/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/120502.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, May 2, 2012, Vol. 13, No. 087 Headlines A R G E N T I N A GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating B E R M U D A AIRPORT SHOPS: To Close 3 Gift Shops, Cuts 4 Jobs CORAL BEACH: May Close Down if Plan to Sell Assets Fails B R A Z I L ESPIRITO SANTO: S&P Affirms 'BB+' Global Rating; Outlook Stable MARFRIG ALIMENTOS: S&P Affirms 'B+' Corporate Credit Ratings C A Y M A N I S L A N D S BGI EXTERNAL: Shareholders' Final Meeting Set for May 25 CARNEROS INVESTMENTS: Shareholders' Final Meeting Set for May 17 COBRA ACQUISITION: Shareholders' Final Meeting Set for May 25 EEA EUROPE: Shareholders' Final Meeting Set for May 16 EVERGREEN MAC: Members' Final Meeting Set for May 15 FLATIRON MAC: Members' Final Meeting Set for May 15 FPP EMERGING: Shareholders' Final Meeting Set for May 25 GT3 CUP: Members' Final Meeting Set for May 28 GTAM FUND I: Shareholders' Final Meeting Set for May 25 HORIZON CAPITAL: Shareholders' Final Meeting Set for June 15 LOAN OPPORTUNITIES: Shareholders' Final Meeting Set for May 25 SALT CREEK: Members' Final Meeting Set for May 24 TRITON 230: Shareholders' Final Meeting Set for May 24 TRITON 240: Shareholders' Final Meeting Set for May 24 TRITON 600: Shareholders' Final Meeting Set for May 24 D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: S&P Affirms 'B+/B' Sovereign Credit Ratings M E X I C O CHG-EL CAMINO: S&P Lowers Ratings to 'mxSD'; Still on Watch Neg BANCA MIFEL: S&P Affirms 'BB-/B' Global Rating; Outlook Stable P U E R T O R I C O NEWPORT BONDING: A.M. Best Puts 'b' Issuer Credit Rating on Review RS YACHT: Voluntary Chapter 11 Case Summary S T K I T T S & N E V I S TRISTAR INSURANCE: A.M. Best Affirms 'cc' Issuer Credit Rating S U R I N A M E * REPUBLIC OF SURINAME: S&P Affirms BB-/B Sovereign Credit Ratings T R I N I D A D & T O B A G O TRINIDAD CEMENT: TCL Mayo Plant Reopens - - - - - ================= A R G E N T I N A ================= GP INVESTMENTS: S&P Affirms 'BB-' Counterparty Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB-' long-term counterparty credit rating on GP Investments Ltd (GP) with a stable outlook. "The rating on GP mainly reflects a level of recurring cash revenues (mainly management fees) which does not cover operating and financial expenses," said Sebastian Liutvinas of Standard & Poor's. "He also noted that the rating 'considers the company's high portfolio concentration and the inherent volatility of the private equity business' and that 'these weaknesses are partly offset by GP's leading position in the Brazilian private equity industry, the extensive experience and strong reputation of its team of professionals, the good track record of most of its investments, its sufficient liquidity, and the good performance of the Brazilian economy." ============= B E R M U D A ============= AIRPORT SHOPS: To Close 3 Gift Shops, Cuts 4 Jobs ------------------------------------------------- The Royal Gazette reports that Airport Shops Ltd's three gift shops located in LF Wade International Airport's departure areas are set to close cutting for jobs in the process. The report relates that the company blamed a major fall off in business due in large part to fewer tourists. The firm closed the main gift shop and adjacent apparel store in the US departure area, and the gift and sundries shop in the British Airways lounge, according to The Royal Gazette. The report notes that confirming the four job losses at his stores, Edgard Wilkinson of Airport Shops said: "There's no business there. This has been coming for quite a while. Business has been dropping in the last few years because very few tourists are coming to Bermuda." CORAL BEACH: May Close Down if Plan to Sell Assets Fails -------------------------------------------------------- The Royal Gazette reports that Coral Beach could close at the end of this year if its plan to sell the facilities to members for some $28 million fails. It's understood most members of the exclusive club have balked at paying $35,000 to its U.S. operator Brickman Associates as part of an equity conversion plan giving them ownership of just the club facilities and not the rooms or majority of land on which Brickman Associates holds a 200-year lease, according to The Royal Gazette. However, the report relates that there is a serious effort by some members to get Brickman Associates to reduce that sum to encourage enough members to agree to the plan. Meanwhile, The Royal Gazette notes that other members are said to be exploring the possibility of coughing up hundreds of thousands each to buy the lease as a group if it is even for sale. The report relays that Brickman sent a letter to the members, outlining the next steps in its equity conversion plan and clearing up any confusion on dues. Noting that a new fiscal year was starting June 1, Brickman said it would collect membership for six months only June through November, The Royal Gazette discloses. As part of the proposed equity conversion, the some 1,500 local and overseas members would have to make an investment of $35,000 (resident) or $20,000 (non-resident) and take on at least $5.5 million in debt owed by Brickman, The Royal Gazette discloses. Brickman said the new owner memberships would be exclusively for use of the club facilities and should not be viewed as an investment from which they can profit, the report notes. Furthermore, the report says Brickman said in a letter to the U.S. Securities and Exchange Commission about its plan, that members would not be entitled to share in any income generated by the operation of the new "equity club" nor could they sell or transfer their memberships other than to the "equity club" by resigning them and waiting for them to be reissued to a new member, while continuing to pay dues. Brickman in return said it would set aside in escrow $11 million for a capital improvement program to make badly needed upgrades to the club facilities and also $3 million to redo its guest rooms, which Brickman would retain, the report relays. The Royal Gazette adds that Brickman came up with the idea to sell the club facilities to the membership after scrapping a plan to redevelop the prime South Shore property as a five-star Four Seasons 150-room resort and residences. =========== B R A Z I L =========== ESPIRITO SANTO: S&P Affirms 'BB+' Global Rating; Outlook Stable --------------------------------------------------------------- Standard and Poor's Ratings Services affirmed its 'BB+' global scale and 'brAA+ national scale ratings on Espirito Santo Centrais Eletricas S.A. (Escelsa). The outlook is stable. "The ratings on Brazilian power distributor Escelsa reflect the stable regulatory framework in Brazil, greater GDP expansion in its concession area, in comparison with Brazilian average GDP, and better operational indicators relative to its peers. In contrast, risk factors include: the challenge to improve its credit metrics and cash generation after the third tariff cycle (scheduled for August 2013), some debt concentration, and some (over-contracted) energy excess that the company needs to sell in the short-term," S&P said. "We expect that, despite last year's reduction in its operational margins, which reflected less-than-expected demand in that region (resulting in over-contracted energy), the company will nonetheless maintain good cash flow generation. We also believe that its credit metrics will remain quite strong. It will maintain these metrics by prudently managing its existing debt and capital investment needs. However, the company has limited headroom to improve its credit metrics--considering the lower remuneration on regulatory assets after the third tariff cycle and constant pressure from operational costs," S&P said. MARFRIG ALIMENTOS: S&P Affirms 'B+' Corporate Credit Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its ratings, including the 'B+' global-scale and 'brBBB+' national-scale corporate credit ratings, on Brazil-based food producer Marfrig Alimentos S.A. The outlook on the corporate credit ratings remains negative. The rating action is part of S&P's regular review. "The ratings affirmation reflects our view that despite Marfrig's somewhat improved operations in the last quarter of 2011, refinancing risk remains and headroom in its covenants agreements is limited mainly for the first half of 2012. We believe management is committed on seeking alternatives to reduce debt and interest payments, and extend debt maturities to improve its financial profile, although we expect credit metrics to remain weak in the short to intermediate term," S&P said. "Management's initiatives, such as negotiation of more favorable tenors with suppliers and clients, better mix of products, and lower grains and cattle prices have improved cash generation in the last quarter of 2011. Nevertheless, still-volatile export demand and volumes, as well as risks to consolidate and operate the assets, following the asset swap agreement with BRF Brasil Foods S.A., increase uncertainties over the company's ability to improve cash flows and reduce debt in 2012," S&P said. =========================== C A Y M A N I S L A N D S =========================== BGI EXTERNAL: Shareholders' Final Meeting Set for May 25 -------------------------------------------------------- The shareholders of The BGI External Alpha Fund II Limited will hold their final meeting on May 25, 2012, at 9:50 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CARNEROS INVESTMENTS: Shareholders' Final Meeting Set for May 17 ---------------------------------------------------------------- The shareholders of Carneros Investments (Cayman) Limited will hold their final meeting on May 17, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands COBRA ACQUISITION: Shareholders' Final Meeting Set for May 25 ------------------------------------------------------------- The shareholders of Cobra Acquisition GP Limited will hold their final meeting on May 25, 2012, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 EEA EUROPE: Shareholders' Final Meeting Set for May 16 ------------------------------------------------------ The shareholders of Eea Europe Long Short Fund will hold their final meeting on May 16, 2012, at 2:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Management Limited Landmark Square, 1st Floor 64 Earth Close, West Bay Beach P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: 1 345 769-9351 EVERGREEN MAC: Members' Final Meeting Set for May 15 ---------------------------------------------------- The members of Evergreen Mac Limited will hold their final meeting on May 15, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands FLATIRON MAC: Members' Final Meeting Set for May 15 --------------------------------------------------- The members of Flatiron Mac Limited will hold their final meeting on May 15, 2012, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Beverly Mathias c/o Citco Trustees (Cayman) Limited P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands FPP EMERGING: Shareholders' Final Meeting Set for May 25 -------------------------------------------------------- The shareholders of FPP Emerging Hedge Fund I Limited will hold their final meeting on May 25, 2012, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 GT3 CUP: Members' Final Meeting Set for May 28 ---------------------------------------------- The members of GT3 Cup Investments, Ltd. will hold their final meeting on May 28, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: H&J Corporate Services (Cayman) Ltd. Telephone: (345) 949 7555 GTAM FUND I: Shareholders' Final Meeting Set for May 25 ------------------------------------------------------- The shareholders of GTAM Fund I, Ltd. will hold their final meeting on May 25, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 HORIZON CAPITAL: Shareholders' Final Meeting Set for June 15 ------------------------------------------------------------ The shareholders of Horizon Capital Partners Limited will hold their final meeting on June 15, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Highwater Limited c/o Nicole Weins Telephone: (345) 640 2279 Facsimile: (345) 943 2294 Grand Pavilion Commercial Centre 802 West Bay Road, 1st Floor P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands LOAN OPPORTUNITIES: Shareholders' Final Meeting Set for May 25 -------------------------------------------------------------- The shareholders of Loan Opportunities Fund Offshore Feeder GP I, Limited will hold their final meeting on May 25, 2012, at 10:10 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 SALT CREEK: Members' Final Meeting Set for May 24 ------------------------------------------------- The members of Salt Creek High Yield CSO 2005-2 Ltd. will hold their final meeting on May 24, 2012, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Bernard McGrath 69 Dr. Roy's Drive PO Box 1043, George Town Grand Cayman KY1-1102 Cayman Islands TRITON 230: Shareholders' Final Meeting Set for May 24 ------------------------------------------------------ The shareholders of Triton 230 Ltd. will hold their final meeting on May 24, 2012, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands TRITON 240: Shareholders' Final Meeting Set for May 24 ------------------------------------------------------ The shareholders of Triton 240 Ltd. will hold their final meeting on May 24, 2012, at 9:40 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands TRITON 600: Shareholders' Final Meeting Set for May 24 ------------------------------------------------------ The shareholders of Triton 600 Ltd. will hold their final meeting on May 24, 2012, at 9:50 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Finlay c/o Maree Martin Telephone: (345) 814 7376 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: S&P Affirms 'B+/B' Sovereign Credit Ratings ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+/B' long- and short-term local- and foreign-currency sovereign credit ratings on the Dominican Republic. The outlook remains stable. Standard & Poor's transfer and convertibility assessment on the Dominican Republic is unchanged at 'BB'. The recovery rating on the government's bonds also remains unchanged, at '3'. "The ratings on the Dominican Republic reflect the country's weak institutions and the politicization and opaqueness of decision- making, which lessen the predictability and effectiveness of the government's policies," said Standard & Poor's credit analyst Olga Kalinina. "These inefficiencies result in low tax collection due to widespread tax evasion and excessive tax exemptions and in weak competitiveness due to bureaucracy, corruption, and slow progress in reforming the electricity sector, among other things. Supporting the ratings are the ongoing commitment to correcting fiscal and structural inefficiencies--important advances were made under the recently ended IMF standby program--solid growth potential stemming from the country's well-diversified economy, improving export prospects, and strengthened debt management." "On the fiscal front, the government remains committed to lowering fiscal deficits. It introduced a number of tax measures and controlled spending in 2011 to counterbalance continuously low tax collection and higher-than-anticipated electricity subsidies (amid rising oil prices). The fiscal deficit was 2.6% of GDP in 2011, similar to that of 2010. Fiscal performance likely will deteriorate in the first half of 2012 because of preelection spending. Arrears to suppliers are already on the rise. (Presidential elections will be held on May 20, 2012.) However, we expect that efforts to control expenses in the second half of 2012, including a possible new electricity tariff adjustment, should keep the fiscal situation in line. We project a fiscal deficit of 2.9% of GDP this year. The net general government debt is projected to increase by 2.6% of GDP on average from 2012- 2014," S&P said. "We expect net general government debt to be 36% of GDP (including the central bank's certificates but excluding recapitalization bonds) at year-end 2012. We project a gross borrowing requirement of 5.9% of GDP this year, which we expect the government to cover with proceeds from a $250 million bond issued in 2011, Petrocaribe disbursements, other bilateral and multilateral funding, and domestic financing. We project gross financing needs will increase in 2013 and 2014, reflecting the scheduled repayments of International Monetary Fund (IMF) and Inter-American Development Bank (IADB) loans. We expect the government to use new multilateral and external commercial borrowings to finance these repayments. As such, we anticipate that the new government that will assume office in August 2012 will reengage the IMF on a timely basis. The last US$1.7 billion standby program, which ended in February 2012 (two last reviews were not completed), was instrumental in anchoring progress in fiscal, monetary, and electricity areas. But the election has interrupted this positive momentum," S&P said. "Continuously high economic growth and improved export prospects as well as greater policy flexibility due to the start of the new government term in August 2012 balance out these risks. We expect real GDP per capita growth of 3.1% in 2012 and weighted real GDP per capita growth of 3.9% from 2005-2014 on average. Gains in a variety of productive sectors are responsible for the solid economic growth," S&P said. "The stable outlook reflects the Dominican Republic's solid growth and export prospects and our expectation that the government will continue its efforts to narrow fiscal deficits. We balance these strengths against the risk of fiscal and external deterioration if the government does not implement corrective measures in a timely manner. An advance in addressing the structural deficiencies in the electricity sector, improving tax system efficiency, and strengthening the external profile would benefit the sovereign's creditworthiness," said Ms. Kalinina. "We expect close cooperation with the IMF and a formal engagement in the second half of 2012." "On the other hand, fiscal slippage, which would likely exacerbate the external vulnerability, would be a negative factor and could put pressure on the rating, especially if the political willingness to reverse the slippage is lacking," said Ms. Kalinina. "Similarly, delays or uncertainties surrounding the reengagement of multilaterals would decrease policy transparency, lower investor confidence, and increase credit risks. Any changes in the Petrocaribe concessional financing (which finances roughly 15% of the country's oil imports) would also be a negative." =========== M E X I C O =========== CHG-EL CAMINO: S&P Lowers Ratings to 'mxSD'; Still on Watch Neg --------------------------------------------------------------- Standard & Poor's Ratings Services said its BELOW AVERAGE ranking on CHG-El Camino S.A.P.I. de C.V. (El Camino) as an equipment leasing servicer for the Mexican market will remain on CreditWatch, where it had originally placed it on negative implications on Feb. 3, 2012. "In general, we perceive that El Camino as a servicer has weakened its management, organizational, and loan administration capabilities due to the public legal conflict among the main shareholders who are also part of El Camino's first-level management team," S&P said. "Despite the advances in the negotiations, El Camino announced that the legal conflict resolution could be completed after a 40- day period, which could allow the complete reestablishment and control of the operation. During this time, we believe the company could continue being exposed to credit, financial, and operative risks, which would continue to adversely affect servicing performance," S&P said. "As of December 2011, the company's lease portfolio exhibited an adequate performing trade; however, in our opinion, the legal conflict undermined El Camino's servicer's performance; in particular its payment processing capability, report generation, and control of the performance of its portfolio," S&P said. "Although we had already deemed El Camino's financial position to be Insufficient, we recently lowered its long-term rating to 'mxSD' from 'mxCCC', as well as its short-term rating to 'mxSD' from 'mxC', which led us to affirm the company's insufficient financial position," S&P said. BANCA MIFEL: S&P Affirms 'BB-/B' Global Rating; Outlook Stable -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its issuer ratings on Mexico-based universal bank Banca Mifel S.A. (BM), including its global-scale ratings at 'BB-/B' and Mexican national-scale ratings at 'mxBBB+/mxA-2'. The stand-alone credit profile (SACP) is 'bb-'. The outlook is stable. "We also affirmed our 'B-' ratings on BM's $100 million perpetual, noncumulative, nonpreferred subordinated notes," S&P said. "Standard & Poor's Ratings Services' ratings on BM and its senior debt reflects our assessment of its moderate business position, capital & earnings, and risk position. We also base the ratings on our assessment of its below average funding and adequate liquidity, relative to its Mexican peers. We believe that the risk-adjusted capital framework (RACF) adequately reflects the bank's credit, market, and operational risks," S&P said. ===================== P U E R T O R I C O ===================== NEWPORT BONDING: A.M. Best Puts 'b' Issuer Credit Rating on Review ------------------------------------------------------------------ A.M. Best Co. has placed under review with negative implications the financial strength rating of C++ (Marginal) and issuer credit rating of "b" of Newport Bonding and Surety Company (Hato Rey, PR). The under review status reflects the significant uncertainty regarding Newport's overall financial condition as it has not yet filed its year-end 2011 annual statement. The ratings will remain under review pending A.M. Best's receipt of the annual statement, as well as further discussions with management to determine the underlying reasons for the delay in filing. Upon receipt, A.M. Best will review the financial condition of Newport and will determine whether its current ratings are appropriate. RS YACHT: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: RS Yacht Services, Inc. aka My Seascape P.O. Box 363443 San Juan, PR 00936 Bankruptcy Case No.: 12-03193 Chapter 11 Petition Date: April 26, 2012 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Eduardo J Corretjer Reyes, Esq. BUFETE ROBERTO CORRETJER PIQUER 625 Ponce de Leon Avenue San Juan, PR 00917-3111 Tel: (787) 751-4618 Fax: (787) 759-6503 E-mail: ejcr98@yahoo.com Estimated Assets: US$500,001 to US$1,000,000 Estimated Debts: US$1,000,001 to US$10,000,000 The Debtor did not file a list of its largest unsecured creditors together with its petition. The petition was signed by Pedro Ray, president. ============================ S T K I T T S & N E V I S ============================ TRISTAR INSURANCE: A.M. Best Affirms 'cc' Issuer Credit Rating -------------------------------------------------------------- A.M. Best Co. has affirmed the financial strength rating of C- (Weak) and issuer credit rating of "cc" of Tristar Insurance Company Limited (Saint Kitts and Nevis). The outlook for both ratings is stable. The ratings reflect Tristar's narrow business profile, inconsistent overall operating results and limited financial flexibility. Tristar is a niche reinsurer with a very narrow business profile primarily focused on one business segment. While the company is attempting to diversify its book of business, Tristar currently reinsures mostly surety coverages in Latin America, mainly in Colombia and the Dominican Republic. Overall operating results have been inconsistent and mainly reflect Tristar's investment performance. In addition, A.M. Best considers the company's risk management as weak and expects continued improvement in the near to medium term. Partially offsetting these weaknesses is Tristar's adequate risk- adjusted capitalization for its current business profile. A.M. Best also believes that Tristar's current ownership structure as a closely held organization limits its financial flexibility. While the ratings of Tristar are stable, factors that could contribute to rating enhancement include sustained improvement in its underwriting performance, consistent long-term overall profitability and an upgrade in Saint Kitts and Nevis' country risk tier rating. Factors that may lead to negative rating actions include a sustained decline in underwriting profitability, significant deterioration in risk-adjusted capitalization as measured by A.M. Best's Capital Adequacy Ratio and a downgrade in Saint Kitts and Nevis' country risk tier rating. =============== S U R I N A M E =============== * REPUBLIC OF SURINAME: S&P Affirms BB-/B Sovereign Credit Ratings ------------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB-' long- and 'B' short-term foreign and local currency sovereign credit ratings on the Republic of Suriname. "At the same time, we affirmed our 'BB' transfer and convertibility assessment of Suriname. The rating action is part of our regular review," S&P said. "The ratings on Suriname reflect its improving macroeconomic fundamentals, robust medium-term growth prospects, a low debt position (with net general government debt at less than 20% of GDP at the end of 2011), and solid external indicators based on current account surpluses, higher levels of foreign direct investment, and rising international reserves. More importantly, there is a growing political consensus on preserving macroeconomic stability, as witnessed by the government's willingness to pursue an unpopular devaluation and tax hikes in 2011 to reduce foreign exchange pressures that built up in the prior year. Offsetting these supporting factors is Suriname's narrow economic base that's strongly tied to commodities: alumina, gold, and oil constituted more than 80% of current account receipts at the end of 2011. In addition, there are ongoing institutional capacity constraints that hinder debt management, public investment, and a more forceful advancement of structural reforms," S&P said. The government's aggressive debt-reduction and arrears clearance during the past three years is another important indicator of the sovereign's strategy to structurally improve its credit profile amid the positive economic momentum. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: TCL Mayo Plant Reopens --------------------------------------- Trinidad & Tobago Newsday reports that operations at Trinidad Cement Limited's Mayo Plant resumed under the watchful eyes of police and security officers posted at the remote rural plant in Mayo, Gasparillo. A senior TCL official confirmed that a complete assessment of machinery was done, a test run was completed and operations were expected to resume, according to Trinidad & Tobago Newsday. The report relates that the move to restart the plant caused heated confrontation between striking workers and police outside the plant. Trinidad & Tobago Newsday relays that the shuttle bus was blocked by protesters. In the end, the report notes that three striking TCL workers were arrested. Trinidad & Tobago Newsday says that one of them was charged with endangering the life of a toddler. Trinidad & Tobago Newsday discloses that a company source said the workers were part of an assessment team who were going into the plant to check on machinery and equipment since the plant was shut down as a result of the strike. The source said it was the first time that workers were going into the plant since the strike, the report adds. As reported in the Troubled Company Reporter-Latin America on March 5, 2012, RJR News said that Trinidad Cement Limited will import cement from Jamaica as the strike by workers keeps its operations closed. It will also import supplies from Barbabos, according to RJR News. The report noted that TCL said it had arranged to get supplies from its Caribbean Cement subsidiary in Jamaica and Arawak plant in Barbados to minimize the impact of the industrial impasse. The report said that TCL said it will distribute the product throughout Trinidad and Tobago so that customers have access. About Trinidad Cement Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has now reached an agreement with its debtors on the terms and conditions attached to the repayment of its debt. The agreement will convert most of the company's debt into an 8-year facility, to be paid, quarterly, from March 2013, according to RJR News. The report related that deal also includes certain performance criteria for repaying the debt and if those are not met, the company will be penalized. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. * * * End of Transmission * * *