/raid1/www/Hosts/bankrupt/TCREUR_Public/150505.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, May 5, 2015, Vol. 16, No. 87
Headlines
A U S T R I A
HYPO ALPE-ADRIA: Heta Debt Guarantee Case to Set Precedent
F R A N C E
CERBA EUROPEAN: S&P Affirms & Then Withdraws 'B+' CCR
CERBERUS NIGHTINGALE: S&P Assigns 'B+' CCR, Outlook Stable
G E R M A N Y
OAK HILL III: Moody's Rates EUR11.7MM Class F Notes '(P)B2'
PATERNOSTER HOLDING: S&P Assigns 'B' CCR, Outlook Stable
TALISMAN-7 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'D'
TAURUS 2015-2: Moody's Rates EUR74.1MM Class E Notes 'Ba2'
TAURUS 2015-2: S&P Assigns 'B' Rating to Class F Notes
XELLA INT'L: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
G R E E C E
ATHENS: Moody's Lowers Issuer Rating to Caa2, Outlook Negative
GREECE: No Bailout Deal Yet; Spain, Portugal Can Withstand Grexit
GREECE: Moody's Says Euro Exit Should Not Be Underestimated
OLYMPIC AIRLINES: Insolvency Affects Pension Scheme Benefits
PIRAEUS BANK: Moody's Cuts Long-Term Deposit Ratings to Caa3
I R E L A N D
ANGLO IRISH: Deal to Settle Dispute with Quinns Fails
I T A L Y
GE CAPITAL: Moody's Lowers Deposit & Sr. Debt Ratings to
K A Z A K H S T A N
FORTEBANK JSC: Moody's Raises LT Deposit Ratings to 'Caa1'
NOSTRUM OIL: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
N E T H E R L A N D S
BOYNE VALLEY: S&P Lowers Rating on Class E Notes to 'B+'
GROSVENOR PLACE 2015-1: Moody's Rates EUR11MM Class E Notes 'B2'
JUBILEE CLO 2014-XII: Fitch Affirms 'B-' Rating on Class F Notes
ROYAL KPN: Fitch Affirms 'BB' Rating on Sub. Capital Securities
R U S S I A
ALFA-BANK: Moody's Rates Subordinated Securities 'B2(hyb)'
EVRAZ GROUP: S&P Raises CCR to 'BB-' on Improved Metrics
FEDERAL PASSENGER: Moody's Confirms 'Ba1' CFR, Outlook Negative
MURMANSK REGION: Fitch Lowers IDR to 'BB-', Outlook Stable
RUSSIAN RAILWAYS: Moody's Affirms 'Ba1' CFR, Outlook Negative
S P A I N
NH HOTEL: S&P Affirms 'B-' CCR on Proposed Partial Refinancing
U K R A I N E
MHP SA: Moody's Says Repayment of US$234MM Eurobond is Credit Pos
UKRAINIAN RAILWAYS: S&P Lowers CCR to 'CC', Outlook Negative
U N I T E D K I N G D O M
DANUBE DELTA: S&P Affirms CCC- Ratings on 7 Note Classes
ETHEL AUSTIN: 1,200 Former Workers Won't Receive Compensation
INDUS PLC: Fitch Lowers Rating on Class C Notes to 'Dsf'
RESIDENTIAL MORTGAGE 25: S&P Ups Rating on B3-Dfrd Notes to BB
SOUTHDALE HOMES: In Administration After Loss-Making Projects
SOUTHDALE HOMES: Kier Living Buys North West Division
THEATRE HOSPITALS 1: Fitch Withdraws 'B' Rating on Class D Notes
THOMAS COOK: S&P Revises Outlook to Stable & Affirms 'B' CCR
TULLIS RUSSELL: Angry Workers Demand Answers From Management
WOOLWORTHS: 3,200 Former Workers Won't Receive Compensation
* UK: Gloom Deepens Among Struggling Oil Firms
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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HYPO ALPE-ADRIA: Heta Debt Guarantee Case to Set Precedent
----------------------------------------------------------
Laura Noonan at The Financial Times reports that Klagenfurt am
Worthersee will be the venue for a trial run for as-yet-untested
rules within the EU on who foots the bill when banks go bust.
Investors, including Pimco, one of the world's largest bond
investors, have more than EUR11 billion at stake in the final act
of what was once Hypo Alpe Adria (HAA), the lender nationalized
in 2009 amid allegations of mismanagement that saw managers
jailed, politicians shamed and Austrian taxpayers faced with
EUR5.5 billion in costs, the FT discloses.
On March 1, reeling from news that Heta, the "bad bank" created
to dispose of the non-performing portion of HAA, could need
another EUR7.6 billion state aid, Austria's financial regulator
put the bank into resolution after the government said it would
not provide any more money, the FT says.
In response, Heta suspended bond payments, including payments on
bonds guaranteed by its home state Carinthia, until at least
May 2016 while it decides which creditors get paid first out of
its remaining monies, the FT relays.
"There will be extremely important precedent set," the FT quotes
Wolfgang Freund, partner at Vienna-based law firm Grama
Schwaighofer Vondrak, as saying, adding that the case would
establish how publicly guaranteed debt should be dealt with when
banks are wound down.
"The issue goes beyond mere banking law," his colleague
Wolfgang Lafite, as cited by the FT, said, describing it as a
constitutional law issue around the right to property -- the
property in this case being the protection of a guarantee.
The most complicated case is the EUR9.85 billion of Heta's debt
guaranteed by Carinthia, the FT says.
The state of Carinthia said it could not immediately answer
questions on how it would deal with the bonds, the FT notes.
According to the FT, some investors are mulling attempts to hold
the Austrian authorities liable for HAA's financial implosion on
the grounds that it was poorly supervised, a charge Austria's
financial regulator, the FMA, rejects.
Under Austrian law, investors have a three-month window to June 1
to file challenges to the FMA's decision to wind up the bank, the
FT states. A spokesman for the FMA said three law firms had
requested access to files related to Heta, and one individual had
lodged an objection, the FT relates.
Investors may not get any answers until they find out the amount
of their shortfall in May 2016, when Heta knows how much money it
can pay bondholders, so lawsuits could be years away, the FT
notes.
About Hypo Alpe-Adria
Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It
is active in banking and leasing. In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.
Hypo Alpe received EUR1.75 billion in aid in emergency
capital from the Austrian government. European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe
faced possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group. The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5, 2013. On Sept.
3, 2013, the Commission cleared Hypo Alpe's restructuring plan,
which includes the sale of the bank's Austrian unit and Balkans
banking network and the winding-down of non-viable parts. It
also approved additional aid to wind down the bank.
As reported in the Troubled Company Reporter-Europe on Nov. 3,
2014, The Wall Street Journal said Austria's nationalized lender
Hypo Alpe-Adria-Bank International AG said on Oct. 30 it has
split itself between a wind-down unit, called Heta Asset
Resolution GmbH, and its southeastern European network of banks.
The split is part of the lender's restructuring plan approved by
the European Commission, the Journal disclosed. According to the
Journal, under the plan, the Austrian government -- Hypo Alpe-
Adria's current owner -- must sell off all of the bank's assets
or transfer them into a wind-down unit by mid-2015.
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F R A N C E
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CERBA EUROPEAN: S&P Affirms & Then Withdraws 'B+' CCR
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Cerba European Lab SAS Touax S.C.A., a
France-based laboratory provider. S&P subsequently withdrew the
rating at the company's request. The outlook was stable at the
time of the withdrawal.
At the same time, S&P affirmed its 'B+' long-term issue ratings
on Cerba's outstanding EUR530 million senior secured notes.
S&P is withdrawing its corporate credit rating on France-based
clinical pathology laboratory operator Cerba European Lab SAS
because S&P has assigned a new corporate credit rating at the
parent level, Cerberus Nightingale 1 Sarl. This follows the
group's recently completed acquisition of Novescia, which was
partially financed by new EUR145 million senior notes issued by
Cerberus Nightingale 1 Sarl.
CERBERUS NIGHTINGALE: S&P Assigns 'B+' CCR, Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Cerberus Nightingale 1 S.a.r.l.
(Cerberus). The outlook is stable.
S&P also assigned a 'B-' issue rating to Cerberus' proposed
EUR145 million of subordinated notes. The recovery rating of '6'
indicates S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.
The rating on Cerberus reflects that the group's completed
acquisition of French laboratory operator Novescia supports S&P's
assessment of the group's business risk profile as "fair" and its
financial risk profile as "highly leveraged." From these
assessments, S&P derives its anchor of 'b'.
S&P adjusts the anchor upward by one notch to arrive at the
corporate credit rating of 'B+' to reflect S&P's positive view of
the group under its comparable rating analysis, whereby S&P
reviews an issuer's credit characteristics in aggregate.
S&P's positive comparable rating analysis primarily reflects the
group's track record of successfully integrating newly acquired
companies, while realizing planned synergies and gradually
improving the group's EBITDA margin. S&P views the latter as
being at the higher end of the average range for health care
service providers. The positive comparable rating analysis is
also supported by S&P's calculation that funds from operations
(FFO) to cash interest comfortably exceeds 2x.
Although the group's plan to finance the acquisition via new debt
will lead its debt protection metrics to weaken -- specifically
FFO to cash interest coverage -- they will remain within levels
that S&P considers to be in line with the 'B+' rating.
S&P views positively the increased size of the combined entity
and S&P believes that the merger will cement the group's position
as a consolidator and one of the leading laboratory operators in
Europe. The larger scale should enable the group to achieve
better cost savings, for example from procurement, and help
negotiations with payers.
The combined entity will also benefit from increased
diversification as Novescia brings access to emergency laboratory
testing. Although Novescia's margin is somewhat lower than the
group's, S&P estimates that the group will realize the planned
synergies, based on its track record. As such, S&P maintains its
forecast of the group's adjusted EBITDA margin at about 20%-23%.
S&P assess the industry in which the group operates as carrying
intermediate risk, reflecting sustainable long-term, low-single-
digit growth, due to increasing volume that is partially offset
by negative pricing. The health care segment of most European
countries is subject to strict regulation with increasing pricing
pressures. As the clinical laboratory market does not differ
materially in this respect, the group is likely to face the task
of adapting its cost structures to lower reimbursement rates.
S&P views positively the group's position as a leading operator
of clinical laboratory testing services in France, Belgium, and
Luxembourg, which S&P considers to be low risk.
S&P regards the group's revenue diversification and its growing
size as an advantage in the fragmented, highly regulated, and
price-competitive environment. This enables the company to
exploit cost advantages through common procurement and overhead
optimization. These benefits are reflected in comparatively high
operating margins. S&P estimates that the group's EBITDA margins
will remain in the low- to mid-twenties, which compares favorably
with the margins of the company's larger international peers.
The group's business risk profile is further supported by what
S&P views as favorable underlying trends and the characteristics
of the clinical laboratory services industry. Chief among these
is a supply-and-demand structure that involves a multitude of
individual orders and transactions with no dependence on one
large customer or contract. As customers are mainly individual
patients undergoing diagnostic tests, payment risk is virtually
nonexistent since most bills are settled by public and private
health insurance or hospitals. In addition, factors such as
aging populations, increasingly unhealthy lifestyles that are
accompanied by prevalent diseases such as diabetes and cancer,
and the increasing demand for precise diagnostics and early
detection will continue to drive volumes.
In S&P's opinion, these strengths are partially offset by the
group's still relatively modest, although increasing, size.
Expected yearly revenues are about EUR550 million in 2015 after
the Novescia integration. This compares with the value of the
French clinical laboratories diagnostic services market of about
EUR7.3 billion.
Furthermore, as European governments seek to meet budgetary
constraints, the clinical laboratory segment is becoming subject
to stricter regulation and increasing pricing pressure. As such,
the group will continue to be challenged to adapt its cost
structures to the more-regulated and subsequently more expensive
operating environment, and to lower prices. While, as a
consolidator, the group is better placed to absorb pricing
pressure than smaller laboratories, increasing exposure to
regulatory actions is highly likely.
Apart from price regulation, S&P believes a further challenge
could come from limits on reimbursements for diagnostic tests.
This could mean greater out-of-pocket contributions from patients
and consequently lower demand for standard tests.
S&P forecasts that the laboratory industry in France will
continue to consolidate and that the group will play an active
role in the process. The Novescia acquisition aligns with S&P's
previous estimates of EUR200 million-EUR300 million of
discretionary spending on acquisitions. Given the significant
size of the latest transaction, S&P estimates further spending on
acquisitions to be limited to EUR80 million per year.
The group tapped the bond market and raised EUR230 million of
notes, adding to the EUR445 million of notes raised in 2013 and
2014, to finance its mergers and acquisition strategy. S&P
estimates that the group's Standard & Poor's-adjusted debt-to-
EBITDA ratio will be about 6x over the next three years,
commensurate with S&P's "highly leveraged" financial risk profile
assessment. S&P do not deduct cash from its leverage
calculation, as this has not been ring-fenced for debt repayment
and could be used for other purposes, such as acquisitions.
Due to the group's long-dated debt maturity profile and
acquisitive strategy, any future improvement in leverage is
likely to result from higher profitability, rather than from any
reduction in debt.
Assuming that the group's acquisitions are profit-accreting from
the start, S&P estimates that the group will maintain an average
adjusted FFO cash interest coverage of above 2x over the next
three years (averaging about 2.2x), which supports the rating.
S&P estimates that the group will achieve adjusted EBITDA of
about EUR145 million by 2016, supported by positive free
operating cash flow (FOCF).
S&P's base-case estimates for Cerberus assume:
-- GDP growth of 0.8% in 2015 and 2016 in France and 0.8% in
Belgium.
-- A limited correlation between these rates and the group's
revenue growth. This is because the group's revenue
performance is driven by tariffs set by the state and
insurers, and we use GDP as an indication of the state's
willingness to pay for health care.
-- No significant price cuts in France or Belgium, but some in
Luxembourg.
-- Continued strong double-digit sales growth in 2015 and
2016, owing to management's planned pace of acquisitions.
Without external growth, S&P believes that underlying
revenue growth will be in the 0%-2% range as any volume
increase is likely to be offset by price reduction.
Operating margins to remain stable, assuming a swift
integration of acquired companies.
-- Continuing efficiency improvements. The centralization of
the group's laboratories drives margin stability, which S&P
estimates will remain about 23%.
-- Annual maintenance capital expenditure of EUR15 million.
-- Acquisition spending of EUR315 million in 2015, which
includes the acquisition of Novescia, and EUR80 million
annually thereafter.
-- Only small dividends of about EUR3 million per year to
minority shareholders.
Based on these assumptions, S&P arrives at these credit measures:
-- An adjusted debt-to-EBITDA ratio of about 6x on average.
-- Adjusted FFO cash interest coverage of about 2.2x on
average over the next three years.
The stable outlook reflects S&P's view that over the next 12-18
months, the group's market position, increasing scale, and
operating model should enable it to successfully integrate newly
acquired businesses. At the same time, the group should be able
to sustain positive underlying revenue growth of at least low
single digits and maintain its profitability and its positive
cash flow generation, despite reimbursement tariff pressure.
S&P views adjusted FFO cash interest coverage exceeding 2x at all
times, as is commensurate with the 'B+' rating.
S&P could take a negative rating action if the group's adjusted
FFO cash interest coverage drops to less than 2x. This would
most likely occur if operating margins deteriorate due to the
group's inability to profitably integrate newly acquired
operations or if the company undertakes sizable debt-financed
acquisition before it fully integrates Novescia.
A positive rating movement is unlikely over the next 12-18
months, as S&P projects debt to EBITDA to remain above 5x and as
such in the "highly leveraged" category. This assumption
reflects that the company is operating in a consolidating
industry and is likely to use available cash for acquisitions.
However, S&P would likely take a positive rating action if the
company sustains adjusted debt to EBITDA of less than 5x. In
view of the amount of deleveraging required to achieve this, S&P
considers it would most likely occur because of a change in
financial policy.
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G E R M A N Y
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OAK HILL III: Moody's Rates EUR11.7MM Class F Notes '(P)B2'
-----------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Oak Hill European Credit
Partners III Limited:
-- EUR201,100,000 Class A-1 Senior Secured Floating Rate Notes
due 2028, Assigned (P)Aaa (sf)
-- EUR5,300,000 Class A-2 Senior Secured Fixed Rate Notes due
2028, Assigned (P)Aaa (sf)
-- EUR31,600,000 Class A-3 Senior Secured Fixed/Floating Rate
Notes due 2028, Assigned (P)Aaa (sf)
-- EUR31,800,000 Class B-1 Senior Secured Floating Rate Notes
due 2028, Assigned (P)Aa2 (sf)
-- EUR12,700,000 Class B-2 Senior Secured Fixed Rate Notes due
2028, Assigned (P)Aa2 (sf)
-- EUR23,500,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2028, Assigned (P)A2 (sf)
-- EUR20,500,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2028, Assigned (P)Baa2 (sf)
-- EUR30,500,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2028, Assigned (P)Ba2 (sf)
-- EUR11,700,000 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.
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, Oak Hill Advisors
(Europe), LLP ("Oak Hill Advisors "), has sufficient experience
and operational capacity and is capable of managing this CLO.
Oak Hill European Credit Partners III Limited is a managed cash
flow CLO. At least 90% of the portfolio must consist of senior
secured obligations and up to 10% of the portfolio may consist of
senior unsecured obligations, second-lien loans, mezzanine
obligations and high yield bonds. 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.
Oak Hill Advisors 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 risk obligations or credit improved
obligations, and are subject to certain restrictions.
In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR 48,000,000 of subordinated notes which will
not be rated.
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.
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 400,000,000
- Diversity Score: 35
- Weighted Average Rating Factor (WARF): 2750
- Weighted Average Spread (WAS): 4.10%
- Weighted Average Coupon (WAC): 5.00%
- Weighted Average Recovery Rate (WARR): 40.00%
- Weighted Average Life (WAL): 8 years.
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 3163 from 2750)
Ratings Impact in Rating Notches:
- Class A-1 Senior Secured Floating Rate Notes: 0
- Class A-2 Senior Secured Fixed Rate Notes: 0
- Class A-3 Senior Secured Fixed/Floating Rate Notes: 0
- Class B-1 Senior Secured Floating Rate Notes: -2
- Class B-2 Senior Secured Fixed 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: -1
Percentage Change in WARF: WARF +30% (to 3575 from 2750)
- Class A-1 Senior Secured Floating Rate Notes: -1
- Class A-2 Senior Secured Fixed Rate Notes: -1
- Class A-3 Senior Secured Fixed/Floating Rate Notes: -1
- Class B-1 Senior Secured Floating Rate Notes: -3
- Class B-2 Senior Secured Fixed 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: -3
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
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. Oak Hill Advisors's investment
decisions and management of the transaction will also affect the
notes' performance.
PATERNOSTER HOLDING: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Paternoster Holding III GmbH (Pater
III), the parent company of Germany-based component manufacturer
Wittur International Holding GmbH (Wittur). The outlook is
stable.
At the same time, S&P assigned its 'B' issue rating to the EUR260
million senior secured facilities (comprising a EUR65 million
revolving credit facility [RCF] and a EUR195 million term loan),
in line with S&P's corporate credit rating. The facilities are
issued by Paternoster Holding IV GmbH (Pater IV), an intermediate
holding company between Pater III and Wittur. The recovery
rating on these facilities is '3', indicating S&P's expectation
of meaningful recovery prospects in the higher half of the 50%-
70% range.
S&P also assigned its 'CCC+' issue rating to the EUR225 million
senior notes due in 2023 and issued by Pater III, two notches
below the corporate credit rating. The recovery rating on these
notes is '6', reflecting their unsecured status and subordination
to the senior secured debt facilities.
The ratings on Pater III incorporate these finalized transaction
details:
-- Funds advised and managed by the private equity firm Bain
Capital have acquired 100% of Wittur's share capital for
approximately EUR620 million, including repayment of
exiting net debt and fees and expenses. The transaction
closed at the end of March 2015.
-- Pater IV issued the EUR195 million seven-year floating-rate
senior secured loan and the EUR65 million six-year RCF.
-- Pater III issued the EUR225 million eight-year fixed-rate
senior notes.
S&P bases its analysis on the credit metrics of Wittur, given
that it is the group's main operating entity. The ratings
reflect S&P's view of Wittur's business risk profile as "weak"
and its financial risk profile as "highly leveraged," as S&P's
criteria define these terms.
S&P's assessment of Wittur's business risk profile reflects its
positioning in a fragmented niche industry in the capital goods
sector, as well as its limited product diversification and strong
customer concentration. S&P's assessment is constrained by
Wittur's relatively small scale. Still, S&P views positively the
company's strong market positions in its niche business line, its
good reputation, the growth potential of its end markets, and the
strength and longstanding nature of its customer relations. The
business risk profile is also supported by the company's
international manufacturing footprint and management's focus on
cost optimization.
S&P's assessment of Wittur's financial risk profile reflects
S&P's expectation that the company's adjusted gross debt-to-
EBITDA ratio will exceed 6x in 2015 and be slightly below 6x in
2016. At year-end 2015, S&P estimates that Pater III's adjusted
debt will be about EUR475 million. This comprises the EUR420
million new debt to be issued at the leveraged buyout's closing,
a pension deficit of about EUR9 million, operating leases of
about EUR5 million, and vendor financing structured as a deferred
consideration of about EUR40 million. S&P treats the vendor
loans as debt because they do not meet its criteria for equity
treatment.
The stable outlook reflects Wittur's strong niche market position
in an industry with favorable growth prospects. S&P also expects
that Wittur will improve its EBITDA margin over the next few
years. Under S&P's base case, it assumes that debt to EBITDA
will improve to less than 6x by year-end 2016. In addition, S&P
projects that the FFO and EBITDA cash interest coverage ratios
will remain above 2x and that Wittur will continue to generate
positive FOCF.
S&P could raise the ratings if Wittur's debt to EBITDA fell below
5x, although S&P thinks this is highly unlikely in the short
term.
S&P could lower the ratings if Wittur's liquidity weakened
following a sudden drop in demand from one of its main customers,
or if it had reputational or quality problems. S&P could also
consider a downgrade if Wittur's operating performance
deteriorated, leading to an increase in adjusted debt to EBITDA
to above 7x without near-term prospects of reduction. A
downgrade could also result from Wittur's inability to maintain
FFO and EBITDA cash interest coverage ratios above 2x or if FOCF
was to turn negative.
TALISMAN-7 FINANCE: S&P Cuts Ratings on 2 Note Classes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D(sf)' from
'CC(sf)' its credit ratings on Talisman-7 Finance Ltd.'s class I
and J notes.
The downgrades reflect the issuer's application of principal
amount outstanding (PAO) reduction amounts to the class I and J
notes following the resolution of the Handel and Hoff loans. The
Handel loan repaid at a loss of EUR10.3 million and the Hoff loan
at EUR0.5 million.
On the January 2015 interest payment date (IPD), the issuer
applied a total of EUR10.8 million in PAO reduction amounts to
the class I and J notes. In this transaction, PAO reduction
amounts accrue on the PAO deficiency ledger and interest does not
accrue on the portion of the notes subject to a PAO reduction
amount.
S&P's ratings in Talisman-7 Finance address the timely payment of
interest and the payment of principal by the legal final maturity
date in April 2017.
Due to the PAO reduction amounts, on the April 2015 IPD, the
class I and J notes experienced an interest shortfall not covered
by the available funds cap. In S&P's view, they will likely
continue to experience shortfalls on future IPDs and will
experience a principal loss at legal final maturity. As a
result, S&P has lowered to 'D (sf)' from 'CC (sf)' its ratings on
the class I and J notes, in line with S&P's relevant criteria.
Talisman-7 Finance is a 2007-vintage securitization with six
remaining loans that are secured on German commercial properties.
RATINGS LIST
Talisman-7 Finance Ltd.
EUR1.826 bil commercial mortgage-backed floating-rate notes
Rating Rating
Class Identifier To From
I XS0304913436 D (sf) CC (sf)
J XS0304913949 D (sf) CC (sf)
TAURUS 2015-2: Moody's Rates EUR74.1MM Class E Notes 'Ba2'
----------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to the debt issuance of Taurus 2015-2 DEU Limited:
-- EUR153M A Notes, Definitive Rating Assigned Aaa (sf)
-- EUR61.2M B Notes, Definitive Rating Assigned Aa2 (sf)
-- EUR61.2M C Notes, Definitive Rating Assigned A3 (sf)
-- EUR55.7M D Notes, Definitive Rating Assigned Baa3 (sf)
-- EUR74.1M E Notes, Definitive Rating Assigned Ba2 (sf)
-- EUR39.8M F Notes, Definitive Rating Assigned B2 (sf)
Moody's has not assigned definitive ratings to the Class X Notes
of the Issuer.
Taurus 2015-2 DEU Limited is a true sale transaction backed by a
single loan, secured over a large mixed use office and hotel
asset connected to Frankfurt International Airport Terminal 1.
The loan was granted by Bank of America Merrill Lynch
International to refinance existing debt.
The rating actions are based on (i) Moody's assessment of the
real estate quality and characteristics of the collateral, (ii)
analysis of the loan terms and (iii) the legal and structural
features of the transaction.
The key parameters in Moody's analysis are the default
probability of the securitized loan (both during the term and at
maturity) as well as Moody's value assessment of the collateral.
Moody's derives from these parameters a loss expectation for the
securitized loan.
In Moody's view the key strengths of the transaction include (i)
the quality of the collateral consisting of a highly modern
office and hotel complex, (ii) strong tenant covenants and (iii)
two well performing Hilton hotels that benefit from direct
connection to the airport terminal.
Challenges in the transaction include (i) the non-traditional
office location likely only attracting tenants who want to be in
close proximity to the airport, (ii) exposure to hotel operating
performance, which is more volatile than other property types
(iii) concentrated tenant exposures and (iv) a high loan leverage
compared to other loans in CMBS 2.0 transactions, (v) the
borrower not being a newly established special purpose entity.
Moody's day-1 loan to value ratio (LTV) is 80.3% at the cut-off.
Despite some amortization during the loan term, Moody's LTV at
loan maturity is 83.9% due to a lower value attached to the
office portion of the building resulting from the shorter
remaining lease term of the largest tenants, especially KPMG.
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA Single Borrower
securitization are calculated by stressing key variable inputs in
Moody's primary rating model. Moody's principal portfolio model
inputs are Moody's loan default probability (Moody's DP) and
Moody's modelling value (Moody's Model Value). In the Parameter
Sensitivity analysis, we assumed the following stressed
scenarios: Moody's Model Value decreased by -20% and -40% and
Moody's DP increased by 50% and 100%. The parameter sensitivity
outcome ranges from 0 to 4 notches for Class A, 1 to 9 notches
for Class B, 2 to 9 notches for Class C, 1 to 8 notches on Class
D, 2 to 7 notches for Class E and 1 to 4 notches for Class F.
Main factors or circumstances that could lead to a downgrade of
the ratings are (i) a decline in the property value backing the
underlying loan, (ii) an increase in the default probability
driven by declining loan performance or increase in refinancing
risk, or (iii) an increase in the risk to the notes stemming from
transaction counterparty exposure (most notably the account bank,
the liquidity facility provider or borrower hedging
counterparties).
Main factors or circumstances that could lead to an upgrade of
the ratings are generally (i) an increase in the property values
backing the underlying loan, or (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk.
The rating for the Notes addresses the expected loss posed to
investors by the legal final maturity. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on, or before, the final legal
maturity date. Moody's ratings address only the credit risks
associated with the transaction; other non-credit risks have not
been addressed but may have significant effect on yield to
investors. Moody's ratings do not address the payment of any AFC
Payment or any Default Interest Amount defined in the Offering
Circular.
TAURUS 2015-2: S&P Assigns 'B' Rating to Class F Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
Taurus 2015-2 DEU Ltd.'s class A to F notes. At closing, Taurus
2015-2 DEU also issued unrated class X notes.
The notes are secured on a German commercial mortgage loan that
Bank of America Merrill Lynch International Ltd. (BAML)
originated in December 2014.
The loan facilitated the refinancing, by IVG Immobilien, of one
of Germany's largest office buildings, THE SQUAIRE, located
adjacent to Frankfurt Airport. The loan-to-value (LTV) ratio at
closing was 72.7%. The loan amortizes by 5.0% over its term.
Its event of default covenants are triggered at an 80.0% LTV
ratio, or a 1.20x debt service coverage ratio (DSCR). A 1.30x
DSCR would trigger a mandatory cash trap.
S&P considers that the asset can sustain net cash flows of
EUR32.0 million in a 'B' (or "expected case") rating scenario.
This would imply an initial interest coverage ratio of about
2.3x. S&P's net recovery value for the asset is about EUR492
million, representing a 24% haircut (discount) to the open market
valuation.
S&P evaluated the underlying real estate collateral securing the
loan in order to generate this expected case value. S&P's
analysis focused on sustainable property cash flows and
capitalization rates. S&P assumed that a real estate workout
would be required throughout the six-year tail period needed to
repay noteholders if the borrower were to default. The tail
period is the period between the maturity date of the loan and
the transaction's final maturity date. S&P then determined the
recovery proceeds for the loan by applying a recovery proceeds
rate at each rating category. This analysis begins with the
adoption of base market value declines and recovery rate
assumptions for different rating levels. At each rating
category, S&P adjusted the base recovery rates to reflect
specific property, loan, and transaction characteristics.
S&P compared the derived recovery proceeds with the proposed
capital structure. Following S&P's credit analysis it considers
the available credit enhancement for each class of notes to be
commensurate with the ratings that S&P has assigned to the notes.
RATINGS LIST
Ratings Assigned
Taurus 2015-2 DEU Ltd.
EUR445.2 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating Amount
(mil. EUR)
A AAA (sf) 153.0
X NR 0.2
B AA (sf) 61.2
C A (sf) 61.2
D BBB (sf) 55.7
E BB- (sf) 74.1
F B (sf) 39.8
NR--Not rated.
XELLA INT'L: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Germany-based building products
manufacturer Xella International S.A. (Xella). The outlook is
stable.
S&P assigned its 'B+' issue rating to the proposed EUR215 million
senior secured term loan G to be issued under the existing senior
facilities agreement. S&P assigned a recovery rating of '3' to
this facility, indicating its expectation of meaningful (50%-70%)
recovery in the event of a payment default. S&P expects recovery
prospects to be in the higher half of the range.
At the same time, S&P lowered its issue rating on the existing
EUR325 million senior secured notes issued by special-purpose
vehicle Xefin Lux S.C.A. to 'B+' from 'BB-', as S&P revised its
recovery rating on Facility D2, whose terms are back-to-back with
the notes, downward to '3' from '2'.
The affirmation follows the group's announcement that it is
seeking to roll over various tranches of existing term loans into
a new EUR318 million term loan and EUR75 million revolving credit
facility (RCF). Both these facilities will have a bullet maturity
in December 2018. Additionally, the group proposes to issue a
EUR215 million term loan G, maturing in March 2019, to refinance
its payment-in-kind (PIK) toggle notes.
In S&P's base case, it assumes that the group will be able to
complete the proposed transaction, based on S&P's assessment of
its sound relationship with its lenders, relatively good credit
standing, and its demonstrated track record of being able to
reduce senior debt. If the proposed transaction does not
complete, S&P will review the rating on Xella, with a focus on
its qualitative assessment of the group's liquidity position.
S&P considers that postponement of debt maturities through this
proposed amendment will provide additional financial flexibility
to Xella over next two years. Excluding one-off costs relating
to the group's implementation of its lean management program, S&P
anticipates broadly flat credit metrics. However, S&P expects a
dip in funds from operations (FFO) cash interest coverage as cash
interest costs increase due to the new EUR215 million term loan.
For financial-year 2014 (ended Dec. 31), the group's actual 1%
revenue growth was weaker than S&P's base-case expectation of 5%,
because of weaknesses in southwestern Europe and Russia. S&P
expects that some of these regions will continue to struggle in
2015.
Xella is Europe's leading producer of autoclaved aerated concrete
and calcium silicate units. The company has good diversification
across a variety of product lines and, to a lesser extent, end
markets. S&P also considers the low volatility in the group's
profitability over past seven years as a key rating factor. That
said, Xella operates in a highly cyclical industry owing to its
high exposure to new construction markets that can exhibit
volatile demand. Xella also has sizable exposure to energy
prices and commodity price fluctuations, which put pressure on
the company's profitability. S&P assess its business risk
profile as "satisfactory."
S&P's base case assumes:
-- GDP growth of 2.2% for Germany and 1.5% for the eurozone in
2015.
-- Revenue growth of about 1%-3% in 2015, largely supported by
growth in Germany, the Czech Republic, The Netherlands, and
the U.K.
-- Stable EBITDA margins, before incorporating any impact of
one-off costs.
-- One-off costs of about EUR45 million in 2015 and EUR10
million in 2016, which S&P deducts from S&P's EBITDA
calculation in line with its criteria. These costs relate
to the implementation of a lean management program.
-- Capital expenditure (capex) of about EUR100 million for
2015 (including expansionary and one-off capex of about
EUR50 million)
Based on these assumptions, S&P arrives at these credit measures:
-- Standard & Poor's-adjusted debt to EBITDA of about 12x in
2015 (6x excluding the shareholder loan) and 9.3x in 2016
(5x excluding the shareholder loan);
-- FFO to debt of about 2% (8% excluding the shareholder
loan); and
-- FFO cash interest coverage of 3x-4x.
On the basis of the proposed capital structure, S&P assess
Xella's liquidity as "adequate," as S&P's criteria define this
term.
Xella's liquidity sources for 2015 comprise:
-- Cash on the balance sheet of EUR123 million;
-- EUR54 million available under a EUR75 million committed RCF
as of Dec. 31, 2014, which matures in December 2018;
-- S&P's forecast of unadjusted FFO of about EUR110 million;
and
-- Cash of about EUR215 million from the new debt tranche.
S&P calculates Xella's uses of liquidity for 2015 as:
-- EUR215 million for the repayment of the PIK toggle note
(including transaction costs);
-- Working capital outflow of about EUR90 million, including
EUR70 million of seasonal swings, which S&P anticipates
will have reversed by the end of the year; and
-- Net capex of about EUR100 million.
Xella will have additional financial flexibility over next two
years under the amended facility, with no debt amortization and
covenant headroom of about 20%. But S&P anticipates higher
refinancing risk in 2018, when about EUR600 million of debt
(including the RCF) matures between December 2018 and March 2019.
While S&P forecasts headroom to reduce below 15% under the
current set of covenants, it also acknowledges that the company
has demonstrated a track record of prudent risk management by
addressing potential liquidity challenges well in advance, as it
is doing currently. Nevertheless, if the proposed amendment does
not complete as envisaged, then S&P will reassess its view on the
group's liquidity.
The stable outlook reflects S&P's view of Xella's good market
position and its track record of maintaining low volatility in
its absolute profitability, which will continue to support the
group's cash flows. The outlook also reflects S&P's forecast
that Xella will maintain FFO interest coverage of above 3x over
the next 18 months.
S&P could consider lowering the rating if it sees a deterioration
in the group's credit metrics, including FFO cash interest
coverage falling below 3x. This could result from depressed end
markets and pricing pressure or the incurrence of additional
cash-interest paying debts to replace existing PIK shareholder
loan instruments. Additionally, a downgrade could result if the
group's liquidity deteriorates; for example, a proposed loan
extension doesn't go through and covenant headroom is below 10%
for sustained period.
Although unlikely in the near term, S&P could consider raising
the ratings as a result of significant deleveraging, which could
materialize if, for example, the company went ahead with a stock
market listing.
===========
G R E E C E
===========
ATHENS: Moody's Lowers Issuer Rating to Caa2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service EMEA Limited downgraded the issuer
rating of the City of Athens to Caa2 from Caa1. The rating action
concludes the review for downgrade initiated on Feb. 9, 2015. The
rating outlook is negative.
The rating action follows Moody's downgrade of Greece's
government bond rating to Caa2 (negative outlook) from Caa1
(review for downgrade) on April 29, 2015.
Moody's rating action on the City of Athens reflects the rating
agency's assessment of the increase in systemic risk driven by
(1) the high and rising uncertainty over whether Greece's
government will reach agreement with official creditors in time
to meet upcoming repayments on marketable debt, and (2) the
significant implementation risks of a medium-term financing
program.
The downgrade of the rating on the City of Athens reflects its
close operational and financial linkages with the Greek
government and the lack of special status, which prevents the
city from being rated above the sovereign. Municipalities in
Greece, including the City of Athens, cannot act independently
from the sovereign and do not have enough financial flexibility
to permit their credit quality to be stronger than that of the
sovereign.
In addition, institutional linkages intensify the close ties
between the two levels of government through the sovereign's
ability to change the institutional framework under which Greek
municipalities operate.
Although Athens has good autonomy in management, Moody's notes
that the city is highly reliant on central government transfers
for operations and capital investments, and has a high level of
integration of its local economic base with that of the national
economy. City of Athens derives around 40% of its operating
revenues from central government transfers (second largest source
of income) and capital investments are almost entirely funded by
government grants and EU funds.
The negative outlook on the rating of the City of Athens mirrors
the negative outlook on the sovereign government bond rating.
Given the negative outlook assigned to the sovereign bond rating,
an upgrade of the rating is unlikely.
Further deterioration in the sovereign's credit quality
accompanied by the deterioration in its credit profile will exert
downward pressure on the City of Athens' rating. In addition, the
Greek government recently issued an emergency decree requiring
public sector bodies to transfer their cash reserves to the
central bank. Moody's will monitor the impact of this measure on
Athens' liquidity position.
The sovereign action required the publication of this credit
rating action on a date that deviates from the previously
scheduled release date in the sovereign release calendar.
The specific economic indicators, as required by EU regulation,
are not available for Athens, City of. The following national
economic indicators are relevant to the sovereign rating, which
was used as an input to this credit rating action.
Sovereign Issuer: Greece, Government of
-- GDP per capita (PPP basis, US$): 25,859 (2014 Actual) (also
known as Per Capita Income)
-- Real GDP growth (% change): 0.8% (2014 Actual) (also known
as GDP Growth)
-- Inflation Rate (CPI, % change Dec/Dec): -2.6% (2014 Actual)
-- Gen. Gov. Financial Balance/GDP: -3.5% (2014 Actual) (also
known as Fiscal Balance)
-- Current Account Balance/GDP: 0.9% (2014 Actual) (also known
as External Balance)
-- External debt/GDP: [not available]
-- Level of economic development: Low level of economic
resilience
-- Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On April 29, 2015, a rating committee was called to discuss the
rating of the Athens, City of. The main points raised during the
discussion were: The systemic risk in which the issuer operates
has materially increased.
The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
GREECE: No Bailout Deal Yet; Spain, Portugal Can Withstand Grexit
-----------------------------------------------------------------
Nikos Chrysoloras, Jeff Black and Marcus Bensasson at Bloomberg
News report that Greece is still far from an agreement with its
international creditors as Prime Minister Alexis Tsipras tries to
persuade officials to ease the flow of liquidity to the country.
According to Bloomberg, three people familiar with the talks said
three days before the European Central Bank's next decision on
emergency aid, gaps remain on issues ranging from fiscal
forecasts to labor and pension reforms. The officials, as cited
by Bloomberg, said still, progress has been made in an improved
atmosphere and Greece should have the cash to make a 200-million-
euro ($223 million) payment to the International Monetary Fund
this week.
"We believe our red lines are for the benefit of the economy and
society," Bloomberg quotes Greek government spokesman Gabriel
Sakellaridis told reporters in Athens on May 3. Mr. Sakellaridis
said progress in talks should be accompanied by easier liquidity
terms as no reforms can be done under a cash crunch, Bloomberg
relates.
The fiscal noose is tightening on Greece after weeks of
brinkmanship and Prime Minister Alexis Tsipras needs to show
European officials that he's willing to find a compromise,
Bloomberg notes. Failure to do so could prompt the ECB to raise
the haircut it demands on Greek collateral as soon as May 6, a
decision which would risk pushing the country further toward
financial chaos and capital controls, Bloomberg states.
A Greek official earlier said the government is targeting a
successful conclusion of this stage of talks by Wednesday, May 6,
which the country hopes will be enough for the ECB to relax,
rather than tighten, liquidity conditions, Bloomberg relays.
According to Bloomberg, Mr. Sakellaridis said beyond that, Greece
wants to reach a broader agreement with creditors this month.
International officials stressed there's a long way to go,
despite the recent progress, Bloomberg notes.
Greek Exit
According to The Wall Street Journal's Simon Nixon, if anyone was
going to blink over Greece, one might think it would be Spain or
Portugal -- the two countries widely considered most at risk if
Greece leaves the eurozone.
Goldman Sachs warned in an eye-catching report last week that if
Greece does exit the euro, Spain's borrowing costs could rise to
four percentage points above Germany's, compared with a spread of
one percentage point now.
Greece has largely based its brinkmanship is based on an
assumption that the eurozone will ultimately capitulate to its
demands to prevent chaos spreading across the currency bloc, The
Journal notes.
Yet it is striking that Spain and Portugal aren't clamoring for a
eurozone capitulation but are among the hardest of hard-liners in
demanding Greece respect the conditions of its loan agreements,
The Journal states. This isn't just a negotiating tactic, The
Journal says. Publicly, Madrid and Lisbon say they hope Greece
will remain in the eurozone, but senior figures in Madrid and
Lisbon are privately clear that they believe it would be better
for Greece to leave than to risk the chaos of tearing up eurozone
rules, The Journal relays.
Of course, this partly reflects domestic politics: Madrid and
Lisbon are acutely aware that conceding too much to Athens would
embolden their own radical leftist opposition, according to The
Journal. But it also reflects a growing confidence that the
Spanish and Portuguese economies -- thanks to their own efforts
and those of the eurozone -- are now resilient enough to withstand
the shock, The Journal notes.
True, both the Spanish and Portuguese economies still suffer from
significant vulnerabilities, The Journal states.
Although Spain is now running a small current-account surplus,
which means it is no longer adding to this stock of foreign
liabilities, the country remains vulnerable to a sudden change in
investor sentiment, according to The Journal.
Portugal, The Journal says, also has a stock of debt problem, in
this case the very high level of outstanding private-sector
borrowing, which remains a drag on growth.
GREECE: Moody's Says Euro Exit Should Not Be Underestimated
-----------------------------------------------------------
The direct economic and financial impact of a Greek exit from the
euro area would be small, but an exit would undermine the euro
area's longer-term resilience somewhat and could yet trigger a
more immediate confidence shock, disrupting government debt
markets, Moody's Investors Service says in a report.
The report, entitled "Greek Euro Area Exit Might Be Manageable,
But Risks Should Not Be Underestimated", is available through the
links at the end of this press release.
Moody's expects Greece (Caa2, Negative Outlook) to reach an
agreement with its creditors and avoid default. However, lack of
progress so far means the probability of a default, and of exit,
is rising.
"The impact of a Greek exit should not be underestimated," says
Alastair Wilson, Managing Director -- Global Sovereign Risk. "The
direct impact might be limited because of Greece's limited trade
links and lower financial market exposure to Greece in other euro
area countries. But exit could nevertheless cause a confidence
shock and disrupt government debt markets."
The report notes that neither the Greek government nor the
electorate appear to view exit as desirable. The euro area
authorities also have an incentive to avoid a Greek exit because
it would set a significant precedent and crystallize losses to
euro area authorities from loans to Greece.
Default would not necessarily lead to Greece's exit from the euro
area. The chain of events that could lead to exit is difficult to
predict. Moody's would expect negotiations to continue for a
period. However, should exit occur, it would set a significant
precedent, undermining the resilience of a currency union that
was designed to be irreversible.
"Greece leaving the euro area would offer an example that might
be followed in future," Mr. Wilson adds. "That would inevitably
influence the course of future reform and fiscal consolidation
programs. It would raise, even if only a little, the likelihood
that they too could end in default and exit."
A more immediate threat could be a shock to confidence that
damaged the functioning of euro area government bond markets. The
risk of that happening is lower than in 2012, in part because the
euro area financial system and economy are in a stronger position
than three years ago. Policymakers' response to exit would
determine the extent of any contagion, the report says.
Should such a confidence shock occur, it would be particularly
negative for periphery countries with high and rising debt
burdens and ongoing fiscal consolidation challenges.
OLYMPIC AIRLINES: Insolvency Affects Pension Scheme Benefits
------------------------------------------------------------
Robert Crawford at Employee Benefits reports that the Supreme
Court has ruled that Olympic Airlines is unable to enter the
Pension Protection Fund (PPF) because it did not have an
establishment in the UK during its insolvency proceedings.
The case, Trustees of the Olympic Airlines SA Pension and Life
Assurance Scheme (Appellants) v Olympic Airlines, relates to the
airline's insolvency in 2009, Employee Benefits discloses. It
entered insolvency in Greece and despite having UK-based
operations and a UK defined benefit (DB) pension scheme, it did
not have a subsidiary firm in the UK, Employee Benefits recounts.
The organization first wound up by a court in Athens, Greece, on
October 2, 2009 at which time Olympic Airlines was considered
unlikely to make good on its pensions deficit, Employee Benefits
relays.
However, members of the scheme were eligible for compensation,
payable from the date on which a qualifying insolvency event
occurred, Employee Benefits states.
There were two possible dates for this to occur: July 20, 2010,
when the trustees of the pension scheme presented winding-up
petitions in the UK, and on October 2, 2014, on the fifth
anniversary of the start of the main liquidation proceedings in
Greece, Employee Benefits discloses.
Under European insolvency regulations, EU member states can start
secondary proceedings if there is a debt owed to a resident of
that state, Employee Benefits notes.
By July 20, Olympic Airlines had closed all its UK offices and
was not carrying our any business activity, so it was ruled it
did not have an establishment in the UK at that point meaning
members of its pension scheme could not secure benefits from the
PPF, Employee Benefits relays.
According to Employee Benefits, although regulations became law
in April 2014 to make amendments that would permit the scheme to
enter the PPF, these were not broad enough to catch any other
schemes and took effect five years after the start of the
insolvency.
Olympic Airlines, formerly named Olympic Airways for at least
four decades, was the flag carrier airline of Greece with their
head office in Athens. They operated services to 37 domestic
destinations and to 32 destinations world-wide.
PIRAEUS BANK: Moody's Cuts Long-Term Deposit Ratings to Caa3
------------------------------------------------------------
Moody's Investors Service downgraded to Caa3 from Caa2 the long-
term deposit and senior debt ratings of three Greek banks:
Piraeus Bank S.A., National Bank of Greece S.A., Alpha Bank AE.
At the same time, the rating agency confirmed the Caa3 long-term
deposit and senior debt ratings of Eurobank Ergasias S.A. and
Attica Bank S.A.. All banks' long-term deposit and senior debt
ratings carry negative outlooks.
The rating action is primarily driven by the continued
deterioration in the banks' funding and liquidity, including
sustained deposit outflows and the increased risk of capital
controls. Additionally, the rating action also takes into account
(1) the weakening operating environment, which will aggravate
asset quality pressures and constrain banks' earnings generating
capacity, and (2) the high proportion of deferred tax assets
(DTAs) and Greek sovereign exposures that undermine the banks'
capital and solvency. The bank rating action follows the
deterioration of the Greek government's credit profile, as
reflected by the downgrade of Greece's sovereign rating to Caa2
(negative) from Caa1 and the lowering of its deposit ceiling to
Caa3 from Caa1.
This rating action concludes the review for downgrade initiated
on Greek bank ratings in February 2015.
Deterioration in the Banks' Funding and Liquidity:
The primary driver of the action to position all the Greek banks'
deposit and debt ratings at Caa3, with negative outlook, is the
system-wide weakening of funding and liquidity, owing to both
significant private-sector deposit outflows, which Moody's
estimates at around EUR32 billion since early December 2014, and
international banks' reduced appetite to engage in repo
transactions with Greek banks. As a result, the rating agency
estimates that Greek banks' dependence on Eurosystem funding,
both in the form of European Central Bank (ECB) funding and
higher-cost emergency liquidity assistance (ELA) from the Bank of
Greece, has increased to more than EUR110 billion, representing
approximately 31% of the system's total assets.
Moody's also acknowledges the risk of a possible revision by the
ECB of the haircuts imposed on collateral posted by Greek banks
for ELA purposes, elevating the downside funding risks. Although
the rating agency estimates the banks' current ELA collateral
buffer at around EUR40 billion, representing around 30% of
remaining deposits, the availability of ELA remains contingent on
ECB's governing council approval, rendering the banks' liquidity
susceptible to government-related developments.
In the context of the above developments, Moody's considers that
the risk of capital controls to stem any additional deposit
outflows has increased. This risk is also captured by the
revision of Greece's deposit ceiling to Caa3 from Caa1. Any
restriction on depositor withdraws would be treated as a deposit
default. Moody's believes that this heightened risk is captured
by the uniform positioning of all Greek banks' deposit ratings at
Caa3 (negative).
Weakening Operating Conditions Will Affect Asset Quality and
Earnings Generation:
The rating action also takes into account the expected
deterioration of the banks' asset quality and earnings, owing to
weakening economic conditions. Moody's expects GDP growth to slow
to 0.5% in 2015, compared to 2.9% that was originally envisaged
for 2015 in the country's support program and 0.7% achieved in
2014. The rating agency also notes that the new government has
been promoting borrower-friendly measures to alleviate the debt
burden on low-income and vulnerable debtors, including proposing
legislation to protect primary residences from foreclosures. As a
result of these developments, Moody's expects non-performing
loans (NPLs) to increase in 2015, from the already very high
level of 34.2% of gross loans reported for the system as of
December 2014, triggering additional loan loss provisions.
These higher loan loss provisions, in conjunction with the
dampening effect of weaker economic expansion on credit growth
and revenues, will likely reverse the improving quarterly trend
in the banks' pre-provision income (PPI) recorded in 2014.
Capital Is Undermined By High DTAs and Sovereign Exposure:
The rating action also incorporates the relatively weak quality
of Greek banks' capital, which is undermined by the high level of
deferred tax assets (DTAs) and Greek sovereign exposures.
DTAs, which mainly relate to banks' loan losses and the
government securities debt exchange losses in 2012, comprise on
average a relatively high 55% of the banking system's common
equity Tier 1 (CET1) capital. In addition, the banking system's
overall sovereign exposure mainly through treasury bills (T-
bills) and other sovereign-related securities and loans accounted
for around 80% of CET1 capital as of December 2014.
Both the sovereign exposures and the DTAs dilute the banks'
capital quality and their loss-absorption capacity, and could
also raise questions with regards to their solvency as viewed by
the ECB for ELA purposes. These considerations outweigh the Greek
banks' recapitalization in 2013-14 and estimated average CET1
capital ratio of 13.7% for the system as of December 2014.
The negative outlooks on Greek banks' ratings signal their
limited upside potential.
Should the imposition of capital controls become inevitable, or
have occurred, or access to central bank funding is restricted,
Moody's would further downgrade the banks' baseline credit
assessment (BCA) to ca. In that case, the debt and deposit
ratings would be positioned at levels that capture the likelihood
of default and recovery rates for the relevant creditor classes.
In addition, the ratings could be downgraded if the rating agency
considers that potential asset-quality deterioration will consume
significant capital, further compromising the banks' solvency.
Issuer: Alpha Bank AE
-- Baseline Credit Assessment, Downgraded to caa3 from caa2
-- Adjusted Baseline Credit Assessment, Downgraded to caa3 from
caa2
-- Long-term Bank Deposit Ratings, Downgraded to Caa3 Negative
from Caa2 Rating Under Review for Downgrade
-- Short-term Bank Deposit Ratings, Affirmed NP
-- Senior Unsecured Medium-Term Note Program, Downgraded to
(P)Caa3 from (P)Caa2
-- Backed Senior Unsecured Medium-Term Note Program, Downgraded
to (P)Caa3 from (P)Caa2
-- Subordinated Medium-Term Note Program, Downgraded to (P)Ca
from (P)Caa3
-- Short-term Medium-Term Note Program, Affirmed (P)NP
-- Outlook, Negative
Issuer: Alpha Credit Group plc
-- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
to Caa3 Negative from Caa2 Rating Under Review for Downgrade
-- Backed Subordinated Regular Bond/Debenture, Downgraded to Ca
from Caa3 Rating Under Review for Downgrade
-- Backed Senior Unsecured Medium-Term Note Program, Downgraded
to (P)Caa3 from (P)Caa2
-- Backed Subordinated Medium-Term Note Program, Downgraded to
(P)Ca from (P)Caa3
-- Backed Short-term Medium-Term Note Program, Affirmed (P)NP
-- Backed Short-term Commercial Paper, Affirmed NP
-- Outlook, Negative
Issuer: Alpha Group Jersey Limited
-- Backed Senior Unsecured Medium-Term Note Program, Downgraded
to (P)Caa3 from (P)Caa2
-- Backed Subordinated Medium-Term Note Program, Downgraded to
(P)Ca from (P)Caa3
-- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)
-- Outlook, Negative
Issuer: Emporiki Group Finance Plc
-- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
to Caa3 Negative from Caa2 Rating Under Review for Downgrade
-- Outlook, Negative
Issuer: Attica Bank S.A.
-- Baseline Credit Assessment,Confirmed at caa3
-- Adjusted Baseline Credit Assessment, Confirmed at caa3
-- Long-term Bank Deposit Ratings, Confirmed at Caa3 Negative
-- Short-term Bank Deposit Ratings, Affirmed NP
-- Outlook, Negative
Issuer: Eurobank Ergasias S.A.
-- Baseline Credit Assessment, Confirmed at caa3
-- Adjusted Baseline Credit Assessment, Confirmed at caa3
-- Long-term Bank Deposit Ratings, Confirmed at Caa3 Negative
-- Short-term Bank Deposit Ratings, Affirmed NP
-- Backed Senior Unsecured Medium-Term Note Program, Confirmed
at (P)Caa3
-- Senior Unsecured Medium-Term Note Program, Confirmed at
(P)Caa3
-- Subordinated Medium-Term Note Program, Confirmed at (P)Ca
-- Backed Short-term Medium-Term Note Program, Affirmed (P)NP
-- Short-term Medium-Term Note Program, Affirmed (P)NP
-- Outlook, Negative
Issuer: ERB Hellas (Cayman Islands) Limited
-- Backed Senior Unsecured Medium-Term Note Program, Confirmed
at (P)Caa3
-- Backed Subordinated Medium-Term Note Program, Confirmed at
(P)Ca
-- Backed Senior Unsecured Regular Bond/Debenture, Confirmed at
Caa3 Negative
-- Backed Short-term Medium-Term Note Program, Affirmed (P)NP
-- Outlook, Negative
Issuer: ERB Hellas Funding Limited
-- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)
-- Outlook, Negative
Issuer: ERB Hellas PLC
-- Backed Senior Unsecured Medium-Term Note Program, Confirmed
at (P)Caa3
-- Backed Subordinated Medium-Term Note Program, Confirmed at
(P)Ca
-- Backed Senior Unsecured Regular Bond/Debenture, Confirmed at
Caa3 Negative
-- Backed Subordinated Regular Bond/Debenture, Confirmed at Ca
-- Backed Short-term Medium-Term Note Program, Affirmed (P)NP
-- Backed Short-term Commercial Paper, Affirmed NP
-- Outlook, Negative
Issuer: National Bank of Greece S.A.
-- Baseline Credit Assessment, Downgraded to caa3 from caa2
-- Adjusted Baseline Credit Assessment, Downgraded to caa3 from
caa2
-- Long-term Bank Deposit Ratings, Downgraded to Caa3 Negative
from Caa2 Rating Under Review for Downgrade
-- Short-term Bank Deposit Ratings, Affirmed NP
-- Backed Senior Unsecured Regular Bond/Debenture (Government
Guaranteed), Downgraded to Caa2 Negative from Caa1 Rating
Under Review for Downgrade
-- Backed Senior Unsecured Medium-Term Note Program, Downgraded
to (P)Caa3 from (P)Caa2
-- Pref. Stock Non-cumulative, Confirmed at Ca(hyb)
-- Backed Short-term Medium-Term Note Program, Affirmed (P)NP
-- Backed Short-term Senior Unsecured Regular Bond/Debenture,
Affirmed NP
-- Outlook, Negative
Issuer: NBG Finance plc
-- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
to Caa3 Negative from Caa2 Rating Under Review for Downgrade
-- Backed Subordinated Regular Bond/Debenture, Downgraded to Ca
from Caa3 Rating Under Review for Downgrade
-- Backed Senior Unsecured Medium-Term Note Program, Downgraded
to (P)Caa3 from (P)Caa2
-- Backed Subordinated Medium-Term Note Program, Downgraded to
(P)Ca from (P)Caa3
-- Outlook, Negative
Issuer: National Bank of Greece Funding Limited
-- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)
-- Outlook, Negative
Issuer: Piraeus Bank S.A.
-- Baseline Credit Assessment, Downgraded to caa3 from caa2
-- Adjusted Baseline Credit Assessment, Downgraded to caa3 from
caa2
-- Long-term Bank Deposit Ratings, Downgraded to Caa3 Negative
from Caa2 Rating Under Review for Downgrade
-- Short-term Bank Deposit Ratings, Affirmed NP
-- Senior Unsecured Medium-Term Note Program, Downgraded to
(P)Caa3 from (P)Caa2
-- Subordinated Medium-Term Note Program, Downgraded to (P)Ca
from (P)Caa3
-- Outlook, Negative
Issuer: Piraeus Group Capital Limited
-- Backed Pref. Stock Non-cumulative, Confirmed at Ca(hyb)
-- Outlook, Negative
Issuer: Piraeus Group Finance Plc
-- Backed Senior Unsecured Regular Bond/Debenture, Downgraded
to Caa3 Negative from Caa2 Rating Under Review for Downgrade
-- Backed Subordinated Regular Bond/Debenture, Downgraded to Ca
from Caa3 Rating Under Review for Downgrade
-- Backed Senior Unsecured Medium-Term Note Program, Downgraded
to (P)Caa3 from (P)Caa2
-- Backed Subordinated Medium-Term Note Program, Downgraded to
(P)Ca from (P)Caa3
-- Backed Short-term Medium-Term Note Program , Affirmed (P)NP
-- Backed Short-term Commercial Paper, Affirmed NP
-- Outlook, Negative
Moody's has also withdrawn the outlooks on all subordinated debt
ratings of the above Greek banks. It has withdrawn these outlooks
for its own business reasons. Outlooks are now only assigned to
long-term senior debt and deposit ratings, indicating the
direction of any rating pressures.
The principal methodology used in these ratings was Banks
published in March 2015.
All banks affected by the rating actions are headquartered in
Athens, Greece:
-- National Bank of Greece SA reported total assets of EUR115.5
billion as of December 2014
-- Piraeus Bank SA reported total assets of EUR89.1 billion as
of December 2014
-- EFG Eurobank Ergasias SA reported total assets of EUR75.5
billion as of December 2014
-- Alpha Bank SA reported total assets of EUR72.9 billion as of
December 2014
-- Attica Bank SA reported total assets of EUR4 billion as of
December 2014
=============
I R E L A N D
=============
ANGLO IRISH: Deal to Settle Dispute with Quinns Fails
-----------------------------------------------------
Ciaran Hancock at The Irish Times reports that the Quinn family
and Anglo Irish Bank will go back to court next month after a
deal to settle their multibillion-euro dispute fell through.
Minister of State at the Department of Finance Simon Harris
confirmed the negotiations between the two parties had collapsed
and the case would "likely be settled by the courts", The Irish
Times relates. The two are penciled in for June 6 with the case
likely to last six months and potentially spill into next year,
The Irish Times discloses.
Mr. Harris denied the collapse in talks had anything to do with
the department, The Irish Times relays.
"I am not privy directly to the talks but my understanding is the
special liquidator was ad idem with others with the view that
this wouldn't have been successful with negotiations," The Irish
Times quotes Mr. Harris as saying.
It is understood the special liquidators informed the department
a month ago the negotiations were unsuccessful and a court
dispute was likely, The Irish Times recounts. The peace offering
was stalled after the liquidator received information which
suggested it wouldn't have been in the interests of the taxpayer,
The Irish Times notes.
About Anglo Irish
Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It went into wind-down mode after nationalization
in 2009. In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).
Standard & Poor's Ratings Services lowered its long- and short-
term counterparty credit ratings on Irish Bank Resolution Corp.
Ltd. (IBRC) to 'D/D' from 'B-/C'. S&P also lowered the senior
unsecured ratings to 'D' from 'B-'. S&P then withdrew the
counterparty credit ratings, the senior unsecured ratings, and
the preferred stock ratings on IBRC. At the same time, S&P
affirmed its 'BBB+' issue rating on three government-guaranteed
debt issues.
The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.
The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr.
D. Del., Case No. 13-12159). The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson. Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.
=========
I T A L Y
=========
GE CAPITAL: Moody's Lowers Deposit & Sr. Debt Ratings to B3
-----------------------------------------------------------
Moody's Investors Service downgraded GE Capital Interbanca
S.p.A.'s long-term deposit and senior debt ratings to B3 from B2,
and assigned a stable outlook, reflecting the bank's improved
capitalization, Moody's lowered assessment of the probability of
support from Interbanca's parent, General Electric Capital
Corporation (GECC, rated A1/Prime-1), and the introduction of the
rating agency's advanced loss-given failure analysis. At the same
time, Moody's upgraded Interbanca's standalone baseline credit
assessment (BCA) to caa1 from caa2, and downgraded the Adjusted
BCA to b3 from b2. Furthermore, Moody's assigned a Counterparty
Risk Assessment (CR Assessment) of B1(cr)/Not Prime(cr).
Moody's said that the one-notch upgrade of Interbanca's BCA is
driven by the recent capital increase provided by Interbanca's
parent, GECC, and by a commitment of a substantial 10-year
funding line from GECC. At the same time, Moody's noted that
Interbanca remains loss-making and with weak asset quality,
limiting the upside on the BCA.
In 2014, GECC subscribed to a significant capital increase in
Interbanca of EUR550 million, which led to a Common Equity Tier 1
(CET1) of 27.0% as at December 2014, up from 13.2% reported in
2013. These ratios are equivalent to Moody's Tangible Common
Equity (TCE) over adjusted risk-weighted assets (RWA) of 26.5% in
2014; in 2013, Interbanca reported a TCE over RWA of 13.2%.
Moody's noted that Interbanca's improved capitalization is
positive, and the current CET1 level is significantly above the
9.5% prudential minimum required under Pillar 2 by the bank's
regulator, the Bank of Italy; at the same time, the rating agency
cautioned that the bank's continued weak asset quality limits the
upside on Interbanca's BCA. (see note 1 at the end of this press
release).
GECC also renegotiated its funding lines towards Interbanca in
2014, which are now committed for ten years. Moody's said that
Interbanca's interest costs in 2014 suggest that the bank's
funding costs have increased following the renegotiation. While
therefore the funding commitment is supportive for Interbanca's
fundamentals, it also demonstrates Interbanca's high degree of
reliance on GECC. Additionally, Moody's noted that full details
of the renewed funding lines have not been disclosed, and it
cautioned that it is unclear whether the terms could be further
renegotiated in the future.
In 2014, out of the four business lines in which Interbanca
operates, corporate and investment banking and regulated leasing
reported losses, factoring broke even, and only the unregulated
leasing activity reported a profit. On a consolidated level,
higher funding costs led to a pre-provision profit of just EUR1.6
million, which also benefited from an extraordinary gain from the
sale of financial assets of EUR8.1 million. In 2014 the cost of
credit significantly reduced, to 51bp of loans and leases from an
average of more than 300bp every year between the acquisition of
Interbanca by GECC in 2009 and 2013. However given the very weak
pre-provision profit, this reduction was not sufficient to return
Interbanca to profit, and the group reported a net loss of
EUR15.8 million in 2014.
Moody's said that Interbanca's asset quality remains weak. After
six years of significant growth in problem loans, which rose from
3.9% of gross loans in 2007 to 22.2% in 2013, in 2014
Interbanca's problem loans ratio decreased to a still highly
elevated 19.1% (see note 2 at the end of this press release).
Considering the long duration of Interbanca's loan portfolio, and
the very long workout times for problem loans in Italy, Moody's
said it believes that it will likely require several years before
there is a material reduction of Interbanca's stock of problem
loans, absent any extraordinary measures.
In April 2015, GECC's shareholder General Electric Company (GE,
rated A1 stable) announced that it will dispose of most of the
assets of GECC over the next three years; Moody's believes that
Interbanca will be part of the disposals that are planned by GE.
For this reason, Moody's lowered its assessment of the
probability of GECC providing Interbanca with extraordinary
support to moderate from very high; this results in a one-notch
uplift from the BCA, from three notches previously.
Moody's said that the downgrade of Interbanca's deposit and
senior debt ratings reflects the lowered Adjusted BCA, and the
introduction of the rating agency's advanced Loss Given Failure
(LGF) analysis.
Interbanca is subject to the EU Bank Resolution and Recovery
Directive (BRRD), which Moody's considers to be an Operational
Resolution Regime. The rating agency's standard assumptions,
which are applied to Interbanca, assume residual tangible common
equity of 3% and losses post-failure of 8% of tangible banking
assets, a 25% run-off in junior wholesale deposits, a 5% run-off
in preferred deposits, and a 25% probability of junior deposits
being preferred to senior unsecured debt in resolution. Under
these assumptions, Interbanca's deposits and senior debt are
likely to face moderate loss-given-failure, due to the loss
absorption provided by subordinated debt and, potentially, by
senior unsecured debt should deposits be treated preferentially
in a resolution, as well as the small volume of deposits
themselves. This results in the deposit and senior debt ratings
being positioned in line with the b3 Adjusted BCA.
As part of the actions, Moody's has assigned a B1(cr)/Not
Prime(cr) CR Assessment to Interbanca, two notches above the
Adjusted BCA. The CR Assessment, which is not a rating, reflects
an issuer's probability of defaulting on certain bank operating
liabilities, such as covered bonds, derivatives, letters of
credit and other contractual commitments. In assigning the CR
Assessment, Moody's evaluates the issuer's standalone strength
and the likelihood, should the need arise, of affiliate and
government support, as well as the anticipated seniority of
counterparty obligations under Moody's advanced Loss Given
Failure framework. The CR Assessment also assumes that
authorities will likely take steps to preserve the continuity of
a bank's key operations, maintain payment flows, and avoid
contagion should the bank enter a resolution.
Moody's said that Interbanca's deposit and senior debt ratings
could be upgraded following an upgrade of Interbanca's BCA, which
could result from a return to profitability and a sustained
improvement in asset risk. An upgrade could also arise in the
event of Interbanca's sale to a relatively strong institution
likely to provide support.
A sale to a weak parent, evidence that GECC would not provide any
form of support to Interbanca even while remaining its owner, or
a lower BCA, could lead to a downgrade of Interbanca's deposit
and senior debt ratings. The BCA could be downgraded as a result
of greater-than-expected losses, depletion of capital, or a
further material weakening of the bank's asset quality ratios.
Note 1: Unless noted otherwise, data in this report is sourced
from company reports and Moody's Banking Financial
Metrics.
Note 2: Problem loans include non-performing loans (sofferenze),
watchlist (incagli), restructured (ristrutturati), and
past-due (scaduti); we adjust these numbers and only
incorporate 30% of the watchlist category as an estimate
of those over 90 days overdue.
Downgrades:
-- Long-Term Deposit Rating, Downgraded to B3 Stable from B2
Ratings under Review
-- Senior Unsecured Debt Rating, Downgraded to B3 Stable from
B2 Ratings under Review
-- Adjusted Baseline Credit Assessment, Downgraded to b3 from
b2
Upgrades:
-- Baseline Credit Assessment, Upgraded to caa1 from caa2 on
Watch
Assignments:
-- Counterparty Risk Assessment, assigned at B1(cr)/Not-
Prime(cr)
Outlook:
-- Outlook, Changed To Stable From Rating Under Review
The principal methodology used in these ratings was Banks
published in March 2015.
===================
K A Z A K H S T A N
===================
FORTEBANK JSC: Moody's Raises LT Deposit Ratings to 'Caa1'
----------------------------------------------------------
Moody's Investors Service upgraded ForteBank's long-term local-
and foreign-currency deposit ratings to Caa1 from Caa2, its
senior unsecured debt ratings to Caa2 from C, and subordinated
debt rating to Caa3 from C. The outlook on the ratings is stable.
This action follows (1) the conclusion of the rating agency's
review on March 17, 2015 that had been prompted by changes
arising from the implementation of Moody's new methodology for
rating banks globally; and (2) the completion of the bank's debt
restructuring and merger.
At the same time, Moody's raised ForteBank's baseline credit
assessment (BCA) to caa2 from c, reflecting improved
capitalization and reduced refinancing risks. Moody's has also
assigned a Counterparty Risk Assessment (CR Assessment) of
B3(CR).
Moody's has removed, for business reasons, outlooks on the
subordinated debt rating. In accordance with the new methodology,
outlooks will now only be assigned to long-term senior debt and
deposit ratings.
The conclusion of the review was prompted by the changes arising
from the implementation of Moody's updated methodology for rating
banks globally. The revised methodology contains new aspects that
Moody's has devised in order to help accurately predict bank
failures, and to determine how each creditor class is likely to
be treated when a bank fails and enters resolution. The revisions
to the methodology reflect insights gained from the 2008-09
global financial crisis and the fundamental shift in the banking
industry and its regulation.
The upgrade of ForteBank's ratings reflects its restored
capitalisation and improved funding profile following the
completion of debt restructuring in December 2014 and
reorganisation of the bank in the form of consolidation of three
Kazakh banks: Alliance Bank, Temirbank and ForteBank. At the same
time, the ForteBank's ratings are still constrained by its weak
asset quality with high share of legacy problem loans (albeit
steadily declining following write offs), insufficient, in
Moody's view, coverage of problem loans by loan loss reserves,
fragile recurring profitability, as well as challenges associated
with executing a new development strategy and integration of
three combined banks amid the currently adverse domestic
operating environment.
ForteBank's capitalization has been restored following the
restructuring of $1.3 billion debt in December 2014, with the
combined entity reporting a total regulatory capital adequacy
ratio (CAR) of 25% as of 1 Feb 2015 in accordance with local
GAAP. According to Moody's estimations, ForteBank's tangible
common equity-to-risk-weighted assets ratio was at 21% as of
year-end 2014. However, the rating agency notes that the bank's
current capitalization is pressured by low loan loss reserves
(LLRs) coverage and further provisioning needs, resulting in a
projected decline in the bank's capital adequacy metrics by
around 8%-9% applying Moody's expected loss assumptions under
central stress-test scenario.
ForteBank's problem loans (defined as impaired for corporate
loans, plus 90+ days overdue for retail) amounted to 34.8% of
gross loans under audited IFRS, while all loans that are 90+ days
overdue accounted for 28.3% of gross loans as of year-end 2014.
At the same time, LLRs comprised 12.7% of gross loans, resulting
in 36.6% coverage of problem loans or 45% coverage of overdue
loans, which Moody's considers to be negligible given the rating
agency's assumption of low recovery of loans in Kazakhstan.
ForteBank's is actively cleaning up its balance-sheet through
problem loan write offs and work out. The bank targets further
reduction in the volume of non-performing loans (NPLs) up to 10%
by year-end 2015 through transferring to a special purpose
vehicle (an SPV) and collectors. Moody's considers that although
the level of NPLs will decrease, the bank's cost of risk will be
heightened given evidence of weakening borrowers' debt-servicing
capacity amid the currently challenging domestic market
conditions, exposure to foreign-currency risk in the event of
devaluation (with 25% of loans denominated in foreign currency),
and currently low reserves coverage.
The upgrade also reflects that ForteBank's refinancing risks have
diminished following the partial write-off and extended maturity
of market borrowings -- in accordance with the aforementioned
debt restructuring. Wholesale debt securities reduced to 12% of
liabilities as of year-end 2014 from 28% as of mid-2014.
Moody's notes the challenges and uncertainty associated with the
execution of a new development strategy and integration of three
banks (two of which had a history of past defaults and debt
restructuring), especially within the current adverse operating
environment in Kazakhstan. Thus, in order to capture these risks,
the rating agency makes negative adjustments in its assessment of
qualitative contributors in relation to its Opacity and
Complexity, and Corporate Behaviour scores.
Moody's incorporates one notch of systemic support uplift into
ForteBank's deposit ratings given the rating agency's assessment
of low probability that systemic support would be extended to the
bank's deposit holders. This assessment is based on the bank's
material market share of 5.3% in total banking system assets,
4.5% in customer and retail deposits, and evidence of state
support with KZT220 billion of Samruk-Kazyna deposits held within
the bank. Total government funds accounted for 20% of bank's
liabilities as at year-end 2014.
As part of the actions, Moody's has also assigned a CR
Assessment. The CR Assessment reflects an issuer's ability to
avoid defaulting on certain senior operating bank obligations and
other contractual commitments, but it is not a rating. The CR
Assessment takes into account the issuer's standalone strength as
well as the likelihood of affiliate and government support in the
event of need, reflecting the anticipated seniority of
counterparty obligations in the liabilities hierarchy. The CR
Assessment also takes into account other steps authorities can
take in order to preserve the key operations of a bank in the
event of a resolution.
The principal methodology used in these ratings was Banks
published in March 2015.
NOSTRUM OIL: S&P Affirms 'B+' Corp. Credit Rating, Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Kazakhstan-based hydrocarbons
exploration and production company Nostrum Oil & Gas L.P. The
outlook is stable.
S&P also affirmed its 'B+' long-term issue rating on the
company's senior unsecured notes. The recovery rating on these
notes is '3', indicating Standard & Poor's expectation of a
meaningful recovery (50%-70%; higher half of the range) in the
event of a payment default.
The affirmation reflects S&P's view that the company will
maintain credit metrics on average commensurate with the 'B+'
rating over 2015-2017. Although S&P thinks that leverage will be
somewhat high for the rating because of lower oil prices in 2015,
S&P believes that credit metrics will strengthen from 2016. This
is based on S&P's assumption of price and production increases,
the latter mostly from the construction of the second phase of
the gas treatment facility (GTF). S&P understands that the
company is committed to investing in this new facility in order
to double its production capacity from approximately 50,000
barrels of oil equivalent per day (boepd) to 100,000 boepd by
2018. Although this is not Nostrum's first GTF, S&P thinks that
execution and project delay risks exist. However, S&P also
believes that the company will limit capital expenditures (capex)
related to drilling activities (which are discretionary) and
dividends if these risks materialize.
S&P expects Nostrum will adhere to its financial policies of
maintaining reported net debt to EBITDA at or below 2x, keeping
material cash on hand, and paying dividends of 20%-50% of net
income.
S&P is however, revising its assessment of Nostrum's financial
risk profile to "aggressive" from "significant." This reflects
S&P's view of weaker funds from operations (FFO) to debt at this
point in the cycle than S&P previously expected, negative
discretionary operating cash flow (DCF), and S&P's perception of
potentially volatile cash flows and metrics. In particular, S&P
now anticipates FFO to debt of between 15% and 20% in 2015, and
about 20% by 2016.
Nevertheless, S&P believes that this ratio is likely to increase
further after 2017 on the back of increased production.
Additionally S&P projects adjusted debt to EBITDA (we do not net
cash from debt) will peak at around 3.5x before falling back to
about 3x in 2016. S&P thinks this will result in material
negative free operating cash flow over 2015-2016.
S&P's "weak" business risk profile assessment for Nostrum
reflects its view of the company's fairly concentrated asset
base; its dependence on one pipeline for dry gas (the company
uses another pipeline for crude oil and stabilized condensate,
but it could also use trucks as an alternative); its relatively
limited operations by international standards; and inherent risks
relating to the oil industry and operating in Kazakhstan.
These factors are somewhat mitigated by good profitability
(including S&P's assumption of a continued adjusted EBITDA margin
of above 55% in 2015-2016) on the back of a favorable cost
structure based on a modern asset base, low cash-lifting costs,
and a supportive tax regime. S&P also views the partial
ownership of Mayfair Investments B.V. (a company indirectly owned
by the principal shareholders of Nostrum's local partner,
Kazakhstan-based engineering company KazStroyService), as a
supporting factor.
S&P assess Nostrum's liquidity as "adequate," under S&P's
criteria. S&P estimates that the company's liquidity sources
should cover uses by about 1.3x in 2015.
Although Nostrum does not have any committed bank facilities, S&P
believes that its liquidity profile benefits from a material cash
balance to cover its forthcoming liquidity uses. S&P understands
that management aims to maintain a comfortable cash balance of at
least US$100 million throughout the second GTF investment phase.
S&P believes this will be achievable if Nostrum maintains its
current operational performance.
Nostrum holds the vast majority of its cash in U.S. dollars
mainly at various large banks in Western Europe, which S&P views
as an important safeguard against the risk of banking instability
or another currency devaluation in Kazakhstan.
Principal liquidity sources over the 12 months started Jan. 1,
2015, are:
-- Unrestricted cash of close to US$400 million; and
-- FFO of between US$150 million and US$175 million.
Principal liquidity uses over the 12 months started Jan. 1, 2015:
-- Substantial capital spending of about US$300 million;
-- Dividend payments of about US$50 million;
-- Intrayear peak working capital requirement not surpassing
US$50 million;
-- Potential modest acquisitions of; and
-- No share buybacks.
The notes' documentation includes one debt incurrence test,
defined as a consolidated coverage ratio (EBITDA to interest
expense) of 3x.
The stable outlook on Nostrum reflects S&P's expectation that
Nostrum will maintain credit measures commensurate with the long-
term rating on average over 2015-2017, owing to low operating
costs and despite the low price environment. This is supported
by S&P's assumption of material production increases from 2017.
S&P anticipates FFO to debt will be potentially below 20% in
2015, but rise to at least 20% from 2016. S&P thinks the company
will be able to limit capex related to drilling activities,
should market conditions deteriorate. S&P forecasts continued
"adequate" liquidity.
Given that headroom under the current rating is limited, S&P
could consider lowering the rating should FFO to debt fall
consistently below 20%, coupled with material negative DCF
without the prospect of near-term production improvement. This
could be as a result of oil prices deteriorating below S&P's
expectation, depletion of fields or operational disruption, or
financial policies becoming more aggressive than we anticipate.
Any political or regulatory changes in Kazakhstan that impaired
the company's taxes or constrained its operations could also lead
to negative rating pressure.
S&P views an upgrade as unlikely over the next two years, given
the credit metrics forecasts, Nostrum's relatively small
production profile, and its asset concentration. However, S&P
would consider a positive rating action in the long term if the
company could sustain FFO to debt above 45% in a higher oil price
environment, or if Nostrum's production increased materially, for
instance if the GTF is delivered on time and without major cost
overruns. Additional support for an upgrade would come from
enhanced diversification of the producing asset base.
=====================
N E T H E R L A N D S
=====================
BOYNE VALLEY: S&P Lowers Rating on Class E Notes to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all classes of Boyne Valley B.V.'s notes.
Specifically, S&P has:
-- Raised its ratings on the class B, C-1, C-2, D, and T
combination notes;
-- Affirmed its ratings on the class A-1 and A-2b notes; and
-- Lowered its rating on the class E notes.
The rating actions follow S&P's review of the transaction's
performance. S&P performed a credit and cash flow analysis and
assessed the support that each participant provides to the
transaction by applying S&P's current counterparty criteria. In
S&P's analysis, it used data from the latest available trustee
report dated Feb. 5, 2015.
S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rates for each rated class of
notes. In S&P's analysis, it used the reported portfolio balance
that it considered to be performing (EUR136.4 million), the
current weighted-average spread, and the weighted-average
recovery rates for the performing portfolio. S&P applied various
cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
From S&P's analysis, it has observed that the available credit
enhancement has increased for all of the rated classes of notes,
driven by the deleveraging of the senior notes after the end of
the reinvestment period in February 2012. The proportion of
assets rated 'CCC-', 'CCC', and 'CCC+' as a percentage of the
performing portfolio has decreased to 7.0% from 8.9% since S&P's
previous review. The weighted-average spread earned on Boyne
Valley's collateral pool has also increased to 414 basis points
(bps) from 394 bps in S&P's previous review.
From S&P's analysis, 13.2% of the portfolio comprises non-euro-
denominated loans, which are hedged under cross-currency swap
agreements with Credit Suisse International (A/Negative/A-1). In
S&P's opinion, the downgrade remedies for these cross-currency
swaps do not fully comply with S&P's current counterparty
criteria. Consequently, S&P has assumed for cash flow scenarios
above 'A+' rating stresses that the currency swap counterparty
does not perform and where, as a result, the transaction is
exposed to changes in currency rates.
In S&P's credit and cash flow analysis, it has considered the
transaction's exposure to currency exchange risk, which indicates
that the available credit enhancement for the class A-1 and A-2b
notes is still commensurate with S&P's currently assigned
ratings. S&P has therefore affirmed its 'AAA (sf)' ratings on the
class A-1 and A-2b notes.
S&P has raised its ratings on the class B, C-1, C-2, D, and T
combination notes because its analysis indicates that the
available credit enhancement is now commensurate with higher
ratings than those currently assigned.
As the transaction has deleveraged, the portfolio has become
increasingly concentrated, with the number of distinct obligors
reducing to 32 from 59 since S&P's previous review. S&P's
largest obligor test is constraining the rating n the class E
notes at a lower rating than currently assigned. S&P has
therefore lowered to 'B+ (sf)' from 'BB- (sf)' its rating on this
class of notes.
Boyne Valley is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily European
speculative-grade corporate firms. The transaction closed in
December 2005.
RATINGS LIST
Class Rating Rating
To From
Boyne Valley B.V.
EUR419 Million Secured Floating-Rate and Subordinated Notes
Ratings Raised
B AAA (sf) AA+ (sf)
C-1 A+ (sf) A- (sf)
C-2 A+ (sf) A- (sf)
D BBB+ (sf) BBB- (sf)
T Combo BBB+ (sf) BBB-(sf)
Ratings Affirmed
A1 AAA (sf)
A-2b AAA (sf)
Rating Lowered
E B+ (sf) BB- (sf)
Combo--Combination.
GROSVENOR PLACE 2015-1: Moody's Rates EUR11MM Class E Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by Grosvenor Place CLO 2015-1 B.V.:
-- EUR202,750,000 Class A-1A Senior Secured Floating Rate Notes
due 2029, Assigned Aaa (sf)
-- EUR5,000,000 Class A-1B Senior Secured Fixed Rate Notes due
2029, Assigned Aaa (sf)
-- EUR31,750,000 Class A-2A Senior Secured Floating Rate Notes
due 2029, Assigned Aa2 (sf)
-- EUR12,000,000 Class A-2B Senior Secured Fixed Rate Notes due
2029, Assigned Aa2 (sf)
-- EUR20,000,000 Class B Senior Secured Deferrable Floating
Rate Notes due 2029, Assigned A2 (sf)
-- EUR17,250,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2029, Assigned Baa2 (sf)
-- EUR24,750,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2029, Assigned Ba2 (sf)
-- EUR11,000,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2029, Assigned B2 (sf)
Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2029. The definitive 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, CQS Investment
Management Limited ("CQS"), has sufficient experience and
operational capacity and is capable of managing this CLO.
Grosvenor Place CLO is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior loans or senior
secured bonds and up to 10% of the portfolio may consist of
unsecured senior loans, second-lien loans, high yield bonds and
mezzanine loans. The portfolio is expected to be approximately
75% 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 seven month ramp-up period in compliance with the portfolio
guidelines.
CQS 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
risk and credit improved obligations, and are subject to certain
restrictions.
In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR1,350,000 of Class M Notes and EUR36,110,000
of subordinated notes. Moody's has not assigned rating to these
classes 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.
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. CQS's investment decisions and
management of the transaction will also affect the notes'
performance.
Moody's modelled 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 modelling assumptions:
- Par Amount: EUR350,000,000
- Diversity Score: 35
- Weighted Average Rating Factor (WARF): 2820
- Weighted Average Spread (WAS): 3.95%
- Weighted Average Coupon (WAC): 5.75%
- Weighted Average Recovery Rate (WARR): 45.0%
- Weighted Average Life (WAL): 8 years.
As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with local currency country
risk ceiling rating of A1 to Baa3 cannot exceed 10%. Following
the effective date, and given these portfolio constraints and the
current sovereign ratings of eligible countries, the total
exposure to countries with a LCC of A1 or below may not exceed
10% of the total portfolio. As a worst case scenario, a maximum
10% of the pool would be domiciled in countries with LCC of Baa1
to Baa3. The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above. 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 1.50% for the
Class A1 notes, 1.00% for the Class A2 notes, 0.75% for the Class
B notes and 0% for Classes C, D, E and F.
Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the definitive 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 3243 from 2820)
Ratings Impact in Rating Notches:
- Class A-1A Senior Secured Floating Rate Notes : 0
- Class A-1B Senior Secured Fixed Rate Notes: 0
- Class A-2A Senior Secured Floating Rate Notes:-1
- Class A-2B Senior Secured Fixed Rate Notes:-1
- Class B Senior Secured Floating Rate Notes: -1
- Class C Senior Secured Deferrable Floating Rate Notes: -1
- Class D Senior Secured Deferrable Floating Rate Notes: -1
- Class E Senior Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3666 from 2820)
- Class A-1A Senior Secured Floating Rate Notes : 0
- Class A-1B Senior Secured Fixed Rate Notes: 0
- Class A-2A Senior Secured Floating Rate Notes:-2
- Class A-2B Senior Secured Fixed Rate Notes:-2
- 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: -1
- Class E Senior Secured Deferrable Floating Rate Notes: 0
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
JUBILEE CLO 2014-XII: Fitch Affirms 'B-' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Jubilee CLO 2014-XII B.V., as:
EUR302 million Class A: affirmed at 'AAAsf'; Outlook Stable
EUR51 million Class B1: affirmed at 'AA+sf'; Outlook Stable
EUR5 million Class B2: affirmed at 'AA+sf'; Outlook Stable
EUR26.5 million Class C: affirmed at 'A+sf'; Outlook Stable
EUR24.9 million Class D: affirmed at 'BBB+sf'; Outlook Stable
EUR36.9 million Class E: affirmed at 'BB+sf'; Outlook Stable
EUR19 million Class F: affirmed at 'B-sf'; Outlook Stable
EUR47.8 million subordinated notes: not rated
Jubilee CLO 2014-XII B.V. is an arbitrage cash flow CLO. Net
proceeds from the issuance of the notes were used to purchase a
EUR498.75 million portfolio of European leveraged loans and
bonds. The portfolio is managed by Alcentra Limited.
KEY RATING DRIVERS
The affirmation reflects the stable performance of the
transaction, which is in line with Fitch's expectations.
The transaction has been actively trading since it closed in May
2014 and asset manager Alcentra has increased the market value of
the portfolio. The transaction is currently 0.8% above the
target par of EUR498.75 million. This has resulted in an
increase of credit enhancement levels across the transaction.
For example at the senior level the class A note's credit
enhancement has risen to 39.9% from 39.5%.
The transaction is failing its weighted average recovery rate
(WARR) test. The result is 66.3%, which is under the trigger
level of 67.7%. This means future reinvestment must now either
maintain or improve the result of the test until the transaction
is passing the test again. The transaction is passing all other
tests in collateral quality, coverage and portfolio profile.
The transaction is passing the weighted average rating factor
test at 31.97, only three basis points underneath the maximum
limit of 32. As a result even minor negative rating migration in
the portfolio may cause the test to fail. If this occurs, as
with the WARR test, the manager would be required to buy higher-
quality assets to maintain or improve the test result or move to
a different set of thresholds.
The transaction has significant buffer on its weighted average
life test at 5.4 years, under the trigger level of 7.07 years.
RATING SENSITIVITIES
Since the loss rates for the current portfolio are below those
modelled for the stress portfolio; the sensitivities shown in the
new issue report still apply for this transaction.
ROYAL KPN: Fitch Affirms 'BB' Rating on Sub. Capital Securities
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Royal KPN N.V.'s (KPN)
Long-term Issuer Default Rating (IDR) to Positive from Stable.
Fitch has affirmed KPN's IDR and senior unsecured rating at
'BBB-'.
The revision in Outlook to Positive reflects Fitch's view that
leverage over the next 12 to 18 months is likely to improve,
following the sale of the company's Belgian mobile subsidiary
BASE and growing cashflows from the company's domestic
operations. Funds from operations (FFO) adjusted net leverage is
expected to fall below 3.5x by 2016, from 3.8x in 2014, a level
that in conjunction with stabilizing EBITDA trends would be
compatible with a rating of 'BBB'.
Fitch expects the Dutch telecoms market to remain highly
competitive; however, the incremental impact of competition on
the group's financial performance should be manageable.
KEY RATING DRIVERS
Improving Operational Trends
Following the sale of KPN's international mobile operations, the
company's operational profile is predominantly driven by its
domestic operations in the Netherlands. Adjusted EBITDA in the
Netherlands has been declining by 11% to 13% per year over the
past three years. Fitch expects the rate of decline to slow to
below 4% over the course of 2015 before stabilizing in 2016.
First quarter results indicate that 2015 performance is trending
better than our expectations.
The stabilization will be driven by a mix of factors which
include: lower incremental impact from regulation; the loss of
revenue from legacy products such as voice and tariff decreases;
off-set by stabilizing market share in mobile; cost reduction;
and growth in fibre-related broadband and convergent products.
Growing Free Cash Flow (FCF)
Fitch expects KPN's pre-dividend FCF to turn positive in 2015 and
to grow progressively thereafter. The growth in cashflow will be
driven by stabilizing EBITDA, minimal cash tax payments, capex
reductions and reduced interest charges. The reduced cash tax
and interest charges result from the sale of E-Plus in 2014. KPN
sold the asset to Telefonica Deutschland for EUR4.9bn plus a
20.5% stake in the German telecom group. The sale created a
nine-year deferred tax asset of EUR 1.2bn with a proportion of
the cash proceeds used to reduce debt.
CapEx Likely to be Cut
KPN has rolled out a significant proportion of its LTE and fibre
network, which will enable it to reduce capex in the next two
years. KPN is guiding capex reduction of approximately EUR200
million in 2015 to EUR1.4 billion (including BASE Company), from
EUR1.6 billion in 2014. The reduction includes the impact from
the consolidation of Reggefiber.
Asset Sales Provide Flexibility
KPN recently announced the sale of its Belgian mobile subsidiary
BASE Company to Telenet (B+/Stable) for EUR1.325 billion. The
proceeds from the sale, combined with lower operational leases,
have the potential to reduce KPN's FFO adjusted net leverage by
up to 0.3x if all of the proceeds are used to reduce debt. Fitch
has not assumed the sale of KPN's 20.5% stake in Telefonica
Deutschland in our rating case but have factored in dividends
from the German mobile company of approximately EUR140 million
per annum which KPN expects to pass onto its shareholders in
2015. It is likely that KPN will sell down the stake over time.
The impact of the sale would have the potential to further reduce
FFO adjusted net leverage by up to 0.9x.
Fitch expects KPN to use some of the proceeds from the sale of
assets to reduce leverage. The company may also use sales
proceeds for M&A and shareholder remuneration. Fitch also
expects the company to maintain a measured shareholder
remuneration policy, reflecting some risks to achieving EBITDA
stabilization and a desire to maintain an investment grade
rating.
Dutch Market to Remain Competitive
Fitch expects the Dutch market to remain competitive but it is
unlikely that market conditions will deteriorate considerably
from current levels. The consolidation of cable operators Ziggo
and UPC will create a stronger competitor for KPN in residential
triple play that will look to grow into other segments such as
SME and mobile. The launch of Tele2's mobile network also
remains a risk in the event Tele2 takes a very aggressive
approach to its pricing policy driven by a potentially short-term
need to fill network capacity. However, KPN already has elevated
mobile subscriber acquisition and retention costs, which Fitch
believes will continue to be the case, and its move to deploy
mobile tariffs with greater data bundles along with attractive
fixed-mobile bundles will provide a degree of defense.
KEY ASSUMPTIONS
-- No significant change in the competitive environment of the
Dutch telecoms market
-- A stable mobile market share at 48%-49%
-- No loss or migration of wholesale MVNO or ADSL contracts
-- Successful implementation of the company's cost reduction
program, supporting the gradual EBITDA margin expansion of
the group by 2.2 percentage points over three years
-- Capex reduces to EUR1.35 billion in 2015 from EUR1.6
billion
in 2014 with a capital intensity ratio of 17.5% thereafter
-- Progressive growth in KPN's pre-dividend FCF, reflecting
margin expansion to 9% from -3.7% in 2014 over three years
-- Annual dividends from Telefonica Deutschland of around
EUR140 million
-- Maintenance of a conservative but progressive shareholder
remuneration policy commensurate with operational risks
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to an upgrade to 'BBB' include:
-- Sustained improvement in KPN's domestic fixed and mobile
operations, as well as expectations of FFO net adjusted
leverage sustainably below 3.5x
Future developments that may, individually or collectively, lead
to the Outlook being changed from Positive to Stable include:
-- A further deterioration in KPN's domestic fixed and mobile
operations
-- Expectations of FFO adjusted net leverage remaining above
3.5x on a sustained basis
FULL LIST OF RATING ACTIONS
Long-term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Senior unsecured debt: affirmed at 'BBB-'
Subordinated capital securities: affirmed at 'BB'
===========
R U S S I A
===========
ALFA-BANK: Moody's Rates Subordinated Securities 'B2(hyb)'
----------------------------------------------------------
Moody's Investors Service assigned a B2(hyb) rating to non-
viability subordinated debt of Alfa-Bank issued in the form of
$250 million 9.5% loan participation notes due 2025 that are
subject to contractual loss absorption upon the breach of a
predefined trigger and/or the start of the bank's financial
rehabilitation. These notes are Basel-III-compliant debt
instruments, which qualify as regulatory Tier 2 capital. The
notes were issued by Alfa Bond Issuance plc (a special purpose
vehicle) on a limited recourse basis for the sole purpose of
financing a subordinated loan to Alfa-Bank (the ultimate
borrower).
At the same time, Moody's has withdrawn for business reasons
outlooks on "plain vanilla" subordinated debt. Going forward,
outlooks will only be assigned to long-term senior debt and
deposit ratings as per the Moody's updated Bank Rating
methodology.
Alfa-Bank's long-term bank deposit and debt ratings were
unaffected by this rating action and remain on negative outlook.
In line with Moody's Bank Rating methodology, the assigned
B2(hyb) rating is positioned two notches below the bank's
adjusted baseline credit assessment (BCA) of ba3, in line with
Moody's standard notching guidance for subordinated debt with
loss triggered at the point of non-viability, on a contractual
basis. The rating does not incorporate any uplift from systemic
(government) support.
Under the terms of the subordinated notes, their principal will
be written down (partially or in full) in the event that Alfa-
Bank's core Tier 1 ratio falls below 2%, or if the Central Bank
of Russia together with the Deposit Insurance Agency implements
bankruptcy prevention procedures. In case of a write-down event,
the accrued and unpaid interest on the notes is cancelled
(partially or in full, depending on the write-down of the
principal). If the foregoing measure is insufficient to remedy
the write-down event a write down of all or part of principal
amount of the loan should occur.
Skipped coupons are non-cumulative and an extended period of non-
payment could result in the risk of significant loss. As such,
non-cumulative preferred securities may become impaired ahead of
a bank's failure and will therefore incorporate additional
notching. In a similar way, the principal amount of the
subordinated loan once written down, may not be restored under
any circumstances, including where the relevant write-down event
is no longer continuing.
The assigned rating is notched from the adjusted BCA of Alfa-Bank
and further movements will be contingent on the changes in this
reference point.
The principal methodology used in these ratings was Banks
published in March 2015.
EVRAZ GROUP: S&P Raises CCR to 'BB-' on Improved Metrics
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency corporate credit ratings on Luxembourg-
domiciled integrated steel producer Evraz Group S.A. (Evraz) to
'BB-' from 'B+'. The outlook is stable.
S&P has raised the Russia national scale rating on Evraz to
'ruAA-'.
S&P has also raised its issue ratings on the notes previously
issued by Evraz and EvrazHolding Finance LLC to 'BB-' from 'B+'.
The recovery rating remains '4', with the prospect of recovery in
the lower half of the 30%-50% range.
The upgrade follows Evraz's reduced reported debt to US$5.7
billion at year-end 2014 from US$7.4 billion at year-end 2013,
helped by strong discretionary cash flow of over US$1 billion in
2014 (compared with US$0.5 billion in 2013). Evraz largely used
this to deleverage. As a result, Evraz's adjusted funds from
operations (FFO) to debt improved to 24.4% (15.1% in 2013) and
debt to EBITDA was 2.6x (3.6x previously). S&P expects that FFO
to debt should remain above 20% and adjusted debt to EBITDA
should be less than 4.0x, under normal market conditions, which
supports S&P's stable outlook.
S&P continues to assess Evraz's business risk as "fair," based on
the combination of the moderately high risk S&P sees in the
volatile and cyclical steel industry, and S&P's view of high
country risk in Russia, where Evraz's key operations are
concentrated.
Evraz's "satisfactory" competitive position is underpinned by the
integrated nature of its operations, with 57% of iron ore and 72%
of coking coal (taking into account Raspadskaya) sourced from its
own operations in 2014.
As a large exporter that generates about 40% of revenues from
exports (mostly semi-finished products) -- but with a largely
ruble-denominated cost base -- Evraz is well positioned to
benefit from the weaker ruble. In 2014, the group's improved
cost position was largely supported by depreciation of the ruble.
S&P believes Evraz's improved cash cost position should support
its capacity to export more steel products if Russian demand
softens.
In second-half 2014, the iron ore cash cost (58% Fe basis) was
down to US$45 per ton (US$59 in second-half 2013) and coking coal
decreased to $40 per ton (from US$63). Given the improvement in
its cost position, Evraz is now better placed to withstand the
iron ore price decline (at least in the near term) with a current
spot iron ore price of around US$50 per ton (compared to the
average of US$90 through 2014). That said, S&P understands that
the overall EBITDA contribution of Evraz's mining segment in 2015
will be very low; most EBITDA will be generated by the steel
segment.
S&P notes that Evraz has significant exposure to the construction
segment. Construction products accounted for about 41% of its
external steel sales volumes in 2014. In 2015-2016, the
competition in this sector will remain rigorous: NLMK, the
largest Russian steel producer, launched the Kaluga mini-mill in
2013 and PAO Severstal launched its Balakovo mini-mill in 2014.
The increase in domestic market supply will likely be partly
mitigated by lower steel imports (especially from Ukraine). That
said, S&P expects the domestic steel surplus, particularly in
long products, will lead to price pressure. Weaker performance
in the long segment would be most likely offset by Evraz's more
stable performance in other markets, such as rails
manufacturing -- where Evraz is the global leader with production
in Russia and North America.
S&P also anticipates weaker performance at Evraz's North American
division, Evraz North America Ltd. (ENA; B+/Stable/--). S&P
understands that ENA's EBITDA will experience significant
pressure in 2015 on softer demand for tubular products due to
lower crude price. ENA's EBITDA represents 10%-15% of the
group's total.
Evraz's profitability remains average. Its EBITDA margin through
the cycle averages about 12%, on a Standard & Poor's-adjusted
basis. S&P expects that in 2015 the EBITDA margin will be closer
to 20%, supported by the weaker ruble. That said, S&P believes
that the benefits of ruble depreciation will only be short term.
S&P continues to assess Evraz's financial risk profile as
"aggressive." S&P's base-case scenario assumes:
-- A low-to-mid-single-digit decline in steel shipping
volumes, mostly driven by the weak construction segment in
Russia.
-- About a 20%-25% year-on-year decline in the steel product
price in U.S. dollar terms in 2015, then a very moderate
recovery. Importantly, S&P assumes export parity of
domestic steel prices.
-- High-single-digit cost-base growth (in rubles) in 2015 and
in line with S&P's inflation forecast of 6.5% in 2016.
-- Iron ore price of $45 per ton until end-2015 and $50 in
2015, in line with S&P's price assumptions.
-- RUB:USD exchange rate of around 58:1 in 2015-2016 (compared
with an average of 38:1 in 2014).
Based on these assumptions, S&P arrives at these credit measures:
-- FFO to debt of close to 20% in 2015-2016;
-- Adjusted debt to EBITDA of below 3.5x in 2015-2016;
-- Adjusted EBITDA to interest of above 3.5x.
The stable outlook on Evraz reflects S&P's opinion that the
company's credit metrics will be commensurate with the 'BB-'
rating. To maintain the current rating, S&P expects FFO to debt
of above 20% and adjusted debt to EBITDA of below 4.0x. S&P also
expects Evraz to maintain "adequate" liquidity.
S&P might consider a positive rating action if the group's credit
metrics improve significantly as a result of deleveraging,
supported by industry and country risk improvement, such that FFO
to debt is sustainably above 30%.
S&P would consider a negative rating action if Evraz's credit
metrics deteriorated without short-term prospects of recovery,
with FFO to debt below 20% under normal market conditions, or
below 12% at a cyclical low point as a result of weaker industry
conditions or a deterioration in the political environment.
S&P might also lower its rating on Evraz if liquidity weakened
because of an absence of proactive refinancing or noncompliance
with financial covenants.
FEDERAL PASSENGER: Moody's Confirms 'Ba1' CFR, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service confirmed the Ba1 corporate family
rating and Ba1-PD probability default rating of Federal Passenger
Company OJSC, a wholly owned subsidiary of Russian Railways Joint
Stock Company (Ba1 negative). The outlook on all ratings is
negative. This concludes the review for downgrade initiated by
Moody's on February 25, 2015.
The confirmation of FPC's ratings reflects the confirmation of
Russian Railways' CFR at Ba1 and Moody's expectation that (1) the
Russian government (Ba1 negative) and Russian Railways will
continue to provide significant day-to-day support to FPC; and
(2) FPC will be able to maintain its strong financial metrics
despite the challenging macroeconomic environment.
FPC's Ba1 rating is driven by a combination of the company's
standalone credit strength and Moody's assessment of implied
support from the Russian government and/or Russian Railways in
the event of financial distress, given FPC's role as a highly
strategic and important subsidiary of Russian Railways, which
rating also constrains that of FPC. As FPC is strongly
interlinked with its parent, Russian Railways, Moody's standalone
assessment of FPC is constrained by Russian Railways' own
baseline credit assessment (BCA) of ba1, which is the measure of
its standalone credit quality based on Moody's designation of the
company as a government-related issuer (GRI).
FPC's Ba1 rating factors in (1) the company's status as a virtual
monopoly provider of long-distance passenger railway
transportation services in Russia; (2) its strategic and social
importance to the Russian government; (3) Moody's expectation
that the government will continue providing FPC with subsidies to
compensate for the low level of its regulated tariffs, although
there is a risk that their amount beyond 2015 may decline; (4)
the strong probability of support to be provided to FPC by the
Russian government or by its parent company, Russian Railways, in
the event of financial distress; (5) the company's conservative
financial policy and strong financial metrics; and (6) its
adequate liquidity and low foreign currency risk, as all debt is
denominated in domestic currency.
The rating also takes into account (1) FPC's exposure to the
weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign rating and Russia's country ceilings
for foreign currency debt to Ba1 from Baa3 with negative outlook
on 20 February 2015; (2) the lack of long-term visibility
regarding FPC's regulated tariffs and state subsidies; (3) the
company's dependence on Russian Railways' willingness to maintain
its strong financial metrics through the absence of any dividend
requirements and/or continuing equity injections; (4) substantial
capex required to replace or renew depleted railcars; (5) growing
competition with airlines; (6) the pronounced seasonality of
FPC's operating cash flows; and (7) the company's exposure to the
prevailing negative operating conditions in Russia.
The negative outlook on FPC's rating is in line with the negative
outlook on the sovereign rating and Russian Railways' rating and
reflects the fact that a potential further downgrade of Russia's
sovereign rating may result in the further lowering of the
country ceiling for foreign currency debt and, as a result, lead
to a downgrade of Russian Railways' rating and FPC's rating. In
addition to considerations related to the sovereign rating and
Russian Railways' rating, Moody's will also be monitoring the
company's ability to address increased country risks.
Positive pressure could be exerted on FPC's rating if Moody's
were to upgrade Russia's government bond rating or raise its
foreign-currency bond country ceiling, and upgrade Russian
Railways' rating, provided there is no material deterioration in
company-specific factors, including operating and financial
performance and liquidity.
FPC's rating will be impacted by further developments at the
sovereign level. The rating is likely to be downgraded if (1)
there is a further downgrade of Russia's sovereign rating and/or
a lowering of the foreign-currency bond country ceiling, or a
downgrade of Russian Railways' rating; (2) Moody's were to revise
downwards its assessment of the probability of the Russian
government and/or Russian Railways providing day-to-day or
extraordinary support to FPC; or (3) the company's liquidity
profile were to deteriorate. In addition, Moody's could downgrade
the company's rating if its standalone credit strength
deteriorates materially.
The principal methodology used in these ratings was Global
Passenger Railway Companies published in March 2013.
Established in 2009, Federal Passenger Company OJSC (FPC) is the
leading long-distance passenger railway transportation company in
Russia, with a market share of around 94% by passenger turnover.
FPC owns and operates a fleet of 21,168 railcars (as of year-end
2014). FPC is a wholly owned subsidiary of Russian Railways Joint
Stock Company, the 100% state-owned monopoly owner and operator
of Russia's rail infrastructure. In 2013, FPC generated revenue
of RUB196 billion (excluding state subsidies) and transported 99
million passengers.
MURMANSK REGION: Fitch Lowers IDR to 'BB-', Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded Russian Murmansk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'BB-'
from 'BB' and its National Long-term rating to 'A+(rus)' from
'AA-(rus)'. The Outlooks are Stable. The region's Short-term
foreign currency IDR has been affirmed at 'B'.
KEY RATING DRIVERS
The downgrade reflects Murmansk's weakened operating performance
and a twofold increase of the region's direct risk over 2013-
2014. The Stable Outlook reflects our expectation of stable
budgetary performance in 2015-2017, with a small positive
operating balance and gradual narrowing of fiscal deficit.
The downgrade reflects these rating drivers and their relative
weights:
HIGH
Murmansk has recorded continuously weak budgetary performance in
the last three years. In 2014, its operating margin turned
negative at 1.1%, from a small positive 1.9% a year earlier.
Deficit before debt variation peaked at 17.9% of total revenue,
following an already high average of 15% in 2012-2013. The
deterioration was mostly due to stagnating tax revenues amid
growing operating expenditure. As with most Russian regions
Murmansk faces high pressure on expenditure following the federal
government's election pledges, including the decision to align
public sector salaries with the region's fairly high average
salary.
Fitch forecasts that deficit before debt variation will remain
hefty at 12% of total revenue in 2015, before gradually narrowing
to 8% during 2016-2017. The region's budget has low flexibility,
with operating expenditure representing a high 99% of total
revenue in 2014. Murmansk's capital outlays historically lag
behind those of national peers at below 15% of total expenditure.
Fitch expects the region's operating balance to recover to low
positive values during 2015-2017, but the current balance to
remain negative. The budgetary performance will be underpinned
by increasing corporate income tax proceeds as the region's major
export-oriented taxpayers benefit from a sharp rouble
depreciation in 4Q14.
MEDIUM
Fitch expects direct risk will continue to grow and will exceed
65% in 2017, from 22% at end-2012. Despite the expected increase
Murmansk's debt burden should remain consistent with the region's
ratings. However, the expected rise in debt, coupled with higher
cost of borrowing and the region's short-term debt profile, put
additional pressure on the budget.
The region's debt profile remains fairly short-term as direct
risk is dominated by bank loans with maturity of between one and
three years. Bank loans accounted for 78% of direct risk at end-
2014, and three-year loans from the federal budget for the
remainder. As of April 1, 2015, Murmansk faces repayment of
RUB5.7 billion bank loans and RUB2.3 billion federal budget loans
for this year. This, coupled with the weak current balance,
results in the region being highly dependent on financial market
access and federal budget support for debt refinancing and
deficit funding.
Fitch expects the region will roll over maturing budget loans and
additionally receive RUB3 billion loans from the federal budget
to refinance half of its maturing market debt in 2015. The
remaining maturing bank loans are likely to be refinanced with
the same banks.
Murmansk's ratings also reflect these key rating drivers:
The regional economy has a strong industrial base as Murmansk is
home to several natural resource extracting companies. This
provides an extensive tax base for the region's budget, with tax
revenue representing 82% of operating revenue in 2014. However,
a large portion of tax revenues depends on companies' profits,
resulting in high revenue volatility. In 2012 and 2013 corporate
income tax proceeds fell sharply due to weak earnings at major
local taxpayers following price declines for key commodity
exports.
RATING SENSITIVITIES
Improvement in budgetary performance leading to debt coverage
ratio (direct risk to current balance) below 10 years on a
sustained basis would lead to an upgrade.
Inability to balance the operating budget and an increase in
direct risk beyond Fitch expectations would lead to a downgrade.
RUSSIAN RAILWAYS: Moody's Affirms 'Ba1' CFR, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service confirmed the Ba1 corporate family
rating, the Ba1-PD probability default rating and the Ba1 senior
unsecured rating of the government-related issuer Russian
Railways Joint Stock Company. Concurrently, Moody's has confirmed
the Ba1 senior unsecured rating of RZD Capital PLC, which is the
issuer of loan participation notes for the sole purpose of
financing loans to Russian Railways. The outlook on all ratings
is negative. This concludes the review for downgrade initiated by
Moody's on Feb. 25, 2015.
The confirmation of Russian Railways' ratings reflects Moody's
expectation that (1) Russian government will continue to provide
significant day-to-day support to Russian Railways (including
tariff decisions, subsidies, equity injections, low interest-rate
debt financing and low dividend requirements); and (2) the
company's financial performance in the challenging market
environment will be supported by the increase in its tariffs. The
increase in Russian Railways' leverage will be mitigated by the
company's long-term debt maturity profile and manageable foreign
currency risk.
As Russian Railways is a 100% state-owned company, Moody's
applies its Government-Related Issuer (GRI) rating methodology in
determining the company's rating. According to this methodology,
Russian Railways' rating of Ba1 is driven by a combination of (1)
the company's baseline credit assessment (BCA), a measure of
standalone credit strength, of ba1; (2) the Ba1 rating of the
Russian government, the support provider; (3) the high default
dependence between Russian Railways and the government; and (4)
the high probability of provision of state support to the company
in the event of financial distress.
Russian Railways' ba1 BCA reflects (1) the company's status as
the monopoly owner and provider of rail infrastructure services,
along with virtually all locomotive traction services in Russia;
(2) its critical importance to the domestic economy and
continuing support from the government; (3) the company's
conservative financial policy, which has been agreed with the
government, although there is a risk that it might be revised or
not fully adhered to in the currently challenging macroeconomic
environment in Russia; (4) its long-term debt maturity profile,
low refinancing risk and solid liquidity; and (5) its manageable
foreign currency risk, as only around 10% of its debt is
denominated in foreign currency (after hedges), with the bulk of
foreign currency-denominated debt represented by Eurobonds
maturing beyond 2020.
The BCA also factors in (1) Russian Railways' exposure to the
weakening of Russia's credit profile, as captured by Moody's
downgrade of the sovereign rating and Russia's country ceilings
for foreign currency debt to Ba1 from Baa3 with negative outlook
on February 20, 2015; (2) Moody's estimation that Russian
Railways' leverage has increased above 3.0x adjusted total
debt/EBITDA as of year-end 2014 as a result of a decline in cargo
transportation volumes in Russia, freezing of the company's
regulated tariffs for 2014 and rouble depreciation, with a
limited potential for recovery in the currently challenging
macroeconomic environment; (3) Moody's expectation that the
company's ability to continue cutting costs will be limited by
social considerations; (4) the company's large capex program,
although substantially state-funded; and (5) its continuing
dependence on the government's willingness to maintain the scope
of its support at a level sufficient for Russian Railways to
maintain its financial metrics in line with its conservative
financial policy.
The negative outlook on Russian Railways' ratings is in line with
the negative outlook on the sovereign rating and reflects the
fact that a potential further downgrade of Russia's sovereign
rating may result in the further lowering of the country ceiling
for foreign currency debt and, as a result, lead to a downgrade
of Russian Railways' ratings. In addition to considerations
related to the sovereign rating, Moody's will also be monitoring
the company's ability to address increased country and foreign
exchange risks.
Positive pressure could be exerted on Russian Railways' ratings
if Moody's were to upgrade Russia's government bond rating or
raise its foreign-currency bond country ceiling, provided there
is no material deterioration in company-specific factors,
including operating and financial performance and liquidity.
Russian Railways' ratings will be affected by further
developments at the sovereign level. The ratings are likely to be
downgraded if (1) there is a further downgrade of Russia's
sovereign rating and/or a lowering of the foreign-currency bond
country ceiling; or (2) Moody's were to revise downwards its
assessment of the probability of the Russian government providing
extraordinary support to Russian Railways in the event of
financial distress. A deterioration of the standalone profile
reflected in the BCA could also have negative rating
implications. Moody's could lower Russian Railways' BCA if its
consolidated adjusted debt/EBITDA were to exceed 4.0x on a
sustained basis, or if its liquidity were to deteriorate
materially.
The principal methodology used in these ratings was Global
Surface Transportation and Logistics Companies published in April
2013. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009 and the Government-Related Issuers
methodology published in October 2014.
Russian Railways Joint Stock Company is the 100% state-owned
monopoly owner and operator of Russia's rail infrastructure and
provider of freight and passenger rail transportation services.
As of year-end 2013, the group had approximately 1.1 million
employees. In 2013, Russian Railways generated revenue of RUB1.76
trillion (US$55.4 billion), of which 75% was contributed by
freight transportation and logistics services.
=========
S P A I N
=========
NH HOTEL: S&P Affirms 'B-' CCR on Proposed Partial Refinancing
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit rating on Spain-based hotel group NH
Hotel Group S.A. (NH), formerly known as NH Hoteles S.A. The
outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the
proposed EUR200 million senior secured notes due 2022. The
recovery rating on these notes is '2'. S&P affirmed the 'B'
issue and '2' recovery ratings on NH's existing senior secured
debt. The '2' recovery rating indicates S&P's expectation of
substantial recovery, in the higher half of the 70%-90% range, in
the event of a payment default.
The affirmation reflects S&P's opinion that NH's proposed partial
refinancing will have a limited effect on its financial risk
profile. In S&P's view, NH's intention to issue EUR200 million
in notes due 2022 will not result in higher leverage because it
will be used to repay debt. S&P understands that the proceeds of
the issue will repay EUR115 million of the existing term loan,
EUR35 million of the existing subordinated loans, and EUR36
million of a German mortgage loan. The proceeds will also cover
transaction costs of EUR4 million, with the remaining EUR10
million kept in the company's cash reserves, available for
general corporate purposes.
S&P's view of NH's "weak" business risk profile reflects the
company's business model, which is centered around the operation
of owned and leased hotels. In S&P's opinion, this concentration
contributes to a high and relatively inflexible fixed-cost base.
Although S&P views mid-scale properties as having lower cost
bases than luxury hotels, it believes that NH's key market
segment has relatively low barriers to entry and is therefore
more exposed to competition. This said S&P believes that NH
could potentially strengthen its business risk profile in the
medium term, although we see some execution risks. The company's
strategy is to move to a more asset-light ownership model and
toward a more upmarket segment, while restructuring its cost base
to improve profitability. In 2014, NH's EBITDA and EBITDA margin
experienced solid growth, in part due to this restructuring, and
because of a general recovery in key markets.
S&P's assessment of NH's "highly leveraged" financial risk
profile reflects S&P's forecasts for the company. In 2014,
Standard & Poor's-adjusted debt-to-EBITDA improved to 9.3x from
10.2x on the back of solid EBITDA growth, but it remains solidly
in the highly leveraged financial risk profile category. S&P
notes that about 75% of adjusted debt comprises S&P's adjustment
for operating leases, reflecting NH's business model. This said,
even on an unadjusted basis, S&P views the level of projected
financial debt to EBITDA as very high compared with NH's cash
flow generation. S&P believes that NH's capacity to generate
free cash flow will likely be constrained over the coming years
as the company embarks on an investment program. However, S&P
understands that NH plans to finance some of its investments
through asset disposals. S&P also understands that NH will
continue to benefit from "adequate" liquidity over 2015 and has
some flexibility to cut capital expenditures (capex) if asset
disposals do not materialize.
S&P's base case assumes:
-- Low-single-digit GDP growth in Europe, Latin America, and
the U.S. NH's revenue per available room to grow at a
similar rate to GDP in Europe, Latin America, and the U.S.
-- Capex of about EUR150 million in 2015 and about EUR110
million in 2016.
-- Annual asset disposals of about EUR30 million-EUR60
million.
Based on these assumptions, S&P arrives at these credit measures:
-- Adjusted debt-to-EBITDA of about 9x in 2015 and 2016.
-- Adjusted EBITDA interest coverage of 1.5x-2.0x in both
years.
-- Adjusted EBITDA margin of slightly over 30% in both years.
The stable outlook reflects S&P's view that NH will contain its
debt so as to keep senior adjusted interest coverage at 1.5x-
2.0x, preserve sufficient liquidity for its operating needs, and
maintain adequate headroom under its covenants.
In particular, S&P anticipates that NH's profitability on a
recurring basis will continue to improve in 2015, thanks to
favorable economic conditions and the effects of the company's
turnaround strategy.
S&P could consider lowering the ratings if adverse operating
developments, a subsequent decline in profitability, or
shortfalls in the company's asset disposal plan cause NH's credit
metrics to deteriorate. In addition, the rating could come under
pressure if NH's headroom under its covenants were to shrink, if
liquidity were to weaken to below "adequate" levels, or if NH's
adjusted EBITDA interest coverage were to fall to less than 1.0x.
S&P do not anticipate these scenarios in the next 12 months.
An upgrade of NH would be contingent on the company being able to
generate consistently positive free operating cash flow, which
has been significantly negative in recent years. It would also
require NH to have an adjusted EBITDA interest coverage ratio of
consistently more than 2.0x, and "adequate" liquidity.
=============
U K R A I N E
=============
MHP SA: Moody's Says Repayment of US$234MM Eurobond is Credit Pos
-----------------------------------------------------------------
Moody's Investors Service commented that the successful repayment
by MHP S.A. (Caa3 negative), one of Ukraine's leading agro-
industrial groups, of its US$234 million Eurobond on April 29,
2015 is credit positive.
MHP repaid the Eurobond at its maturity using a US$200 million
loan from the International Finance Corporation (IFC, Aaa stable)
signed in June 2014 and disbursed in March-April 2015. The
repayment illustrates the company's continued ability to access
international funding and garner support from international
financial institutions, such as the IFC, despite political and
economic turmoil in Ukraine. In addition, Moody's positively
notes MHP's prudent approach to liquidity management as evidenced
by its efforts to prearrange the necessary refinancing well in
advance.
MHP's liquidity profile has significantly improved following the
refinancing. Its next large maturity (i.e., a US$750 million
Eurobond) will be in 2020, prior to which the company's debt
repayment burden will be quite comfortable, and will likely be
serviced from internally generated sources.
MHP S.A. is one of Ukraine's leading agro-industrial groups. The
company's operations include the production of poultry and
sunflower oil, as well as the production and sale of convenience
foods. In addition, MHP is vertically integrated into grain and
fodder production, and operates one of the largest land banks in
Ukraine. As of 2014, the company's dollar-denominated total
revenue and reported EBITDA amounted to around US$1.4 billion and
US$555 million, respectively.
UKRAINIAN RAILWAYS: S&P Lowers CCR to 'CC', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
and local currency corporate credit ratings on Ukrainian railway
company The State Administration of Railways Transport of Ukraine
(Ukrainian Railways) to 'CC' from 'CCC-'. The outlook is
negative.
S&P also lowered its issue ratings on the senior secured loan
participation notes due 2018 and issued by financing vehicle
Shortline PLC to 'CC' from 'CCC-'.
The rating action reflects the Ukrainian government's
announcement that it will restructure its foreign currency
commercial debt, including Ukrainian Railways' loan participation
notes, worth US$500 million. Under S&P's criteria, it would
expect to classify this restructuring of the notes as tantamount
to default. In S&P's view, therefore, the default of Ukrainian
Railways' foreign currency debt is a virtual certainty.
S&P considers Ukrainian Railways to be a government-related
entity under S&P's criteria. As part of S&P's rating action, it
has also revised down its assessment of the likelihood that the
Ukrainian government would provide timely and sufficient support
to Ukrainian Railways in the event of financial stress to
"moderately high" from "high." S&P now considers potential
support from the Ukrainian government to Ukrainian Railways as
more doubtful than previously.
"We continue to assess Ukrainian Railways' financial risk profile
as "aggressive," taking into account its increased debt and
interest expense following sharp devaluations of the Ukrainian
hryvnia in 2014. We calculate that the Standard & Poor's-
adjusted debt-to-EBITDA ratio increased to about 2.8x-3.3x at the
end of 2014 from just below 2.0x at the end of 2013.
Accordingly, we estimate that our adjusted ratio of funds from
operations to debt for Ukrainian Railways decreased to
approximately 18%-23% at the end of 2014 from about 33% at the
end 2013. Our adjusted EBITDA-interest coverage ratio declined
to about 2.5x-3.0x at the end of 2014 from about 3.5x in 2013.
We continue to view these metrics as commensurate with the
"aggressive" financial risk profile, albeit in the lower end of
the category," S&P said.
"Our assessment of Ukrainian Railways' business risk profile as
"weak" incorporates our view of "very high" country risk in
Ukraine. In addition, it reflects Ukrainian Railways'
significant capital-expenditure (capex) requirements to upgrade
and renew its infrastructure and fleet. Recent tariff increases
should help the company to partly mitigate falling cargo and
passenger traffic resulting from the deteriorating economic
environment. Still, these increases will not be enough to cover
the full restoration of services on the damaged Donetsk railway
and foregone revenues due to suspended services on parts of this
railway. However, we acknowledge Ukrainian Railways' substantial
market share in domestic freight -- about 70% -- and its monopoly
status in domestic passenger rail services and management of the
national rail infrastructure," S&P added.
The negative outlook on Ukrainian Railways reflects the
likelihood that S&P would lower its long-term ratings on the
company to 'SD' (selective default) and lower the issue rating on
its US$500 million loan participation notes to 'D' when the
restructuring is completed.
The outlook also reflects S&P's assessment that headroom under
the notes' covenants is very low and that the company may be in
breach of them as of year-end 2014.
Although highly unlikely, S&P could take a positive rating action
on Ukrainian Railways if the restructuring was cancelled.
===========================
U N I T E D K I N G D O M
===========================
DANUBE DELTA: S&P Affirms CCC- Ratings on 7 Note Classes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC- (sf)'
credit ratings on Danube Delta Corp.'s class A-1 VFN, A-2 VFN, A-
3 VFN, C-1, C-2, D-1, and D-2 notes.
The affirmations follow S&P's analysis of the transaction using
data from the trustee report dated March 16, 2015, and the
application of S&P's relevant criteria.
Since S&P's June 20, 2012 review, the class A notes have
significantly deleveraged. However, the par coverage of the
rated notes has continued to deteriorate. In addition, the class
C and D notes have further deferred their interest payments.
S&P has applied its criteria on the information available from
the trustee report. Based on this analysis, S&P estimates the
current portfolio to comprise about 30% of defaulted assets. In
the optimistic scenario where recovery rates would exceed 68% on
average, and the portfolio experienced no further defaults, there
would be sufficient collateral to pay interest and principal on
the rated notes. Under S&P's "Global CDOs Of Pooled Structured
Finance Assets: Methodology And Assumptions" criteria, it expects
recoveries on current defaulted assets to total a maximum of 41%
on average.
S&P expects the amount of interest generated by the portfolio
over the next 12 months to amount to approximately EUR2.40
million (assuming the portfolio experiences no further defaults),
which will be sufficient to pay the intereston the nondeferrable
notes (the class A-1 VFN, A-2 VFN, and A-3 VFN notes) over the
next 12 months.
Danube Delta is a cash flow collateralized debt obligation (CDO)
transaction managed by Prytania Investment Advisors LLP. A
portfolio of mainly U.S. CDOs, residential mortgage-backed
securities (RMBS), asset-backed securities (ABS), and commercial
mortgage-backed securities (CMBS) backs the transaction. Danube
Delta closed in August 2006 and its reinvestment period ended in
August 2011.
RATINGS LIST
Danube Delta Corp.
EUR286 mil, GBP0 mil, US$36 mil Variable-Funding Notes, EUR6
Million and US$6 Million Senior Secured Deferrable Floating-Rate
Notes, US$10 Million Composite Notes, and EUR9 Million and US$21
Million Subordinated Notes
Rating Rating
Class Identifier To From
A-1 VFN 23642RAA4 CCC- (sf) CCC- (sf)
A-2 VFN 23642RAC0 CCC- (sf) CCC- (sf)
A-3 VFN 23642RAD8 CCC- (sf) CCC- (sf)
C-1 23642RAE6 CCC- (sf) CCC- (sf)
C-2 23642RAF3 CCC- (sf) CCC- (sf)
D-1 23642RAG1 CCC- (sf) CCC- (sf)
D-2 23642RAB2 CCC- (sf) CCC- (sf)
ETHEL AUSTIN: 1,200 Former Workers Won't Receive Compensation
-------------------------------------------------------------
Gareth Mackie at The Scotsman reports that thousands of workers
at high street stores that went out of business have lost their
long-running fight for compensation.
According to The Scotsman, the European Court of Justice decision
means 1,200 former staff at Ethel Austin will not receive any
money.
Workers missed out because they were based in stores with fewer
than 20 staff, whereas colleagues in larger sites qualified for
compensation, The Scotsman discloses.
Ethel Austin went out of business five years ago, The Scotsman
recounts.
Shop workers' union USDAW said members were "heartbroken" by the
ruling, with general secretary John Hannett describing the ECJ
verdict as a "kick in the teeth" for those who worked in smaller
branches, The Scotsman relates.
Ethel Austin was a UK-based clothing chain.
INDUS PLC: Fitch Lowers Rating on Class C Notes to 'Dsf'
--------------------------------------------------------
Fitch Ratings has downgraded Indus (Eclipse 2007-1) plc's class C
notes, as:
GBP51.8 million class C (XS0294757256) downgraded to "Dsf" from
'Csf'; Recovery Estimate (RE) 50%
The transaction was originally a securitization of 19 commercial
mortgage backed loans (six remaining), 18 of which were
originated by Barclays Bank PLC (A/Stable/F1) and the remainder a
senior tranche of a loan originated by Bank of Scotland. Fifteen
loans have repaid since closing in 2007, with five resulting in a
loss for the junior note holders. The total loan balance has
been reduced to GBP199 million from GBP894 million. The loans
are currently secured against a portfolio of office, mixed-use
and retail properties located in the UK.
KEY RATING DRIVERS
While the Workspace portfolio, which was in special servicing,
was sold at 94% of the last valuation, it resulted in a
considerable loss on the loan. The loan was GBP25.8 million, and
recoveries were GBP8.3 million with losses of GBP1 million being
assigned to the class C notes and GBP16.4 million being assigned
to the class D notes. This resulted in the class D notes being
written down in full and the class C notes taking a loss.
RATING SENSITIVITIES
A further deterioration in the performance of the loans backed by
secondary/tertiary assets is likely to have a detrimental effect
on the junior notes' recovery prospects.
RESIDENTIAL MORTGAGE 25: S&P Ups Rating on B3-Dfrd Notes to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Residential Mortgage Securities 25 PLC's class A1, A2, and M1-
Dfrd notes. At the same time, S&P has raised its ratings on the
class M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
part of S&P's surveillance review cycle. S&P's analysis reflects
the application of its U.K. residential mortgage-backed
securities (RMBS) criteria and its current counterparty criteria.
S&P has observed a decrease in its weighted-average foreclosure
frequency WAFF) and a decrease in its weighted-average loss
severity (WALS) since S&P's June 7, 2012 review. The decrease in
the WAFF is mainly due to the increase in seasoning and the
decrease in total arrears to 8.98% in February 2015 from 12.45%
in S&P's previous review. The decrease in the WALS is due to the
decrease in the weighted-average current loan-to-value (CLTV)
ratio, to 71.82% from 83.53% in our previous review (arrears and
CLTV figures are based on Standard & Poor's calculations).
Rating WAFF WALS
Level (%) (%)
AAA 37.24 41.52
AA 29.05 35.30
A 23.49 25.42
BBB 18.49 19.88
BB 13.69 16.15
The transaction has a weighted-average seasoning of 91 months and
benefits from a reserve fund, which is at its required documented
level.
The transaction has deleveraged since S&P's previous review,
increasing the available credit enhancement for all classes of
notes. This increase, coupled with improvements in S&P's WAFF
and WALS calculations, has led S&P to raise its ratings on the
class M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes, while
affirming its ratings on the class A1, A2, and M1-Dfrd notes.
The class M1-Dfrd, M2-Dfrd, B1-Dfrd, B2-Dfrd, and B3-Dfrd notes
are deferrable-interest notes. As such, S&P rates them based on
the ultimate payment of principal and interest.
S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
for time horizons of one year and three years under moderate
stress conditions is in line with S&P's credit stability
criteria.
Residential Mortgage Securities 25 securitizes a pool of first-
ranking, nonconforming, buy-to-let, and prime residential
mortgage loans secured over properties in England, Scotland, and
Wales. The transaction closed in October 2010 and includes loans
originated by GMAC Residential Funding Co. LLC, Kensington
Mortgage GroupCo Ltd., and Money Partners Ltd.
RATINGS LIST
Class Rating
To From
Residential Mortgage Securities 25 PLC
GBP195.1 Million Mortgage-Backed Floating-Rate Notes
Ratings Affirmed
A1 AAA (sf)
A2 AAA (sf)
M1-Dfrd AA (sf)
Ratings Raised
B1-Dfrd A- (sf) BBB (sf)
B2-Dfrd BB+ (sf) B (sf)
B3-Dfrd BB (sf) B- (sf)
M2-Dfrd A+ (sf) A (sf)
SOUTHDALE HOMES: In Administration After Loss-Making Projects
-------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that Halifax
construction group Southdale Homes has fallen into administration
after suffering several loss-making projects.
The collapse of the GBP30 million turnover group has seen Kier
Living swoop in to take on several of the firm's house building
contracts, according to Construction Enquirer.
The report notes that around 128 Southdale staff, working out of
the Halifax and Warrington offices, will now be offered work as
part of the deal.
A remaining 87 were made redundant by administrators from
AlixPartners Services, the report relates.
The report discloses that Kier Living will work closely with the
Southdale administrator and employees to ensure a smooth
transition into the business with immediate effect, maintaining
continuity of delivery wherever possible for clients and supply
chain partners.
The report notes that John Anderson, Kier Living's executive
director, said: "Today represents an important milestone for Kier
Living as we expand our presence in the north of England in order
to deliver our growth plans, as set out in Kier's strategy Vision
2020.
"Nationally Kier Living plans to increase output from around
1,500 units per annum currently, to around 4,000 units by 2020.
Not only will we be able to use the combined capability and
expertise of the two teams to deliver existing developments, we
will also be able to expand our offering to a wider range of
clients, and deliver projects of an increased scale. I would
like to take this opportunity to welcome Southdale employees to
Kier and look forward to continuing our journey of growth with
them," the report quoted Mr. Anderson as saying.
Southdale Homes specialized in affordable new homes and
technically demanding public buildings including care
accommodation, medical facilities and community centers. The
worked primarily with local authorities across the North West,
North East and Yorkshire and Humber regions.
SOUTHDALE HOMES: Kier Living Buys North West Division
-----------------------------------------------------
Place North West reports that the North West division of social
housing contractor Southdale Homes has been acquired by Kier
Living after falling into administration due to a number of loss-
making projects.
Southdale Homes opened its regional office in Warrington in
September 2010. The company had a turnover of GBP30 million,
according to Place North West. Clients included Wulvern Housing,
St Vincents Housing Association, New Fylde Housing, and Great
Places Housing Group.
The report notes that of more than 200 staff 87 were made
redundant and 128 offered jobs by Kier.
The move strengthens Kier's residential division, increasing
employee numbers to over 520 and substantially expanding its
presence in the north of England, the report discloses.
"Today represents an important milestone for Kier Living as we
expand our presence in the north of England in order to deliver
our growth plans, as set out in Kier's strategy Vision 2020.
Nationally Kier Living plans to increase output from around 1,500
units per annum currently, to around 4,000 units by 2020," the
report quoted John Anderson, executive director of Kier Living,
as saying.
"Not only will we be able to use the combined capability and
expertise of the two teams to deliver existing developments, we
will also be able to expand our offering to a wider range of
clients, and deliver projects of an increased scale. I would
like to take this opportunity to welcome Southdale employees to
Kier and look forward to continuing our journey of growth with
them," Mr. Anderson added.
The administrators are AlixPartners Services.
THEATRE HOSPITALS 1: Fitch Withdraws 'B' Rating on Class D Notes
----------------------------------------------------------------
Fitch Ratings has withdrawn the ratings on Theatre (Hospitals)
No. 1 Plc and Theatre (Hospitals) No.2 Plc as the agency no
longer has sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for these issuers.
KEY RATING DRIVERS
Fitch lacks sufficient information to monitor the operational
performance of the portfolio of hospitals and does not expect to
receive any such information going forward. As a result, it is
not possible to maintain the ratings on the class C and D notes.
Fitch also notes that the transactions are in an advanced stage
of undergoing a material restructuring of their respective
capital structures.
The ratings are withdrawn at these levels.
Theatre (Hospitals) No.1 plc:
GBP48.4 million class C notes: 'B+'; Negative Outlook
GBP48.4 million class D notes: 'B'; Negative Outlook
Theatre (Hospitals) No.2 plc:
GBP32.3 million class C notes: 'B+'; Negative Outlook
GBP32.3 million class D notes: 'B'; Negative Outlook
Summary of credit
The transactions are securitisations of loans to property-owning
entities (the propco) secured on 35 private hospitals operated by
BMI, the acute private hospital division of General Healthcare
Group (GHG). The propco's principal source of repayment under
the term loan is the net rent received under leases payable by
tenants operating within BMI. BMI is the largest independent
provider of private patient care in the UK, operating a total of
72 hospitals with over 3,000 beds. Both issuers are identical in
structure and their notes rank equally with one another.
THOMAS COOK: S&P Revises Outlook to Stable & Affirms 'B' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based tour operator Thomas Cook Group PLC to stable from
positive. At the same time, S&P affirmed its 'B' long-term
corporate credit rating on the group.
S&P also affirmed its 'B' issue rating on Thomas Cook's GBP1.02
billion senior unsecured notes. The recovery rating on these
notes remains unchanged at '4', indicating S&P's expectation of
average recovery prospects in the event of a payment default, in
the higher half of the 30%-50% range.
The outlook revision hinges on S&P's view that Thomas Cook's
"highly leveraged" financial risk profile is unlikely to
strengthen to levels commensurate with a higher rating over the
next 12 months. In fiscal 2014, Thomas Cook posted a Standard &
Poor's-adjusted debt-to-EBITDA ratio of about 6.2x and an
adjusted EBITDA-to-interest ratio of 1.9x, which are below S&P's
previous expectations of 4.4x and 2.7x, respectively, owing to
higher restructuring costs.
Although S&P believes Thomas Cook's credit metrics will continue
to improve over the next 12 months, on the back of further growth
of nominal EBITDA, S&P do not expect them to strengthen to a
level that we see as commensurate with a 'B+' rating. S&P
anticipates that the group's Standard & Poor's-adjusted leverage
will decrease to 5.6x and EBITDA interest coverage will improve
to 2.2x in fiscal 2015, a level that S&P still considers
appropriate for a 'B' rating, given the group's "weak" business
risk profile. Standard & Poor's financial metrics are based on
S&P's expectations that reported EBITDA (after operating and
exceptional costs) will be at about GBP330 million, up from
GBP277 million reported in 2014, as result of an increasing
proportion of revenues from new products, benefits from cost-
cutting initiatives undertaken in previous years, and lower
restructuring costs. S&P's base-case scenario also takes into
consideration challenging trading conditions, in particular in
continental Europe, and pricing pressures caused by overcapacity
in the airline segment.
S&P continues to assess Thomas Cook's business risk profile as
"weak." S&P's assessment mainly reflects its view of the
cyclicality and seasonality of the tourism industry, which
creates ongoing margin pressure, and a high level of event risk.
These weaknesses are, in S&P's view, partly offset by the group's
well-established market position in various European markets (it
is one of the top three players in its key markets), and
geographically diverse sales.
Under S&P's methodology, the combination of a "weak" business
profile and a "highly leveraged" financial profile yields an
initial analytical outcome ("anchor") of 'b' or 'b-'. In the
case of Thomas Cook, S&P assess the anchor at 'b', reflecting the
group's metrics at the high end of its "highly leveraged"
category and positive generation of free operating cash flow
(FOCF).
The stable outlook reflects S&P's view that Thomas Cook will be
able to improve its operating performance and grow its nominal
EBITDA over the next 12 months on the back of increasing
contributions from new products, benefits coming from previous
years' cost-reduction initiatives, and lower restructuring costs.
Under S&P's base case, it anticipates that the group should
improve its Standard & Poor's-adjusted leverage to below 6x and
achieve EBITDA interest coverage of more than 2x. S&P sees these
levels as commensurate with the current 'B' rating, given the
"weak" business risk profile. The stable outlook also reflects
S&P's opinion that Thomas Cook will maintain what S&P considers
to be "adequate" liquidity.
Operating developments leading to significantly weaker-than-
anticipated EBITDA performance and credit ratios, and significant
tightening of covenant headroom to persistently less than 15%
could trigger a negative rating action. Specifically, pressure
on the ratings could result from adjusted debt to EBITDA
exceeding 6x and adjusted EBITDA interest coverage declining to
less than 2x in financial 2015. Furthermore, if S&P was to
reassess downward the group's liquidity to "less than adequate,"
S&P might consider lowering the rating.
A positive rating action would depend on the group achieving a
sustained improvement in its profitability margins (an EBITDA
margin of more than 5%) resulting in financial metrics consistent
with an "aggressive" financial risk profile. In particular, S&P
sees an adjusted leverage strongly positioned in the 4.0x-5.0x
range and EBITDA interest coverage in the 2.5x-3.0x range as
commensurate with a higher rating. A positive rating action
would also rely on Thomas Cook's ability to generate meaningfully
positive FOCF on a sustainable basis.
TULLIS RUSSELL: Angry Workers Demand Answers From Management
------------------------------------------------------------
Neil Henderson at FifeToday reports that around 300 former Tullis
Russell employees, who were made redundant following the firm's
shock announcement it was going into administration, have voiced
their anger at management.
Attending an emergency union meeting at Rothes Halls, emotions
were running high as a succession of workers demanded answers
from the management team responsible for firm which has lost
GBP18.5 million in the last five years, according to FifeToday.
The report notes that employees, some of which were informed of
the job losses by telephone following a completion of their shift
are claiming the decision was made without any consultation from
directors who said only last month that jobs were 'safeguarded'.
"Let's be clear that Tullis Russell directors have serious
questions to answer about how this company was so suddenly
plunged into administration and the workers want answers. This
is a heart-breaking situation where the workforce have turned out
in their hundreds, shocked and victims of a hopeless employment
law system and a group of directors who didn't give a second
thought to throwing them on the dole," the report quoted Unite
Regional Officer Dougie Maguire as saying.
"Let's be clear that Tullis Russell directors have serious
questions to answer about how this company was so suddenly
plunged into administration and the workers want answers. This
is a heart-breaking situation where the workforce have turned out
in their hundreds, shocked and victims of a hopeless employment
law system and a group of directors who didn't give a second
thought to throwing them on the dole," Mr. Maguire said, the
report notes.
The union organized the meeting to offer legal advice to its
members, the report relates.
"Our immediate priority now is our involvement on the Scottish
government task force and if there is any possibility that we can
save these jobs -- we will explore every option," added Mr.
McGuire, the report discloses.
The report notes that the first meeting of the Fife taskforce,
set up by the Scottish Government in the wake of the 325 job
losses, also took place yesterday co-chaired by Deputy First
Minister John Swinney and David Ross, leader of Fife Council.
"We are committed to working together with key public and private
bodies, workforce representatives and local politicians to do all
we can to support those who have been made redundant and are
affected by the decision during this difficult time," Mr. Swinney
said, the report relays.
An initial list of priorities were agreed including the continued
effort to find a possible buyer for the 206-year-old paper making
company, the report notes.
Support for those made redundant and the agreement of action plan
to support economic growth and job creation in central Fife, was
also earmarked, the report discloses.
"The Scottish Government has already announced an initial oe6
million of financial support, other members of the Taskforce will
look to see what resources they can bring to support work in the
area," added Mr. Swinney.
WOOLWORTHS: 3,200 Former Workers Won't Receive Compensation
-----------------------------------------------------------
Gareth Mackie at The Scotsman reports that thousands of workers
at high street stores that went out of business have lost their
long-running fight for compensation.
The European Court of Justice decision means 3,200 ex-employees
of Woolworths, which collapsed in 2008, will not receive any
money, The Scotsman notes.
According to The Scotsman, workers missed out because they were
based in stores with fewer than 20 staff, whereas colleagues in
larger sites qualified for compensation.
Shop workers' union USDAW said members were "heartbroken" by the
ruling, with general secretary John Hannett describing the ECJ
verdict as a "kick in the teeth" for those who worked in smaller
branches, The Scotsman relays.
Woolworths was a U.K.-based retailer.
* UK: Gloom Deepens Among Struggling Oil Firms
----------------------------------------------
The Scotsman reports that offshore operators remain firmly
focused on cost-cutting as confidence among the UK's oil and gas
explorers has sunk for the third quarter in a row.
The latest business sentiment index published by industry body
Oil & Gas UK fell further into negative territory during the
first quarter of this year as explorers struggle to cope with
historically low oil prices, according to The Scotsman.
The report notes that the survey measures a number of indicators
such as confidence, activity levels, revenue, investment and
employment, with lower ratings below zero indicating a more
negative outlook.
Oonagh Werngren, operations director at Oil & Gas UK, said sector
optimism has been on a downward trend for the past eight
quarters, the report relates.
The report notes that the latest reading of -31 for the first
three months of this year marks a further deterioration from the
final quarter of 2014, when the index came in at -23.
"These figures indicate the industry's focus remains firmly on
reviewing and revising activities to achieve the significant
efficiencies required when operating in the high-cost, mature
basin of the UK Continental Shelf (UKCS), where the oil price
fall has added further pressure to an already challenging
business environment," the report quoted Mr. Werngren as saying.
The report notes that cut-backs by the majors have in some cases
crippled smaller contractors. Earlier, Aberdeen dredging
specialist X-Subsea fell into administration suffering
"unsustainable" losses from a downturn in orders, the report
discloses.
Meanwhile, Aim-quoted driller Trap Oil warned last month that it
was facing collapse unless it can bring in urgent funding, the
report relays.
The company's only producing asset is the Athena oil field, in
which it has a 15 per cent stake, the report notes. Trap Oil
said in February it was losing about GBP380,000 a month from the
field, about 110 miles north-east of Aberdeen, due to the low oil
price, the report says. In a bid to cut costs, it has trimmed
its workforce to about 13 people, from 16 a year ago, the report
relays.
"It is clear that since Q4 2014, contractor companies have begun
to feel the full impact of operators pruning back budgets and
commissioning fewer projects in response to rising operating
costs," the report quoted Mr. Werngren as saying.
"Contractor company respondents are adjusting to these
challenging circumstances by re-evaluating their own resources.
They are identifying opportunities for introducing more cost-
efficient practices, deferring discretionary expenditure, re-
bidding for key contracts, and this is all helping to curb
increases in operating costs," Mr. Werngren added.
The report notes that Deirdre Michie, incoming chief executive of
Oil & Gas UK, said the industry has a "tough journey ahead".
"This is a difficult time for the offshore oil and gas sector.
We need to ensure a step up in its performance to deliver a
positive and sustainable future. I look forward to working with
industry, unions, governments and the regulators in moving this
industry forward," the report quoted Ms. Michie as saying.
The report relates that Ms. Michie is taking over from Malcolm
Webb, who is retiring after more than 40 years in the oil and gas
sector.
Mr. Webb, joined the trade body, then known as the UK Offshore
Operators Association, as chief executive in 2004 and oversaw its
transformation to Oil & Gas UK in 2007.
Ms. Michie has worked for Shell since 1986, where she has held a
variety of senior roles. She is also a former vice-president and
current council member of Aberdeen & Grampian Chamber of
Commerce.
===============
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)
------- ------ ------ ------
AA LTD 2968492Z LN -3387310342 2941216446
AA PLC AAL BQ -3387310342 2941216446
AA PLC AA/ TQ -3387310342 2941216446
AA PLC AA/ IX -3387310342 2941216446
AA PLC AAAAL S1 -3387310342 2941216446
AA PLC AA/ EB -3387310342 2941216446
AA PLC 2XA GR -3387310342 2941216446
AA PLC AA/GBX EU -3387310342 2941216446
AA PLC AA/GBX EO -3387310342 2941216446
AA PLC AA/ LN -3387310342 2941216446
AA PLC 1023859D SW -3387310342 2941216446
AA PLC AAL B3 -3387310342 2941216446
AA PLC AAL S2 -3387310342 2941216446
AA PLC AAL L3 -3387310342 2941216446
AA PLC AA/EUR EU -3387310342 2941216446
AA PLC AA/EUR EO -3387310342 2941216446
AA PLC-SUB SHS 1253131D LN -3387310342 2941216446
AARDVARK TMC LTD 1768297Z LN -1779177.627 149732584.7
ABBOTT MEAD VICK 648824Q LN -1685905.65 168264096.2
ABF GRAIN PRODUC 1276922Z LN -48465868.55 670357516.4
ACCIONA INMOBILI 4029797Z SM -201626913.2 1629582757
ACEROS PARA LA 1656Z SM -263940.0005 119468482.1
ACTUACIONES ACTI AGR SM -102379482.8 427577243.8
ADRIA AIRWAYS 54757Z SV -51858436.56 134746896.3
ADRIA CABLE BV 4044453Z NA -62348693.94 188829025.3
ADVANCE DISPLAY ADTP PZ -3015579018 2590008061
ADVANCE DISPLAY ADTPEUR EO -3015579018 2590008061
ADVANCE DISPLAY ADTPEUR EU -3015579018 2590008061
AEA TECHNOLO-FPR AATF PZ -251538429 142000079.4
AEA TECHNOLO-FPR AATF LN -251538429 142000079.4
AEA TECHNOLO-NPR AATN PZ -251538429 142000079.4
AEA TECHNOLO-NPR AATN LN -251538429 142000079.4
AEA TECHNOLOGY AAT PO -251538429 142000079.4
AEA TECHNOLOGY AAT VX -251538429 142000079.4
AEA TECHNOLOGY AAT IX -251538429 142000079.4
AEA TECHNOLOGY EAETF US -251538429 142000079.4
AEA TECHNOLOGY G AATGBP EO -251538429 142000079.4
AEA TECHNOLOGY G 1005182D GR -251538429 142000079.4
AEA TECHNOLOGY G AAT LN -251538429 142000079.4
AEA TECHNOLOGY G 0884037D EO -251538429 142000079.4
AEA TECHNOLOGY G AEATF US -251538429 142000079.4
AEA TECHNOLOGY G 0884036D EU -251538429 142000079.4
AEA TECHNOLOGY G AAT PZ -251538429 142000079.4
AEGEK AGEKF US -129281233.7 283727598.7
AEGEK AEGEK GA -129281233.7 283727598.7
AEGEK AEGEK EO -129281233.7 283727598.7
AEGEK AGK GR -129281233.7 283727598.7
AEGEK AEGEK PZ -129281233.7 283727598.7
AEGEK AEGEK EU -129281233.7 283727598.7
AEGEK S.A. AEGEKY B3 -129281233.7 283727598.7
AEGEK S.A. AEGEKY L3 -129281233.7 283727598.7
AEGEK S.A. AEGEKY S2 -129281233.7 283727598.7
AEGEK S.A. - RTS 989399Q GA -129281233.7 283727598.7
AEGEK S.A.-RTS AEGEPR GA -129281233.7 283727598.7
AEGEK S.A.-RTS AEGEKR GA -129281233.7 283727598.7
AEGEK SA-AUCTION AEGEKE GA -129281233.7 283727598.7
AEGEK-PFD 2733073Q EU -129281233.7 283727598.7
AEGEK-PFD AEGEP GA -129281233.7 283727598.7
AEGEK-PFD 2733077Q EO -129281233.7 283727598.7
AEGEK-PFD AEGEP PZ -129281233.7 283727598.7
AEGEK-PFD AUCTIO AEGEPE GA -129281233.7 283727598.7
AFFINITI INTEGRA 1651064Z LN -436307727.6 341755295.2
AFRICA OFFSHORE AOSA NO -280249984 357512992
AG PETZETAKIS SA PZETF US -110809481.9 206423169.8
AG PETZETAKIS SA PTZ1 GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EO -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EU -110809481.9 206423169.8
AG PETZETAKIS SA PETZK PZ -110809481.9 206423169.8
AG PETZETAKIS SA PTZ GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK GA -110809481.9 206423169.8
AGOR AG NDAGF US -482467.0522 144438127.4
AGOR AG DOO GR -482467.0522 144438127.4
AGOR AG DOO EU -482467.0522 144438127.4
AGOR AG DOOD PZ -482467.0522 144438127.4
AGOR AG DOO EO -482467.0522 144438127.4
AGOR AG DOOG IX -482467.0522 144438127.4
AGOR AG DOO S1 -482467.0522 144438127.4
AGOR AG-RTS 2301918Z GR -482467.0522 144438127.4
AGORA SHOPPING C 214766Z LN -50701197.21 252336526.8
AGRUPACIO - RT AGR/D SM -102379482.8 427577243.8
AIR BERLIN PLC AB1 S1 -139659058.8 2886844064
AIR BERLIN PLC AB1 NQ -139659058.8 2886844064
AIR BERLIN PLC AIBEF US -139659058.8 2886844064
AIR BERLIN PLC AB1 QM -139659058.8 2886844064
AIR BERLIN PLC AB1 PZ -139659058.8 2886844064
AIR BERLIN PLC AB1D S2 -139659058.8 2886844064
AIR BERLIN PLC AB1 BQ -139659058.8 2886844064
AIR BERLIN PLC AB1 EU -139659058.8 2886844064
AIR BERLIN PLC AB1GBX EU -139659058.8 2886844064
AIR BERLIN PLC AB1 EB -139659058.8 2886844064
AIR BERLIN PLC AB1 QT -139659058.8 2886844064
AIR BERLIN PLC AB1GBP EO -139659058.8 2886844064
AIR BERLIN PLC AB1 TH -139659058.8 2886844064
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AIR BERLIN PLC ABOG IX -139659058.8 2886844064
AIR BERLIN PLC AB1D B3 -139659058.8 2886844064
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AIR BERLIN PLC AB1 TQ -139659058.8 2886844064
AIR BERLIN PLC AB1GBX EO -139659058.8 2886844064
AIR BERLIN PLC AB1 GR -139659058.8 2886844064
AIR BERLIN PLC AB1 EO -139659058.8 2886844064
AIR BERLIN PLC AB1 SW -139659058.8 2886844064
AIR COMMAND SYST 4470055Z FP -30657158.94 217998392.9
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AIR FRA-KLM-ADR AKH US -764720024.1 28108299802
AIR FRA-KLM-ADR FQZ GR -764720024.1 28108299802
AIR FRAN-PAR ENT 2246976Z US -764720024.1 28108299802
AIR FRANCE AIFRF US -764720024.1 28108299802
AIR FRANCE-ADR W AKH-W US -764720024.1 28108299802
AIR FRANCE-KLM AF NQ -764720024.1 28108299802
AIR FRANCE-KLM AFUSD EO -764720024.1 28108299802
AIR FRANCE-KLM AFA NA -764720024.1 28108299802
AIR FRANCE-KLM AF MT -764720024.1 28108299802
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AIR FRANCE-KLM AF QM -764720024.1 28108299802
AIR FRANCE-KLM AIRF IX -764720024.1 28108299802
AIR FRANCE-KLM AFGBP EO -764720024.1 28108299802
AIR FRANCE-KLM AFUSD EU -764720024.1 28108299802
AIR FRANCE-KLM AF QX -764720024.1 28108299802
AIR FRANCE-KLM AFRAF US -764720024.1 28108299802
AIR FRANCE-KLM AFR GR -764720024.1 28108299802
AIR FRANCE-KLM AFCHF EO -764720024.1 28108299802
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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 2015. 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
202-362-8552.
* * * End of Transmission * * *