owlse Posted July 21, 2014 Share Posted July 21, 2014 Looks like they let the domain expire? http://web.archive.org/web/20140716040658/http://baghlangroup.com/ This was it June 25th: http://web.archive.org/web/20140625130357/http://www.baghlangroup.com/ just found that too ha ha Link to comment Share on other sites More sharing options...
theowlsman Posted July 21, 2014 Share Posted July 21, 2014 Maybe Baghlan are being sold off to finance a push towards the Premier League? Was Eccy's suggestion. Link to comment Share on other sites More sharing options...
Lees Tom Cat Posted July 21, 2014 Share Posted July 21, 2014 Banks do not give any indication of any problems until it announces it's fooked. Look at those through in recent history. Not saying that Azerbaijan bank is or isn't. Just saying like. Link to comment Share on other sites More sharing options...
RichieB Posted July 21, 2014 Share Posted July 21, 2014 It is, googling previous ratifications tells you that it can take 2-3 months, as myself and countless people have posted on here, isn't that fair enough? That is true other takeovers have taken 2-3 months so we shouldn't worry. But the club and Milan aren't doing themselves any favours when they keep telling us 'next week' and it's 'close' etc Milan's last interview he said he hoped 'next week' and that was about 3 week ago now. When the shirt sponsorship was announced on the 11th July the official site said it hoped to be done in 'a few weeks' too, the OS might still be right but it's pushing it already now. They shouldn't tell fans it's close if it's going to take 3 months. Link to comment Share on other sites More sharing options...
steve_maclean Posted July 21, 2014 Share Posted July 21, 2014 What would the statement say? If Mammadov was pulling the plug we would be told. The club aren't stupid, they know the fans are restless, no real movement in the transfer market, the takeover up in the air, the stuff going on at another club owned by HM (yes people say it's nothing to do with us but indirectly it definitely is relevant) .... Something is array and I think the fans have a right to know Link to comment Share on other sites More sharing options...
bigrbuk Posted July 21, 2014 Share Posted July 21, 2014 Looks like they let the domain expire? http://web.archive.org/web/20140716040658/http://baghlangroup.com/ This was it June 25th: http://web.archive.org/web/20140625130357/http://www.baghlangroup.com/ Oopsie! Domain name record was updated 18th July, so maybe he had to buy it back from some chancer. I might see if they need any help for a cost of EUR 10M Link to comment Share on other sites More sharing options...
modboy Posted July 21, 2014 Share Posted July 21, 2014 The club aren't stupid, they know the fans are restless, no real movement in the transfer market, the takeover up in the air, the stuff going on at another club owned by HM (yes people say it's nothing to do with us but indirectly it definitely is relevant) .... Something is array and I think the fans have a right to know I think you just have to see as "no news is good news" re this. It does mystify me the quietness but we lost all rights to communication the day MM bought/saved the club Link to comment Share on other sites More sharing options...
Nookiebear Posted July 21, 2014 Share Posted July 21, 2014 ===================A Z E R B A I J A N===================BAGHLAN GROUP: Fitch Assigns 'B-' Long-Term Issuer Default Rating-----------------------------------------------------------------Fitch Ratings has assigned Baghlan Group FZCO a Long-term foreigncurrency Issuer Default Rating (IDR) of 'B-'. The Outlook isPositive.Baghlan is a privately owned, diversified Azerbaijani corporatebenefiting from the expected structural growth of the countrythrough its transport services, construction and oil & gasactivities. Although moderately leveraged for the rating categoryrecent investments into start-up oil and gas assets haveincreased the debt quantum. The agency expects funds fromoperations (FFO) gross leverage to remain below 2.5x into FY13.Fitch expects on-going stability from its transport servicesbusiness to offset lumpy cash flow generation from itsconstruction segment. The oil and gas segment over FY13 & FY14 isexpected to be a modest drain on cash flows. However, thepotential for this unit to outperform and up-stream dividends tothe group - indicative of standalone strength - is a potentialpositive rating event.KEY RATING DRIVERSDiversified Operating Segments:The operating risk profile benefits from its diversified nature,although the concentration on large contracts is a weak point.Transport and logistics services benefit from strong domesticmarket share, recurrent cash flow and privileged contracts withgovernment bodies. Construction is primarily focused on one largecivil works contract with a few more contracts in the order bookcoming on-stream over the next few years. Although this businessrisk exhibits a higher risk with volatile working capitalmovements and fragmented market share, profit margins and growthprospects are strong. Oil and gas operations are in a run-upphase and still required financial support from the group,although expected to be cash flow positive from FY15 onwards.Stable Transport Services Unit:As the leading freight agent in Azerbaijan this operating segmentrequires minimal debt funding and has a solid track record ofgenerating reasonable free cash flow (FCF) for the rest of thegroup to grow. This stability stems from Baghlan's leadingposition as the key freight agent for Azerbaijani Railwaysselling on its behalf around 60% of all freight volume throughthe Azerbaijani railway network. The unit has high barriers toentry with Baghlan benefiting from an exclusive medium termcontract with Azerbaijani Railways.Real Estate Divestments:Strong FY13 expected FCF generation is dependent on the disposalof this portfolio of primarily residential, multi-purpose unitsin central Baku. The positive impact on FCF of around AZN60m fromthese divestitures would aid de-leveraging, although not requiredto maintain consolidated FFO gross leverage below 2.5x for FY13.Baghlan is currently in negotiations with investors and banks tosell these units in block sales.Volatile Working Capital Movements:Solid P&L profits posted in recent years have not fully convertedinto cash flow. Negative working capital outflows during 2011 and2012 have led Baghlan to fund a working capital requirement ofaround AZN181m as at FY12 (inventory plus current receivablesless current payables). Although working capital is likely tobecome positive in 2013 and 2014 it is closely linked todivesting real estate assets, receiving payment from deferredconsideration following the sale of a JV interest (AISBG) andsuccessful execution of their construction contracts. Receivablesrisk is largely contained with the majority of receivables linkedto Azerbaijani state authorities.Reduced Bank Debt Dependency:As typically for a private Azerbaijani issuer, access to longterm bank funding is constrained by the relatively under-developed banking market. Positively, Baghlan used theinternational debt markets issuing a secured USD150m note in 2012to fund the increased stake in their existing oil and gasbusiness. Baghlan continues to refinance its bank debt largelywith the International Bank of Azerbaijan ('BB'/Stable) that hasin recent years shown solid support for the domestic non-oilsector.RATING SENSITIVITIES:Positive: Future developments that could lead to positive ratingactions include:- Improved operating risk profile with reduced concentration on large single contracts.- Positive working capital generation and successful divestment of real estate assets.- Extension of existing debt maturities and diversifying sources of funding.- Sustainable financial metrics with Fitch adjusted FFO gross leverage below 3.0x and FFO gross interest cover above 4.0x.- Oil and gas activities to be self-sufficient and generate sustainable FCF to upstream dividends.Negative: Future developments that could lead to negative ratingaction include:- Continued working capital outflows and increased requirement to use local bank funding.- Failure to renew key contracts or loss of licenses in the Transport segment.- Oil and gas activities to drain material cash flow from the overall group and /or an underperformance on the oil and gas segment.BAGHLAN GROUP: S&P Assigns 'B' Corp. Rating; Outlook Stable-----------------------------------------------------------Standard & Poor's Ratings Services assigned its 'B' long-termcorporate credit rating to Azerbaijan-based diversified companyBaghlan Group FZCO. The outlook is stable.The rating reflects S&P's assessment of Baghlan's business riskas vulnerable and its financial risk as aggressive.Baghlan generated Azerbaijan manat (AZN) 144 million (aboutEUR137 million) in adjusted EBITDA in 2012. It operates in fivekey segments: freight forwarding, public transportation,construction project management, equipment trading, and oil andgas.The rating is constrained by Baghlan's position as a small playerthat relies heavily on a limited number of large contracts.These are mainly in road construction for the government-relatedAzeryolservice and in freight forwarding, where the companyenjoys a hefty 50% discount from Azerbaijan Railways thanks toaccumulating large transportation volumes. Any changes to thesecontracts could significantly affect Baghlan's profits or cashflow, in S&P's view. Baghlan also faces large working capitalfluctuations (notably related to the road construction project),which may pressure cash flows and liquidity, despite somecushioning from its back-to-back structuring with suppliers.Lastly, Baghlan is undertaking a new oil and gas project thatwill require sizable capital expenditures and may be subject toexecution risks.The company has a concentrated shareholder structure, and S&Pbelieves that it may be subject to key man risk, as the company'sbusiness may be exposed to the position of its core shareholder,Mr.Hafiz Mammadov, in Azerbaijan's business and politicalcontext. In addition, S&P considers that Baghlan is subject tothe risks of doing business in Azerbaijan, where it operates itskey activities.On the upside, Baghlan benefits from diversification by businesssegment and favorable profitability levels under its existingcontracts. Azerbaijan's developing business environmentcurrently creates barriers to entry to Baghlan's key nichemarkets, although this could change in the future. Baghlan'sdebt of AZN233 million on Dec. 31, 2012, is quite manageable. InS&P's base-case scenario, it assumes that the company willmaintain its generally prudent approach to leverage. Baghlan'sinvests in its oil and gas project via a production sharingagreement, which helps it to share capital expenditures with itspartners and enables it to recover investments relatively quicklywhen production increases are achieved. The company's projectsin other segments require only small maintenance capitalexpenditures.The stable outlook reflects S&P's expectation that Baghlan willmaintain manageable liquidity over the next few years, and avoidany further large working capital outlays or any deterioration inthe key terms of its largest contracts. S&P expects Baghlan tomaintain healthy headroom under the covenant that limits itsratio of debt to EBITDA at 2.5x. S&P has not factored any majordebt-financed acquisitions into its base-case scenario.S&P could consider lowering the rating on Baghlan if it observeda squeeze on liquidity, a significant negative change in theprofitability of key contracts, or the company made large debt-financed acquisitions. S&P has not factored these possibilitiesinto its base-case scenario, however.In S&P's view, rating upside is limited in the short to mediumterm because of the company's limited size and the inherent highvolatility in its business.MUGANBANK: S&P Affirms 'B-/C' Counterparty Ratings; Outlook Pos.----------------------------------------------------------------Standard & Poor's Ratings Services said it revised its outlook onAzerbaijan's Muganbank to positive from stable. At the sametime, S&P affirmed its 'B-/C' long- and short-term counterpartycredit ratings on the bank.The outlook revision reflects S&P's view that the recent capitalincrease will strengthen Muganbank's balance sheet and providethe bank with the capacity to increase its competitive positionin the domestic market. If well managed, this could improve thebank's future core profitability, which was fairly weak in 2012.Muganbank has recently benefited from an additional capitalincrease of Azerbaijan manat (AZN) 10 million. S&P expects thebank to gradually become one of Azerbaijan's top 10 banks interms of loans and assets, and even higher in the ranking interms of net profit.S&P notes that the bank has successfully developed relationshipswith international financial institutions and government funds,attracting less expensive funding facilities and thereforeimproving its franchise and, potentially, its profitabilityratios. S&P's affirmation of its 'C' short-term rating reflectsthe inherent risks for a small bank with an undiversifiedbusiness model in a high risk country, and certain liquidityrisks."We base our ratings on Muganbank on a 'bb-' anchor for banksoperating predominantly in Azerbaijan, and our view of the bank's"weak" business position, "adequate" capital and earnings,"moderate" risk position, "average" funding, "adequate"liquidity, and "low systemic importance" in Azerbaijan, as ourcriteria define the terms," S&P noted."We view the bank's business position as weak because of itssmall market share, persistent strategic uncertainties, and verycompact management team that is in danger of placing too muchimportance on key individuals. However, we think there ispotential for the bank's business position to improve. The bankis among Azerbaijan's top 15 financial institutions and had about285 million AZN in assets on Dec. 31, 2012. It mostly lends tosmall and medium businesses. We note that the bank's owners, whoare Azeri businessmen, are now looking to sell a stake toexternal foreign investors, which adds some uncertainty regardingthe bank's future development. If any sale happens, we willreview the bank and may take a rating action based on the newowner's strategic priorities," S&P added.S&P raised its assessment of the bank's capital and earnings to"adequate" following the AZN 10 million cash injection at the endof 2012. S&P thinks that the bank's earnings are going torecover after one-off provisioning needs incurred in 2012 thatinfluenced the bottom line results. The bank's trends in netinterest margin and fee and commission income are positive, inS&P's view.The positive outlook reflects S&P's expectation that the bankwill continue to grow in its current market niche, and that itscore banking profitability will improve gradually and give it anenhanced buffer to cushion credit costs.S&P might consider a positive rating action if it saw that thebank's market share was increasing enough to push it into the top10 in terms of loans and assets without harming its financialprofile, notably its asset quality indicators.S&P might revise the outlook back to stable if asset qualitydeteriorated sharply, with non-performing loans reaching doubledigits, although this is not S&P's base-case expectation. S&Pcould also consider a negative rating action if the fundingprofile deteriorated significantly, leading to depressedliquidity and loss of confidence among some large depositors. Link to comment Share on other sites More sharing options...
steve_maclean Posted July 21, 2014 Share Posted July 21, 2014 I think you just have to see as "no news is good news" re this. It does mystify me the quietness but we lost all rights to communication the day MM bought/saved the club For me personally the concern is around knowing one way or another what the budget is, because SG clearly doesn't and that in turn is inevitably impacting our recruitment process which could potentially have a detrimental knock on effect to our season. We need to move forward, we need another good 5-6 quality players throughout the squad and without having a flounce we seem to be miles away from that happening, and I think that's down to the confusion over the ownership and ratification. Link to comment Share on other sites More sharing options...
theowlsman Posted July 21, 2014 Share Posted July 21, 2014 ===================[/size]A Z E R B A I J A N[/size]===================[/size]BAGHLAN GROUP: Fitch Assigns 'B-' Long-Term Issuer Default Rating[/size]-----------------------------------------------------------------[/size]Fitch Ratings has assigned Baghlan Group FZCO a Long-term foreign[/size]currency Issuer Default Rating (IDR) of 'B-'. The Outlook is[/size]Positive.[/size]Baghlan is a privately owned, diversified Azerbaijani corporate[/size]benefiting from the expected structural growth of the country[/size]through its transport services, construction and oil & gas[/size]activities. Although moderately leveraged for the rating category[/size]recent investments into start-up oil and gas assets have[/size]increased the debt quantum. The agency expects funds from[/size]operations (FFO) gross leverage to remain below 2.5x into FY13.[/size]Fitch expects on-going stability from its transport services[/size]business to offset lumpy cash flow generation from its[/size]construction segment. The oil and gas segment over FY13 & FY14 is[/size]expected to be a modest drain on cash flows. However, the[/size]potential for this unit to outperform and up-stream dividends to[/size]the group - indicative of standalone strength - is a potential[/size]positive rating event.[/size]KEY RATING DRIVERS[/size]Diversified Operating Segments:[/size]The operating risk profile benefits from its diversified nature,[/size]although the concentration on large contracts is a weak point.[/size]Transport and logistics services benefit from strong domestic[/size]market share, recurrent cash flow and privileged contracts with[/size]government bodies. Construction is primarily focused on one large[/size]civil works contract with a few more contracts in the order book[/size]coming on-stream over the next few years. Although this business[/size]risk exhibits a higher risk with volatile working capital[/size]movements and fragmented market share, profit margins and growth[/size]prospects are strong. Oil and gas operations are in a run-up[/size]phase and still required financial support from the group,[/size]although expected to be cash flow positive from FY15 onwards.[/size]Stable Transport Services Unit:[/size]As the leading freight agent in Azerbaijan this operating segment[/size]requires minimal debt funding and has a solid track record of[/size]generating reasonable free cash flow (FCF) for the rest of the[/size]group to grow. This stability stems from Baghlan's leading[/size]position as the key freight agent for Azerbaijani Railways[/size]selling on its behalf around 60% of all freight volume through[/size]the Azerbaijani railway network. The unit has high barriers to[/size]entry with Baghlan benefiting from an exclusive medium term[/size]contract with Azerbaijani Railways.[/size]Real Estate Divestments:[/size]Strong FY13 expected FCF generation is dependent on the disposal[/size]of this portfolio of primarily residential, multi-purpose units[/size]in central Baku. The positive impact on FCF of around AZN60m from[/size]these divestitures would aid de-leveraging, although not required[/size]to maintain consolidated FFO gross leverage below 2.5x for FY13.[/size]Baghlan is currently in negotiations with investors and banks to[/size]sell these units in block sales.[/size]Volatile Working Capital Movements:[/size]Solid P&L profits posted in recent years have not fully converted[/size]into cash flow. Negative working capital outflows during 2011 and[/size]2012 have led Baghlan to fund a working capital requirement of[/size]around AZN181m as at FY12 (inventory plus current receivables[/size]less current payables). Although working capital is likely to[/size]become positive in 2013 and 2014 it is closely linked to[/size]divesting real estate assets, receiving payment from deferred[/size]consideration following the sale of a JV interest (AISBG) and[/size]successful execution of their construction contracts. Receivables[/size]risk is largely contained with the majority of receivables linked[/size]to Azerbaijani state authorities.[/size]Reduced Bank Debt Dependency:[/size]As typically for a private Azerbaijani issuer, access to long[/size]term bank funding is constrained by the relatively under-[/size]developed banking market. Positively, Baghlan used the[/size]international debt markets issuing a secured USD150m note in 2012[/size]to fund the increased stake in their existing oil and gas[/size]business. Baghlan continues to refinance its bank debt largely[/size]with the International Bank of Azerbaijan ('BB'/Stable) that has[/size]in recent years shown solid support for the domestic non-oil[/size]sector.[/size]RATING SENSITIVITIES:[/size]Positive: Future developments that could lead to positive rating[/size]actions include:[/size]- Improved operating risk profile with reduced concentration on[/size] large single contracts.[/size]- Positive working capital generation and successful divestment[/size] of real estate assets.[/size]- Extension of existing debt maturities and diversifying sources[/size] of funding.[/size]- Sustainable financial metrics with Fitch adjusted FFO gross[/size] leverage below 3.0x and FFO gross interest cover above 4.0x.[/size]- Oil and gas activities to be self-sufficient and generate[/size] sustainable FCF to upstream dividends.[/size]Negative: Future developments that could lead to negative rating[/size]action include:[/size]- Continued working capital outflows and increased requirement[/size] to use local bank funding.[/size]- Failure to renew key contracts or loss of licenses in the[/size] Transport segment.[/size]- Oil and gas activities to drain material cash flow from the[/size] overall group and /or an underperformance on the oil and gas[/size] segment.[/size]BAGHLAN GROUP: S&P Assigns 'B' Corp. Rating; Outlook Stable[/size]-----------------------------------------------------------[/size]Standard & Poor's Ratings Services assigned its 'B' long-term[/size]corporate credit rating to Azerbaijan-based diversified company[/size]Baghlan Group FZCO. The outlook is stable.[/size]The rating reflects S&P's assessment of Baghlan's business risk[/size]as vulnerable and its financial risk as aggressive.[/size]Baghlan generated Azerbaijan manat (AZN) 144 million (about[/size]EUR137 million) in adjusted EBITDA in 2012. It operates in five[/size]key segments: freight forwarding, public transportation,[/size]construction project management, equipment trading, and oil and[/size]gas.[/size]The rating is constrained by Baghlan's position as a small player[/size]that relies heavily on a limited number of large contracts.[/size]These are mainly in road construction for the government-related[/size]Azeryolservice and in freight forwarding, where the company[/size]enjoys a hefty 50% discount from Azerbaijan Railways thanks to[/size]accumulating large transportation volumes. Any changes to these[/size]contracts could significantly affect Baghlan's profits or cash[/size]flow, in S&P's view. Baghlan also faces large working capital[/size]fluctuations (notably related to the road construction project),[/size]which may pressure cash flows and liquidity, despite some[/size]cushioning from its back-to-back structuring with suppliers.[/size]Lastly, Baghlan is undertaking a new oil and gas project that[/size]will require sizable capital expenditures and may be subject to[/size]execution risks.[/size]The company has a concentrated shareholder structure, and S&P[/size]believes that it may be subject to key man risk, as the company's[/size]business may be exposed to the position of its core shareholder,[/size]Mr.Hafiz Mammadov, in Azerbaijan's business and political[/size]context. In addition, S&P considers that Baghlan is subject to[/size]the risks of doing business in Azerbaijan, where it operates its[/size]key activities.[/size]On the upside, Baghlan benefits from diversification by business[/size]segment and favorable profitability levels under its existing[/size]contracts. Azerbaijan's developing business environment[/size]currently creates barriers to entry to Baghlan's key niche[/size]markets, although this could change in the future. Baghlan's[/size]debt of AZN233 million on Dec. 31, 2012, is quite manageable. In[/size]S&P's base-case scenario, it assumes that the company will[/size]maintain its generally prudent approach to leverage. Baghlan's[/size]invests in its oil and gas project via a production sharing[/size]agreement, which helps it to share capital expenditures with its[/size]partners and enables it to recover investments relatively quickly[/size]when production increases are achieved. The company's projects[/size]in other segments require only small maintenance capital[/size]expenditures.[/size]The stable outlook reflects S&P's expectation that Baghlan will[/size]maintain manageable liquidity over the next few years, and avoid[/size]any further large working capital outlays or any deterioration in[/size]the key terms of its largest contracts. S&P expects Baghlan to[/size]maintain healthy headroom under the covenant that limits its[/size]ratio of debt to EBITDA at 2.5x. S&P has not factored any major[/size]debt-financed acquisitions into its base-case scenario.[/size]S&P could consider lowering the rating on Baghlan if it observed[/size]a squeeze on liquidity, a significant negative change in the[/size]profitability of key contracts, or the company made large debt-[/size]financed acquisitions. S&P has not factored these possibilities[/size]into its base-case scenario, however.[/size]In S&P's view, rating upside is limited in the short to medium[/size]term because of the company's limited size and the inherent high[/size]volatility in its business.[/size]MUGANBANK: S&P Affirms 'B-/C' Counterparty Ratings; Outlook Pos.[/size]----------------------------------------------------------------[/size]Standard & Poor's Ratings Services said it revised its outlook on[/size]Azerbaijan's Muganbank to positive from stable. At the same[/size]time, S&P affirmed its 'B-/C' long- and short-term counterparty[/size]credit ratings on the bank.[/size]The outlook revision reflects S&P's view that the recent capital[/size]increase will strengthen Muganbank's balance sheet and provide[/size]the bank with the capacity to increase its competitive position[/size]in the domestic market. If well managed, this could improve the[/size]bank's future core profitability, which was fairly weak in 2012.[/size]Muganbank has recently benefited from an additional capital[/size]increase of Azerbaijan manat (AZN) 10 million. S&P expects the[/size]bank to gradually become one of Azerbaijan's top 10 banks in[/size]terms of loans and assets, and even higher in the ranking in[/size]terms of net profit.[/size]S&P notes that the bank has successfully developed relationships[/size]with international financial institutions and government funds,[/size]attracting less expensive funding facilities and therefore[/size]improving its franchise and, potentially, its profitability[/size]ratios. S&P's affirmation of its 'C' short-term rating reflects[/size]the inherent risks for a small bank with an undiversified[/size]business model in a high risk country, and certain liquidity[/size]risks.[/size]"We base our ratings on Muganbank on a 'bb-' anchor for banks[/size]operating predominantly in Azerbaijan, and our view of the bank's[/size]"weak" business position, "adequate" capital and earnings,[/size]"moderate" risk position, "average" funding, "adequate"[/size]liquidity, and "low systemic importance" in Azerbaijan, as our[/size]criteria define the terms," S&P noted.[/size]"We view the bank's business position as weak because of its[/size]small market share, persistent strategic uncertainties, and very[/size]compact management team that is in danger of placing too much[/size]importance on key individuals. However, we think there is[/size]potential for the bank's business position to improve. The bank[/size]is among Azerbaijan's top 15 financial institutions and had about[/size]285 million AZN in assets on Dec. 31, 2012. It mostly lends to[/size]small and medium businesses. We note that the bank's owners, who[/size]are Azeri businessmen, are now looking to sell a stake to[/size]external foreign investors, which adds some uncertainty regarding[/size]the bank's future development. If any sale happens, we will[/size]review the bank and may take a rating action based on the new[/size]owner's strategic priorities," S&P added.[/size]S&P raised its assessment of the bank's capital and earnings to[/size]"adequate" following the AZN 10 million cash injection at the end[/size]of 2012. S&P thinks that the bank's earnings are going to[/size]recover after one-off provisioning needs incurred in 2012 that[/size]influenced the bottom line results. The bank's trends in net[/size]interest margin and fee and commission income are positive, in[/size]S&P's view.[/size]The positive outlook reflects S&P's expectation that the bank[/size]will continue to grow in its current market niche, and that its[/size]core banking profitability will improve gradually and give it an[/size]enhanced buffer to cushion credit costs.[/size]S&P might consider a positive rating action if it saw that the[/size]bank's market share was increasing enough to push it into the top[/size]10 in terms of loans and assets without harming its financial[/size]profile, notably its asset quality indicators.[/size]S&P might revise the outlook back to stable if asset quality[/size]deteriorated sharply, with non-performing loans reaching double[/size]digits, although this is not S&P's base-case expectation. S&P[/size]could also consider a negative rating action if the funding[/size]profile deteriorated significantly, leading to depressed[/size]liquidity and loss of confidence among some large depositors.[/size] Will read later over a pint. Link to comment Share on other sites More sharing options...
modboy Posted July 21, 2014 Share Posted July 21, 2014 For me personally the concern is around knowing one way or another what the budget is, because SG clearly doesn't and that in turn is inevitably impacting our recruitment process which could potentially have a detrimental knock on effect to our season. We need to move forward, we need another good 5-6 quality players throughout the squad and without having a flounce we seem to be miles away from that happening, and I think that's down to the confusion over the ownership and ratification. I guess the gamble is that we manage to tread water until ratification is approved or declined. Then we see which was forward we move. Rubbish isnt it Link to comment Share on other sites More sharing options...
southportdc Posted July 21, 2014 Share Posted July 21, 2014 The club obviously know fans are worried by all this. Therefore the fact the club haven't said anything means they can't or there is nothing to say. Link to comment Share on other sites More sharing options...
bigrbuk Posted July 21, 2014 Share Posted July 21, 2014 The club obviously know fans are worried by all this. Therefore the fact the club haven't said anything means they can't or there is nothing to say. The missus was worried about popping a sprog, but I managed words of encouragement instead of keeping quiet cos I couldn't do anything. It's EXACTLY the same. Link to comment Share on other sites More sharing options...
RichieB Posted July 21, 2014 Share Posted July 21, 2014 Won't be surprised if this whole thing falls apart. Link to comment Share on other sites More sharing options...
Nookiebear Posted July 21, 2014 Share Posted July 21, 2014 http://www.pattonboggs.com/news/squire-patton-boggs-advises-on-sale-of-sheffield-wednesday-fc These guys will probably know if he has the funding. Link to comment Share on other sites More sharing options...
Mike Hunt Posted July 21, 2014 Share Posted July 21, 2014 Oopsie! Domain name record was updated 18th July, so maybe he had to buy it back from some chancer. I might see if they need any help for a cost of EUR 10M I don't think they would need any from you http://whois.domaintools.com/baghlangroup.com Domain expires 17 02 2015 and then you get a 3 month period to get it back before anyone else can nab it . Link to comment Share on other sites More sharing options...
SiJ Posted July 21, 2014 Share Posted July 21, 2014 Just can't see it happening. Not sure I particular want it to. Link to comment Share on other sites More sharing options...
F. Spiksley Posted July 21, 2014 Share Posted July 21, 2014 Perhaps Owlstalk should apply its own credit rating to the Baghlan Group. This will solve it. If we just give it AAA+++ that should satisfy the Football League roger Fitch and the other ratings agencies, its all a bit fakalaki anyhow. Link to comment Share on other sites More sharing options...
Dick_Turpin Posted July 21, 2014 Share Posted July 21, 2014 Just can't see it happening. Not sure I particular want it to. I see your point. Any change in ownership is fraught with potential problems - especially when the new owner is such an unknown. Link to comment Share on other sites More sharing options...
Earlsfieldowl Posted July 21, 2014 Share Posted July 21, 2014 Won't be surprised if this whole thing falls apart. I have to admit I agree - the longer it goes on, the more chance of it not going though..There are clearly big problems, we are just in the dark as to what they are. All the speculation on the boards is what it is..just rumour. Not a great place to be prior to the sart of the season Link to comment Share on other sites More sharing options...
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