Belgium http://www.alacrastore.com/country-snapshot/Belgium Thursday, May 15, 2008 7:35:27 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/648323?CMP=OTC-RSSPUB&HQS=Belgiumspcred/648323normThe latest Summary from S&Pglobal5/15/2008 10:36:57 AM175Summary648323BelgiumElectric UtilitiesEurope, Middle East, AfricaGlobal IssuersUtilitiesElectricSummaryThe ratings on Elia System Operator S.A./N.V. reflect its strategically important monopoly position as the owner and operator of the electricity transmission networks of the Kingdom of Belgium (AA+/Stable/A-1+) and a supportive regulatory framework. However, the ratings are constrained by Elia's aggressive financial risk profile. Nevertheless, all financial charges are automatically passed through into the tariffs. About 95% of Elia's revenues and EBITDA (€732 million and €305 million in 2007, respectively) stem from regulated activities. Standard&Poor's Ratings Services expects the new four-year regulatory framework, effective since Jan. 1, 2008, to provide more stability and predictability. Under the new regulations, the goodwill element of an asset written off at the end of its useful life is included in theBEL55101010 551010 5510 55Elia System Operator S.A./N.V.376062EUROMIDAFRELI@BBSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647916?CMP=OTC-RSSPUB&HQS=Belgiumspcred/647916normThe latest News from S&Pglobal5/13/2008 3:25:58 PM100News647916BelgiumPublishingEurope, Middle East, AfricaGlobal IssuersCorporationsMedia & EntertainmentNewsLONDON (Standard&Poor's) May 13, 2008--Standard&Poor's Ratings Services today assigned recovery ratings to the subordinated debt issued by TRUVO Subsidiary Corp., a subsidiary of Delaware-based international publisher of classified directories TRUVO Intermediate Corp., while leaving the issue-level ratings on this debt unchanged. The issue-level ratings remain at 'CCC+', two notches below the 'B' corporate credit rating on TRUVO Intermediate Corp. We assigned a recovery rating of '6' to this debt, indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. (For the complete recovery analysis, see Standard&Poor's recovery report titled, "TRUVO Intermediate Corp.'s Recovery Rating Profile," to be published on RatingsDirect immediately following the release of this report.) We have valuedBEL92926T25401040 254010 2540 25TRUVO Subsidiary Corp.383366EUROMIDAFRNEWSUSA25401040 254010 2540 25TRUVO Intermediate Corp.410401USA2630353ZGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/647645?CMP=OTC-RSSPUB&HQS=Belgiumspcred/647645normThe latest Summary from S&Pglobal5/12/2008 1:16:54 PM175Summary647645BelgiumIntegrated Telecommunication ServicesEurope, Middle East, AfricaGlobal IssuersCorporationsTelecommunications & CableSummaryThe ratings on Belgacom S.A. are supported by the group's position as the leading integrated provider of telecommunications services in Belgium and its strong free operating cash flow (FOCF; operating cash flow minus capital expenditures) generation. Belgacom also benefits from its 100% ownership of market-leading mobile operator Proximus, which had a 43.8% subscriber market share in Belgium at the end of 2007, and its modest financial policy characterized by moderate leverage. The ratings are constrained by the continuing adverse regulatory measures that primarily affect Belgacom's mobile business (as well as those of its main competitors). These include mobile termination rate cuts in May and July 2008 and the steady decline in retail and wholesale roaming rates until at least AugustBEL50101020 501010 5010 50Belgacom S.A.120556EUROMIDAFRBELG@BBSUMMARYGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0271?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0271pdf...In ####, the Belgian facial care market is forecast to have a value of $###.# million, an increase of ##.#% since ####. ... 250.004/21/2008 2:37:05 PMPersonal HygieneSkincareBelgiumOHIP0271Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0272?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0272pdf...In ####, the Belgian renewable energy market is forecast to have a value of $#,###.# million, an increase of ###.#% since ####. ... 250.004/21/2008 2:37:05 PMEnergyBelgiumOHIP0272Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/spcred/641315?CMP=OTC-RSSPUB&HQS=Belgiumspcred/641315normThe latest Summary from S&P4/7/2008 8:31:45 AMSummary175globalstructuredpubfin641315BelgiumRegional BanksAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinancePublic FinanceFinancial InstitutionsInsuranceCorporationsUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSSummaryThe ratings on Belgium-based Fortis Bank SA/NV (Fortis Bank), and core subsidiaries Fortis Bank Nederland (Holding) N.V. (FBN) and Fortis Banque Luxembourg S.A. (FBL), primarily reflect Fortis Bank's strong position in the Benelux banking market, good asset quality, and satisfactory profitability. They also factor in the bank's position as a core member of Belgian-Dutch banking and insurance group Fortis. As a result of the purchase of the businesses of ABN AMRO Bank N.V. (AA-/Developing/A-1+), the ratings on Fortis Bank also incorporate its improved market position, business diversification, and risk profile, as well as the significant execution risk, deteriorated profitability before the medium-term achievement of synergies, and large negative impact on Fortis group's financial flexibility. In October 2007, Fortis group purchasedBELB4745L3495FK34956740101015 401010 4010 40Fortis Bank SA/NV108539ASIAEMERGINGEUROMIDAFRLATAMERICAUSA1215Z@NASUMMARYBELLUXNLD00077D00077Q00077T00078J00078U00079F00080Q3495FA3495Q03495Q1N002A3N02601N02636N0264AN0264DN0264LN0265SN026EVN33408N3340R40101010 401010 4010 4040201020 402010 4020 4040203010 402030 4020 4040301040 403010 4030 40Fortis Bank Nederland (Holding) N.V.ABN AMRO Bank N.V.Fortis Banque Luxembourg S.A.Fortis Insurance BelgiumFortis ASR Schadeverzekering N.V.Fortis ASR Levensverzekering N.V.377590102647306248313658313696326084ASIAEMERGINGEUROMIDAFRLATAMERICAPACUSA1193Z@NA1054Z@NABGL@LX1059Z@BB1260Z@NA1285Z@NAGLOBISSSTRUCPUBFINFIINSCORPUTILABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640170?CMP=OTC-RSSPUB&HQS=Belgiumspcred/640170normThe latest Summary from S&P3/31/2008 3:36:37 PMSummary175global640170BelgiumIntegrated Telecommunication ServicesEurope, Middle East, AfricaGlobal IssuersCorporationsTelecommunications & CableSummaryThe ratings on Belgium-based integrated telecommunications operator Belgacom S.A. are supported by the group's leading market position in all main segments of the Belgian telecoms market; solid operating performance; and strong and predictable cash flows, with free operating cash flow (FOCF) generation of €956 million in 2007. Belgacom also benefits from its 100% ownership of market-leading mobile operator Proximus, which had a 43.8% subscriber market share in Belgium at the end of 2007. The Belgian state owns 53.5% of the group. The ratings are constrained by the progressive erosion of Belgacom's business profile in its increasingly competitive, liberalized domestic market. The group faces heightened competition from alternative facilities-based fixed-line providers, cable operators, and non-facilities-based service providers that bundle services andBEL50101020 501010 5010 50Belgacom S.A.120556EUROMIDAFRBELG@BBSUMMARYGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640166?CMP=OTC-RSSPUB&HQS=Belgiumspcred/640166normThe latest Full Report from S&P3/31/2008 3:36:36 PMFull Report400global640166BelgiumIntegrated Telecommunication ServicesEurope, Middle East, AfricaGlobal IssuersCorporationsTelecommunications & CableFull ReportSolid position as leading telecommunications operator in Belgium. Dominant mobile operation, with a 43.8% subscriber market share on Dec. 31, 2007. Continuing strong free cash flow generation and moderately leveraged balance sheet. Strong pressure on fixed-line voice revenues. EBITDA reduction in the mobile segment. Pressure on group margins and cash flows from lower-margin new products and payments for employee benefits. The ratings on Belgium-based integrated telecommunications operator Belgacom S.A. are supported by the group's leading market position in all main segments of the Belgian telecoms market; solid operating performance; and strong and predictable cash flows, with free operating cash flow (FOCF) generation of €956 million in 2007. Belgacom also benefits from its 100% ownership of market-leading mobile operator Proximus, whichBEL50101020 501010 5010 50Belgacom S.A.120556EUROMIDAFRBELG@BBFULLGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitormarket/OHME1151?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHME1151pdf...In ####, the Belgian ice cream market is forecast to have a value of $#,###.# million, an increase of #.#% since ####. ... 250.003/31/2008 1:30:39 PMFoodChilled and Deli FoodBelgiumOHME1151Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0220?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0220pdf...In ####, the Belgian coal market is forecast to have a volume of #.# million short tonnes, a decrease of #.#% since ####. ... 250.003/31/2008 1:30:35 PMMetals and MiningBelgiumOHIP0220Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0238?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0238pdf...The Belgian construction materials market grew by #.#% in #### to reach a value of $#,###.# million. ... 250.003/31/2008 1:30:35 PMConstructionBelgiumOHIP0238Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0252?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0252pdf...In ####, the Belgian juices market is forecast to have a value of $###.# million, an increase of #.#% since ####. ... 250.003/31/2008 1:30:35 PMDrinksSoft DrinksBelgiumOHIP0252Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0258?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0258pdf...In ####, the Belgian suncare market is forecast to have a value of $##.# million, an increase of ##% since ####. ... 250.003/31/2008 1:30:35 PMPersonal HygieneSkincareBelgiumOHIP0258Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0264?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0264pdf...The Belgian textile washing products market grew by #.#% in #### to reach a value of $###.# million. ... 250.003/31/2008 1:30:35 PMConsumerHouseholdBelgiumOHIP0264Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0201?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0201pdf...In ####, the Belgian air fresheners market is forecast to have a value of $##.# million, an increase of #.#% since ####. ... 250.003/31/2008 1:30:34 PMPersonal HygieneFragrancesBelgiumOHIP0201Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0207?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0207pdf...In ####, the Belgian bread and rolls market is forecast to have a value of $#,### million, an increase of ##.#% since ####. ... 250.003/31/2008 1:30:34 PMFoodBakery and CerealsBelgiumOHIP0207Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0213?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0213pdf...In ####, the Belgian breakfast cereals market is forecast to have a value of $###.# million, an increase of #.#% since ####. ... 250.003/31/2008 1:30:34 PMFoodBakery and CerealsBelgiumOHIP0213Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/datamonitormarket/OHIP0189?CMP=OTC-RSSPUB&HQS=Belgiumdatamonitormarket/OHIP0189pdf...In ####, the Belgian hotels and motels industry is forecast to have a value of $#.# billion, an increase of ##.#% since ####. ... 250.003/31/2008 1:30:00 PMConsumerLeisureBelgium250.00ConsumerLeisureBelgiumOHIP0189Market ResearchDatamonitor Industry Profileshttp://www.alacrastore.com/storecontent/spcred/640114?CMP=OTC-RSSPUB&HQS=Belgiumspcred/640114normThe latest Full Report from S&P3/31/2008 1:24:38 PMFull Report400globalstructured640114BelgiumOffice REIT'sEurope, Middle East, AfricaStructured FinanceCorporationsReal Estate CompaniesGlobal IssuersFull ReportLow industry risk, with quality assets that produce stable cash flows and retain value well A large proportion of prime assets in the relatively resilient Brussels central business district, leased on long-term contracts Low exposure to speculative developments A SICAFI tax-transparent vehicle, which lends itself to low-risk property ownership and rent collection Concentration of assets in the weaker Brussels office market Some customer concentration, albeit on tenants with very high credit quality A weakened financial profile following recent large acquisitions The ratings on Belgium-based property investment company Befimmo S.C.A. reflect the strong quality of the company's portfolio of commercial real estate, which produces resilient cash flow streams. This is the result of the good quality of the company's assets, whichBEL40402040 404020 4040 40Befimmo S.C.A.360517EUROMIDAFRBEFB@BBFULLGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640120?CMP=OTC-RSSPUB&HQS=Belgiumspcred/640120normThe latest Summary from S&P3/31/2008 1:24:38 PMSummary175structuredglobal640120BelgiumOffice REIT'sEurope, Middle East, AfricaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on Belgium-based property investment company Befimmo S.C.A. reflect the strong quality of the company's portfolio of commercial real estate, which produces resilient cash flow streams. This is the result of the good quality of the company's assets, which are leased on long contracts to strong tenants; overall positive indexation in the lease portfolio; and limited exposure to speculative developments over the cycle. These strengths are tempered by the cyclical nature of the office real estate market, the low-yield nature of real estate assets, and the company's slightly more aggressive capital structure and investment activity. Befimmo's €1.8 billion property portfolio comprises office assets mainly focused on the Brussels market. Since December 2006 and the acquisition of a 90% stakeBEL40402040 404020 4040 40Befimmo S.C.A.360517EUROMIDAFRBEFB@BBSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research