABY and other
shareholders of the concessions are served. The cash accumulated
at ABY in turn will be distributed to the public minority
shareholders and Abengoa, and only then can eventually be used to
service debt at the Abengoa corporate level or support Abengoa's
E&C business. The major differences to the situation prior to ABY
is that there will be dividend leakage to minority shareholders
of ABY, which is balanced by the positive effect of freeing up
capital at the parent level which can either be used to improve
leverage or to further develop Abengoa's franchise.
The stable outlook reflects Moody's expectation that Abengoa will
generate at least balanced corporate free cash flow, will
maintain corporate net debt/EBITDA below 3.0x and will reduce
adjusted consolidated debt/EBITDA below 8.0x in 2014. It also
reflects Moody's expectation that Abengoa will maintain adequate
liquidity and sufficient headroom under financial covenants.
Abengoa's ratings could be upgraded if Abengoa reduces leverage
on a sustainable basis evidenced by (1) Abengoa's reported net
corporate debt/EBITDA at or below 3.0x (2.2x at 31 December
2013); (2) reported gross corporate debt /EBITDA moving below
5.5x (5.8x at December 31, 2013) and (3) Moody's-adjusted net
debt/EBITDA moving comfortably below 7.0x (9.4x at 31 December
2013). In addition, rating upward pressure would require further
improvements in its liquidity profile with a more balanced debt
maturity profile and visibility that the group can generate
positive free cash flow after dividends on a corporate level.
Abengoa's ratings could be downgraded if the company's liquidity
profile worsens or if the company fails to reduce Moody's
adjusted net consolidated debt/EBITDA to around 8.0x in the next
12 months (9.4x at 31 December 2013). In the event of any of the
above, Moody's would take into account the quality of Abengoa's
investments, its financial strategy and the maturity of its
concession portfolio.
Abengoa S.A. is an integrated environment and energy group whose
activities range from engineering & construction and utility-type
operation (via concessions) of thermal-solar energy plants,
electricity transmission networks and water treatment plants to
industrial production activities such as biofuels. Headquartered
in Seville, Spain, Abengoa generated EUR7.4 billion and EUR1.0
billion of EBITDA as adjusted by Moody's in 2013. 75% of revenues
are generated outside of Spain.
===========================
U N I T E D K I N G D O M
===========================
BOTSWANA DIAMONDS: To Get Around US$340,000 From the Liquidation
----------------------------------------------------------------
Alliance News reports that Botswana Diamonds PLC said it will
soon receive around US$340,000 from the liquidation of its
interest in Bugeco, a private Belgian company which held an
interest in an exploration concession in the Democratic Republic
of Congo.
Botswana held a 35% shareholding in Bugeco, which was transferred
to Botswana Diamonds at no cost as a legacy asset, according to
Alliance News. The report relates that Bugeco owns a 20% in a
license that has attracted the interest of mining entrepreneur
Robert Friedland.
In a statement back in November last year, Botswana said that
Friedland wanted 100% ownership of the license and was looking to
buy back Bugeco's share, which Botswana said at the time, could
potentially return around USD450,000, the report notes.
The diamond miner said it will use the funds for the exploration
program in the Orapa area of Botswana, conducted in joint venture
with its partner, Russian diamond company Alrosa, the report
discloses.
The group said it will receive the funds in the coming days, the
report notes.
CO-OPERATIVE BANK: Set to Publish Revised Ethical Standards
-----------------------------------------------------------
Sharlene Goff at The Financial Times reports that the
Co-operative Bank is preparing to refresh its ethical credentials
in an effort to restore credibility after a string of scandals
and a split from its mutual owner.
According to the FT, the bank will this week publish revised
standards better to reflect its new ownership structure and
customer base. And it intends to launch a poll to give customers
more of a say on how the new values should be shaped, the FT
says.
It follows a difficult year for the Co-op Bank, which was bailed
out by its investors, including a group of hedge funds, after
large losses on loans and misconduct charges resulted in a huge
capital shortfall, the FT relays.
Niall Booker, chief executive, told the FT that the new ownership
structure -- hedge funds and other commercial investors hold 80%
of the equity, with the Co-operative Group's stake reduced to 20%
-- had triggered fears among some customers that the bank would
move away from its ethical roots.
Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872. The bank gained prominence for specializing in ethical
investment. It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.
Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.
* * *
As reported by the Troubled Company Reporter-Europe on April 25,
2014, Moody's Investors Service downgraded by one notch to Caa2
the Co-Operative Bank Plc's senior unsecured debt and deposit
ratings, and maintained the negative outlook on the ratings. The
bank's standalone bank financial strength rating (BFSR) was
affirmed at E, which is equivalent to a baseline credit
assessment (BCA) of ca. The BFSR has a stable outlook.
HEARTS OF MIDLOTHIAN: Seeks Fan Support for Capital Raising
-----------------------------------------------------------
Iain Collin at The Scotsman reports that the fans of the Hearts
of Midlothian Football Club will have to wait until the middle of
this week to see their team finally exit administration but have
been assured that Ann Budge's new regime will be run so "the
spectre of Hearts disappearing forever" never returns.
It had been thought that administrators BDO could formally cut
their ties with the Tynecastle club yesterday, June 9,
approximately 355 days since being brought in to save the ailing
Edinburgh institution in June last year, The Scotsman notes.
According to The Scotsman, some minor work remains outstanding,
however, with "cordial" negotiations ongoing between the
administrators and Ms. Budge's Bidco to tie up the loose ends on
the club's balance sheet ahead of the required final legal
process at the Court of Session. That is now likely to take
place today, eight days before June 19, when an extension to the
12-month administration period would be required, The Scotsman
says.
However, Ian Murray, the Foundation of Hearts' (FoH)
representative on the club's new board, has warned supporters not
to expect too much too soon, The Scotsman states.
With Bidco set to assume responsibility for around GBP500,000
worth of "football debt" once administration is exited,
Mr. Murray has stressed the need for fans to remain supportive of
FoH's fundraising, with a massive GBP6.3 million needed to
achieve the organization's goals of taking over from Ms. Budge
within the next five years, The Scotsman relates.
About Hearts of Midlothian
Hearts of Midlothian Football Club, more commonly known as
Hearts, is a Scottish professional football club based in Gorgie,
in the west of Edinburgh.
Hearts went into administration after the Scottish FA opened
disciplinary proceedings against the club. BDO was appointed
administrators on June 19.
JERROLD HOLDINGS: Fitch Affirms 'B+/B' IDRs; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed UK-based financial services company
Jerrold Holdings Limited's (JH) Long-term Issuer Default Rating
(IDR) at 'B+' and Short-term IDR at 'B'. The Outlook on the
Long-term IDR is Stable. The agency has also affirmed the rating
of the senior unsecured notes issued by Jerrold FinCo and
guaranteed by JH at 'B+'/'RR4'.
Key Rating Drivers
JH's ratings primarily reflect significant risks arising from a
fairly undiversified and high asset risk business model, and the
company's reliance on limited funding sources. Other rating
drivers include the company's currently modest gearing, its
strong capital generation capacity and robust risk management.
Fitch considers the high arrears present in JH's loan book to be
a feature of its business model, the risk of which is monitored
and managed carefully on an individual loan basis, with strong
collection and recovery policies in place. Non-performing loans
and arrears that are more than 90 days overdue represented 24% of
total loans at end-March 2014 which, while significantly lower
than at end-March 2013 (31%), remain high. Actual losses are
low, as the company ensures that it has a solid level of security
(mostly residential properties -- 85% of total security -- and
commercial properties -- 15%, with low loan-to-values) backing
its loans.
JH generates fairly stable and strong profits, although
underlying pre-tax profit was under pressure in 2009-2013 from
higher bad debt provisions (2010) and falling loan volumes (2011,
2012 and 9M13). Loan volumes are growing rapidly as a result of
the new funds raised in September 2013 and the refinancing and
expansion of its securitization program, which Fitch expects to
support a rise in profits. Risk is well remunerated and the wide
margins it is able to generate are generally not affected by
movements in base rates. Nonetheless, revenues rely solely on
the generation of new loans.
The company has improved its compliance and risk controls. A
number of measures have been put in place to reduce reliance on
key individuals and to ensure risk appetite remains in line with
established plans and not to the detriment of debt holders.
Corporate governance currently acts as a constraint on the
ratings but Fitch expects this to improve over time. Exposure to
regulation is increasing but remains limited.
The recently issued senior bond has improved the diversification
and, together with the recently refinanced securitization
structure, also the maturity profile of funding and increased
funding headroom. However, Fitch considers the company's overall
funding and liquidity profile as weak and a negative rating
driver.
The company is not subject to full regulatory capital
requirements but gearing has so far been low. This has been
supported in recent years by a decision not to pay out dividends.
Rating Sensitivities
Upside potential to the IDRs is limited by the current weakness
of the company's funding profile. A materially more diversified
funding structure may contribute to a rating upgrade, although a
company with a lack of product diversification, sole reliance on
wholesale funding and modest business scale would generally be
rated firmly below investment grade. Ratings could also benefit
from the removal of a large number of non-performing development
loans from its balance sheet and from larger funding headroom on
a sustained basis.
Ratings would be negatively affected by a material increase in
gearing (particularly if debt is increased significantly to fund
further growth, or from dividend payments); or if Fitch considers
the expected rapid loan growth over the next couple of years
would weaken the company's risk profile significantly; or if
profitability suffers from greater conduct and compliance costs
or competitive pressures.
KEY RATING DRIVERS AND SENSITIVITIES: SENIOR NOTES
The senior unsecured notes are rated in line with JH's Long-term
IDR, reflecting 'average recoveries' indicated by the 'RR4'
Recovery Rating. They are primarily sensitive to any movement in
their anchor rating, JH's Long-term IDR, but could also be
sensitive to any change in Fitch's recovery assumptions in
respect of JH's assets.
PICKLES BROTHERS: Manager Stole GBP51,000 From Roof Company
-----------------------------------------------------------
Yorkshire Evening Post reports that an accountant caused a
century-old Leeds roofing company to go into liquidation after
defrauding them out of more than GBP50,000.
Jennifer Tansey caused job losses as a result of her year-long
deception at Leeds-based Pickles Brothers, one of the city's old
known roofing firms, according to Yorkshire Evening Post.
The report relates that Leeds Crown Court heard the long-
established company, on Burley Road, specialized in working on
listed buildings and employed 15 members of staff.
The report discloses that Ms. Tansey carried out the offence
while working as business office manager by transferring cash
from the company's bank account into her own and forging
signatures on company cheques.
The married mother-of-one was jailed for two years yesterday
after pleading guilty to fraud, the report relates.
The offence came to light in September last year when managing
director Gary Shaw noticed a sum of GBP1,240 had been paid out of
the company's bank to Ms. Tansey, the report notes.
The report relates that when asked about the amount Ms. Tansey
said she had borrowed the money because her family needed help
but intended to pay it back.
Further checks were made and it was discovered 33 dishonest
transactions had been made from August 2012 for sums ranging from
GBP740 to GBP1,200, the report notes.
"There were a series of transactions where suppliers should have
been paid in full but were only paid in half and the remaining
half was going directly to this defendant," the report quoted
Robert Galley, prosecuting, as saying.
Four checks had also been paid to Ms. Tansey which contained
forged signatures. More than GBP51,000 was stolen in total, the
report relates.
The company's bank account ended up being frozen and they
incurred a GBP3,800 fine from the Inland Revenue as a result of
Ms. Tansey's actions, the report notes.
"As a direct result of the defendant's actions, the company went
into liquidation," Mr. Galley said, the report discloses.
The report relates that Ms. Tansey was arrested and told police
she had taken the money due to problems at home.
Ms. Tansey said she needed to pay the mortgage and bills and
provide for her family, the report relates.
The report notes that the court heard Ms. Tansey also stole
GBP20,000 from the company in 2010 but her employers did not
report the matter to the police.
The report discloses that Ms. Tansey was instead allowed to keep
her job after signing an agreement to pay the money back.
The report relates that Ms. Tansey started working at the company
as an office junior when she was 15 before becoming an accountant
and being appointed office manager.
Graham Parkin, mitigating, said Ms. Tansey had "relationship
issues" and would suffer more than most people if she was sent to
prison, the report notes.
Recorder Timothy Hirst said: "This business has been driven into
liquidation. There has been job losses and that is a very
significant feature of this case," the report adds.
SEADRILL PARTNERS: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed Seadrill Partners LLC's (SDLP)
corporate family rating (CFR) at Ba3, and probability of default
rating (PDR) at Ba3-PD. Moody's also assigned a Ba3 definitive
rating to the $1.8 billion senior secured term loan due 2021,
borrowed by Seadrill Operating LP and Seadrill Partners Finco
LLC, subsidiaries of SDLP, which the company is seeking to
increase with a $1 billion add-on, as well as assigning a Baa3
rating to the $100 million first out secured revolving credit
facility (RCF) due 2019, borrowed by Seadrill Operating LP,
Seadrill Partners Finco LLC, and Seadrill Capricorn Holdings LLC,
also a subsidiary of SDLP. The outlook on all ratings remains
stable.
These actions follow the company's very weak operating
performance in the first quarter 2014 and also the proposed $1
billion term loan to refinance existing debt facilities relating
to the purchases of the West Capricorn and West Auriga vessels.
The $1 billion term loan will be structured as an add-on to the
existing $1.8 billion senior secured term loan due 2021.
Ratings Rationale
The affirmation of Moody's existing ratings firstly reflects
financing in line with Moody's expectations following the
completion of the acquisition of the companies that own and
operate the ultra-deepwater drillship the West Auriga for a total
consideration of $1.24 billion on a 100% basis on 21 March 2014.
The West Auriga was acquired by Seadrill Capricorn Holdings LLC,
which is 51% owned by SDLP. The acquisition was funded with $543
million in debt, including a $100 million discount note from
Seadrill Limited (SDRL), the parent of SDLP as well as $355
million from SDLP's second public follow in equity offering. In
combination with the prepayment of a $70 million unsecured
discount note from SDRL gross debt associated with the
acquisition was in line with Moody's expectations.
Secondly, the proposed $1 billion term loan add-on will be used
to refinance this debt as well as $426 million in similar debt
associated with the acquisition of the West Capricorn vessel.
Moody's views this as credit positive as it increases the number
of collateral vessels to six from four, increases the average
remaining contract life of the collateral to 4.3 years from 3.9
years and decreases the average age of the collateral vessels to
3.6 years from 4.7 years. It also simplifies SDLP's capital
structure by significantly reducing the amount of debt with
cross-defaults, cross-acceleration with and maintenance covenants
on the parent, SDRL. After the completion of this transaction,
only the following debt will have cross-acceleration or cross-
default with SDRL: $86 million outstanding of the West Vencedor
facility (that matures in H1 2015), $289 million outstanding
under the T-15 loan agreement and T-15/T-16 facility (which are
outside of the borrower group of the rated term loan and RCF) and
an undrawn $100 million RCF from SDRL that only cross defaults
with the West Vencedor facility.
Finally, the positives of the transaction were countered by very
weak operating performance in the first quarter 2014. Overall
economic utilization for the fleet was 82% following 60 days of
downtime due to the West Aquarius and 17 days due to the West
Capricorn equipment failures. This was significantly below
Moody's expectations and historic utilization of greater than
90%. Although the company states that operational performance so
far in the second quarter has been solid with economic
utilization around 97% to date, Moody's still expects the poor
performance in Q1 2014 to result in gross leverage for FY2014
closer to 4.5x than the original expectations of 4.0x.
Rating Outlook
The stable outlook assumes that the company reverts to operating
at high levels of utilisation and that future dropdowns and
financial policy do not lead to a deterioration in credit
metrics. It also assumes that the company will maintain good
liquidity and that Moody's continues to expect Seadrill Limited
will have no funding problems or covenant breaches.
What Could Change The Rating Up/Down
The rating could be downgraded if consolidated leverage remains
around 4.5x, the collateral group leverage remains above 4.0x, or
if the conditions for a stable outlook are not met. Conversely,
the rating could be upgraded if consolidated leverage is
maintained below 3.5x, the collateral group leverage is
maintained below 3.0x, the fleet at the borrowing group level
grows materially and there is no negative pressure from the
credit linkage with Seadrill Limited.
The principal methodology used in these ratings was the Global
Oilfield Services Rating Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Seadrill Partners LLC, is a Marshall Islands registered company,
fully controlled by Seadrill Limited. 53% of SDLP's LLC interest
is owned by SDRL, with the remainder held by public unitholders.
It is a provider of offshore drilling services to the oil and gas
industry and its fleet consists of four 6th generation ultra-
deepwater semi-submersibles and two ultra-deepwater drillships,
two tender barges and one semi-tender barge. It generated revenue
and Moody's adjusted EBITDA of $1,064 million and $682 million
respectively in FY2013 and has a current market capitalisation of
approximately $2.5 billion. Seadrill Limited, which has an
operating agreement with SDLP, has a fleet of 69 units, including
19 under construction. For FY2013, it reported revenues of $5.85
billion and Moody's adjusted EBITDA of $3 billion. It has a
current market capitalisation of approximately $18 billion.
STAN STOCK: In Liquidation, Ceases Trading
------------------------------------------
Lancashire Evening Post reports that a well-known haulage
business has ceased trading after going into liquidation.
Charnock Richard-based Stan Stock (Chorley) Ltd specialized in
delivering aggregates, gravel and sand.
The Preston Road site has now been occupied by another firm --
Burt Wesley and Sons Ltd who trade in car, commercial and plant
repairs, according to Lancashire Evening Post.
The report relates that the company leases the premises from Mr.
Stock.
The long-established Stan Stock business began in Wrightington,
but was based in Charnock Richard for more than 40 years, the
report notes.
The company's purple and blue wagons were a regular sight on the
roads of Chorley, the report discloses.
Mr. Stock still lives at Brow Cottage on the site.
Mr. Wesley is a former employee of Mr. Stock's, however his
business is not connected to it.
Appointed liquidators from the offices of CG & Co in Manchester
are handling Mr. Stock's business, the report adds.
TAYLOR WIMPEY: S&P Revises Outlook to Pos. & Affirms 'BB+' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based housebuilder Taylor Wimpey PLC to positive from stable.
At the same time, S&P affirmed its 'BB+' long-term corporate
credit rating on Taylor Wimpey.
The outlook revision reflects S&P's view that Taylor Wimpey's
credit metrics have further improved, supported by strong market
conditions in the U.K. housing sector. In addition, the positive
outlook assumes increased stability in Taylor Wimpey's cash flow
base going forward, as a result of the company's strong order
book (GBP1.6 billion as of March 31, 2014) but also the low debt
level. Following the company's senior bond repayment in December
2013, S&P understands that management is committed to keeping net
debt at close to zero, excluding intra-year variation for working
capital purposes and Standard & Poor's debt adjustments. This
also assumes that cash flow generation will be sufficient to fund
future land acquisitions, which in S&P's view should keep Taylor
Wimpey's leverage ratios more stable. Lastly, S&P also sees the
extension of the U.K. government's "Help-to-Buy" scheme to 2020
and the enhanced consumer confidence as positive for U.K.
homebuilders.
S&P's rating on Taylor Wimpey reflects its "fair" business risk
and "intermediate" financial risk profile assessments for the
company. Rating modifiers do not have any impact on the rating
outcome.
S&P considers that current concerns of overheating in the U.K.
property market may create volatility in demand for mid-priced
newly built houses in the coming quarters. Concerns that are
currently affecting market sentiment include the likely increase
in the base interest rate within the next 12 months, stricter
terms from banks for obtaining a residential mortgage, and a
potential review of the scope of the Help-to-Buy scheme.
Although, S&P still expects market fundamentals to remain
positive over the medium term, short-term trends are distorted by
the recent upsurge in demand on the back of the introduction of
the Help-to-Buy scheme. A bubble in the U.K. housing market is
still not part of Standard & Poor's base-case macroeconomic
scenario, but it is associated with a 20%-25% downside risk, in
S&P's view.
S&P's base-case scenario assumes:
-- Completions of 12,500 to 13,500 housing units in 2014 and
2015 (up from 11,696 in 2013);
-- An increase in the average selling price by about 6% to 7%
in 2014 and 3% to 4% in 2015;
-- Standard & Poor's-adjusted EBITDA margins of 15%-16% in
2014-2015 (compared with 14.3% in 2013). This assumes that
the increase in house prices will more than offset
potential moderate increases in land and build costs; and
-- An increase in working capital in the next two years as a
result of the higher amount of work-in-progress (WIP) and
an increase in the land bank;
-- S&P expects WIP to be funded by drawings under the
revolving credit facility (RCF) and the land bank by cash
flows.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Adjusted funds from operations (FFO) of about GBP330
million-GBP350 million in 2014;
-- Adjusted free operating cash flow (FOCF) to debt of around
25%-30%, restricted by the need for more working capital;
And
-- A stable adjusted debt level of about GBP500 million
(excluding land creditors, but including our adjustment for
the pension deficit and operating leases, and S&P's
assumption for average drawing under the RCF throughout the
year of about GBP200 million). This translates into a
debt-to-EBITDA ratio of around 1.1x-1.2x in the next two
years.
Although Taylor Wimpey's credit metrics are in the range that
would qualify as "modest" under S&P's criteria, it continues to
consider the company's financial risk profile as "intermediate."
This is because S&P considers volatility in Taylor Wimpey's cash
flows to be high, which reflects the strong deterioration in
credit metrics in the last economic downturn. In S&P's opinion,
the reduction in Taylor Wimpey's net debt over the past few years
has been a positive step to reduce the impact of market
performance cyclicality on credit metrics. Consequently, S&P is
considering removing this adjustment if business developments in
the next 12 months demonstrate the company's ability to adhere to
its financial leverage targets, irrespective of short-term market
factors. These analytical considerations are the primary drivers
behind the positive outlook on the rating.
Taylor Wimpey's business risk profile remains "fair," as defined
by S&P's criteria. This reflects S&P's view of the homebuilding
industry's "moderately high" risk and "very low" U.K. country
risk. The sector currently benefits from high demand for new
homes, but S&P views the industry's performance as highly
cyclical. It depends heavily on favorable macroeconomic trends
and residential mortgage availability.
The fair business risk profile also reflects S&P's assessment of
Taylor Wimpey's competitive position as "fair," underpinned by
its favorable market position -- it is the second-largest U.K.
homebuilder by volume -- large product range, and geographical
reach. It built and sold around 11,000 homes in 2012, its sales
coverage is well-spread geographically, and it has a large land
bank (about six years of supply). S&P believes that land bank
ownership constitutes an important barrier to entry in the U.K.
homebuilding market. S&P also notes that Taylor Wimpey's
competitive position has strengthened in the past three years, as
it has managed to maintain a land bank that would meet the
requirements of its long-term growth strategy. That said, long
lead times from land purchase to housing development completion
in the U.K. create margin volatility that is greater than that in
other developed markets globally. This is an important
consideration in our assessment of Taylor Wimpey's competitive
position.
The positive outlook reflects S&P's view that Taylor Wimpey's
credit metrics should remain robust over the next 12 to 24
months, supported by continued sales growth, an improved EBITDA
margin, and a minimal debt level. It also reflects S&P's view
that the company's credit metrics may be compatible with a higher
rating if business developments in the next 12 months demonstrate
its ability to adjust to short-term market fluctuations in order
to keep debt leverage within a stable range.
S&P's base-case scenario for financial years 2014 and 2015
assumes a sustained level of demand for new homes in the U.K.,
with continued favorable market conditions, including good
mortgage availability and improved consumer confidence. S&P
forecasts double-digit revenue growth for the next two years and
estimate that the EBITDA margin will increase to about 15%-16%.
In S&P's view, Taylor Wimpey's order book of GBP1.6 billion (or
70% of 2013 annual sales) provides good foundations for sales
growth over the next 12 months. Providing that Taylor Wimpey
continues to manage its working capital prudently, as well as the
cost of land acquisitions, S&P forecasts that the company will
maintain FOCF to debt of 25%-30% and debt to EBITDA of below
1.5x.
Upside scenario
An upgrade would likely depend on Taylor Wimpey's ability to
sustain its recently achieved credit metrics over the long term,
despite the potential impact that interest rates and mortgage
availability might have on consumer sentiment and housing demand
in the U.K.
Downside scenario
Conversely, S&P could revise the outlook back to stable if Taylor
Wimpey is unable to maintain credit metrics commensurate with a
"modest" assessment, with some volatility in the cash flow base
and the debt-to-EBITDA ratio increasing to more than 2x for an
extended period. This scenario would most likely result from
weakening market conditions in the U.K. housing sector or a
change in Taylor Wimpey's financial policy.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
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BELGIUM
-------
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TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
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PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
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CYPRUS
------
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CZECH REPUBLIC
--------------
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DENMARK
-------
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FRANCE
------
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
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HUNGARY
-------
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IRELAND
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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ITALY
-----
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AS ROMA SPA ASR EB -66248672.26 227606539.7
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GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
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I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
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OLCESE SPA O IM -12846689.89 179691572.8
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SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
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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
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
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SNIA SPA SBPDF US -141933895.2 150445252.4
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SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
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SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
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SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
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TISCALI SPA TIS TQ -167327246 362728538.3
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TISCALI SPA TIS EO -167327246 362728538.3
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TISCALI SPA TIS NQ -167327246 362728538.3
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VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
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BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
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BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
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LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
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CARLISLE GROUP 506819Q LN -11904428.42 203548565
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CLIPPER WINDPOWE CWP IX -168322000 436419008
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COMPASS GROU-OLD 1259Q LN -668101173.9 2972459078
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CPI MORTARS LTD 1751696Z LN -22518097.49 110009816.1
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CROWN BLUE LINE 1369234Z LN -5491244.659 143228058.8
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DAVENHAM GROUP P DAV EO -57317833.22 114701147.6
DAVENHAM GROUP P DAV EU -57317833.22 114701147.6
DAVENHAM GROUP P DAV PZ -57317833.22 114701147.6
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DCK GROUP LTD 4006628Z LN -23972516.74 108515833.6
DE LA RUE PLC DLAR TQ -72920095.83 652922700.1
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DE LA RUE PLC DL1C GK -72920095.83 652922700.1
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DE LA RUE PLC DLAR LN -72920095.83 652922700.1
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DE LA RUE PLC DLAR EB -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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DE LA RUE PLC DLARUSD EU -72920095.83 652922700.1
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DE LA RUE PLC DL1C GR -72920095.83 652922700.1
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DE LA RUE PLC DLAR IX -72920095.83 652922700.1
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DE LA RUE PLC DLAR QM -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EO -72920095.83 652922700.1
DE LA RUE PLC DLAR VX -72920095.83 652922700.1
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DE LA RUE PLC DLAR9 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR EU -72920095.83 652922700.1
DE LA RUE PLC DLAR5 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR3 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR PO -72920095.83 652922700.1
DE LA RUE PLC DLAR6 EO -72920095.83 652922700.1
DE LA RUE PLC DLAR2 EO -72920095.83 652922700.1
DE LA RUE-ADR DERUY US -72920095.83 652922700.1
DE LA RUE-ADR DLUEY US -72920095.83 652922700.1
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DIAMOND RESORTS 1578906Z LN -55241260.22 185000514.5
DISPOSABLE SOFT 1124335Z LN -25554763.54 154077028.1
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DRIVE ASSIST HOL 3641135Z LN -129629293.2 804046536.3
DTZ DEBENHAM TIE 1637608Z LN -65367918.17 431959182
E ON RUHRGAS UK 1671208Z LN -203389128.9 397727814.9
E ON UK CHP LTD 2642428Z LN -441420879.2 292251726.5
EASYNET GROUP EZNGF US -60380605.51 334049332.2
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EASYNET GROUP-CV 91009Z LN -60380605.51 334049332.2
EC HARRIS LLP 4448521Z LN -16034293.72 122879662.7
EDF ENERGY 1 LTD 1201287Z LN -173168019.1 373323626.4
EDF ENERGY CUSTO LON LN -998743443.7 5451617395
ELE INVTS LTD ELCT US -50659516.57 281969290.1
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
EMI GROUP LTD EMI LN -2265916257 2950021937
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EMI GROUP PLC 3020138Q GR -2265916257 2950021937
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EMI GROUP PLC EMIPF US -2265916257 2950021937
EMI GROUP PLC EMI PO -2265916257 2950021937
EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
EMI GROUP-ADR EMI$ LN -2265916257 2950021937
EMI GROUP-ADR EMIPY US -2265916257 2950021937
EMI GROUP-ADR 38IS LN -2265916257 2950021937
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EQUITY INSURANCE 1284698Z LN -29894777.4 147890791
ERM GROUP HOLDIN 3125976Z LN -175924992 616248000
ERM-EUROPE LTD 1539482Z LN -5766265.722 206231135.2
ESPORTA HEALTH & 1689624Z LN -34019016.45 143720210.5
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EUROPEAN HOME EHR3 EO -14328735.16 110864081.4
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EUROPEAN HOME EHREUR EO -14328735.16 110864081.4
EUROPEAN HOME EHR LN -14328735.16 110864081.4
EUROPEAN HOME KLZ PO -14328735.16 110864081.4
EUROPEAN HOME EHR2 EO -14328735.16 110864081.4
EUROPEAN HOME KLZ VX -14328735.16 110864081.4
EUROPEAN HOME EHR PZ -14328735.16 110864081.4
EUROPEAN HOME EHR PO -14328735.16 110864081.4
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EUROPEAN HOME EHREUR EU -14328735.16 110864081.4
EUROPEAN HOME EHR4 EO -14328735.16 110864081.4
EUROPEAN HOME EHR8 EO -14328735.16 110864081.4
EUROPEAN HOME EHR1 EO -14328735.16 110864081.4
EUROPEAN HOME EHR VX -14328735.16 110864081.4
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EXOVA PLC 4507835Z LN -23478618.65 727804846.1
EXXONMOBIL MARIN 1196527Z LN -10207264.01 337580273
FAIRLINE BOATS H 4498779Z LN -13944238.58 114504852.8
FAREPAK PLC FPK LN -14328735.16 110864081.4
FINANCIAL SERVIC 2630281Z LN -150518742.9 432118909.8
FIRST CHOICE HOL 1098394Z LN -599861682.6 608849393.2
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FLECTAT LTD 1160967Z LN -53267356.38 102516976.5
FOOTBALL FOUNDAT 3958180Z LN -1856870.101 108334858
FORD MOTOR CO LT 1291306Z LN -198002524.7 4858077693
FORENSIC SCIENCE 2616518Z LN -114373361.6 144478716.5
FOUR SEASONS HEA 1865450Z LN -126472163.8 267951983.6
FRENCH CONNECTIO 1092170Z LN -21270716.65 169362489.9
FUNDING CORP LTD 4157637Z LN -28925795.68 201083535.3
FW FARNSWORTH LT 1293386Z LN -44420065.35 102695080.1
GALA ELECTRIC CA 1228295Z LN -1443271177 5858442731
GALIFORM CORPORA 1478794Z LN -49876078.98 987241731.3
GALLAGHER UK LTD 4422897Z LN -14056336.1 197494963.7
GAMESTEC LEISURE 1432626Z LN -22918299.36 107315419.3
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GE CALEDONIAN LT 2178340Z LN -152040000 333438016
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GGT GROUP PLC 500970Q LN -156372272 408211200.9
GGT GROUP-ADR GGTRY US -156372272 408211200.9
GLADEDALE VENTUR 2209596Z LN -40300529.62 104554687.5
GLAXOSMITHKLINE 1426Z LN -9429285.587 13095256920
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GONDOLA GROUP LT 4499995Z LN -284524422.8 1496226646
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GOODRICH CONTROL 3631571Z LN -203464797 600544111.2
GOODYEAR DUNLOP 3894550Z LN -191322012.8 287023355
GRANT THORNTON U 961842Z LN -87634636.95 389831122.7
HARMSWORTH PRINT 1552314Z LN -17382531.76 325365175.8
HARMSWORTH PRINT 1719464Z LN -46809590.17 171744856.2
HARMSWORTH QUAYS 1552378Z LN -109747106.9 292508124.8
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HAYMARKET GROUP 4158941Z LN -100498143 307693877.6
HENDERSON ADMINI 1296626Z LN -14041029.43 1007142193
HESS INDONESIA P 1705776Z LN -90105554.61 634894802.5
HMV GROUP -GDR 276960Q GR -218490042.1 415846374.8
HMV GROUP -GDR 29362Z US -218490042.1 415846374.8
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HMV GROUP PLC HMV NQ -218490042.1 415846374.8
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HMV GROUP PLC HMV10 EO -218490042.1 415846374.8
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HMV GROUP PLC HMV BQ -218490042.1 415846374.8
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HMV GROUP PLC HMV EB -218490042.1 415846374.8
HMV GROUP PLC HMV PZ -218490042.1 415846374.8
HMV GROUP PLC HMVEUR EU -218490042.1 415846374.8
HMV GROUP PLC HMV VX -218490042.1 415846374.8
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HMV GROUP PLC HMV S1 -218490042.1 415846374.8
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HMV GROUP PLC HMV EO -218490042.1 415846374.8
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HMV GROUP PLC HMV QM -218490042.1 415846374.8
HMV GROUP PLC HMV PO -218490042.1 415846374.8
HMV GROUP PLC HMV EU -218490042.1 415846374.8
HMV GROUP PLC HMV LN -218490042.1 415846374.8
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HMV GROUP PLC HMV6 EO -218490042.1 415846374.8
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HOMEFIELD PVT UK 4501835Z LN -13668996.51 455224068.7
HOTEL CORP PLC HHA TH -234303120.5 370820493.6
HOTEL CORP PLC HCP EU -234303120.5 370820493.6
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HUTCHISON 3G UK 265923Z LN -2558478023 10215382954
HYDREX HOLDINGS 4156949Z LN -150849963.2 145584295.2
IGLO FOODS GROUP 2332487Z LN -536668915.5 4700658208
IKANO FINANCIAL 2599182Z LN -11016514.34 150562302.2
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
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WATSON & PHILIP WTSN LN -120493900 252232072.9
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WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
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WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
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WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
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WINCANTON PLC WIN IX -429205125.4 907823159.4
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WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
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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
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*********
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.
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 * * *