Company Credit Risk
creditworthiness
Definition
A creditor's measure of an individual's or company's ability to meet debt
obligations.
credit bureau, quick ratio, times interest earned
Related Research Articles from the InvestorGuide.com University
Credit Regulations
Information is being collected about your credit behavior and used by others to
rate you. Learn what your rights are when it comes to credit laws. Understand
the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA),
and the Fair Debt Collection Practices Act (FDCPA), and how they protect you.
Choosing a Credit Card
Trying to find the right credit card? Learn how to evaluate fees, perks, and the
associated fees before making your decision.
Credit Fraud
Credit fraud is an increasingly serious problem, growing almost threefold in the
past five years. Are you protected and do you know what to do if this happens to
you? This article includes steps to prevent credit fraud, and how to deal with
it if it does occur.
Creditworthiness
Sector provides appropriate credit and risk data from the main rating agencies,
including Fitch Ratings, and provides advice on interest rate forecasting,
enabling you to directly manage your debt or investment portfolio.
Please select your task:
Creditworthiness Application
Establish Credit Policies
User Guide to Creditworthiness Application
User Creditworthiness Updates
2005-12-14 @UK Creditworthiness Software & Computer Services Software
2004-12-23 121MEDIA INC Creditworthiness Media Media Agencies
2006-08-02 1PM PLC Creditworthiness General Financial Specialty Finance
2002-05-02 1ST DENTAL LABORATORIES 4Creditworthiness Health Care Equipment &
Services Health Care Providers
2004-03-11 2 ERGO GROUP Creditworthiness Mobile Telecommunications Mobile Telecommunications
2006-12-20 2WAYTRAFFIC N.V. Creditworthiness Media Broadcasting & Entertainment
2005-09-23 32RED Creditworthiness Travel & Leisure Gambling
2002-07-15 365 MEDIA GROUP PLC Creditworthiness Travel & Leisure Gambling
2002-10-23 3DM WORLDWIDE PLC Creditworthiness Chemicals Specialty Chemicals
1994-07-18 3I GROUP Creditworthiness General Financial Specialty Finance
1953-11-05 4IMPRINT GROUP Creditworthiness Support Services Business Support
Services
1947-03-14 600 GROUP Creditworthiness Industrial Engineering Industrial Machinery
2005-10-04 888 HLDGS Creditworthiness Travel & Leisure Gambling
2006-10-24 A&D PHARMA HLDGS NV Creditworthiness3 Food & Drug Retailers Drug
Retailers
1993-11-08 ABACUS GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2004-11-16 ABBEY Credit Construction & Materials Heavy Construction
1989-07-12 ABBEY NATIONAL 8 Convertibles Convertibles
1988-04-06 ABBEYCREST Credit Personal Goods Clothing & Accessories
1995-06-20 ABBOT GROUP 573 Oil Equipment, Services & Distribution Oil Equipment
& Services
1978-12-11 ABBOTT LABORATORIES financial Health Care Equipment & Services Medical
Supplies
2005-11-03 ABCAM loans Pharmaceuticals & Biotechnology Biotechnology
1998-10-01 ABERDEEN ALL ASIA INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-20 ABERDEEN ASIAN INCOME FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-10-19 ABERDEEN ASIAN SMALLER CO INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1991-03-28 ABERDEEN ASSET MANAGEMENT financial General Financial Asset Managers
1986-09-08 ABERDEEN DEVELOPMENT CAPITAL Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-12-12 ABERDEEN GROWTH OPPORTUNITIES VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-02-17 ABERDEEN GROWTH OPPORTUNITIES VCT 2 Credit Risk Equity Investment
Instruments Equity Investment Instruments
2001-04-10 ABERDEEN GROWTH VCT I PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1989-05-12 ABERDEEN NEW DAWN INVESTMENT TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1989-12-22 ABERDEEN NEW THAI INV TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-30 ABERDEEN WARRANTS(JERSEY) loans Nonequity Investment Instruments
Nonequity Investment Instruments
2001-12-18 ABERFORTH GEARED CAP & INC TRUST loans Nonequity Investment
Instruments Nonequity Investment Instruments
1990-12-10 ABERFORTH SMALLER COMPANIES TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-12-23 ABRAXUS INVESTMENTS Credit Real Estate Real Estate Holding &
Development
2006-03-03 ABSOLUTE CAPITAL MANAGEMENT HLDGS financial General Financial Asset
Managers
2005-02-23 ABSOLUTE RETURN TRUST loans Nonequity Investment Instruments Nonequity
Investment Instruments
1994-03-28 ACAL 2797 Support Services Industrial Suppliers
1995-11-30 ACAMBIS PLC loans Pharmaceuticals & Biotechnology Biotechnology
2004-03-19 ACC LTD 2353 Construction & Materials Building Materials & Fixtures
2003-04-08 ACCELERATED RETURN FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-28 ACCESS INTELLIGENCE 9Creditworthiness Software & Computer Services
Computer Services
2006-11-01 ACCIDENT EXCHANGE GROUP PLC Creditworthiness General Financial
Specialty Finance
2005-10-26 ACCSYS TECHNOLOGIES financial General Industrials Diversified Industrials
2005-03-09 ACCUMA GROUP Creditworthiness General Financial Specialty Finance
1995-11-02 ACER INC 9572 Technology Hardware & Equipment Computer Hardware
2006-05-16 ACERTEC 1757 Industrial Metals Steel
2006-12-06 ACM SHIPPING GROUP PLC 573 Oil Equipment, Services & Distribution Oil
Equipment & Services
1999-02-11 ACORN INCOME FUND loans Nonequity Investment Instruments Nonequity
Investment Instruments
2006-01-06 ACP CAPITAL LTD Creditworthiness General Financial Specialty Finance
2006-07-26 ACP MEZZANINE LIMITED Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-10-04 ACTA SPA Creditworthiness Electronic & Electrical Equipment Electrical Components
& Equipment
2001-05-11 ACTIVE CAPITAL TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-02-21 ADAMIND Creditworthiness Software & Computer Services Software
2005-06-30 ADC ZEROS 2010 PLC loans Nonequity Investment Instruments Nonequity
Investment Instruments
2005-06-30 ADC ZEROS 2012 loans Nonequity Investment Instruments Nonequity
Investment Instruments
2004-10-25 ADDLEISURE 3745 Leisure Goods Recreational Products
2005-02-03 ADDWORTH Creditworthiness General Financial Specialty Finance
2006-02-15 ADEPT TELECOM 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2001-09-24 ADESTE INVESTMENTS Creditworthiness General Financial Specialty
Finance
2004-02-13 ADL 4Creditworthiness Health Care Equipment & Services Health Care
Providers
2004-09-28 ADMIRAL GROUP financial situation Nonlife Insurance Insurance Brokers
1999-11-19 ADORIAN PLC Creditworthiness Media Broadcasting & Entertainment
2006-12-20 ADVANCE AIM VALUE REALISATION CO LD financial situation General Financial Investment
Services
1998-06-22 ADVANCE DEVELOPING MARKETS TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-12-19 ADVANCE FOCUS FUND 7 Preference Preference
1997-11-24 ADVANCE UK TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2000-11-16 ADVANCE VISUAL COMMUNICATIONS 9Creditworthiness Software & Computer
Services Computer Services
2002-04-30 ADVANCED MEDICAL SOLUTIONS GROUP financial Health Care Equipment &
Services Medical Supplies
2002-11-12 ADVANCED POWER COMPONENTS Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2005-12-14 ADVANCED SMARTCARD TECHNOLOGIES Creditworthiness Software & Computer
Services Software
2005-11-30 ADVENT AIR Credit Risk Travel & Leisure Airlines
2005-06-03 ADVENT CAPITAL HLDGS PLC 8536 Nonlife Insurance Property & Casualty
Insurance
2004-07-01 ADVENTIS GROUP Creditworthiness Media Media Agencies
2000-03-20 ADVFN Creditworthiness General Financial Specialty Finance
2005-08-02 ADWALKER Creditworthiness Media Media Agencies
1996-09-26 AEA TECHNOLOGY Creditworthiness Support Services Business Support
Services
2004-12-10 AEC EDUCATION Risk Support Services Business Training & Employment
Agencies
1938-07-27 AECI 7 Preference Preference
1984-09-10 AEGIS GROUP Creditworthiness Media Media Agencies
1975-06-23 AEGON NV 8575 Life Insurance Life Insurance
2006-10-02 AER LINGUS GROUP PLC Credit Risk Travel & Leisure Airlines
2000-05-25 AERO INVENTORY Creditworthiness Aerospace & Defence Aerospace
2003-03-20 AEROBOX Creditworthiness Chemicals Specialty Chemicals
2005-03-14 AFREN Creditworthiness Oil & Gas Producers Exploration & Production
2006-06-30 AFRICAN CONSOLIDATED RESOURCES PLC Creditworthiness Mining Gold Mining
2004-11-12 AFRICAN COPPER Creditworthiness Industrial Metals Nonferrous Metals
2003-07-14 AFRICAN DIAMONDS 1773 Mining Diamonds & Gemstones
2003-06-25 AFRICAN EAGLE RESOURCES Creditworthiness Mining Gold Mining
2002-05-31 AFRICAN PLATINUM Creditworthiness Mining Platinum & Precious Metals
2005-07-11 AFRIORE Creditworthiness Mining Platinum & Precious Metals
1941-09-17 AGA FOODSERVICE GROUP Creditworthiness Household Goods Durable Household Products
2005-06-08 AGCERT INTERNATIONAL Creditworthiness Support Services Waste & Disposal Services
1997-09-29 AGGREKO Creditworthiness Support Services Business Support Services
2006-02-27 AGI THERAPEUTICS Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1999-03-05 AGORA Risk Media Publishing
1999-12-21 AI CLAIMS SOLUTIONS financial situation Travel & Leisure Travel & Tourism
2006-12-15 AIDA FUND LTD(THE) loans Nonequity Investment Instruments Nonequity
Investment Instruments
1996-05-03 AIM DISTRIBUTION TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-08-30 AIM REALISATION FUND LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-03-21 AIM RESOURCES Credit Risk Mining General Mining
1998-12-09 AIM VCT(THE) Credit Risk Equity Investment Instruments Equity Investment
Instruments
2000-12-04 AIM VCT2 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-12-15 AIR CHINA Credit Risk Travel & Leisure Airlines
2004-10-07 AIR MUSIC & MEDIA GROUP Creditworthiness Media Broadcasting & Entertainment
1995-11-23 AIR PARTNER PLC Credit Risk Travel & Leisure Airlines
2003-08-01 AIRSPRUNG FURNITURE GROUP Credit Risk Household Goods Furnishings
2002-05-22 AKERS BIOSCIENCES INC financial Health Care Equipment & Services Medical
Supplies
1987-10-01 ALBA 3743 Leisure Goods Consumer Electronics
2005-04-04 ALBA MINERAL RESOURCES Credit Risk Mining General Mining
2003-01-27 ALBANY CAPITAL PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1973-05-24 ALBANY INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-09-25 ALBEMARLE & BOND HLDGS 8773 General Financial Consumer Finance
2004-03-25 ALBIDON LD Credit Risk Mining General Mining
1953-08-04 ALCAN INC 1753 Industrial Metals Aluminum
1981-09-03 ALCOA INC 1753 Industrial Metals Aluminum
2006-04-11 ALDGATE CAPITAL Creditworthiness General Financial Specialty Finance
2003-11-19 ALEA GROUP HLDGS(BERMUDA) Credit Risk Nonlife Insurance Reinsurance
2005-04-04 ALEXANDER MINING Credit Risk Mining General Mining
1985-01-31 ALEXANDRA Credit Personal Goods Clothing & Accessories
1947-03-28 ALEXON GROUP 5371 General Retailers Apparel Retailers
2000-10-19 ALIZYME loans Pharmaceuticals & Biotechnology Biotechnology
2003-09-19 ALKANE ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2004-11-16 ALL IPO Creditworthiness General Financial Specialty Finance
2005-08-31 ALL NEW VIDEO Creditworthiness Mobile Telecommunications Mobile
Telecommunications
1991-10-10 ALL NIPPON AIRWAYS CO Credit Risk Travel & Leisure Airlines
2006-12-19 ALL POINTS NORTH PLC Credit Real Estate Real Estate Holding &
Development
2004-10-11 ALLERGY THERAPEUTICS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1997-04-21 ALLIANCE & LEICESTER 8355 Banks Banks
1950-03-13 ALLIANCE BOOTS PLC Creditworthiness3 Food & Drug Retailers Drug
Retailers
2003-12-23 ALLIANCE PHARMA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1947-07-17 ALLIANCE TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
1998-06-01 ALLIANZ DRES END POL TST 10 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1997-01-13 ALLIANZ DRESDNER 2 ENDOW POLICY TST Credit Risk Equity Investment
Instruments Equity Investment Instruments
1981-10-02 ALLIANZ SE 8532 Nonlife Insurance Full Line Insurance
2006-05-02 ALLIED GOLD LTD Creditworthiness Mining Gold Mining
2005-12-30 ALLIED HEALTHCARE INTERNATIONAL INC 4Creditworthiness Health Care
Equipment & Services Health Care Providers
1967-06-29 ALLIED IRISH BANKS 8355 Banks Banks
2005-01-14 ALLTRACEL PHARMACEUTICALS loans Pharmaceuticals & Biotechnology
Biotechnology
2006-03-03 ALLTRUE INVESTMENTS Creditworthiness General Financial Specialty
Finance
1994-02-10 ALPHA AIRPORTS GROUP 2777 Industrial Transportation Transportation
Services
1999-06-09 ALPHA BANK A E 8355 Banks Banks
2005-11-29 ALPHA PYRENEES TRUST 8737 Real Estate Real Estate Investment Trusts
2005-08-11 ALPHA STRATEGIC Creditworthiness General Financial Specialty Finance
2006-12-21 ALPHA TIGER PROPERTY TRUST LTD 8773 General Financial Consumer
Finance
1986-09-15 ALPHAMERIC Creditworthiness Software & Computer Services Software
2000-07-20 ALTERIAN Creditworthiness Software & Computer Services Software
2004-03-25 ALTERNATIVE ASSET OPPORTUNITIES loans Nonequity Investment Instruments
Nonequity Investment Instruments
1996-12-06 ALTERNATIVE INVEST STRATEGIES Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-02-18 ALTERNATIVE NETWORKS 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2001-12-31 ALTIN AG loans Nonequity Investment Instruments Nonequity Investment
Instruments
2005-03-10 ALTONA RESOURCES Credit Risk Mining General Mining
1989-08-14 ALTRIA GROUP INC 3785 Tobacco Tobacco
1986-05-30 ALUMASC GROUP 2353 Construction & Materials Building Materials &
Fixtures
2006-07-11 AMARIN CORP PLC loans Pharmaceuticals & Biotechnology Biotechnology
2005-12-12 AMAZING HLDGS Creditworthiness Travel & Leisure Gambling
2005-08-23 AMBERLEY GROUP Creditworthiness Software & Computer Services Software
1999-02-19 AMBRIAN CAPITAL PLC financial situation General Financial Investment Services
1995-09-29 AMCO CORP Credit Construction & Materials Heavy Construction
1982-12-23 AMEC PLC Creditworthiness Support Services Business Support Services
1977-07-15 AMERICAN EXPRESS CO 8773 General Financial Consumer Finance
1988-10-27 AMERICAN INTERNATIONAL GROUP INC 8532 Nonlife Insurance Full Line
Insurance
AMERICAN MEDICAL INTERNATIONAL INC 6 Debentures & Loans Debentures & Loans
1989-08-10 AMERICAN OPPORTUNITY TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-05 AMIAD FILTRATION SYSTEMS Creditworthiness Industrial Engineering Industrial
Machinery
1995-07-06 AMINEX Creditworthiness Oil & Gas Producers Exploration & Production
2004-06-09 AMINO TECHNOLOGIES 9578 Technology Hardware & Equipment
Telecommunications Equipment
1998-09-28 AMLIN 8536 Nonlife Insurance Property & Casualty Insurance
2005-08-23 AMPHION INNOVATIONS Creditworthiness General Financial Specialty
Finance
1988-12-09 AMSTRAD 3743 Leisure Goods Consumer Electronics
2004-11-25 AMTEK AUTO 3355 Automobiles & Parts Auto Parts
2005-11-18 AMTEL VREDESTEIN NV 3357 Automobiles & Parts Tires
2006-01-18 AMTEUS Creditworthiness Software & Computer Services Software
2006-03-15 AMUR MINERALS CORP Credit Risk Mining General Mining
1997-03-03 AMVESCAP financial General Financial Asset Managers
2004-12-03 ANDOR TECHNOLOGY 2737 Electronic & Electrical Equipment Electronic
Equipment
2001-12-24 ANDREWS SYKES GROUP Creditworthiness Support Services Business
Support Services
2005-11-17 ANGEL BIOTECHNOLOGY HLDGS loans Pharmaceuticals & Biotechnology
Biotechnology
2004-03-17 ANGLE PLC Creditworthiness Support Services Business Support Services
1988-06-06 ANGLESEY MINING Credit Risk Mining General Mining
1990-06-26 ANGLIAN WATER 6 Debentures & Loans Debentures & Loans
2005-07-29 ANGLO & OVERSEAS Credit Risk Equity Investment Instruments Equity Investment
Instruments
1999-05-24 ANGLO AMERICAN Credit Risk Mining General Mining
2005-07-29 ANGLO ASIAN MINING PLC Credit Risk Mining General Mining
1974-02-22 ANGLO IRISH BANK CORP 8355 Banks Banks
1996-12-30 ANGLO PACIFIC GROUP Credit Risk Mining General Mining
1956-02-23 ANGLO PLATINUM Creditworthiness Mining Platinum & Precious Metals
1985-04-24 ANGLO-EASTERN PLANTATIONS 3573 Food Producers Farming & Fishing
Rating report
The Rating report service provides you with a comprehensive report, which you
can also use at a later stage during the business relationship. You will save
time and effort, as it is not necessary for you to know how to interpret
financial statements and financial data. Rating report functions well also when
making big and long-term credit decisions.
Reliable data for fast decision-making
By using the Rating report service you will get a comprehensive financial
creditworthiness report on a company directly to your computer. From the summary
section of Rating report you will find out the company's creditworthiness and
the factors on the background at one glance. The company's creditworthiness is
expressed by an international seven-step letter rating. In addition, report uses
a five-step scale to analyse the company's payments, background and financial
standing, and gives a distinct credit recommendation in euros.
Plus credit decision service and collection guarantee as additional features
In addition to the report, you can link the credit decision service and
collection guarantee to the company when its rating is A+ or better, when you so
wish. The extra price of this service is 5 euros. In the credit decision service,
we will follow changes in the company's creditworthiness for you and immediately
notify you, if the company's creditworthiness falls to the creditworthiness
categories A, B or C. The follow-up is in force 12 months from the purchase of
the service.
The collection guarantee in the Rating report service recompenses costs caused
to your company by debt collection, if the followed company does not pay its
invoice in time. Costs to be covered are fees of the debt collection agency,
costs caused by the draft protesting procedure, and costs of authorities
relating to the debt collection. The collection guarantee is in force as long as
the creditworthiness category of the company is A+ or better; however, at most
12 months from the purchase of the service.
The Credit Report
Identification: Subject legal name, trade name(s), legal (headquarters) address,
telephone and fax numbers.
Executive Summary: Key points about the company, for quick referral.
Answers To Client Questions: Credit reports from our subsidiary, Veritas, allow
customers to ask specific questions that may not otherwise appear in a credit
report. Veritas will address these questions upon conducting the interview with
a subject and provide the answers in this section of the report. An example of a
specific question is the request for a credit opinion on a given sum of money.
Imperatives: Important events occurring within the past year that have an impact
on the company's creditworthiness. Also used to outline steps taken to find a
company that is either offshore, out of business, or not at the address provided.
Legal: This section gives business type and legal standing of a company, address
of the corporate headquarters, any file or corporation numbers, capital stock if
available, and the names of officers and shareholders.
Related Companies: A list of companies that have a legal relationship to the
subject. This includes Parent Companies, Subsidiaries and Sister Companies.
History: This section can provide background information on the Company or its
officers. If a company has been in business for a number of years, you will see
important events that have occurred since its inception.
Technical: This section describes the size and function of the company's main
office, or any other offices it may utilize. It also gives number of employees
and any independent sales representatives a company may have.
Financial: The company's income statement and balance sheet, if available, are
presented in this section along with financial ratios and a comparative analysis
by industry. Since companies in North and South America are not required to
release financial information, this section will also provide an explanation of
the company's refusal to provide this information.
Industry Analysis: This is a comparison of a subject company's annual volume
with that of other firms involved in the same industry.
Bank Reference: The bank reference is requested in order to obtain a history of
a company's banking relationship and determine the size of its borrowing
facilities. All bank references are updated upon each requested order.
Payment History: This section reflects a company's historical payment tendencies
for a particular period of time, and may also reflect terms granted to the
subject from various suppliers. In the United States, this section is shown in
graph format and provides the average number of days past due a firm has paid
over the noted period. For Canadian companies, the numbers reflect a formula
that is reflective of a company's prior payment record.
Trade References: This section (where applicable) supplies at least 2 supplier
names and the history each of these suppliers has with the subject. Included in
this section is how long a supplier has been trading with a subject, credit
limits, current outstanding amounts, terms offered, last sale dates and an
overall rating. All trade references are updated upon each requested order.
Veritas Rating: A synthesis of a company's strengths and weaknesses. While the
rating can be used to measure a company's creditworthiness, it is disconnected
from and not conditioned by any particular credit amount. For instance, a small
business may possess all the characteristics that would earn top ratings but not
necessarily be able to accommodate the same amount of credit as a large
business. The rating assigns a letter grade for each of five categories of
information. These are Payment History, Income Statement, Balance Sheet,
Business Stability and Legal Filings. The grading of each area of the report
depends on an established set of criteria. The criteria are encoded into
formulas that the computer reads in order to arrive at its rating.
Creditworthiness
The key to risk assessment
Why credit insurance?
Securing your company's balance sheet
For most companies it will not be particularly economical to have a fire
insurance policy, because their property will not burn. But everybody know that
buildings do sometimes burn. And if a fire should occur, it would be a
catastrophy if the company was not insured against such incident. Hindsight will
not be of any help. And the chances that your company will lose money on
outstanding receivables are higher than the chances of losing your property to a
fire.
It is not unusual that 40% of company's assets consist of receivables on other
companies. Very often Norwegian companies have receivables that are higher than
their net worth, and even small delays in payments may have serious effects on
the company's liquidity. The most common cause for companies running into
serious financial problems or even going bankrupt, is losses on outstanding
receivables.
If your company has the financial capacity to carry unexpected losses, and if
your company's management feel comfortable explaining such losses to the board,
your company will probably be better off without a credit insurance policy. This
may increase the margin by 0,2 - 0,7 % of the company's sales. If the above is
not the case, you and your company may run a high risk.
The costs related to losses on receivables must be seen in relation to the
increased sales that have to be generated in order to cover such losses. It your
company has a 10 % profit margin, you have to increase your sales by TNOK 500 in
order to cover a TNOK 50 loss.
Everything thus indicates that your company would be better off with a credit
insurance policy.
Credit control
Most Norwegian companies are used to selling to companies and people they know
well. But even with well-established and well-known customers it may be hard to
evaluate the company's creditworthiness. At least 25% of all bankruptcies are
found among well-established customers with a good payment record. And remember
that even if your customer is both honest and solid, there is no guaranty that
his customers have the same characteristics. Do you know if your customer has a
credit insurance policy? In a number of countries credit insuranse is much more
common than in Norway.
With modern technology and quick changes in trade and industry, direct human
contact is sometimes lost. Companies receive orders via fax and e-mail, and very
often goods are sent to buyers the company has never met. Still complete
confidence isoften shown. Small and medium sized companies are often more
willing to take risk than larger companies. They shouldn't be. They have less
resources to monitor their customers and they are more vulnerable to losses
caused by payment defaults.
It is important to establish a credit policy and to set up guidelines for the
company's credit lines, invoicing, and debt collection. This will lead to an
improvement of your company's liquidity, since the established procedures enable
your company to sort out the customers with a bad payment history. The company
balance sheet and operations are thus better secured since the chances for loss
on receivables are reduced.
For most Norwegian companies it is a costly as well as a time consuming process
to assess their customer's creditworthiness. And the further away geographically
and mentally, the more difficult it is do undertake a correct assessment.
Scandals like Enron and WorldCom shows that even if you have access to the
company's accounts, you can never be sure that the figures give the correct
picture of the company's financial situation. Surveys have showed that financial
indicators never exceed 70 % accuracy in predicting if a company goes bankrupt
or not.
It will be cost-efficient for your company to hand over the credit evaluation of
your customers to our underwriters. We have access to up-to-date credit reports
on companies all over the world, and we monitor all our customers' clients. This
enables our underwriters to quickly decide if your customer is creditworthy or
not. If any negative information should occur related to your customer, we will
inform you - and in this way you will be able to prevent potential losses.
Competitive advantage
Credit sales constitute 90 % of all global B to B trade. The competition in the
world market is fierce, and when one of your customers request credit, you are
often forced to ask for credit from your own suppliers. Credit has become a "necessary
evil" that most companies have to live with.
In order to win a contract in a global competitive market, it is often a
condition that the supplier is able to provide attractive payment terms and
sometimes also financing. Along with credit sales comes the risk of not being
paid. No sale is completed until payment is received. This is why it is vital to
secure your receivables.
With a credit insurance policy with GIEK Credit Insurance Ltd it is easier for
your company's credit manager to work closely with the company's sales
representatives, making sure that new potential customers are secured under the
credit insurance policy. In this way the sales team will know the exposure and
what credit terms they can offer a potential buyer.
A credit insurance policy will make the situation for the credit manager easier
and in the long run it will give better return on the sales representatives'
efforts. The terms in our credit insuranse policy will make it easier to
establish internal guidelines in order to discipline the organization, and more
difficult to throw "good money after bad". By identifying the prompt payers,
establishing credit limits and payment terms, the company will spend less
resources on customers with a bad payment record.
Since our underwriters assess your customer's creditworthiness, your company's
risk exposure will be reduced drastically. This enables your company to
concentrate more on marketing and added value.
But also our risk assessment may be wrong. And sometimes it is. Payments for
claims from our clients are part of our day-to-day business. And our customers
will receive payment within 60 days after necessary documentation is handed in.
In this way the company's liquidity is secured whenever losses occur.
A basis for financing
Receivables can be insured in the same way that your company insures its other
assets. This will increase the company's creditworthiness and thereby form a
good basis for negotiating better financing terms with your bank. A company's
net worth reflects its ability to absorb operational losses, and this is an
important factor when the financial arrangements with the company's bank are
made. A credit insurance policy will cover up to 90 % of your company's
receivables, and the chances for unexpected losses are reduced drastically.
Our credit insurance policy and GIEKs guarantees are well suited as security for
a loan/ financial arrangement, since your right to claims disbursement under the
policy (or guarantee) may be assigned to your bank or finance institution
(factoring).
It is important for the bank to make sure that the policyholder acts according
to the terms in the policy. If the bank wishes, we may even accept that the bank
takes on the responsibility for your company's following-up of the policy.
U.S. Securities and Exchange Commission
Public Hearing - November 15, 2002
Role and Function of Credit Rating Agencies in the U.S. Securities Markets
Standard & Poor's Ratings Services ("Standard & Poor's"), a division of The
McGraw-Hill Companies, Inc. ("McGraw-Hill"), is pleased to participate in the
public hearings held by the Securities and Exchange Commission on the role and
function of credit rating agencies in the U.S. securities markets and to share
its views on important policy issues to be addressed in the Commission Study and
Report Regarding Credit Rating Agencies mandated by the Sarbanes-Oxley Act of
2002.
Since beginning its credit rating activities in 1916, Standard & Poor's has
rated hundreds of thousands of issues of securities, corporate and governmental
issuers and structured financings over the years. Standard & Poor's began its
activities with the issuance of credit ratings on corporate and governmental
debt issues. Responding to market developments and needs, Standard & Poor's also
assesses the credit quality of, and assigns credit ratings to, financial
guarantees, bank loans, private placements, mortgage- and asset-backed
securities, mutual funds and the ability of insurance companies to pay claims
and assigns market risk ratings to managed funds.
Today, Standard & Poor's has credit ratings outstanding on approximately 150,000
issues of securities of obligors in more than 50 countries. Standard & Poor's
rates and monitors developments pertaining to these securities and obligors from
operations in 21 global cities in 16 countries around the world. With a U.S.
staff of approximately 1,250, Standard & Poor's rates more than 99.2% of the
debt obligations and preferred stock issues publicly traded in the United States.
Standard & Poor's believes that over the last century credit ratings have served
the U.S. securities markets extremely well as an effective and objective tool
for the market to evaluate and assess credit risk. Standard & Poor's supports a
more open and transparent process to designate Nationally Recognized Statistical
Rating Organizations ("NRSROs"), and believes that the designating criteria
should focus on market recognition and the independence, objectivity and
transparency of a credit rating agency's rating process. Standard & Poor's
recognizes the unique and valuable role that credit rating agencies play in the
U.S. securities markets and is committed to protecting the reputation and future
of its credit ratings business by ensuring that integrity, independence,
objectivity, transparency, credibility and quality continue as fundamental
premises of its operations. With these fundamental considerations in mind, the
remainder of this paper responds to the Commission's specific inquiries.
Role and Function of Credit Rating Agencies
Credit ratings are an important component of the capital markets and have
functioned effectively for close to a century in the United States. The role of
credit ratings is also growing and flourishing in many countries abroad with the
development of global capital markets. Credit ratings help the market to
effectively and efficiently evaluate and assess credit risk, price debt
securities, benchmark issues and create a robust secondary market for those
issues.
Critical to a credit rating agency's ability to serve this key market role is
its meeting the highest standards of integrity, independence, objectivity,
transparency, credibility and quality. Standard & Poor's credit ratings have
achieved worldwide investor acceptance and recognition as easily usable tools
for differentiating credit quality because of Standard & Poor's excellent track
record and its reputation. Despite the changing environment, Standard & Poor's
core values remain the same: to provide high-quality, objective, value-added
analytical information to the marketplace.
In understanding the role of credit rating agencies in the securities markets,
it is important to understand what a credit rating is. A Standard & Poor's
credit rating represents Standard & Poor's opinion as of a specific date on the
creditworthiness of an obligor in general or with respect to a particular
financial obligation. Standard & Poor's issuer- and issue-specific credit
ratings can be either long-term or short-term, reflecting Standard & Poor's
assessment as to a company's capacity to meet its financial commitments over a
long-term or short-term time horizon. Standard & Poor's issues credit ratings in
the form of symbols that are widely recognized and understood in the market.
Most importantly, a credit rating is not investment advice or a recommendation
and does not speak to the market price of the securities or the suitability of
an investment for particular investors. Credit ratings are fundamentally
different from recommendations made by equity or fixed-income analysts as to
whether investors should buy, sell or hold a security.
Standard & Poor's credit ratings are based principally on public information
about an issuer and additional information that may be provided by the issuer,
as well as other economic, financial and industry information that rating
analysts deem relevant and reliable. Standard & Poor's credit ratings
necessarily embody assessments of future potential performance. However, since
events occur that are unforeseeable or simply unknowable, Standard & Poor's
regularly reviews its analyses. Once assigned, a credit rating is subject to
ongoing review, or surveillance, and could be changed at any time based on newly
available information. Credit ratings may also be suspended or withdrawn because
of changes in the completeness, availability or reliability of information.
Standard & Poor's does not perform an audit of the rated company or otherwise
undertake to verify information provided by the company; nor does Standard &
Poor's audit or rate the work of the company's auditors or repeat the auditors'
accounting review. Standard & Poor's relies on the integrity and quality of the
company's publicly available financial reports and financial statements and
expressly relies on the rated company to provide current and timely information
- both at the time of the initial rating and on an ongoing basis for the proper
conduct of surveillance of the company's creditworthiness. If an issuer refuses
to provide requested information, Standard & Poor's may, depending on its view
of the significance of the information requested, issue a lower rating, refuse
to issue a rating or even withdraw an existing rating.
Standard & Poor's entire credit rating business is based on the full and fair
disclosure regime mandated by the U.S. federal securities laws. At the heart of
the process which leads to a credit rating being issued by Standard & Poor's is
an understanding between the company seeking the rating and Standard & Poor's
itself, as set forth in Standard & Poor's detailed reports on rating criteria
and methodologies and other publications: the company is obliged to furnish
complete, timely and reliable information to Standard & Poor's on an ongoing
basis. Clearly, the events of the last year have demonstrated the consequences
for all market participants, including the credit rating agencies, when
companies fail to meet their disclosure obligations, or worse - set out to
defraud investors or rating agencies. The Commission's initiatives over the last
year to improve the quality, transparency and timeliness of public companies'
disclosures should significantly enhance Standard & Poor's ability to evaluate a
company's creditworthiness. Likewise, accounting standard initiatives to improve
the transparency of financial statements should also benefit the analysis of
creditworthiness.
Market acceptance and recognition of a credit rating depends on the credibility
of the opinions of the credit rating agency issuing the credit rating, not only
with issuers and investors, but also with bankers, financial intermediaries and
securities traders. Underlying the credibility of Standard & Poor's credit
ratings is the market's recognition of the independence and objectivity of
Standard & Poor's credit ratings and rating process and its excellent track
record. Because it is crucial that all users of Standard & Poor's credit ratings
understand how Standard & Poor's analyzes creditworthiness, Standard & Poor's
regularly publishes its ratings definitions, detailed reports on rating criteria
and methodology and default studies demonstrating its track record, all of which
are freely available to the public, in hard copy and on Standard & Poor's
website. Standard & Poor's employs a consistent credit rating process, such as
the use of rating committees in connection with initial ratings and rating
actions and the monitoring of a company's ongoing creditworthiness through
surveillance, across different types of ratings and different markets.
The excellent track record of Standard & Poor's credit ratings has been
demonstrated by studies on rating trends, which have repeatedly shown that there
is a clear correlation between initial ratings assigned by Standard & Poor's and
the likelihood of default: the higher the initial rating, the lower the
probability of default and vice versa. The information below shows the
cumulative default history over the past 15 years of issuers rated by Standard &
Poor's based upon the rating category they were initially assigned. This clearly
demonstrates the very low probability of default of an issue initially rated in
the "AAA" category (only 0.52% have defaulted in the past 15 years) contrasted
with the much greater possibility of default for an issuer initially receiving
Standard & Poor's lowest rating level of "CCC" (54.38% have defaulted in the
past 15 years).
Rating Category Percentage of Defaults
Initially Rated in the Category
AAA 0.52
AA 1.31
A 2.32
BBB 6.64
BB 19.52
B 35.76
CCC 54.38
Information Flow in the Credit Rating Process
Sources of Information. Standard & Poor's rating analysis relies principally on
the public information provided by the issuer, including audited financial and
other information contained in the issuer's annual, quarterly and current
reports mandated by the U.S. federal securities laws and stock exchange and
Nasdaq requirements, as well as press releases and other public disclosures
published by the issuer. Meetings with corporate management are typically part
of the credit rating process. The purpose of such meetings is to review the
company's key operating and financial plans, management policies and other
credit factors that may have an impact on the credit rating issued.
As noted above, as part of Standard & Poor's surveillance process, the rated
company is obliged to furnish complete, timely and reliable information to
Standard & Poor's on an ongoing basis. Standard & Poor's also expects rated
companies to provide prompt notice of all material changes to information
previously provided to Standard & Poor's and any material financial and
operational changes that could affect their credit ratings. Ongoing contact with
management is also a routine component of the rating surveillance process. The
primary analyst periodically contacts the rated company to discuss the company's
performance and developments. If the company's performance or developments vary
significantly from expectations or if a significant, new transaction is planned,
a meeting between Standard & Poor's rating analysts and the company's management
would be scheduled. The frequency or extent of contact with management varies
with the company's risk profile, size, extent of debt outstanding and complexity.
Dialogue with management is more frequent in response to significant industry
events, material announcements by the company or plans by the company to pursue
new financings.
In addition to information provided by the company, Standard & Poor's makes
extensive use of primary and third party databases as a source of additional
information. Third party data providers are a source of timely financial
information on the domestic insurance and banking industries, the corporate
sector and the asset-backed and residential mortgage sectors. Other sources of
information include the Federal Deposit Insurance Corporation, the National
Association of Insurance Commisioners, the United States Census Bureau, the
Institute for Real Estate Management and the Mortgage Bankers' Association,
among others.
Confidential Information. It is common during the credit rating process and
ongoing surveillance for companies to provide Standard & Poor's with non-public
information, such as budgets and forecasts, financial statements on a
stand-alone basis, internal capital allocation schedules, contingent risks
analyses and information relating to new financings, acquisitions, dispositions
and restructurings. Standard & Poor's has a strict policy of keeping such
information confidential. Even when a rating is made public, the rating
rationale will not disclose confidential information. Published rationales do,
however, convey the consequences related to any non-public information
considered by Standard & Poor's, thereby providing the basis for the rating
decision without disclosing non-public information.
Noting the customary practice of issuers providing credit rating agencies with
confidential information as part of the credit rating process, the Commission
specifically excluded the transmission of confidential information to credit
rating agencies from coverage under Regulation FD under the Securities Exchange
Act of 1934. This exemption is consistent with the general exemption from
Regulation FD for the communication of non-public information to a person who
expressly agrees to maintain such information in confidence. The specific
exemption from Regulation FD with respect to confidential information provided
to credit rating agencies simply eliminated any question about the form of the
confidentiality agreement between the parties.
Dissemination of Credit Ratings and Rating Actions. Standard & Poor's
long-standing policy has been to make its public credit ratings and the basis
for such ratings generally available to the investing public without cost.
Public credit ratings (which constitute 99% of Standard & Poor's credit ratings
in the United States) are disseminated via real-time posts on Standard & Poor's
website and through a wire feed to the news media as well as via subscription
services such as Ratings Direct and Credit Wire. In addition, any caller to
Standard & Poor's Rating Desk may request a rating and receive a report.
Subscribers do not have access to ratings or rating actions prior to the
investing public.
Following notification to the issuer, all changes to public credit ratings and
all CreditWatch and Outlook listings are disseminated promptly through Standard
& Poor's website, worldwide press releases to wire services and subscription
services such as RatingsDirect and CreditWire. The basis for credit rating
changes are made public through press releases, the most important of which are
posted on Standard & Poor's website.
Other Publications. Standard & Poor's places great importance on communication
with the public. It regularly publishes reports and rationales that inform the
market about an issuer's strengths and weaknesses, as well as key trends that
could affect the issuer's creditworthiness. Around the world, Standard & Poor's
annually publishes approximately 11,000 press releases, over 1,700 articles and
commentary pieces on sector and industry trends, 51 editions of Credit Week (a
weekly print publication on fixed-income securities) and 12 sector reports on 19
industry groups. Standard & Poor's holds over 200 telephone conferences with
investors regarding fixed income topics, sponsors investor forums and conducts
hundreds of print and broadcast interviews annually.
Conflicts of Interest and Other Potential Problems
As discussed at the outset, fundamental to any credit rating agency's
credibility and the market's use of its credit ratings are both the reality of,
and the public's belief in, the independence, objectivity and credibility of its
credit ratings and rating process. Standard & Poor's is committed to protecting
the value of its ratings franchise built over its 86-year history through
uncompromising dedication to these principles. These principles are reflected
both in the policies governing the conduct of Standard & Poor's credit ratings
personnel, and the structure and operation of its credit ratings business.
Codes of Conduct. All Standard & Poor's credit ratings personnel are subject to
both Standard & Poor's Credit Market Services Guidelines and Procedures and Code
of Ethics and McGraw-Hill's Code of Business Ethics.
These codes of conduct and guidelines include standards designed to promote:
independence and objectivity of the credit rating process;
honest and ethical conduct, including potential or perceived conflicts of
personal and professional interests;
compliance with applicable governmental rules and regulations; and
protection of confidential information and avoidance of insider trading.
Standard & Poor's credit ratings personnel are subject to specific limitations
on securities ownership and prohibitions against relationships that may give
rise to a potential conflict of interest in the conduct of the employees' credit
ratings work. Employees cannot own securities in companies that they regularly
interact with or vote on during rating committee meetings. Employees are
required to report all securities ownerships, all securities accounts and other
potential conflicts of interest annually, and to report any changes in the
employees' portfolio information or potential conflict of interest within five
business days of the transaction or the event triggering the potential conflict.
In addition, employees within Standard & Poor's are subject to provisions in
McGraw-Hill's policies that restrict any employee whose duties include reporting
on an industry or evaluating securities from having any relations with companies
in these industries in such a way that might compromise or appear to compromise
the objectivity of the employees' reports or evaluations and that mandate
advance disclosure to supervisors of any such potential relationships.
Standard & Poor's Code of Ethics requires that all non-public information
relating to an issuer or an issue obtained by its credit ratings personnel in
the course of their employment be kept confidential. The Code of Ethics includes
detailed guidance for the protection of the confidentiality of information.
Strict firewalls have been implemented to assure the confidentiality of
non-public client information made available to Standard & Poor's during the
credit rating process. Such non-public information is not made available or used
by any other McGraw-Hill business unit or any other non-ratings business of
Standard & Poor's, nor is it made available to any third party without the
issuer's consent.
McGraw-Hill's Code of Business Ethics require the reporting of violations and
Standard & Poor's Guidelines and Procedures require annual affirmation of
compliance.
Credit Rating Process. In order to assure maximum objectivity, fairness and
in-depth analyses, Standard & Poor's credit ratings are assigned by rating
committees and not by an individual. Standard & Poor's procedures also mandate
that at least two analysts attend any meeting with a company's management.
Standard & Poor's also has significant corporate infrastructure dedicated to
ensuring the independence, objectivity and consistency of its credit ratings. An
Analytic Policy Board, comprised of senior practice leaders and criteria
officers, meets regularly to review practices, procedures and criteria as well
as any gaps in or deviations from these procedures. Standard & Poor's Chief
Credit Officer and Chief Quality Officers are senior executives dedicated to
ensuring the quality, consistency and objectivity of credit ratings.
Organizational Structure. Standard & Poor's credit rating services operate as a
standalone business, separate from Standard & Poor's non-ratings businesses.
Standard & Poor's credit ratings personnel are not involved, directly or
indirectly, in any business activities outside of Standard & Poor's credit
ratings business. Strong operational safeguards and policies are in place to
assure operational independence of Standard & Poor's credit ratings services,
both in fact and in appearance. In addition, as mentioned, there are strict
firewalls to protect confidential information given to credit ratings personnel
and to prevent transmission to any non-ratings personnel.
Credit Rating Fees. Since 1968, Standard & Poor's has charged issuers for its
credit rating services. The practice was implemented because of increasing costs
related to credit ratings surveillance and the growing need for more ratings
coverage. Prior to that, Standard & Poor's provided its credit ratings services
on the basis of subscription fees, which were not adequate to offset the
increased costs of maintaining a high level of quality in this business. No
portion of an analyst's compensation is directly dependent on the performance of
specific companies that an analyst rates or the amount of fees paid by that
specific company to Standard & Poor's. Further, the influence of individual
issuers on Standard & Poor's is limited as Standard & Poor's does business with
over 37,000 issuers.
Most importantly, the ongoing value of Standard & Poor's credit ratings business
is wholly dependent on continued market confidence in the credibility and
reliability of its credit ratings. No single issuer fee or group of fees is
important enough to risk jeopardizing the agency's reputation and its future.
Regulatory Treatment of Credit Rating Agencies
Today, credit rating agencies are free to develop and publish their credit
rating opinions under strong First Amendment protections. Indeed, it is Standard
& Poor's key role as a publisher of credit ratings and financial information
that has been the basis for judicial recognition of significant First Amendment
protections afforded to Standard & Poor's.
Given the vital role played by credit rating agencies in the securities markets,
Standard & Poor's recognizes that the Commission has a legitimate interest at
this critical time for the U.S. securities markets in reviewing the conduct of
credit rating agencies to ensure that the integrity of the credit rating process
is not corrupted by conflicts of interest, abuse of confidential information or
other dishonest or fraudulent conduct. Standard & Poor's expects that upon
completion of its current review, the Commission will find that the independence,
objectivity and integrity that have been the hallmark of the U.S. credit rating
industry have not been compromised and conclude that there is no compelling
investor protection need to impose a new regulatory regime directly regulating
credit rating agencies and the credit rating process.
Standard & Poor's also acknowledges that the Commission has a legitimate
interest in credit ratings and credit rating agencies to the extent they are
recognized or seek recognition as an NRSRO due to the use of security ratings of
NRSROs in the Commission's rules and regulations. Although Standard & Poor's
generally has not advocated the use of NRSRO ratings in Commission rules, it
recognizes that neither the Commission nor any other authorities have found a
practical alternative for evaluating credit risks associated with debt and other
rated securities for use in regulations. Indeed, credit ratings were developed
in response to the demand of private market participants in the securities
markets, and as yet the capital markets have not developed a widely accepted
alternative measure to make such distinctions.
Standard & Poor's was one of the original NRSROs designated by the Commission in
1976. Its designation was based on the Commission's recognition of the
widespread investor acceptance of its credit ratings, reflecting the market's
confidence in Standard & Poor's independence, objectivity, credibility and
transparency.
Standard & Poor's believes that the marketplace benefits from a variety of
credible sources of credit information, and that the focus of any Commission
regulatory initiative with respect to credit rating agencies should be on
addressing concerns about the lack of transparency in the process for
designating NRSROs. Standard & Poor's has consistently supported a more open,
transparent designation process that would codify an administrative process
providing for public notice and comment on future designations.
Great care, however, must be taken in codifying the NRSRO designation process to
assure that designation criteria are not defined in a manner that interferes
with or compromises the independence of the credit rating process. The primary
criteria for a credit rating agency to be designated an NRSRO should continue to
be its ability to demonstrate pre-existing market recognition and financial
market use of its credit ratings. In demonstrating that it meets these
marketplace criteria, a credit rating agency could show evidence of the
significance of the credit ratings to specific participants or segments of the
market, the extent of dissemination of its ratings among investors, issuers,
intermediaries and other market participants, including analysts and the
financial and trade media. For example, the credit rating agency could provide
evidence of the nature and number of U.S. subscribers it has for its ratings,
the number of ratings assigned annually, the number of issuers or others who
request that ratings be assigned, as well as evidence that securities rated by
the credit rating agency are owned or traded by U.S. investors who are aware of
the credit rating agency's rating of such securities.
In addition, Standard & Poor's believes it would be appropriate for the
Commission, as part of its NRSRO designation process, to review information
bearing on the credit rating agency's independence, objectivity, transparency
and credibility. In that regard, the Commission could review the credit rating
agency's policies regarding conflicts of interest and protection of confidential
information, its practices with respect to the publication of credit ratings,
its rating definitions and general descriptions of its rating criteria and
methodology, its code of ethics and default studies demonstrating the track
record of its credit ratings. In addition, such review could include
consideration of factors bearing on economic and political independence - for
example, ownership and organizational structure and lack of dependence on key
customers.
The NRSRO designation process and the criteria for designation should not
involve the Commission in the conduct of an NRSRO's business, interfere with its
credit rating processes or methodologies or impose regulated entity status on a
designated NRSRO. In the past, the Commission has proposed to codify as
designation criteria: staffing, financial resources and organization adequate to
ensure credible ratings, use of systematic rating procedures and contact with
senior executives of rated companies. The proposed inclusion of subjective
criteria relating to resources, fees, methodologies and processes would neither
assure market credibility and acceptance of credit ratings nor, given their
necessarily vague and subjective nature, enhance the transparency of the
designation process. Moreover, such criteria could suggest a role for the
Commission in setting minimum capital, organizational or staffing requirements
for NRSROs and risk governmental interference in the actual credit rating
process or rating judgments.
There is no one model or methodology for producing sound credit ratings.
Resources, procedures and form of organization are simply tools to use to build
market credibility and recognition. Commission mandates with respect to NRSRO's
operations or rating methodologies could strike at the heart of the independence
of the credit rating process and interfere with the credit rating agency's
ability to serve the capital markets effectively. The financial markets have
greatly benefited from the robust and healthy competition among the various
NRSROs, each of whom possesses a varied and constantly evolving operational and
personnel structure, methodology, business focus and pool of resources. The
Commission should take care not to directly or indirectly insinuate itself into
the operations of an NRSRO or implement an NRSRO designation process that
results in homogenization of credit ratings through government-prescribed
minimum standards.
The Commission also has proposed requiring NRSROs to register as investment
advisers under the Investment Advisers Act of 1940 ("Advisers Act"). Standard &
Poor's believes, as a legal matter, that NRSROs are not investment advisers and
that credit ratings are not investment advice. Moreover, the requirements of the
Advisers Act and the rules under the Advisers Act are designed to protect
investors with respect to investment advice and management of their investments,
activities wholly outside the scope of credit rating services. As stated by the
Supreme Court in Lowe v. Securities and Exchange Commission, the Adviser's Act
was "designed to apply to those persons engaged in the investment-advisory
profession - those who provide personalized advice attuned to a client's
concerns..." The court specifically distinguished between investment advisers
with a fiduciary relationship to their clients and those who simply publish
impersonal commentary on some aspect of a security. It is critical that
investors understand that a credit rating does not represent investment advice
with respect to a rated security; investors should not be led to believe that a
credit rating in any way provides advice as to the value as an investment of the
rated security or the appropriateness of its market valuation. Mandated
registration under the Advisers Act could cause investors to mistakenly assume
that a credit rating represented advice as to whether they should buy, sell or
hold a security, or that they could rely on a credit rating agency as fiduciary,
neither of which is true. Given the general lack of relevance of the regulatory
provisions under the Advisers Act to credit rating services, it is not apparent
what investor interest or regulatory purpose the Commission would achieve
through registration of NRSROs as investment advisers.
Conclusion
Over the last century, credit rating agencies have served the U.S. capital
markets, and, indeed, the capital markets around the world, extremely well; the
market's acceptance of their integrity, independence, objectivity and
credibility has been critical to their unique and valuable role in developing
the market. Continuing this important role and extending the benefits of
independent, credible rating services internationally, depends on the
Commission's providing a framework that continues to preserve the independence
of credit rating agencies and recognizes the market as the best judge of a
credit rating agency's quality, objectivity and independence.
There is no demonstrated abuse or market failure that warrants abandoning the
regulatory approach that has served investors' and the market's interests so
well for so many years. Adoption of direct regulation or use of NRSRO
designation criteria by the Commission that suggests a substantive role for
government in the business operations of credit rating agencies or the rating
process are likely to be followed by other markets and implemented in a manner
that results in a governmental intrusion into the actual rating process - a
result that could erode the independence and, consequentially, the credibility
of credit rating agencies.
Standard & Poor's appreciates the opportunity to participate in the public
hearings held by the Commission and looks forward to continuing dialogue with
the Commission and the marketplace.
Rating agencies get the measure of the markets
Source: Financial Times
Date: May 28, 2004
Authors: Ellen Kelleher and Jenny Wiggins
Over the past century, as the capital markets have swollen to include myriad
kinds of debtsecurities, investors have had few sources of guidance on how
creditworthy thosesecurities are. The job of assessing them has fallen to
analysts at a tiny group of companies, principally Standard & Poor's, Moody's
Investors Service and Fitch Ratings.
The credit rating industry is changing, however. Investors are turning in
greater numbers to new technologies and services that monitor market movements
to judge credit risk, posing a challenge to the rating agencies' traditional
qualitative methods of analysis.
The new-style quantitative analysis relies on "measurable" factors to assess a
company's financial condition, including movements in bond prices, equity prices
and interest rates. Investors can use this information to calculate the impact
of price changes on a company's creditworthiness and estimate the likelihood it
might default on its debt.
Fundamental analysis, in contrast, relies on balance sheets and income
statements, and has usually ignored changes in market sentiment.
Market-based systems gained popularity in 2001 and 2002 when record numbers of
bond defaults led investors to look for new ways to measure credit risk. "We
have been using [quantitative services] for a few years," says Margo Cook, head
of institutional fixed income at the Bank of New York, adding that while the
bank would not rely solely on market-based analysis, it is one of the elements
it uses to evaluate credit risk.
The rating agencies have reacted to this competitive threat by developing and
acquiring their own market-based information systems, as well as incorporating
market indicators - such as changes in credit default swap spreads - into their
regular credit assessments.
"The development of financial technology has been very beneficial to our
business," says Raymond McDaniel, president and chief operating officer at
Moody's. "But we have to pay attention to what is happening so we remain
relevant."
In early 2001 S&P established its Risk Solutions unit offering consulting
services and financial models to help institutions manage their credit risk. The
following year Moody's bought KMV, one of the best-known quantitative providers
of credit and default risk analysis. Fitch has an affiliate, Fitch Risk, which
offers consulting and modelling services, and expects eventually to provide
tools estimating default probabilities, according to Gloria Aviotti, Fitch
Risk's group managing director.
The emergence of market-based methods to monitor credit risk coincides with
efforts by bond market participants to make bond prices more readily available.
"Something that historically has been quite opaque is becoming more
transparent," says Mr McDaniel. US corporate bond prices are now publicly
available on a website run by the National Association of Securities Dealers.
Bonds trade "over the counter" - over the telephone and via computer - rather
than on exchanges like stocks, and their prices historically have been difficult
to monitor. As market transparency increases, however, changes in bond prices
can be more accurately tracked.
The rating agencies say that as more companies use the public debt markets to
raise money, it has become more important for them to watch changes in the
prices of the debt securities they rate. A sharp fall in price can affect the
ability of a company to access the markets and hence its ability to raise new
debt or refinance old debt.
Market-based systems also help analysts keep tabs on a large number of
companies. "Traditional forms of credit analysis cannot be easily scaled to do
frequent analysis on a large number of exposures," says Moody's KMV.
"Moreover, the traditional forms tend to be judgment-based and dependent on the
skill of the analyst exercising the judgment."
Meanwhile, changes in international bank regulations, known as Basel II, are
expected to add to demand for systems that measure risk exposure. "The Basel
proposals have really triggered a renewed focus, particularly by the banks, on
their credit risk processes and systems," says Roy Taub, executive managing
director, Standard & Poor's Risk Solutions.
No one expects rating agencies to disappear, partly because the use of credit
ratings has been incorporated into federal securities laws. Changes in ratings
still have a big influence on the markets because some investors operate under
rules that force them to sell those securities whose ratings fall below a
certain level.
Still, quantitative services are likely to make up an increasing proportion of
the agencies' income in future. "It's among the more rapidly growing parts of
the business," says Mr Taub at S&P, which declined to provide revenues for its
Risk Solutions unit.
Moody's KMV accounts for about 10 per cent of overall revenues at Moody's and is
expected to grow faster than the traditional ratings business, Moody's Investors
Service, according to Mr McDaniel. Moody's KMV reported $81.5m (£44.9m) in
revenues in 2002, compared with $941.8m of revenues for Moody's Investors
Service over the same period.
Observers of the rating agencies say their move towards market-based analysis is
a positive one provided they do not take it too far.
"As long as the analysts use the quantitative models in the appropriate way, it
should be viewed as a helpful addition to fundamental credit analysis," says
Kevin Rigby, global head of ratings advisory at Deutsche Bank.
Some observers worry that the rating agencies may come to rely too closely on
market movements when making credit decisions, lowering ratings when they see a
company's bonds deteriorate in value.
On the other hand the rating agencies, which were castigated after the collapse
of Enron for not lowering the energy company's credit ratings quickly enough,
have more recently been accused by some downgraded companies of being too quick
to act.
The agencies say they are well aware of the impact their ratings can have, and
insist that market-based indicators and credit services are only one tool among
many used to evaluate a company's creditworthiness.
"We view market-based indicators as helpful information but the real drivers of
our ratings are the underlying credit fundamentals," says Robert Grossman, chief
credit officer at Fitch.
THE MARKET FOR RISK SYSTEMS SHOWS GROWING MOMENTUM
Persuading management to spend money on systems that spit out data showing
whether companies might default on their debt used to be difficult work, writes
Ellen Kelleher.
Six years ago, Jeffrey Bohn, head of research at Moody's KMV, did not shake
hands on many deals when he travelled around the world on sales trips. He was
more like an academic, spending most of his time educating information
technology researchers in credit risk analysis software, not signing papers in
corner offices. But today the pace of his job has quickened. "Five or six years
ago, we were only selling to the largest financial institutions," Mr Bohn says.
"Quantitative systems are not just an intellectual curiosity any more.
People are now saying they have to have these systems in place if they want to
be competitive." Big banks began to adopt the systems a few years ago. Now
smaller lenders, hedge funds, asset managers and companies with big portfolios
such as Pfizer and Microsoft are starting to follow suit. "These systems supply
more objective information, so at least people know when they are making bets,"
says Christopher Finger, head of products at RiskMetrics Group, a provider of
risk management software. After the collapse of Enron, WorldCom and Parmalat,
most financial organisations are hunting for better ways to monitor companies'
creditworthiness. Global banks are interested for two main reasons. First, they
will soon have to make their risk profiles more transparent to meet new
requirements brought on by Basel II. Second, new market-driven systems allow
them to get a better idea of what they should charge risky companies when they
lend. "You couldn't aggregate risk across a large company like Citigroup without
using this kind of technology," Mr Bohn argues. So far, the rating agencies
Moody's and Standard & Poor's have made the deepest in-roads into the market.
But after buying KMV, the biggest and most established provider of quantitative
risk analysis, Moody's has the upper hand. It controls about three-quarters of
the market. Smaller firms, including RiskMetrics - JPMorgan's former risk
management group - are eager to expand. Last month Morgan Stanley acquired
Barra, a California-based risk management system provider. But banks' own
research groups are probably the biggest threat to Moody's monopoly. Many may go
it alone and build their own models. Mr Bohn compares Moody's fight to gain
share to the wars Macintosh and Microsoft waged in the 1980s. "Macintosh came up
with the new way. Windows stole the paradigm and made all the money," he says.
"We just don't want to become the Macintosh of credit risk analytics."
The Taxation of Securitisation Companies Regulations 2006
--------------------------------------------------------------------------------
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STATUTORY INSTRUMENTS
--------------------------------------------------------------------------------
2006 No. 3296
CORPORATION TAX
The Taxation of Securitisation Companies Regulations 2006
Made 11th December 2006
Coming into force in accordance with regulation 1
The Treasury make the following Regulations in exercise of the powers conferred
upon them by section 84 of the Finance Act 2005[1].
A draft of this instrument was laid before and approved by a resolution of the
House of Commons in accordance with section 84(7) of the Finance Act 2005.
Preliminary
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Taxation of Securitisation
Companies Regulations 2006 and shall come into force on the day after the day on
which they are made.
(2) These Regulations have effect for periods of account beginning on or after
1st January 2007.
Interpretation
2. —(1) In these Regulations—
"asset-holding company" has the meaning given by regulation 6;
"capital market arrangement" and "capital market investment" have the same
meaning as in section 72B(1) of the Insolvency Act 1986[2] (see paragraphs 1, 2
and 3 of Schedule 2A to that Act);
"commercial paper funded company" has the meaning given by regulation 9;
"financial asset" has the meaning it has for generally accepted accounting
practice (subject to paragraph (2)) but—
(a) includes derivative contracts as defined for the purposes of Schedule 26 to
the Finance Act 2002 (see paragraph 2 (1) of that Schedule [3]) whether
otherwise constituting an asset or a liability, and
(b) does not include shares (other than shares in a securitisation company which
is party to the capital market arrangement);
"ICTA" means the Income and Corporation Taxes Act 1988[4];
"independent persons" means persons who are not connected with a company (and
see paragraph (3));
"intermediate borrowing company" has the meaning given by regulation 7;
"note-issuing company" has the meaning given by regulation 5;
"related transaction" is to be construed in accordance with paragraphs (4) and
(5);
"retained profit" is to be construed in accordance with regulation 10;
"securitisation company" has the meaning given by regulation 4;
"specified regulations" means regulations 14 (corporation tax charge) and 16 to
20 (application, modification and non-application of provisions of the
Corporation Tax Acts);
"warehouse company" has the meaning given by regulation 8.
(2) For the purposes of these Regulations whether an asset acquired, held or
managed by a company is a financial asset shall be determined at the time that
asset is first acquired, held or managed by that company.
(3) Section 839 of ICTA[5] (connected persons) applies for the purposes of the
definition of "independent persons", except that in applying the definition of
"control" in that section a person is not to be treated as a participator in a
company by reason only that he is a loan creditor of the company.
(4) For the purpose of these Regulations one or more transactions are to be
regarded as related transactions, in the case of any arrangements, if it would
be reasonable to assume, from either or both of—
(a) the likely effect of the transactions, and
(b) the circumstances in which the transactions are entered into or effected,
that none of the transactions would have been entered into or effected
independently of the arrangements.
(5) Transactions are not prevented from being related transactions, in the case
of any arrangements, just because the transactions—
(a) are not between the same parties, or
(b) are not between the parties to the capital market arrangements.
Scope of these Regulations
3. —(1) These Regulations make provision as to the application of the
Corporation Tax Acts in relation to a securitisation company.
(2) The Regulations deal with the following matters—
(a) they define "securitisation company" and related expressions (see
regulations 4 to 10);
(b) they specify securitisation companies to which specified regulations do not
apply (see regulations 11 to 12);
(c) they specify companies to which these Regulations do not apply (see
regulation 13);
(d) they make provision as to profit of a securitisation company to be brought
into account for an accounting period for corporation tax purposes (see
regulation 14);
(e) they make supplementary provision (see regulations 15 to 21).
Meaning of “securitisation company” and related expressions
Meaning of "securitisation company"
4. —(1) For the purposes of these Regulations a "securitisation company" means a
company that meets conditions A and B.
(2) Condition A is that the company is—
(a) a note-issuing company (see regulation 5),
(b) an asset-holding company (see regulation 6),
(c) an intermediate borrowing company (see regulation 7),
(d) a warehouse company (see regulation 8), or
(e) a commercial paper funded company (see regulation 9).
(3) Condition B is that the company has a retained profit (see regulation 10).
Meaning of "note-issuing company"
5. —(1) For the purposes of these Regulations a "note-issuing company" means a
company that meets conditions A to D.
(2) Condition A is that the company is within section 84(2)(a) of the Finance
Act 2005.
(3) Condition B is that the securities that represent the capital market
investment referred to in section 84(2)(a)(ii) of that Act are issued wholly or
mainly to independent persons.
(4) Condition C is that the total value of the capital market investments made
under the capital market arrangement referred to in section 84(2)(a)(iii) of
that Act is at least £10 million.
(5) Condition D is that the company's only business apart from the activity
mentioned in section 84(2)(a)(i) of that Act (being party as debtor to a capital
market investment), and apart from any incidental activities, consists in one or
both of the following activities—
(a) acquiring, holding and managing financial assets forming the whole or part
of the security for the capital market arrangement; or
(b) acting as guarantor in respect of loan relationships, derivative contracts,
finance leases or other liabilities of other companies where the whole, or
substantially the whole, of the company's rights in respect of the guarantee
(including any right of subrogation) form the whole or part of the security for
the capital market arrangement.
Meaning of "asset-holding company"
6. —(1) For the purposes of these Regulations an "asset-holding company" means a
company that meets conditions A and B.
(2) Condition A is that the company's business, apart from any incidental
activities, consists in acquiring, holding and managing financial assets forming
the whole or part of the security for a capital market arrangement entered into
by a note-issuing company.
(3) Condition B is that the company's liabilities representing debtor
relationships are owed wholly or mainly to a note-issuing company or
intermediate borrowing company.
Meaning of "intermediate borrowing company"
7. —(1) For the purposes of these Regulations an "intermediate borrowing
company" means a company that meets conditions A and B.
(2) Condition A is that the company's only business, apart from any incidental
activities, is to enter into and be a party to creditor relationships with—
(a) an asset-holding company,
(b) a company that would be an asset-holding company if the assets forming the
security for the capital market arrangement were financial assets,
(c) a partnership that would be an asset-holding company if it were a company
and the assets forming the security for the capital market arrangement were
financial assets, or
(d) another intermediate borrowing company.
(3) Condition B is that the company's liabilities representing debtor
relationships are owed wholly or mainly to a note-issuing company or another
intermediate borrowing company.
Meaning of "warehouse company"
8. For the purposes of these Regulations a "warehouse company" means a company
whose business, apart from any incidental activities, consists in acquiring and
holding financial assets for the purpose—
(a) of transferring them to a company (whether or not yet in existence) that at
the time of the transfer is, or as a result of the transfer will become, an
asset-holding or note-issuing company, or
(b) of itself becoming an asset-holding or note-issuing company.
Meaning of "commercial paper funded company"
9. For the purposes of these Regulations a "commercial paper funded company"
means—
(a) a company that was an asset-holding company but whose obligations under
debtor relationships to a note-issuing company or intermediate borrowing
company—
(i) have been transferred to, or
(ii) have been replaced by obligations under debtor relationships to,
one or more companies carrying on a business of banking, or
(b) a company that was an intermediate borrowing company but whose obligations
under debtor relationships to a note-issuing company—
(i) have been transferred to, or
(ii) have been replaced by obligations under debtor relationships to,
one or more companies carrying on a business of banking.
Meaning of "retained profit"
10. —(1) For the purposes of these Regulations the "retained profit" of a
securitisation company for an accounting period is the amount required by the
capital market arrangement or a related transaction to be retained, made
available to be retained, or designated as profits of the securitisation company
(however described).
(2) If retained profit relates to two or more accounting periods, it shall be
apportioned on a just and reasonable basis between them.
(3) If in an accounting period the securitisation company has insufficient funds
available to meet the retained profit required by the capital market arrangement
or a related transaction—
(a) the amount of the retained profit for the purposes of these Regulations is
the amount actually retained as profit for that accounting period, and
(b) in a later accounting period the amount of the retained profit may be
increased by up to the amount of the shortfall in the earlier period.
Companies to which specified regulations do not apply
Securitisation companies that do not meet the payments condition
11. —(1) The specified regulations do not apply to a securitisation company
that—
(a) does not meet the payments condition, or
(b) at any time has not met the payments condition.
(2) The payments condition is that in any accounting period R is equal to or
less than the sum of
P + RA + RP
(3) In paragraph (2)—
R is, subject to paragraph (6), the aggregate of—
(a) amounts received by the securitisation company in the accounting period, and
(b) amounts which have been—
(i) retained as RA in that accounting period, or
(ii) taken into account as RA for the purposes of this regulation in a previous
accounting period,
where those amounts are no longer reasonably required to be retained as RA;
P is the aggregate amount of—
(a) payments made by the securitisation company in the accounting period and the
following 18 months except payments which have already been taken into account
for the purposes of this regulation for a previous accounting period, and
(b) payments made by the securitisation company in the previous accounting
period but not taken into account for the purposes of this regulation;
RA is the aggregate of amounts retained by the securitisation company in the
accounting period, which have not already been taken into account for the
purposes of this regulation in a previous accounting period, which are
reasonably required to—
(a) provide for losses or expenses arising from the company's business, or
(b) maintain or enhance the company's creditworthiness; and
RP is the amount of the retained profit of the securitisation company in the
accounting period.
(4) If a securitisation company receives amounts or makes payments of amounts in
a currency other than its functional currency, that amount shall be translated
into the functional currency by reference to the appropriate exchange rate for
the last day of the accounting period.
(5) For the purposes of this regulation the aggregate amount of payments made
includes any payment which was not made but which would have been made but for—
(a) a legal prohibition, or
(b) a reasonable excuse for failing to make that payment,
but if any such payment is subsequently made it shall be disregarded.
(6) In the case of a company which has elected in accordance with regulation
13(2) that these Regulations shall apply—
(a) in the first accounting period to which these Regulations apply, R includes
an amount that would be given by the formula—
R − P − RA − RP
in relation to the previous accounting period ("the relevant accounting
period");
(b) sub-paragraph (b)(ii) of the definition of R in paragraph (3) shall apply as
if there were included in those amounts the aggregate of amounts retained by the
company in previous accounting periods, in which these Regulations did not
apply, which were reasonably required to—
(i) provide for losses or expenses arising from the company's business, or
(ii) maintain or enhance the company's creditworthiness.
(7) For the purposes of the formula in paragraph (6)(a)—
R is the aggregate of amounts received by the company in the relevant accounting
period;
P is the aggregate amount of payments made by the company in the relevant
accounting period;
RA is the aggregate of amounts retained by the company for the relevant
accounting period which were reasonably required to—
(a) provide for losses or expenses arising from the company's business, or
(b) maintain or enhance the company's creditworthiness; and
RP is the amount that would be the retained profit of the company in the
relevant accounting period if these Regulations applied.
(8) In this regulation—
"appropriate exchange rate" has the meaning given in section 92D(2)(b) of the
Finance Act 1993[6];
"functional currency" has the meaning given in section 92E(3) of the Finance Act
1993[7];
"payment" includes part of a payment.
Securitisation companies that have an unallowable purpose
12. —(1) The specified regulations do not apply to a securitisation company
that—
(a) has an unallowable purpose, or
(b) at any time has had an unallowable purpose.
(2) For the purpose of these Regulations a securitisation company has an
unallowable purpose if the purpose for which the securitisation company is a
party to—
(a) the capital market arrangement,
(b) any related transaction, or
(c) any transaction in pursuance of the capital market arrangement,
includes a purpose which is not amongst the business or other commercial
purposes of the securitisation company.
(3) If one of the purposes for which a securitisation company is at any time a
party to—
(a) any capital market arrangement,
(b) any related transaction in the case of any capital market arrangement, or
(c) any transaction in pursuance of any capital market arrangement,
is a tax avoidance purpose, that purpose shall be taken to be a business or
other commercial purpose of the securitisation company only where it is not the
main purpose, or one of the main purposes, for which the company is party to the
arrangements or transaction at that time.
(4) In this regulation—
"tax avoidance purpose" means any purpose that consists in securing a tax
advantage for any other person;
"tax advantage" has the same meaning as in section 709(1) of ICTA (tax
avoidance).
Companies to which these Regulations do not apply
Securitisation companies on 1st January 2007
13. —(1) These Regulations do not apply to a company which before the start of
the first accounting period of the company beginning on or after 1st January
2007—
(a) is a securitisation company within section 83 of the Finance Act 2005
(application of accounting standards to securitisation companies)[8], or
(b) is a company in relation to which the following conditions are met—
(i) it is party as debtor to a capital market investment,
(ii) securities representing that capital market investment are issued, and
(iii) the capital market investment is part of a capital market arrangement.
This is subject to paragraph (2).
(2) The company may elect by notice in writing to Her Majesty's Revenue and
Customs, within 18 months of the end of that period, that these Regulations
shall apply.
(3) An election under paragraph (2) is irrevocable.
Application of the Corporation Tax Acts
Corporation tax charge
14. —(1) The profit of a securitisation company to be brought into account for
an accounting period for corporation tax purposes is the aggregate of—
(a) the greater of—
(i) nil; and
(ii) the amount given by the formula—
RP − DS + D, and
(b) the amount specified in paragraph (3).
(2) In paragraph (1)—
RP is the amount of the retained profit of the securitisation company for the
accounting period;
DS is the amount of any distribution received in that accounting period from
another securitisation company which is party to the capital market arrangement
where the distribution is made from that company's retained profit;
D is the greater of—
(a) the amount equal to the aggregate of any dividends paid by the
securitisation company in that and any previous accounting period, less—
(i) RP for the accounting period,
(ii) the aggregate of profits calculated under this regulation for previous
accounting periods,
(iii) the aggregate of DS calculated under this regulation for previous
accounting periods, and
(iv) the amount of any dividends paid out of profits arising in any previous
accounting period in which these Regulations did not apply; and
(b) nil.
(3) The specified amount is any credit that would be brought into account by the
securitisation company in the accounting period in consequence of paragraph 12A
of Schedule 9 to the Finance Act 1996 (transferee leaving group after replacing
transferor as party to loan relationship)[9] or paragraph 30A of Schedule 26 to
the Finance Act 2002 (transferee leaving group after replacing transferor as
party to derivative contract)[10].
(4) The amount of profit calculated under this regulation shall be brought into
account for corporation tax purposes instead of any other amount that would fall
to be brought into account.
Supplementary provision
Application, modification and non-application of provisions of the Corporation
Tax Acts
15. —(1) In relation to a securitisation company, ICTA has effect as if it were
subject to the following modification.
(2) In section 12 (basis of, and periods for, assessment)[11], in subsection (3)
after paragraph (e) insert—
" (f) the company becoming or ceasing to be a securitisation company to which
regulation 14 of the Taxation of Securitisation Companies Regulations 2006
applies.".
16. Paragraphs (b) to (f) in section 209(2) (meaning of distribution)[12] of
ICTA shall not apply in relation to any interest paid or other distribution made
by a securitisation company.
17. For the purposes of Chapter 4 of Part 10 (group relief) of ICTA, a
securitisation company shall not be treated as the member of any group or
consortium.
18. —(1) Section 171 (transfers within a group: general provisions) of the
Taxation of Chargeable Gains Act 1992[13] shall not apply if "company B" in
subsection (1) of that section is a securitisation company.
(2) Section 179A (reallocation within group of gain or loss accruing under
section 179) of that Act[14] shall not apply if "company C" in that section is a
securitisation company.
19. —(1) Paragraph 2 of Schedule 9 to the Finance Act 1996 (loan relationships:
special computational provisions: late interest)[15] shall not apply if the
person standing in the position of a creditor as respects a loan relationship
within that paragraph is a securitisation company.
(2) Paragraph 12 of that Schedule (continuity of treatment: groups etc)[16]
shall not apply if the "transferee company" or "transferor company" in
subparagraph (1) of that paragraph is a securitisation company.
20. Paragraph 28 of Schedule 26 to the Finance Act 2002 (derivative contracts:
transactions within groups) shall not apply if the "transferee company" or
"transferor company" in subparagraph (1) of that paragraph is a securitisation
company.
21. Section 83 of the Finance Act 2005 (application of accounting standards to
securitisation companies) shall not apply to a securitisation company.
Dave Watts
Frank Roy
Two of the Lords Commissioners of Her Majesty's Treasury
11th December 2006
--------------------------------------------------------------------------------
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make provision as to the application of the Corporation Tax
Acts in relation to a securitisation company.
Regulation 1 provides for citation, commencement and effect.
Regulation 2 provides for the interpretation of a number of terms used in the
Regulations.
Regulation 3 sets out the scope and application of the Regulations.
Regulation 4 defines "securitisation company". There are five different types of
securitisation company – a note-issuing company, an asset-holding company, an
intermediate borrowing company, a warehouse company and a commercial paper
funded company. Each type must have a retained profit (as defined in regulation
10) in order to constitute a securitisation company.
Regulations 5 to 9 set out requirements for each type of securitisation company.
Regulation 10 defines retained profit.
Regulation 11 provides that specified regulations do not apply to a
securitisation company which does not meet, or has not met, the payments
condition. This condition essentially requires that subject to the retention of
amounts required to provide for losses, expenses, creditworthiness and retained
profit, all amounts received by a securitisation company must be paid out.
Transitional provisions are made in relation to companies which elect that the
Regulations shall apply.
Regulation 12 provides that the specified regulations do not apply to a
securitisation company which has, or has had, an unallowable purpose.
Regulation 13 specifies companies to which these Regulations do not apply unless
the company elects that they shall apply.
Regulation 14 provides for the charge to corporation tax.
Regulations 15 to 21 make provision for the application, modification and
non-application of provisions of the Corporation Tax Acts 1988. Regulation 15
modifies section 12 of the Income and Corporation Taxes Acts 1988 (c. 1) (basis
of, and periods for, assessment) so that an accounting period ends when a
company ceases to be a securitisation company. Regulation 16 disapplies parts of
section 209 (meaning of distribution) of that Act so only dividend payments by a
securitisation company constitute "distributions" for the purposes of the
Corporation Tax Acts. Regulation 17 excludes group relief provisions in relation
to securitisation companies. Regulation 18 disapplies certain provisions
relating to transactions within groups in the Taxation of Chargeable Gains Act
1992 (c. 12). Regulation 19 disapplies provisions in Schedule 9 to the Finance
Act 1996 (loan relationships: special computational provisions) (c. 8).
Regulation 20 disapplies provisions in Schedule 26 to the Finance Act 2002 (c.
23) (derivative contracts: transactions within groups). Regulation 21 disapplies
section 83 of the Finance Act 2005 (application of accounting standards to
securitisation companies) (c. 7).
These Regulations impose no new costs on business.
--------------------------------------------------------------------------------
Notes:
[1] 2005 c. 7. Section 84 has been amended by section 101(1), (5) and (6) and
section 178 of, and Part 3(19) of Schedule 26 to, the Finance Act 2006 (c.
25).back
[2] 1986 c.45. Section 72B was inserted by section 250(1) of the Enterprise Act
2002 (c. 40) and Schedule 2A was inserted by section 250(2) of, and Schedule 18
to, that Act. Paragraph 1 of Schedule 2A was amended by S.I. 2003/1468 and S.I.
2003/2093.back
[3] 2002 c. 23. Paragraph 2(1) was amended by articles 2 and 3 of S.I.
2004/2201.back
[4] 1988 c. 1.back
[5] 1988 c. 1. Section 839 was amended by section 74 of, and paragraph 20 of
Schedule 17 to, the Finance Act 1995 (c. 4), section 882 of, and paragraph 341
of Schedule 1 to, the Income Tax (Trading and Other Income) Act 2005 (c. 5), and
S.I. 1988/745.back
[6] 1993 c. 34. Section 92D was inserted by section 52 of, and paragraph 77 of
Schedule 10 to, the Finance Act 2004 (c. 12).back
[7] Section 92E was inserted by section 52 of, and paragraph 77 of Schedule 10
to, the Finance Act 2004.back
[8] Section 83 has been amended by section 101(1), (2), (3), (4) and (6) and
section 178 of, and Part 3(19) of Schedule 26 to, the Finance Act 2006.back
[9] 1996 c. 8. Paragraph 12A was inserted by section 39 of, and paragraph 18 of
Schedule 7 to, the Finance (No. 2) Act 2005 (c. 7).back
[10] 2002 c. 23. Paragraph 30A was inserted by section 39 of, and paragraph 24
of Schedule 7 to, the Finance (No. 2) Act 2005.back
[11] Section 12 was amended by paragraphs 3 and 7 of Schedule 9 to the Finance
Act 1990 (c.29), paragraph 11(2) and (3) of Schedule 24 to the Finance Act 1996
(c. 8), section 196 of, and paragraph 1 of Schedule 41 to, the Finance Act 2003
(c. 14), section 42 of, and paragraph 20(2) and (3) of Schedule 9 to, the
Finance (No. 2) Act 2005 (c. 22) and articles 13 and 14 of S.I. 2001/3629.back
[12] Section 209 was amended by section 31 of the Finance (No. 2) Act 1992 (c.
48), section 87(1) to (3) of, and Schedule 29 Part VIII(12) to, the Finance Act
1995 (c. 4), paragraph 11 of Schedule 14 and paragraph 6(1), (2)(b) and (4) of
Schedule 34 to the Finance Act 1996, section 40(9) and (11) and 86(1) of the
Finance Act 2000 (c. 17), section 102(1) and (3) of the Finance Act 2002 (c. 23)
and sections 34(1) and 326 of, and Schedule 42 Part 2(2) to, Finance Act
2004.back
[13] 1992 c. 12. Section 171 has been relevantly amended by section 102 of, and
paragraph 2 of Schedule 29 to, the Finance Act 2000 (c. 17).back
[14] Section 179A was inserted by section 42(1) and (4) of the Finance Act
2002.back
[15] Paragraph 2 of Schedule 9 was amended by section 82 of, and paragraphs 1
and 22 of Schedule 25 to, the Finance Act 2002 (c. 23), sections 178 and 216 of,
and paragraphs 1 and 2 of Schedule 37 and part 3(14) of Schedule 43 to, the
Finance Act 2003, sections 48, 281 and 284 of, and paragraph 2 of Schedule 8 and
paragraphs 43 and 45 of Schedule 35 to, the Finance Act 2004 and sections 40 and
70 of, and paragraph 2 of Schedule 8 and part 2(9) of Schedule 11 to, the
Finance (No. 2) Act 2005.back
[16] Paragraph 12(1) was relevantly amended by section 102 of, and paragraph
44(1), (4) and (5) of Schedule 29 to, the Finance Act 2000, articles 92 and 94
of S.I. 2001/3629 and regulation 9 of S.I. 2004/2200.back
How Important is your Company's Credit Rating?
by Bob Ramsay
It's as important as your personal credit rating.
And for much the same reason. Other companies considering doing business with
you, or leasing you equipment or loaning money to your enterprise, want to know
what kind of risks your company carries.
Is it being sued? Are there legal judgments against it? Has it been incorporated
for 10 years, but active for less than one?
So you'll want to establish the facts about your company with the major credit
reporting agencies such as Equifax and Dun and Bradstreet. Geoff Vincent, VP of
Small Business and Partnerships for DNB Canada, says that of the approximately
1.4 million small businesses in Canada (those with 100 employees or less), 1.2
million have some kind of report on file with credit agencies. The other 200,000
are "someone who does $10,000 a year in business out of their basement, or who
doesn't have a GST number." But while most small companies have reports on file,
in too many cases, the information is either out of date or incomplete. Says
Vincent: "There's a 20% erosion of accuracy in credit files every year. This
isn't because of so-called 'bad' information, but because situations change." A
CFO moves on, a round of capital is injected, your workforce doubles - or
halves. Any one of these changes can change your credit rating for the better or
worse.
What to do?
Pick up the phone and call the credit agencies.
Whether you know you're rated, or you know you aren't, or you're not sure, or
you think your information has changed, it's important to make that call.
The credit agency will need to verify that you are who you claim to be. Then you
can start a new file on your company or update your existing one. This is a free
service, and it's one you might want to take advantage of every year. It takes
only 10 or 15 minutes and can save all kinds of agony, especially if your file
has inaccurate information and your credit rating is adversely affected as a
result.
But don't think for a second that DNB and the other agencies will rely solely on
your claims of how quickly your company pays its bills. They get a constant
stream of information on the public record that confirms or corroborates
information supplied by companies themselves. Some of their biggest sources of
information are the approximately 2,000 large businesses that provide accounts
receivable data, the phone and cable companies and the banks. So if you've been
consistently late in paying your phone bill and no one from the phone company
has pressured you for payments, you might want to rethink the real cost of
paying late.
The comparatively good news is that most information older than two years isn't
reported or is deleted from your record. So if you weren't so prompt awhile
back, your reputation and rating aren't ruined forever. You can start that
process of rehabilitating your credit rating today.
One way to jump-start a good credit rating is to send the reporting agency your
audited financial statements, preferably for the past three years. Geoff Vincent
admits that 19 out of 20 companies that are asked to submit their statements
decline for competitive and confidentiality reasons. But he also says the more
overt and transparent a company is in the credit reporting marketplace, the
better positioned they are to obtain credit. This openness can take other forms,
such as providing the most current information on the number of employees and
other non-financial data.
Vincent also believes that a good rating with an established credit agency is
more important for small businesses than large ones. Potential lenders and
investors have all kinds of other ways to determine the creditworthiness of a
public company traded on the TSX, for example.
Finally, the exercise of 'looking into the mirror" can also help a company
determine the kind of risks it wants to take in dealing with new clients and
suppliers. The principles are the same, whether you're reporting on the factors
that affect your own company's creditworthiness, or you're trying to find out
these very things about another company. Asks Vincent: "Would your company want
to do business with your company based on its credit rating?"
Dun and Bradstreet has a website specifically to help small businesses improve
their credit ratings and reduce their credit risk. Just log on to:
http://www.dnb.ca/smallbusiness
And while you're on-line, you should also log on to www.bdc.ca, no matter what
your businesses' credit rating is.
This is the website for the Business Development Bank of Canada, which bills
itself as the source for small and medium-sized business for financing,
consulting advice and venture capital. Years ago, many business owners viewed
BDC as the bank of last resort for small businesses that had been turned down by
the major chartered banks.
But that era, and that image, has long passed. Today, all the major banks are
more aggressive in pursuing small business lending, and BDC's specialty in
servicing SMEs has made it a source of solid information as well as financing.
The BDC site offers all kinds of advice and innovative services. For example,
you can apply for financing on-line. Or if you're looking to refinance to
accommodate growth, you can fill out an online "financial eligibility indicator"
which will give you a good idea whether the BDC will be able to help you.
Like all lenders, BDC wants proof that you can repay a loan. On this subject,
they advise: "To obtain financing, you must prove your repayment ability,
particularly if your company is in difficulty. Your earnings forecast should be
conservative to avoid giving the lender any cause for concern. Before any new
loan is approved, the financial institution will double-check your business
credit and capacity with either Equifax (www.equifax.ca), TransUnion
(www.tuscores.ca) or North Credit bureau (www.creditbureau.ca)."
Other more basic advice can be found on the federal government's Canada Business
website, www.cbsc.org. Among other things, it lists Canada Business Service
Centres across the country where you can get advice and assistance on credit
worthiness and other matters.
So no matter where you turn for funds these days, it's incredibly important to
pay attention to your credit rating, and if it's in need of improvement, make
that a top priority.
STRUCTURING YOUR BUSINESS PLAN
Think of your business plan as a production line. What goes in at the start are
raw material and unfinished assemblies. In our case, the raw materials include:
Talent and initiative from your employees
Capital
Market position
The company's creditworthiness
The firm's earning capacity
Assessment of changes in the marketplace
The unfinished assemblies include ideas and concepts that people want to try.
These are the most valuable parts of the plan. They can take the company where
it needs to go.
As with most assembly lines, what goes in at the front end probably doesn't
resemble the completed product. The planning process refines, changes, and
adopts these original input items. It uses them all. During this process, we'll
Assess all your firm's resources: financial, technological, and human, to name a
few.
Identify where your company needs to go in order to prosper.
Sometimes work backwards from a target to determine what specific departmental
goals are needed.
In the end we'll have a workable business plan that's far more than just a
written document. We'll understand the changes in property, plant, equipment,
management, technology, financial structure, and capital resources needed to
reach our targets. Everyone responsible for executing the business plan will
know what's expected of him or her and when it's due. We'll establish milestones
where we need coordination between different departments to accomplish a
particular goal. We'll be able to see progress toward those intermediate
goals-definite, quantified progress, reported regularly. We'll make midcourse
changes in time to avoid jeopardizing the larger goals.
The structure of this business plan is like nothing you've seen before. This one
is a nuts-and-bolts, how-to-get-it-done-without-fail tool kit. We're going to
grab your company and take it where it needs to go. You won't find much of the
theoretical strategizing so many other planning books carry on about. That's
fine for larger companies that can wait five years or more for results.
Instead, what happens to your company during the next twelve months concerns us.
If you can hit your short-range targets year after year, the longer term will
take care of itself. Chapter 2 introduces the planning structure we'll employ
for your company. It identifies the various techniques and methods used in the
process. By the end you'll have an idea of how each part of the planning process
builds on what went before. Further, you'll understand how the business plan
ties all the various functions in your business tie together.
ACTION PLANNING
The way we structure this process, the action of planning is just as important
as the written product (sometimes more so). The planning structure builds
relationships between departments that did not exist before. The design and
implementation of departmental goals cements communication between people and
their departments. The need for coordination between efforts that appeared
unrelated becomes obvious.
A successful business plan requires the cooperation of each department in the
company. Don't worry about resistance. There are some specific things we'll do
to ensure the commitment of even the most diehard antiplanners.
Demanding Results
Our orientation in this action plan is results-driven. That's probably not a
foreign concept for most small-business owners and managers. Their very survival
depends on results-usually daily. But there's a twist. The results we're
demanding come from your employees. These are the people responsible for
implementing the business plan. For the company to prosper for any length of
time, the group must commit to the plan's success. The group must understand the
single thing that each person must do above all else to make the company
successfully hit its targets.
Finally, the group must be the body that evaluates its own performance and
rewards or punishes its members. Peer influence is far more persuasive than any
single reward offered by a manager. It's made even more potent when the group
becomes a team seeking a set of common goals. Of course we'll demand results.
Those results are concrete targets-mostly quantifiable, but always clearly
understood by everyone involved. Assign specific individuals responsibility for
attaining these results. Their commitment comes from their participation in
establishing worthwhile goals that they're responsible for reaching.
Let's walk through the structure of this hands-on, no-excuses way to hammer out
and execute a business plan.
ASSESSING YOUR CURRENT POSITION
This probably requires the most soul-searching you've done in some time. We want
an honest appraisal of your company's present status. Include each aspect of the
company you deem critical to its success. Consider such things as
Products
Distribution channels
Market share and influence
Customer loyalty
Technological innovations and advantages
Management talent
Employee capabilities
Manufacturing capacity and equipment
Competition
Pricing
The role of each of these attributes in furthering our goals does not concern us
now. Indeed, we haven't established our goals yet. Instead, we want an honest
appraisal of where we stand today.
Using this information and comparing it with the company's goals-once we
establish them-we will see a gap emerging between where we are and where we want
to be. It's that gap that much of our business plan deals with. Closing that gap
is our goal.
IDENTIFICATION OF COMPANY GOALS
From the beginning we'll work to create clearly defined goals for your business
plan. These goals begin at the top of the company and work their way down. Some
are longer range-twelve-month time horizons. Other subgoals needed to reach the
larger targets are intermediate range-say six months. Some are just three months
out or even less. These are usually extremely critical things that must happen
before work can proceed on the next step of a larger goal.
Unlike those of some planning exercises you may have experienced, our goals are
brutally precise. They are the product of the firm's planners recognizing the
specific targets the company must meet during the next twelve months if it is to
prosper. It's easier for those who implement the plan to communicate precise
goals rather than fuzzy, broad goals.
That's just what we want-clarity. Since our time frame is short, there's no room
for anyone wasting time doing something that doesn't specifically help us get
where we want to go. To this end, there are two questions we ask when
establishing company goals:
Where do we want to go in terms of products, customers, profits, return on
investment?
What changes do we have to make in each department to get us there?
Differences from Larger Companies
The business planning needs of small companies are very different from those of
their larger counterparts. First of all, small firms lack the resources and
influence of large companies. Second, smaller companies worry more about
survival today than conquering the world tomorrow. That's why our approach
deliberately omits
Statements of philosophy and the mission of the company
Creation of a strategic plan that's consistent with management's philosophy
These are of little use to us in guiding the company over the next year to a
specific end point. Now, this isn't to say that we should stick our heads in the
sand and ignore a longer-term look at our future. However, that activity is
probably better done once we've gotten the firm under control and understand how
to make short-term changes that enhance profitability. Certainly, if this is
your first planning exercise, the approach we're using gets tangible results
using real targets that are achievable. It's comparable to walking before trying
to run.
Attainable Goals
Have you ever seen people give up before they start because the task intimidated
them? That's something we don't want to have happen here. Recognize that there
may be too large a gap between the goals you come up with and the firm's current
position. There may come a time when you say, There's no way we can accomplish
all that this year.
It takes a smart manager to recognize that the chasm is too wide to jump in a
single leap. Instead, he or she must reassess the goals, and maybe scale them
back. A somewhat less ambitious set of targets results. However, they are
realistic targets that everyone believes in. The outcome is greater commitment
and higher probability of success than if you tried to ram unnecessarily
burdensome goals down everyone's throat.
The trick to setting attainable goals is to strike a balance between targets
that represent a realistic reach and those that are so far out that they'll
certainly cause failure. On the one hand, we've identified something worth
shooting for, and we'll reward our team appropriately. On the other hand, people
view impossible goals as negative even when they are sweetened with better
rewards. People would rather have a reasonable chance of receiving a bucket
that's 90 percent full than no chance of receiving one that's overflowing.
RECOGNIZING FACTORS CRITICAL TO PLAN SUCCESS
Once you've identified your current position and arrived at the targets for your
company, it's time to figure out how to bridge the gap between the two. The
technicians call this process reverse engineering. In essence, we're taking the
end result and working backwards to determine the steps we need to get there.
Analyzing Success Factors
You'll find that your business plan leaves the foggy world of strategies and
mission philosophy very quickly. Instead, what makes the company move toward
specific goals interests us.
Let's say that your firm's overriding target for the next year is to reach a 10
percent return on capital. There's nothing wrong with that goal. It's
quantifiable. There's no question how to determine whether you've reached it
(amount available for owner distribution / capital = return on capital). Even
better, we can track progress toward it each month. Now, here's where the
factors needed to reach this target begin to emerge.
Let's say that two things need to happen if we are to reach our 10 percent
target:
Sales must increase by $1,000,000.
Production costs must decrease by $500,000.
The plan separates factors critical to each of these targets into a series of
subgoals. In our example, the plan might spread the sales increase over several
different products and among the quotas of different members of the sales staff.
To decrease production costs, the firm might have to acquire some new machinery.
Outright purchase would require more capital. That would take us in the wrong
direction. Instead, the answer might be to lease the equipment. There are many
other possible sales enhancements and production cost cutting measures, but you
get the idea.
See how concrete solutions begin to appear once we know exactly where we want to
go? The road map to get there isn't difficult to create. Each step of the way
we've identified specific targets and goals that we must meet by a certain time
and assigned to certain people as their responsibility.
Analyzing success factors is an exercise that consists of merely working back
from a definite goal to see just how you're going to accomplish it.
Lending is a question of trust. In corporate lending this trust is based not
only on an objective knowledge of the company, i.e. the risk, but also on a
largely subjective assessment of the moral qualities and capabilities of those
people who manage it.
From a bank's point of view, the most creditworthy companies are those which are
not usually in need of credit. If a company's situation is the reverse, however,
and it requires a loan to finance a corporate crisis, it will not find obtaining
credit from a bank to be such a simple procedure. And is it not the case that
corporate crises are precisely the signal that reduced creditworthiness?
The assessment of a company's creditworthiness - let's call it risk - is not a
mechanical process. In addition to a company's financial situation, parameters
such as human assessments and preferences, and the feasibility of the company's
business idea play an increasingly important role. These individual parameters
apply to both banks and credit insurance companies, domestic and foreign.
If all there were to underwriting was checking data and applying formulas, then
some whiz kid would already have developed a software program and solved the
issue. But the fact of the matter, as we all know, is that, for good or for bad,
there is a lot more to this business than just fiddling with numbers: a good
underwriter must, among other things, be able to integrate knowledge from fields
as far apart as finance and psychology.
This article is directed primarily at those insurance companies whose strategic
goal is to set up or expand a trade credit business in Latin America. It does
not simply list internationally accepted criteria for creditworthiness
assessments (analysis of annual financial statements, calculation of key figures,
etc.), even though figures are highly condensed metrics which provide
concentrated information in a numerical format and serve as extremely important
indicators. Instead it refers to the limitations of objective creditworthiness
assessments and considers the importance of what is termed moral
creditworthiness. Admittedly, both credit assessment criteria are very important
(financial and moral solvency). However, it seems that the latter is paid scant
attention, perhaps because it is more difficult to measure and assess. Is it not
the case that finances and ethics, or morals, should be inseparable?
Analysis of objective factors
Gathering of information. Surveys conducted among credit insurers reveal that,
when deciding on a corporate client's credit limit, they rely mainly on
information gathered from annual financial statements and sales figures. Their
analyses usually encompass the last three to five sets of annual results, with
the aim of facilitating time series analyses and thereby identifying trends and
developments. Most modern financial institutions (namely banks and insurance
companies) use their own standardized computer programs to support their
analyses, which focus on the development of companies:
earning capacity, usually measured in terms of return on sales, cash flow,
operating income and changes in aggregate operating performance over time,
asset structure,
capital resources, and
liquidity.
Creditworthiness assessments attach increasing importance to sector comparisons
whereby the key figures of the company under analysis are compared with those of
similar companies in the same sector. This enables the company to compare itself
with competitors in the same sector, and to identify any strategic successes.
Today, analyses of one's own strengths and weaknesses are not just a requirement.
They are an absolute must if companies are to survive in this competitive
environment.
Discriminatory analysis is a recent variation on the theme of analysis based on
annual results. It is a computer-aided process whereby key figures are used to
try to separate healthy companies from those at risk of insolvency. The process
is based on the premise that insolvent companies display certain common
characteristics which may be more or less pronounced, can be expressed as key
figures, and differ from the characteristics of healthy companies. The analyst
uses a deciding characteristic which, when expressed mathematically, represents
what is called 'the discriminatory function'. This function is a condensed
overall figure that includes a number of individual figures. If the figure is
less than a particular value, a negative credit rating is allocated, and vice
versa.
Limitations of analyses based on annual results
In order to gain an in-depth knowledge of a company's financial situation, it is
imperative, but not sufficient, to study its most recent balance sheets and
income statements in detail. An analyst will draw very different conclusions
about two companies from their balance sheets, even when prepared at the same
time and showing similar data, if changes to the data since the previous balance
sheet indicate an improving financial situation for one company and a
deterioration for the other. Real value only comes of balance sheets when their
data is analyzed, compared with past data, interpreted in a present context, and
extrapolated into the probable future.
The assessment of the risk must, therefore, be rounded off with a study that
aims to assess the company's likely short-, medium- and long-term prospects. For
this, an analyst will turn to information taken from budgets and planned figures.
It is essential, therefore, to take an interest in the company's efforts to
secure its long-term survival - in short, its strategic management.
Strategic management primarily involves giving intensive thought to issues
relevant to the company's future survival. These issues are assessed against the
management's benchmarks: liquidity, profit, current and future profit potential
(e.g. competitive advantages, level of innovation).
Analysis of subjective factors - ethics and morals.
Corporate personality plays an important role when it comes to assessing the
creditworthiness of small and medium-sized enterprises in particular. In
practice, analysts consider it very important to examine a company's working
practices, i.e. its management. All assessments of the company's future
performance assume that it is managed adequately and rationally.
Numbers on their own are not enough. It is not enough to meet the economic and
financial criteria that speak in favor of entering into a business relationship
with the customer. The human and personal criteria are just as important because,
at the end of the day, it will be human beings who drive the company and steer
it towards success - or failure. One can quite feasibly claim that the
characteristics of a company's management will determine whether that company
has the potential for success or is condemned to failure. The human factor,
which more and more often includes indications of ethics and morals, should be
an element of choice in every company assessment.
Ethics are an issue not only for managers. There is no ideal way to promote
ethics within a company. However, an approach whereby a company emphasizes the
personal responsibility of the people working for it is a potentially successful
one. The company should underpin its value guidelines with a clearly defined
corporate culture. This is no easy task, as it must set an example of its ethics
and embed them throughout its hierarchies. Today, the activities of managers and
employees are increasingly observed by outsiders and no company can afford to be
irresponsible. Its investment in its own reputation is an indication of its
future success. Increasingly, managers have to consider the environmental and
social impact as well as the financial consequences of their companies'
activities.
A good reputation. In a sense, the question of a company's reputation leads us
to seek information from third parties on the morals and capabilities of its
management. Knowledge of a company's position also makes it possible to identify
its place within a particular sector of industry, and to estimate roughly its
position in the near future. Therefore, at the time of the credit assessment, it
is extremely important to know what competitors, customers and suppliers think
of a company, because the behavior of its partners will go some way to
determining its future development and, consequently, its ability to pay when a
loan falls due.
A profile of our customers' customers provides further valuable information. A
company that is well positioned alongside the country's major firms and in the
major markets abroad provides a creditable guarantee and reference for our
customer's product, organization and management. It also represents financial
security, as our borrower's ability to pay depends largely on that of its
customers. An assessment of a customer's customers also enables us to build up a
picture of the company's sales policy and to assess whether it has spread its
risks.
The key to risk assessment
There is no one key to risk assessment. Instead, we need a whole bunch of keys
to access a clear risk profile. It would be wrong, as well as insufficient, to
restrict creditworthiness to financial creditworthiness alone. A company's
financial strength is only one element, albeit a very important one, of risk
analysis. Financial metrics are the deciding factor.
Moral and ethical creditworthiness, which actually has something to do with
dignity, is difficult to measure and requires very good analytical skills. We
are dealing here with something that cannot be measured, and analysis is time-
and labor-intensive. Nevertheless, it would be irresponsible not to take more
time to consider the characteristics, ethics and morals of our borrower. Not
least because such considerations significantly reduce our credit risk.
GM's Derivatives Show Increasing Bets on Bankruptcy (Update8)
By John Dooley and Barbara Powell
Nov. 14 (Bloomberg) -- Derivatives traders are increasing bets that General
Motors Corp. may follow Delphi Corp. and Delta Air Lines Inc. into bankruptcy
after the disclosure of accounting errors and four straight quarters of losses.
Traders last week demanded upfront payments in addition to annual premiums for
derivatives contracts that protect owners of the Detroit-based company's debt
should it miss a payment or declare bankruptcy. By doing so, traders relegated
GM to the same status as Delphi and Delta just before those companies defaulted.
GM, the world's biggest automaker, is losing U.S. market share to Asian rivals
such as Toyota Motor Corp. and is in the midst of its longest stretch without
profit in 13 years. Moody's Investors Service and Fitch Ratings this month cut
GM's debt rating two levels. Cash at the company's auto operations has fallen to
$19.2 billion from $24.5 billion a year ago.
``Things just keep piling one on top of the other for GM,'' said Rob Hinchliffe,
an analyst with UBS Securities in New York who rates GM ``reduce.'' GM is one of
the two lowest-rated stocks among the 11 auto and auto-parts companies he covers,
according to data compiled by Bloomberg.
The annual cost of insuring $10 million of GM debt for five years with
credit-default swaps rose to $2 million upfront plus $500,000 a year, compared
with an annual premium of about $1 million early last week, traders said. The
debt-insurance contracts changed hands at about $260,000 at the start of the
year.
Demanding Upfront Payments
Delphi default-insurance sellers started demanding upfront payments on April 19,
six months before it filed for bankruptcy on Oct. 8. Credit-default swaps on
Delta, which filed on Sept. 14, were trading in January with upfront payments of
about $4.5 million. Upfront fees for bankrupt Northwest Airlines Corp., which
filed the same day as Delta, were about $4 million.
``We typically don't comment on the trading of our stocks and of our bonds,'' GM
spokesman Jerry Dubrowski said.
A derivative is a financial obligation whose value is derived from interest
rates, the outcome of specific events, or the price of underlying assets such as
debt, equities and commodities.
Investors use credit-default swaps to bet on a company's creditworthiness or
protect against non-payment. A buyer typically pays an annual fee and gets the
full amount insured if the borrower defaults. In return, the swap seller gets
the defaulted loans or bonds.
Stock Tumbles
Swap prices typically decline when creditworthiness improves, and rise when it
worsens. Sellers of default protection start demanding payments up front for the
insurance to compensate for increased concerns about a company's
creditworthiness.
GM said Nov. 9 that 2001 profit was overstated by $300 million to $400 million.
The company previously reported 2001 net income of $601 million.
The announcement sent the automaker's stock down 4.5 percent the next day to its
lowest since 1992. The shares are down 39 percent since Oct. 17, when GM
reported a third-quarter loss of $1.6 billion. They fell 74 cents, or 3 percent,
to $23.74 at 4:02 p.m. in New York Stock Exchange composite trading today.
GM bonds due 2033 fell 3.38 cents on the dollar to 66.62 cents, the lowest price
since the bonds were sold in 2003, according to Trace, the bond price reporting
system of the NASD.
Options
The global credit-derivatives market has grown almost five- fold in the past two
years, mostly on demand for credit-default swaps, according to data compiled by
the International Swaps and Derivatives Association. Investors held contracts on
$12.4 trillion of debt at the end of June, ISDA data show. The market wasn't
tracked until 1997.
A growing number of investors are also using options to bet GM's shares will
decline. Activity in options contracts that pay off should GM's stock fall below
$10 before January 2007 has soared. The number of outstanding contracts on that
bet has tripled to 514,725 since January.
There are four times as many outstanding put options -- agreements to sell a
stock at a certain price -- as call options on GM. At the start of the year, the
ratio was half that.
Investors are reevaluating ``the overall risk and the negative factors that
weigh on the credit of GM,'' said Pete Hastings, vice president of corporate
fixed income at Morgan Keegan Inc. in Memphis, Tennessee.
Benefiting
Some investors profited from concerns about GM. Pacific Investment Management
Co., manager of the world's largest bond fund, says it made money at the expense
of hedge funds by betting that General Motors Corp. bonds would gain earlier
this year.
Pimco in April and May sold ``several billion dollars'' of insurance against
defaults on bonds issued by GM and Ford Motor Co., Mark Kiesel, an executive
vice president who runs Pimco's investment-grade bond trading, said July 27. The
strategy was new to Pimco, which had never used credit-default swaps to take a
``significant'' position in corporate bonds, Kiesel said at the time. He didn't
return a phone call seeking comment.
On Oct. 17, GM reported a $1.6 billion quarterly loss, extending its longest
profitless streak since 1992. On Oct. 26, the automaker said it received
subpoenas from the U.S. Securities and Exchange Commission concerning its
reporting of pensions and other retiree benefits.
October Sales Drop
The company's October U.S. auto sales dropped 26 percent from a year earlier as
Asian rivals took a record share of the U.S. market. Moody's this month lowered
its rating on GM debt to B1, four levels below investment grade, and Fitch rated
the bonds an equivalent B+.
Some United Auto Workers members at Delphi, the biggest U.S. auto-parts maker,
have threatened to strike amid that company's demands for wage and benefit cuts.
That has raised the possibility that GM won't have enough parts to continue
building cars.
Survivors
El Paso Corp., owner of the largest U.S. network of natural gas pipelines, and
U.K. industrial companies Corus Group Plc and Invensys Plc have all avoided
bankruptcy since their credit- default swaps traded on an upfront basis.
Houston-based El Paso started trading upfront in February 2003 after its debt
rating was cut to junk by Standard & Poor's. The premium on five-year
credit-default swaps has since shrunk to about $309,000 on Nov. 11 from almost
$1.5 million two years ago, according to Barclays Capital, as the company sold
assets to reduce debt.
Bank of America analyst Ron Tadross said in a research report that last week's
restatement prompted him to raise his estimate of the likelihood of a GM
bankruptcy within two years to 40 percent from 30 percent.
Hinchliffe, who estimates that GM would burn through $19 billion in cash at its
automotive operations if a Delphi strike lasted 10 weeks, said the company may
be able to weather its declines.
``I'm not convinced that Chapter 11 is that imminent given GM's cash,'' he said.
To contact the reporter on this story: John Dooley in New York at jdooley@bloomberg.net
; Barbara Powell in Southfield, Michigan, at jbennett17@Bloomberg.net .
Inktomi Delivers Industry-Leading Network Cache Platform to the FOSTER CITY,
Calif.--(BUSINESS WIRE)--Nov. 1, 1999-- Bristol Myers-Squibb, Fidelity
Investments, Merrill Lynch and Sun Microsystems to Deploy Inktomi Content
Infrastructure Solution Inktomi Corp. (Nasdaq:INKT), developer of scalable
Internet infrastructure software, today unveiled the new versions of its network
cache platform for the enterprise, the Inktomi Traffic Server(TM) E5000 and
E200.
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Publicly and privately held for-profit corporations confer corporate titles or
business titles on company officials as a means of identifying their function in
the organization. In addition, many non-profit organizations, educational
institutions, partnerships, and sole proprietorships also confer corporate
titles. The following is a list of common titles for corporate executives.
[edit] Variations
Note that there are considerable variations in the responsibilities of the
titles.
Some companies have a Chairman and CEO, while the number two is the President
and COO; other companies have a President and CEO but no official deputy.
Corporate titles are sometimes given more for prestige than out of any
differentiation in job function. For example, at CIBC and BMO Financial Group,
the position of Chief Operating Officer (COO) was created solely to facilitate
the transition, as a means of grooming the future CEO before the current CEO
retired. The division head (perhaps Executive Vice President or CEO of a
division) is promoted to COO and takes over day-to-day and strategic planning,
while the outgoing CEO is relegated to advisory duties. Once the new CEO
formally takes power, the COO position is not replaced.
Executive Vice President is most frequently used to refer to a division head,
however this position can also be know as Vice Chairman, or even President and
CEO of the division, depending upon corporation structure, especially in the
latter case when it is operated as a wholly-owned subsidiary instead of an
internal division.
[edit] Corporate titles
Executive or Non-Executive Chairperson, Chairman or Chairman of the Board –
presiding officer of the corporate Board of Directors. The Chairman influences
the board of directors, which in turn elects and removes the officers of a
corporation and oversees the human, financial, environmental and technical
operations of a corporation. The CEO also often takes on the role of Executive
Chairman. Recently, though, many companies have separated the roles of Chairman
and CEO, resulting in a non-executive chairman, in order to improve corporate
governance.
Chief accounting officer
Chief administrative officer
Chief Analytics Officer or CAO – high level corporate manager with overall
responsibility for the analysis and interpretation of data relevant to a
company's activities; generally reports to the CEO, or COO.
Chief Business Development Officer or CBDO.
Chief Communications Officer or CCO.
Chief Compliance Officer - in charge of regulatory compliance, especially
Sarbanes-Oxley.
Chief Creative Officer
Chief Credit Officer or CCO.
Chief Data Officer or CDO
Chief Engineering Officer or CEO
Chief Executive Officer or CEO (United States), Chief Executive or Managing
director (United Kingdom, Commonwealth and some other English-speaking countries)
– The CEO of a corporation is the highest ranking management officer of a
corporation and has final decisions over human, financial, environmental,
technical operations of the corporation. The CEO is also a visionary, often
leaving day-to-day operations to the President, COO or division heads. Other
corporate officers such as the COO, CFO, CIO, and division heads report to the
CEO. The CEO is also often the Chairman of the Board, especially in closely held
corporations and also often in public corporations. Recently, though, many
public companies have separated the roles of Chairman and CEO, resulting in a
non-executive chairman, in order to improve corporate governance. President and
CEO is a popular combination if there is a non-executive chairman.
Chief Financial Officer or CFO – high level corporate officer with oversight of
corporate finances; reports to the CEO. May concurrently hold the title of
Treasurer or oversee such a position; it must be noted that Finance deals with
accounting and audits, while Treasurer deals with company funds.
Chief Information Officer or CIO – high level corporate manager with overall
responsibility for the company's information resources and processing
environment; generally reports to the CEO or COO.
Chief Information Security Officer or CISO.
Chief Intellectual Property Officer or CIPO - responsible for the management of
the IP assets and potential IP-related liabilities of the enterprise.
Chief Knowledge Officer or CKO – high level corporate officer responsible for
ensuring that the organization maximizes the value it achieves through "knowledge".
Chief Legal Officer or CLO, the CLO is traditionally referred to as the General
Counsel, of GC; or CLO could also stand for Chief Learning officer.
Chief Marketing Officer or CMO.
Chief Medical Officer or CMO; especially in a pharmaceutical company, the person
responsible for scientific and medical excellence of the company's research,
development and products.
Chief Networking Officer or CNO – responsible for the social capital within the
company and between the company and its partners
Chief Operating Officer or COO – high level corporate officer with
responsibility for the daily operation of the company; reports to the CEO. The
COO often also carries the title of President, especially if the number one is
the Chairman and CEO.
Chief Performance Officer
Chief Privacy Officer
Chief Process Officer or CPO.
Chief Risk Officer (Chief Risk Management Officer) or CRO. Common in financial
institutions.
Chief Security Officer or CSO.
Chief Scientific Officer or CSO.
Chief Strategy Officer (Chief Strategic Planning Officer) or CSO (CSPO).
Chief Technical Officer or CTO – (sometimes Chief Technology Officer) high level
corporate officer responsible for the company's technical direction; in
non-technology companies usually reports to the CIO but in technology companies,
may report directly to the CEO.
Chief visionary officer
Director or Member of the Board of Directors - a high level official with a
fiduciary responsibility of overseeing the operation of a corporation and elects
or removes officers of a corporation; nominally, Directors, other than the
Chairman are usually not considered to be employees of the company per se,
although they may receive compensation, often including benefits; in publicly
held companies. A Board of Directors is normally made up of members (Directors)
who are comprised of a mixture of corporate officials who are also management
employees of the company (inside directors) and members who are not employed by
the company in any capacity (outside directors or non-executive directors). In
privately held companies, the Board of Directors often only consists of the
statutory corporate officials, and in sole proprietorships and partnerships, the
board is entirely optional, and if it does exist, only operates in an advisory
capacity to the owner or partners. Non-profit corporations are governed by a
Board of Trustees instead of a Board of Directors
Director - manager of managers within an organization who is often responsible
for a major business function and often reports to a Vice President. Often used
with name of a functional area; Finance Director, Director of Finance, Marketing
Director, etc. Not to be confused with a Member of the Board of Directors who is
also referred to as a Director. Alternatively, a manager of managers is often
referred to as a senior manager or associate vice president, depending upon
levels of management.
President - legally recognized highest "titled" corporate officer outside of the
CEO (who ranks highest). The President works directly for the Board of Directors
and usually a member of the Board of Directors. The office of President can be
limited by the Chairman/CEO to represent only one division within a corporation,
such as the President of Sales. In the event there is no CEO, the President is
the highest ranking officer but is not normally the Chairperson. There is much
variation; often the CEO also holds the title of President, while a Chairman and
CEO's deputy is often the President and COO. The President is often considered
to be more focused upon daily operations compared to the CEO which is supposed
to be the visionary.
Secretary or Company secretary - legally recognized "titled" corporate officer
who reports to the Board of Directors and is responsible for keeping the records
of the Board and the company. This title is often concurrently held by the
treasurer in a dual position called secretary-treasurer; both positions may be
concurrently held by the CFO. Note, however, that the Secretary has a reporting
line to the Board of Directors, regardless of any other reporting lines
conferred by concurrent titles.
Secretary-Treasurer - in many cases, the offices of Secretary and Treasurer are
held by the same person. In this case, the position is commonly referred to by
the combined title Secretary-Treasurer
Treasurer - legally recognized corporate officer entrusted with the fiduciary
responsibility of caring for company funds. Often this title is held
concurrently with that of Secretary in a dual role called secretary-treasurer.
It can also be held concurrently with the title of CFO or fall under the
jurisdiction of one, though the CFO tends to oversee the Finance Department
instead, which deals with accounting and audits, while the Treasurer deals
directly with company funds. Note, however, that the Treasurer has a reporting
line to the Board of Directors, regardless of any other reporting lines
conferred by concurrent titles.
Statutory agent
Superintendent
Supervisor
Foreman
General manager or GM
Manager
Owner
Partner
Vice Chair or Vice Chairman - officer of the Board of Directors who stands in
for the Chairman in his/her absence. An unrelated definition of Vice Chair
describes an executive who is higher ranking or has more seniority than
Executive Vice President. Sometimes, EVPs report to the Vice Chair who in turn
reports directly to the CEO (so Vice Chairs in effect constitute an additional
layer of management), other Vice Chairs have more responsibilities but are
otherwise on an equal tier with EVPs. Executive vice chairman may not
necessarily be on the board of directors.
Vice President - Middle or upper manager in a corporation. Depending on the
corporate structure Vice Presidents report to the President, who will in turn
report to the Chief Officer of their respective division, who will then report
to the CEO. They often appear in various hierarchical layers such as Executive
Vice President, Senior Vice President, Associate Vice President, or Assistant
Vice President, with EVP usually considered the highest. Many times, corporate
officers such as the CFO, COO, CIO, CTO, Secretary, or Treasurer will
concurrently hold Vice President titles, commonly EVP or SVP. Vice Presidents in
small companies are also referred to as chiefs of a certain division, such as VP
of Finance, or VP of Administration. These titles are the same as CFO and such
titles. It is not necessary to have a Vice President in most corporations.
Other corporate employee classifications include:
Exempt - Meaning that they're exempt from the FLSA. In a corporation, this
generally applies to salaried professional staff, and executives, earning in
excess of $23,660 annually.
Non-exempt - Generally an employee paid by the hour who is entitled to a minimum
wage, overtime pay at the rate of time and one-half the regular rate for all
hours worked in excess of 40 hours per week, as well as other protections under
child labor and equal pay laws.
Most modern corporations also have non-employee workers. These are usually 'temps'
(temporary workers) or consultants who, depending on the project and their
experience, might be brought on to lead a task for which the skill-set did not
exist within the company, or in the case of a temp, in the vernacular sense, to
perform busy-work or an otherwise low-skilled repetitive task for which an
employee is deemed too valuable to perform. Non-employees generally are employed
by outside agencies or firms, but perform their duties within a corporation or
similar entity. They do not have the same benefits as employees of that company,
such as pay-grades, health insurance, or sick days. Some high-skilled
consultants, however, may garner some benefits such as a bonus, sick leave, or
food and travel expenses, since they usually charge a high flat-fee for their
services, or otherwise garner high hourly wages. An example of high-skilled
consultants include lawyers and accountants who may not be employed by a
corporation, but have their own firms or practices. Most temps, however, are
compensated strictly for the hours they work, and are generally non-exempt.
[edit] See also
Corporate governance
Corporate liability
Identification with corporation
Retrieved from "http://en.wikipedia.org/wiki/Corporate_title"
Corporate governance
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Corporate governance is the set of processes, customs, policies, laws and
institutions affecting the way a corporation is directed, administered or
controlled. Corporate governance also includes the relationships among the many
players involved (the stakeholders) and the goals for which the corporation is
governed. The principal players are the shareholders, management and the board
of directors. Other stakeholders include employees, suppliers, customers, banks
and other lenders, regulators, the environment and the community at large.
Corporate governance is a multi-faceted subject. An important theme of corporate
governance deals with issues of accountability and fiduciary duty, essentially
advocating the implementation of guidelines and mechanisms to ensure good
behaviour and protect shareholders. Another key focus is the economic efficiency
view, through which the corporate governance system should aim to optimize
economic results, with a strong emphasis on shareholders welfare. There are yet
other sides to the corporate governance subject, such as the stakeholder view,
which calls for more attention and accountability to players other than the
shareholders (e.g.: the employees or the environment).
Recently there has been considerable interest in the corporate governance
practices of modern corporations, particularly since the high-profile collapses
of large US firms such as Enron Corporation and Worldcom.
Contents [hide]
1 Definition
2 History
2.1 Role of Institutional Investors
3 Parties to corporate governance
4 Principles
5 Mechanisms and controls
5.1 Internal corporate governance controls
5.2 External corporate governance controls
6 Systemic problems of corporate governance
7 Role of the accountant
8 Regulation
8.1 Self-regulation
8.2 Rules versus principles
8.3 Enforcement
9 Corporate governance models around the world
9.1 Anglo-American Model
9.2 Non Anglo-American Model
10 Codes and guidelines
11 Corporate governance and firm performance
11.1 Board composition
11.2 Remuneration/Compensation
12 Attention to corporate governance
13 See also
14 References
15 External links
[edit] Definition
The term corporate governance has come to mean two things.
the processes by which companies are directed and controlled.
a field in economics, which studies the many issues arising from the separation
of ownership and control.
Relevant rules include applicable laws of the land as well as internal rules of
a corporation. Relationships include those between all related parties, the most
important of which are the owners, managers, directors of the board, regulatory
authorities and to a lesser extent employees and the community at large. Systems
and processes deal with matters such as delegation of authority.
The corporate governance structure spells out the rules and procedures for
making decisions on corporate affairs. It also provides the structure through
which the company objectives are set, as well as the means of attaining and
monitoring the performance of those objectives.
Corporate governance is used to monitor whether outcomes are in accordance with
plans and to motivate the organization to be more fully informed in order to
maintain or alter organizational activity. Corporate governance is the mechanism
by which individuals are motivated to align their actual behaviors with the
overall participants.
[edit] History
In the 19th century, state corporation law enhanced the rights of corporate
boards to govern without unanimous consent of shareholders in exchange for
statutory benefits like appraisal rights, in order to make corporate governance
more efficient. Since that time, and because most large publicly traded
corporations in America are incorporated under corporate administration friendly
Delaware law, and because America's wealth has been increasingly securitized
into various corporate entities and institutions, the rights of individual
owners and shareholders have become increasingly derivative and dissipated. The
concerns of shareholders over administration pay and stock losses periodically
has led to more frequent calls for Corporate Governance reforms.
In the 20th century in the immediate aftermath of the Wall Street Crash of 1929
legal scholars such as Adolf Augustus Berle, Edwin Dodd, and Gardiner C. Means
pondered on the changing role of the modern corporation in society. Berle and
Means' monograph "The Modern Corporation and Private Property" (1932, Macmillan)
continues to have a profound influence on the conception of corporate governance
in scholarly debates today.
From the Chicago school of economics, Ronald Coase's "Nature of the Firm" (1937)
introduced the notion of transaction costs into the understanding of why firms
are founded and how they continue to behave. Fifty years later, Eugene Fama and
Michael Jensen's "The Separation of Ownership and Control" (1983, Journal of Law
and Economics) firmly established agency theory as a way of understanding
corporate governance: the firm is seen as a series of contracts. Agency theory's
dominance was highlighted in a 1989 article by Kathleen Eisenhardt (Academy of
Management Review).
American expansion after World War II through the emergence of multinational
corporations saw the establishment of the managerial class. Accordingly, the
following Harvard Business School management professors published influential
monographs studying their prominence: Myles Mace (entrepreneurship), Alfred D.
Chandler, Jr. (business history), Jay Lorsch (organizational behavior) and
Elizabeth MacIver (organizational behavior). According to Lorsch and MacIver
"many large corporations have dominant control over business affairs without
sufficient accountability or monitoring by their board of directors."
Current preoccupation with corporate governance can be pinpointed at two events:
The East Asian Crisis of 1997 saw the economies of Thailand, Indonesia, South
Korea, Malaysia and The Philippines severely affected by the exit of foreign
capital after property assets collapsed. The lack of corporate governance
mechanisms in these countries highlighted the weaknesses of the institutions in
their economies. The second event was the American corporate crises of 2001-2002
which saw the collapse of two big corporations: Enron and WorldCom, and the
ensuing scandals and collapses in other corporations such as Arthur Andersen,
Global Crossing and Tyco.
[edit] Role of Institutional Investors
Many years ago, worldwide, buyers and sellers of corporation stocks were
individual investors, such as wealthy businessmen. Over time, markets have
become more institutionalized; buyers and sellers are largely institutions (e.g.,
pension funds, insurance companies, mutual funds, hedge funds, investor groups,
and banks). The rise of the institutional investor has brought with it some
increase of professional diligence which has tended to improve regulation of the
stock market (but not necessarily in the interest of the small investor or even
of the naive institutions, of which there are many). Note that this process
occurred simultaneously with the direct growth of individuals investing in the
market (for example individuals have twice as much money in mutual funds as they
do in bank accounts). However this growth occurred primarily in individuals
turning over their funds to professionals to manage, such as in mutual funds. In
this way, the majority of investment now is described as "institutional
investment" even though the vast majority of the funds are for the benefit of
individual investors.
Unfortunately, there has been a concurrent lapse in the oversight of large
corporations, which are now almost all owned by large institutions. The Board of
Directors of large corporations used to be chosen by the principal shareholders,
who usually had an emotional as well as monetary investment in the company (think
Ford), and the Board diligently kept an eye on the company and its principal
executives (they usually hired and fired the President, or Chief executive
officer— CEO). Nowadays, if the owning institutions don't like what the
President/CEO is doing and they feel that firing him will be costly (think "golden
handshake") and/or time consuming, they will simply sell out their interest.
Also, nowadays, the Board is mostly chosen by the President/CEO, and may be made
up primarily of his cronies (or, at least, officers of the corporation, who owe
their jobs to him, or fellow CEOs from other corporations). Since the (institutional)
shareholders rarely object, the President/CEO generally takes the Chairman of
the Board position for himself (which makes it much more difficult for the
institutional owners to "fire" him). Finally, the largest pools of invested
money (such as the mutual fund 'Vanguard 500', or the largest investment
management firm for corporations, State Street Corp.) are designed simply to
invest in a very large number of companies with sufficient liquidity, based on
the idea that this strategy will largely eliminate individual company or
financial risk and, therefore, these investors have even less interest in what a
particular company is doing.
Since the marked rise in the use of Internet transactions in the 1990s, both
individual and professional stock investors around the world have emerged as a
potential new kind of major (short term) force in the ownership of corporations
and in the markets: the casual participant. Even as the purchase of individual
shares in any one corporation by individual investors diminishes, the sale of
derivatives (e.g., exchange-traded funds (ETFs), Stock market index options [1],
etc.) has soared. So, the interests of most investors are now increasingly
rarely tied to the fortunes of individual corporations.
But, the ownership of stocks in markets around the world varies; for example,
the majority of the shares in the Japanese market are held by financial
companies and industrial corporations (there is a large amount of cross-holding
among Japanese keiretsu corporations and within S. Korean chaebol 'groups') [2],
whereas stock in the USA or the UK and Europe are much more broadly owned, often
still by large individual investors.
In the latter half of the 1990s, during the Asian financial crisis, a lot of the
attention fell upon the corporate governance systems of the developing world,
which tend to be heavily into cronyism and nepotism.
In the first half of the 1990s, the issue of corporate governance in the U.S.
received considerable press attention due to the wave of (belated?) CEO
dismissals (e.g.: IBM, Kodak, Honeywell) by their boards. CALPERS led a wave of
institutional shareholder activism (something only very rarely seen before), as
a way of ensuring that corporate value would not be destroyed by the now
traditionally cozy relationships between the CEO and the board of directors. In
the early 2000s, the massive bankruptcies (and criminal malfeasance) of Enron
and Worldcom, as well as lesser corporate debacles, such as Adelphia
Communications, AOL, Arthur Andersen, Global Crossing, Tyco, and, more recently,
Freddie Mac and led to increased shareholder and governmental interest in
corporate governance, culminating in the passage of the Sarbanes-Oxley Act of
2002.[3] Since then, the stock market has greatly recovered, and shareholder
zeal has waned accordingly.
[edit] Parties to corporate governance
Parties involved in corporate governance include the regulatory body (e.g. the
Chief Executive Officer, the board of directors, management and shareholders.
Other stakeholders who take part include suppliers, employees, creditors,
customers and the community at large.
In corporations, the shareholder delegates decision rights to the manager to act
in the principal's best interests. This separation of ownership from control
implies a loss of effective control by shareholders over managerial decisions.
Partly as a result of this separation between the two parties, a system of
corporate governance controls is implemented to assist in aligning the
incentives of managers with those of shareholders. With the significant increase
in equity holdings of investors, there has been an opportunity for a reversal of
the separation of ownership and control problems because ownership is not so
diffuse.
A board of directors often plays a key role in corporate governance. It is their
responsibility to endorse the organisation's strategy, develop directional
policy, appoint, supervise and remunerate senior executives and to ensure
accountability of the organisation to its owners and authorities.
All parties to corporate governance have an interest, whether direct or indirect,
in the effective performance of the organisation. Directors, workers and
management receive salaries, benefits and reputation, while shareholders receive
capital return. Customers receive goods and services; suppliers receive
compensation for their goods or services. In return these individuals provide
value in the form of natural, human, social and other forms of capital.
A key factor in an individual's decision to participate in an organisation e.g.
through providing financial capital and trust that they will receive a fair
share of the organisational returns. If some parties are receiving more than
their fair return then participants may choose to not continue participating
leading to organisational collapse.
[edit] Principles
Key elements of good corporate governance principles include honesty, trust and
integrity, openness, performance orientation, responsibility and accountability,
mutual respect, and commitment to the organisation.
Of importance is how directors and management develop a model of governance that
aligns the values of the corporate participants and then evaluate this model
periodically for its effectiveness. In particular, senior executives should
conduct themselves honestly and ethically, especially concerning actual or
apparent conflicts of interest, and disclosure in financial reports.
Commonly accepted principles of corporate governance include:
Rights and equitable treatment of shareholders: Organisations should respect the
rights of shareholders and help shareholders to exercise those rights. They can
help shareholders exercise their rights by effectively communicating information
that is understandable and accessible and encouraging shareholders to
participate in general meetings.
Interests of other stakeholders: Organisations should recognise that they have
legal and other obligations to all legitimate stakeholders.
Role and responsibilities of the board: The board needs a range of skills and
understanding to be able to deal with various business issues and have the
ability to review and challenge management performance. It needs to be of
sufficient size and have an appropriate level of commitment to fulfill its
responsibilities and duties. There are issues about the appropriate mix of
executive and non-executive directors. The key roles of chairperson and CEO
should not be held by the same person.
Integrity and ethical behaviour: Organisations should develop a code of conduct
for their directors and executives that promotes ethical and responsible
decision making. It is important to understand, though, that systemic reliance
on integrity and ethics is bound to eventual failure. Because of this, many
organizations establish Compliance and Ethics Programs to minimize the risk that
the firm steps outside of ethical and legal boundaries.
Disclosure and transparency: Organisations should clarify and make publicly
known the roles and responsibilities of board and management to provide
shareholders with a level of accountability. They should also implement
procedures to independently verify and safeguard the integrity of the company's
financial reporting. Disclosure of material matters concerning the organisation
should be timely and balanced to ensure that all investors have access to clear,
factual information.
Issues involving corporate governance principles include:
oversight of the preparation of the entity's financial statements
internal controls and the independence of the entity's auditors
review of the compensation arrangements for the chief executive officer and
other senior executives
the way in which individuals are nominated for positions on the board
the resources made available to directors in carrying out their duties
oversight and management of risk
dividend policy
[edit] Mechanisms and controls
Corporate governance mechanisms and controls are designed to reduce the
inefficiencies that arise from moral hazard and adverse selection. For example,
to monitor managers' behaviour, an independent third party (the auditor) attests
the accuracy of information provided by management to investors. An ideal
control system should regulate both motivation and ability.
[edit] Internal corporate governance controls
Internal corporate governance controls monitor activities and then take
corrective action to accomplish organisational goals. Examples include:
Monitoring by the board of directors: The board of directors, with its legal
authority to hire, fire and compensate top management, safeguards invested
capital. Regular board meetings allow potential problems to be identified,
discussed and avoided. Whilst non-executive directors are thought to be more
independent, they may not always result in more effective corporate governance
and may not increase performance.[1] Different board structures are optimal for
different firms. Moreover, the ability of the board to monitor the firm's
executives is a function of its access to information. Executive directors
possess superior knowledge of the decision-making process and therefore evaluate
top management on the basis of the quality of its decisions that lead to
financial performance outcomes, ex ante. It could be argued, therefore, that
executive directors look beyond the financial criteria.
Remuneration: Performance-based remuneration is designed to relate some
proportion of salary to individual performance. It may be in the form of cash or
non-cash payments such as shares and share options, superannuation or other
benefits. Such incentive schemes, however, are reactive in the sense that they
provide no mechanism for preventing mistakes or opportunistic behaviour, and can
elicit myopic behaviour.
Audit committees
Proxy Fights
[edit] External corporate governance controls
External corporate governance controls encompass the controls external
stakeholders exercise over the organisation. Examples include:
debt covenants
external auditors
government regulations
media pressure
takeovers
competition
managerial labour market
[edit] Systemic problems of corporate governance
Supply of accounting information: Financial accounts form a crucial link in
enabling providers of finance to monitor directors. Imperfections in the
financial reporting process will cause imperfections in the effectiveness of
corporate governance. This should, ideally, be corrected by the working of the
external auditing process.
Demand for information: A barrier to shareholders using good information is the
cost of processing it, especially to a small shareholder. The traditional answer
to this problem is the efficient market hypothesis (in finance, the efficient
market hypothesis (EMH) asserts that financial markets are efficient), which
suggests that the shareholder will free ride on the judgements of larger
professional investors.
Monitoring costs: In order to influence the directors, the shareholders must
combine with others to form a significant voting group which can pose a real
threat of carrying resolutions or appointing directors at a general meeting.
[edit] Role of the accountant
Financial reporting is a crucial element necessary for the corporate governance
system to function effectively. Accountants and auditors are the primary
providers of information to capital market participants. The directors of the
company should be entitled to expect that management prepare the financial
information in compliance with statutory and ethical obligations, and rely on
auditors' competence.
Current accounting practice allows a degree of choice of method in determining
the method of measurement, criteria for recognition, and even the definition of
the accounting entity. The exercise of this choice to improve apparent
performance (popularly known as creative accounting) imposes extra information
costs on users. In the extreme, it can involve non-disclosure of information.
One area of concern is whether the accounting firm acts as both independent
auditor and management consultant to the firm they are auditing. This may result
in a conflict of interest which places the integrity of financial reports in
doubt due to client pressure to appease management. The power of the corporate
client to initiate and terminate management consulting services and, more
fundamentally, to select and dismiss accounting firms contradicts the concept of
an independent auditor. Changes enacted in the United States in the form of the
Sarbanes-Oxley Act (in response to the Enron situation as noted below) prohibit
accounting firms from providing both auditing and management consulting services.
The Enron collapse is an example of misleading financial reporting. Enron
concealed huge losses by creating illusions that a third party was contractually
obliged to pay the amount of any losses. However, the third party was an entity
in which Enron had a substantial economic stake. In discussions of accounting
practices with Arthur Andersen, the partner in charge of auditing, views
inevitably led to the client prevailing.
However, good financial reporting is not a sufficient condition for the
effectiveness of corporate governance if users don't process it, or if the
informed user is unable to exercise a monitoring role due to high costs (see
Systemic problems of corporate governance above).
[edit] Regulation
See regulation.
[edit] Self-regulation
[edit] Rules versus principles
Rules are typically thought to be simpler to follow than principles, demarcating
a clear line between acceptable and unacceptable behaviour. Rules also reduce
discretion on the part of individual managers or auditors.
In practice rules can be more complex than principles. They may be ill-equipped
to deal with new types of transactions not covered by the code. Moreover, even
if clear rules are followed, one can still find a way to circumvent their
underlying purpose - this is harder to achieve if one is bound by a broader
principle.
[edit] Enforcement
Enforcement can affect the overall credibility of a regulatory system. They both
deter bad actors and level the competitive playing field. Nevertheless, greater
enforcement is not always better, for taken too far it can dampen valuable
risk-taking. In practice, however, this is largely a theoretical, as opposed to
a real, risk.
[edit] Corporate governance models around the world
[edit] Anglo-American Model
There are many different models of corporate governance around the world. These
differ according to the variety of capitalism in which they are embedded. The
liberal model that is common in Anglo-American countries tends to give priority
to the interests of shareholders. The coordinated model that one finds in
Continental Europe and Japan also recognizes the interests of workers, managers,
suppliers, customers, and the community. Both models have distinct competitive
advantages, but in different ways. The liberal model of corporate governance
encourages radical innovation and cost competition, whereas the coordinated
model of corporate governance facilitates incremental innovation and quality
competition.
In the United States, a corporation is governed by a board of directors, which
has the power to choose an executive officer, usually known as the chief
executive officer. The CEO has broad power to manage the corporation on a daily
basis, but needs to get board approval for certain major actions, such as hiring
his/her immediate subordinates, raising money, acquiring another company, major
capital expansions, or other expensive projects. Other duties of the board may
include policy setting, decision making, monitoring management's performance, or
corporate control.
The board of directors is nominally selected by and responsible to the
shareholders, but the bylaws of many companies make it difficult for all but the
largest shareholders to have any influence over the makeup of the board;
normally, individual shareholders are not offered a choice of board nominees
among which to choose, but are merely asked to rubberstamp the nominees of the
sitting board. Perverse incentives have pervaded many corporate boards in the
developed world, with board members beholden to the chief executive whose
actions they are intended to oversee. Frequently, members of the boards of
directors are CEOs of other corporations, which some[2] see as a conflict of
interest.
[edit] Non Anglo-American Model
In East Asian countries, family-owned companies dominate. A study by Claessens,
Djankov and Lang (2000) investigated the top 15 families in East Asian countries
and found that they dominated listed corporate assets. In countries such as
Pakistan, Indonesia and the Philippines, the top 15 families controlled over 50%
of publicly owned corporations through a system of family cross-holdings, thus
dominating the capital markets. Family-owned companies also dominate the Latin
model of corporate governance, that is companies in Italy, Spain, France (to a
certain extent), Brazil, Argentina, Mexico and other countries in South America.
[edit] Codes and guidelines
Corporate governance principles and codes have been developed in different
countries and issued from stock exchanges, corporations, institutional investors,
or associations (institutes) of directors and managers with the support of
governments and international organizations. As a rule, compliance with these
governance recommendations is not mandated by law, although the codes linked to
stock exchange listing requirements may have a coercive effect.
For example, companies quoted on the London and Toronto Stock Exchanges formally
need not follow the recommendations of their respective national codes. However,
they must disclose whether they follow the recommendations in those documents
and, where not, they should provide explanations concerning divergent practices.
Such disclosure requirements exert a significant pressure on listed companies
for compliance.
In the United States, companies are primarily regulated by the state in which
they incorporate though they are also regulated by the federal government and,
if they are public, by their stock exchange. The highest number of companies are
incorporated in Delaware, including more than half of the Fortune 500. This is
due to Delaware's generally business-friendly corporate legal environment and
the existence of a state court dedicated solely to business issues (Delaware
Court of Chancery).
Most states' corporate law generally follow the American Bar Association's Model
Business Corporation Act. While Delaware does not follow the Act, it still
considers its provisions and several prominent Delaware justices, including
former Delaware Supreme Court Chief Justice E. Norman Veasey, participate on ABA
committees.
One issue that has been raised since the Disney decision in 2005 is the degree
to which companies manage their governance responsibilities; in other words, do
they merely try to supersede the legal threashold or should they create
governance guidelines that ascend to the level of best practice. For example,
the guidelines issued by associations of directors (see Section 3 above),
corporate managers and individual companies tend to be wholly voluntary. For
example, The GM Board Guidelines reflect the company’s efforts to improve its
own governance capacity. Such documents, however, may have a wider multiplying
effect prompting other companies to adopt similar documents and standards of
best practice.
One of the most influential guidelines has been the 1999 OECD Principles of
Corporate Governance. This was revised in 2004. The OECD remains a proponent of
corporate governance principles throughout the world.
The World Business Council for Sustainable Development WBCSD has also done
substantial work on corporate governance, particularly on accountability and
reporting, and in 2004 created an Issue Management Tool: Strategic challenges
for business in the use of corporate responsibility codes, standards, and
frameworks.This document aims to provide general information, a "snap-shot" of
the landscape and a perspective from a think-tank/professional association on a
few key codes, standards and frameworks relevant to the sustainability agenda.
[edit] Corporate governance and firm performance
In its 'Global Investor Opinion Survey' of over 200 institutional investors
first undertaken in 2000 and updated in 2002, McKinsey found that 80% of the
respondents would pay a premium for well-governed companies. They defined a
well-governed company as one that had mostly out-side directors, who had no
management ties, undertook formal evaluation of its directors, and was
responsive to investors' requests for information on governance issues. The size
of the premium varied by market, from 11% for Canadian companies to around 40%
for companies where the regulatory backdrop was least certain (those in Morocco,
Egypt and Russia).
Other studies have linked broad perceptions of the quality of companies to
superior share price performance. In a study of five year cumulative returns of
Fortune Magazine's survey of 'most admired firms', Antunovich et al found that
those "most admired" had an average return of 125%, whilst the 'least admired'
firms returned 80%. In a separate study Business Week enlisted institutional
investors and 'experts' to assist in differentiating between boards with good
and bad governance and found that companies with the highest rankings had the
highest financial returns.
On the other hand, research into the relationship between specific corporate
governance controls and firm performance has been mixed and often weak. The
following examples are illustrative.
[edit] Board composition
Some researchers have found support for the relationship between frequency of
meetings and profitability. Others have found a negative relationship between
the proportion of external directors and firm performance, while others found no
relationship between external board membership and performance. In a recent
paper Bagahat and Black found that companies with more independent boards do not
perform better than other companies. It is unlikely that board composition has a
direct impact on firm performance.
[edit] Remuneration/Compensation
The results of previous research on the relationship between firm performance
and executive compensation have failed to find consistent and significant
relationships between executives' remuneration and firm performance. Low average
levels of pay-performance alignment do not necessarily imply that this form of
governance control is inefficient. Not all firms experience the same levels of
agency conflict, and external and internal monitoring devices may be more
effective for some than for others.
Some researchers have found that the largest CEO performance incentives came
from ownership of the firm's shares, while other researchers found that the
relationship between share ownership and firm performance was dependent on the
level of ownership. The results suggest that increases in ownership above 20%
cause management to become more entrenched, and less interested in the welfare
of their shareholders.
Some argue that firm performance is positively associated with share option
plans and that these plans direct managers' energies and extend their decision
horizons toward the long-term, rather than the short-term, performance of the
company. However, that point of view came under substantial criticism circa
2005-2006 in the wake of various security scandals including mutual fund timing
episodes and, in particular, the backdating of option grants as documented by
University of Iowa academician Erik Lie and reported by James Blander and
Charles Forelle of the Wall Street Journal.
Even before the negative influence on public opinion caused by the 2006
backdating scandal, use of options faced various criticisms. A particularly
forceful and long running argument concerned the interaction of executive
options with corporate stock repurchase programs. Numerous authorities (including
U.S. Federal Reserve Board economist Weisbenner) determined options may be
employed in concert with stock buybacks in a manner contrary to shareholder
interests. These authors argued that, in part, corporate stock buybacks for U.S.
Standard & Poors 500 companies surged to a $500 billion annual rate in late 2006
because of the impact of options. A compendium of academic works on the option/buyback
issue is included in the study Scandalby author M. Gumport issued in 2006.
A combination of accounting changes and governance issues led options to become
a less popular means of remuneration as 2006 progressed, and various alternative
implementations of buybacks surfaced to challenge the dominance of "open market"
cash buybacks as the preferred means of implementing a share repurchase plan.
[edit] Attention to corporate governance
Corporate governance issues are receiving greater attention in both developed
and developing countries as a result of the increasing recognition that a firm’s
corporate governance affects both its economic performance and its ability to
access long-term, low-cost investment capital. In response to calls by OECD
ministers, a revised version of its "Principles of Corporate Governance" was
produced in 2004.
Numerous high-profile cases of corporate governance failure have focused the
minds of governments, companies and the general public on the threat posed to
the integrity of financial markets, although it is not clear that any system
will or should prevent business failures, or that it is possible to provide a
guarantee against fraud.
Corporate Governance concerns have been widely studied. For the United States,
an analysis of these concerns has been published by the New York Society of
Securities Analysts in their 2003 Corporate Governance Handbook. What
constitutes good and bad corporate governance is an on-going debate in politics,
civil society, and academia. For an international survey of the scientific
literature see Becht, Bolton and Roell 2002.
The OECD publishes an annual paper on corporate governance[3]. First issued in
1999, this paper has provided the framework for regional corporate governance
roundtables in cooperation with the World Bank around the world. It has been
endorsed as one of the Financial Stability Forum's 12 key standards, and form
the basis for the World Bank's Review of Observance of Standards and Codes.
[edit] See also
Agency Theory
Basel II
Business ethics
Corporate behaviour
Corporate benefit
Corporate crime
Compliance and Ethics Programs
Corporate Law Economic Reform Program
Cadbury Report
Corporate Social Responsibility
Corporation
Foreign Corrupt Practices Act
Institutional fund management
Golden Parachute
Governance
King I
King II
Legal origins theory
Risk management
Sarbanes-Oxley Act
Stakeholder theory
Takeovers and poison pills
[edit] References
^ Bhagat & Black, "The Uncertain Relationship Between Board Composition and Firm
Performance", 54 Business Lawyer 921 (1999)
^ Theyrule.net
^ OECD Principles of Corporate Governance
Becht, Marco, Patrick Bolton, Ailsa Röell, "Corporate Governance and Control" (October
2002; updated August 2004). ECGI - Finance Working Paper No. 02/2002.
Brickley, James A., William S. Klug and Jerold L. Zimmerman, Managerial
Economics & Organizational Architecture, ISBN 0-07-282809-9
Cadbury, Sir Adrian, "The Code of Best Practice", Report of the Committee on the
Financial Aspects of Corporate Governance, Gee and Co Ltd, 1992. Available
online from [4]
Cadbury, Sir Adrian, "Corporate Governance : Brussels", Instituut voor
Bestuurders, Brussels, 1996.
Claessens, Stijn, Djankov, Simeon & Lang, Larry H.P. (2000) The Separation of
Ownership and Control in East Asian Corporations, Journal of Financial Economics,
58: 81-112
Clarke, Thomas (ed.) (2004) "Theories of Corporate Governance: The Philosophical
Foundations of Corporate Governance," London and New York: Routledge, ISBN
0-415-32307-X
Clarke, Thomas (ed.) (2004) "Critical Perspectives on Business and Management: 5
Volume Series on Corporate Governance - Genesis, Anglo-American, European, Asian
and Contemporary Corporate Governance" London and New York: Routledge, ISBN
0-415-32910-8
Clarke, Thomas & dela Rama, Marie (eds.) (2006) "Corporate Governance and
Globalization" London and Thousand Oaks, CA: SAGE, ISBN 1-4129-2899-0
Colley, J., Doyle, J., Logan, G., Stettinius, W., What is Corporate Governance ?
(McGraw-Hill, December 2004) ISBN 0-07-144448-3
Easterbrook, Frank H. and Daniel R. Fischel, The Economic Structure of Corporate
Law, ISBN 0-674-23539-8
Erturk, Ismail, Froud, Julie, Johal, Sukhdev and Williams, Karel (2004)
Corporate Governance and Disappointment Review of International Political
Economy, 11 (4): 677-713.
Garrett, Allison, "Themes and Variations: The Convergence of Corporate
Governance Practices in Major World Markets," 32 Denv. J. Int’l L. & Pol’y 147
(2004).
Holton, Glyn A (2006). Investor Suffrage Movement, Financial Analysits Journal,
62 (6), 15–20.
Monks, Robert A.G. and Minow, Nell, Corporate Governance (Blackwell 2004) ISBN
1-4051-1698-6
Monks, Robert A.G. and Minow, Nell, Power and Accountability (HarperBusiness
1991), full text available online
New York Society of Securities Analysts, 2003, Corporate Governance Handbook,
OECD (1999, 2004) Principles of Corporate Governance Paris: OECD)
Özekmekçi, Abdullah, Mert (2004) "The Correlation between Corporate Governance
and Public Relations", Istanbul Bilgi University.
Whittington, G. "Corporate Governance and the Regulation of Financial Reporting",
Accounting and Business Research, Vol. 2, 1993, Corporate Governance Special
Issue, pp. 311-319.
World Business Council for Sustainable Development WBCSD (2004) Issue Management
Tool: Strategic challenges for business in the use of corporate responsibility
codes, standards, and frameworks
Chairman
From Wikipedia, the free encyclopedia
Jump to: navigation, search
For other uses of "chair", see chair (disambiguation).
A Chairman is the presiding officer of a meeting, organization, committee, or
other deliberative body.
The use of the gender-neutral term Chairperson, or simply Chair, to avoid
potential sexist assumptions with use of the term Chairman has been championed
by social change since the late 1970s (See Sapir–Whorf hypothesis). If female,
the incumbent may be addressed as "Madam Chairman"; the gender neutral title of
"Chairperson" is sometimes used.
The use of the term Chairman remains widespread: the overwhelming majority of
UK's 100 top listed (FTSE 100) companies have a "Chairman". The boards of most
Fortune 500 companies are also presided over by a Chairman.
The use of chair (according to the Oxford English Dictionary) as a verb (e.g.,"to
chair [a meeting]" to describe being in charge of a meeting) dates from as early
as 1658.
Contents [hide]
1 Types
2 Corporate governance
3 Other uses
4 Chairperson
5 References
6 See also
[edit] Types
In the case of companies and similarly-organised bodies, there are generally two
types of Chairman: non-executive and executive.
A non-executive Chairman will sit on and chair the main board of a company and
be a part-time officer who usually provides support and advice to a Chief
Executive Officer (CEO). This position usually entails fulfilling a similar
function on a number of ancillary board committees, as well as being a political
figurehead of the Company.
An executive Chairman is a full-time position who typically leads the board and
will also take a hands-on role in the company's day to day management.
[edit] Corporate governance
A Chairman is selected by a company’s board to lead it, chair meetings and lead
a final consensus from a disparate point of view among its members. The Chairman
is the presiding Director over the other Directors on the board and must be
fair, a good listener, and a good communicator. Directors have a high level of
fiduciary responsibility of overseeing the operation of a corporation.
Traditionally, the Chairman also holds the title of CEO and combined, these are
the highest ranking positions in a corporation. The term President is often used
interchangeably with Chairman, although this use is more prevalent in the United
States. The CEO is the head of the Management Committee, and usually reports to
the board, which is headed by the Chairman.
As far as the boards of public companies are concerned, the role of the chairman
of the board as distinct from that of the company's CEO or managing director has
more recently been brought into focus, stemming from alleged corporate
governance shortcomings observed in companies where the two roles are combined.
It is believed that the separation of functions within the board of directors or
in the structure of the supervisory board and management board would facilitate
control over the workings of the company and increase the accountability of the
Chief Executive Officer or Chairman of the management board. In an attempt to
inject transparency into the relationship between executive management and the
board of Directors as well as between management and the market or shareholders,
a pivotal document regarding effective governance in the United Kingdom, the
Cadbury Report was published in 1992. Its recommendations have been adopted to
greater or lesser extent by individual countries within the European Union, the
United States, the World Bank, and others.
[edit] Other uses
The Chairman (?????) is a Taiwan-based rock group formed in 1997.
[edit] Chairperson
The terms, chairperson is a typical example of a non-sexist neologism that was
invented to replace the conventional chairman, used to describe the presiding
officer of a meeting, organization, committee, or other deliberative body. Chair
and chairwoman (depending on gender) may also be used in similar context.
While chairperson dates from the 1970s, the use of chair (according to the
Oxford English Dictionary) to refer to being in charge of a meeting, as in "to
chair a meeting", dates from as early as 1658. Chairman is a non-gender specific
noun. The 'man' part of it stems from the latin 'manus' meaning hand, also found
in the words manual, foreman and manage.
[edit] References
(French) MEDEF on corporate governance
[edit] See also
For the Rival Schools character, see Chairperson (Rival Schools).
Chairman of the Board
Convener
Moderator
Presiding Officer
Balance sheet
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Corporate finance
Working capital management
Cash conversion cycle
Return on capital
Economic value added
Just In Time (business)
Economic order quantity
Discounts and allowances
Factoring (finance)
Capital budgeting
Capital investment decisions
The investment decision
The financing decision
Capital investment decisions
Sections
Managerial finance
Management accounting
Mergers and acquisitions
Balance sheet analysis
Business plan
Corporate action
--------------------------------------------------------------------------------
Finance series
Financial market
Financial market participants
Corporate finance
Personal finance
Public finance
Banks and Banking
Financial regulation
v d e
In formal bookkeeping and accounting, a balance sheet is a statement of the book
value of all of the assets and liabilities (including equity) of a business or
other organization or person at a particular date, at the end of a period such
as a "fiscal year," as distinct from an income statement, also known as a profit
and loss account (P&L), which records revenue and expenses over a specified
period of time.
A balance sheet is often described as a "snapshot" of the company's financial
condition on a given date. Of the four basic financial statements, the balance
sheet is the only statement which applies to a single point in time, instead of
a period of time.
A simple business operating entirely in cash could measure its profits by simply
withdrawing the entire bank balance at the end of the period, plus any cash in
hand. However, real businesses are not paid immediately; they build up
inventories of goods to sell and they acquire buildings and equipment. In other
words: businesses have assets and so they could not, even if they wanted to,
immediately turn these into cash at the end of each period. Real businesses also
owe money to suppliers and to tax authorities, and the proprietors do not
withdraw all their original capital and profits at the end of each period. In
other words businesses also have liabilities.
A modern balance sheet usually has three parts: assets, liabilities and
shareholders' equity. The main categories of assets are usually listed first and
are followed by the liabilities. The difference between the assets and the
liabilities is known as the 'net assets' or the 'net worth' of the company.
The net assets shown by the balance sheet equals the third part of the balance
sheet, which is known as the shareholders' equity. This balance is not a
coincidence. Records of the values of each account in the balance sheet are
maintained using a system of accounting known as double-entry bookkeeping.
Contents [hide]
1 Balance sheet structure
2 Equity valuation
3 Constructing a Balance Sheet
4 See also
5 External links
[edit] Balance sheet structure
The following balance sheet structure is just an example. It does not show all
possible kinds of assets, equity and liabilities, but it shows the most usual
ones. Because it shows Goodwill it could be a consolidated balance sheet.
Monetary values are not shown, summary (total) rows are missing as well.
Balance Sheet of XYZ, Ltd. as on 31 December 2005
ASSETS
Current Assets
Cash and cash equivalents
[Marketable Securities]
Accounts receivable
Inventories
Prepaid Expenses
Investments held for trading
Other current assets
Non-Current Assets (Fixed Assets)
Property, plant and equipment
Less : Accumulated Depreciation
Goodwill
Other intangible fixed assets
Investments in associates
Deferred tax assets
LIABILITIES and EQUITY
Current liabilities
Accounts payable
Current income tax liabilities
Current portion of bank loans payable
Short-term provisions
Other current liabilities
Long term Liabilities (Fixed Liabilities)
Bank loans
Issued debt securities
Deferred tax liability
Provisions
Minority interest
Equity
Share capital
Capital reserves
Revaluation reserve
Translation reserve
Retained earnings
[edit] Equity valuation
The real value to a purchaser of the business or a shareholder may be different
from the net assets shown by the balance sheet. This is because factors that
affect the value of a business may not be recorded yet. For example, a purchaser
will be interested in the future earnings of the business, whether assets such
as property have been revalued recently, and whether there are potential
liabilities in the future such as lawsuits. The value of the assets in the
balance has also been based on the assumption that the business is a going
concern, otherwise the break-up value of the assets may be far less than the
value in the balance sheet.
[edit] Constructing a Balance Sheet
Case Study
1.1
A new business starts up as a limited company called Sunrise Ltd by raising
$10,000 from the owners i.e. share holders. The money is put in to a new bank
account. What would the assets, liabilities and equity be?
Assets:
Bank Balance 10,000
Equity & Liabilities:
Share Capital 10,000
1.2
They then use 6,000 of its bank account to buy a delivery van. Assets and
liabilities after this transaction:
Assets:
Bank Balance 4,000
Delivery Van 6,000
Equity & Liabilities:
Share Capital 10,000
1.3
Sunrise Ltd then buys some inventory at 3,000 on credit. Assets and liabilities
after this transaction:
Assets:
Bank Balance 4,000
Delivery Van 6,000
Inventory 3,000
Liabilities:
Accounts Payable 3,000 (to be paid to creditors)
Equity:
Share Capital 10,000
Total assets must always equal total liabilities (and equity). It is inevitable
as the liabilities (and equity) are providing the funds that we are spending on
these assets.
1.4
Shortly afterwards, after selling 1,000 of inventory for 2,500, payment of 2,600
of the accounts payable and the purchase of 2,200 of machinery financed by a
2,200 bank loan, the assets and liabilities change to the following:
Sunrise Ltd.
Balance Sheet
As of December 31, 2005
-----------------------------------
Fixed Assets
Delivery Van 6,000
Machinery 2,200
-----------------------------------
Total fixed assets 8,200
Current Assets
Bank Balance 1,400
Inventory 2,000
Accounts Receivable 2,500
-----------------------------------
Total 5,900
Accounts Payable 400
-----------------------------------
Net current assets 5,500
Total assets 13,700
Long-Term Liabilities
Loans Repayable 2,200
-----------------------------------
Total Long Term Liabilities 2,200
-----------------------------------
NET ASSETS 11,500
-----------------------------------
Shareholders' Equity
Share Capital 10,000
Retained profits 1,500
-----------------------------------
TOTAL SHAREHOLDERS' EQUITY 11,500
-----------------------------------
Points to note:
Must be headed with the name of the reporting entity (e.g. Sunrise Ltd) and the
date.
The van has not been depreciated and there are no other trading expenses
The terms 'Current Liability' and 'Long-Term Liability' are the traditional
names possibly used by sole traders or partnerships. Limited companies may use
the phrases 'Liabilities: Amounts falling due within 1 year' and 'Liabilities:
Amounts falling due after 1 year'.
The Total Equity may also be called the 'Net Worth'.
The Net Worth is in principle what the company is worth, it shows the monetary
amount that would effectively be left, if all assets were sold and all
liabilities paid off.
[edit] See also
Accounting
Income statement
[edit] External links
Preparing A Balance Sheet (with interactive example)
Balance Sheet Explanation with Examples
Bean Counter: So, you want to learn Book-Keeping (bookkeeping tutorial in simple
terms)
Reading The Balance Sheet
March 10, 2004 | By Investopedia Staff, (Investopedia.com)
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Other RSS Readers
Updated September 12, 2006
A balance sheet, also known as a "statement of financial position", reveals a
company's assets, liabilities and owners' equity (net worth). The balance sheet,
together with the income statement and cash flow statement, make up the
cornerstone of any company's financial statements. If you are a shareholder of a
company, it is important that you understand how the balance sheet is structured,
how to analyze it and how to read it. (To learn more about reading financial
statements, see What You Need To Know About Financial Statements, What Is A Cash
Flow Statement? and Understanding The Income Statement.)
How the Balance Sheet Works
The balance sheet is divided into two parts that, based on the following
equation, must equal (or balance out) each other. The main formula behind
balance sheets is:
assets = liabilities + shareholders' equity
This means that assets, or the means used to operate the company, are balanced
by a company's financial obligations along with the equity investment brought
into the company and its retained earnings.
Assets are what a company uses to operate its business, while its liabilities
and equity are two sources that support these assets. Owners' equity, referred
to as shareholders' equity in a publicly traded company, is the amount of money
initially invested into the company plus any retained earnings, and it
represents a source of funding for the business.
It is important to note, that a balance sheet is a snapshot of the company’s
financial position at a single point in time.
Know the Types of Assets
Current Assets
Current assets have a life span of one year or less, meaning they can be
converted easily into cash. Such assets classes are: cash and cash equivalents,
accounts receivable and inventory. Cash, the most fundamental of current assets,
also includes non-restricted bank accounts and checks. Cash equivalents are very
safe assets that can be are readily converted into cash such as U.S. Treasuries.
Accounts receivable consists of the short-term obligations owed to the company
by its clients. Companies often sell products or services to customers on
credit, which then are held in this account until they are paid off by the
clients. Lastly, inventory represents the raw materials, work-in-progress goods
and the company’s finished goods. Depending on the company, the exact makeup of
the inventory account will differ. For example, a manufacturing firm will carry
a large amount of raw materials, while a retail firm caries none. The makeup of
a retailers inventory typically consists of goods purchased from manufacturers
and wholesalers.
Non-Current Assets
Non-current assets, are those assets that are not turned into cash easily,
expected to be turned into cash within a year and/or have a life-span of over a
year. They can refer to tangible assets such as machinery, computers, buildings
and land. Non-current assets also can be intangible assets, such as goodwill,
patents or copyright. While these assets are not physical in nature, they are
often the resources that can make or break a company - the value of a brand name,
for instance, should not be underestimated.
Depreciation is calculated and deducted from most of these assets, which
represents the economic cost of the asset over its useful life.
Learn the Different Liabilities
On the other side of the balance sheet are the liabilities. These are the
financial obligations a company owes to outside parties. Like assets, they can
be both current and long-term. Long-term liabilities are debts and other
non-debt financial obligations, which are due after a period of at least one
year from the date of the balance sheet. Current liabilities are the company’s
liabilities which will come due, or must be paid, within one year. This is
comprised of both shorter term borrowings, such as accounts payables, along with
the current portion of longer term borrowing, such as the latest interest
payment on a 10-year loan.
Shareholders' Equity
Shareholders' equity is the initial amount of money invested into a business. If,
at the end of the fiscal year, a company decides to reinvest its net earnings
into the company (after taxes), these retained earnings will be transferred from
the income statement onto the balance sheet into the shareholder’s equity
account. This account represents a company's total net worth. In order for the
balance sheet to balance, total assets on one side have to equal total
liabilities plus shareholders' equity on the other.
Read the Balance Sheet
Below is an example of a balance sheet:
Source: http://www.edgar-online.com
As you can see from the balance sheet above, it is broken into two sides. Assets
are on the left side and the right side contains the company’s liabilities and
shareholders’ equity. It also can be seen that this balance sheet is in balance
where the value of the assets equals the combined value of the liabilities and
shareholders’ equity.
Another interesting aspect of the balance sheet is how it is organized. The
assets and liabilities sections of the balance sheet are organized by how
current the account is. So for the asset side, the accounts are classified
typically from most liquid to least liquid. For the liabilities side, the
accounts are organized from short to long-term borrowings and other obligations.
Analyze the Balance Sheet with Ratios
With a greater understanding of the balance sheet and how it is constructed, we
can look now at some techniques used to analyze the information contained within
the balance sheet. The main way this is done is through financial ratio analysis.
Financial ratio analysis uses formulas to gain insight into the company and its
operations. For the balance sheet, using financial ratios (like the
debt-to-equity ratio) can show you a better idea of the company’s financial
condition along with its operational efficiency. It is important to note that
some ratios will need information from more than one financial statement, such
as from the balance sheet and the income statement.
The main types of ratios that use information from the balance sheet are
financial strength ratios and activity ratios. Financial strength ratios, such
as the working capital and debt-to-equity ratios, provide information on how
well the company can meet its obligations and how they are leveraged. This can
give investors an idea of how financially stable the company is and how the
company finances itself. Activity ratios focus mainly on current accounts to
show how well the company manages its operating cycle (which include receivables,
inventory and payables). These ratios can provide insight into the operational
efficiency of the company.
financial statement that summarizes a company's assets, liabilities and
shareholders' equity at a specific point in time. These three balance sheet
segments give investors an idea as to what the company owns and owes, as well as
the amount invested by the shareholders.
The balance sheet must follow the following formula:
Assets = Liabilities + Shareholders' Equity
Each of the three segments of the balance sheet will have many accounts within
it that document the value of each. Accounts such as cash, inventory and
property are on the asset side of the balance sheet, while on the liability side
there are accounts such as accounts payable or long-term debt. The exact
accounts on a balance sheet will differ by company and by industry, as there is
no one set template that accurately accommodates for the differences between
different types of businesses.
It's called a balance sheet because the two sides balance out. This makes sense:
a company has to pay for all the things it has (assets) by either borrowing
money (liabilities) or getting it from shareholders (shareholders' equity).
The balance sheet is one of the most important pieces of financial information
issued by a company. It is a snapshot of what a company owns and owes at that
point in time. The income statement, on the other hand, shows how much revenue
and profit a company has generated over a certain period. Neither statement is
better than the other - rather, the financial statements are built to be used
together to present a complete picture of a company's finances.
Creditor
From Wikipedia, the free encyclopedia
Jump to: navigation, search
A creditor is a party (e.g. person, organization, company, or government) that
claims that a second party owes the first party some properties or services. The
first party, in general, has provided some property or service to the second
party under the assumption (usually enforced by contract) that the second party
will return an equivalent property or service. The first party is frequently
called a lender, and the second party is frequently called a debtor or borrower.
In other words, your creditors are people to whom you owe money.
The term creditor is frequently used in the financial world, especially in
reference to short term loans, long term bonds, and mortgages.
The term creditor derives from the notion of credit. In modern America, credit
refers to a rating which indicates the ability of a borrower and likelihood to
pay back his or her loan. In earlier times, credit also referred to reputation
or trustworthiness.
[edit] Accounting classification
In accounting presentation, creditors are to be broken down into 'amounts
falling due within one year' or 'amounts falling due after more than one year'.
The financial statements presentation is this:
Long-term liabilities
'Long-term creditors'
Current liabilities
'Current creditors'
[edit] See also
Accounts payable
IOU (I Owe You)
Trade creditors
Debenture loans
Bank loan and Overdrafts
Payments received on account
bill of exchange payable
Intra-group accounts owed
Proposed dividends
Accruals and deferred income
Creditor's rights in bankruptcy
All too often, creditors get a bankruptcy notice and they assume they have
neither rights nor alternatives with respect to their claim against the debtor.
Not (entirely) so:
Creditors in bankruptcy are entitled to:
1. Share in any distribution from the bankruptcy estate according to the
priority of their claim. Most unsecured, non wage claims come low in the
priority scheme, and may receive little or nothing.
2. Be heard by the court in matters concerning the debtor's plan (in chapters
11, 12, and 13), the liquidation of the debtor's non exempt assets, and payments
from the assets of the estate.
3. Challenge an individual debtor's right to a discharge or to discharge the
creditor's particular debt.
As a creditor, what should I do now?
1. Cease any collection action, including telephone calls, billing or law suits
that might be pending against the debtor. The automatic stay protects the debtor
and his property from all forms of collection during the bankruptcy. In Chapter
13, the stay also protects co debtors on consumer debts.
2. File a claim with the court. The notice of the bankruptcy sent by the court
clerk tells you where to file a proof of claim and the deadline for doing so.
Act promptly since deadlines are strictly enforced in bankruptcy case.
Attach a copy of any contracts or judgment concerning your claim, or a summary
of the claim, if the supporting documents are voluminous to the proof of claim
form. Get the claim form on line if the court did not send one to you.
Does your claim have a priority for payment?
Understand the chapters of bankruptcy
3. Consider whether your claim is dischargeable. Certain kinds of claims are non
dischargeable in an individual's Chapter 7 bankruptcy case. Examples of
nondischargeable claims are certain obligations arising in divorce, debts
incurred by fraud or willful and malicious acts by the debtor, or damages
arising from drunk driving.
Consult a lawyer promptly if your claim arguably falls in one of those
categories where you must file an adversary proceeding in the bankruptcy case to
preserve your claim after bankruptcy: the time lines are very short in
bankruptcy. The complete list of debts not dischargeable in Chapter 7 is found
in 11 U.S.C. 523.
More on Contesting Discharge.
For special considerations affecting family law debts, see our family law page.
4. Determine whether your claim is secured by the debtor's assets Secured
creditors have a lien giving them specific rights to the property which is the
collateral for their claim. Most often, those rights are created by, and
described in, a deed of trust on real property, a security agreement on personal
property, or a judgment lien.
Is this debt secured?
Secured creditors have the best chance of getting relief from the automatic stay
or "adequate protection payments" to prevent a decline in the equity available
to secured their claim. Read more about relief from stay.
5. Share information with the trustee. If you suspect that the debtor's
schedules aren't telling the whole story, that assets are concealed or have been
transferred, contact the trustee and provide any documents or facts that might
help the trustee recover money for the estate, or challenge the debtor's right
to a discharge.
Creditor vigilance is the best deterrent to abuse of the bankruptcy system.
Creditors are entitled to question the debtor under oath about assets,
liabilities and financial history at the first meeting of creditors or by
separately scheduled examinations under Rule 2004 of the Federal Rules of
Bankruptcy Procedure.
More about role of trustees
6. Monitor the progress of the case. Some bankruptcies are dismissed for the
debtor's failure to comply with the requirements of the Code. When that happens,
creditors are free to pursue collection according to state law. Sometimes cases
originally classified as "no asset" cases blossom into asset cases from which a
dividend may be paid.
Debits and credits
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Debit and credit are formal bookkeeping and accounting terms that have opposite
meanings and come from Latin. Debit comes from debere, which means "to owe". The
Latin debitum means "debt". Credit comes from the Latin word credere, which
means "to believe".
It is more common to use the terms in the plural, Debits and Credits.
Debit is abbreviated as Dr., while credit is abbreviated as Cr.
"Debit" also refers to the left side of a general ledger account, while "Credit"
refers to the right side. Due to the proliferation of bookkeeping and accounting
computer software, it is now common for Debits to be mistakenly treated as
positive values and Credits to be mistakenly treated as negative values.
Positive and negative values allow for mathematical calculations in software
programs. This has lead to confusion as people do not understand why a sales
amount is treated as a negative value, a credit and an expense amount is treated
as a positive value, a debit. If the value of the debits are greater than the
value of the credits, then the balance on the account is a debit and should not
be described as a positive value balance, but should be described as an account
with a debit balance.
Debits or Credits are neither positive or negative values. The balance on an
account is either a debit or a credit not a positive or a negative value.
Asset and expense accounts increase in value when debited and decrease when
credited. Whereas liability, equity, and revenue accounts decrease in value when
debited and increase when credited.
This distinction is somewhat counter intuitive, until the nature of those
accounts is more closely scrutinized. For example, revenue is coded as a credit.
After recording a day's sales invoices, the company will have credited a certain
amount in revenue, but the customer's ledger will hold a debit balance being the
amount of the unpaid invoices. To fully understand this see Double-entry
bookkeeping system where Debits and Credits form the core of that system.
For instance, the journal entry for paying the telephone bill might look like
this:
Description Debits Credits
Phone expense $200
Cash $200
The telephone company would record the exact same transaction (from their side)
like this:
Description Debits Credits
Cash $200
Revenue $200
Confusion also arises where the term debit is also informally referred to as a
"charge" as in a charge card or a debit card and that credit is a limit set or
an amount granted by a company to its customers as in a credit limit. They are
used in a different context in these two cases.
It is often assumed that a debit decreases a balance, and a credit increases it,
because this is how the terms are shown on bank statements and using a debit
card decreases the balance in one's bank account. However, this is because bank
statements are traditionally written from the bank's perspective, where the
customer's account is a liability. By withdrawing money, the customer is
decreasing the bank's liability. Since liability accounts normally have a credit
balance, the withdrawal of cash from a banking account is reflected on the
bank's balance sheet as a debit.
[edit] External links
Further reading:
Double-entry bookkeeping system
Debits and Credits Explanation with Examples.
Retrieved from "http://en.wikipedia.org/wiki/Debits_and_credits"
Competition in different fields
[edit] Economics and business competition
Merriam-Webster defines competition in business as "the effort of two or more
parties acting independently to secure the business of a third party by offering
the most favorable terms." [2] Seen as the pillar of capitalism in that it may
stimulate innovation, encourage efficiency, or drive down prices, competition is
touted as the foundation upon which capitalism is justified. According to
microeconomic theory, no system of resource allocation is more efficient than
pure competition. Competition, according to the theory, causes commercial firms
to develop new products, services, and technologies. This gives consumers
greater selection and better products. The greater selection typically causes
lower prices for the products compared to what the price would be if there was
no competition (monopoly) or little competition (oligopoly).
However, competition may also lead to wasted (duplicated) effort and to
increased costs (and prices) in some circumstances. For example, the intense
competition for the small number of top jobs in music and movie acting leads
many aspiring musicians and actors to make substantial investments in training
that are not recouped, because only a fraction become successful. Similarly, the
psychological effects of competition may result in harm to those involved.
Three levels of economic competition have been classified. The most narrow form
is direct competition (also called category competition or brand competition),
where products that perform the same function compete against each other. For
example, a brand of pick-up trucks competes with several different brands of
pick-up trucks. Sometimes two companies are rivals and one adds new products to
their line so that each company distributes the same thing and they compete. The
next form is substitute competition, where products that are close substitutes
for one another compete. For example, butter competes with margarine, mayonnaise,
and other various sauces and spreads. The broadest form of competition is
typically called budget competition. Included in this category is anything that
the consumer might want to spend their available money on. For example, a family
that has $20,000 available may choose to spend it on many different items, which
can all be seen as competing with each other for the family's available money.
Competition does not necessarily have to be between companies. For example,
business writers sometimes refer to "internal competition". This is competition
within companies. The idea was first introduced by Alfred Sloan at General
Motors in the 1920s. Sloan deliberately created areas of overlap between
divisions of the company so that each division would be competing with the other
divisions. For example, the Chevy division would compete with the Pontiac
division for some market segments. Also, in 1931, Procter & Gamble initiated a
deliberate system of internal brand versus brand rivalry. The company was
organized around different brands, with each brand allocated resources,
including a dedicated group of employees willing to champion the brand. Each
brand manager was given responsibility for the success or failure of the brand
and was compensated accordingly. This form of competition thus pitted a brand
against another brand. Finally, most businesses also encourage competition
between individual employees. An example of this is a contest between sales
representatives. The sales representative with the highest sales (or the best
improvement in sales) over the a period of time would gain benefits from the
employer.
It should also be noted that business and economical competition in most
countries is often limited or restricted. Competition often is subject to legal
restrictions. For example, competition may be legally prohibited as in the case
with a government monopoly or a government-granted monopoly. Or tariffs,
subsidies or other protectionist measures may be instituted by government in
order to prevent or reduce competition. Depending on the respective economic
policy, the pure competition is to a greater or lesser extent regulated by
competition policy and competition law. Competition between countries is quite
subtle to detect, but is quite evident in the World economy, where countries
like the US, Japan, the European Union and the East Asian Tigers each try to
outdo the other in the quest for economic supremacy in the global market,
harkening to the concept of Kiasuism.Such competition is evident by the policies
undertaken by these countries to educate the future workforce. For example, East
Asian economies like Singapore, Japan and South Korea tend to emphasize
education by allocating a large portion of the budget to this sector, and by
implementing programmes such as gifted education, which some detractors
criticise as indicative of academic elitism.
See separate sub-markets principle.
Insolvency is a financial condition experienced by a person or business entity
when their assets no longer exceed their liabilities, commonly referred to as 'balance-sheet'
insolvency, or when the person or entity can no longer meet its debt obligations
when they come due, commonly referred to as 'cash-flow' insolvency.
The term insolvency is often incorrectly used as a synonym for bankruptcy, which
is a distinct concept, except in Germany. A state of insolvency generally leads
to a legal finding of bankruptcy. However, because putting a person or entity
into bankruptcy requires the payment of court fees, a person or entity may be
insolvent and not legally bankrupt. In the United Kingdom the term bankruptcy is
reserved for individuals; a company which is insolvent may be put into
liquidation (sometimes referred to as winding-up) but never bankruptcy.
Both the United States and United Kingdom have established insolvency regimes
which aim to protect the creditors of the insolvent individual or company and
balance their respective interests. Increasingly, legislatures have favoured
alternatives to winding up companies for good. Alternatives such as Company
Voluntary Arrangements and Administration in the UK reflect this shift towards a
rescue culture.
In some jurisdictions, it is an offence under the bankruptcy laws for a
corporation to continue in business while insolvent, though in the United States
even bankruptcy typically sees the corporation continue operations. It is also
usually grounds for a civil action, or even an offence, to continue to pay some
creditors in preference to other creditors once a state of insolvency is reached.
When determining whether a gift or a payment to a creditor is an unlawful
preference, the date of the insolvency, rather than the date of the bankruptcy,
will usually be the primary consideration. However in the UK, both are relevant.
The liquidator or administrator will be able to recover money paid to a creditor
as a preference if it was paid within the six months (or two years if the
creditor is a person connected to the company) preceding the date of liquidation
and the company was insolvent at the time. In addition to unlawful preferences,
liquidators and administrators in the UK may also challenge transactions at an
undervalue, extortionate credit transactions, some floating charges and
transactions defrauding creditors.
In the United States, under the Uniform Commercial Code, a person is considered
"insolvent" when the party has ceased to pay its debts in the ordinary course of
business, or cannot pay its debts as they become due, or is insolvent within the
meaning of the Bankruptcy Code. This is important because certain rights under
the code may be invoked as against an insolvent party which are otherwise
unavailable.
Although the terms bankrupt and insolvent are often used in reference to
governments or government obligations, a government cannot be insolvent in the
normal sense of the word. Generally, a government's debt is not secured by the
assets of the government, but by its ability to levy taxes. By the standard
definition, all governments would be in a state of insolvency unless they had
assets equal to the debt they owed. If, for any reason, a government cannot meet
its interest obligation, it is technically not insolvent but is "in default". As
governments are sovereign entities, persons who hold debt of the government
cannot seize the assets of the government to re-pay the debt. However, in most
cases, debt in default is refinanced by further borrowing or monetized by
issuing more currency.
[edit] Bibliography
Born Losers: A History of Failure in America, by Scott A. Sandage (Harvard
University Press, 2005).
[edit] See also
Liquidation
Administrative receivership
Administration order
Administration (insolvency)
[edit] External links
UK Government Insolvency Service
Insolvencies in Europe - Consequences on bad-debt write-off rate in Europe (26
countries)
Credit risk
From Wikipedia, the free encyclopedia
(Redirected from Creditworthiness)
Jump to: navigation, search
Credit risk is the risk of loss due to a debtor's non-payment of a loan or other
line of credit (either the principal or interest (coupon) or both).
Contents [hide]
1 Faced by lenders to consumers
2 Faced by lenders to business
3 Faced by business
4 References
5 See also
6 External links
[edit] Faced by lenders to consumers
Main article: Consumer Credit Risk
Most lenders employ their own models (Credit Scorecards) to rank potential and
existing customers according to risk, and then apply appropriate strategies.
With products such as unsecured personal loans or mortgages, lenders charge a
higher price for higher risk customers and vice versa. With revolving products
such as credit cards and overdrafts, risk is controlled through careful setting
of credit limits. Some products also require security, most commonly in the form
of property.
[edit] Faced by lenders to business
Lenders will trade off the cost/benefits of a loan according to its risks and
the interest charged. But interest rates are not the only method to compensate
for risk. Protective covenants are written into loan agreements that allow the
lender some controls. These covenants may:
limit the borrower's ability to weaken his balance sheet voluntarily e.g., by
buying back shares, or paying dividends, or borrowing further.
allow for monitoring the debt by requiring audits, and monthly reports
allow the lender to decide when he can recall the loan based on specific events
or when financial ratios like debt/equity, or interest coverage deteriorate.
A recent innovation to protect lenders and bond holders from the danger of
default are credit derivatives, most commonly in the form of a credit default
swap. These financial contracts allow companies to buy protection against
defaults from a third party, the protection seller. The protection seller
receives a periodic fee (the credit spread) as compensation for the risk it
takes, and in return it agrees to buy the debt should a credit event ("default")
occur.
[edit] Faced by business
Companies carry credit risk when, for example, they do not demand up-front cash
payment for products or services.[1] By delivering the product or service first
and billing the customer later - if it's a business customer the terms may be
quoted as net 30 - the company is carrying a risk between the delivery and
payment.
Significant resources and sophisticated programs are used to analyze and manage
risk. Some companies run a credit risk department whose job is to assess the
financial health of their customers, and extend credit (or not) accordingly.
They may use in house programs to advise on avoiding, reducing and transferring
risk.[2] They also use third party provided intelligence. Companies like Moody's
and Dun and Bradstreet provide such information for a fee.
For example, a distributor selling its products to a troubled retailer may
attempt to lessen credit risk by tightening payment terms to "net 15", or by
actually selling fewer products on credit to the retailer, or even cutting off
credit entirely, and demanding payment in advance. Such strategies impact on
sales volume but reduce exposure to credit risk and subsequent payment defaults.
Credit risk is not really manageable for very small companies (i.e., those with
only one or two customers). This makes these companies very vulnerable to
defaults, or even payment delays by their customers.
The use of a collection agency is not really a tool to manage credit risk;
rather, it is an extreme measure closer to a write down in that the creditor
expects a below-agreed return after the collection agency takes its share (if it
is able to get anything at all).
[edit] References
^ Principles for the management of credit risk from the Bank for International
Settlement
^ Risk management in the enterprise
Darrell Duffie and Kenneth J. Singleton, Credit Risk: Pricing, Measurement, and
Management, 2003, Princeton University Press
[edit] See also
Consumer Credit Risk
Credit rating
Credit reference
Default (finance)
Interest rate risk
Legal risk
Liquidity risk
Market risk
Distressed securities
Operational risk
Volatility risk
Settlement risk
Risk modeling
Concentration risk
[edit] External links
Facts and Figures about Credit loss risks in Europe
The Risk Management Association - leading industry organisation for credit risk
professionals
http://bis2information.org: Practical articles, on BIS2 and risk modelling,
submitted by professionals to help create an industry standard.
Notes on credit risk and banks' concentration risk can be downloaded from
nalin.ca: (1) Credit Risk; (2) Concentration risk
Credit rating
From Wikipedia, the free encyclopedia
Jump to: navigation, search
A credit rating assesses the credit worthiness of an individual, corporation, or
even a country. Credit ratings are calculated from financial history and current
assets and liabilities. Typically, a credit rating tells a lender or investor
the probability of the subject being able to pay back a loan. However, in recent
years, credit ratings have also been used to adjust insurance premiums,
determine employment eligibility, and establish the amount of a utility or
leasing deposit.
A poor credit rating indicates a high risk of defaulting on a loan, and thus
leads to high interest rates.
Contents [hide]
1 Personal credit ratings
2 Corporate credit ratings
3 Sovereign credit ratings
4 Short term rating
5 Credit rating agencies
5.1 References
6 External links
7 See also
[edit] Personal credit ratings
In countries such as the United States, an individual's Credit history is
compiled and maintained by companies called credit bureaus. In the United States,
credit worthiness is usually determined through a statistical analysis of the
available credit data. A common form of this analysis is a 3-digit credit score
provided by independent financial service companies such as the FICO® credit
score. (The term, a registered trademark, comes from Fair Isaac Corporation,
which pioneered the credit rating concept in the late 1950s.) or by the bureaus
themselves.
One's credit score, along with their credit report, affects one's ability to
borrow money through financial institutions such as banks.
In Canada, the most common ratings are the North American Standard Account
Ratings, also known as the "R" ratings, which have a range between R0 and R9. R0
refers to a new account; R1 refers to on-time payments; R9 refers to bad-debt.
The factors which may influence your credit rating are:[1]
ability to pay a loan
interest
amount of credit used
saving patterns
spending patterns
[edit] Corporate credit ratings
Main article: Bond credit rating
The credit rating of a corporation is a financial indicator to potential
investors of debt securities such as bonds. These are assigned by credit rating
agencies such as Standard & Poor's or Fitch Ratings and have letter designations
such as AAA, B, CC.
[edit] Sovereign credit ratings
A ' is the credit rating of a sovereign entity, i.e. a country. The sovereign
credit rating indicates the risk level of the investing environment of a country
and is used by investors looking to invest abroad.
[edit] Short term rating
A short term rating is a probability factor of an individual going into default
within a year. This is in contrast to long-term rating which is evaluated over a
long timeframe.
[edit] Credit rating agencies
Main article: Credit rating agency
Credit scores for individuals are assigned by credit bureaus (US; UK: credit
reference agencies). Credit ratings for corporations and sovereign debt are
assigned by credit rating agencies.
In the United States, the main credit bureaus are Experian, Equifax, and
TransUnion.
A relatively new (but important) credit bureau in the US is Innovis.
In the United Kingdom, the main credit reference agencies for individuals are
Experian, Equifax, and Callcredit.
In the Canada, the main credit bureaus for individuals are Equifax, TransUnion
and Northern Credit Bureaus/ Experian.[2]
The largest credit rating agencies (which tend to operate worldwide) are Moody's,
Standard and Poor's and Fitch Ratings.
[edit] References
^ "Consumer information center FAQ", Equifax
^ "Student workbook", CIBC p. 14
[edit] External links
[edit] See also
Credit risk
Default (finance)
Credit history
Credit score
Risk-based pricing
Retrieved from "http://en.wikipedia.org/wiki/Credit_rating"
Category: Finance
Credit reference
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Contents [hide]
1 Summary
2 How credit references are used
3 See also
4 External Links
[edit] Summary
A credit reference is information, the name of an individual, or the name of an
organization that can provide details about an individual's past track record
with credit. Credit rating agencies typically fill this role in the case of
consumer credit; potential lenders consult the credit rating agency for
information on an applicant as part of their process for deciding whether or not
to grant credit to the applicant.
Other letters of credit reference might be written by banks which would provide
basic information about how long the applicant has held an account, what type of
account it was, and whether or not there were any overdrafts or late payments
noted.
[edit] How credit references are used
Credit references are used to help lenders quantify the risk of lending to a
given applicant, or to determine overall creditworthiness. For example, if an
applicant's credit history indicates proper, timely payments on all outstanding
obligations, a lender may judge it more likely that the applicant will make
timely payments on the requested loan.
[edit] See also
Credit
Credit risk
Consumer Credit Risk
Default (finance)
Reference
Credit score
[edit] External Links
Credit Reference Agencies
UK Consumer Credit Files
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expanding it
Market risk
From Wikipedia, the free encyclopedia
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Market risk is the risk that the value of an investment will decrease due to
moves in market factors. The four standard market risk factors are:
Equity risk, or the risk that stock prices will change.
Interest rate risk, or the risk that interest rates will change.
Currency risk, or the risk that foreign exchange rates will change.
Commodity risk, or the risk that commodity prices (i.e. grains, metals, etc.)
will change.
Sometimes, a fifth risk factor is also considered:
Equity index risk, or the risk that stock or other index prices will change.
Contents [hide]
1 Measuring
2 Use in annual reports of U.S. corporations
3 Risk management
4 References
5 See also
6 External links
[edit] Measuring
Market risk is typically measured using a Value at Risk methodology. Market risk
can also be contrasted with Specific risk, which measures the risk of a decrease
in ones investment due to a change in a specific industry or sector, as opposed
to a market-wide move.
[edit] Use in annual reports of U.S. corporations
In the United States, a section on market risk is mandated by the SEC[1] in all
annual reports submitted on Form 10-K. The company must detail how its own
results may depend directly on financial markets. This is designed to show, for
example, an investor who believes he is investing in a normal milk company, that
the company is in fact also carrying out non-dairy activities such as investing
in complex derivatives or foreign exchange futures.
[edit] Risk management
All businesses take risks based on the two factors: the probability an adverse
circumstance will come about and the cost of such adverse circumstance.[2] The
same priciples apply to market risk and, while smaller businesses may have a
less formal approach to analysing the risks, larger businesses tend to use
sophisticated software packages to help determine the best course of action.[3]
[edit] References
^ FAQ on the United States SEC Market Disclosure Rules
^ The analysis and management of risk
^ Risk Management Magazine
[edit] See also
Credit risk
Legal risk
Liquidity risk
Operational risk
Risk modeling
[edit] External links
Managing market risks by forward pricing
How hedge funds limit exposure to market risk
Legal risk
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Legal and regulatory risk: Sometimes governments change the law in a way that
adversely affects a bank's position.
[edit] The Risk Principle
The Risk Principle is an area of law closely tied to legal causation in
negligence. It provides limits on negligence for harm caused unforeseeably.
[edit] See also
Credit risk
Liquidity risk
Market risk
Operational risk
Volatility risk
Retrieved from "http://en.wikipedia.org/wiki/Legal_risk"
1949-02-04 ANGLOGOLD ASHANTI Creditworthiness Mining Gold Mining
2001-08-28 ANGUS & ROSS PLC Creditworthiness Mining Gold Mining
1986-10-30 ANHEUSER-BUSCH COS INC 3Creditworthiness Beverages Brewers
1984-04-19 ANITE GROUP 9Creditworthiness Software & Computer Services Computer
Services
2005-03-16 ANT Creditworthiness Software & Computer Services Software
1999-12-16 ANTISOMA loans Pharmaceuticals & Biotechnology Biotechnology
1982-07-05 ANTOFAGASTA Credit Risk Mining General Mining
1995-08-25 ANTONOV PLC 3355 Automobiles & Parts Auto Parts
2003-07-30 ANTRIM ENERGY INC Creditworthiness Oil & Gas Producers Exploration &
Production
2005-11-16 ANZON ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
1996-12-13 AO TATNEFT 537 Oil & Gas Producers Integrated Oil & Gas
2002-12-18 AORTECH INTERNATIONAL loans Pharmaceuticals & Biotechnology
Biotechnology
2005-04-26 APACE MEDIA Creditworthiness Media Broadcasting & Entertainment
1920-08-13 API GROUP Creditworthiness Support Services Business Support Services
2006-10-17 APOLLO VCT 1 PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-10-17 APOLLO VCT 2 PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-01-04 APPIAN TECHNOLOGY 2737 Electronic & Electrical Equipment Electronic
Equipment
2007-01-26 APPLIED INTELLECTUAL CAPITAL Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2006-03-20 AQUA BOUNTY TECHNOLOGIES INC loans Pharmaceuticals & Biotechnology
Biotechnology
2006-09-05 AQUABELLA GROUP PLC 3573 Food Producers Farming & Fishing
2002-07-17 AQUARIUS PLATINUM LIMITED Creditworthiness Mining Platinum & Precious Metals
2005-02-01 AQUILO Creditworthiness Support Services Business Support Services
1997-12-03 ARAB INSURANCE GROUP(ARIG) Credit Risk Nonlife Insurance Reinsurance
1997-12-15 ARAB POTASH CO 1353 Chemicals Commodity Chemicals
2005-06-27 ARBUTHNOT BANKING GROUP PLC Creditworthiness General Financial
Specialty Finance
2006-06-26 ARC CAPITAL HLDGS LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-07-11 ARC FUND MANAGEMENT HLDGS PLC financial General Financial Asset Managers
2005-06-30 ARC GROWTH CO VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-09-28 ARC INTERNATIONAL 9576 Technology Hardware & Equipment Semiconductors
2002-07-29 ARC RISK MANAGEMENT GROUP Creditworthiness Support Services Business
Support Services
2003-09-09 ARCHIPELAGO RESOURCES Creditworthiness Mining Gold Mining
2005-03-09 ARDANA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2006-07-19 ARDEN PARTNERS PLC financial situation General Financial Investment Services
1997-06-19 ARENA LEISURE 5755 Travel & Leisure Recreational Services
2006-05-25 ARIAN SILVER CORP Creditworthiness Mining Platinum & Precious Metals
2005-07-28 ARIANA RESOURCES Creditworthiness Mining Gold Mining
2003-12-31 ARICOM Credit Risk Mining General Mining
2004-03-08 ARK THERAPEUTICS GROUP loans Pharmaceuticals & Biotechnology
Biotechnology
2002-05-13 ARKO HLDGS 7535 Electricity Electricity
1998-03-30 ARLA FOODS UK 3577 Food Producers Food Products
2005-01-31 ARLINGTON GROUP LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
1998-04-24 ARM HLDGS 9576 Technology Hardware & Equipment Semiconductors
2004-12-14 ARMORGROUP INTERNATIONAL Creditworthiness Support Services Business
Support Services
2002-07-02 ARMOUR GROUP 3355 Automobiles & Parts Auto Parts
1969-11-17 ARRIVA financial situation Travel & Leisure Travel & Tourism
2001-02-20 ARTEMIS AIM VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-12-14 ARTEMIS AIM VCT 2 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1998-10-16 ARTEMIS ALPHA TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-03-02 ARTHRO KINETICS loans Pharmaceuticals & Biotechnology Biotechnology
1998-12-08 ARTISAN(UK) 3728 Household Goods Home Construction
2006-10-25 ASBISC ENTERPRISES PLC 9572 Technology Hardware & Equipment Computer
Hardware
2004-11-10 ASCENT RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
2004-12-17 ASCRIBE Creditworthiness Software & Computer Services Software
1985-04-24 ASDA PROPERTY HLDGS Credit Real Estate Real Estate Holding &
Development
2003-12-12 ASFARE GROUP Creditworthiness Industrial Engineering Industrial Machinery
2007-01-15 ASHLEY HOUSE PLC Credit Construction & Materials Heavy Construction
1985-12-05 ASHLEY(LAURA)HLDGS 5375 General Retailers Home Improvement Retailers
2006-10-17 ASHMORE GROUP PLC financial General Financial Asset Managers
1995-03-22 ASHOK LEYLAND 2753 Industrial Engineering Commercial Vehicles &
Trucks
1985-12-06 ASHPOL 7 Preference Preference
1990-10-08 ASHTEAD GROUP Creditworthiness Support Services Business Support
Services
2005-09-30 ASHTON PENNEY HLDGS Risk Support Services Business Training &
Employment Agencies
2000-01-10 ASIA CAPITAL PLC Creditworthiness General Financial Specialty Finance
1996-09-16 ASIA CEMENT CORP 2353 Construction & Materials Building Materials &
Fixtures
2006-09-22 ASIA RESOURCES PLC Creditworthiness General Financial Specialty
Finance
2005-08-03 ASIAN CITRUS HLDGS 3573 Food Producers Farming & Fishing
2006-10-05 ASIAN GROWTH PROPERTIES Credit Real Estate Real Estate Holding &
Development
1998-03-12 ASITE 9535 Software & Computer Services Internet
2001-10-03 ASOS 5371 General Retailers Apparel Retailers
2005-12-15 ASPEN CLEAN ENERGY Creditworthiness General Financial Specialty
Finance
1994-12-01 ASSET MANAGEMENT INVESTMENT CO Credit Risk Equity Investment Instruments
Equity Investment Instruments
1937-11-05 ASSOCIATED BRITISH ENGINEERING Creditworthiness Industrial Engineering Industrial
Machinery
1994-08-01 ASSOCIATED BRITISH FOODS 3577 Food Producers Food Products
2003-11-21 ASSURA GROUP LTD 8737 Real Estate Real Estate Investment Trusts
2006-10-25 ASTEK GROUP PLC financial Health Care Equipment & Services Medical
Supplies
2006-01-03 ASTERAND loans Pharmaceuticals & Biotechnology Biotechnology
1993-06-01 ASTRAZENECA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1997-06-02 ASUSTEK COMPUTER INC 9576 Technology Hardware & Equipment
Semiconductors
2005-07-25 AT COMMUNICATIONS GROUP 9Creditworthiness Software & Computer
Services Computer Services
1998-06-15 ATA GROUP Risk Support Services Business Training & Employment
Agencies
2006-05-09 ATELIS Creditworthiness Software & Computer Services Software
2004-06-11 ATH RESOURCES 1771 Mining Coal
1995-06-19 ATHELNEY TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
1996-07-25 ATKINS(WS) Creditworthiness Support Services Business Support
Services
2001-06-04 ATLANTIC GLOBAL PLC Creditworthiness Software & Computer Services
Software
1996-05-10 ATLANTIS JAPAN GROWTH FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-03-01 ATLAS ESTATES Credit Real Estate Real Estate Holding & Development
1996-10-17 ATRIUM UNDERWRITING 8536 Nonlife Insurance Property & Casualty
Insurance
AUDAX PROPERTIES 6 Debentures & Loans Debentures & Loans
2004-12-15 AUGEAN Creditworthiness Support Services Waste & Disposal Services
1986-07-15 AUGUST EQUITY TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-04-25 AUKETT FITZROY ROBINSON GROUP Creditworthiness Support Services
Business Support Services
2006-08-22 AURELIAN OIL & GAS PLC Creditworthiness Oil & Gas Producers
Exploration & Production
1997-03-13 AURORA INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-03-24 AURORA RUSSIA Creditworthiness General Financial Specialty Finance
2005-02-01 AURUM MINING Creditworthiness Mining Gold Mining
1995-03-30 AUTOBACS SEVEN CO 5379 General Retailers Specialty Retailers
2005-12-07 AUTOCLENZ HLDGS Creditworthiness Support Services Business Support
Services
2006-09-11 AUTOLOGIC HLDGS 2777 Industrial Transportation Transportation
Services
2000-11-03 AUTONOMY CORP Creditworthiness Software & Computer Services Software
2006-08-08 AVACTA GROUP PLC loans Pharmaceuticals & Biotechnology Biotechnology
1997-10-06 AVANTI CAPITAL Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-07-09 AVANTI SCREENMEDIA GROUP Creditworthiness Media Broadcasting & Entertainment
2006-05-24 AVARAE GLOBAL COINS Creditworthiness General Financial Specialty
Finance
2004-02-19 AVESCO PLC Creditworthiness Media Broadcasting & Entertainment
1996-12-05 AVEVA GROUP Creditworthiness Software & Computer Services Software
2006-06-20 AVID HLDGS Creditworthiness Support Services Business Support
Services
2004-10-14 AVINGTRANS PLC Creditworthiness Industrial Engineering Industrial Machinery
1997-04-04 AVIS EUROPE financial situation Travel & Leisure Travel & Tourism
1990-06-04 AVIVA 8575 Life Insurance Life Insurance
2002-07-26 AVOCET MINING Creditworthiness Mining Gold Mining
1949-07-12 AVON RUBBER financial General Industrials Diversified Industrials
2005-05-23 AXA PROPERTY TRUST 8737 Real Estate Real Estate Investment Trusts
2005-06-13 AXEON HLDGS 9576 Technology Hardware & Equipment Semiconductors
2004-08-31 AXIS INTERMODAL PLC 2777 Industrial Transportation Transportation
Services
2006-06-27 AXISMOBILE PLC Creditworthiness Mobile Telecommunications Mobile
Telecommunications
1993-09-23 AXIS-SHIELD loans Pharmaceuticals & Biotechnology Biotechnology
1999-03-11 AXON GROUP 9Creditworthiness Software & Computer Services Computer
Services
2004-08-12 AZURE DYNAMICS CORP 3355 Automobiles & Parts Auto Parts
2006-02-02 B.P.MARSH & PARTNERS Creditworthiness General Financial Specialty
Finance
1998-03-05 BAA LYNTON 6 Debentures & Loans Debentures & Loans
2006-11-09 BABCOCK & BROWN PUBLIC PRTNSHPS LTD Credit Risk Equity Investment
Instruments Equity Investment Instruments
1989-08-14 BABCOCK INTERNATIONAL GROUP Creditworthiness Support Services
Business Support Services
1981-02-11 BAE SYSTEMS 2717 Aerospace & Defence Defence
1960-06-23 BAGGERIDGE BRICK 2353 Construction & Materials Building Materials &
Fixtures
2004-08-09 BAILEY(C.H.) 2753 Industrial Engineering Commercial Vehicles & Trucks
1981-12-14 BAILLIE GIFFORD JAPAN TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1985-07-01 BAILLIE GIFFORD SHIN NIPPON Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-11-04 BAJAJ AUTO 3353 Automobiles & Parts Automobiles
1997-07-07 BAKERY SERVICES Creditworthiness7 Food & Drug Retailers Food
Retailers & Wholesalers
1945-06-28 BALFOUR BEATTY Credit Construction & Materials Heavy Construction
2004-12-02 BALLARAT GOLDFIELDS NL Creditworthiness Mining Gold Mining
2006-04-27 BALTIC OIL TERMINALS Creditworthiness Oil & Gas Producers Exploration
& Production
2000-03-13 BANCA LOMBARDA PREFERRED SECURITIES 7 Preference Preference
1988-10-03 BANCO BILBAO VIZCAYA ARGENTARIA SA 8355 Banks Banks
2002-12-20 BANCO DE CHILE 8355 Banks Banks
2006-01-26 BANCO DE ORO UNIVERSAL BANK 8355 Banks Banks
1986-06-06 BANCO LATINOAMERICANO DE EXPORT SA 7 Preference Preference
2005-07-01 BANCO SANTANDER CENTRAL HISPANO 8355 Banks Banks
2005-06-30 BANGO 9535 Software & Computer Services Internet
1997-10-24 BANK AUDI SAL(AUDI-SARADAR GP) 8355 Banks Banks
2002-01-10 BANK BPH 8355 Banks Banks
1999-07-16 BANK HAPOALIM B.M. 8355 Banks Banks
2005-10-05 BANK MUSCAT 8355 Banks Banks
1996-04-04 BANK OF AMERICA CORP 8355 Banks Banks
2006-11-29 BANK OF GEORGIA JSC 8355 Banks Banks
BANK OF GREECE 6 Debentures & Loans Debentures & Loans
1959-01-14 BANK OF IRELAND(GOVERNOR & CO OF) 8355 Banks Banks
2000-11-03 BANK PEKAO SA 8355 Banks Banks
1957-04-02 BANKERS INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-07-07 BANKERS PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
1998-02-18 BANQUE INTER ARABE TUNISIE 8355 Banks Banks
1996-04-10 BANQUE MAROCAINE DU COMM EXTERIEUR 8355 Banks Banks
1953-12-31 BARCLAYS 8355 Banks Banks
1989-06-06 BARCLAYS BANK PLC 8 Convertibles Convertibles
1996-12-18 BARCLAYS GLOBAL INVEST ENDOW FD II loans Nonequity Investment
Instruments Nonequity Investment Instruments
2002-12-18 BARING EMERGING EUROPE PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1969-03-07 BARLOWORLD financial General Industrials Diversified Industrials
2006-03-13 BARONSMEAD AIM VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-11-13 BARONSMEAD VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1998-04-03 BARONSMEAD VCT 2 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2001-01-30 BARONSMEAD VCT 3 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2001-12-20 BARONSMEAD VCT 4 Credit Risk Equity Investment Instruments Equity Investment
Instruments
1970-04-02 BARR(A.G.) 3537 Beverages Soft Drinks
1968-12-04 BARRATT DEVELOPMENTS PLC 3728 Household Goods Home Construction
1991-10-29 BARRICK GOLD CORP Creditworthiness Mining Gold Mining
2000-11-29 BASE GROUP 5755 Travel & Leisure Recreational Services
1980-05-14 BASF AG 1353 Chemicals Commodity Chemicals
2005-10-21 BATEMAN ENGINEERING N.V. Creditworthiness Industrial Engineering Industrial
Machinery
2006-05-23 BATEMAN LITWIN N.V. 573 Oil Equipment, Services & Distribution Oil
Equipment & Services
1999-07-12 BATM ADVANCED COMMUNICATIONS 9578 Technology Hardware & Equipment
Telecommunications Equipment
2004-04-15 BAYDONHILL PLC Creditworthiness General Financial Specialty Finance
1961-03-07 BAYER AG Creditworthiness Chemicals Specialty Chemicals
1999-06-02 BB HLDGS Creditworthiness Support Services Business Support Services
1960-11-11 BBA AVIATION PLC 2777 Industrial Transportation Transportation
Services
2004-04-28 BBI HLDGS loans Pharmaceuticals & Biotechnology Biotechnology
1995-04-13 BBVA CAPITAL FUNDING 7 Preference Preference
1998-03-26 BBVA INTERNATIONAL 7 Preference Preference
2004-09-30 BDI MINING CORP Credit Risk Mining General Mining
1995-03-13 BEALE 5373 General Retailers Broadline Retailers
2005-06-30 BEAR STEARNS PRIVATE EQUITY Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-11-12 BEAZLEY GROUP 8536 Nonlife Insurance Property & Casualty Insurance
2000-11-06 BEDE 9576 Technology Hardware & Equipment Semiconductors
2004-10-01 BEGBIES TRAYNOR GROUP Creditworthiness Support Services Business
Support Services
2005-10-24 BELGRAVIUM TECHNOLOGIES 9572 Technology Hardware & Equipment Computer
Hardware
2003-07-31 BELLA MEDIA 9535 Software & Computer Services Internet
1979-05-21 BELLWAY 3728 Household Goods Home Construction
2003-09-30 BEMA GOLD CORP Creditworthiness Mining Gold Mining
1967-03-01 BEN BAILEY 3728 Household Goods Home Construction
2003-06-18 BENFIELD GROUP financial situation Nonlife Insurance Insurance Brokers
2005-05-09 BEOWULF MINING Credit Risk Mining General Mining
1995-07-06 BERKELEY BERRY BIRCH Creditworthiness General Financial Specialty
Finance
1985-12-16 BERKELEY GROUP HLDGS 3728 Household Goods Home Construction
2006-12-06 BERKELEY RESOURCES LTD Credit Risk Mining General Mining
2004-12-03 BERKELEY SCOTT GROUP PLC Risk Support Services Business Training &
Employment Agencies
1985-02-14 BERKELEY TECHNOLOGY Creditworthiness General Financial Specialty
Finance
1983-08-15 BESPAK financial Health Care Equipment & Services Medical Supplies
2006-08-14 BEST OF THE BEST PLC Creditworthiness Travel & Leisure Gambling
BET 6 Debentures & Loans Debentures & Loans
2006-11-01 BETBROKERS PLC financial situation General Financial Investment Services
2006-03-03 BETEX GROUP Creditworthiness Travel & Leisure Gambling
2000-05-09 BETINTERNET.COM Creditworthiness Travel & Leisure Gambling
2005-10-21 BEXIMCO PHARMACEUTICALS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1986-12-08 BG GROUP 537 Oil & Gas Producers Integrated Oil & Gas
1997-07-28 BHP BILLITON Credit Risk Mining General Mining
2002-06-12 BIDTIMES Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-10-09 BIFFA PLC Creditworthiness Support Services Waste & Disposal Services
2002-06-07 BIG YELLOW GROUP Credit Real Estate Real Estate Holding & Development
1986-12-11 BIL INTERNATIONAL 5753 Travel & Leisure Hotels
1997-06-02 BILLAM Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-06-15 BILLING SERVICES GROUP 2795 Support Services Financial Administration
2006-09-18 BIOCARE SOLUTIONS PLC 3724 Household Goods Nondurable Household
Products
1995-04-13 BIOCOMPATIBLES INTERNATIONAL financial Health Care Equipment & Services
Medical Supplies
2004-06-17 BIOFUELS CORP Creditworthiness Chemicals Specialty Chemicals
2005-02-02 BIOFUSION loans Pharmaceuticals & Biotechnology Biotechnology
2006-11-24 BIOFUTURES INTERNATIONAL Creditworthiness Chemicals Specialty Chemicals
2006-04-28 BIOGANIX Creditworthiness Support Services Waste & Disposal Services
2003-05-22 BIOPROGRESS Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1954-03-11 BIOQUELL 4535 Health Care Equipment & Services Medical Equipment
1993-11-25 BIOTRACE INTERNATIONAL 4535 Health Care Equipment & Services Medical
Equipment
1997-03-07 BIRMINGHAM CITY 5755 Travel & Leisure Recreational Services
1948-03-14 BISICHI MINING 1771 Mining Coal
2003-12-16 BKN INTERNATIONAL AG Creditworthiness Media Broadcasting & Entertainment
2003-04-16 BLACK ARROW GROUP Credit Risk Household Goods Furnishings
2005-02-03 BLACK RAVEN PROPERTIES Creditworthiness General Financial Specialty
Finance
2001-04-25 BLACK ROCK OIL & GAS Creditworthiness Oil & Gas Producers Exploration
& Production
2005-03-14 BLACK SEA PROPERTY FUND(THE) Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-05-15 BLACKROCK INTERNATIONAL LAND Credit Real Estate Real Estate Holding &
Development
1971-05-13 BLACKS LEISURE GROUP 5371 General Retailers Apparel Retailers
2006-01-26 BLACKSTAR INVESTORS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-01-20 BLAVOD EXTREME SPIRITS 3535 Beverages Distillers & Vintners
2004-04-27 BLOCK SHIELD CORP PLC 2737 Electronic & Electrical Equipment
Electronic Equipment
1999-12-20 BLOOMS OF BRESSINGHAM HLDGS 5379 General Retailers Specialty
Retailers
1994-06-23 BLOOMSBURY PUBLISHING Risk Media Publishing
2001-06-01 BLUE CHIP VALUE AND INCOME FUND Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-06-01 BLUE CHIP ZDP 7 Preference Preference
1999-03-24 BLUE PLANET EURO FINANCIAL INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWT&INC INV TST 10 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 1 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 2 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 3 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 4 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 5 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 6 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 7 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 8 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1996-04-25 BLUE PLANET FIN GRWTH&INC INV TST 9 Credit Risk Equity Investment
Instruments Equity Investment Instruments
1997-10-09 BLUE PLANET WORLDWIDE FINANCIALS IT Credit Risk Equity Investment
Instruments Equity Investment Instruments
2004-10-29 BLUE STAR CAPITAL PLC Creditworthiness General Financial Specialty
Finance
1998-07-29 BLUE STAR MARITIME S.A. financial situation Travel & Leisure Travel & Tourism
2005-04-01 BLUE STAR MOBILE GROUP PLC Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2006-11-22 BLUEBAY ASSET MANAGEMENT PLC financial General Financial Asset Managers
2004-07-20 BLUEHEATH HLDGS 3577 Food Producers Food Products
2002-01-10 BNB RECRUITMENT SOLUTIONS Risk Support Services Business Training &
Employment Agencies
2005-11-25 BNS TELECOM GROUP 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
BOC GROUP 6 Debentures & Loans Debentures & Loans
2006-02-06 BODISEN BIOTECH INC Creditworthiness Chemicals Specialty Chemicals
1972-01-28 BODYCOTE INTERNATIONAL Creditworthiness Industrial Engineering Industrial
Machinery
1980-01-14 BOEING CO Creditworthiness Aerospace & Defence Aerospace
1995-10-24 BOLTON GROUP(INTERNATIONAL) Credit Risk Equity Investment Instruments Equity
Investment Instruments
1997-12-30 BOND INTERNATIONAL SOFTWARE Creditworthiness Software & Computer
Services Software
1974-12-03 BOOT(HENRY) Credit Construction & Materials Heavy Construction
2005-05-24 BORDERS & SOUTHERN PETROLEUM Creditworthiness Oil & Gas Producers
Exploration & Production
1996-03-25 BORSODCHEM NYRT 1353 Chemicals Commodity Chemicals
1997-12-04 BOUSTEAD Credit Construction & Materials Heavy Construction
1997-12-09 BOVIS HOMES GROUP 3728 Household Goods Home Construction
2004-12-07 BOWLEVEN Creditworthiness Oil & Gas Producers Exploration &
Production
1954-12-20 BP 537 Oil & Gas Producers Integrated Oil & Gas
1996-12-19 BPI CAPITAL FINANCE 7 Preference Preference
1987-07-24 BPP HLDGS Risk Support Services Business Training & Employment
Agencies
2000-12-04 BRADFORD & BINGLEY 8355 Banks Banks
2004-06-28 BRADY Creditworthiness Software & Computer Services Software
2005-12-07 BRAEMAR GROUP financial General Financial Asset Managers
1997-11-27 BRAEMAR SEASCOPE GROUP 2777 Industrial Transportation Transportation
Services
2005-07-28 BRAEMORE RESOURCES Credit Risk Mining General Mining
1950-11-30 BRAIME(T.F.& J.H.)(HLDGS) Creditworthiness Industrial Engineering Industrial
Machinery
2006-12-05 BRAINJUICER GROUP PLC Creditworthiness Media Media Agencies
2000-04-07 BRAINSPARK Creditworthiness General Financial Specialty Finance
1976-07-28 BRAIT financial situation General Financial Investment Services
2006-12-11 BRAMBLES LTD Creditworthiness Support Services Business Support
Services
2007-01-18 BRAMLIN LTD Creditworthiness General Financial Specialty Finance
1954-10-04 BRAMMER 2797 Support Services Industrial Suppliers
2003-12-08 BRAZILIAN DIAMONDS LTD 1773 Mining Diamonds & Gemstones
1994-06-09 BREWIN DOLPHIN HLDGS financial General Financial Asset Managers
2006-06-27 BRIDGEWELL GROUP PLC financial situation General Financial Investment Services
2002-08-05 BRIGHT FUTURES GROUP 5379 General Retailers Specialty Retailers
2004-04-30 BRIGHT THINGS 3747 Leisure Goods Toys
2007-01-09 BRIGHTSIDE GROUP PLC Creditworthiness General Financial Specialty
Finance
2001-08-31 BRIGHTVIEW PLC 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2006-06-05 BRINKLEY MINING Creditworthiness Industrial Metals Nonferrous Metals
2003-09-25 BRISTOL & LONDON Creditworthiness General Financial Specialty Finance
1997-07-28 BRISTOL & WEST PLC 7 Preference Preference
1992-10-29 BRISTOL WATER 7 Preference Preference
1995-11-09 BRIT INSURANCE HOLDINGS 8536 Nonlife Insurance Property & Casualty
Insurance
1992-08-03 BRITANNIA BUILDING SOCIETY 7 Preference Preference
1947-06-04 BRITISH & AMERICAN INVESTMENT TRUST Credit Risk Equity Investment
Instruments Equity Investment Instruments
1987-02-11 BRITISH AIRWAYS Credit Risk Travel & Leisure Airlines
BRITISH AIRWAYS CAPITAL 7 Preference Preference
1962-01-29 BRITISH AMERICAN TOBACCO 3785 Tobacco Tobacco
1952-03-24 BRITISH ASSETS TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1943-06-17 BRITISH EMPIRE SEC & GENERAL TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-01-17 BRITISH ENERGY GROUP 7535 Electricity Electricity
1951-03-20 BRITISH LAND CO PLC 8737 Real Estate Real Estate Investment Trusts
1965-04-02 BRITISH POLYTHENE INDUSTRIES 2723 General Industrials Containers &
Packaging
2001-12-12 BRITISH PORTFOLIO TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-12-15 BRITISH SKY BROADCASTING GROUP Creditworthiness Media Broadcasting &
Entertainment
1996-04-04 BRITISH SMALLER COMPANIES VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-04-12 BRITISH SMALLER TECHNOLOGY COS VCT2 loans Nonequity Investment
Instruments Nonequity Investment Instruments
BRITISH SUGAR 6 Debentures & Loans Debentures & Loans
2005-12-14 BRITVIC 3537 Beverages Soft Drinks
1935-04-03 BRIXTON PLC 8737 Real Estate Real Estate Investment Trusts
BROADSTONER HLDGS 7 Preference Preference
2004-05-10 BROKER NETWORK HLDGS Creditworthiness Support Services Business
Support Services
2005-03-11 BROOKS MACDONALD GROUP financial General Financial Asset Managers
1972-11-13 BROWN(N.)GROUP 5371 General Retailers Apparel Retailers
2006-10-26 BRULINES (HLDGS) PLC Creditworthiness Support Services Business
Support Services
1950-04-03 BRUNNER INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1975-07-09 BRUNSWICK CORP 3745 Leisure Goods Recreational Products
1963-01-29 BSS GROUP 2797 Support Services Industrial Suppliers
1984-12-03 BT GROUP 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1995-07-06 BTG loans Pharmaceuticals & Biotechnology Biotechnology
1998-03-06 BUCKLAND GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-03-29 BULGARIAN LAND DEVELOPMENT Credit Real Estate Real Estate Holding &
Development
2005-01-04 BULGARIAN PROPERTY DEVELOPMENTS Credit Real Estate Real Estate Holding
& Development
1957-06-20 BUNZL Creditworthiness Support Services Business Support Services
1991-05-24 BUPA CARE HOMES(CFG) 6 Debentures & Loans Debentures & Loans
2002-07-18 BURBERRY GROUP Credit Personal Goods Clothing & Accessories
2003-12-11 BURREN ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2006-04-21 BURST MEDIA CORP Creditworthiness Media Media Agencies
2005-06-01 BUSINESS CONTROL SOLUTIONS GROUP 9Creditworthiness Software &
Computer Services Computer Services
2004-08-31 BUSINESS DIRECT GROUP PLC Creditworthiness Support Services Business
Support Services
1993-07-05 BUSINESS POST GROUP 2771 Industrial Transportation Delivery Services
2004-08-02 BUSINESS SYSTEMS GRP HLDGS 9Creditworthiness Software & Computer
Services Computer Services
2005-07-06 BYOTROL PLC Creditworthiness Chemicals Specialty Chemicals
2004-05-19 C&C GROUP 3535 Beverages Distillers & Vintners
1994-09-15 C.G.I.S. GROUP 6 Debentures & Loans Debentures & Loans
2002-08-15 C.I.TRADERS 5757 Travel & Leisure Restaurants & Bars
1981-10-28 CABLE & WIRELESS 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1942-12-19 CADBURY SCHWEPPES 3577 Food Producers Food Products
2001-03-23 CAFFE NERO GROUP 5757 Travel & Leisure Restaurants & Bars
1961-10-20 CAFFYNS 5379 General Retailers Specialty Retailers
2006-02-13 CAGNEY Creditworthiness Media Media Agencies
1988-12-22 CAIRN ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2005-11-25 CALDWELL INVESTMENTS Credit Personal Goods Clothing & Accessories
2006-12-14 CALEDON RESOURCES PLC Creditworthiness Mining Gold Mining
1960-07-18 CALEDONIA INVESTMENTS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-27 CALEDONIA MINING CORP Creditworthiness Mining Platinum & Precious Metals
1995-09-29 CALEDONIAN TRUST Credit Real Estate Real Estate Holding & Development
1903-06-25 CALGARY & EDMONTON RAILWAY CO 6 Debentures & Loans Debentures & Loans
2005-06-13 CALIBER GLOBAL INVESTMENT loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-06-12 CALYX GROUP 9578 Technology Hardware & Equipment Telecommunications
Equipment
2002-11-21 CAMAXYS GROUP Creditworthiness Software & Computer Services Software
2003-08-04 CAMBRIAN MINING Credit Risk Mining General Mining
2005-03-01 CAMBRIAN OIL & GAS Creditworthiness Oil & Gas Producers Exploration &
Production
2000-07-26 CAMBRIDGE MINERAL RESOURCES Credit Risk Mining General Mining
CAMBRIDGE WATER 6 Debentures & Loans Debentures & Loans
2006-04-25 CAMCO INTERNATIONAL Creditworthiness Support Services Business
Support Services
1949-05-06 CAMELLIA Creditworthiness General Financial Specialty Finance
2007-01-29 CAMPER & NICHOLSONS MARINA INV LTD Creditworthiness General Financial
Specialty Finance
2005-06-22 CANACCORD CAPITAL INC financial situation General Financial Investment Services
1995-02-27 CANADIAN GENERAL INVESTMENTS Credit Risk Equity Investment Instruments
Equity Investment Instruments
CANADIAN PACIFIC RAILWAYS 6 Debentures & Loans Debentures & Loans
1984-12-12 CANDOVER INVESTMENTS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2003-10-15 CANISP 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2001-05-31 CAPCON HLDGS Creditworthiness General Financial Specialty Finance
2006-05-26 CAPE DIAMONDS 1773 Mining Diamonds & Gemstones
2006-05-04 CAPE LAMBERT IRON ORE Creditworthiness Mining Gold Mining
2003-01-27 CAPE PLC Creditworthiness Support Services Business Support Services
1991-08-21 CAPITA GROUP Creditworthiness Support Services Business Support
Services
2006-10-06 CAPITAL & COUNTIES DEBENTURE PLC 6 Debentures & Loans Debentures &
Loans
1995-05-22 CAPITAL & REGIONAL Credit Real Estate Real Estate Holding & Development
1973-02-13 CAPITAL GEARING TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-08-30 CAPITAL IDEAS Creditworthiness General Financial Specialty Finance
2004-09-01 CAPITAL MANAGEMENT & INVESTMENT Creditworthiness General Financial
Specialty Finance
1998-06-29 CAPLAY 5757 Travel & Leisure Restaurants & Bars
2006-04-20 CAP-XX 2737 Electronic & Electrical Equipment Electronic Equipment
2006-04-12 CARADOR Credit Risk Equity Investment Instruments Equity Investment
Instruments
1959-12-23 CARCLO Creditworthiness Chemicals Specialty Chemicals
1947-06-18 CARDIFF PROPERTY Credit Real Estate Real Estate Holding & Development
2005-04-15 CARDINAL RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
2005-12-14 CARDIOMAG IMAGING INC 4535 Health Care Equipment & Services Medical
Equipment
2005-08-15 CARDPOINT Creditworthiness Support Services Business Support Services
1995-02-07 CARE UK 4Creditworthiness Health Care Equipment & Services Health
Care Providers
2006-08-04 CARECAPITAL GROUP PLC Credit Real Estate Real Estate Holding &
Development
2004-11-15 CAREFORCE GROUP 4Creditworthiness Health Care Equipment & Services
Health Care Providers
2005-10-12 CARETECH HLDGS PLC 4Creditworthiness Health Care Equipment & Services
Health Care Providers
1999-07-30 CARILLION Credit Construction & Materials Heavy Construction
2005-08-31 CARLISLE GROUP Risk Support Services Business Training & Employment
Agencies
2005-12-14 CARLUCCIO'S 5757 Travel & Leisure Restaurants & Bars
2006-08-14 CARNEGIE MINERALS PLC Credit Risk Mining General Mining
2000-10-23 CARNIVAL 5755 Travel & Leisure Recreational Services
2005-03-31 CARPATHIAN RESOURCES Creditworthiness Oil & Gas Producers Exploration
& Production
1993-06-23 CARPETRIGHT 5375 General Retailers Home Improvement Retailers
2000-07-21 CARPHONE WAREHOUSE GROUP 5379 General Retailers Specialty Retailers
1972-05-23 CARR'S MILLING INDUSTRIES 3573 Food Producers Farming & Fishing
2005-02-07 CARTER & CARTER GROUP Risk Support Services Business Training &
Employment Agencies
2005-12-16 CARTUCHO GROUP 5379 General Retailers Specialty Retailers
1996-08-30 CASH CONVERTERS INTERNATIONAL 5373 General Retailers Broadline
Retailers
2006-03-29 CASHBOX Creditworthiness Support Services Business Support Services
2004-09-21 CASPIAN ENERGY INC Creditworthiness Oil & Gas Producers Exploration &
Production
2004-11-04 CASPIAN HLDGS Creditworthiness Oil & Gas Producers Exploration &
Production
1995-10-02 CASSIDY BROTHERS 3747 Leisure Goods Toys
1973-03-25 CASTINGS Creditworthiness Industrial Engineering Industrial Machinery
2005-05-03 CASTLE ACQUISITIONS Creditworthiness General Financial Specialty
Finance
2005-09-02 CATALYST MEDIA GROUP Creditworthiness Media Broadcasting & Entertainment
2006-11-22 CATALYTIC SOLUTIONS INC 3355 Automobiles & Parts Auto Parts
1986-07-21 CATERPILLAR INC 2753 Industrial Engineering Commercial Vehicles &
Trucks
2001-03-12 CATHAY INTERNATIONAL HLDGS LTD 5753 Travel & Leisure Hotels
2004-04-06 CATLIN GROUP 8536 Nonlife Insurance Property & Casualty Insurance
1963-11-14 CATTLES 8773 General Financial Consumer Finance
2003-12-23 CAVANAGH GROUP 8773 General Financial Consumer Finance
1993-02-08 CAYENNE TRUST(THE) Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-10-30 CAZENOVE ABSOLUTE EQUITY LTD Credit Risk Equity Investment Instruments
Equity Investment Instruments
2003-11-03 CBG GROUP financial situation Nonlife Insurance Insurance Brokers
2001-06-14 CCH INTERNATIONAL Creditworthiness General Financial Specialty
Finance
2005-09-27 CDS OIL & GAS GROUP Creditworthiness Oil & Gas Producers Exploration
& Production
2005-09-21 CELLCAST GROUP Creditworthiness Media Broadcasting & Entertainment
2004-11-09 CELLO GROUP Creditworthiness Media Media Agencies
2005-10-27 CELOXICA HOLDINGS 9576 Technology Hardware & Equipment Semiconductors
1993-07-06 CELSIS INTERNATIONAL 4535 Health Care Equipment & Services Medical
Equipment
2005-12-22 CELTIC 5755 Travel & Leisure Recreational Services
2002-10-14 CELTIC RESOURCES HLDGS Creditworthiness Mining Gold Mining
2003-08-08 CENES PHARMACEUTICALS loans Pharmaceuticals & Biotechnology
Biotechnology
2006-10-31 CENKOS SECURITIES PLC financial situation General Financial Investment Services
2001-12-21 CENTAMIN EGYPT Creditworthiness Mining Gold Mining
2004-12-17 CENTAUR MEDIA Risk Media Publishing
2006-12-20 CENTRAL AFRICAN GOLD Creditworthiness Mining Gold Mining
2002-10-09 CENTRAL AFRICAN MINING&EXPLORTN CO Credit Risk Mining General Mining
2005-03-30 CENTRAL CHINA GOLDFIELDS Creditworthiness Mining Gold Mining
1997-02-17 CENTRICA 7573 Gas, Water & Multiutilities Gas Distribution
2005-06-16 CENTROM GROUP 9Creditworthiness Software & Computer Services Computer
Services
2002-12-02 CENTURION ELECTRONICS 3355 Automobiles & Parts Auto Parts
1998-07-29 CEPS 3765 Personal Goods Footwear
2006-03-02 CERAMIC FUEL CELLS Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2004-11-25 CERES POWER HLDGS Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1979-04-09 CESC 7535 Electricity Electricity
2002-11-01 CEVA INC 9576 Technology Hardware & Equipment Semiconductors
2004-11-16 CHACO RESOURCES. Creditworthiness Oil & Gas Producers Exploration &
Production
2006-11-23 CHAMBERLIN & HILL PLC Creditworthiness Industrial Engineering Industrial
Machinery
2004-10-15 CHAMELEON TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2003-10-20 CHAMPION PLC Creditworthiness General Financial Specialty Finance
1949-05-30 CHAPELTHORPE Credit Personal Goods Clothing & Accessories
2005-12-30 CHARACTER GROUP Creditworthiness Media Media Agencies
2005-11-29 CHARALAMBIDES DAIRIES 3577 Food Producers Food Products
2006-02-06 CHARIOT(UK) Creditworthiness Travel & Leisure Gambling
2006-04-04 CHARLEMAGNE CAPITAL LTD financial General Financial Asset Managers
1960-10-31 CHARLES STANLEY GROUP financial situation General Financial Investment Services
1996-10-10 CHARLES TAYLOR CONSULTING Creditworthiness General Financial
Specialty Finance
CHARLWOOD ALLIANCE HLDGS 6 Debentures & Loans Debentures & Loans
1993-08-23 CHARTER Creditworthiness Industrial Engineering Industrial Machinery
2002-04-29 CHARTER EUROPEAN TRUST PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-11-27 CHARTERHOUSE COMMUNICATIONS Risk Media Publishing
2000-11-01 CHARTERIS 9Creditworthiness Software & Computer Services Computer
Services
1998-07-23 CHAUCER HOLDINGS 8536 Nonlife Insurance Property & Casualty Insurance
1973-03-25 CHE HOTEL GROUP 5753 Travel & Leisure Hotels
2006-04-04 CHEEKYMOON ENTERTAINMENT Creditworthiness Travel & Leisure Gambling
2002-05-01 CHEERFUL SCOUT PLC Creditworthiness Media Broadcasting & Entertainment
2000-08-22 CHELFORD GROUP Creditworthiness Software & Computer Services Software
2006-11-13 CHELIABINSK ELEKTROLIT ZINK PLANT Creditworthiness Industrial Metals Nonferrous
Metals
2001-08-09 CHELVERTON GROWTH TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1988-08-17 CHEMETALL PLC 7 Preference Preference
1974-07-01 CHEMRING GROUP 2717 Aerospace & Defence Defence
2006-05-15 CHERKIZOVO GROUP(OJSC) 3577 Food Producers Food Products
1994-03-29 CHESHIRE BUILDING SOCIETY 7 Preference Preference
2004-05-25 CHESNARA 8575 Life Insurance Life Insurance
2005-05-27 CHIEFTAIN GROUP Creditworthiness Support Services Business Support
Services
1994-06-03 CHIME COMMUNICATIONS Creditworthiness Media Media Agencies
2006-06-30 CHINA BIODIESEL INTL HLDG CO LTD Creditworthiness Chemicals Specialty Chemicals
2006-02-07 CHINA GOLDMINES Creditworthiness Mining Gold Mining
2006-11-30 CHINA MEDSTAR LTD 4535 Health Care Equipment & Services Medical
Equipment
2000-10-18 CHINA PETROLEUM & CHEMICAL CORP 537 Oil & Gas Producers Integrated
Oil & Gas
2005-12-22 CHINA REAL ESTATE OPPORTUNITIES SA Credit Real Estate Real Estate
Holding & Development
2005-12-06 CHINA SHOTO Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2004-10-01 CHINA WONDER Creditworthiness Industrial Engineering Industrial Machinery
1963-11-11 CHLORIDE GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2001-10-25 CHOICESUK 5379 General Retailers Specialty Retailers
2005-11-10 CHRISTIE GROUP Creditworthiness Support Services Business Support
Services
2006-09-07 CHROMEX MINING PLC Credit Risk Mining General Mining
2005-06-20 CHROMOGENEX 4535 Health Care Equipment & Services Medical Equipment
1985-07-23 CHRYSALIS GROUP Creditworthiness Media Broadcasting & Entertainment
1985-07-23 CHRYSALIS VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
CHURCHBURY ESTATES 7 Preference Preference
2003-04-22 CHURCHILL CHINA Creditworthiness Household Goods Durable Household Products
2005-04-15 CHURCHILL MINING Credit Risk Mining General Mining
2004-10-18 CIRCLE OIL Creditworthiness Oil & Gas Producers Exploration &
Production
2006-05-26 CIREF Credit Real Estate Real Estate Holding & Development
2006-07-07 CITEL PLC 9578 Technology Hardware & Equipment Telecommunications
Equipment
2003-12-18 CITY LOFTS GROUP Credit Real Estate Real Estate Holding & Development
1992-01-29 CITY MERCHANTS HIGH YIELD TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1994-11-04 CITY NATURAL RES HIGH YIELD TRT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1996-08-01 CITY OF LONDON GROUP Creditworthiness General Financial Specialty
Finance
2006-04-12 CITY OF LONDON INVESTMENT GROUP financial General Financial Asset Managers
1955-05-04 CITY OF LONDON INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1987-04-10 CITY SITE ESTATES 6 Debentures & Loans Debentures & Loans
2003-07-29 CITYBLOCK Credit Real Estate Real Estate Holding & Development
2004-03-01 CIVICA Creditworthiness Software & Computer Services Software
2006-01-31 CLAIMAR CARE GROUP 4Creditworthiness Health Care Equipment & Services
Health Care Providers
2000-10-24 CLAIMS PEOPLE GROUP(THE) Creditworthiness Support Services Business
Support Services
2003-11-10 CLAPHAM HOUSE GROUP(THE) 5757 Travel & Leisure Restaurants & Bars
2000-07-26 CLARITY COMMERCE SOLUTIONS Creditworthiness Software & Computer
Services Software
1949-09-08 CLARKE(T.) Credit Construction & Materials Heavy Construction
1986-06-30 CLARKSON 2777 Industrial Transportation Transportation Services
2006-02-17 CLARKSON HILL GROUP financial situation General Financial Investment Services
2006-02-28 CLEAN AIR POWER Creditworthiness Industrial Engineering Industrial Machinery
2001-12-28 CLEAN DIESEL TECHNOLOGIES INC 3355 Automobiles & Parts Auto Parts
2006-12-18 CLEAN ENERGY BRAZIL PLC Creditworthiness Chemicals Specialty Chemicals
2006-01-04 CLEARDEBT GROUP 8773 General Financial Consumer Finance
2004-07-21 CLEARSPEED TECHNOLOGY 9576 Technology Hardware & Equipment
Semiconductors
2004-11-12 CLEARSTREAM TECHNOLOGIES GROUP financial Health Care Equipment & Services
Medical Supplies
2004-10-29 CLERKENWELL VENTURES loans Nonequity Investment Instruments Nonequity
Investment Instruments
2003-09-18 CLIMATE EXCHANGE Credit Risk Equity Investment Instruments Equity Investment
Instruments
1994-02-17 CLINICAL COMPUTING Creditworthiness Software & Computer Services
Software
2006-06-23 CLINPHONE PLC 4Creditworthiness Health Care Equipment & Services
Health Care Providers
1990-05-04 CLINTON CARDS 5379 General Retailers Specialty Retailers
1999-08-26 CLIPPER VENTURES 5755 Travel & Leisure Recreational Services
2005-09-15 CLIPPER WINDPOWER 7535 Electricity Electricity
2006-05-25 CLOSE ALLBLUE FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-11-15 CLOSE ASSETS FUNDS loans Nonequity Investment Instruments Nonequity
Investment Instruments
1962-07-24 CLOSE BROS GROUP financial situation General Financial Investment Services
1997-04-04 CLOSE BROS PROTECTED VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-04-04 CLOSE BROS VENTURE CAPITAL TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1998-03-17 CLOSE BROTHERS AIM VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-01-27 CLOSE BROTHERS DEV VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-02-23 CLOSE ENHANCED COMMODITIES FUND Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-07-27 CLOSE EUROPEAN ACCELERATED FUND Credit Risk Equity Investment Instruments
Equity Investment Instruments
2000-08-11 CLOSE FINSBURY EUROTECH TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-23 CLOSE FUND MGMT PORTFOLIOS II PCC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2003-04-04 CLOSE HIGH INCOME PROPERTIES 8737 Real Estate Real Estate Investment
Trusts
2006-01-25 CLOSE IHT AIM VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-10-07 CLOSE INCOME & GROWTH VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-04-05 CLOSE SECOND AIM VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-01-17 CLOSE TECHNOLOGY & GENERAL VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1994-05-27 CLS HLDGS Credit Real Estate Real Estate Holding & Development
2004-12-15 CLUFF GOLD PLC Creditworthiness Mining Gold Mining
2006-07-21 CLYDE PROCESS SOLUTIONS PLC Creditworthiness Industrial Engineering Industrial
Machinery
2006-07-24 CMA GLOBAL HEDGE PCC LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-07-18 CML MICROSYSTEMS 9576 Technology Hardware & Equipment Semiconductors
2005-12-22 CMR FUEL CELLS Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2000-08-04 CMS WEBVIEW Risk Media Publishing
2004-05-07 CNG TRAVEL GROUP financial situation Travel & Leisure Travel & Tourism
2005-12-13 COAL INTERNATIONAL 1771 Mining Coal
2006-09-25 COASTAL ENERGY CO Creditworthiness Oil & Gas Producers Exploration &
Production
1954-12-20 COBHAM Creditworthiness Aerospace & Defence Aerospace
2002-06-13 COBRA BIO-MANUFACTURING PLC loans Pharmaceuticals & Biotechnology
Biotechnology
2004-03-24 COBRA CAPITAL Creditworthiness General Financial Specialty Finance
2002-09-25 COBURG GROUP 3537 Beverages Soft Drinks
2000-08-31 COCA-COLA HBC S.A. 3537 Beverages Soft Drinks
2006-09-26 CODA PLC Creditworthiness Software & Computer Services Software
2003-05-28 COE GROUP 2737 Electronic & Electrical Equipment Electronic Equipment
2002-11-14 COFFEE REPUBLIC 5757 Travel & Leisure Restaurants & Bars
2001-12-03 COFFEEHEAVEN INTERNATIONAL 5757 Travel & Leisure Restaurants & Bars
2006-03-08 COHORT 2717 Aerospace & Defence Defence
2004-08-19 COLEFAX GROUP Credit Risk Household Goods Furnishings
1972-11-22 COLGATE-PALMOLIVE CO 3767 Personal Goods Personal Products
2001-08-16 COLLIERS CRE Credit Real Estate Real Estate Holding & Development
2001-07-30 COLLINS & HAYES GROUP Credit Risk Household Goods Furnishings
2006-12-19 COLLINS STEWART PLC financial situation General Financial Investment Services
2006-07-03 COLT TELECOM GROUP S.A. 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1996-12-17 COLT TELECOM LTD 5 Company Bonds Company Bonds
1997-12-09 COMLAND COMMERCIAL Credit Real Estate Real Estate Holding & Development
1996-07-31 COMMERCIAL INTL BANK(EGYPT)S.A.E financial situation General Financial Investment
Services
1996-10-01 COMMERZBANK AG 8355 Banks Banks
2006-04-25 COMMODITRADE INC financial situation General Financial Investment Services
1994-06-27 COMMUNISIS Creditworthiness Support Services Business Support
Services
2002-04-24 COMPACT POWER HLDGS Creditworthiness Support Services Waste & Disposal Services
1987-07-02 COMPAGNIE DE ST-GOBAIN 2353 Construction & Materials Building
Materials & Fixtures
2005-04-25 COMPANY HEALTH GROUP 4Creditworthiness Health Care Equipment &
Services Health Care Providers
2004-03-10 COMPASS FINANCE GROUP 8773 General Financial Consumer Finance
2001-02-02 COMPASS GROUP 5757 Travel & Leisure Restaurants & Bars
2006-11-01 COMPEL GROUP PLC 9Creditworthiness Software & Computer Services
Computer Services
1998-05-29 COMPUTACENTER 9Creditworthiness Software & Computer Services Computer
Services
2000-08-17 COMPUTER SOFTWARE GROUP Creditworthiness Software & Computer Services
Software
1997-09-19 COMPUTERLAND UK 9Creditworthiness Software & Computer Services
Computer Services
2006-09-06 COMS PLC Creditworthiness General Financial Specialty Finance
2006-02-13 COMSTAR UNITED TELESYSTEM 6535 Fixed Line Telecommunications Fixed
Line Telecommunications
2006-11-03 CONCATENO PLC loans Pharmaceuticals & Biotechnology Biotechnology
1996-07-04 CONCURRENT TECHNOLOGIES 9572 Technology Hardware & Equipment Computer
Hardware
2000-12-18 CONDER ENVIRONMENTAL Creditworthiness Industrial Engineering Industrial Machinery
2006-05-31 CONDOR RESOURCES Creditworthiness General Financial Specialty Finance
1995-09-22 CONISTER TRUST 8773 General Financial Consumer Finance
2005-01-28 CONIVAL 3577 Food Producers Food Products
2006-11-06 CONNAUGHT Creditworthiness Support Services Business Support Services
2000-05-30 CONROY DIAMONDS & GOLD Creditworthiness Mining Gold Mining
2005-09-30 CONSOLIDATED COMMUNICATIONS CORP 6535 Fixed Line Telecommunications
Fixed Line Telecommunications
2003-04-14 CONSOLIDATED MINERALS Credit Risk Mining General Mining
2006-12-13 CONSOLIDATED VENDING PLC Creditworthiness7 Food & Drug Retailers Food
Retailers & Wholesalers
2006-02-07 CONTEMPORARY ENTERPRISES Creditworthiness Software & Computer
Services Software
2004-03-29 CONTENTFILM PLC Creditworthiness Media Broadcasting & Entertainment
2000-08-09 CONTINUUM PAYMENT SOLUTIONS PLC Creditworthiness Software & Computer
Services Software
2003-10-23 CONYGAR INVESTMENT CO(THE) Creditworthiness General Financial
Specialty Finance
1951-09-24 COOKSON GROUP financial General Industrials Diversified Industrials
1999-06-01 COOLABI Creditworthiness Media Broadcasting & Entertainment
1989-06-01 CO-OPERATIVE BANK 7 Preference Preference
1994-01-10 CO-OPERATIVE GROUP(CWS) 6 Debentures & Loans Debentures & Loans
2005-04-21 COPPER RESOURCES CORP Credit Risk Mining General Mining
2001-07-04 CORAC GROUP Creditworthiness Industrial Engineering Industrial Machinery
1995-04-13 CORAL PRODUCTS 2723 General Industrials Containers & Packaging
2006-03-08 CORE BUSINESS(THE) 3767 Personal Goods Personal Products
2005-04-04 CORE VCT I PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-01-12 CORE VCT II Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-03-10 CORE VCT III PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
2002-05-09 CORIN GROUP 4535 Health Care Equipment & Services Medical Equipment
2004-11-26 CORNWELL MANAGEMENT CONSULTANTS Creditworthiness Support Services
Business Support Services
2003-08-28 CORPORA Creditworthiness Software & Computer Services Software
1996-04-29 CORPORATE SERVICES GROUP Risk Support Services Business Training &
Employment Agencies
2002-07-30 CORPORATE SYNERGY GROUP PLC Creditworthiness General Financial
Specialty Finance
2006-06-05 CORSIE GROUP 5755 Travel & Leisure Recreational Services
1991-07-11 CORUS FINANCE 6 Debentures & Loans Debentures & Loans
1999-10-06 CORUS GROUP 1757 Industrial Metals Steel
2004-04-14 CORVUS CAPITAL INC Creditworthiness General Financial Specialty
Finance
1971-06-29 COSALT financial General Industrials Diversified Industrials
2005-12-01 COSENTINO SIGNATURE WINES 3535 Beverages Distillers & Vintners
2006-12-28 COSMEDIA GROUP HLDGS LTD Creditworthiness Media Media Agencies
2000-10-12 COSMOTE MOBILE TELECOMMUNICATIONS Creditworthiness Mobile Telecommunications
Mobile Telecommunications
1979-01-03 COSTAIN GROUP Credit Construction & Materials Heavy Construction
2004-05-25 COUNTRYWIDE PLC Credit Real Estate Real Estate Holding & Development
2000-09-29 COUNTY CONTACT CENTRES Creditworthiness Support Services Business
Support Services
COURTAULDS CLOTHING BRANDS 7 Preference Preference
1993-09-02 COVENTRY BUILDING SOCIETY 7 Preference Preference
2004-07-26 COZART financial Health Care Equipment & Services Medical Supplies
1999-06-29 CPL RESOURCES Risk Support Services Business Training & Employment
Agencies
2006-12-18 CQS RIG FINANCE FUND LTD loans Nonequity Investment Instruments
Nonequity Investment Instruments
1993-07-13 CRANSWICK 3577 Food Producers Food Products
1998-08-06 CRC GROUP 9Creditworthiness Software & Computer Services Computer
Services
2004-12-30 CREATIVE EDUCATION CORP 5377 General Retailers Specialized Consumer
Services
1994-08-30 CREIGHTONS 3767 Personal Goods Personal Products
2004-11-25 CREON CORP Creditworthiness General Financial Specialty Finance
2005-06-29 CRESCENT HYDROPOLIS RESORTS Creditworthiness General Financial
Specialty Finance
1972-03-13 CREST NICHOLSON 3728 Household Goods Home Construction
1993-06-29 CRESTON Creditworthiness Media Media Agencies
1973-02-05 CRH 2353 Construction & Materials Building Materials & Fixtures
2006-08-22 CRIMSON TIDE PLC 9578 Technology Hardware & Equipment
Telecommunications Equipment
1964-06-10 CRODA INTERNATIONAL PLC Creditworthiness Chemicals Specialty Chemicals
2004-04-16 CROMA GROUP 2717 Aerospace & Defence Defence
1996-07-11 CROMPTON GREAVES Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1951-06-21 CROPPER(JAMES) 1737 Forestry & Paper Paper
2004-05-18 CROSBY CAPITAL PARTNERS INC Creditworthiness General Financial
Specialty Finance
2006-04-28 CROSS SHORE ACQUISITION CORP Creditworthiness General Financial
Specialty Finance
1998-04-08 CROWN PLACE VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-09-17 CRUCIAL PLAN 5753 Travel & Leisure Hotels
2003-09-15 CRYPTOLOGIC INC 9535 Software & Computer Services Internet
2005-02-04 CRYSTALBAND 2353 Construction & Materials Building Materials &
Fixtures
2004-03-02 CSR PLC 9576 Technology Hardware & Equipment Semiconductors
2000-12-12 CSS STELLAR PLC Creditworthiness Media Media Agencies
2006-03-06 CUBUS LUX 5755 Travel & Leisure Recreational Services
2006-08-03 CUE ENERGY PLC Creditworthiness General Financial Specialty Finance
1991-08-01 CULVER HLDGS financial situation Nonlife Insurance Insurance Brokers
2006-07-06 CURIDIUM MEDICA PLC loans Pharmaceuticals & Biotechnology
Biotechnology
2003-07-08 CUSTOMVIS PLC 4535 Health Care Equipment & Services Medical Equipment
1995-10-02 CW RESIDENTIAL Credit Real Estate Real Estate Holding & Development
2005-12-07 CYAN HLDGS PLC 9576 Technology Hardware & Equipment Semiconductors
2005-07-12 CYBERVIEW TECHNOLOGY INC Creditworthiness Software & Computer
Services Software
2001-03-16 CYBIT HLDGS 2777 Industrial Transportation Transportation Services
2000-10-13 CYC HLDGS Creditworthiness General Financial Specialty Finance
2002-02-15 CYPROTEX Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2002-10-15 CYTOMYX HLDGS loans Pharmaceuticals & Biotechnology Biotechnology
1992-08-20 CZECH & SLOVAK INVESTMENT CORP INC loans Nonequity Investment
Instruments Nonequity Investment Instruments
2004-10-29 D1 OILS Creditworthiness Chemicals Specialty Chemicals
1996-07-24 DA GROUP Creditworthiness Software & Computer Services Software
1959-07-15 DAEJAN HLDGS Credit Real Estate Real Estate Holding & Development
1932-11-11 DAILY MAIL & GENERAL TRUST Risk Media Publishing
1996-08-28 DAIRY CREST GROUP 3577 Food Producers Food Products
1990-05-14 DAIRY FARM INTERNATIONAL HLDGS Creditworthiness7 Food & Drug
Retailers Food Retailers & Wholesalers
1998-01-26 DANA PETROLEUM PLC Creditworthiness Oil & Gas Producers Exploration &
Production
1972-05-17 DANAE INVESTMENT TRUST loans Nonequity Investment Instruments
Nonequity Investment Instruments
2004-10-18 DANIEL STEWART SECURITIES financial situation General Financial Investment Services
1991-07-01 DANKA BUSINESS SYSTEMS 9574 Technology Hardware & Equipment
Electronic Office Equipment
2005-08-15 DART GROUP PLC 2771 Industrial Transportation Delivery Services
2006-06-01 DATACASH GROUP PLC 2795 Support Services Financial Administration
2000-11-29 DATAMONITOR Risk Media Publishing
1997-03-20 DATANG INTL POWER GENERATION 7535 Electricity Electricity
2006-10-20 DATATEC 9Creditworthiness Software & Computer Services Computer
Services
2005-10-07 DATONG ELECTRONICS 2737 Electronic & Electrical Equipment Electronic
Equipment
2005-11-22 DAVENHAM GROUP Creditworthiness General Financial Specialty Finance
1981-03-30 DAVIS SERVICE GROUP Creditworthiness Support Services Business
Support Services
2006-10-23 DAVOS RESOURCES PLC Creditworthiness Mining Gold Mining
2002-10-14 DAWMED SYSTEMS 4535 Health Care Equipment & Services Medical
Equipment
2005-07-26 DAWNAY DAY CARPATHIAN Credit Real Estate Real Estate Holding &
Development
2005-12-14 DAWNAY DAY TREVERIA Credit Real Estate Real Estate Holding &
Development
1998-06-18 DAWSON HLDGS Creditworthiness Support Services Business Support
Services
2005-02-14 DAWSON INTERNATIONAL Credit Personal Goods Clothing & Accessories
1994-05-19 DCC 2797 Support Services Industrial Suppliers
2006-02-23 DCD MEDIA Creditworthiness Media Broadcasting & Entertainment
2002-01-03 DDD GROUP PLC Creditworthiness Software & Computer Services Software
1947-03-27 DE LA RUE Creditworthiness Support Services Business Support Services
2003-10-20 DEAL GROUP MEDIA Creditworthiness Media Media Agencies
2004-05-10 DEALOGIC(HOLDINGS) Creditworthiness Software & Computer Services
Software
2006-05-09 DEBENHAMS PLC 5373 General Retailers Broadline Retailers
2002-12-16 DEBT FREE DIRECT GROUP Creditworthiness General Financial Specialty
Finance
2005-06-22 DEBTMATTERS GROUP PLC Creditworthiness General Financial Specialty
Finance
2006-05-24 DEBTS.CO.UK 8773 General Financial Consumer Finance
2000-09-21 DECHRA PHARMACEUTICALS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
2002-08-16 DEE VALLEY GROUP 7577 Gas, Water & Multiutilities Water
1996-10-31 DEEP-SEA LEISURE 5755 Travel & Leisure Recreational Services
2004-11-01 DEFINED CAPITAL RETURN FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1997-07-15 DELCAM Creditworthiness Software & Computer Services Software
2004-10-14 DELLING GROUP Creditworthiness Media Media Agencies
1951-03-21 DELTA Creditworthiness Chemicals Specialty Chemicals
2001-11-08 DELTEX MEDICAL GROUP 4535 Health Care Equipment & Services Medical
Equipment
2003-07-24 DENSITRON TECHNOLOGIES Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2006-03-30 DERBYSHIRE BUILDING SOCIETY 7 Preference Preference
2006-01-04 DERMASALVE SCIENCES 3767 Personal Goods Personal Products
1984-08-13 DERWENT VALLEY HLDGS Credit Real Estate Real Estate Holding &
Development
2003-08-12 DESIGNER VISION GROUP 3355 Automobiles & Parts Auto Parts
1999-11-01 DESIRE PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2002-04-30 DETICA GROUP 9Creditworthiness Software & Computer Services Computer
Services
1976-07-16 DEUTSCHE BANK AG 8355 Banks Banks
2007-01-29 DEUTSCHE LAND Credit Real Estate Real Estate Holding & Development
2006-09-14 DEUXMIL MARINE PLC Creditworthiness Oil & Gas Producers Exploration &
Production
2006-05-31 DEVELICA DEUTSCHLAND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1986-07-14 DEVELOPMENT SECURITIES Credit Real Estate Real Estate Holding &
Development
1986-02-21 DEVELOPMENT SECURITIES(INVESTMENTS) 6 Debentures & Loans Debentures &
Loans
1993-06-30 DEVRO 3577 Food Producers Food Products
2006-02-22 DEWHURST Creditworthiness Electronic & Electrical Equipment Electrical Components
& Equipment
2002-12-19 DEXION ABSOLUTE LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-03-24 DEXION ALPHA STRATEGIES LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-04-01 DEXION EQUITY ALTERNATIVE Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-11-29 DEXION TRADING Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-05-19 DHX MEDIA Creditworthiness Media Broadcasting & Entertainment
1952-05-06 DIAGEO 3535 Beverages Distillers & Vintners
1993-11-09 DIALIGHT Creditworthiness Electronic & Electrical Equipment Electrical Components
& Equipment
2006-12-11 DIAMOND LIFESTYLE HLDGS PLC 8779 General Financial Mortgage Finance
2005-10-14 DIC ENTERTAINMENT HLDGS INC Creditworthiness Media Broadcasting & Entertainment
1997-12-08 DICOM GROUP Creditworthiness Software & Computer Services Software
2006-10-26 DIGITAL MARKETING GROUP PLC Creditworthiness Media Media Agencies
2004-04-08 DIGNITY PLC 5377 General Retailers Specialized Consumer Services
2006-06-15 DILLISTONE GROUP Creditworthiness Software & Computer Services
Software
1997-10-01 DIMENSION DATA HLDGS PLC 9Creditworthiness Software & Computer
Services Computer Services
1998-05-18 DIMENSION RESOURCES 2353 Construction & Materials Building Materials
& Fixtures
2002-02-12 DIPFORD GROUP Creditworthiness General Financial Specialty Finance
1960-11-21 DIPLOMA 2797 Support Services Industrial Suppliers
2006-09-05 DISCOVER LEISURE PLC 5755 Travel & Leisure Recreational Services
2004-07-26 DISPERSE GROUP 3767 Personal Goods Personal Products
2004-10-06 DM Creditworthiness Media Media Agencies
2000-04-04 DMATEK 9578 Technology Hardware & Equipment Telecommunications
Equipment
1997-03-10 DOBBIES GARDEN CENTRES 5379 General Retailers Specialty Retailers
2005-12-08 DOLPHIN CAPITAL INVESTORS Credit Real Estate Real Estate Holding &
Development
1994-10-10 DOMESTIC & GENERAL GROUP 8536 Nonlife Insurance Property & Casualty
Insurance
2006-12-12 DOMINION PETROLEUM LTD Creditworthiness Oil & Gas Producers
Exploration & Production
1985-05-02 DOMINO PRINTING SCIENCES 2737 Electronic & Electrical Equipment
Electronic Equipment
1999-11-24 DOMINO'S PIZZA UK & IRL 5757 Travel & Leisure Restaurants & Bars
2005-03-24 DORI MEDIA GROUP Creditworthiness Media Broadcasting & Entertainment
1972-11-30 DOW CHEMICAL CO 1353 Chemicals Commodity Chemicals
2006-10-24 DOWGATE CAPITAL PLC financial situation General Financial Investment Services
2005-11-07 DOWLIS CORPORATE SOLUTIONS Creditworthiness Media Media Agencies
1997-05-19 DOWNING PROTECTED VCT I Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-04-05 DOWNING PROTECTED VCT II Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-04-13 DOWNING PROTECTED VCT III Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-01-31 DOWNING PROTECTED VCT IV Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-02-08 DOWNING PROTECTED VCT V Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-04-29 DRAGANFLY INVESTMENTS Creditworthiness General Financial Specialty
Finance
1996-05-31 DRAGON OIL Creditworthiness Oil & Gas Producers Exploration &
Production
2005-12-15 DRAX GROUP 7535 Electricity Electricity
2002-05-02 DREAM DIRECT GROUP 5373 General Retailers Broadline Retailers
2005-10-13 DRIVER GROUP Credit Construction & Materials Heavy Construction
1994-05-05 DRS DATA & RESEARCH SERVICES 9Creditworthiness Software & Computer
Services Computer Services
2006-10-30 DRURY LANE CAPITAL PLC Creditworthiness General Financial Specialty
Finance
1962-07-12 DSG INTERNATIONAL 5379 General Retailers Specialty Retailers
1987-07-30 DTZ HLDGS Credit Real Estate Real Estate Holding & Development
1987-04-01 DUNEDIN ENTERPRISE INVESTMENT TRUST Credit Risk Equity Investment
Instruments Equity Investment Instruments
1949-11-21 DUNEDIN INCOME GROWTH INVEST TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1959-02-12 DUNEDIN SMALLER COS INVESTMENT TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-10-24 DUNELM GROUP PLC 5375 General Retailers Home Improvement Retailers
DUNLOP PLANTATIONS 7 Preference Preference
2001-12-07 DWYKA DIAMONDS 1773 Mining Diamonds & Gemstones
1974-07-30 DYSON GROUP Creditworthiness Chemicals Specialty Chemicals
2001-12-17 E WOOD HLDGS PLC Creditworthiness Industrial Engineering Industrial Machinery
2004-07-23 E2V TECHNOLOGIES 2737 Electronic & Electrical Equipment Electronic
Equipment
2000-11-07 EAGLE EYE TELEMATICS PLC 2777 Industrial Transportation
Transportation Services
1993-07-08 EAGLET INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-01-30 EARTHPORT PLC 9535 Software & Computer Services Internet
2006-03-23 EASTERN EUROPEAN PROPERTY FUND Credit Real Estate Real Estate Holding &
Development
1994-11-29 EASTERN EUROPEAN TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-07-14 EASTERN PLATINUM LTD Creditworthiness Mining Platinum & Precious Metals
2000-11-22 EASYJET Credit Risk Travel & Leisure Airlines
EATON FINANCE NV 6 Debentures & Loans Debentures & Loans
2006-11-17 EATONFIELD GROUP PLC Credit Real Estate Real Estate Holding &
Development
2005-09-08 EBT MOBILE CHINA 5379 General Retailers Specialty Retailers
2006-03-01 EBTM 5373 General Retailers Broadline Retailers
ECCLESIASTICAL INSURANCE GROUP 6 Debentures & Loans Debentures & Loans
1995-09-21 ECCLESIASTICAL INSURANCE OFFICE 7 Preference Preference
2003-06-27 ECKOH PLC Creditworthiness Support Services Business Support Services
1987-08-13 ECLECTIC INVESTMENT TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-08-04 ECLIPSE VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-03-21 ECLIPSE VCT 2 PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-10-14 ECLIPSE VCT 3 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-10-14 ECLIPSE VCT 4 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2002-02-26 ECOFIN WATER & POWER OPPORTUNITIES loans Nonequity Investment
Instruments Nonequity Investment Instruments
2006-02-23 ECONERGY INTERNATIONAL Creditworthiness General Financial Specialty
Finance
2005-12-19 ECOSECURITIES GROUP financial situation General Financial Investment Services
2006-04-11 EDGE PERFORMANCE VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1987-09-07 EDINBURGH DRAGON TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-12-08 EDINBURGH HIGH INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-12-08 EDINBURGH HIGH ZERO 2005 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-04-08 EDINBURGH INCOME AND VALUE TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1952-02-08 EDINBURGH INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-01 EDINBURGH NEW INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1993-08-19 EDINBURGH SMALL COMPANIES TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1992-12-14 EDINBURGH UK SMALL CO TRACK TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1990-08-06 EDINBURGH UK TRACKER TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1952-10-21 EDINBURGH US TRACKER TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-04-08 EDINBURGH VALUE ZEROS Credit Risk Equity Investment Instruments Equity
Investment Instruments
1998-07-10 EDINBURGH WORLDWIDE INVESTMENT TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-12-20 EDUCATION DEVELOPMENT INTL 5377 General Retailers Specialized
Consumer Services
1999-02-17 EESTI TELEKOM Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2004-10-21 EFES BREWERIES INTERNATIONAL NV 3Creditworthiness Beverages Brewers
1998-02-17 EFES SINAI YATIRIM HLDGS A.S. 3537 Beverages Soft Drinks
1998-08-04 EFG HERMES HLDGS financial situation General Financial Investment Services
2005-06-06 EG SOLUTIONS PLC 9Creditworthiness Software & Computer Services
Computer Services
2004-12-21 EGDON RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
1996-08-08 EGYPT TRUST loans Nonequity Investment Instruments Nonequity
Investment Instruments
2000-03-02 EICOM Creditworthiness Media Broadcasting & Entertainment
1994-10-18 EIH 5753 Travel & Leisure Hotels
2004-01-13 EIRX THERAPEUTICS PLC loans Pharmaceuticals & Biotechnology
Biotechnology
2006-01-05 EKAY Creditworthiness Media Media Agencies
1999-06-30 EL EZZ STEEL REBARS S.A.E. 1757 Industrial Metals Steel
2006-07-27 EL ORO & EXPLORATION CO Creditworthiness General Financial Specialty
Finance
1993-11-18 ELAN CORP Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2004-04-16 ELCOM INTERNATIONAL Creditworthiness Software & Computer Services
Software
1996-04-04 ELDERSTREET MILNM VENT CAP TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1998-05-18 ELDERSTREET VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1996-12-16 ELDRIDGE POPE & CO 6 Debentures & Loans Debentures & Loans
2006-03-22 ELECO 2353 Construction & Materials Building Materials & Fixtures
2002-01-25 ELECTRA KINGSWAY VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-12-03 ELECTRA KINGSWAY VCT 2 Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-12-01 ELECTRA KINGSWAY VCT 3 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1976-02-18 ELECTRA PRIVATE EQUITY Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-03-29 ELECTRIC WORD Risk Media Publishing
1950-04-02 ELECTRIC&GENERAL INV TST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1967-06-14 ELECTROCOMPONENTS 2797 Support Services Industrial Suppliers
1951-09-27 ELECTROLUX AB Creditworthiness Household Goods Durable Household Products
1987-04-13 ELECTRONIC DATA PROCESSING PLC 9Creditworthiness Software & Computer
Services Computer Services
1996-06-11 ELECTRONIC DATA SYSTEMS CORP 9Creditworthiness Software & Computer
Services Computer Services
2005-10-06 ELECTROSTEEL CASTINGS Creditworthiness Industrial Engineering Industrial
Machinery
2006-05-03 ELEKSEN GROUP 2737 Electronic & Electrical Equipment Electronic
Equipment
1999-04-19 ELEKTRON Creditworthiness Electronic & Electrical Equipment Electrical Components
& Equipment
1964-04-01 ELEMENTIS Creditworthiness Chemicals Specialty Chemicals
2005-11-23 ELEPHANT LOANS & MORTGAGES 8779 General Financial Mortgage Finance
2006-02-20 ELITEL TELECOM SPA 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2005-05-16 ELIXIR PETROLEUM LIMITED Creditworthiness Oil & Gas Producers
Exploration & Production
2004-09-03 ELKEDRA DIAMONDS Credit Risk Mining General Mining
1947-09-04 EMAP Risk Media Publishing
1998-06-08 EMBLAZE 9535 Software & Computer Services Internet
2005-05-09 EMED MINING PUBLIC LTD Creditworthiness Mining Gold Mining
1996-12-12 EMERALD ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2004-11-09 EMERGING UK INVESTMENTS Credit Risk Equity Investment Instruments Equity
Investment Instruments
1946-07-24 EMI GROUP Creditworthiness Media Broadcasting & Entertainment
2005-06-15 EMPIRE ONLINE Creditworthiness Travel & Leisure Gambling
2004-11-03 EMPRESARIA GROUP PLC Risk Support Services Business Training &
Employment Agencies
2005-07-27 EMPYREAN ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2006-03-03 ENCORE OIL Creditworthiness Oil & Gas Producers Exploration &
Production
2005-06-15 ENDACE 9Creditworthiness Software & Computer Services Computer
Services
2006-08-15 ENERGETIX GROUP PLC Creditworthiness Industrial Engineering Industrial Machinery
2006-03-13 ENERGY ASSET MANAGEMENT Creditworthiness Support Services Business
Support Services
2004-04-30 ENERGY TECHNIQUE Creditworthiness Industrial Engineering Industrial Machinery
2006-04-04 ENERGY XXI(BERMUDA) Creditworthiness Oil & Gas Producers Exploration
& Production
2005-12-15 ENGEL EAST EUROPE N.V. Credit Real Estate Real Estate Holding &
Development
1977-07-06 ENI LASMO Creditworthiness Oil & Gas Producers Exploration &
Production
1994-08-08 ENNSTONE 2353 Construction & Materials Building Materials & Fixtures
1995-01-25 ENODIS Creditworthiness Industrial Engineering Industrial Machinery
2005-07-26 ENOVA SYSTEMS INC 3355 Automobiles & Parts Auto Parts
2002-05-02 ENSOR HLDGS 2797 Support Services Industrial Suppliers
2006-04-12 ENTELOS INC loans Pharmaceuticals & Biotechnology Biotechnology
2004-11-08 ENTERPRISE Creditworthiness Support Services Business Support
Services
1995-11-06 ENTERPRISE INNS 5757 Travel & Leisure Restaurants & Bars
2004-08-27 ENTERPRISEASIA PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-12-16 ENTERTAINMENT RIGHTS Creditworthiness Media Broadcasting & Entertainment
2003-12-15 EP GLOBAL OPPORTUNITIES TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-01-04 E-PAY ASIA 9535 Software & Computer Services Internet
2003-09-16 EPIC RECONSTRUCTION Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-04-24 EPIC SECURITIES Credit Risk Equity Investment Instruments Equity Investment
Instruments
2000-11-14 EQ GROUP Creditworthiness Media Media Agencies
2004-12-09 EQUATOR EXPLORATION Creditworthiness Oil & Gas Producers Exploration
& Production
2006-02-14 EQUATORIAL BIOFUELS PLC Creditworthiness General Financial Specialty
Finance
2005-12-14 EQUEST BALKAN PROPERTIES Credit Real Estate Real Estate Holding &
Development
2006-12-20 EQUEST INVESTMENTS BALKANS LTD Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-08-17 EQUITY PARTNERSHIP INVESTMENT CO loans Nonequity Investment
Instruments Nonequity Investment Instruments
2005-02-24 EQUITY PRE-IPO INVESTMENTS Creditworthiness General Financial
Specialty Finance
2004-08-16 EQUITY SPECIAL SITUATIONS Creditworthiness General Financial
Specialty Finance
2006-05-10 EREDENE CAPITAL Credit Real Estate Real Estate Holding & Development
2004-10-22 ERINACEOUS GROUP Creditworthiness Support Services Business Support
Services
2006-07-04 EROS INTERNATIONAL Creditworthiness Media Broadcasting & Entertainment
2005-07-01 ERUMA Creditworthiness Support Services Business Support Services
2005-10-31 ESERVGLOBAL Creditworthiness Software & Computer Services Software
1994-02-25 ESKMUIR PROPERTIES LD 6 Debentures & Loans Debentures & Loans
1989-07-10 ESPIRITO SANTO FINANCIAL GROUP SA 8355 Banks Banks
1998-12-17 ESPRIT HLDGS 5371 General Retailers Apparel Retailers
2006-05-31 ESSENTIALLY GROUP LTD Creditworthiness Media Media Agencies
2002-03-18 ESTABLISHMENT INVESTMENT TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
1978-07-03 ESTATES & GENERAL 6 Debentures & Loans Debentures & Loans
1986-04-25 ESTATES PROPERTY INVESTMENT CO 6 Debentures & Loans Debentures &
Loans
2004-01-19 ETHANOL INVESTMENTS PLC Creditworthiness Chemicals Specialty Chemicals
2000-04-10 ETHICAL AIM VCT(THE) Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-10-02 EURASIA MINING Creditworthiness Mining Platinum & Precious Metals
1995-08-02 EURODIS ELECTRON Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2004-07-20 EUROGOLD Creditworthiness Mining Gold Mining
1990-01-22 EUROMONEY INSTITUTIONAL INVESTOR Risk Media Publishing
2004-11-11 EUROPA OIL & GAS(HLDGS) Creditworthiness Oil & Gas Producers
Exploration & Production
2003-07-21 EUROPASIA EDUCATION Creditworthiness General Financial Specialty
Finance
2006-07-03 EUROPE VISION PLC Creditworthiness General Financial Specialty
Finance
1983-10-12 EUROPEAN ASSETS TRUST NV loans Nonequity Investment Instruments
Nonequity Investment Instruments
2005-04-04 EUROPEAN BUSINESS JETS Credit Risk Travel & Leisure Airlines
2005-06-28 EUROPEAN CONVERGENCE PROPERTY CO Credit Real Estate Real Estate Holding
& Development
2000-12-11 EUROPEAN DIAMONDS 1773 Mining Diamonds & Gemstones
2006-04-26 EUROPEAN EQUITY TRANCHE INCOME Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-06-01 EUROPEAN EXCHANGE-TRADED FUND CO loans Nonequity Investment
Instruments Nonequity Investment Instruments
2004-11-30 EUROPEAN GOLDFIELDS Creditworthiness Mining Gold Mining
1993-07-29 EUROPEAN HOME RETAIL 5373 General Retailers Broadline Retailers
2006-05-17 EUROPEAN ISLAMIC INVESTMENT BANK 8355 Banks Banks
2004-09-29 EUROPEAN MINERALS CORPORATION Credit Risk Mining General Mining
1992-04-21 EUROPEAN MOTOR HLDGS 5379 General Retailers Specialty Retailers
2004-03-31 EUROPEAN NICKEL Credit Risk Mining General Mining
1994-06-20 EUROPEAN UTILITIES TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1987-12-10 EUROTUNNEL PLC/EUROTUNNEL SA 2775 Industrial Transportation Railroads
2000-03-13 EUROVESTECH Creditworthiness General Financial Specialty Finance
1985-09-19 EVANS OF LEEDS 6 Debentures & Loans Debentures & Loans
2006-04-06 EVERFOR DIAMONDS 1773 Mining Diamonds & Gemstones
1996-08-05 EVERGREEN MARINE CORP(TAIWAN) 2773 Industrial Transportation Marine
Transportation
2004-08-02 EVOLUTEC GROUP loans Pharmaceuticals & Biotechnology Biotechnology
2003-06-26 EVOLUTION GROUP financial situation General Financial Investment Services
2005-06-08 EVRAZ GROUP SA 1757 Industrial Metals Steel
2004-07-01 EXC Creditworthiness Support Services Business Support Services
2006-10-11 EXPERIAN GROUP LTD Creditworthiness Support Services Business Support
Services
2001-12-14 EXPOMEDIA GROUP PLC Creditworthiness Media Media Agencies
1995-03-28 EXPRO INTERNATIONAL GROUP 573 Oil Equipment, Services & Distribution
Oil Equipment & Services
1986-06-10 EXXON MOBIL CORP 537 Oil & Gas Producers Integrated Oil & Gas
1998-02-17 F&C ASSET MANAGEMENT financial General Financial Asset Managers
1992-10-29 F&C CAPITAL & INCOME INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-03-18 F&C COMMERCIAL PROPERTY TRUST 8737 Real Estate Real Estate Investment
Trusts
F&C EMERGING MARKETS INV TST 8 Convertibles Convertibles
1959-06-29 F&C GLOBAL SMALLER COMPANIES Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-03-22 F&C PRIVATE EQUITY TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1993-06-15 F&C UK SELECT TRUST PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1993-03-11 F&C US SMALLER COMPANIES Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-05-04 F.B.D.HLDGS 8532 Nonlife Insurance Full Line Insurance
2005-08-18 F.T.S.-FORMULA TELECOM SOLUTIONS Creditworthiness Software & Computer
Services Software
2006-12-15 FABIAN ROMANIA PROPERTY FUND LTD Credit Real Estate Real Estate Holding
& Development
2006-09-07 FACES COSMETICS PLC 5379 General Retailers Specialty Retailers
1997-07-28 FAIRPLACE PLC Risk Support Services Business Training & Employment
Agencies
2001-10-31 FALCON INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-12-09 FALKLAND GOLD & MINERALS Credit Risk Mining General Mining
2003-01-13 FALKLAND ISLANDS HLDGS Creditworthiness7 Food & Drug Retailers Food
Retailers & Wholesalers
2004-10-14 FALKLAND OIL & GAS Creditworthiness Oil & Gas Producers Exploration &
Production
2003-06-27 FAROE PETROLEUM PLC Creditworthiness Oil & Gas Producers Exploration
& Production
2001-06-06 FARSIGHT Creditworthiness Support Services Business Support Services
1997-05-15 FAYREWOOD 9572 Technology Hardware & Equipment Computer Hardware
2005-04-07 FDM GROUP 9Creditworthiness Software & Computer Services Computer
Services
2006-01-31 FEDERAL BANK 8355 Banks Banks
2003-12-31 FEEDBACK 2737 Electronic & Electrical Equipment Electronic Equipment
2004-03-08 FELIX GROUP Creditworthiness Media Media Agencies
1952-07-28 FENNER PLC Creditworthiness Industrial Engineering Industrial Machinery
1993-06-16 FERRARIS GROUP 4535 Health Care Equipment & Services Medical
Equipment
2000-11-14 FFASTFILL Creditworthiness Software & Computer Services Software
2006-11-17 FIBERWEB PLC 2797 Support Services Industrial Suppliers
1996-06-13 FIDELITY ASIAN VALUES Credit Risk Equity Investment Instruments Equity
Investment Instruments
1991-11-06 FIDELITY EUROPEAN VALUES Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-03-15 FIDELITY JAPANESE VALUES Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-11-17 FIDELITY SPECIAL VALUES Credit Risk Equity Investment Instruments Equity
Investment Instruments
1972-10-25 FII GROUP Credit Personal Goods Clothing & Accessories
2005-06-06 FILTRONA 2797 Support Services Industrial Suppliers
1994-10-24 FILTRONIC 9578 Technology Hardware & Equipment Telecommunications
Equipment
2006-04-25 FINANCE IRELAND PLC Creditworthiness General Financial Specialty
Finance
2005-07-21 FINANCIAL OBJECTS Creditworthiness Software & Computer Services
Software
2006-06-16 FINANCIAL PAYMENT SYSTEMS 2795 Support Services Financial
Administration
1998-06-11 FINANSBANK 8355 Banks Banks
1963-08-30 FINDEL 5379 General Retailers Specialty Retailers
2006-03-22 FINDERS RESOURCES Credit Risk Mining General Mining
1997-06-23 FINSBURY EMERGING BIOTECHNOLOGY TST Credit Risk Equity Investment
Instruments Equity Investment Instruments
2002-08-30 FINSBURY FOOD GROUP 3577 Food Producers Food Products
1953-12-24 FINSBURY GROWTH & INCOME TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1995-12-04 FINSBURY TECHNOLOGY TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-04-28 FINSBURY WORLDWIDE PHARM TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1993-06-10 FINTRUST DEBENTURE 6 Debentures & Loans Debentures & Loans
2005-06-02 FIREONE GROUP 2795 Support Services Financial Administration
1998-08-14 FIRESTONE DIAMONDS 1773 Mining Diamonds & Gemstones
2006-12-28 FIRST ARTIST CORP PLC Creditworthiness Media Media Agencies
2002-07-30 FIRST CALGARY PETROLEUMS Creditworthiness Oil & Gas Producers
Exploration & Production
1987-05-07 FIRST CHOICE HOLIDAYS financial situation Travel & Leisure Travel & Tourism
1987-12-18 FIRST DEBENTURE FINANCE 6 Debentures & Loans Debentures & Loans
2002-03-28 FIRST DERIVATIVES PLC 9Creditworthiness Software & Computer Services
Computer Services
2000-12-22 FIRST PROPERTY GROUP Credit Real Estate Real Estate Holding &
Development
2001-04-09 FIRST QUANTUM MINERALS Creditworthiness Industrial Metals Nonferrous Metals
2005-03-29 FIRST STATE INVESTMENTS AIM VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-02-08 FIRSTAFRICA OIL Creditworthiness Oil & Gas Producers Exploration &
Production
1995-06-16 FIRSTGROUP financial situation Travel & Leisure Travel & Tourism
1996-12-30 FISHER(JAMES)& SONS PLC 2777 Industrial Transportation Transportation
Services
FISHGUARD & ROSSLARE RLYS & HBRS CO 7 Preference Preference
2005-06-20 FISHWORKS 5757 Travel & Leisure Restaurants & Bars
2000-03-30 FISKE financial situation General Financial Investment Services
1983-10-03 FKI Creditworthiness Industrial Engineering Industrial Machinery
1986-12-02 FLETCHER KING Credit Real Estate Real Estate Holding & Development
2003-12-12 FLIGHTSTORE GROUP Creditworthiness Software & Computer Services
Software
1995-12-06 FLOMERICS GROUP Creditworthiness Software & Computer Services
Software
2004-04-01 FLOORS 2 GO 5375 General Retailers Home Improvement Retailers
1993-08-02 FLYING BRANDS 5379 General Retailers Specialty Retailers
2000-03-16 FOCUS SOLUTIONS GROUP Creditworthiness Software & Computer Services
Software
2005-03-31 FONEBAK 9578 Technology Hardware & Equipment Telecommunications
Equipment
2002-09-12 FOOD & DRINK GROUP (THE) 5757 Travel & Leisure Restaurants & Bars
2000-02-29 FORBIDDEN TECHNOLOGIES Creditworthiness Software & Computer Services
Software
1966-06-18 FORD MOTOR CO 3353 Automobiles & Parts Automobiles
1952-03-21 FOREIGN & COL INVESTM TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1972-06-28 FOREIGN & COLONIAL EUROTRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-12-24 FORESIGHT 2 VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-04-04 FORESIGHT 3 VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1998-03-16 FORESIGHT 4 VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2007-01-18 FORESIGHT VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-01-31 FOREST SUPPORT SERVICES PLC 2777 Industrial Transportation
Transportation Services
2001-05-17 FORMATION GROUP Creditworthiness Media Media Agencies
2004-08-27 FORMJET PLC Creditworthiness Software & Computer Services Software
1995-06-19 FORMSCAN 9572 Technology Hardware & Equipment Computer Hardware
1998-07-23 FORTFIELD INVESTMENTS 2737 Electronic & Electrical Equipment
Electronic Equipment
1992-03-23 FORTH PORTS 2777 Industrial Transportation Transportation Services
1993-08-10 FORTUNE OIL Creditworthiness Oil & Gas Producers Exploration &
Production
2005-08-02 FORUM ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2005-05-12 FOSECO Creditworthiness Industrial Engineering Industrial Machinery
1996-12-19 FOUNTAINS Creditworthiness Support Services Business Support Services
2005-12-21 FRAMLINGTON AIM VCT 2 Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-12-02 FRAMLINGTON AIM VCT PLC loans Nonequity Investment Instruments
Nonequity Investment Instruments
1983-04-20 FRAMLINGTON INCOME & CAPITAL TRUST loans Nonequity Investment
Instruments Nonequity Investment Instruments
1992-07-24 FRAMLINGTON INNOVATIVE GWTH TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-08-04 FRAMLINGTON SECOND DUAL TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1994-03-11 FRANKLIN RESOURCES INC financial General Financial Asset Managers
2006-07-20 FREEPLAY ENERGY 3743 Leisure Goods Consumer Electronics
1994-07-25 FREEPORT Credit Real Estate Real Estate Holding & Development
1995-05-09 FRENCH CONNECTION GROUP 5371 General Retailers Apparel Retailers
2004-07-28 FRENKEL TOPPING GROUP Creditworthiness General Financial Specialty
Finance
2001-07-09 FRIENDS PROVIDENT 8575 Life Insurance Life Insurance
2005-03-14 FRONTERA RESOURCES CORP Creditworthiness Oil & Gas Producers
Exploration & Production
2004-09-02 FRONTIER MINING Credit Risk Mining General Mining
1992-10-12 FRONTLINE LTD 2773 Industrial Transportation Marine Transportation
2005-02-08 FRUTAROM INDUSTRIES Creditworthiness Chemicals Specialty Chemicals
1998-04-17 FUBON FINANCIAL HLDGS CO Creditworthiness General Financial Specialty
Finance
2001-01-12 FUJIN TECHNOLOGY PLC 9Creditworthiness Software & Computer Services
Computer Services
1981-10-01 FUJITSU 9572 Technology Hardware & Equipment Computer Hardware
2000-03-15 FULCRUM PHARMA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1996-08-27 FULLER SMITH & TURNER 5757 Travel & Leisure Restaurants & Bars
2006-03-10 FUN TECHNOLOGIES INC Creditworthiness Travel & Leisure Gambling
1998-07-01 FUNDAMENTAL-E INVESTMENTS PLC Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
1993-03-10 FUNDING FOR HOMES 6 Debentures & Loans Debentures & Loans
2003-07-22 FUTURA MEDICAL Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2004-06-15 FUTURAGENE Creditworthiness Chemicals Specialty Chemicals
1999-06-25 FUTURE Risk Media Publishing
2007-01-08 FUTURE INTERNET TECHNOLOGIES PLC 9Creditworthiness Software &
Computer Services Computer Services
2006-10-31 FUTUREFUEL CORP Creditworthiness Chemicals Specialty Chemicals
2007-01-10 FYFFES 3577 Food Producers Food Products
1997-08-05 G.R.(HLDGS) Creditworthiness General Financial Specialty Finance
2005-12-23 GABLE HLDGS INC 8536 Nonlife Insurance Property & Casualty Insurance
1999-11-15 GAIL(INDIA) 7573 Gas, Water & Multiutilities Gas Distribution
2003-12-23 GALAHAD GOLD Creditworthiness Mining Gold Mining
2006-03-31 GALANTAS GOLD CORP Creditworthiness Mining Gold Mining
2005-10-20 GALAPAGOS NV loans Pharmaceuticals & Biotechnology Biotechnology
1992-07-17 GALIFORM PLC 2797 Support Services Industrial Suppliers
1997-05-30 GALLAHER GROUP 3785 Tobacco Tobacco
2001-12-04 GALLEON HOLDINGS Creditworthiness Media Media Agencies
1972-03-27 GALLIFORD TRY Credit Construction & Materials Heavy Construction
2003-10-27 GAM DIVERSITY III INC loans Nonequity Investment Instruments Nonequity
Investment Instruments
2002-03-28 GAM DIVERSITY INC loans Nonequity Investment Instruments Nonequity
Investment Instruments
1995-06-12 GAME GROUP PLC 5379 General Retailers Specialty Retailers
1994-10-06 GAMES WORKSHOP GROUP 3747 Leisure Goods Toys
2004-12-21 GAMING VC HLDGS S.A. Creditworthiness Travel & Leisure Gambling
2000-04-26 GAMINGKING Creditworthiness Travel & Leisure Gambling
2000-11-06 GARNER PLC Risk Support Services Business Training & Employment
Agencies
1971-12-08 GARTMORE EUROPEAN INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1994-12-20 GARTMORE FLEDGLING TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1956-04-05 GARTMORE GLOBAL TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1991-07-25 GARTMORE GROWTH OPPORTUNITIES Credit Risk Equity Investment Instruments
Equity Investment Instruments
1995-06-08 GARTMORE IRISH GROWTH FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1952-11-10 GARTMORE SMALLER COMPANIES TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-21 GAS TURBINE EFFICIENCY Creditworthiness Industrial Engineering Industrial
Machinery
1998-10-05 GASKELL Credit Risk Household Goods Furnishings
2006-09-01 GASOL Creditworthiness Oil & Gas Producers Exploration & Production
2004-12-06 GATEKEEPER SYSTEMS INC Creditworthiness Support Services Business
Support Services
2000-06-30 GATEWAY VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1996-10-28 GAZPROM OAO 537 Oil & Gas Producers Integrated Oil & Gas
1995-08-04 GB GROUP 9Creditworthiness Software & Computer Services Computer
Services
1987-02-27 GCAP MEDIA Creditworthiness Media Broadcasting & Entertainment
2001-02-15 GDT SECURITIES 7 Preference Preference
2005-11-28 GEMFIELDS RESOURCES 1773 Mining Diamonds & Gemstones
2000-11-30 GENEMEDIX loans Pharmaceuticals & Biotechnology Biotechnology
1992-09-10 GENERAL ACCIDENT 7 Preference Preference
2006-09-14 GENERAL CAPITAL GROUP PLC Creditworthiness General Financial
Specialty Finance
1973-10-04 GENERAL ELECTRIC CO. financial General Industrials Diversified Industrials
1965-04-13 GENERAL MOTORS CORP 3353 Automobiles & Parts Automobiles
1989-07-06 GENESIS EMERGING MARKETS FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
1990-02-12 GENESIS MALAYSIA MAJU FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2005-11-14 GENESIS PETROLEUM CORP 537 Oil & Gas Producers Integrated Oil & Gas
2006-06-02 GENETIX GROUP financial Health Care Equipment & Services Medical Supplies
1983-11-28 GENFINANCE NV 6 Debentures & Loans Debentures & Loans
2005-12-02 GENOSIS financial Health Care Equipment & Services Medical Supplies
2005-12-02 GENUS loans Pharmaceuticals & Biotechnology Biotechnology
2006-06-23 GEONG INTERNATIONAL Creditworthiness Software & Computer Services
Software
2006-05-16 GEOPARK HLDGS Creditworthiness Oil & Gas Producers Exploration &
Production
2000-10-09 GEORGICA PLC 5755 Travel & Leisure Recreational Services
2005-09-23 GETECH GROUP 573 Oil Equipment, Services & Distribution Oil Equipment
& Services
2005-08-10 GETMOBILE EUROPE Creditworthiness Mobile Telecommunications Mobile
Telecommunications
1973-03-25 GIBBS & DANDY 2797 Support Services Industrial Suppliers
2005-08-09 GILAT SATCOM 9535 Software & Computer Services Internet
2004-03-09 GIPPSLAND Credit Risk Mining General Mining
1946-06-14 GKN 3355 Automobiles & Parts Auto Parts
2005-03-17 GLADSTONE PACIFIC NICKEL Credit Risk Mining General Mining
2002-05-28 GLADSTONE PLC Creditworthiness Software & Computer Services Software
1988-09-08 GLANBIA 3577 Food Producers Food Products
1988-07-18 GLASGOW INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1972-05-22 GLAXOSMITHKLINE Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1960-07-01 GLEESON(M.J.)GROUP Credit Construction & Materials Heavy Construction
2006-02-15 GLEN GROUP 9Creditworthiness Software & Computer Services Computer
Services
2005-09-23 GLENCAR MINING Creditworthiness Mining Gold Mining
2002-06-28 GLISTEN PLC 3577 Food Producers Food Products
2005-09-29 GLOBAL BRANDS SA 5757 Travel & Leisure Restaurants & Bars
2004-04-19 GLOBAL COAL MANAGEMENT PLC 1771 Mining Coal
2002-03-25 GLOBAL ENERGY DEVELOPMENT Creditworthiness Oil & Gas Producers
Exploration & Production
2005-06-27 GLOBAL GAMING TECHNOLOGIES Creditworthiness Travel & Leisure Gambling
2006-08-16 GLOBAL HEALTH PARTNER PLC 4Creditworthiness Health Care Equipment &
Services Health Care Providers
2001-08-23 GLOBAL MARINE ENERGY 573 Oil Equipment, Services & Distribution Oil
Equipment & Services
2005-09-09 GLOBAL NATURAL ENERGY 5379 General Retailers Specialty Retailers
2005-05-26 GLOBAL OCEANIC CARRIERS LTD 2773 Industrial Transportation Marine
Transportation
2005-03-07 GLOBAL PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2006-11-20 GLOBE SPECIALTY METALS INC Creditworthiness Industrial Metals Nonferrous Metals
1999-05-19 GLOTEL Creditworthiness Support Services Business Support Services
2003-05-14 GMA RESOURCES Creditworthiness Mining Gold Mining
2006-09-06 GMO LTD Creditworthiness Mobile Telecommunications Mobile Telecommunications
1994-05-09 GO-AHEAD GROUP financial situation Travel & Leisure Travel & Tourism
2004-12-07 GOALS SOCCER CENTRES 5755 Travel & Leisure Recreational Services
2006-01-05 GOINDUSTRY 2797 Support Services Industrial Suppliers
1969-06-01 GOLD FIELDS Creditworthiness Mining Gold Mining
2006-03-09 GOLD FROST 3577 Food Producers Food Products
2004-07-14 GOLD OIL Creditworthiness General Financial Specialty Finance
2006-11-28 GOLDEN PROSPECT PRECIOUS METALS LTD Credit Risk Equity Investment
Instruments Equity Investment Instruments
2006-04-05 GOLDENPORT HLDGS INC 2773 Industrial Transportation Marine
Transportation
2006-07-27 GOLDMAN SACHS DYNAMIC OPPORTUNITIES Credit Risk Equity Investment
Instruments Equity Investment Instruments
2006-07-26 GOLDPLAT PLC Creditworthiness Mining Gold Mining
1998-06-12 GOLDSHIELD GROUP Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2004-03-25 GOLDSTONE RESOURCES LTD Creditworthiness Mining Gold Mining
1997-12-12 GOOCH & HOUSEGO Creditworthiness Industrial Engineering Industrial Machinery
1958-08-18 GOODWIN Creditworthiness Industrial Engineering Industrial Machinery
1997-12-23 GOSHAWK INSURANCE HLDGS Credit Risk Nonlife Insurance Reinsurance
1998-06-16 GOURMET HLDGS 5757 Travel & Leisure Restaurants & Bars
1974-07-30 GRAFTON GROUP 2797 Support Services Industrial Suppliers
1984-02-22 GRAINGER TRUST PLC Credit Real Estate Real Estate Holding & Development
2005-06-15 GRANBY OIL & GAS Creditworthiness Oil & Gas Producers Exploration &
Production
1981-07-23 GRAPHITE ENTERPRISE TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-04-08 GRAVITY DIAMONDS 1773 Mining Diamonds & Gemstones
2005-12-13 GREAT EASTERN ENERGY CORP Creditworthiness Oil & Gas Producers
Exploration & Production
1959-05-23 GREAT PORTLAND ESTATES PLC 8737 Real Estate Real Estate Investment
Trusts
2005-12-28 GREATFLEET Risk Support Services Business Training & Employment
Agencies
2006-07-03 GREATLAND GOLD PLC Creditworthiness Mining Gold Mining
2006-08-17 GREEN DRAGON GAS LTD 1771 Mining Coal
1991-04-26 GREENCORE GROUP 3577 Food Producers Food Products
1955-02-04 GREENE KING 5757 Travel & Leisure Restaurants & Bars
2004-12-07 GREENFIELD CONSTRUCTION GROUP Credit Construction & Materials Heavy
Construction
2006-01-12 GREENHOUSE FUND Credit Risk Equity Investment Instruments Equity Investment
Instruments
1984-04-27 GREGGS Creditworthiness7 Food & Drug Retailers Food Retailers &
Wholesalers
1995-02-27 GRESHAM COMPUTING Creditworthiness Software & Computer Services
Software
1950-03-13 GRESHAM HOUSE Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-08-04 GREYSTAR RESOURCES Credit Risk Mining General Mining
2003-12-12 GRIFFIN GROUP financial situation General Financial Investment Services
1997-06-30 GRIFFIN MINING Credit Risk Mining General Mining
2001-06-11 GROSVENOR UK FINANCE 6 Debentures & Loans Debentures & Loans
2004-07-20 GROUP 4 SECURICOR Creditworthiness Support Services Business Support
Services
2003-10-30 GROUP NBT 9535 Software & Computer Services Internet
2004-12-02 GROVE ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2006-10-30 GRUPPEM INVESTMENTS PLC 5379 General Retailers Specialty Retailers
2005-04-21 GSH GROUP Creditworthiness Support Services Business Support Services
2005-09-01 GTL RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
1994-02-23 GUANGDONG DEVELOPMENT FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
GUARANTEED EXPORT FINANCE CORP 6 Debentures & Loans Debentures & Loans
GUILDHALL PROPERTY CO 7 Preference Preference
1996-04-04 GUINNESS FLIGHT VENTURE CAPITAL TST Credit Risk Equity Investment
Instruments Equity Investment Instruments
1948-01-07 GUINNESS PEAT GROUP Creditworthiness General Financial Specialty
Finance
1997-11-28 GUINNESS TRUST(LONDON FUND) 6 Debentures & Loans Debentures & Loans
2004-09-08 GULF KEYSTONE PETROLEUM Creditworthiness Oil & Gas Producers
Exploration & Production
2005-04-08 GULFSANDS PETROLEUM Creditworthiness Oil & Gas Producers Exploration
& Production
2005-12-16 GVM METALS Creditworthiness Mining Gold Mining
2001-06-28 GW PHARMACEUTICALS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1997-11-13 GYRUS GROUP 4535 Health Care Equipment & Services Medical Equipment
2006-05-08 H & T GROUP 5379 General Retailers Specialty Retailers
1995-05-01 H.R.OWEN 5379 General Retailers Specialty Retailers
1992-07-30 HACO 6 Debentures & Loans Debentures & Loans
2004-06-08 HALFORDS GROUP 5379 General Retailers Specialty Retailers
2001-04-27 HALLADALE GROUP Credit Real Estate Real Estate Holding & Development
2005-04-22 HALLIN MARINE SUBSEA INTERNATIONAL 573 Oil Equipment, Services &
Distribution Oil Equipment & Services
1972-01-18 HALMA 2737 Electronic & Electrical Equipment Electronic Equipment
1993-11-09 HALOS 6 Debentures & Loans Debentures & Loans
2006-12-20 HALYK SAVINGS BANK OF KAZAKHSTN JSC 8355 Banks Banks
2004-06-10 HAMBLEDON MINING Creditworthiness Mining Gold Mining
1945-05-31 HAMMERSON PLC 8737 Real Estate Real Estate Investment Trusts
1968-11-11 HAMPSON INDUSTRIES Creditworthiness Aerospace & Defence Aerospace
2005-05-10 HAMSARD GROUP Creditworthiness Software & Computer Services Software
2004-07-20 HAMWORTHY Creditworthiness Industrial Engineering Industrial Machinery
2006-11-10 HANATOUR SERVICE INC financial situation Travel & Leisure Travel & Tourism
2006-06-09 HANDMADE Creditworthiness Media Broadcasting & Entertainment
1951-03-25 HANSA TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-12-18 HANSARD GLOBAL PLC 8575 Life Insurance Life Insurance
2003-10-15 HANSON 2353 Construction & Materials Building Materials & Fixtures
2005-11-29 HANSTEEN HLDGS Credit Real Estate Real Estate Holding & Development
2005-04-04 HARDIDE Creditworthiness Chemicals Specialty Chemicals
2005-01-13 HARDY AMIES 5371 General Retailers Apparel Retailers
2005-06-07 HARDY OIL & GAS Creditworthiness Oil & Gas Producers Exploration &
Production
1999-06-03 HARDY UNDERWRITING GROUP 8536 Nonlife Insurance Property & Casualty
Insurance
2005-11-30 HARGREAVES SERVICES Creditworthiness Support Services Business
Support Services
1950-12-06 HARMONY GOLD MINING CO Creditworthiness Mining Gold Mining
2000-09-19 HARROGATE GROUP Credit Risk Equity Investment Instruments Equity Investment
Instruments
2001-07-16 HARTEST HLDGS Creditworthiness Industrial Engineering Industrial Machinery
1997-04-03 HARVEY NASH GROUP Risk Support Services Business Training &
Employment Agencies
2006-11-14 HASGROVE PLC Creditworthiness Media Media Agencies
2005-12-15 HAT PIN Risk Support Services Business Training & Employment Agencies
1987-10-01 HAVELOCK EUROPA PLC Credit Risk Household Goods Furnishings
2006-10-16 HAWTIN Credit Real Estate Real Estate Holding & Development
1996-11-07 HAYNES PUBLISHING GROUP Risk Media Publishing
1989-10-26 HAYS Risk Support Services Business Training & Employment Agencies
2001-09-10 HBOS 8355 Banks Banks
1988-07-06 HEADLAM GROUP Credit Risk Household Goods Furnishings
2003-11-14 HEALTHCARE ENTERPRISE GROUP PLC financial Health Care Equipment & Services
Medical Supplies
2005-11-17 HEALTHCARE LOCUMS PLC Risk Support Services Business Training &
Employment Agencies
2000-10-02 HEATH(SAMUEL)& SONS 2353 Construction & Materials Building Materials
& Fixtures
1996-07-01 HEAVITREE BREWERY 5757 Travel & Leisure Restaurants & Bars
2006-11-23 HELESI PLC 2797 Support Services Industrial Suppliers
1957-07-04 HELICAL BAR PLC Credit Real Estate Real Estate Holding & Development
2007-01-31 HELIUS ENERGY PLC 7535 Electricity Electricity
1998-06-30 HELLENIC PETROLEUM SA 537 Oil & Gas Producers Integrated Oil & Gas
1997-06-24 HELLENIC TELECOM.ORGANIZATION S.A. 6535 Fixed Line Telecommunications
Fixed Line Telecommunications
1997-03-24 HELPHIRE GROUP Creditworthiness General Financial Specialty Finance
1994-09-13 HEMINGWAY DEBENTURE 6 Debentures & Loans Debentures & Loans
2004-06-15 HEMISPHERE PROPERTIES Credit Real Estate Real Estate Holding &
Development
1992-07-06 HENDERSON EUROTRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-12-18 HENDERSON FAR EAST INCOME LTD Credit Risk Equity Investment Instruments
Equity Investment Instruments
1952-01-17 HENDERSON FAR EAST INCOME TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-08-01 HENDERSON GLOBAL PROPERTY COMPANIES Credit Risk Equity Investment
Instruments Equity Investment Instruments
2003-12-23 HENDERSON GROUP financial General Financial Asset Managers
1989-12-01 HENDERSON HIGH INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-09-11 HENDERSON MORLEY Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1985-10-16 HENDERSON OPPORTUNITIES TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
1955-03-29 HENDERSON SMALLER COS INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1987-11-26 HENDERSON TR PACIFIC INV TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1994-02-21 HERALD INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-11-22 HERENCIA RESOURCES Credit Risk Mining General Mining
2006-08-01 HERITAGE UNDERWRITING AGENCY PLC 8536 Nonlife Insurance Property &
Casualty Insurance
2000-07-31 HEXAWARE TECHNOLOGIES LD 9Creditworthiness Software & Computer
Services Computer Services
2006-12-11 HEYWOOD WILLIAMS GROUP PLC 2353 Construction & Materials Building
Materials & Fixtures
1989-12-13 HG CAPITAL TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-05-04 HICHENS HARRISON & CO financial situation General Financial Investment Services
2000-12-07 HIDEFIELD GOLD Creditworthiness Mining Gold Mining
1948-04-16 HIDONG ESTATE 3573 Food Producers Farming & Fishing
1996-12-16 HIGHAMS SYSTEMS SERVICES GROUP Risk Support Services Business
Training & Employment Agencies
1973-03-25 HIGHCROFT INVESTMENTS 8737 Real Estate Real Estate Investment Trusts
2002-12-17 HIGHLAND GOLD MINING Creditworthiness Mining Gold Mining
1997-06-17 HIGHLAND TIMBER 1733 Forestry & Paper Forestry
2006-09-06 HIGHTEX GROUP PLC 2353 Construction & Materials Building Materials &
Fixtures
1995-03-20 HIGHWAY CAPITAL PLC Creditworthiness General Financial Specialty
Finance
1995-02-10 HIGHWAY INSURANCE HLDGS 8536 Nonlife Insurance Property & Casualty
Insurance
2005-11-04 HIKMA PHARMACEUTICALS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1969-03-26 HILL & SMITH HLDGS Creditworthiness Industrial Engineering Industrial Machinery
2005-11-18 HILL STATION PLC 3577 Food Producers Food Products
1995-08-08 HIMACHAL FUTURISTIC COMMUNICATIONS 9578 Technology Hardware &
Equipment Telecommunications Equipment
1990-06-22 HIMALAYAN FUND NV loans Nonequity Investment Instruments Nonequity
Investment Instruments
2006-12-13 HIRCO PLC Credit Real Estate Real Estate Holding & Development
2006-12-12 HISCOX LTD 8536 Nonlife Insurance Property & Casualty Insurance
1997-07-15 HITACHI CAPITAL(UK) 8773 General Financial Consumer Finance
2006-06-30 HML HLDGS PLC Credit Real Estate Real Estate Holding & Development
2002-05-15 HMV GROUP 5379 General Retailers Specialty Retailers
2006-11-08 HOCHSCHILD MINING PLC Creditworthiness Mining Platinum & Precious Metals
2006-10-12 HOGG ROBINSON GROUP PLC financial situation Travel & Leisure Travel & Tourism
2001-10-08 HOLDERS TECHNOLOGY Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1991-07-10 HOLIDAYBREAK financial situation Travel & Leisure Travel & Tourism
HOME GROUP 6 Debentures & Loans Debentures & Loans
2006-10-11 HOME RETAIL GROUP PLC 5373 General Retailers Broadline Retailers
1992-02-06 HOMESERVE Creditworthiness Support Services Business Support Services
1992-03-02 HOMESTYLE GROUP PLC 5375 General Retailers Home Improvement Retailers
1999-10-08 HON HAI PRECISION INDUSTRY 9572 Technology Hardware & Equipment
Computer Hardware
1981-06-18 HONDA MOTOR CO 3353 Automobiles & Parts Automobiles
1998-11-04 HONEYCOMBE LEISURE 5757 Travel & Leisure Restaurants & Bars
1987-05-22 HONEYWELL INTERNATIONAL INC financial General Industrials Diversified
Industrials
1990-10-01 HONG KONG LAND HLDGS Credit Real Estate Real Estate Holding &
Development
1999-12-06 HORIZON TECHNOLOGY GROUP 9Creditworthiness Software & Computer
Services Computer Services
2006-05-08 HORIZONTE MINERALS Creditworthiness Mining Gold Mining
1996-08-02 HORNBY PLC 3747 Leisure Goods Toys
2005-09-23 HOT TUNA INTERNATIONAL Credit Personal Goods Clothing & Accessories
2004-07-12 HOTEL CORP(THE) 5753 Travel & Leisure Hotels
1988-05-18 HOUSING FINANCE CORP 6 Debentures & Loans Debentures & Loans
1994-01-26 HOUSING SECURITIES 6 Debentures & Loans Debentures & Loans
2001-04-20 HSBC EUROPEAN ABSOLUTE loans Nonequity Investment Instruments
Nonequity Investment Instruments
2001-11-28 HSBC GLOBAL ABSOLUTE loans Nonequity Investment Instruments Nonequity
Investment Instruments
1991-04-08 HSBC HLDGS 8355 Banks Banks
2006-03-29 HSBC INFRASTRUCTURE CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-11-29 HUMBERTS GROUP PLC Credit Real Estate Real Estate Holding & Development
1985-06-28 HUNTING 573 Oil Equipment, Services & Distribution Oil Equipment &
Services
1996-11-04 HUNTLEIGH TECHNOLOGY 4535 Health Care Equipment & Services Medical
Equipment
1986-08-04 HUNTSWORTH Creditworthiness Media Media Agencies
1996-04-03 HURLINGHAM Credit Real Estate Real Estate Holding & Development
2006-05-19 HUTCHISON CHINA MEDITECH Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
2003-03-31 HUVEAUX PLC Risk Media Publishing
1950-04-27 HWANGE COLLIERY CO 1771 Mining Coal
2002-10-22 HYDER CONSULTING Creditworthiness Support Services Business Support
Services
2005-04-12 HYDRO INTERNATIONAL Creditworthiness Industrial Engineering Industrial Machinery
2004-12-21 HYDRODEC GROUP Creditworthiness Oil & Gas Producers Exploration &
Production
2006-09-29 HYDROGEN GROUP PLC Risk Support Services Business Training &
Employment Agencies
2002-04-19 HYGEA VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1995-06-22 HYUNDAI MOTOR CO 3353 Automobiles & Parts Automobiles
2000-05-17 I S SOLUTIONS 9Creditworthiness Software & Computer Services Computer
Services
2006-02-17 IAF GROUP financial General Financial Asset Managers
1992-06-25 IAWS GROUP 3577 Food Producers Food Products
2006-04-05 IBIS MEDIA VCT 1 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-03-23 IBS OPENSYSTEMS PLC Creditworthiness Software & Computer Services
Software
1998-11-17 ICAP financial situation General Financial Investment Services
1998-05-21 ICM COMPUTER GROUP PLC 9Creditworthiness Software & Computer Services
Computer Services
2000-10-10 ID DATA GROUP PLC 2737 Electronic & Electrical Equipment Electronic
Equipment
2000-02-17 IDEAL SHOPPING DIRECT 5373 General Retailers Broadline Retailers
2004-11-22 IDMOS financial Health Care Equipment & Services Medical Supplies
2000-08-21 IDN TELECOM 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2000-12-19 IDOX Creditworthiness Software & Computer Services Software
2000-07-17 IFG GROUP Creditworthiness General Financial Specialty Finance
2006-11-15 IFR CAPITAL PLC 5757 Travel & Leisure Restaurants & Bars
2005-05-04 IG GROUP HLDGS Creditworthiness General Financial Specialty Finance
2006-05-24 IGM Creditworthiness Software & Computer Services Software
2004-08-16 IIMIA INVESTMENT GROUP Creditworthiness General Financial Specialty
Finance
2004-04-06 IIMIA INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-12-12 ILX GROUP Risk Support Services Business Training & Employment
Agencies
2002-04-25 IMAGE SCAN HLDGS 2737 Electronic & Electrical Equipment Electronic
Equipment
2004-08-18 IMAGESOUND Creditworthiness Media Broadcasting & Entertainment
2006-12-15 IMAGINATIK PLC 9Creditworthiness Software & Computer Services
Computer Services
1994-07-06 IMAGINATION TECHNOLOGIES GROUP 9576 Technology Hardware & Equipment
Semiconductors
2005-09-28 I-MATE 9578 Technology Hardware & Equipment Telecommunications
Equipment
1966-03-09 IMI Creditworthiness Industrial Engineering Industrial Machinery
2003-12-12 IMMEDIA BROADCASTING Creditworthiness Media Broadcasting & Entertainment
2004-12-24 IMMUNODIAGNOSTIC SYSTEMS HLDGS 4535 Health Care Equipment & Services
Medical Equipment
2006-02-17 IMMUPHARMA loans Pharmaceuticals & Biotechnology Biotechnology
2006-06-20 IMPACT HLDGS(UK) Creditworthiness General Financial Specialty Finance
1973-02-22 IMPALA PLATINUM HLDGS Creditworthiness Mining Platinum & Precious Metals
2002-02-22 IMPAX ENVIRONMENTAL MARKETS PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-06-19 IMPAX GROUP financial situation General Financial Investment Services
1946-07-03 IMPERIAL CHEMICAL INDUSTRIES Creditworthiness Chemicals Specialty Chemicals
2004-04-05 IMPERIAL ENERGY CORP Creditworthiness Oil & Gas Producers Exploration
& Production
2006-07-31 IMPERIAL INNOVATIONS GROUP Creditworthiness General Financial
Specialty Finance
1996-10-01 IMPERIAL TOBACCO GROUP 3785 Tobacco Tobacco
2001-05-23 IMPRINT Risk Support Services Business Training & Employment Agencies
1999-10-26 IMS MAXIMS PLC Creditworthiness Software & Computer Services Software
2005-03-09 IN CUP PLUS Creditworthiness Industrial Engineering Industrial Machinery
2006-12-01 INA-INDUSTRIJA NAFTE DD 537 Oil & Gas Producers Integrated Oil & Gas
2005-05-24 INCAGOLD 3747 Leisure Goods Toys
1940-05-29 INCH KENNETH KAJANG RUBBER 3573 Food Producers Farming & Fishing
1958-10-31 INCHCAPE 5379 General Retailers Specialty Retailers
2005-12-02 INDAGO PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2000-08-02 INDEPENDANT INTL INV RESEARCH 5379 General Retailers Specialty
Retailers
2000-10-18 INDEPENDENT INVESTMENT TRUST(THE) Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-12-07 INDEPENDENT MEDIA DISTRIBUTION Creditworthiness Media Broadcasting &
Entertainment
2004-06-24 INDEPENDENT MEDIA SUPPORT GROUP Creditworthiness Media Broadcasting &
Entertainment
1973-09-21 INDEPENDENT NEWS & MEDIA Risk Media Publishing
2005-12-12 INDEPENDENT RESOURCES Creditworthiness Oil & Gas Producers
Exploration & Production
2005-12-22 INDIA CAPITAL GROWTH FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1986-08-26 INDIA FUND loans Nonequity Investment Instruments Nonequity Investment
Instruments
2006-08-01 INDIA HOSPITALITY CORP Creditworthiness General Financial Specialty
Finance
2006-03-07 INDIA OUTSOURCING SERVICES Creditworthiness General Financial
Specialty Finance
2005-03-30 INDIA STAR ENERGY Creditworthiness General Financial Specialty
Finance
1995-05-09 INDIAN HOTELS CO(THE) 5753 Travel & Leisure Hotels
2003-12-15 INDIGOVISION GROUP 9Creditworthiness Software & Computer Services
Computer Services
2001-12-14 INDITHERM PLC Creditworthiness Chemicals Specialty Chemicals
2006-12-22 INDIVIDUAL RESTAURANT CO PLC 5757 Travel & Leisure Restaurants & Bars
2006-10-03 INFINITY BIO-ENERGY LTD 3577 Food Producers Food Products
1998-04-17 INFORMA Risk Media Publishing
2005-06-20 INFOSCREEN NETWORKS Creditworthiness Media Broadcasting & Entertainment
2006-06-23 INFOSERVE GROUP PLC 9535 Software & Computer Services Internet
2006-05-31 ING GLOBAL REAL ESTATE SECURITIES 8737 Real Estate Real Estate
Investment Trusts
2005-10-25 ING UK REAL ESTATE INCOME TRUST 8737 Real Estate Real Estate
Investment Trusts
2006-04-11 INGENIOUS MEDIA ACTIVE CAPITAL Creditworthiness General Financial
Specialty Finance
2005-04-05 INGENIOUS MUSIC VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-02-14 INGENIOUS MUSIC VCT 2 Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-05-26 INGENTA Risk Media Publishing
2004-12-01 INION OY financial Health Care Equipment & Services Medical Supplies
2005-06-22 INMARSAT Creditworthiness Mobile Telecommunications Mobile Telecommunications
2003-06-10 INNOBOX Creditworthiness General Financial Specialty Finance
2000-06-02 INNOVATION GROUP Creditworthiness Software & Computer Services
Software
2001-04-06 INNOVISION RESEARCH & TECHNOLOGY Creditworthiness Electronic & Electrical
Equipment Electrical Components & Equipment
2006-05-19 INOVA HLDGS 9Creditworthiness Software & Computer Services Computer
Services
2005-05-26 INSPACE Creditworthiness Support Services Business Support Services
2005-10-13 INSPICIO Creditworthiness Support Services Business Support Services
2006-06-02 INSPIRED GAMING GROUP Creditworthiness Travel & Leisure Gambling
1989-03-13 INSTORE 5373 General Retailers Broadline Retailers
2005-04-22 INTANDEM FILMS Creditworthiness Media Broadcasting & Entertainment
2000-06-16 INTEC TELECOM SYSTEMS Creditworthiness Software & Computer Services
Software
2000-07-25 INTECHNOLOGY 9Creditworthiness Software & Computer Services Computer
Services
2001-07-12 INTEGRATED ASSET MANAGEMENT financial situation General Financial Investment
Services
2006-12-14 INTELEK PLC 9578 Technology Hardware & Equipment Telecommunications
Equipment
2004-12-17 INTELLEGO HLDGS Risk Support Services Business Training & Employment
Agencies
1996-06-28 INTELLIGENT ENVIRONMENTS GROUP 9535 Software & Computer Services
Internet
1998-08-21 INTER LINK FOODS 3577 Food Producers Food Products
2005-09-01 INTERACTIVE GAMING HOLDINGS Creditworthiness Travel & Leisure Gambling
2004-12-09 INTERACTIVE PROSPECT TARGETING HLDG Creditworthiness Media Media Agencies
2006-05-08 INTERACTIVE WORLD Creditworthiness Software & Computer Services
Software
2006-02-28 INTERBULK INVESTMENTS 2777 Industrial Transportation Transportation
Services
2001-01-08 INTERCEDE GROUP Creditworthiness Software & Computer Services
Software
2005-06-27 INTERCONTINENTAL HOTELS GROUP 5753 Travel & Leisure Hotels
2006-02-01 INTERCYTEX GROUP loans Pharmaceuticals & Biotechnology Biotechnology
1998-06-30 INTERIOR SERVICES GROUP Creditworthiness Support Services Business
Support Services
2006-06-21 INTERMAP TECHNOLOGIES CORP 2737 Electronic & Electrical Equipment
Electronic Equipment
1994-06-01 INTERMEDIATE CAPITAL GROUP Creditworthiness General Financial
Specialty Finance
1994-05-06 INTERNATIONAL BIOTECHNOLOGY TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-06-05 INTERNATIONAL BRAND LICENSING Creditworthiness General Financial
Specialty Finance
1973-07-19 INTERNATIONAL BUS MACH CORP 9Creditworthiness Software & Computer
Services Computer Services
2005-09-30 INTERNATIONAL FERRO METALS 1757 Industrial Metals Steel
1995-10-31 INTERNATIONAL GREETINGS Risk Media Publishing
2005-12-06 INTERNATIONAL MARKETING & SALES GRP Creditworthiness Media Media Agencies
2005-07-19 INTERNATIONAL MEDICAL DEVICES 4535 Health Care Equipment & Services
Medical Equipment
2005-07-28 INTERNATIONAL MOLYBDENUM Credit Risk Mining General Mining
2006-05-31 INTERNATIONAL NUCLEAR SOLUTIONS Creditworthiness Support Services Waste &
Disposal Services
1991-03-12 INTERNATIONAL POWER 7535 Electricity Electricity
2005-04-18 INTERNATIONAL REAL ESTATE Credit Real Estate Real Estate Holding &
Development
2000-05-02 INTERNET BUSINESS GROUP 9535 Software & Computer Services Internet
2005-05-20 INTERQUEST GROUP Risk Support Services Business Training & Employment
Agencies
1966-10-12 INTERSERVE Creditworthiness Support Services Business Support
Services
2002-05-29 INTERTEK GROUP Creditworthiness Support Services Business Support
Services
2005-05-24 INTIMAS GROUP PLC Credit Personal Goods Clothing & Accessories
1951-11-12 INVENSYS 2737 Electronic & Electrical Equipment Electronic Equipment
2003-01-23 INVERESK 1737 Forestry & Paper Paper
1995-07-11 INVESCO ASIA TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1955-07-01 INVESCO ENGLISH & INTERN TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1996-03-28 INVESCO INCOME GROWTH TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-08-08 INVESCO JAPAN DISCOVERY TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-10-15 INVESCO LEVERAGED HIGH YIELD loans Nonequity Investment Instruments
Nonequity Investment Instruments
2004-08-03 INVESCO PERPETUAL AIM VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-11-17 INVESCO PERPETUAL RECOVERY TST 2011 Credit Risk Equity Investment
Instruments Equity Investment Instruments
2006-11-23 INVESCO PERPETUAL SELECT TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
1988-03-08 INVESCO PERPETUAL UK SMLLER CO IT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1989-12-05 INVESCO PERPTL EUROP ABSLT RTN TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-09-28 INVESCO PROPERTY INCOME TRUST LTD 8737 Real Estate Real Estate
Investment Trusts
2006-12-08 INVESTCORP BANK B.S.C financial situation General Financial Investment Services
2002-07-29 INVESTEC (PLC) financial situation General Financial Investment Services
2005-10-03 INVESTEC CAPITAL ACCUMULATOR TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-03-22 INVESTEC HIGH INCOME SECURITIES 7 Preference Preference
2001-03-22 INVESTEC HIGH INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
INVESTEC INVESTMENT TRUST(GB) 7 Preference Preference
2006-08-22 INVESTIKA LTD Creditworthiness General Financial Specialty Finance
2003-12-24 INVESTINMEDIA Creditworthiness Media Broadcasting & Entertainment
1964-07-23 INVESTMENT CO Credit Risk Equity Investment Instruments Equity Investment
Instruments
1953-04-24 INVESTORS CAPITAL TRUST loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-12-20 INVISTA EUROPEAN REAL ESTATE TRUST Credit Real Estate Real Estate
Holding & Development
2004-07-16 INVISTA FOUNDATION PROPERTY TRUST 8737 Real Estate Real Estate
Investment Trusts
2006-09-22 INVISTA REAL ESTATE INV MNGMT HLDGS financial General Financial Asset
Managers
2006-03-17 INVOCAS GROUP Creditworthiness General Financial Specialty Finance
2004-01-06 INVU INC Creditworthiness Software & Computer Services Software
2000-04-19 IOMART GROUP 9535 Software & Computer Services Internet
2006-06-19 IP GROUP Creditworthiness General Financial Specialty Finance
2006-09-20 IPOINT-MEDIA PLC Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2005-09-20 IPSA GROUP 7535 Electricity Electricity
2003-09-30 IQE PLC 9576 Technology Hardware & Equipment Semiconductors
2006-06-28 IRF EUROPEAN FINANCE INVESTMENTS 8355 Banks Banks
1993-05-13 IRISH CONTINENTAL GROUP financial situation Travel & Leisure Travel & Tourism
1994-10-27 IRISH LIFE & PERMANENT 8575 Life Insurance Life Insurance
2006-11-02 IRVINE ENERGY PLC Creditworthiness Oil & Gas Producers Exploration &
Production
2006-11-24 ISHAAN REAL ESTATE PLC Credit Real Estate Real Estate Holding &
Development
2000-04-28 ISHARES loans Nonequity Investment Instruments Nonequity Investment
Instruments
2003-10-28 ISIS PROPERTY TRUST 8737 Real Estate Real Estate Investment Trusts
2004-06-01 ISIS PROPERTY TRUST 2 8737 Real Estate Real Estate Investment Trusts
2004-10-12 ISLAMIC BANK OF BRITAIN Creditworthiness General Financial Specialty
Finance
2004-12-07 ISLAND OIL & GAS Creditworthiness Oil & Gas Producers Exploration &
Production
2000-07-19 ISOFT GROUP Creditworthiness Software & Computer Services Software
1985-07-11 ISOTRON 4535 Health Care Equipment & Services Medical Equipment
2006-12-12 IT & E LIMITED 9Creditworthiness Software & Computer Services
Computer Services
1998-03-17 ITE GROUP Creditworthiness Media Media Agencies
2006-06-06 ITHACA ENERGY INC Creditworthiness Oil & Gas Producers Exploration &
Production
2000-10-16 ITIS HLDGS 2777 Industrial Transportation Transportation Services
2004-06-11 ITM POWER Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2002-09-26 ITRAIN Risk Support Services Business Training & Employment Agencies
1949-07-20 ITT CORP financial General Industrials Diversified Industrials
2004-02-02 ITV Creditworthiness Media Broadcasting & Entertainment
2006-04-07 IX EUROPE 9Creditworthiness Software & Computer Services Computer
Services
2002-12-12 JACQUES VERT 5371 General Retailers Apparel Retailers
2002-03-11 JAMES HALSTEAD 2353 Construction & Materials Building Materials &
Fixtures
2006-10-13 JAPAN RESIDENTIAL INVESTMENT CO LTD Credit Risk Equity Investment
Instruments Equity Investment Instruments
2003-12-18 JAPANESE ACCELERATED PERFORMANCE FD loans Nonequity Investment
Instruments Nonequity Investment Instruments
1987-10-19 JARDINE LLOYD THOMPSON GROUP financial situation Nonlife Insurance Insurance Brokers
1990-05-14 JARDINE MATHESON HLDGS Creditworthiness7 Food & Drug Retailers Food
Retailers & Wholesalers
1991-06-20 JARDINE STRATEGIC HLDGS financial General Industrials Diversified
Industrials
2005-07-18 JARLWAY HLDGS Creditworthiness Industrial Engineering Industrial Machinery
1988-06-17 JARVIS Creditworthiness Support Services Business Support Services
2004-12-23 JARVIS SECURITIES Creditworthiness General Financial Specialty
Finance
2004-10-21 JELF GROUP PLC Creditworthiness General Financial Specialty Finance
1964-02-28 JERSEY ELECTRICITY CO 7535 Electricity Electricity
2004-11-03 JESSOPS 5379 General Retailers Specialty Retailers
1997-06-12 JIANGXI COPPER CO Creditworthiness Industrial Metals Nonferrous Metals
1994-11-18 JJB SPORTS PLC 5371 General Retailers Apparel Retailers
1995-07-18 JKX OIL & GAS Creditworthiness Oil & Gas Producers Exploration &
Production
1996-10-22 JOHN DAVID GROUP(THE) 5371 General Retailers Apparel Retailers
1997-01-27 JOHN LEWIS OF HUNGERFORD Credit Risk Household Goods Furnishings
1942-09-09 JOHNSON MATTHEY Creditworthiness Chemicals Specialty Chemicals
1958-05-23 JOHNSON SERVICE GROUP Creditworthiness Support Services Business
Support Services
1988-04-29 JOHNSTON PRESS Risk Media Publishing
2002-10-25 JOURDAN Creditworthiness Household Goods Durable Household Products
1993-10-19 JP MORGAN CHINESE I.T. Credit Risk Equity Investment Instruments Equity
Investment Instruments
1963-04-24 JP MORGAN FLEMING CLAVERHOUSE IT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1958-10-20 JP MORGAN FLEMING INC & GWTH IT loans Nonequity Investment Instruments
Nonequity Investment Instruments
2000-04-12 JP MORGAN FLEMING JAP SMLR COS IT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1955-10-20 JP MORGAN FLEMING JAPANESE INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1952-07-21 JP MORGAN FLEMING MERCANTILE IT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1982-01-12 JP MORGAN US DISCOVERY IT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1955-03-09 JPMORGAN AMERICAN IT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1997-09-12 JPMORGAN ASIAN INV TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1983-06-16 JPMORGAN CHASE & CO 8355 Banks Banks
1999-11-24 JPMORGAN ELECT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1991-07-15 JPMORGAN EMERGING MKTS INV TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1990-04-24 JPMORGAN EUR FLEDGELING INV TST PLC Credit Risk Equity Investment
Instruments Equity Investment Instruments
1955-06-23 JPMORGAN EUROPEAN INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-03-06 JPMORGAN INC & CAP INV TST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-12-20 JPMORGAN INC & GRWTH INVEST TST PLC loans Nonequity Investment
Instruments Nonequity Investment Instruments
1994-05-26 JPMORGAN INDIAN INV TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1972-06-30 JPMORGAN MID CAP INV TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1968-10-23 JPMORGAN OVERSEAS INV TST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-12-20 JPMORGAN RUSSIAN SECURITIES Credit Risk Equity Investment Instruments Equity
Investment Instruments
1990-08-06 JPMORGAN SMALLER COS IT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-07-20 JS REAL ESTATE Credit Real Estate Real Estate Holding & Development
2003-01-24 JUBILEE INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-07-31 JUBILEE PLATINUM Creditworthiness Mining Platinum & Precious Metals
2005-05-24 JUDGES CAPITAL Creditworthiness Industrial Engineering Industrial Machinery
2005-07-11 JUMPIT ASA Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-08-10 JUMPTV INC Creditworthiness Media Broadcasting & Entertainment
1999-11-30 JUPITER DIVIDEND & GROWTH TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2000-11-20 JUPITER EUROPEAN OPPORTUNITIES TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-06-08 JUPITER GREEN INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1987-07-02 JUPITER PRIMADONA GROWTH TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-11-01 JUPITER SECOND ENHANCED INCOME TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-11-01 JUPITER SECOND SPLIT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2003-01-14 JUST CAR CLINICS GROUP 5379 General Retailers Specialty Retailers
2006-12-04 JUST RETIREMENT(HLDGS)PLC 8575 Life Insurance Life Insurance
1986-12-23 JZ EQUITY PARTNERS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-03-28 K3 BUSINESS TECHNOLOGY GROUP Creditworthiness Software & Computer
Services Software
1953-02-12 KAKUZI 3577 Food Producers Food Products
2006-03-21 KALAHARI MINERALS Credit Risk Mining General Mining
2006-12-13 KALIMANTAN GOLD CORP LTD Creditworthiness Mining Gold Mining
2006-10-10 KANYON PLC Credit Risk Mining General Mining
2005-09-01 KARELIAN DIAMOND RESOURCES 1773 Mining Diamonds & Gemstones
KAYSER BONDOR 7 Preference Preference
2005-12-01 KAZAKHGOLD GROUP Creditworthiness Mining Gold Mining
2005-10-12 KAZAKHMYS Credit Risk Mining General Mining
2006-11-08 KAZKOMMERTSBANK JSC 8355 Banks Banks
2006-10-05 KAZMUNAIGAS EXPLORATION PRODUCTION Creditworthiness Oil & Gas
Producers Exploration & Production
2006-06-26 KBC ADVANCED TECHNOLOGIES 573 Oil Equipment, Services & Distribution
Oil Equipment & Services
2006-12-18 KEFI MINERALS PLC Credit Risk Mining General Mining
1989-12-12 KELDA GROUP 7577 Gas, Water & Multiutilities Water
1994-05-05 KELLER GROUP Credit Construction & Materials Heavy Construction
2006-08-18 KENETICS GROUP LTD 2737 Electronic & Electrical Equipment Electronic
Equipment
1994-11-17 KENMARE RESOURCES Credit Risk Mining General Mining
2006-09-25 KENMORE EUROPEAN INDUSTRIAL FD LTD Credit Risk Equity Investment Instruments
Equity Investment Instruments
2000-11-23 KENSINGTON GROUP 8779 General Financial Mortgage Finance
2006-03-08 KENT RELIANCE BS 7 Preference Preference
1990-04-19 KERRY GROUP 3577 Food Producers Food Products
2003-07-07 KESA ELECTRICALS 5379 General Retailers Specialty Retailers
1995-09-28 KEWILL SYSTEMS Creditworthiness Software & Computer Services Software
2004-10-29 KEYDATA AIM VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-06-23 KEYDATA INCOME VCT 1 Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-23 KEYDATA INCOME VCT 2 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1954-11-19 KEYSTONE INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1997-07-15 KGHM POLSKA MIEDZ Creditworthiness Industrial Metals Nonferrous Metals
2005-11-22 KGR ABSOLUTE RETURN PCC loans Nonequity Investment Instruments
Nonequity Investment Instruments
1997-02-17 KIDRON INDUSTRIAL HLDGS Creditworthiness Chemicals Specialty Chemicals
1996-12-12 KIER GROUP Credit Construction & Materials Heavy Construction
1998-08-24 KILN 8536 Nonlife Insurance Property & Casualty Insurance
1994-07-27 KILROOT ELECTRIC 6 Debentures & Loans Debentures & Loans
2006-07-28 KIMBERLEY DIAMOND CO NL 1773 Mining Diamonds & Gemstones
2006-03-06 KIMCOR DIAMONDS 1773 Mining Diamonds & Gemstones
2006-03-01 KINGDOM HOTEL INVESTMENTS 5753 Travel & Leisure Hotels
1982-11-24 KINGFISHER 5375 General Retailers Home Improvement Retailers
1995-06-08 KINGSPAN GROUP 2353 Construction & Materials Building Materials &
Fixtures
1999-07-19 KINGSTON COMMUNICATIONS(HULL)PLC 6535 Fixed Line Telecommunications
Fixed Line Telecommunications
2006-11-28 KIOTECH INTERNATIONAL loans Pharmaceuticals & Biotechnology
Biotechnology
2004-07-01 KIRKLAND LAKE GOLD INC Creditworthiness Mining Gold Mining
2006-03-20 KLEENAIR SYSTEMS INTERNATIONAL Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2000-12-04 KNOWLEDGE TECHNOLOGY SOLUTIONS Risk Media Publishing
1995-07-11 KOMERCNI BANKA 8355 Banks Banks
1999-09-27 KONAMI CORP 3747 Leisure Goods Toys
1996-06-18 KONINKLIJKE KPN NV 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2005-07-29 KP RENEWABLES 7535 Electricity Electricity
2004-12-02 KRYSO RESOURCES Creditworthiness Mining Gold Mining
2006-11-01 KSK POWER VENTUR PLC 7535 Electricity Electricity
1999-06-01 KT CORP 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2006-12-27 KUBERA CROSS-BORDER FUND LTD Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-05-22 KUJU PLC Creditworthiness Software & Computer Services Software
2005-02-16 KUMHO TIRE CO INC 3357 Automobiles & Parts Tires
1994-02-21 L.A.B.INVESTMENTS 6 Debentures & Loans Debentures & Loans
1995-05-22 L.G.S.INVESTMENTS 6 Debentures & Loans Debentures & Loans
2005-02-16 LA TASCA GROUP 5757 Travel & Leisure Restaurants & Bars
1967-09-20 LADBROKES Creditworthiness Travel & Leisure Gambling
1949-06-23 LAIRD GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1969-02-13 LAMBERT HOWARTH GROUP Credit Personal Goods Clothing & Accessories
2006-10-16 LAMPRELL PLC 573 Oil Equipment, Services & Distribution Oil Equipment
& Services
2005-12-16 LANCASHIRE HLDGS 8536 Nonlife Insurance Property & Casualty Insurance
2005-07-21 LAND OF LEATHER HLDGS PLC 5375 General Retailers Home Improvement
Retailers
2002-09-06 LAND SECURITIES GROUP PLC 8737 Real Estate Real Estate Investment
Trusts
2005-04-06 LANDORE RESOURCES Creditworthiness Mining Gold Mining
1997-08-13 LANDROUND Creditworthiness Media Media Agencies
2004-10-07 LANGLEY PARK INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-04-21 LANSDOWNE OIL & GAS Creditworthiness Oil & Gas Producers Exploration
& Production
2005-05-25 LAPP PLATS Credit Risk Mining General Mining
1997-10-03 LATCHWAYS Creditworthiness Support Services Business Support Services
2004-12-31 LATHAM(JAMES) 2797 Support Services Industrial Suppliers
1991-11-07 LATIN AMERICAN EXTRA YIELD FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2005-07-27 LATITUDE RESOURCES Credit Risk Mining General Mining
1996-10-10 LAVENDON GROUP Creditworthiness Support Services Business Support
Services
1946-07-10 LAW DEBENTURE CORP Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-09-26 LAWRENCE Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2005-04-07 LEADCOM INTEGRATED SOLUTIONS 9578 Technology Hardware & Equipment
Telecommunications Equipment
1996-12-04 LEBANESE CO FOR DEV&REC OF BEIRUT Credit Real Estate Real Estate
Holding & Development
2004-11-24 LECICO EGYPT S.A.E. 2353 Construction & Materials Building Materials
& Fixtures
2006-10-23 LED INTL HLDGS LTD 2737 Electronic & Electrical Equipment Electronic
Equipment
1992-08-03 LEEDS BUILDING SOCIETY 7 Preference Preference
2002-03-13 LEEDS GROUP PLC Creditworthiness General Financial Specialty Finance
2005-06-29 LEES FOODS PLC 3577 Food Producers Food Products
2006-03-16 LEGACY DISTRIBUTION GROUP INC 3785 Tobacco Tobacco
1979-07-02 LEGAL & GENERAL GROUP 8575 Life Insurance Life Insurance
2000-03-02 LEGENDARY INVESTMENTS Creditworthiness General Financial Specialty
Finance
2005-06-28 LEISURE & GAMING Creditworthiness Travel & Leisure Gambling
2001-06-08 LEISURE & MEDIA VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-12-16 LENNOX HLDGS PLC 3577 Food Producers Food Products
2006-06-12 LEO CAPITAL Creditworthiness General Financial Specialty Finance
2006-01-06 LEO INSURANCE SERVICES financial situation Nonlife Insurance Insurance Brokers
2005-09-27 LEWIS CHARLES SOFIA PROPERTY FUND Credit Real Estate Real Estate
Holding & Development
LEWIS(JOHN) 7 Preference Preference
LEWIS(JOHN)PARTNERSHIP 7 Preference Preference
2005-10-26 LEYSHON RESOURCES Creditworthiness Mining Gold Mining
2001-12-21 LG CHEM 1353 Chemicals Commodity Chemicals
2002-09-05 LG ELECTRONICS INC 3743 Leisure Goods Consumer Electronics
2004-07-14 LIBERTAS CAPITAL GROUP Creditworthiness General Financial Specialty
Finance
1999-06-24 LIBERTY INTERNATIONAL PLC 8737 Real Estate Real Estate Investment
Trusts
2000-07-14 LIBERTY PLC 5371 General Retailers Apparel Retailers
2005-03-11 LIBRA NATURAL RESOURCES Creditworthiness General Financial Specialty
Finance
2001-07-05 LIDCO GROUP 4535 Health Care Equipment & Services Medical Equipment
1996-03-12 LIFE OFFICES OPPORTUNITIES TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-04-09 LIGHTHOUSE GROUP Creditworthiness General Financial Specialty Finance
1989-10-02 LILLY(ELI)& CO Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2006-04-05 LIMELIGHT VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1994-12-12 LINCAT GROUP Creditworthiness Industrial Engineering Industrial Machinery
2001-01-22 LINDSELL TRAIN INVESTMENT TST(THE) Credit Risk Equity Investment Instruments
Equity Investment Instruments
2003-01-06 LIONORE MINING INTERNATIONAL Creditworthiness Industrial Metals Nonferrous Metals
1999-07-21 LIONTRUST ASSET MANAGEMENT financial General Financial Asset Managers
2006-01-17 LIPOXEN Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1983-02-23 LIQUIBAER JULIUS BAER USD FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-03-24 LITCOMP 8536 Nonlife Insurance Property & Casualty Insurance
1996-09-27 LITE-ON TECHNOLOGY CORP 9572 Technology Hardware & Equipment Computer
Hardware
1993-11-22 LITHO SUPPLIES Creditworthiness Support Services Business Support
Services
2005-10-13 LLOYD ELECTRIC & ENGINEERING Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
1988-10-17 LLOYDS TSB BANK 6 Debentures & Loans Debentures & Loans
2000-02-08 LLOYDS TSB CAPITAL 1 L.P. 7 Preference Preference
2000-02-08 LLOYDS TSB CAPITAL 2 L.P. 7 Preference Preference
1986-10-08 LLOYDS TSB GROUP 8355 Banks Banks
2004-05-21 LOCAL RADIO CO(THE) Creditworthiness Media Broadcasting & Entertainment
1983-10-26 LOGICACMG 9Creditworthiness Software & Computer Services Computer
Services
2000-06-28 LOK'N STORE GROUP Creditworthiness Support Services Business Support
Services
2005-12-13 LOMBARD MEDICAL TECHNOLOGIES financial Health Care Equipment & Services
Medical Supplies
2004-09-30 LOMBARD RISK MANAGEMENT Creditworthiness Software & Computer Services
Software
1944-11-29 LONDON & ASSOCIATED PROPERTIES Credit Real Estate Real Estate Holding &
Development
1959-02-09 LONDON & ST LAWRENCE INVESTMENT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-08-06 LONDON ASIA CAPITAL Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-03-15 LONDON ASIA CHINESE PRIVATE EQUITY Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-22 LONDON CAPITAL GROUP HLDGS PLC Creditworthiness General Financial
Specialty Finance
1946-11-13 LONDON FINANCE & INVESTMENT GROUP financial General Financial Asset
Managers
1940-05-01 LONDON MERCHANT SECURITIES PLC Credit Real Estate Real Estate Holding &
Development
1970-07-08 LONDON SCOTTISH BANK Creditworthiness General Financial Specialty
Finance
1999-12-30 LONDON SECURITY PLC Creditworthiness Support Services Business
Support Services
2006-05-15 LONDON STOCK EXCHANGE GROUP financial situation General Financial Investment
Services
2006-12-22 LONDON TOWN Credit Real Estate Real Estate Holding & Development
1997-12-31 LONGMEAD GROUP Credit Risk Household Goods Furnishings
1961-09-22 LONMIN Creditworthiness Mining Platinum & Precious Metals
2001-02-26 LONRHO AFRICA 5753 Travel & Leisure Hotels
1973-06-21 LOOKERS 5379 General Retailers Specialty Retailers
2002-04-24 LO-Q 5755 Travel & Leisure Recreational Services
2006-06-26 LORIEN Risk Support Services Business Training & Employment Agencies
2006-02-08 LOTTE SHOPPING CO 5373 General Retailers Broadline Retailers
2007-01-29 LOUDWATER TRUST LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
1947-09-18 LOW & BONAR 2353 Construction & Materials Building Materials &
Fixtures
2006-10-11 LOW CARBON ACCELERATOR LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
1966-04-05 LOWLAND INVESTMENT CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-05-07 LPA GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-11-21 LSL PROPERTY SERVICES PLC Credit Real Estate Real Estate Holding &
Development
2003-09-26 LTG TECHNOLOGIES Creditworthiness Support Services Business Support
Services
2006-04-03 LUDORUM Creditworthiness General Financial Specialty Finance
1997-05-07 LUKOIL OAO 537 Oil & Gas Producers Integrated Oil & Gas
1996-05-20 LUMINAR 5757 Travel & Leisure Restaurants & Bars
2006-04-04 LUPUS CAPITAL Creditworthiness General Financial Specialty Finance
2004-07-14 M&C SAATCHI Creditworthiness Media Media Agencies
1996-03-08 M&G EQUITY INVESTMENT TRUST loans Nonequity Investment Instruments
Nonequity Investment Instruments
1997-03-17 M&G HIGH INCOME INVESTMENT TRUST loans Nonequity Investment
Instruments Nonequity Investment Instruments
1991-10-29 M&G INCOME INVESTMENT CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-04-04 M&G RECOVERY INVESTMENT CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-10-28 M.P.EVANS GROUP 3573 Food Producers Farming & Fishing
2006-06-05 MACAU PROPERTY OPPORTUNITIES FUND Creditworthiness General Financial
Specialty Finance
1973-06-20 MACFARLANE GROUP Creditworthiness Support Services Business Support
Services
2006-03-14 MACQUARIE KOREA INFRASTRUCTURE FUND Credit Risk Equity Investment
Instruments Equity Investment Instruments
1986-01-24 MACRO 4 Creditworthiness Software & Computer Services Software
1997-11-21 MAELOR Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2004-12-23 MAGHREB MINERALS Credit Risk Mining General Mining
2005-05-05 MAGNESIUM INTERNATIONAL Credit Risk Mining General Mining
2004-12-20 MAINTEL HLDGS Creditworthiness Support Services Business Support
Services
1941-03-05 MAJEDIE INVESTMENTS Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-11-11 MAJESTIC WINE Creditworthiness7 Food & Drug Retailers Food Retailers
& Wholesalers
1987-03-20 MALLETT 5379 General Retailers Specialty Retailers
1998-06-23 MALTACOM 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2005-12-15 MAMA GROUP 5755 Travel & Leisure Recreational Services
2001-05-24 MAN ALTERNATIVE INVESTMENTS Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-10-07 MAN GROUP financial General Financial Asset Managers
1987-12-01 MANAGEMENT CONSULTING GROUP Creditworthiness Support Services
Business Support Services
1997-12-08 MANCHESTER & LONDON INV TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-11-01 MANCHESTER BUILDING SOCIETY 7 Preference Preference
MANCHESTER SHIP CANAL CO 6 Debentures & Loans Debentures & Loans
1990-01-22 MANDARIN ORIENTAL INTERNATIONAL 5753 Travel & Leisure Hotels
1995-06-02 MANDO MACHINERY CORP 537 Oil & Gas Producers Integrated Oil & Gas
1940-04-24 MANGANESE BRONZE HLDGS 2753 Industrial Engineering Commercial
Vehicles & Trucks
1998-09-18 MANO RIVER RESOURCES INC Credit Risk Mining General Mining
2002-05-16 MANPOWER SOFTWARE Creditworthiness Software & Computer Services
Software
2005-06-21 MAPELEY Credit Real Estate Real Estate Holding & Development
2003-12-04 MARAKAND MINERALS Credit Risk Mining General Mining
2005-04-27 MARCH NETWORKS CORP 2737 Electronic & Electrical Equipment Electronic
Equipment
1997-12-12 MARCHPOLE HLDGS 5371 General Retailers Apparel Retailers
2006-05-19 MARIANA RESOURCES Creditworthiness Mining Gold Mining
2002-03-19 MARKS & SPENCER GROUP 5373 General Retailers Broadline Retailers
1980-06-06 MARSH & MCLENNAN COS INC financial situation Nonlife Insurance Insurance Brokers
1982-10-04 MARSHALL MONTEAGLE HOLDINGS SA 2797 Support Services Industrial
Suppliers
2004-07-08 MARSHALLS 2353 Construction & Materials Building Materials & Fixtures
1989-07-04 MARSHALLS GROUP 6 Debentures & Loans Debentures & Loans
1947-05-23 MARSTON'S PLC 5757 Travel & Leisure Restaurants & Bars
1997-04-30 MARTIN CURRIE INCOME & GROWTH TRUST loans Nonequity Investment
Instruments Nonequity Investment Instruments
1985-05-10 MARTIN CURRIE PACIFIC TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1999-03-22 MARTIN CURRIE PORTFOLIO INV TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2000-12-18 MARUWA CO LTD Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-02-23 MARWYN VALUE INVESTORS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-10-06 MARWYN VALUE INVESTORS II LTD Credit Risk Equity Investment Instruments
Equity Investment Instruments
1996-02-14 MARYLEBONE WARWICK BALFOUR GRP Credit Real Estate Real Estate Holding &
Development
2006-10-27 MATCHTECH GROUP PLC Risk Support Services Business Training &
Employment Agencies
2006-04-11 MATRA PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2000-07-11 MATRIX INCOME & GROWTH 2 VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-01-26 MATRIX INCOME & GROWTH 3 VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1999-03-08 MATRIX INCOME & GROWTH 4 VCT PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-10-08 MATRIX INCOME & GROWTH VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-11-23 MATTIOLI WOODS financial General Financial Asset Managers
2001-05-14 MAVERICK ENTERTAINMENT GROUP Creditworthiness Media Broadcasting & Entertainment
2005-06-30 MAVINWOOD PLC Creditworthiness Support Services Business Support
Services
2005-10-27 MAX PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2004-11-24 MAXIMA HLDGS PLC 9Creditworthiness Software & Computer Services
Computer Services
2006-06-21 MAY GURNEY INTEGRATED SERVICES Creditworthiness Support Services
Business Support Services
1991-09-03 MAYFLOWER CORP 3355 Automobiles & Parts Auto Parts
2006-04-13 MAYPOLE GROUP 5753 Travel & Leisure Hotels
1978-07-17 MCALPINE(ALFRED) Creditworthiness Support Services Business Support
Services
2006-10-18 MCB BANK LTD 8355 Banks Banks
1995-07-13 MCBRIDE 3724 Household Goods Nondurable Household Products
1997-01-06 MCINERNEY HLDGS 3728 Household Goods Home Construction
1959-07-22 MCKAY SECURITIES Credit Real Estate Real Estate Holding & Development
2006-09-14 MDY HEALTHCARE PLC Creditworthiness General Financial Specialty
Finance
1996-10-04 MEARS GROUP Creditworthiness Support Services Business Support
Services
2006-10-11 MECOM GROUP PLC Risk Media Publishing
2002-08-30 MEDAL ENTERTAINMENT & MEDIA Creditworthiness Media Broadcasting & Entertainment
2005-03-31 MEDAVINCI PLC Creditworthiness General Financial Specialty Finance
1989-07-17 MEDIA & INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-05-01 MEDIA CORP PLC Creditworthiness Media Media Agencies
2005-11-04 MEDIA SQUARE Creditworthiness Media Media Agencies
2005-06-24 MEDIA STEPS GROUP Creditworthiness Media Media Agencies
2004-08-26 MEDIASURFACE Creditworthiness Software & Computer Services Software
2005-02-22 MEDIAZEST Creditworthiness Media Media Agencies
2000-09-04 MEDICAL HOUSE(THE)PLC financial Health Care Equipment & Services Medical
Supplies
2000-11-14 MEDICAL MARKETING INTERNATIONAL GRP Creditworthiness Pharmaceuticals &
Biotechnology Pharmaceuticals
1989-11-06 MEDICAL SOLUTIONS loans Pharmaceuticals & Biotechnology Biotechnology
2006-11-02 MEDICX FUND LTD Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-11-16 MEDITERRANEAN OIL & GAS Creditworthiness Oil & Gas Producers
Exploration & Production
2000-10-31 MEDIWATCH 4535 Health Care Equipment & Services Medical Equipment
2005-01-07 MEDOIL Creditworthiness Oil & Gas Producers Exploration & Production
2004-03-02 MEDORO RESOURCES Creditworthiness Mining Gold Mining
2004-08-04 MEDSEA ESTATES GROUP Credit Real Estate Real Estate Holding &
Development
2006-11-21 MEDUSA MINING LD Creditworthiness Mining Gold Mining
1947-04-28 MEGGITT Creditworthiness Aerospace & Defence Aerospace
1943-11-24 MEIKLES AFRICA 5753 Travel & Leisure Hotels
2006-04-03 MELCHIOR JAPAN INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-09 MELROSE Creditworthiness Industrial Engineering Industrial Machinery
1999-12-20 MELROSE RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
1962-10-03 MENZIES(JOHN) Creditworthiness Support Services Business Support
Services
2006-01-20 MERCATOR GOLD Creditworthiness Mining Gold Mining
2000-10-10 MERCHANT HOUSE GROUP financial situation General Financial Investment Services
2006-10-26 MERCHANT SECURITIES PLC financial situation General Financial Investment Services
1954-03-09 MERCHANTS TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-12-31 MERCURY GROUP Creditworthiness Support Services Business Support
Services
2001-05-04 MERCURY RECYCLING GROUP Creditworthiness Support Services Waste & Disposal
Services
2001-08-14 MERIDEN GROUP Creditworthiness Support Services Business Support
Services
2004-07-20 MERIDIAN PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
1985-12-10 MERIVALE MOORE 6 Debentures & Loans Debentures & Loans
1972-04-07 MERRILL LYNCH & CO INC financial situation General Financial Investment Services
2006-11-15 MERRILL LYNCH ASSET ALLOCATOR Credit Risk Equity Investment Instruments
Equity Investment Instruments
1973-03-25 MERRILL LYNCH BR.SMALLER CO TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-13 MERRILL LYNCH COMMODITIES INC INV Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-06-19 MERRILL LYNCH FTSE100 STPD GW & INC loans Nonequity Investment
Instruments Nonequity Investment Instruments
2004-09-20 MERRILL LYNCH GREATER EUROPE IT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1990-07-12 MERRILL LYNCH LATIN AMERICAN INV TR Credit Risk Equity Investment
Instruments Equity Investment Instruments
2000-10-23 MERRILL LYNCH NEW ENERGY TECHNOLOGY Credit Risk Equity Investment
Instruments Equity Investment Instruments
1993-12-15 MERRILL LYNCH WORLD MINING TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
MERSEY DOCKS & HARBOUR CO 6 Debentures & Loans Debentures & Loans
2005-08-03 MESSAGING INTERNATIONAL Creditworthiness Mobile Telecommunications Mobile
Telecommunications
1969-02-20 METALRAX GROUP Creditworthiness Industrial Engineering Industrial Machinery
2004-10-22 METALS EXPLORATION PLC Credit Risk Mining General Mining
2005-05-13 METAL-TECH Creditworthiness Chemicals Specialty Chemicals
1999-06-08 METNOR GROUP financial General Industrials Diversified Industrials
1951-09-13 METOREX Credit Risk Mining General Mining
2006-12-11 METRO BALTIC HORIZONS PLC Credit Real Estate Real Estate Holding &
Development
1995-09-28 METRODOME GROUP Creditworthiness Media Broadcasting & Entertainment
2004-10-05 MG CAPITAL Creditworthiness General Financial Specialty Finance
2003-08-07 MICAP loans Pharmaceuticals & Biotechnology Biotechnology
1994-12-19 MICE GROUP Creditworthiness Support Services Business Support
Services
2001-04-02 MICHAEL PAGE INTERNATIONAL PLC Risk Support Services Business
Training & Employment Agencies
2004-05-26 MICHELMERSH BRICK HLDGS 2353 Construction & Materials Building
Materials & Fixtures
2005-05-17 MICRO FOCUS INTERNATIONAL Creditworthiness Software & Computer
Services Software
1999-12-17 MICROCAP EQUITIES PLC Creditworthiness General Financial Specialty
Finance
2004-11-30 MICROEMISSIVE DISPLAYS GROUP Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2006-02-13 MICROFUZE INTERNATIONAL 1757 Industrial Metals Steel
1984-05-02 MICROGEN 9Creditworthiness Software & Computer Services Computer
Services
MID KENT WATER 6 Debentures & Loans Debentures & Loans
1981-10-21 MID WYND INTERN INVEST TR Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-04-04 MIDAS INCOME & GROWTH TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-07-06 MIDDLEFIELD CANADIAN INC TST INV CO Credit Risk Equity Investment
Instruments Equity Investment Instruments
2006-10-05 MID-STATES PLC 2737 Electronic & Electrical Equipment Electronic
Equipment
2003-07-01 MILESTONE GROUP Creditworthiness Media Broadcasting & Entertainment
2004-12-15 MILLBROOK SCIENTIFIC INSTRUMENTS 2737 Electronic & Electrical
Equipment Electronic Equipment
1996-04-25 MILLENNIUM & COPTHORNE HOTELS 5753 Travel & Leisure Hotels
2001-08-13 MILLWALL HLDGS 5755 Travel & Leisure Recreational Services
2001-01-29 MINCO Creditworthiness Mining Platinum & Precious Metals
2005-01-28 MINCORP Credit Risk Mining General Mining
1996-11-28 MINERVA Credit Real Estate Real Estate Holding & Development
2005-12-16 MINMET Credit Risk Mining General Mining
2005-11-10 MINORPLANET SYSTEMS PLC 2737 Electronic & Electrical Equipment
Electronic Equipment
2005-02-25 MINSTER PHARMACEUTICALS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1994-10-28 MIRGOR S.A.COMERC INDUST FINANC 3355 Automobiles & Parts Auto Parts
2006-12-18 MIRLAND DEVELOPMENT CORP PLC Credit Real Estate Real Estate Holding &
Development
2006-12-27 MISSION CAPITAL PLC Credit Real Estate Real Estate Holding &
Development
2006-04-13 MISSION MARKETING GROUP(THE) Creditworthiness Media Media Agencies
1990-09-21 MISYS Creditworthiness Software & Computer Services Software
2003-04-15 MITCHELLS & BUTLERS 5757 Travel & Leisure Restaurants & Bars
1994-02-21 MITHRAS INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1988-11-29 MITIE GROUP Creditworthiness Support Services Business Support
Services
1989-10-04 MITSUBISHI CORP 2797 Support Services Industrial Suppliers
1989-09-05 MITSUBISHI ELECTRIC CORP Creditworthiness Industrial Engineering Industrial
Machinery
2004-06-07 MKM GROUP Creditworthiness Media Media Agencies
2006-04-25 MOBESTAR HOLDINGS Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2007-01-16 MOBILE CREDIT BALTIC PLC 8773 General Financial Consumer Finance
2006-02-15 MOBILE STREAMS Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2006-03-08 MOBILE TORNADO GROUP Creditworthiness Mobile Telecommunications Mobile
Telecommunications
1987-05-07 MOLEX INC Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1976-07-28 MOLINS Creditworthiness Industrial Engineering Industrial Machinery
2000-10-09 MONDAS PLC Creditworthiness Software & Computer Services Software
1996-07-23 MONDIAL ENGLISH HLDGS LTD Creditworthiness Industrial Engineering Industrial
Machinery
2006-12-13 MONEY DEBT & CREDIT GROUP PLC 8773 General Financial Consumer Finance
1952-01-29 MONKS INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2003-12-01 MONSOON 5371 General Retailers Apparel Retailers
2003-11-24 MONSTERMOB GROUP Risk Media Publishing
1981-05-13 MONTANARO EUROPEAN SMALLER COS TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1995-03-16 MONTANARO UK SMALLER COS INVESTM TR Credit Risk Equity Investment
Instruments Equity Investment Instruments
2002-06-21 MONTERRICO METALS Credit Risk Mining General Mining
2006-05-25 MONTO MINERALS LTD Credit Risk Mining General Mining
2005-12-01 MORANT WRIGHT JAPAN INCOME TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1946-10-02 MORGAN CRUCIBLE CO Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1994-10-28 MORGAN SINDALL Credit Construction & Materials Heavy Construction
1972-11-30 MORRISON(WM.)SUPERMARKETS Creditworthiness7 Food & Drug Retailers
Food Retailers & Wholesalers
1999-03-30 MORSE 9Creditworthiness Software & Computer Services Computer
Services
2006-03-30 MORSON GROUP Risk Support Services Business Training & Employment
Agencies
1947-07-09 MOSS BROS GROUP 5371 General Retailers Apparel Retailers
1986-01-08 MOTHERCARE 5371 General Retailers Apparel Retailers
2004-08-25 MOTIVCOM Creditworthiness Media Media Agencies
2005-05-11 MOTIVE TELEVISION Creditworthiness Media Broadcasting & Entertainment
2006-03-24 MOTO GOLDMINES LTD Creditworthiness Mining Gold Mining
2002-06-28 MOUCHEL PARKMAN Creditworthiness Support Services Business Support
Services
1960-02-17 MOUNTVIEW ESTATES Credit Real Estate Real Estate Holding & Development
2005-09-30 MOYDOW MINES INTERNATIONAL INC Creditworthiness Mining Gold Mining
1965-03-24 MS INTERNATIONAL Creditworthiness Industrial Engineering Industrial Machinery
2006-03-16 MTI WIRELESS EDGE 9578 Technology Hardware & Equipment
Telecommunications Equipment
1997-05-01 MTL INSTRUMENTS GROUP 2737 Electronic & Electrical Equipment
Electronic Equipment
1962-04-04 MUCKLOW(A.& J.)GROUP Credit Real Estate Real Estate Holding &
Development
1996-05-23 MULBERRY GROUP 5371 General Retailers Apparel Retailers
2006-02-17 MULTI GROUP Risk Support Services Business Training & Employment
Agencies
2004-06-11 MULTIMEDIA TELEVISION Creditworthiness Media Broadcasting & Entertainment
2000-07-03 MURCHISON UNITED NL Credit Risk Mining General Mining
2001-11-30 MURGITROYD GROUP Creditworthiness Support Services Business Support
Services
1953-09-17 MURRAY INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1945-06-21 MURRAY INTERNATIONAL TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-04-06 MURRAY VCT 4 Credit Risk Equity Investment Instruments Equity Investment
Instruments
1995-08-03 MUSEDIA CORP Creditworthiness Industrial Engineering Industrial Machinery
2004-10-21 MUSIC COPYRIGHT SOLUTIONS Risk Media Publishing
2005-10-26 MWANA AFRICA Creditworthiness Mining Gold Mining
2005-12-21 MWB BUSINESS EXCHANGE Creditworthiness Support Services Business
Support Services
2006-12-29 MYHOME INTL PLC 5377 General Retailers Specialized Consumer Services
1987-03-31 MYTRAVEL GROUP financial situation Travel & Leisure Travel & Tourism
1995-09-25 N.W.F GROUP 2797 Support Services Industrial Suppliers
2004-03-23 NADLAN Credit Real Estate Real Estate Holding & Development
2004-03-24 NAMIBIAN RESOURCES 1773 Mining Diamonds & Gemstones
2006-06-27 NANETTE REAL ESTATE GROUP NV Credit Real Estate Real Estate Holding &
Development
2005-11-03 NANOSCIENCE INC 9576 Technology Hardware & Equipment Semiconductors
2006-07-31 NAPO PHARMACEUTICALS INC Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1948-04-21 NARBOROUGH PLANTATIONS 3573 Food Producers Farming & Fishing
2005-12-29 NASSTAR 9535 Software & Computer Services Internet
1998-05-29 NATIONAL BANK OF GREECE 8355 Banks Banks
1997-05-21 NATIONAL EXHIBITION CENTRE(DEVELOP) 6 Debentures & Loans Debentures &
Loans
1995-04-26 NATIONAL EXPRESS GROUP financial situation Travel & Leisure Travel & Tourism
2002-01-31 NATIONAL GRID 7575 Gas, Water & Multiutilities Multiutilities
1991-09-18 NATIONAL WESTMINSTER BANK 7 Preference Preference
2006-07-04 NATIONWIDE ACCIDENT REPAIR SERVICES Creditworthiness Support Services
Business Support Services
1986-07-11 NATIONWIDE BUILDING SOCIETY 7 Preference Preference
2002-08-01 NATURE TECHNOLOGY SOLUTIONS Creditworthiness Support Services Waste & Disposal
Services
2005-04-01 NAUTICAL PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
1999-02-17 NBA QUANTUM Credit Construction & Materials Heavy Construction
2004-07-14 NCC GROUP 9Creditworthiness Software & Computer Services Computer
Services
2000-10-19 NCIPHER Creditworthiness Software & Computer Services Software
1991-11-06 NEC FINANCE 6 Debentures & Loans Debentures & Loans
2005-10-10 NEPTUNE MINERALS Credit Risk Mining General Mining
2005-02-07 NEPTUNE-CALCULUS INCOME&GROWTH VCT Credit Risk Equity Investment Instruments
Equity Investment Instruments
1987-12-03 NESTOR HEALTHCARE GROUP 4Creditworthiness Health Care Equipment &
Services Health Care Providers
2000-09-05 NETB2B2 PLC 9Creditworthiness Software & Computer Services Computer
Services
1996-12-18 NETCALL Creditworthiness Software & Computer Services Software
2004-04-14 NETELLER Creditworthiness General Financial Specialty Finance
2001-04-30 NETPLAY TV PLC Risk Media Publishing
2006-03-08 NETSERVICES 9535 Software & Computer Services Internet
2004-11-26 NETSTORE 9Creditworthiness Software & Computer Services Computer
Services
2005-12-21 NETTWORX Creditworthiness General Financial Specialty Finance
2006-09-21 NETWORK DATA HLDGS PLC 8779 General Financial Mortgage Finance
1997-08-28 NETWORK TECHNOLOGY 9572 Technology Hardware & Equipment Computer
Hardware
2006-11-03 NETWORKERS INTL PLC Risk Support Services Business Training &
Employment Agencies
2005-08-31 NEUTRAHEALTH PLC 3577 Food Producers Food Products
1998-02-14 NEW BRUNSWICK RAILWAY CO 6 Debentures & Loans Debentures & Loans
2005-03-24 NEW CENTURY AIM VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
1993-08-10 NEW CITY HIGH YIELD TRUST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
1994-03-31 NEW INDIA INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-03-17 NEW MEDIA LOTTERY SERVICES Creditworthiness Travel & Leisure Gambling
2006-08-01 NEW STAR ABSOLUTE RETURN FD PCC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-11-11 NEW STAR ASSET MANAGEMENT GROUP financial General Financial Asset Managers
2001-08-29 NEW STAR FINANCIAL OPP FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2000-05-02 NEW STAR INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-11-28 NEW STAR RBC HDG 250 IDX EXCH TRADE Creditworthiness General
Financial Specialty Finance
1988-10-31 NEW ZEALAND INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1992-09-16 NEWCASTLE BUILDING SOCIETY 7 Preference Preference
1997-04-02 NEWCASTLE UNITED 5755 Travel & Leisure Recreational Services
2005-11-10 NEWCOURT GROUP Creditworthiness Support Services Business Support
Services
2006-09-26 NEWFOUND NV 5753 Travel & Leisure Hotels
2002-09-20 NEWMARK SECURITY Creditworthiness Support Services Business Support
Services
1996-08-19 NEWMARKET INVESTMENTS 5755 Travel & Leisure Recreational Services
1999-10-28 NEWMEDIA SPARK Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-05-12 NEWPORT NETWORKS GROUP 9578 Technology Hardware & Equipment
Telecommunications Equipment
2005-04-18 NEWS CORP Creditworthiness Media Broadcasting & Entertainment
1948-03-12 NEXT 5371 General Retailers Apparel Retailers
2005-03-31 NEXT FIFTEEN COMMUNICATIONS GROUP Creditworthiness Media Media Agencies
2005-12-30 NEXTGEN GROUP loans Pharmaceuticals & Biotechnology Biotechnology
2001-05-08 NEXUS MANAGEMENT 9Creditworthiness Software & Computer Services
Computer Services
2004-08-16 NICHE GROUP Creditworthiness General Financial Specialty Finance
2004-06-11 NICHOLS 3537 Beverages Soft Drinks
2006-07-17 NIKANOR PLC Creditworthiness Industrial Metals Nonferrous Metals
1994-10-12 NIPPON TEL & TEL CORP 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2004-07-30 NIPSON DIGITAL PRINTING SYSTEMS Risk Media Publishing
1997-04-17 NMBZ HLDGS financial situation General Financial Investment Services
2001-04-11 NMI SECURITY 2737 Electronic & Electrical Equipment Electronic
Equipment
2002-03-27 NOBLE INCOME & GROWTH VCT PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-11-29 NOBLE INVESTMENTS(UK) Creditworthiness General Financial Specialty
Finance
1996-12-09 NOBLE VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-03-21 NOIDA TOLL BRIDGE CO 2777 Industrial Transportation Transportation
Services
1997-02-27 NORD ANGLIA EDUCATION 5377 General Retailers Specialized Consumer
Services
2007-01-05 NORDIC PANORAMA PLC Credit Real Estate Real Estate Holding &
Development
2005-03-31 NORISH Creditworthiness Support Services Business Support Services
2006-06-26 NORKOM GROUP PLC Creditworthiness Software & Computer Services
Software
2000-11-10 NORMAN HAY PLC Creditworthiness Industrial Engineering Industrial Machinery
1972-04-13 NORSK HYDRO ASA 1753 Industrial Metals Aluminum
2005-06-10 NORTH AMERICAN BANKS FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1973-01-31 NORTH ATLANTIC SMALL COS INV TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1973-03-25 NORTH MIDLAND CONSTRUCTION Credit Construction & Materials Heavy
Construction
2006-08-16 NORTH REAL ESTATE OPPORTUNITIES FD Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-12-27 NORTH RIVER RESOURCES PLC Credit Risk Mining General Mining
2000-09-04 NORTHACRE Credit Real Estate Real Estate Holding & Development
1985-12-23 NORTHAMBER 9572 Technology Hardware & Equipment Computer Hardware
2006-03-28 NORTHBRIDGE INDUSTRIAL SERVICES Creditworthiness Industrial Engineering
Industrial Machinery
1999-04-21 NORTHERN 2 VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2001-12-17 NORTHERN 3 VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2001-01-11 NORTHERN AIM VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-12-19 NORTHERN BEAR PLC 2353 Construction & Materials Building Materials &
Fixtures
1995-02-15 NORTHERN COUNTIES HOUSING ASSOC 6 Debentures & Loans Debentures &
Loans
1995-09-11 NORTHERN ELECTRIC 7 Preference Preference
2006-11-15 NORTHERN EUROPEAN PROPERTIES LTD Credit Real Estate Real Estate Holding
& Development
1956-07-30 NORTHERN FOODS 3577 Food Producers Food Products
1990-04-27 NORTHERN INVESTORS CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-04-04 NORTHERN LYNX Credit Real Estate Real Estate Holding & Development
1995-12-22 NORTHERN PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2003-10-13 NORTHERN RACING Creditworthiness Travel & Leisure Gambling
1997-11-13 NORTHERN RECRUITMENT GROUP Risk Support Services Business Training &
Employment Agencies
1997-10-01 NORTHERN ROCK 8355 Banks Banks
1995-11-01 NORTHERN VENTURE TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1955-10-14 NORTHGATE 2779 Industrial Transportation Trucking
2000-04-04 NORTHGATE INFORMATION SOLUTIONS 9Creditworthiness Software & Computer
Services Computer Services
2003-09-23 NORTHUMBRIAN WATER GROUP PLC 7577 Gas, Water & Multiutilities Water
2004-06-30 NORWOOD IMMUNOLOGY loans Pharmaceuticals & Biotechnology Biotechnology
2001-06-14 NOTTINGHAM BUILDING SOCIETY 7 Preference Preference
2006-05-18 NOVAE GROUP 8536 Nonlife Insurance Property & Casualty Insurance
2005-07-27 NOVATEK OAO Creditworthiness Oil & Gas Producers Exploration &
Production
2005-06-10 NOVERA ENERGY 7535 Electricity Electricity
2005-12-15 NOVOLIPETSK IRON AND STEEL CORP 1757 Industrial Metals Steel
1978-10-20 NOVO-NORDISK AS Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1999-10-21 NSB RETAIL SYSTEMS Creditworthiness Software & Computer Services
Software
2001-08-29 NSF SECURITIES 7 Preference Preference
2002-03-01 NTT DOCOMO INC Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2006-07-21 NUFCOR URANIUM LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
1996-03-27 NUMIS CORP financial situation General Financial Investment Services
2003-12-16 NWD GROUP PLC Creditworthiness Media Media Agencies
1993-08-19 NXT 3743 Leisure Goods Consumer Electronics
2006-03-27 O TWELVE ESTATES Credit Real Estate Real Estate Holding & Development
2003-12-02 OAK HLDGS Credit Real Estate Real Estate Holding & Development
2004-05-20 OAKDENE HOMES 3728 Household Goods Home Construction
2006-09-20 OAKHILL GROUP PLC Risk Media Publishing
2006-11-14 OAO SEVERSTAL 1757 Industrial Metals Steel
2006-11-03 OAO TMK 1757 Industrial Metals Steel
2000-07-27 OASIS HEALTHCARE PLC 4Creditworthiness Health Care Equipment &
Services Health Care Providers
2003-10-31 OCEAN POWER TECHNOLOGIES Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2003-02-28 OCEAN RESOURCES CAPITAL HLDGS Creditworthiness General Financial
Specialty Finance
1992-07-13 OCEAN WILSONS HLDGS 2773 Industrial Transportation Marine
Transportation
2006-10-17 OCTOPUS PROTECTED VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-06-21 OCZ TECHNOLOGY GROUP INC 9572 Technology Hardware & Equipment
Computer Hardware
1962-12-12 OEM Credit Real Estate Real Estate Holding & Development
2004-06-29 OFFICE2OFFICE Creditworthiness Support Services Business Support
Services
2005-12-12 OFF-PLAN FUND(THE) Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-03-11 OFFSHORE HYDOCARBON MAPPING PLC 573 Oil Equipment, Services &
Distribution Oil Equipment & Services
2006-12-06 OIL & GAS DEVELOPMENT CO 537 Oil & Gas Producers Integrated Oil & Gas
2006-02-16 OILEX LTD Creditworthiness Oil & Gas Producers Exploration &
Production
2003-12-23 OILEXCO INC Creditworthiness Oil & Gas Producers Exploration &
Production
1999-07-12 OLD MUTUAL 8575 Life Insurance Life Insurance
1994-07-08 OLD MUTUAL SOUTH AFRICA TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-09-19 OMEGA DIAGNOSTICS GROUP PLC financial Health Care Equipment & Services
Medical Supplies
2006-11-09 OMEGA INSURANCE HLDGS LTD 8536 Nonlife Insurance Property & Casualty
Insurance
2004-04-13 OMEGA INTERNATIONAL GRP 2353 Construction & Materials Building
Materials & Fixtures
2001-04-10 OMG Creditworthiness Software & Computer Services Software
2004-08-06 ONDINE BIOPHARMA CORP loans Pharmaceuticals & Biotechnology
Biotechnology
2000-05-16 ONECLICKHR Creditworthiness Software & Computer Services Software
2006-02-24 ONESOURCE SERVICES INC 5377 General Retailers Specialized Consumer
Services
1996-12-18 ON-LINE PLC Creditworthiness Software & Computer Services Software
1997-02-20 OPD GROUP Risk Support Services Business Training & Employment
Agencies
2005-12-16 OPSEC SECURITY GROUP PLC Creditworthiness Support Services Business
Support Services
2005-04-29 OPTIMISA Creditworthiness Media Media Agencies
2005-01-19 OPTIMISTIC ENTERTAINMENT Creditworthiness Media Broadcasting & Entertainment
2006-02-15 OPTOS 4535 Health Care Equipment & Services Medical Equipment
1990-09-24 OPUS INTERNATIONAL GROUP Credit Construction & Materials Heavy
Construction
2003-07-16 ORAD HI TEC SYSTEMS 9572 Technology Hardware & Equipment Computer
Hardware
2002-09-13 ORASCOM CONSTRUCTIONS INDUSTRY Credit Construction & Materials Heavy
Construction
2000-07-19 ORASCOM TELECOM HLDGS S.A.E. Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2003-09-26 ORBIS PLC Creditworthiness Support Services Business Support Services
2004-10-13 ORCA INTERACTIVE Creditworthiness Software & Computer Services
Software
2005-07-14 ORCHID DEVELOPMENTS GROUP Credit Real Estate Real Estate Holding &
Development
2006-12-07 ORIEL RESOURCES PLC Credit Risk Mining General Mining
2006-12-21 ORIGO SINO-INDIA PLC Creditworthiness General Financial Specialty
Finance
2005-04-19 ORMONDE MINING Creditworthiness Mining Gold Mining
2005-12-08 ORPAK SYSTEMS 2737 Electronic & Electrical Equipment Electronic
Equipment
1995-03-02 ORYX INTERNATIONAL GROWTH FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2002-10-03 OSMETECH loans Pharmaceuticals & Biotechnology Biotechnology
2002-08-30 OSPREY SMALLER COMPANIES INCOME FD Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-28 OTTOMAN FUND(THE) Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-30 OVOCA GOLD Credit Risk Mining General Mining
2006-12-21 OXECO PLC Creditworthiness General Financial Specialty Finance
2001-04-17 OXFORD BIOMEDICA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2006-04-26 OXFORD CATALYSTS GROUP Creditworthiness Chemicals Specialty Chemicals
1983-10-12 OXFORD INSTRUMENTS 2737 Electronic & Electrical Equipment Electronic
Equipment
2000-04-05 OXFORD TECHNOLOGY 2 VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-04-04 OXFORD TECHNOLOGY 3 VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-09-08 OXFORD TECHNOLOGY 4 VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1997-04-04 OXFORD TECHNOLOGY VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-07-20 OXONICA Creditworthiness Chemicals Specialty Chemicals
2001-07-04 OXUS GOLD Creditworthiness Mining Gold Mining
1996-06-27 PACE MICRO TECHNOLOGY 3743 Leisure Goods Consumer Electronics
2006-09-21 PACIFIC ALLIANCE ASIA OPPORTUNTY FD Credit Risk Equity Investment
Instruments Equity Investment Instruments
1985-01-29 PACIFIC ASSETS TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1989-09-22 PACIFIC HORIZON INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-03-23 PACTOLUS HUNGARIAN PROPERTY Credit Real Estate Real Estate Holding &
Development
2000-12-07 PADDY POWER Creditworthiness Travel & Leisure Gambling
2000-11-08 PAGIT SECURITIES PLC 7 Preference Preference
1997-10-09 PAINTS & CHEMICAL INDUSTRIES 2353 Construction & Materials Building
Materials & Fixtures
2004-02-02 PALLADEX Creditworthiness Mining Gold Mining
2001-01-15 PALMARIS CAPITAL Creditworthiness Support Services Business Support
Services
2004-09-14 PAN AFRICAN RESOURCES Creditworthiness Mining Gold Mining
1995-09-28 PAN ANDEAN RESOURCES Creditworthiness Oil & Gas Producers Exploration
& Production
2005-12-16 PAN PACIFIC AGGREGATES Credit Risk Mining General Mining
2006-10-17 PANGEA DIAMONDFIELDS PLC 1773 Mining Diamonds & Gemstones
2005-04-26 PANMURE GORDON & CO financial situation General Financial Investment Services
1987-09-21 PANTHEON INTERNAT PARTICIPATIONS Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-09-27 PANTHEON LEISURE 5755 Travel & Leisure Recreational Services
2006-04-05 PANTHEON RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
1994-07-26 PANTHER SECURITIES Credit Real Estate Real Estate Holding & Development
1989-05-15 PARAGON GROUP OF COMPANIES 8773 General Financial Consumer Finance
2001-08-15 PARALLEL MEDIA GROUP PLC Creditworthiness Media Broadcasting & Entertainment
1999-07-05 PARITY GROUP 9Creditworthiness Software & Computer Services Computer
Services
1983-07-06 PARK GROUP 8773 General Financial Consumer Finance
2000-03-13 PARKMEAD GROUP(THE) Creditworthiness Support Services Business
Support Services
1996-12-10 PARKWOOD HLDGS Creditworthiness Support Services Business Support
Services
2006-03-21 PAROS 9576 Technology Hardware & Equipment Semiconductors
1999-11-02 PARTNER COMMUNICATIONS CO Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2006-10-03 PARTNERS GROUP GLOBAL OPPORTUNITIES Credit Risk Equity Investment
Instruments Equity Investment Instruments
2005-06-30 PARTYGAMING Creditworthiness Travel & Leisure Gambling
2003-03-05 PATAGONIA GOLD Creditworthiness Mining Gold Mining
1998-08-19 PATHFINDER PROPERTIES Credit Real Estate Real Estate Holding &
Development
2003-08-14 PATIENTLINE 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2003-02-17 PATSYSTEMS 9Creditworthiness Software & Computer Services Computer
Services
2004-06-17 PAVILION INSURANCE NETWORK 8532 Nonlife Insurance Full Line Insurance
2004-09-24 PAYPOINT 2795 Support Services Financial Administration
1969-08-13 PEARSON Risk Media Publishing
1986-04-04 PEEL HLDGS 6 Debentures & Loans Debentures & Loans
1998-12-23 PEEL HOTELS 5753 Travel & Leisure Hotels
1986-05-23 PEEL SOUTH EAST 6 Debentures & Loans Debentures & Loans
1989-11-13 PENDRAGON PLC 5379 General Retailers Specialty Retailers
2005-06-23 PENINSULAR GOLD Creditworthiness Mining Gold Mining
2001-04-30 PENMC PLC Creditworthiness General Financial Specialty Finance
2006-10-10 PENNA CONSULTING Creditworthiness Support Services Business Support
Services
1998-03-12 PENNANT INTERNATIONAL GROUP Creditworthiness Software & Computer
Services Software
1996-04-04 PENNINE AIM VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-02-11 PENNINE AIM VCT 5 Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-12-29 PENNINE AIM VCT 6 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1998-05-18 PENNINE DOWNING AIM VCT loans Nonequity Investment Instruments
Nonequity Investment Instruments
2001-05-31 PENNINE DOWNING AIM VCT 2 Credit Risk Equity Investment Instruments Equity
Investment Instruments
1989-12-12 PENNON GROUP 7577 Gas, Water & Multiutilities Water
2003-04-02 PENTAGON PROTECTION Creditworthiness Support Services Business
Support Services
2006-12-15 PEPTECH LTD loans Pharmaceuticals & Biotechnology Biotechnology
1996-03-21 PERPETUAL INCOME&GROWTH INVESTM TR Credit Risk Equity Investment Instruments
Equity Investment Instruments
1993-07-08 PERPETUAL JAPANESE INVESTMENT TRUST Credit Risk Equity Investment
Instruments Equity Investment Instruments
2005-06-30 PERSIAN GOLD Creditworthiness Mining Gold Mining
1985-04-29 PERSIMMON 3728 Household Goods Home Construction
1983-09-02 PERSONAL ASSETS TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-11-27 PERSONAL GROUP HLDGS financial situation Nonlife Insurance Insurance Brokers
2006-02-15 PERSONAL SCREENING financial Health Care Equipment & Services Medical
Supplies
1997-03-03 PETARDS GROUP Creditworthiness Support Services Business Support
Services
2002-04-29 PETER HAMBRO MINING PLC Creditworthiness Mining Gold Mining
2006-12-20 PETMIN LTD Credit Risk Mining General Mining
2005-06-17 PETRA DIAMONDS 1773 Mining Diamonds & Gemstones
2000-08-18 PETREL RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
2001-09-26 PETROCELTIC INTERNATIONAL Creditworthiness Oil & Gas Producers
Exploration & Production
2005-10-07 PETROFAC 573 Oil Equipment, Services & Distribution Oil Equipment &
Services
2005-01-14 PETROLATINA ENERGY PLC Creditworthiness Oil & Gas Producers
Exploration & Production
2006-09-27 PETRONEFT RESOURCES Creditworthiness Oil & Gas Producers Exploration
& Production
2004-07-06 PFI INFRASTRUCTURE CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
1967-08-26 PFIZER INC Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1984-04-18 PGI GROUP 3573 Food Producers Farming & Fishing
2006-12-20 PHAUNOS TIMBER FUND LTD Creditworthiness General Financial Specialty
Finance
2004-11-16 PHOENIX IT GROUP 9Creditworthiness Software & Computer Services
Computer Services
2003-01-08 PHOENIX VCT PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-11-03 PHOQUS GROUP Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2004-07-29 PHOSPHAGENICS Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1962-12-05 PHOTO-ME INTERNATIONAL 3745 Leisure Goods Recreational Products
2005-07-04 PHSC Creditworthiness Support Services Business Support Services
2006-02-27 PHYNOVA GROUP loans Pharmaceuticals & Biotechnology Biotechnology
2004-12-20 PHYSIOMICS PLC 4535 Health Care Equipment & Services Medical
Equipment
1996-04-25 PHYTOPHARM PLC loans Pharmaceuticals & Biotechnology Biotechnology
2002-02-26 PILAT MEDIA GLOBAL Creditworthiness Software & Computer Services
Software
1996-12-16 PILAT TECHNOLOGIES INTERNATIONAL Risk Support Services Business
Training & Employment Agencies
2004-05-12 PINEWOOD SHEPPERTON Creditworthiness Media Broadcasting & Entertainment
2006-09-05 PINNACLE STAFFING GROUP PLC Risk Support Services Business Training &
Employment Agencies
PINTON ESTATES 6 Debentures & Loans Debentures & Loans
2000-12-05 PIPEHAWK 2737 Electronic & Electrical Equipment Electronic Equipment
2002-10-23 PIPEX COMMUNICATIONS PLC 6535 Fixed Line Telecommunications Fixed
Line Telecommunications
2004-09-30 PITTARDS Credit Personal Goods Clothing & Accessories
2006-07-10 PIXEL INTERACTIVE MEDIA LTD Creditworthiness Media Media Agencies
2003-12-08 PIXOLOGY Creditworthiness Software & Computer Services Software
1993-10-01 PLANESTATION GROUP 2777 Industrial Transportation Transportation
Services
2006-03-20 PLANET GROUP INC 2795 Support Services Financial Administration
2004-07-06 PLANT HEALTH CARE Creditworthiness Chemicals Specialty Chemicals
2006-10-16 PLANT IMPACT PLC Creditworthiness Chemicals Specialty Chemicals
1996-07-26 PLASMON 9572 Technology Hardware & Equipment Computer Hardware
2005-11-30 PLATINUM AUSTRALIA LTD Creditworthiness Mining Platinum & Precious Metals
2006-03-14 PLATINUM DIVERSIFIED MINING INC Creditworthiness General Financial
Specialty Finance
1996-04-30 PLATINUM INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-04-19 PLATINUM MINING CORP OF INDIA Creditworthiness Mining Platinum & Precious Metals
2006-08-10 PLATMIN LIMITED Creditworthiness Mining Platinum & Precious Metals
2004-07-14 PLAYGOLF(HLGS) 5755 Travel & Leisure Recreational Services
2006-03-28 PLAYTECH Creditworthiness Travel & Leisure Gambling
2000-09-21 PLAYWIZE PLC 3747 Leisure Goods Toys
2006-11-01 PLAZA CENTERS NV Credit Real Estate Real Estate Holding & Development
2005-09-28 PLECTRUM PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2005-03-24 PLETHORA SOLUTIONS HLDGS Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
2005-12-09 PLEXUS HLDGS 573 Oil Equipment, Services & Distribution Oil Equipment
& Services
1996-04-11 PLIVA D.D. Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2003-04-30 PLUS MARKETS GROUP PLC Creditworthiness General Financial Specialty
Finance
2004-07-14 PLUSNET 9535 Software & Computer Services Internet
2002-05-02 PM GROUP Creditworthiness Support Services Business Support Services
2002-12-18 PNC TELECOM 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1973-03-25 POCHIN'S Credit Construction & Materials Heavy Construction
1996-12-16 POLAR CAPITAL TECHNOLOGY TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-03-31 POLARON 2737 Electronic & Electrical Equipment Electronic Equipment
1999-11-29 POLSKI KONCERN NAFTOWY ORLEN SA 537 Oil & Gas Producers Integrated
Oil & Gas
2005-03-11 POLY INFORMATION Creditworthiness Software & Computer Services
Software
2005-07-05 POLYFUEL INC Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-12-13 POLYMER LOGISTICS NV 2723 General Industrials Containers & Packaging
2006-12-18 POLYUS ZOLOTO OAO Creditworthiness Mining Gold Mining
2002-04-25 POOLE INVESTMENTS 2353 Construction & Materials Building Materials &
Fixtures
2001-12-06 PORTMAN BUILDING SOCIETY 7 Preference Preference
2004-06-17 PORTMEIRION GROUP Creditworthiness Household Goods Durable Household Products
2002-09-10 PORTRAIT SOFTWARE 9Creditworthiness Software & Computer Services
Computer Services
1987-08-27 PORTUGAL FUND loans Nonequity Investment Instruments Nonequity
Investment Instruments
1992-02-20 PORVAIR PLC Creditworthiness Chemicals Specialty Chemicals
1995-10-27 POSCO 1757 Industrial Metals Steel
2000-08-04 POTENTIAL FINANCE GROUP Creditworthiness General Financial Specialty
Finance
2006-05-31 POWERFILM INC 2353 Construction & Materials Building Materials &
Fixtures
2005-05-26 POWERLEAGUE GROUP 5755 Travel & Leisure Recreational Services
1997-01-30 PRELUDE TRUST PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-11-08 PREMIER ABSOLUTE GRWTH & INC TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2000-07-31 PREMIER ASIAN ASSET TST loans Nonequity Investment Instruments
Nonequity Investment Instruments
2005-04-26 PREMIER ASSET MANAGEMENT financial General Financial Asset Managers
2005-11-16 PREMIER BIONICS 4535 Health Care Equipment & Services Medical
Equipment
1998-08-05 PREMIER DIRECT GROUP 5379 General Retailers Specialty Retailers
1996-02-16 PREMIER FARNELL 2797 Support Services Industrial Suppliers
2004-07-23 PREMIER FOODS PLC 3577 Food Producers Food Products
2002-04-30 PREMIER MANAGEMENT HLDGS 5755 Travel & Leisure Recreational Services
1973-02-20 PREMIER OIL Creditworthiness Oil & Gas Producers Exploration &
Production
2000-07-20 PREMIER PACIFIC INCOME FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2004-12-03 PREMIER RESEARCH GROUP Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
2000-10-20 PREMIER UK DUAL RETURN TRUST loans Nonequity Investment Instruments
Nonequity Investment Instruments
2003-11-04 PREMIER UTILITIES TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1993-12-10 PREMIUM TRUST loans Nonequity Investment Instruments Nonequity
Investment Instruments
1998-07-20 PRESS CORP financial General Industrials Diversified Industrials
2002-10-14 PRESTBURY HLDGS Creditworthiness General Financial Specialty Finance
1995-09-14 PRESTON NORTH END 5755 Travel & Leisure Recreational Services
2002-03-21 PREZZO 5757 Travel & Leisure Restaurants & Bars
1998-11-05 PRIMARY HEALTH PROPERTIES 8737 Real Estate Real Estate Investment
Trusts
2006-01-04 PRIME PEOPLE Risk Support Services Business Training & Employment
Agencies
2006-08-31 PRINCE CATERING & MGMT(OVERSEAS)LTD 5757 Travel & Leisure Restaurants
& Bars
2004-11-03 PRINCIPLE CAPITAL HLDGS S.A. Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-10-26 PRINCIPLE CAPITAL INVESTMENT TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-08-11 PRINTING.COM Risk Media Publishing
1998-09-02 PRIVATE & COMMERCIAL FINANCE GROUP Creditworthiness General Financial
Specialty Finance
2000-02-03 PRIVATE EQUITY INVESTOR Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-06-01 PROACTIS HLDGS Creditworthiness Software & Computer Services Software
2006-08-24 PROBABILITY PLC Creditworthiness Travel & Leisure Gambling
2005-04-06 PRODESSE INVESTMENT Creditworthiness General Financial Specialty
Finance
1998-02-24 PROKOM SOFTWARE SA 9Creditworthiness Software & Computer Services
Computer Services
2004-07-05 PROLOGIC Creditworthiness Software & Computer Services Software
2005-06-30 PROMETHEAN PLC Creditworthiness General Financial Specialty Finance
2006-09-14 PROMETHEUS ENERGY CO Creditworthiness Oil & Gas Producers Exploration
& Production
2005-06-16 PROPERTY RECYCLING GROUP Credit Real Estate Real Estate Holding &
Development
2006-11-14 PROSPECT EPICURE J-REIT VALUE FUND 8737 Real Estate Real Estate
Investment Trusts
1994-12-20 PROSPECT JAPAN FUND LTD loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-05-24 PROSPERITY MINERALS HLDGS 2353 Construction & Materials Building
Materials & Fixtures
2006-10-06 PROSPERITY VOSKHOD FUND LTD Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-06-16 PROSTRAKAN GROUP Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1995-10-03 PROTEOME SCIENCES Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1996-12-06 PROTHERICS loans Pharmaceuticals & Biotechnology Biotechnology
2006-10-31 PROTON POWER SYSTEMS PLC 3355 Automobiles & Parts Auto Parts
2006-07-03 PROTONEX TECHNOLOGY CORP Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2001-05-31 PROVEN GROWTH & INCOME VCT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-04-10 PROVEN VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-08-25 PROVENTEC PLC Creditworthiness Chemicals Specialty Chemicals
2005-06-23 PROVEXIS 3577 Food Producers Food Products
2005-06-24 PROVIDENCE RESOURCES Creditworthiness Oil & Gas Producers Exploration
& Production
1962-03-16 PROVIDENT FINANCIAL 8773 General Financial Consumer Finance
2005-03-31 PROXIMAGEN NEUROSCIENCE loans Pharmaceuticals & Biotechnology
Biotechnology
1978-12-29 PRUDENTIAL 8575 Life Insurance Life Insurance
2004-06-25 PSG SOLUTIONS Creditworthiness Support Services Business Support
Services
1995-04-24 PSION 9572 Technology Hardware & Equipment Computer Hardware
2006-03-28 PSOLVE ALTERNATIVES PCC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-08-05 PTARMIGAN PROPERTY Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-12-12 PUBLIC POWER CORP S.A. 7535 Electricity Electricity
2004-04-30 PUBLIC RECRUITMENT GROUP Risk Support Services Business Training &
Employment Agencies
1999-09-13 PUBS 'N' BARS 5757 Travel & Leisure Restaurants & Bars
2006-03-16 PUMA BRANDENBURG Credit Real Estate Real Estate Holding & Development
2005-04-29 PUMA VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-06-09 PUMA VCT II PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-05-19 PUMA VCT III Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-05-19 PUMA VCT IV Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-05-26 PUNCH GRAPHIX PLC 2737 Electronic & Electrical Equipment Electronic
Equipment
2002-05-27 PUNCH TAVERNS 5757 Travel & Leisure Restaurants & Bars
2004-12-20 PURE WAFER 9576 Technology Hardware & Equipment Semiconductors
2006-06-30 PURICORE PLC 4535 Health Care Equipment & Services Medical Equipment
2001-05-23 PURSUIT DYNAMICS Creditworthiness Industrial Engineering Industrial Machinery
1953-11-26 PZ CUSSONS 3767 Personal Goods Personal Products
1999-07-19 QATAR TELECOM 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2006-02-15 QINETIQ GROUP 2717 Aerospace & Defence Defence
2005-02-24 QONNECTIS 9Creditworthiness Software & Computer Services Computer
Services
2002-01-15 QUADNETICS GROUP Creditworthiness Support Services Business Support
Services
2006-04-19 QUADRISE FUELS INTERNATIONAL Creditworthiness Oil & Gas Producers
Exploration & Production
1997-04-24 QUALCERAM SHIRES Credit Risk Household Goods Furnishings
2006-12-05 QUANTICA Risk Support Services Business Training & Employment
Agencies
1992-04-03 QUARTERLY HIGH INCOME TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1990-06-18 QUARTO GROUP INC Risk Media Publishing
2003-10-29 QUAYLE MUNRO HLDGS financial General Financial Asset Managers
2005-12-13 QUEENS WALK INVESTMENT Creditworthiness General Financial Specialty
Finance
2006-02-16 QUEST CAPITAL CORP Creditworthiness General Financial Specialty
Finance
2004-12-21 QUESTAIR TECHNOLOGIES INC Creditworthiness Industrial Engineering Industrial
Machinery
2000-11-10 QUESTER VCT 4 Credit Risk Equity Investment Instruments Equity Investment
Instruments
2001-12-24 QUESTER VCT 5 Credit Risk Equity Investment Instruments Equity Investment
Instruments
1996-04-04 QUESTER VCT PLC Credit Risk Equity Investment Instruments Equity Investment
Instruments
1996-07-23 QUINTAIN ESTATES & DEVELOPMENT Credit Real Estate Real Estate Holding &
Development
1999-10-14 QXL RICARDO 5377 General Retailers Specialized Consumer Services
1960-10-05 R.E.A.HLDGS PLC 3573 Food Producers Farming & Fishing
2006-12-13 R.G.I. INTL LTD Credit Real Estate Real Estate Holding & Development
2004-03-16 RAB CAPITAL Creditworthiness General Financial Specialty Finance
2005-05-31 RAB SPECIAL SITUATIONS CO Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-08-04 RADICLE PROJECTS Creditworthiness General Financial Specialty Finance
2004-07-15 RAGUSA CAPITAL Creditworthiness General Financial Specialty Finance
1996-10-25 RAM INVESTMENT GROUP Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2005-06-15 RAMBLER MEDIA Risk Media Publishing
2005-04-08 RAMBLER METALS & MINING Credit Risk Mining General Mining
1996-11-14 RAMCO ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
1997-07-01 RANDGOLD RESOURCES Creditworthiness Mining Gold Mining
1996-10-07 RANK GROUP 5755 Travel & Leisure Recreational Services
2005-06-29 RANSOM(WILLIAM)& SON Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
1992-06-08 RATHBONE BROS financial General Financial Asset Managers
2003-12-17 RAVEN MOUNT Credit Real Estate Real Estate Holding & Development
2005-07-29 RAVEN RUSSIA Credit Real Estate Real Estate Holding & Development
2004-12-06 RAYMARINE 2737 Electronic & Electrical Equipment Electronic Equipment
2004-07-02 RC GROUP HLDGS Creditworthiness Software & Computer Services Software
1999-08-11 RDF GROUP 9Creditworthiness Software & Computer Services Computer
Services
2005-05-04 RDF MEDIA PLC Creditworthiness Media Broadcasting & Entertainment
2004-02-03 REAL AFFINITY PLC Creditworthiness Media Media Agencies
2004-06-10 REAL ESTATE INVESTORS Credit Real Estate Real Estate Holding &
Development
2001-06-22 REAL ESTATE OPPORTUNITIES 8737 Real Estate Real Estate Investment
Trusts
2005-08-31 REAL GOOD FOOD CO 3577 Food Producers Food Products
1990-03-13 RECKITT & COLMAN CAPITAL FINANCE 7 Preference Preference
1954-01-29 RECKITT BENCKISER 3724 Household Goods Nondurable Household Products
2005-12-23 RECONSTRUCTION CAPITAL II Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-08-15 RECOVERY TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-03-31 RED LEOPARD HLDGS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-07-29 RED ROCK RESOURCES Credit Risk Mining General Mining
2004-09-13 RED SQUARED 9Creditworthiness Software & Computer Services Computer
Services
2003-07-02 REDHALL GROUP Creditworthiness Industrial Engineering Industrial Machinery
2006-12-06 REDLINE COMMUNICATIONS INC 9535 Software & Computer Services Internet
1994-05-17 REDROW 3728 Household Goods Home Construction
2006-05-22 REDSTONE PLC 9Creditworthiness Software & Computer Services Computer
Services
1948-04-21 REED ELSEVIER Risk Media Publishing
2005-12-30 REENERGY GROUP PLC Creditworthiness Support Services Waste & Disposal Services
1997-08-05 REFLEC Creditworthiness Chemicals Specialty Chemicals
2002-09-27 REGAL PETROLEUM Creditworthiness Oil & Gas Producers Exploration &
Production
2000-03-24 REGEN THERAPEUTICS loans Pharmaceuticals & Biotechnology Biotechnology
2005-02-22 REGENCY MINES Credit Risk Mining General Mining
1993-04-29 REGENT INNS PLC 5757 Travel & Leisure Restaurants & Bars
2000-10-24 REGUS GROUP Creditworthiness Support Services Business Support
Services
2005-11-18 REI AGRO 3577 Food Producers Food Products
1996-03-08 RELIANCE ENERGY 7535 Electricity Electricity
2005-08-04 RELIANCE SECURITY GROUP Creditworthiness Support Services Business
Support Services
1996-05-29 RENAISSANCE US GROWTH INVEST TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-08-08 RENESOLA LTD Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2005-08-12 RENEURON GROUP loans Pharmaceuticals & Biotechnology Biotechnology
2001-10-29 RENEW HLDGS Credit Construction & Materials Heavy Construction
2005-05-16 RENEWABLE ENERGY GENERATION 7575 Gas, Water & Multiutilities
Multiutilities
2005-02-11 RENEWABLE ENERGY HLDGS 7535 Electricity Electricity
2006-12-14 RENEWABLE POWER & LIGHT PLC 7535 Electricity Electricity
1984-11-16 RENISHAW 2737 Electronic & Electrical Equipment Electronic Equipment
1946-06-02 RENOLD Creditworthiness Industrial Engineering Industrial Machinery
2005-06-10 RENOVA ENERGY PLC 1353 Chemicals Commodity Chemicals
2006-04-12 RENOVO GROUP loans Pharmaceuticals & Biotechnology Biotechnology
1999-06-10 RENSBURG AIM VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-05-06 RENSBURG SHEPPARDS financial General Financial Asset Managers
2005-06-21 RENTOKIL INITIAL Creditworthiness Support Services Business Support
Services
1984-07-09 REPUBLIC GOLDFIELDS INC Creditworthiness Mining Gold Mining
2005-08-04 RESEARCH NOW Creditworthiness Media Media Agencies
2005-09-06 RESOLUTION 8575 Life Insurance Life Insurance
2002-01-24 RESOURCES INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-12-29 RESPONZETV PLC 5373 General Retailers Broadline Retailers
1969-01-20 RESTAURANT GROUP PLC 5757 Travel & Leisure Restaurants & Bars
2006-09-14 RETEC DIGITAL PLC Creditworthiness Media Media Agencies
1984-05-25 REUTERS GROUP Risk Media Publishing
2005-09-06 REVENUE ASSURANCE SERVICES PLC Creditworthiness General Financial
Specialty Finance
1947-03-26 REXAM 2723 General Industrials Containers & Packaging
2004-12-30 RHEOCHEM 573 Oil Equipment, Services & Distribution Oil Equipment &
Services
2005-07-22 RHM PLC 3577 Food Producers Food Products
1962-04-05 RICARDO Creditworthiness Support Services Business Support Services
2000-05-05 RIDGE MINING Creditworthiness Mining Platinum & Precious Metals
2006-04-19 RIFT OIL PLC Creditworthiness Oil & Gas Producers Exploration &
Production
2006-03-15 RIGHTMOVE Creditworthiness Media Media Agencies
1966-07-28 RIGHTS & ISSUES INVESTMENT TRUST loans Nonequity Investment
Instruments Nonequity Investment Instruments
1973-11-01 RIO TINTO Credit Risk Mining General Mining
1988-08-01 RIT CAPITAL PARTNERS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-08-26 RIVER DIAMONDS PLC Credit Risk Mining General Mining
1957-09-09 RIVERVIEW RUBBER ESTATES BERHAD 3573 Food Producers Farming & Fishing
1994-12-14 RM PLC Creditworthiness Software & Computer Services Software
1962-03-27 ROBECO NV loans Nonequity Investment Instruments Nonequity Investment
Instruments
2000-07-13 ROBERT WALTERS Risk Support Services Business Training & Employment
Agencies
1994-03-28 ROBERT WISEMAN DAIRIES PLC 3577 Food Producers Food Products
2004-04-06 ROBINSON 2723 General Industrials Containers & Packaging
2005-06-20 ROBOTIC TECHNOLOGY SYSTEMS 4535 Health Care Equipment & Services
Medical Equipment
2004-09-06 ROC OIL CO LTD Creditworthiness Oil & Gas Producers Exploration &
Production
2005-08-15 ROCKHOPPER EXPLORATION Creditworthiness Oil & Gas Producers
Exploration & Production
2005-03-18 ROEFORD PROPERTIES Creditworthiness General Financial Specialty
Finance
1981-08-20 ROK Credit Construction & Materials Heavy Construction
1966-11-26 ROLINCO NV loans Nonequity Investment Instruments Nonequity Investment
Instruments
1987-05-20 ROLLS ROYCE GROUP Creditworthiness Aerospace & Defence Aerospace
2006-04-18 ROLTA INDIA 9Creditworthiness Software & Computer Services Computer
Services
2003-11-06 ROMAG HLDGS 2353 Construction & Materials Building Materials &
Fixtures
1982-09-24 RORENTO NV loans Nonequity Investment Instruments Nonequity Investment
Instruments
2006-07-19 ROSNEFT OJSC 537 Oil & Gas Producers Integrated Oil & Gas
1973-03-25 ROSS GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-07-21 ROSS HOME BUILDERS PLC Credit Real Estate Real Estate Holding &
Development
2005-08-30 ROTALA financial situation Travel & Leisure Travel & Tourism
1968-07-23 ROTORK Creditworthiness Industrial Engineering Industrial Machinery
1989-07-03 ROYAL & SUN ALLIANCE INSURANCE GR 8532 Nonlife Insurance Full Line
Insurance
1968-07-10 ROYAL BANK OF SCOTLAND GROUP PLC 8355 Banks Banks
2005-07-20 ROYAL DUTCH SHELL 537 Oil & Gas Producers Integrated Oil & Gas
2001-09-14 ROYAL LONDON UK EQUITY & INCOME SEC 7 Preference Preference
2001-09-14 ROYAL LONDON UK EQUITY & INCOME TST Credit Risk Equity Investment
Instruments Equity Investment Instruments
1997-06-09 ROYALBLUE GROUP Creditworthiness Software & Computer Services
Software
1993-05-28 RPC GROUP 2723 General Industrials Containers & Packaging
1995-04-10 RPS GROUP Creditworthiness Support Services Business Support Services
2006-09-06 RUBICON SOFTWARE GROUP PLC Creditworthiness Software & Computer
Services Software
2004-07-08 RUFFER INVESTMENT CO 7 Preference Preference
2005-06-14 RUGBY ESTATES Credit Real Estate Real Estate Holding & Development
2006-01-06 RURELEC 7535 Electricity Electricity
2005-12-30 RUSINA MINING Credit Risk Mining General Mining
1980-07-28 RUTLAND TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-11-27 RUTLEY EUROPEAN PROPERTY LTD Credit Real Estate Real Estate Holding &
Development
2003-11-11 RWS HLDGS Creditworthiness Support Services Business Support Services
1998-07-16 RYANAIR HLDGS Credit Risk Travel & Leisure Airlines
1961-10-06 S & U 8773 General Financial Consumer Finance
2006-12-20 SABIEN TECHNOLOGY GROUP PLC 2737 Electronic & Electrical Equipment
Electronic Equipment
1999-03-08 SABMILLER 3Creditworthiness Beverages Brewers
2006-10-11 SAFELAND PLC Credit Real Estate Real Estate Holding & Development
1989-12-14 SAGE GROUP Creditworthiness Software & Computer Services Software
2000-12-04 SAGENTIA GROUP AG Creditworthiness Support Services Business Support
Services
1975-07-11 SAINSBURY(J) Creditworthiness7 Food & Drug Retailers Food Retailers &
Wholesalers
2006-12-05 SALAMANDER ENERGY PLC Creditworthiness Oil & Gas Producers
Exploration & Production
1985-07-01 SALVESEN(CHRISTIAN)PLC 2777 Industrial Transportation Transportation
Services
1997-04-15 SAMEDAYBOOKS.CO.UK 5379 General Retailers Specialty Retailers
2006-12-08 SAMSUNG CORP 2797 Support Services Industrial Suppliers
1995-06-28 SAMSUNG ELECTRONICS CO 9576 Technology Hardware & Equipment
Semiconductors
2005-07-28 SANATANA DIAMONDS INC 1773 Mining Diamonds & Gemstones
1998-01-23 SANCTUARY GROUP Risk Media Publishing
1996-12-09 SANCTUARY HOUSING 6 Debentures & Loans Debentures & Loans
2004-12-16 SANDERSON GROUP 9Creditworthiness Software & Computer Services
Computer Services
2006-03-21 SANDVINE CORP 9578 Technology Hardware & Equipment Telecommunications
Equipment
1992-06-19 SAPPI 1737 Forestry & Paper Paper
1981-05-15 SARA LEE CORP 3577 Food Producers Food Products
2005-03-02 SARANTEL GROUP 9578 Technology Hardware & Equipment
Telecommunications Equipment
2004-10-11 SAREUM HLDGS PLC Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2005-07-15 SATCOM GROUP HLDGS Creditworthiness Mobile Telecommunications Mobile
Telecommunications
1997-08-01 SAUDI ARABIA INVESTMENT FUND loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-05-11 SAVILLS Credit Real Estate Real Estate Holding & Development
1997-06-05 SBS GROUP PLC Risk Support Services Business Training & Employment
Agencies
2006-08-23 SCAPA GROUP PLC Creditworthiness Chemicals Specialty Chemicals
2000-04-26 SCARBOROUGH BUILDING SOCIETY 7 Preference Preference
2006-04-19 SCARBOROUGH MINERALS Creditworthiness Mining Gold Mining
1963-04-29 SCHLUMBERGER 573 Oil Equipment, Services & Distribution Oil Equipment
& Services
1995-11-20 SCHRODER ASIA PACIFIC FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-03-09 SCHRODER INCOME GROWTH FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1994-07-11 SCHRODER JAPAN GROWTH FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-07-28 SCHRODER ORIENTAL INCOME FUND Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-01-31 SCHRODER SPLIT INVESTMENT FUND Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-01-31 SCHRODER SPLIT ZDP 7 Preference Preference
1994-03-10 SCHRODER UK GROWTH FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
1983-05-18 SCHRODER UK MID & SMALL CAP FD Credit Risk Equity Investment Instruments
Equity Investment Instruments
1959-09-30 SCHRODERS financial General Financial Asset Managers
2000-03-02 SCI ENTERTAINMENT GROUP Creditworthiness Software & Computer Services
Software
1997-09-25 SCISYS PLC 9Creditworthiness Software & Computer Services Computer
Services
2006-03-15 SCOTT WILSON GROUP Creditworthiness Support Services Business Support
Services
1946-01-10 SCOTTISH & NEWCASTLE 3Creditworthiness Beverages Brewers
1991-06-18 SCOTTISH & SOUTHERN ENERGY 7535 Electricity Electricity
1953-02-26 SCOTTISH AMERICAN INVESTMENT CO Credit Risk Equity Investment Instruments
Equity Investment Instruments
1952-08-20 SCOTTISH INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1953-01-12 SCOTTISH MORTGAGE INVESTMENT TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
1995-03-29 SCOTTISH ORIENTAL SMALLER COS TRUST Credit Risk Equity Investment
Instruments Equity Investment Instruments
1991-06-18 SCOTTISH POWER 7535 Electricity Electricity
2004-07-29 SCOTTY GROUP 9578 Technology Hardware & Equipment Telecommunications
Equipment
2004-03-10 SCREEN FX PLC Creditworthiness Media Media Agencies
2005-08-01 SCREEN TECHNOLOGY GROUP Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
1997-12-08 SCS UPHOLSTERY PLC 5375 General Retailers Home Improvement Retailers
1999-12-07 SDL Creditworthiness Software & Computer Services Software
1996-09-09 SECOND LONDON AMERICAN TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-06-24 SECORA PLC Creditworthiness General Financial Specialty Finance
2002-03-13 SECTORGUARD Creditworthiness Support Services Business Support
Services
2006-07-14 SECURE DESIGN KK 2737 Electronic & Electrical Equipment Electronic
Equipment
2005-06-28 SECURITIES TRUST OF SCOTLAND. Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-12-01 SEEING MACHINES 9572 Technology Hardware & Equipment Computer
Hardware
2000-12-08 SEFTON RESOURCES INC Creditworthiness Oil & Gas Producers Exploration
& Production
1947-02-16 SENIOR Creditworthiness Industrial Engineering Industrial Machinery
2005-05-10 SERABI MINING Creditworthiness Mining Gold Mining
1988-05-12 SERCO GROUP Creditworthiness Support Services Business Support
Services
2005-12-13 SERICA ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
2005-01-14 SERVICED OFFICE GROUP Credit Real Estate Real Estate Holding &
Development
2000-04-18 SERVICEPOWER TECHNOLOGIES PLC Creditworthiness Software & Computer
Services Software
2004-12-31 SERVISION Creditworthiness Support Services Business Support Services
2006-03-20 SERVOCELL GROUP Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2004-09-30 SEVEN ARTS PICTURES Creditworthiness Media Broadcasting & Entertainment
1995-06-08 SEVERFIELD-ROWEN Creditworthiness Industrial Engineering Industrial Machinery
1993-04-07 SEVERN RIVER CROSSING 6 Debentures & Loans Debentures & Loans
1989-12-12 SEVERN TRENT 7577 Gas, Water & Multiutilities Water
1987-10-20 SHAFTESBURY Credit Real Estate Real Estate Holding & Development
2006-12-14 SHALKIYAZINC NV Credit Risk Mining General Mining
1988-02-29 SHANKS GROUP Creditworthiness Support Services Waste & Disposal Services
2005-07-11 SHANTA GOLD Creditworthiness Mining Gold Mining
2006-12-13 SHARIAH CAPITAL INC financial situation General Financial Investment Services
2005-03-18 SHED PRODUCTIONS PLC Creditworthiness Media Broadcasting & Entertainment
2003-06-03 SHEFFIELD UNITED 5755 Travel & Leisure Recreational Services
2005-11-25 SHIRE Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
1972-01-26 SHIRES INCOME Credit Risk Equity Investment Instruments Equity Investment
Instruments
1992-08-28 SHIRES SMALLER COMPANIES Credit Risk Equity Investment Instruments Equity
Investment Instruments
2004-05-25 SHOPRITE GROUP PLC Creditworthiness7 Food & Drug Retailers Food
Retailers & Wholesalers
2001-04-04 SHORE CAPITAL GROUP financial situation General Financial Investment Services
1996-04-25 SIAM INVESTMENT FUND loans Nonequity Investment Instruments Nonequity
Investment Instruments
2000-06-12 SIBIR ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
1994-10-31 SIEL 3577 Food Producers Food Products
1990-06-21 SIEMENS AG 2737 Electronic & Electrical Equipment Electronic
Equipment
2005-02-10 SIERRA LEONE DIAMOND CO 1773 Mining Diamonds & Gemstones
1989-05-18 SIG 2797 Support Services Industrial Suppliers
2000-04-27 SIGMA CAPITAL GROUP PLC Creditworthiness General Financial Specialty
Finance
1968-03-13 SIGNET GROUP 5371 General Retailers Apparel Retailers
2000-11-20 SILENTPOINT Creditworthiness General Financial Specialty Finance
2006-07-19 SILVERDELL PLC Creditworthiness Support Services Waste & Disposal Services
2006-05-12 SILVERJET Credit Risk Travel & Leisure Airlines
2006-11-02 SIMIGON LTD Creditworthiness Software & Computer Services Software
1957-11-08 SIMON GROUP 2777 Industrial Transportation Transportation Services
SIMONS & CO 7 Preference Preference
2003-12-11 SINCLAIR PHARMA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2006-12-20 SINCLAIR(WILLIAM)HLDGS Creditworthiness Household Goods Durable Household
Products
2001-02-22 SINGER & FRIEDLANDER AIM 3 VCT PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2006-03-06 SINOSOFT TECHNOLOGY PLC Creditworthiness Software & Computer Services
Software
2005-12-21 SIRDAR Credit Personal Goods Clothing & Accessories
2005-08-01 SIRIUS EXPLORATION Credit Risk Mining General Mining
2003-06-10 SIRIUS FINANCIAL SOLUTIONS Creditworthiness Software & Computer
Services Software
2004-01-09 SIRVIS IT PLC Creditworthiness Software & Computer Services Software
2005-02-14 SISTEMA JSFC financial General Industrials Diversified Industrials
2006-11-08 SISTEMA-HALS JSC Credit Real Estate Real Estate Holding & Development
2006-11-15 SITESERV PLC Credit Construction & Materials Heavy Construction
2001-03-26 SITKA HEALTH FUND VCT PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
1995-04-03 SK TELECOM Creditworthiness Mobile Telecommunications Mobile Telecommunications
1992-08-03 SKIPTON BUILDING SOCIETY 7 Preference Preference
2007-01-25 SKY HIGH PLC Creditworthiness Support Services Business Support
Services
1996-05-03 SKYEPHARMA Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2006-01-04 SLIMMA Credit Personal Goods Clothing & Accessories
2005-05-24 SLINGSBY(H.C.) Creditworthiness Industrial Engineering Industrial Machinery
1949-12-01 SLOUGH ESTATES 8737 Real Estate Real Estate Investment Trusts
1999-05-12 SMALL COMPANIES 7 Preference Preference
1999-05-12 SMALL COMPANIES DIVIDEND TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2004-07-26 SMALLBONE Credit Risk Household Goods Furnishings
2002-05-02 SMALLER COMPANIES VALUE TRUST loans Nonequity Investment Instruments
Nonequity Investment Instruments
2004-09-10 SMART TELECOM 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1973-03-25 SMART(J.)& CO(CONTRACTORS) Credit Real Estate Real Estate Holding &
Development
2004-10-20 SMARTFOCUS GROUP Creditworthiness Software & Computer Services
Software
2005-06-10 SMC GROUP Credit Construction & Materials Heavy Construction
1973-03-25 SMG Creditworthiness Media Broadcasting & Entertainment
1951-08-13 SMITH & NEPHEW 4535 Health Care Equipment & Services Medical
Equipment
1986-03-03 SMITH(DS) 2723 General Industrials Containers & Packaging
1950-12-20 SMITHS GROUP Creditworthiness Aerospace & Defence Aerospace
2006-08-30 SMITHS NEWS PLC Creditworthiness Support Services Business Support
Services
2003-03-31 SOCCERCITY 5755 Travel & Leisure Recreational Services
1997-05-29 SOCO INTERNATIONAL Creditworthiness Oil & Gas Producers Exploration &
Production
2005-11-02 SOFTWARE RADIO TECHNOLOGY 9576 Technology Hardware & Equipment
Semiconductors
2004-12-02 SOLANA RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
2004-05-12 SOLAR INTEGRATED TECHNOLOGIES INC Creditworthiness Electronic & Electrical
Equipment Electrical Components & Equipment
1996-06-26 SOLID STATE PLC Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-02-10 SOLOMON GOLD Creditworthiness Mining Gold Mining
2006-11-01 SOMERO ENTERPRISE INC 2753 Industrial Engineering Commercial Vehicles
& Trucks
2003-06-12 SONDEX 573 Oil Equipment, Services & Distribution Oil Equipment &
Services
2004-05-21 SONGBIRD ESTATES Credit Real Estate Real Estate Holding & Development
1971-10-01 SONY CORP 3743 Leisure Goods Consumer Electronics
1996-09-10 SOPHEON Creditworthiness Software & Computer Services Software
2006-07-13 SOUND OIL PLC Creditworthiness Oil & Gas Producers Exploration &
Production
2006-10-26 SOUTH AFRICAN PROPERTY OPPS PLC Credit Real Estate Real Estate Holding
& Development
2005-07-01 SOUTH CHINA RESOURCES Credit Risk Mining General Mining
1985-02-22 SOUTH EAST WATER 6 Debentures & Loans Debentures & Loans
SOUTH STAFFORDSHIRE WATER 6 Debentures & Loans Debentures & Loans
2003-10-20 SOUTHAMPTON LEISURE HLDGS 5755 Travel & Leisure Recreational Services
1989-03-28 SOUTHEND PROPERTY HLDGS 6 Debentures & Loans Debentures & Loans
2006-11-29 SOUTHERN BEAR PLC 2353 Construction & Materials Building Materials &
Fixtures
2006-07-12 SOUTHERN CROSS HEALTHCARE GROUP PLC 4Creditworthiness Health Care
Equipment & Services Health Care Providers
2002-08-13 SOUTHERNERA DIAMONDS INC 1773 Mining Diamonds & Gemstones
2005-09-28 SOVEREIGN OILFIELD GROUP 573 Oil Equipment, Services & Distribution
Oil Equipment & Services
2004-04-16 SOVEREIGN REVERSIONS Credit Real Estate Real Estate Holding &
Development
2004-11-23 SOVGEM Creditworthiness General Financial Specialty Finance
2004-12-31 SPACEANDPEOPLE Creditworthiness Media Media Agencies
2005-10-31 SPACELABS HEALTHCARE INC 4535 Health Care Equipment & Services
Medical Equipment
2006-10-18 SPAZIO INVESTMENT NV Credit Real Estate Real Estate Holding &
Development
2005-06-22 SPEARHEAD 9Creditworthiness Software & Computer Services Computer
Services
1988-11-29 SPECTRIS Creditworthiness Electronic & Electrical Equipment Electrical Components
& Equipment
2005-04-25 SPECTRUM INTERACTIVE PLC 6535 Fixed Line Telecommunications Fixed
Line Telecommunications
1993-10-18 SPEEDY HIRE Creditworthiness Support Services Business Support
Services
1968-11-28 SPERATI(C.A.)(SPECIAL AGENCY) Credit Personal Goods Clothing &
Accessories
2006-03-17 SPEYMILL DEUTSCHE IMMOBILIEN CO Credit Real Estate Real Estate Holding
& Development
2002-04-24 SPEYMILL GROUP Creditworthiness Support Services Business Support
Services
2006-11-17 SPEYMILL MACAU PROPERTY CO PLC Credit Real Estate Real Estate Holding &
Development
2005-07-25 SPG MEDIA GROUP PLC Risk Media Publishing
2005-10-26 SPI LASERS 2737 Electronic & Electrical Equipment Electronic
Equipment
2004-08-26 SPICE PLC Creditworthiness Support Services Business Support Services
1959-05-15 SPIRAX-SARCO ENGINEERING Creditworthiness Industrial Engineering Industrial
Machinery
1955-07-13 SPIRENT COMMUNICATIONS 9578 Technology Hardware & Equipment
Telecommunications Equipment
2004-07-28 SPIRITEL Creditworthiness Mobile Telecommunications Mobile Telecommunications
1986-03-03 SPORTECH Creditworthiness Travel & Leisure Gambling
2001-01-30 SPORTINGBET PLC Creditworthiness Travel & Leisure Gambling
2001-12-14 SPORTS CAFE HLDGS 5757 Travel & Leisure Restaurants & Bars
2004-08-24 SPORTS NETWORK GROUP Creditworthiness Media Media Agencies
2005-06-06 SPORTSWINBET Creditworthiness General Financial Specialty Finance
1996-11-29 SPORTSWORLD MEDIA GROUP Creditworthiness Media Media Agencies
1990-05-22 SPRING GROUP Risk Support Services Business Training & Employment
Agencies
2005-09-20 SQS SOFTWARE QUALITY SYSTEMS AG 9Creditworthiness Software & Computer
Services Computer Services
2001-08-15 SR EUROPE INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
2005-07-12 SR PHARMA loans Pharmaceuticals & Biotechnology Biotechnology
2005-04-21 SREI INFRASTRUCTURE FINANCE Creditworthiness General Financial
Specialty Finance
2001-08-20 SRS TECHNOLOGY GROUP 3743 Leisure Goods Consumer Electronics
2000-03-30 SSI 9Creditworthiness Software & Computer Services Computer Services
1990-07-16 SSL INTERNATIONAL PLC 3767 Personal Goods Personal Products
2006-10-02 SSP HLDGS PLC Creditworthiness Software & Computer Services Software
2006-05-19 ST JAMES'S ENERGY Creditworthiness General Financial Specialty
Finance
1996-08-27 ST JAMES'S PLACE 8575 Life Insurance Life Insurance
1998-02-14 ST LAWRENCE & OTTAWA RAILWAY CO 6 Debentures & Loans Debentures &
Loans
1985-10-03 ST.IVES Creditworthiness Support Services Business Support Services
1986-04-28 ST.MODWEN PROPERTIES Credit Real Estate Real Estate Holding &
Development
2001-07-23 STADIUM GROUP PLC Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2004-12-08 STAFFLINE RECRUITMENT GROUP Risk Support Services Business Training &
Employment Agencies
1998-10-19 STAGECOACH GROUP financial situation Travel & Leisure Travel & Tourism
2001-12-14 STAGECOACH THEATRE ARTS PLC 5377 General Retailers Specialized
Consumer Services
1970-02-02 STANDARD CHARTERED 8355 Banks Banks
1991-11-14 STANDARD LIFE EQUITY INCOME TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-05-29 STANDARD LIFE EUROPN PRIVT EQTY TST Credit Risk Equity Investment
Instruments Equity Investment Instruments
2003-12-19 STANDARD LIFE INVEST PROP INC TRUST 8737 Real Estate Real Estate
Investment Trusts
2006-07-10 STANDARD LIFE PLC 8575 Life Insurance Life Insurance
1996-12-30 STANELCO Creditworthiness Industrial Engineering Industrial Machinery
2000-09-19 STANLEY GIBBONS GROUP 5379 General Retailers Specialty Retailers
2004-05-12 STAR ENERGY GROUP Creditworthiness Oil & Gas Producers Exploration &
Production
2000-09-05 STARVEST Creditworthiness General Financial Specialty Finance
1996-10-11 STATE BANK OF INDIA 8355 Banks Banks
2003-06-16 STATPRO GROUP Creditworthiness Software & Computer Services Software
1973-03-25 STAVERT ZIGOMALA Creditworthiness General Financial Specialty Finance
1996-03-15 STEEL AUTHORITY OF INDIA 1757 Industrial Metals Steel
2005-07-18 STEM CELL SCIENCES loans Pharmaceuticals & Biotechnology Biotechnology
2005-09-15 STEPPE CEMENT 2353 Construction & Materials Building Materials &
Fixtures
2002-10-21 STERLING ENERGY Creditworthiness Oil & Gas Producers Exploration &
Production
1960-03-25 STEWART & WIGHT Credit Real Estate Real Estate Holding & Development
2005-11-16 STHREE Risk Support Services Business Training & Employment Agencies
1949-09-12 STILFONTEIN GOLD MINING CO Creditworthiness Mining Gold Mining
2000-08-30 STILO INTERNATIONAL 9535 Software & Computer Services Internet
2000-05-04 STOCKCUBE Creditworthiness General Financial Specialty Finance
2001-08-09 STONEMARTIN Creditworthiness Support Services Business Support
Services
2003-11-07 STRAIGHT PLC 2723 General Industrials Containers & Packaging
2005-07-19 STRATEGIC EQUITY CAPITAL Credit Risk Equity Investment Instruments Equity
Investment Instruments
2003-12-19 STRATEGIC RETAIL 5375 General Retailers Home Improvement Retailers
2005-07-07 STRATEGIC THOUGHT GROUP 9Creditworthiness Software & Computer
Services Computer Services
2006-01-04 STRATEX INTERNATIONAL Credit Risk Mining General Mining
2004-06-28 STRATHDON INVESTMENT Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-02-02 STRONTIUM Creditworthiness Support Services Business Support Services
2006-11-07 STYLES & WOOD GROUP PLC Creditworthiness Support Services Business
Support Services
2002-08-05 STYLO 5379 General Retailers Specialty Retailers
2004-11-04 SUBSEA RESOURCES 2773 Industrial Transportation Marine Transportation
1996-12-03 SUEZ CEMENT CO 2353 Construction & Materials Building Materials &
Fixtures
2006-05-25 SUMMIT GERMANY Credit Real Estate Real Estate Holding & Development
2006-06-08 SUMMIT RESOURCES PLC Creditworthiness General Financial Specialty
Finance
2005-02-17 SUMUS Creditworthiness General Financial Specialty Finance
2006-07-06 SUN 3C MEDIA PLC Creditworthiness General Financial Specialty Finance
2001-03-16 SUNPLUS TECHNOLOGY 9576 Technology Hardware & Equipment
Semiconductors
2005-06-06 SUNRISE DIAMONDS PLC 1773 Mining Diamonds & Gemstones
2004-02-04 SUPERCART 2797 Support Services Industrial Suppliers
1994-04-28 SUPERSCAPE GROUP Creditworthiness Software & Computer Services
Software
2004-09-13 SUPPORTA Creditworthiness Support Services Business Support Services
2000-12-08 SURFACE TECHNOLOGY SYSTEMS 9576 Technology Hardware & Equipment
Semiconductors
2002-09-24 SURFACE TRANSFORMS PLC Creditworthiness Industrial Engineering Industrial
Machinery
2000-02-24 SURFCONTROL PLC Creditworthiness Software & Computer Services
Software
1998-07-07 SURGICAL INNOVATIONS GROUP 4535 Health Care Equipment & Services
Medical Equipment
1996-12-23 SUTTON HARBOUR HLDGS 2777 Industrial Transportation Transportation
Services
1983-06-27 SVENSKA CELLULOSA AB-SCA 3767 Personal Goods Personal Products
1996-05-23 SVG CAPITAL Credit Risk Equity Investment Instruments Equity Investment
Instruments
1991-07-25 SVM GLOBAL FUND Credit Risk Equity Investment Instruments Equity Investment
Instruments
1994-04-27 SVM UK ACTIVE FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-10-18 SVM UK EMERGING FUND Credit Risk Equity Investment Instruments Equity
Investment Instruments
2006-05-09 SWALLOWFIELD 3767 Personal Goods Personal Products
2001-09-24 SWAN(JOHN)& SONS 5377 General Retailers Specialized Consumer Services
2002-06-17 SWP GROUP PLC 2353 Construction & Materials Building Materials &
Fixtures
2006-07-21 SYLVANIA RESOURCES LTD Credit Risk Mining General Mining
2001-11-30 SYMPHONY PLASTIC TECHNOLOGIES PLC 2723 General Industrials Containers
& Packaging
2004-10-26 SYNAIRGEN Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2004-12-14 SYNCHRONICA PLC 9578 Technology Hardware & Equipment
Telecommunications Equipment
2005-09-23 SYNDICATE ASSET MANAGEMENT financial General Financial Asset Managers
2004-07-06 SYNERGY HEALTHCARE 4Creditworthiness Health Care Equipment & Services
Health Care Providers
2005-11-07 SYNEXUS CLINICAL RESEARCH Creditworthiness Pharmaceuticals & Biotechnology
Pharmaceuticals
2000-10-06 SYNIGENCE Creditworthiness General Financial Specialty Finance
2006-03-23 SYNTOPIX GROUP Creditworthiness Pharmaceuticals & Biotechnology Pharmaceuticals
2005-06-28 SYSTEM C HEALTHCARE 9Creditworthiness Software & Computer Services
Computer Services
1994-12-19 T.H.F.C.(INDEXED 2) 6 Debentures & Loans Debentures & Loans
1990-11-09 T.H.F.C.(INDEXED) 6 Debentures & Loans Debentures & Loans
1996-12-19 T.H.F.C.(SOCIAL HOUSING FINANCE) 6 Debentures & Loans Debentures &
Loans
T.T.FINANCE 6 Debentures & Loans Debentures & Loans
2005-08-05 T2 INCOME FUND Credit Risk Equity Investment Instruments Equity Investment
Instruments
1998-09-14 TADPOLE TECHNOLOGY 9535 Software & Computer Services Internet
2006-12-14 TAIHUA PLC loans Pharmaceuticals & Biotechnology Biotechnology
2000-03-23 TAKEFUJI CORPORATION 8773 General Financial Consumer Finance
2005-06-01 TALARIUS Creditworthiness Travel & Leisure Gambling
2002-12-24 TALENT GROUP Creditworthiness Media Broadcasting & Entertainment
2000-04-04 TALISMAN FIRST VENTURE CAPITAL TST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2000-09-27 TANDEM GROUP 3745 Leisure Goods Recreational Products
2003-12-30 TANFIELD GROUP Creditworthiness Support Services Business Support
Services
2005-07-12 TANGENT COMMUNICATIONS Creditworthiness Support Services Business
Support Services
1991-12-24 TANJONG Creditworthiness Travel & Leisure Gambling
2006-09-29 TANZANIA GOLD PLC Creditworthiness Mining Gold Mining
2004-08-20 TANZANITE ONE Credit Risk Mining General Mining
2005-02-23 TAPESTRY INVESTMENT CO PCC loans Nonequity Investment Instruments
Nonequity Investment Instruments
2006-07-12 TARGET RESOURCES PLC 1773 Mining Diamonds & Gemstones
2003-08-14 TARQUIN RESOURCES Creditworthiness General Financial Specialty
Finance
1998-06-25 TARSUS GROUP Creditworthiness Media Media Agencies
2006-07-04 TASTY PLC 5757 Travel & Leisure Restaurants & Bars
2000-06-05 TATA TEA 3573 Food Producers Farming & Fishing
1938-12-09 TATE & LYLE 3577 Food Producers Food Products
1992-03-13 TAYLOR NELSON SOFRES Creditworthiness Media Media Agencies
1947-03-07 TAYLOR WOODROW 3728 Household Goods Home Construction
1950-06-22 TDG 2777 Industrial Transportation Transportation Services
1983-05-27 TDK CORP Creditworthiness Electronic & Electrical Equipment Electrical Components
& Equipment
1997-02-10 TEA PLANTATIONS INVESTMENT TST PLC Credit Risk Equity Investment Instruments
Equity Investment Instruments
1997-04-01 TECO ELECTRIC & MACHINERY CO Creditworthiness Household Goods Durable Household
Products
2000-04-28 TECTEON 9578 Technology Hardware & Equipment Telecommunications
Equipment
1997-07-24 TED BAKER 5371 General Retailers Apparel Retailers
2005-02-08 TEESLAND ADVANTAGE PROPERTY INC TR 8737 Real Estate Real Estate
Investment Trusts
2002-08-07 TEESLAND PLC Credit Real Estate Real Estate Holding & Development
2004-07-27 TEG GROUP(THE)PLC Creditworthiness Industrial Engineering Industrial Machinery
2006-03-24 TEJOORI Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-12-14 TELECOM EGYPT 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2000-07-26 TELECOM PLUS 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1960-08-08 TELEFONAKTIEBOLAGET LM ERICSSON 9578 Technology Hardware & Equipment
Telecommunications Equipment
1998-06-03 TELEFONICA O2 CZECH REPUBLIC A.S. 6535 Fixed Line Telecommunications
Fixed Line Telecommunications
1985-06-27 TELEFONICA SA 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1998-11-18 TELEKOMUNIKACJA POLSKA 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1995-11-22 TELEKOMUNIKASI INDONESIA(PERSERO) 6535 Fixed Line Telecommunications
Fixed Line Telecommunications
2003-05-19 TELENT 9Creditworthiness Software & Computer Services Computer
Services
2004-09-28 TELEPHONE MAINTENANCE GROUP PLC 6535 Fixed Line Telecommunications
Fixed Line Telecommunications
2005-07-07 TELEPHONETICS PLC Creditworthiness Software & Computer Services
Software
2006-10-12 TELESET NETWORKS PLC Creditworthiness Mobile Telecommunications Mobile
Telecommunications
2004-05-26 TELEUNIT SPA 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2001-12-14 TELFORD HOMES 3728 Household Goods Home Construction
2005-04-04 TELIT COMMUNICATIONS PLC 9578 Technology Hardware & Equipment
Telecommunications Equipment
2003-08-01 TELLINGS GOLDEN MILLER GROUP financial situation Travel & Leisure Travel & Tourism
1993-12-09 TELSPEC PLC 9578 Technology Hardware & Equipment Telecommunications
Equipment
1952-04-15 TEMPLE BAR INVESTMENT TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1989-06-19 TEMPLETON EMERG MARK INVESTM TRUST Credit Risk Equity Investment Instruments
Equity Investment Instruments
2001-07-30 TEN ALPS PLC Creditworthiness Media Media Agencies
1996-12-11 TENNECO INC 3355 Automobiles & Parts Auto Parts
2000-12-29 TENON GROUP Creditworthiness General Financial Specialty Finance
2000-06-16 TEO LT AB 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
2001-09-10 TEP EXCHANGE GROUP Creditworthiness General Financial Specialty
Finance
2001-07-16 TEPNEL LIFE SCIENCES loans Pharmaceuticals & Biotechnology
Biotechnology
2002-09-25 TERRACE HILL GROUP Credit Real Estate Real Estate Holding & Development
2005-02-04 TERSUS ENERGY Creditworthiness General Financial Specialty Finance
1999-11-18 TERTIARY MINERALS PLC Credit Risk Mining General Mining
1947-12-23 TESCO Creditworthiness7 Food & Drug Retailers Food Retailers &
Wholesalers
2005-07-11 TESCOM SOFTWARE SYSTEMS TESTING 9Creditworthiness Software & Computer
Services Computer Services
1971-12-01 TEX HLDGS Creditworthiness Industrial Engineering Industrial Machinery
2005-04-15 TG21 PLC Creditworthiness Support Services Business Support Services
2004-02-23 THAMES RIVER MULTI-HEDGE PCC Credit Risk Equity Investment Instruments
Equity Investment Instruments
2002-10-01 THB GROUP financial situation Nonlife Insurance Insurance Brokers
1997-04-14 THE EGYPTIAN GROWTH INVESTMENT CO loans Nonequity Investment
Instruments Nonequity Investment Instruments
1972-12-18 THE VITEC GROUP Creditworthiness Industrial Engineering Industrial Machinery
1996-06-14 THEO-FENNELL Credit Personal Goods Clothing & Accessories
1994-04-05 THERATASE loans Pharmaceuticals & Biotechnology Biotechnology
2005-12-21 THIRD ADVANCE VALUE REALISATION CO Credit Risk Equity Investment Instruments
Equity Investment Instruments
2003-04-01 THIRDFORCE Risk Support Services Business Training & Employment
Agencies
1989-07-12 THISTLE HOTELS 6 Debentures & Loans Debentures & Loans
2002-08-14 THISTLE MINING INC Creditworthiness Mining Gold Mining
1988-09-19 THOMPSON CLIVE INVESTMENTS Credit Risk Equity Investment Instruments Equity
Investment Instruments
2000-05-05 THOMSON INTERMEDIA Creditworthiness Media Media Agencies
2005-06-29 THOR MINING Credit Risk Mining General Mining
1988-05-24 THORNTONS Creditworthiness7 Food & Drug Retailers Food Retailers &
Wholesalers
2006-01-06 THORPE(F.W.) Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
1962-06-08 THROGMORTON TRUST PLC Credit Risk Equity Investment Instruments Equity
Investment Instruments
2002-03-14 THUS GROUP 6535 Fixed Line Telecommunications Fixed Line
Telecommunications
1999-03-25 THYSSENKRUPP AG financial General Industrials Diversified Industrials
2006-06-14 TIANSHAN GOLDFIELDS Creditworthiness Mining Gold Mining
2001-01-22 TIGER RESOURCE FINANCE Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-06-07 TIKIT GROUP 9Creditworthiness Software & Computer Services Computer
Services
2006-12-28 TIMAN OIL & GAS PLC Creditworthiness Oil & Gas Producers Exploration
& Production
2005-02-28 TIMESTRIP 2723 General Industrials Containers & Packaging
2006-07-31 TINCI HOLDINGS Creditworthiness Industrial Engineering Industrial Machinery
2006-01-17 TINOPOLIS Creditworthiness Media Broadcasting & Entertainment
2001-12-05 TISSUE SCIENCE LABORATORIES 4535 Health Care Equipment & Services
Medical Equipment
1996-08-06 TISZA CHEMICAL GROUP PLC 1353 Chemicals Commodity Chemicals
2005-12-30 TITAN EUROPE 2753 Industrial Engineering Commercial Vehicles & Trucks
2005-08-25 TITANIUM RESOURCES GROUP Credit Risk Mining General Mining
1996-01-25 TITON HLDGS 2353 Construction & Materials Building Materials &
Fixtures
2000-06-30 TMN GROUP PLC Risk Media Publishing
2004-04-08 TOLEDO MINING CORP Credit Risk Mining General Mining
1999-09-01 TOLENT Credit Construction & Materials Heavy Construction
2005-05-25 TOLUNA Creditworthiness Media Media Agencies
2007-01-16 TOMCO ENERGY PLC Creditworthiness Oil & Gas Producers Exploration &
Production
1962-12-20 TOMKINS financial General Industrials Diversified Industrials
1939-11-01 TONGAAT-HULETT GROUP 3577 Food Producers Food Products
2002-03-28 TOP TEN HLDGS PLC Creditworthiness Travel & Leisure Gambling
1997-06-02 TOPPS TILES PLC 5375 General Retailers Home Improvement Retailers
1964-06-11 TORAY INDUSTRIES INC 1353 Chemicals Commodity Chemicals
1984-10-17 TORCHMARK CORP 8575 Life Insurance Life Insurance
2004-03-02 TOREX RETAIL 9Creditworthiness Software & Computer Services Computer
Services
1998-07-27 TOROTRAK 3355 Automobiles & Parts Auto Parts
1980-10-09 TOSHIBA CORP financial General Industrials Diversified Industrials
2007-01-02 TOTAL PRODUCE PLC Creditworthiness7 Food & Drug Retailers Food
Retailers & Wholesalers
1973-09-26 TOTAL S.A 537 Oil & Gas Producers Integrated Oil & Gas
1995-07-24 TOTAL SYSTEMS Creditworthiness Software & Computer Services Software
2000-11-28 TOTALLY Risk Media Publishing
2004-01-23 TOTTENHAM HOTSPUR PLC 5755 Travel & Leisure Recreational Services
1998-05-20 TOUCH GROUP Creditworthiness Media Media Agencies
2003-08-22 TOUCHSTONE GROUP Creditworthiness Software & Computer Services
Software
2006-01-17 TOWER RESOURCES Creditworthiness Oil & Gas Producers Exploration &
Production
1960-09-21 TOWN CENTRE SECURITIES Credit Real Estate Real Estate Holding &
Development
2003-05-15 TOYE & CO Credit Personal Goods Clothing & Accessories
1999-09-29 TOYOTA MOTOR CORP 3353 Automobiles & Parts Automobiles
1990-09-06 TR EUROPEAN GROWTH TRUST Credit Risk Equity Investment Instruments Equity
Investment Instruments
1953-03-11 TR PROPERTY INVESTMENT TRUST 8737 Real Estate Real Estate Investment
Trusts
1989-06-29 TRACE GROUP PLC 9Creditworthiness Software & Computer Services
Computer Services
2006-12-21 TRACTION TECHNOLOGY PLC Creditworthiness Electronic & Electrical Equipment
Electrical Components & Equipment
2006-02-13 TRADER MEDIA EAST Creditworthiness Media Media Agencies
2005-04-21 TRADING EMISSIONS Creditworthiness General Financial Specialty
Finance
2005-01-17 TRADING NEW HOMES Credit Real Estate Real Estate Holding & Development
1994-03-31 TRAFFICMASTER 9578 Technology Hardware & Equipment Telecommunications
Equipment
2005-11-29 TRAKM8 HLDGS 9572 Technology Hardware & Equipment Computer Hardware
1999-12-15 TRANSENSE TECHNOLOGIES PLC 3355 Automobiles & Parts Auto Parts
2003-11-25 TRANS-SIBERIAN GOLD PLC Creditworthiness Mining Gold Mining
2006-10-16 TRAVELZEST financial situation Travel & Leisure Travel & Tourism
1986-09-19 TRAVIS PERKINS 2797 Support Services Industrial Suppliers
1996-02-12 TREATT Creditworthiness Chemicals Specialty Chemicals
1996-03-21 TRIAD GROUP 9Creditworthiness Software & Computer Services Computer
Services
2002-07-08 TRIBAL GROUP Creditworthiness Support Services Business Support
Services
1960-11-07 TRIBUNE TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2006-03-15 TRIBUNE UK TRACKER Credit Risk Equity Investment Instruments Equity
Investment Instruments
2001-12-05 TRICORN GROUP Creditworthiness Industrial Engineering Industrial Machinery
1994-02-16 TRIFAST Creditworthiness Industrial Engineering Industrial Machinery
2006-04-21 TRINITY CAPITAL Credit Real Estate Real Estate Holding & Development
1953-12-02 TRINITY MIRROR Risk Media Publishing
2006-06-05 TRIO FINANCE Credit Risk Equity Investment Instruments Equity Investment
Instruments
2004-01-19 TRIPLE PLATE JUNCTION PLC Creditworthiness Mining Gold Mining
2005-06-30 TRIPLE POINT VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
2003-11-19 TRIPLEARC Creditworthiness Support Services Business Support Services
2005-06-01 TRISTEL 4Creditworthiness Health Care Equipment & Services Health
Care Providers
2000-11-15 TRIVEST VCT Credit Risk Equity Investment Instruments Equity Investment
Instruments
1993-11-24 TRUST UNION FINANCE(1991) 6 Debentures & Loans Debentures & Loans
1991-02-18 TRUSTCO FINANCE 6 Debentures & Loans Debentures & Loans
1948-12-09 TT ELECTRONICS Creditworthiness Electronic & Electrical Equipment Electrical
Components & Equipment
2006-12-19 TULLETT PREBON PLC financial situation General Financial Investment Services
2000-12-18 TULLOW OIL PLC Creditworthiness Oil & Gas Producers Exploration &
Production
2006-12-28 TURBO POWER SYSTEMS INC Creditworthiness Industrial Engineering Industrial
Machinery
2006-05-08 TURBOTEC PRODUCTS Creditworthiness Industrial Engineering Industrial Machinery
2000-02-25 TURK EKONOMI BANKASI AS 8355 Banks Banks
1996-02-12 TURKIYE GARANTI BANKASI 8355 Banks Banks
1998-05-14 TURKIYE IS BANKASI 8355 Banks Banks
2000-04-13 TURKIYE PETROL RAFINERILERI A.S. 537 Oil & Gas Producers Integrated
Oil & Gas
2005-02-21 TV COMMERCE HLDGS Creditworthiness Media Broadcasting & Entertainment
2006-04-05 TWENTY Creditworthiness Media Media Agencies
2002-09-23 TXO Creditworthiness Oil & Gas Producers Exploration & Production
2000-07-03 UBC MEDIA GROUP Creditworthiness Media Broadcasting & Entertainment
2005-07-28 UBET2WIN Creditworthiness Travel & Leisure Gambling
2005-05-23 UBIQUITY SOFTWARE CORP Creditworthiness Software & Computer Services
Software
1994-06-30 UCM GROUP Creditworthiness Chemicals Specialty Chemicals
2002-03-20 UK BALANCED PROPERTY TRUST 8737 Real Estate Real Estate Investment
Trusts
1994-12-29 UK COAL 1771 Mining Coal
2006-09-22 UK COMMERCIAL PROPERTY TRUST LTD 8737 Real Estate Real Estate
Investment Trusts
1953-04-24 UK SELECT TRUST Credit Risk Equity Investment Instruments Equity Investment
Instruments
2005-11-02 UKRAINE OPPORTUNITY TRUST (THE) Credit Risk Equity Investment Instruments
Equity Investment Instruments
2005-02-11 UKRPRODUCT GROUP 3577 Food Producers Food P