/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130410.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, April 10, 2013, Vol. 14, No. 70 Headlines A R G E N T I N A BNB LEASING: Moody's Assigns Ba3 Global Rating to New Debt Issue B R A Z I L ARALCO INDUSTRIA: Fitch Assigns 'B' Foreign/Local Currency IDR ARALCO INDUSTRIA: S&P Assigns 'B' Rating to Proposed $200MM Bond CONCESSAO METROVIARIA: Moody's Affirms Ba3 Global Scale Rating EMPRESA NORTE: Moody's Lifts Global Scale Issuer Rating to Baa3 JBS SA: S&P Retains 'BB' Rating Following Proposed Bond Add-On OAS SA: S&P Assigns 'BB-' Rating to Proposed Perpetual Notes OAS SA: Moody's Rates $200-300 Million Perpetual Notes 'B1' VIVER INCORPORADORA: Weak Finances Cue Moody's to Lower CFR to B3 C A Y M A N I S L A N D S ABSOLUTE BLUE: Shareholders Receive Wind-Up Report AP US MAN: Shareholders Receive Wind-Up Report CLOVIS (CAYMAN): Shareholder Receives Wind-Up Report DEL MAR OFFSHORE: Shareholder Receives Wind-Up Report DEL MAR RIVERSIDE: Shareholder Receives Wind-Up Report DELTA MASTER: Shareholders Receive Wind-Up Report DELTA OFFSHORE: Shareholders Receive Wind-Up Report FIRTH HOLDINGS: Shareholders Receive Wind-Up Report FIVEMORE FUND: Shareholders Receive Wind-Up Report FRM ACCESS II: Shareholder Receives Wind-Up Report FRM EMERGING: Shareholder Receives Wind-Up Report KPH HOLDINGS: Shareholders Receive Wind-Up Report LIONTRUST DIVERSITY: Shareholders Receive Wind-Up Report LIONTRUST FUND: Shareholders Receive Wind-Up Report LIONTRUST SORBUS: Shareholder Receives Wind-Up Report LIONTRUST SORBUS FUND: Shareholders Receive Wind-Up Report MEPI HOLDINGS: Shareholders Receive Wind-Up Report NCL INVESTMENT: Shareholders Receive Wind-Up Report OSTERFAK LTD: Member Receives Wind-Up Report J A M A I C A * JAMAICA: BOJ to Introduce Instrument to Curb Declining Dollar * JAMAICA: IDB Gives Statement on Extended Fund Facility M E X I C O * MEXICO: Moody's Changes Outlook on Nogales' Rating to Negative * MEXICO: Moody's Improves Coverage of RMBS with Two New Products * MEXICO: Moody's Notes Stable Performance of RMBS Market in 2012 P U E R T O R I C O BERWIND REALTY: Court Confirms Plan of Reorganization INTERNATIONAL HOME: Amends Chapter 11 Plan & Disclosures JVMW PROPERTIES: Case Summary & 20 Largest Unsecured Creditors T R I N I D A D & T O B A G O CARIBBEAN AIR: To Report to T&T Security Minister on Work Permits - - - - - ================= A R G E N T I N A ================= BNB LEASING: Moody's Assigns Ba3 Global Rating to New Debt Issue ---------------------------------------------------------------- Moody's Investors Service assigned a Ba3 global local currency debt rating to the expected issuance of up to Bs 22,88 million which will be due in 1,800 days of BNB Leasing S.A. At the same time, Moody's Latin America assigned a Aaa.bo local currency national scale debt rating to the expected issuance. The outlook on all ratings is stable. The following ratings were assigned to BNB Leasing's expected debt issuance: Bs. 22,88 million debt issuance: Global Local Currency Debt Rating: Ba3, stable outlook Bolivia National Scale Local Currency Debt Rating: Aaa.bo, stable outlook Ratings Rationale: Moody's explained that the local currency senior debt rating derives from BNB Leasing's Ba3 global local currency CFR. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. BNB Leasing's global local and foreign currency corporate family ratings of Ba3 reflects the company's stand-alone credit profile of b3 and incorporates Moody's assessment of a high likelihood of support deriving from its controlling shareholder, Banco Nacional de Bolivia (rated Ba2), resulting in a three-notch uplift from BNB Leasing's unsupported stand-alone credit profile. The stand-alone credit profile of b3 reflects BNB Leasing's limited diversification and below average financial metrics, particularly its profitability. In addition, the company operates in Bolivia's small and developing leasing market, which is highly competitive, adding pressure to the entity's margins. BNB Leasing is headquartered in La Paz, Bolivia. As of December 2012, the company had total assets of Bs. 85 million and equity of Bs. 10 million. The principal methodology used in this rating was Finance Company Global Rating Methodology published in March 2012. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. =========== B R A Z I L =========== ARALCO INDUSTRIA: Fitch Assigns 'B' Foreign/Local Currency IDR -------------------------------------------------------------- Fitch Ratings has assigned the following ratings to Aralco Industria e Comercio S/A: -- Foreign currency IDR 'B'; -- Local currency IDR 'B'; -- National Scale Rating 'BBB-(bra)'; -- Rating Outlook Stable. Aralco Finance S.A. (Aralco Finance) -- Proposed US$200 million senior unsecured notes due to 2020 'B/RR4'. Aralco Finance is a wholly-owned subsidiary of Aralco. The notes are unconditionally guaranteed by Aralco, Industria e Comercio Destilaria Generalco S/A; Alcoazul S/A Acucar e Alcool; Figueira Industria e Comercio S.A. and Agral S.A. - Agricola Aracangua, which are operational subsidiaries that fully consolidated into Aralco's financial statements. Net proceeds from this proposed issuance will be used to refinance existing senior secured debt and improve company's debt amortization profile. KEY RATING DRIVERS Negative rating actions for Aralco could be triggered by continuous reduction in operational cash flow, with net leverage above Fitch's expectations of 5.0x in 2015, and/or inability to refinance short term debt and extend short term maturities over the short term. Lower than expected leverage ratios in a scenario of sizeable capital expenditures, coupled with the maintenance of adequate liquidity and a more lengthened debt amortization profile could lead to positive rating actions. RATING SENSITIVITES Aralco's ratings reflect the company's exposure to the cyclical sugar and ethanol industry. This is characterized by strong price volatility and risks inherent to the agribusiness sector. Aralco's ethanol business is also exposed to industry dynamics with prices linked to the Brazil's regulated gasoline prices. The government energy policies can potentially impact the profitability of the ethanol business. The ratings incorporate Aralco's tight liquidity and high leverage, coupled with a robust CAPEX plan for the upcoming years. Both of which chould pressure Aralco's free cash flow (FCF), which in turn will improve its capacity utilization and Cash Flow of Operations (CFFO). Aralco's position as a shareholder in Copersucar provides company operational and financial advantages. The ratings also incorporate the expectation that Aralcowill be able to execute its refinancing plan and extend maturities over the near term; inability to execute on this plan could put downward pressure on the rating. Average Business Position in the Sugar and Ethanol Sector Aralco is a medium-sized sugar and ethanol company in a reasonably fragmented, commodity sector where scale is relevant and volatility is common. Aralco is a shareholder of Copersucar, a cooperative entity, which provides logistics, trading, risk management and financing for its members. This reduces demand risks, lowers logistic costs and provides stability in Aralco's cash flow collections. Aralco also benefits from less restrictive access to liquidity during challenging operating scenarios when compared to other peers in the sugar and ethanol business, due to the credit lines provided by Copersucar. Aralco holds 5% of Copersucar's total capital. Copersucar's large scale business accounts for approximately 18% of sugar and ethanol sales in the Central South region of Brazil and 10% of the sugar international market, making it an important market player. Copersucar has 48 partner mills with a combined sugar cane crushing capacity of around 115 million tons per year and also counts on sales contracts with non-partner mills to a lesser extent. Copersucar Supports Aralco's Operations: Aralco sells 100% of its production to Copersucar, through a long term exclusive contracts, mitigating demand risk. Prices for its products are linked to the average sugar and ethanol market prices plus a premium (Esalq+2%). The premium is due to logistics savings and scale gains obtained through the contractual partnership with Copersucar. Aralco is responsible for the agricultural activities and for the sugar and ethanol production, while Copersucar is responsible for all commercial activities and associated logistics, as well as for the implementation of hedging policies. Copersucar remunerates Aralco based on the realized production on a monthly basis during the year, independently of the moment the sale to the final customer occurs. This translates to a higher flexibility in Aralco's working capital management compared to other companies that face seasonality in their activities. Aralco's businesses are exposed to the volatility of the sugar and ethanol prices. However, the risks of future sales operations through derivatives transactions and eventual margin calls remain under Copersucar's responsibility. Standalone Liquidity is Weak: As of Dec. 31, 2012, the group reported a cash position of BRL46.2 million that covered only 8% of its short-term debt. Partially mitigating refinancing risk, Aralco's financial profile benefits from a significant working capital financing line, in the amount of up to 40% of its annual revenues, equivalent to approximately BRL200 million, granted by Copersucar. This credit line is subject to certain limits in terms of revenues and it is linked to guarantees on inventories and/or bank guarantees. This facility is an important liquidity source for Aralco, especially in periods of more restrictive access to credit. Subsequent to the end of 2012, Aralco had refinanced circa BRL154.7 million from its short term bank facilities, and refinanced an extra BRL 172 million of short term tax refinancing. Company seeks to lengthen its debt profile in order to meet up with its expected cash flow generation over the next years. Leverage and Capex are High In the 2011/2012 harvest, unfavorable weather conditions decreased its effective crushing volumes by 30% to 4.7 million tons compared to 6.7 million tons in the previous harvest. CFFO was negatively impacted and was negative BRL 90 million in the fiscal year-end (FYE) ended March 2012 comparing to negative BRL 10 million in the FYE ended Dec 2010 and positive BRL131 million in the FYE ended Dec. 31, 2009. From FYE 2009 to FYE 2012 total debt increased to BRL1.043 billion from BRL 580 million, funded mainly by banks (BRL169 million), Copersucar (BRL156 million) and tax refinancing (BRL144 million). Fitch expects effective crushing volumes to increase for the next several years and consequently, improve CFFO and deleveraging. Fitch's projections consider mid-cycle prices of sugar and ethanol, assuming USD20 cents per pound and BRL1,300 per cubic meters, respectively, for the next harvest periods. Aralco's results will ultimately depend on improvements on agricultural productivity and on effective crushing volumes to reduce idle capacity, currently at 33%. Capital expenditures should be high over the next five years, which are expected to be around BRL120 million per year. The high capex should result in a negative FCF until 2015/2016 harvest. Fitch expects Aralco to gradually reduce its current high leverage levels to levels below 5.0x in the 13/14 harvest. In the latest twelve months ended December 2012, net leverage achieved 7,2x compared to 5.8x in the FYE ended March 2012. Effective crushing should increase in 1.1 million tons to 5.9 million tons in 13/14 as result of BRL 213 million CAPEX, invested in FYE 2012. Moderate Business Scale Aralco is a cluster of four industrial unities in the northwest State of Sao Paulo. Its business model benefits from lower agricultural costs in terms of logistics and leasing expenses due to its geographical formation, but its production is limited by lower flexibility in terms of product mix. Two-thirds of its effective crushing is typically directed to both the hydrous and anhydrous ethanol production aimed at primarily the domestic market. Domestic market ethanol prices are linked to the gasoline prices, and even though Brazilian gasoline prices tend to have lower volatility than sugar prices, are subject to federal government energy policies. ARALCO INDUSTRIA: S&P Assigns 'B' Rating to Proposed $200MM Bond ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' long-term global scale and 'brBBB-' Brazilian national scale corporate credit ratings to Aralco S.A. Industria e Comercio. At the same time, S&P assigned its 'B' issue-level rating to Aralco Finance S.A.'s proposed $200 million bond. The outlooks on the corporate credit ratings are stable. The 'B' ratings on Aralco reflect S&P's view of its "fair" business risk profile, "highly leveraged" financial risk profile, and "less than adequate" liquidity. The company's "fair" business risk profile reflects its volatile track record of profitability and cash flows, though S&P expects margins to be higher than the industry average. S&P's business risk profile assessment also incorporates the commercial and funding advantages Aralco enjoys from its affiliation with Cooperativa de Produtores de Cana-de- A‡ucar, A‡ucar e Alcool do Estado de Sao Paulo (Copersucar S.A.; a cooperative for 48 sugar mills in Brazil). The affiliation, in S&P's view, gives Aralco a competitive advantage, as it benefits from Copersucar's commercial, logistics, and financial platform. Aralco's financial risk profile reflects its high debt, due to the capacity expansion, and an unfavorable capital structure, despite S&P's assumption that the company will be able to extend its debt maturities and that the Copersucar's credit lines are revolving. At the same time, its higher debt hindered sufficient investments in the plantations, lowering the company's cash flows and weakening credit metrics. Aralco is located in the most productive sugarcane region in Brazil, with four industrial mills that are strategically located near the company's sugarcane plantations and logistics infrastructure. The capacity to allocate raw materials among its mills, which form a geographic cluster, increases the company's operating efficiencies in sugarcane supply and reduces costs, resulting in higher-than-average profitability. However, productivity depends on weather conditions, which affect all of Aralco's mills alike, and its underinvestment in the sugarcane plantations in 2010 and 2009 resulted in idle capacity for the past two crop cycles. The mills affiliated with Copersucar benefit from lower funding costs for its working capital needs and stronger bargaining power in the sales agreements, which the cooperative exclusively negotiates. CONCESSAO METROVIARIA: Moody's Affirms Ba3 Global Scale Rating -------------------------------------------------------------- Moody's America Latina changed the outlook to stable from negative of Concessao Metroviaria do Rio de Janeiro S.A. -- MetroRio. At the same time, Moody's affirmed METRORIO's issuer ratings of Ba3 and A3.br on the global scale and on the Brazilian national scale, respectively. Ratings Rationale: METRORIO's Ba3 rating reflects the relatively stable operating cash flows generated by the Company's long-term concession contract, positive track record of operating performance, and significant and timely financial support from its controlling shareholder, Investimentos e Participacoes em Infraestrutura S.A. - INVEPAR (Ba3/A2.br; negative) and its ultimate shareholders, as recently demonstrated by INVEPAR having converted METRORIO's outstanding inter-company loan (which was extended in 2010 with a face value of BRL450 million in conjunction with Invepar's issuance of BRL 450 million in debentures which were guaranteed by Invepar's toll road subsidiary Linha Amarela S.A.) into shares, thus strengthening METRORIO's capital base by BRL514 million. This followed previous capital injections from INVEPAR which totaled BRL160 million in 2011 plus BRL160 million in 2012. However, the ratings continue to be constrained by METRORIO's still highly leveraged capital structure, potential delays and/or cost overruns in the Company's Capital Expenditure (CAPEX) program as well as traffic growth risk. The ratings are also somewhat constrained by the potential political interference related to fare adjustments and/or modifications to the current expansion plans of the mass transportation system in the City of Rio de Janeiro which could directly impact METRORIO's performance. The A3.br national scale rating reflects the standing of the Company's credit quality relative to its domestic peers. The stable outlook reflects Moody's view that: (i) METRORIO's CAPEX program will continue to be carried out according to plan without material delays or cost-overruns; (ii) the Company's credit metrics will continue to improve as the key milestones of the CAPEX program are achieved in 2013 and 2014; (iii) the Company's ultimate shareholders will continue to provide financial support, if needed; and (iv) the Company will continue to be able to access long-term financing from public banks such as BNDES and CEF. METRORIO's concession contract, which was executed with the State of Rio de Janeiro, generates relatively stable and predictable operating cash flows. Pursuant to the concession contract, METRORIO has to comply with specific operating performance parameters, which are periodically monitored by AGETRANSP-RJ, the transportation regulatory agency of the State of Rio de Janeiro. Tariffs are adjusted once a year in accordance with the general price inflation index (IGP-M). In 2007, METRORIO negotiated with the Government of the State of Rio de Janeiro the extension of the concession from 2018 to 2038. In exchange, METRORIO is contractually obligated to invest approximately BRL1.1 billion through 2018.This amount is related to the acquisition of 114 new railway cars, the construction of two new subway stations (Cidade Nova operating and Uruguai, expected for 2014, first quarter), 3.2 kilometers of additional tracks and the acquisition of ancillary operating systems. Moody's expects that METRORIO's operating revenues and cash flows will ramp-up in 2013 as all 114 new railway cars will have been commissioned. Given the characteristics of the concession area, METRORIO has a clear comparative advantage over other existing means of transportation within its concession area given the generally lower quality of services currently offered by competing modes of transportation. The elimination of operational bottlenecks, and the increase in availability, both through the acquisition of the new railway cars as well as the remodeling of the existing ones are also expected to contribute to an increase in ridership. A rating upgrade is unlikely to occur until: (i) the planned CAPEX investments, which aim at capturing more passengers thus increasing operating revenues and cash flows, are fully completed and commissioned; (ii) the liquidity position materially improves; and (iii) leverage is reduced. Quantitatively, a rating upgrade could be considered if, on a sustainable basis, Retained Cash Flow (RCF)-to-CAPEX remains above 1.2x, and Cash Interest Coverage remains above 2.5x. A rating downgrade could occur in case there are material delays and/or cost overruns in the remaining CAPEX program, the financial support and commitment from the Company's ultimate shareholders is perceived to have diminished, or the Company's liquidity position deteriorates. Quantitatively, a rating downgrade could occur if RCF-to-CAPEX stays below 0.5x, and Cash Interest Coverage remains below 1.8x for an extended period. Concessao Metroviaria do Rio de Janeiro S.A. -- MetroRio is a railway passenger transportation company that has the concession rights to operate Lines 1 and 2 of the subway system in the City of Rio de Janeiro, with an extension of 41 km and 35 stations (the "Concession"). The Concession was granted by the State Government of Rio de Janeiro in 1998 for a 20-year period. In December 2007, METRORIO committed to making additional investments in modernization and expansion resulting in the extension of the Concession period for an additional 20 years, until January 2038. At the end of the Concession period, the assets will revert to the State Government of Rio de Janeiro. In 2012, according to Moody's standard adjustments, METRORIO reported net operating revenues of BRL507 million, EBITDA of BRL253 million, and net income distributable (after unusual and non-recurring items) of BRL 1 million, as compared 2011 net operating revenues of BRL453 million, EBITDA of BRL200 million, and net loss of BRL82 million. METRORIO is wholly owned by Investimentos e Participacoes em Infraestrutura S.A. - INVEPAR (Ba3/A2.br; negative) a holding company controlled by three of the largest Brazilian pension funds (PREVI, FUNCEF and PETROS) and the construction company OAS (unrated). INVEPAR was created in March 2000 to invest in companies operating in the infrastructure sector. In addition to METRORIO, INVEPAR's current portfolio of concessions consists of several toll roads, such as: Linha Amarela S.A. - LAMSA (LAMSA), Concessionaria Auto Raposo Tavares S.A. (CART), Concessionaria Litoral Norte S.A. (CLN), Concessionaria Rio - Teresopolis S.A. (CRT), in which INVEPAR holds a 24.9% stake, Concessionaria Rota do Atlantico (CRA) and Concessionaria Bahia Norte (CBN), a joint- venture with the Brazilian Odebrecht group. In February 2012, INVEPAR won the auction for the concession of Guarulhos, the busiest airport in Latin America, which is located near the City of Sao Paulo. In March 2012, INVEPAR acquired 100% ownership of V.P.R. Brasil Participacoes S.A., which, through a special purpose entity (Linea Amarilla S.A.C.) controls the 30-year concession of Via Parque Rimac, a 25-km urban road in the city of Lima, Peru. In addition, the Consortium led by Invepar (33.34% stake) and joined by Odebrecht Transport Participacoes SA (33.33%) and CCR SA (33.33%), was declared the winner of the bidding for the Transolimpica Expressway, which is part of set of investments for the 2016 Olympic Games. The principal methodology used in this rating was Operational Toll Roads Rating Methodology published in December 2006. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. EMPRESA NORTE: Moody's Lifts Global Scale Issuer Rating to Baa3 --------------------------------------------------------------- Moody's America Latina Ltda upgraded Empresa Norte de Transmissao de Energia S.A.'s issuer ratings to Baa3 on the global scale and Aa1.br on the national scale from Ba1 on the global scale and Aa2.br on the national scale respectively. At the same time, Moody's upgraded to Baa3 from Ba1 on the global scale and to Aa1.br from Aa2.br on the national scale the ratings of the existing 5-year amortizing BRL190 million senior unsecured debentures issued by ENTE in the local market on February 23, 2011. The outstanding balance of these debentures was BRL 134 million as of December 31, 2012. The outlook for all ratings is stable. Ratings Rationale: The ratings upgrade to Baa3/Aa1.br has been prompted by the steady improvement in ENTE's credit metrics over the past two years. During this period ENTE's cash flow has been strong, boosted by lower interest expenses and virtually no capital expenditures. Moody's projects that ENTE will reduce its debt level further as a result of the strong funds from operations expected over the medium term in spite of a forecasted high dividend pay-out ratio during the period. The major downside risks to the scenario are potential capital expenditures, new concessions or acquisitions above Moody's expectations, which could lead to deterioration in credit metrics. Moody's base scenario is that ENTE will balance its growth strategy in line with its cash generation ability so that credit metrics remain compatible with the Baa3 rating category. ENTE's strong credit metrics have been supported by the stable and predictable cash flow provided by its long-term regulated concession agreement to operate an electricity network in the north of Brazil. The relatively long track record of operations supports the ratings as does management's expertise in the transmission business. The high level of investment activity of its controlling shareholders constrains the ratings. These shareholders are Alupar (Ba1/Aa2.br Corporate Family Ratings, Outlook stable) and Cemig (Ba1/Aa2.br Issuer Ratings, Outlook negative). Also constraining the ratings are ENTE's evolving corporate governance practices as well as its relatively small scale and limited portfolio diversification. ENTE operates two transmission lines under a 30-year concession that was signed in December 2002; the lines started operations in February 2005. The company largely benefits from a concession granted prior to 2006 wherein the tariffs are not subject to periodic reviews. One long-term concern is that the Permitted Annual Revenue (RAP) for this concession is scheduled to step down 50% starting in February 2020. The current RAP authorized by the regulator is BRL167 million, which is valid from July 2012 through June 2013. The network availability has been around 99.9% over the past five years and maintenance capital expenditures represent less than 1% of its regulated asset base. ENTE's cash generation has been further boosted by fiscal incentives that have lowered its income tax rate. Moody's estimates the effective tax rate to be around 15% over the next three years, after which it would return to the regular 34% rate. The stable outlook reflects Moody's expectation that ENTE will continue to prudently manage capital expenditures and the distribution of dividends in tandem with its cash flow capacity while maintaining an adequate liquidity position. The ratings could be upgraded if ENTE's corporate governance practices improve and there is a track record of continued strong financial performance, such that FFO interest coverage is greater than 7.0x along with FFO to Net debt above 70% on a sustainable basis. The ratings or outlook could be downgraded if there is a significant increase in leverage and deterioration of the liquidity profile driven, for example, by an unexpectedly sizeable investment program or dividend distribution. Quantitatively, the ratings or outlook could come under downward pressure if the FFO interest coverage ratio falls below 4.0x and the FFO to Net debt stays below 40% for an extended period. A material change in the regulatory framework in Brazil could also cause a downgrade in the ratings or outlook. The principal methodology use in this rating was "Regulated Electric and Gas Networks" published in August 2009. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. JBS SA: S&P Retains 'BB' Rating Following Proposed Bond Add-On --------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB' rating on JBS S.A.'s (BB/Stable/--) bonds issued through its subsidiary, ESAL GmbH, is unaffected by the proposed add-on to its $500 million bond issued in January 2013 and due 2023. The proceeds will be used to refinance short term maturities. RATINGS LIST JBS S.A. Corporate Credit Rating BB/Stable/-- Rating Assigned ESAL GmbH 10-year Sr. Unsec. Notes BB OAS SA: S&P Assigns 'BB-' Rating to Proposed Perpetual Notes ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' global scale and 'brA-' national scale ratings on OAS S.A. The outlook remains stable. At the same time, S&P assigned its 'BB-' global scale issue-level rating to OAS Finance Limited's proposed perpetual notes of up to $300 million. OAS Finance is a wholly-owned finance subsidiary of OAS S.A. The notes will benefit from unconditional guarantee from OAS S.A., Construtora OAS S.A., and OAS Investimentos S.A. The ratings on OAS continue to reflect its "fair" business risk profile and "aggressive" financial risk profile. The ratings also reflect the company's large debt due to aggressive growth strategy in previous few years and some execution risks associated with the ramp-up of its main investments. The positive rating factors are OAS' favorable market position in the Brazilian engineering and construction (E&C) industry and the expectation that the company's growth strategy will moderate and it will pay down its debt in the next few years.' OAS SA: Moody's Rates $200-300 Million Perpetual Notes 'B1' ----------------------------------------------------------- Moody's Investors Service assigned a B1 corporate family rating to OAS S.A. and to its proposed $200-300 million perpetual notes, to be issued by OAS Finance Ltd., a wholly-owned finance subsidiary of OAS S.A. The notes will be unconditionally and irrevocably guaranteed by OAS S.A., Construtora OAS S.A. and OAS Investimentos S.A. The outlook for the ratings is stable. This is the first time Moody's rates OAS S.A. The net proceeds will be used primarily for equity contribution in OAS infrastructure business (concession and non-concession companies), mainly through OAS Investimentos. The rating of the notes and the stable outlook assume that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. Issuer: OAS Finance Limited Assignments: $200 - 300M Senior Unsecured Regular Bond, Assigned B1 Issuer: OAS S.A. Corporate Family Rating, Assigned B1 Ratings Rationale: OAS' B1 rating reflects the company's good position in the Brazilian construction market; its aggressive expansion of the concession business and of the construction activities outside Brazil in recent years and the high leverage stemming from the strong growth and funding of new investments. The rating also reflects OAS experienced management team with solid track of execution and backlog that supports near term revenue generation, as well as the positive prospects for infrastructure investments in Brazil, and increased participation of the private sector in the company's revenues. Credit negatives include the company's small size compared to its global peers and a relatively concentrated market base that relies heavily on Brazil and neighboring countries. OAS' ownership structure, with experienced management, but family-based corporate governance, is an additional credit negative. Written and consistent financial policies and publication of quarterly financials would be positive developments toward improved corporate governance for OAS. OAS' liquidity profile is supported by the company's solid cash position at the consolidated level (BRL3.1 billion at the end of December 2012), which improved with the contribution of the $500 million bonds issued in October 2012 for the amortization of the debt coming due in 2013 and 2014. OAS liquidity profile is enhanced by its solid banking relationships with the largest banks in Brazil through uncommitted credit facilities. The proposed $200-300 million issuance will increase leverage in the short to medium term, but will be used to fund investments in the infrastructure business (concessions and non-concession companies), which will bring stable cash flow generation and higher margins to the company from 2015 onwards. At the end of 2012, OAS adjusted leverage (including non-recourse and limited recourse debt) of 8.2 times compared unfavorably to its rated peers. However, Moody's acknowledges that 43% of OAS's total debt is limited recourse to the parent company, related to project finance in its concession business and pegged to future receivables. Still, Moody's believes that if necessary, OAS would likely support the concessions debt due to the projects' high margins, cash contributions and positive long-term prospects (average tenor of 24 years). Reputation risk also exists as OAS may be compelled to support projects in order to remain a credible participant in the concession business. Moody's expects OAS's leverage to decline in the next 12-18 months, as the company uses funds from the issuance made in 2012 to pay the portion of the existing debt coming due in 2013 and early 2014. The stable outlook is based on Moody's expectations that OAS will be successful in maintaining its presence and market share both in the construction and infrastructure business. OAS should benefit from increased government spending in infrastructure in Brazil in the coming years and from stable revenue contribution from the concessions, especially after 2015. The outlook also incorporates Moody's expectation that the company's leverage will decline overtime, with the increased contribution of dividends from new projects as well as stronger cash flows at the construction segment. The assigned rating assumes that OAS will prudently manage capex and dividend distribution in order to preserve adequate leverage and liquidity positions during the expansion of its concessions. The rating or outlook could face upward pressure in case OAS is able to maintain sustained revenue growth and improved operating performance, while diversifying its backlog to others countries and regions, reducing the high exposure to Brazil (currently 74% of total backlog). An upgrade of the rating would require improved leverage, with total adjusted debt to total adjusted EBITDA to remain below 4.25x (8.2x as of December 31, 2012), and a good liquidity profile. Also, improvement in interest coverage, measured by adjusted EBITA to interest expense, to levels above 2.25x (2.2x as of December 31, 2012) would also be necessary for an upgrade. Conversely, OAS' ratings could be downgraded if credit metrics deteriorate with adjusted funds from operations to adjusted debt remaining in levels below 5% (4.6% as of December 31, 2012) without expectation of improving in the long term, or if liquidity deteriorates, most likely due to cash drain to support the new investments within the group. Negative pressure could also come from deterioration in the operating environment (stemming from economic slowdown and/or increased competition), impacting OAS' margins and revenue growth. The principal methodology used in rating OAS was Moody's Global Construction Industry Methodology published in November 2010. Headquartered in Sao Paulo, Brazil, OAS S.A. is a major engineering, construction and infrastructure investment company in Brazil, with net consolidated revenues of about BRL 7.0 billion ($ 3.6 billion converted by the average exchange rate) in 2012. OAS construction projects include highways, railways, bridges, power plants, tunnels, subways, airports, ports, commercial and residential buildings, mining and industrial facilities. The company has presence in 22 countries, with construction works in Brazil, in 9 countries in Latin America and 4 countries in Africa. OAS also has 20 infrastructure projects in its portfolio. VIVER INCORPORADORA: Weak Finances Cue Moody's to Lower CFR to B3 ----------------------------------------------------------------- Moody's America Latina downgraded Viver Incorporadora e Construtora S.A.'s corporate family rating to B3 from B2 on the global scale and to B1.br from Ba2.br on the Brazilian national scale. At the same time, Moody's downgraded Viver's BRL300 million senior secured debentures due in 2016 to B3 from B2 and to B1.br from Ba2.br. The outlook for all ratings remains negative. Ratings downgraded: Viver Incorporadora e Construtora S.A. - Corporate Family Rating: to B3 from B2 (global scale); to B1.br from Ba2.br (national scale); - BRL300 million 5-year senior secured debentures (First Issuance): to B3 from B2 (global scale); to B1.br from Ba2.br (national scale); - Outlook: negative. Ratings Rationale: The downgrade to B3 reflects the company's weaker than expected performance and constrained financial flexibility. Despite Viver's announced turnaround plan including divestitures of non-core assets and capitalization from the shareholders, weak operating performance has postponed improvement in the company's credit profile and has resulted in a weak liquidity profile and in a highly leveraged capital structure that may not be sustainable in longer term. In 2012, Viver experienced cost overruns, contract cancellations, and dissolutions in partnerships, which caused earnings adjustments of BRL154 million. During the last quarter, the company also recognized BRL145 million impairment losses related to the expected asset sales of Lagoa dos Ingleses and TCI -- Viver Desenvolvimento. These adjustments have materially impacted Viver's gross margin, bringing it down to -42% in 2012 from 24% in 2011. At the same time, Viver's leverage ratio as measured by gross debt capitalization reached of 72% in December 31, 2012, up from 64% one year earlier. Liquidity has also deteriorated. The company ended 2012 with BRL183 million in cash and marketable securities and BRL366 million in receivables from finished units that should become available with the effective transfer mortgages to lending banks, a process that takes on average ten months in Viver's case (industry average is around six months).The company has around BRL746 million in effective short term debt coming due during 2013, of which BRL329 million (44%) are project related loans that will be repaid with the mortgage transfers once these projects are delivered. Besides the BRL183 million in cash, Viver has around BRL300 million in approved and signed SFH loans that covers approximately 80% of its project's completion costs. Viver scaled back new launches in order to reduce its cash burn and mitigate working capital pressures. The company recently announced a new strategic plan with focus on the mid and middle high income residential segment, but Moody's expects them to wait for a recovery in sales velocity and the bulk of credit transfers to cash in before announcing the construction of new units. As a result, operating cash generation should improve significantly during 2013, with the deliveries of projects launched up to mid- 2011 and gross margins around 25%, but leverage reduction will likely occur at a slower pace than Moody's previously expected. In order to find a more permanent solution to its liquidity challenges and capital structure, Viver is exploring various alternatives including additional asset divestures. Moody's sees a high risk in the execution of the asset monetization strategy as announced by the management, given the low availability of unencumbered assets, which requires effort for debt restructure. Nevertheless, those initiatives would alleviate the pressure on the company's cash flow stemming from high interest payments and improve the currently unsustainable debt profile. The negative outlook reflects the company's challenges to improve operating performance and deleverage its balance sheet over the next 12 to 18 months. Outlook stabilization would require material liquidity improvement and leverage reduction, which could be triggered by the successful completion of the planned asset sales or another substantial equity increase. Quantitatively, the outlook stabilization could be triggered by positive cash flow from operations, gross debt capitalization ratio reduced to below 60% and interest coverage increased to above 2.0 times on a sustainable basis Another rating's downgraded could occur if Moody's perceives further deterioration in Viver's liquidity profile driven by lower than expected improvement in working capital or lower availability of construction loans to complete its existing pipeline of projects. A downgrade could also be triggered if the gross debt capitalization ratio remains above 65% over the next two quarters or if the company were to face significant deterioration in the quality of its receivables, especially in a more adverse macro- economic scenario. The principal methodology used in rating the company was the Global Homebuilding Industry Methodology published in March 2009. Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. Headquartered in Sao Paulo, Brazil, and founded in 1992, Viver Incorporadora e Construtora S.A. (Viver) is an integrated homebuilder historically focused in high-rise construction for the middle and mid-high income families. Viver has a track record of operations having delivered more than 15,000 units since 1995. Concentrated in the southeast region, mainly in Sao Paulo, Viver has changed its main focus towards the middle and low income segments. The company is also involved in commercial, tourism and land development segments spread across 17 states targeting all income brackets. Viver reported net revenues of BRL334 million ($ 167 million) during 2012. ========================== C A Y M A N I S L A N D S ========================== ABSOLUTE BLUE: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Absolute Blue Fund received on March 6, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Luigi Guarino 208 Upper East Coast Road #08-02 Singapore 455287 AP US MAN: Shareholders Receive Wind-Up Report ---------------------------------------------- On March 6, 2013, the shareholders of AP US Man Participation Ltd (Cayman) received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: ATC Financial Services B.V c/o Barnaby Gowrie Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: +1 (345) 914 6365 Facsimile: +1 (345) 814 8264 e-mail: barnaby.gowrie@walkersglobal.com CLOVIS (CAYMAN): Shareholder Receives Wind-Up Report ---------------------------------------------------- The shareholder of Clovis (Cayman), Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mark Farrell 640 Fifth Avenue, 14th Floor New York, NY 10019 U.S.A. DEL MAR OFFSHORE: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Del Mar Riverside Offshore Fund Ltd.received on March 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 DEL MAR RIVERSIDE: Shareholder Receives Wind-Up Report ------------------------------------------------------ The shareholder of Del Mar Riverside Fund Ltd received on March 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 DELTA MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Delta Offshore Master, Ltd received on March 8, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Lock Telephone: (345) 815 1889 Facsimile: (345) 949 9877 DELTA OFFSHORE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Delta Offshore, Ltd received on March 8, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Susan Lock Telephone: (345) 815 1889 Facsimile: (345) 949 9877 FIRTH HOLDINGS: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Firth Holdings Ltd. received on Jan. 31, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. Campbells Directors Limited is the company's liquidator. FIVEMORE FUND: Shareholders Receive Wind-Up Report -------------------------------------------------- On March 11, 2013, the shareholders of Fivemore Fund Limited received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Bernadette Bailey-Lewis Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands FRM ACCESS II: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of FRM Access II Fund SPC received on March 12, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815 1762 Facsimile: (345) 949 9877 FRM EMERGING: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of FRM Emerging Markets Fund SPC received on March 12, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 KPH HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of KPH Holdings Ltd received on March 5, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Michael Benjamin Fisch 250 North Bridge Road #24-00 Raffles City Tower 179101, Singapore LIONTRUST DIVERSITY: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Liontrust Diversity General Partner Inc. received on March 15, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands LIONTRUST FUND: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Liontrust Diversity Fund Inc. received on March 14, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands LIONTRUST SORBUS: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Liontrust Sorbus General Partner Inc. received on March 15, 2013, the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands LIONTRUST SORBUS FUND: Shareholders Receive Wind-Up Report ---------------------------------------------------------- The shareholders of Liontrust Sorbus Fund Inc. received on March 14, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands MEPI HOLDINGS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Mepi Holdings Ltd received on March 11, 2013, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Paget-Brown Trust Company Ltd. c/o Sydney J. Coleman Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands NCL INVESTMENT: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of NCL Investment II Ltd. received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Esteban (Steven) Martinez c/o Apollo Management Asia Pacific Limited The Hong Kong Club Building Suites 1301-1303, 3A Chater Road Central Hong Kong OSTERFAK LTD: Member Receives Wind-Up Report -------------------------------------------- The member of Osterfak Ltd. received on March 13, 2013, 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 ============= J A M A I C A ============= * JAMAICA: BOJ to Introduce Instrument to Curb Declining Dollar --------------------------------------------------------------- RJR News reports that the Bank of Jamaica (BOJ) will be offering a special instrument to dealers, which analysts say is aimed at curbing the decline in the value of the Jamaican dollar. The Central Bank will offer a one year U.S. dollar indexed note at 4.75% interest rate per annum, according to RJR News. However, RJR News relates that it was the initial exchange rate of J$98.01 on the instrument, which analysts say points to the fact that the central bank is aiming to curb depreciation. The instrument is expected to reduce the amount of money in circulation as well as the rate for the U.S. dollar quoted on the instrument which should help in stabilizing the exchange rate, the report notes. RJR News says that the Jamaican dollar has lost about 7% of its value, which is roughly equivalent to the depreciation for all of last year. The Bank of Jamaica will launch the instrument at the same time the IMF, World Bank and IDB say they will provide at least US$2 billion in support of an economic program to last over the next four years, the report adds. * JAMAICA: IDB Gives Statement on Extended Fund Facility -------------------------------------------------------- The World Bank and the Inter-American Development Bank (IDB) recognize the decision by the management of the International Monetary Fund (IMF) to present to its Board its proposal for a new Extended Fund Facility with Jamaica. This is an important reflection of that institution's confidence in Jamaica's macroeconomic stabilization program. Jamaica has taken the bold decision to tackle the structural impediments to growth that have hindered its development for decades. Pending approval by their respective Boards of Directors, the World Bank and the IDB have each preliminarily allocated $510 million in financing over the next four years. This supplements the support provided by the IMF. The World Bank has recently started a series of consultations with Jamaican authorities on a new CountryPartnership Strategy (CPS) which will be launched later this year. The new CPS will be designed to support the country as it looks to increase economic growth, create jobs and fight poverty. Since the global financial crisis hit Jamaica in 2008/09, the World Bank and its private sector arm, the International Finance Corporation (IFC) have provided more than $800 million for social, human development and fiscal management projects, as well as natural disasters risk management and private sector development. The IDB has long been committed to its partnership with Jamaica. Since the onset of the international financial and economic downturn in 2008, the IDB has approved $1.6 billion in loans and $10.4 million in non-reimbursable technical assistance to Jamaica. In addition to social development, agriculture and infrastructure, part of this envelope also contributed to a coordinated, multilateral support program for macroeconomic stabilization. The IDB has also increased the capacity of our local office with more technical staff and a new representative. The IDB and the World Bank are expediting implementation of important ongoing projects that will improve growth, protect Jamaica's most vulnerable and increase fiscal stability. The IDB and the World Bank share the high priority assigned by the Government to restoring macroeconomic stability and recognize the significant steps already taken to achieve this. The two multilateral institutions stand ready to accompany the Government's efforts to bring about sustained growth to the benefit of all its citizens. =========== M E X I C O =========== * MEXICO: Moody's Changes Outlook on Nogales' Rating to Negative ---------------------------------------------------------------- Moody's de Mexico revised the outlook on the Municipality of Nogales' A2.mx (Mexican National Scale) and Ba2 (Global Scale, local currency) issuer ratings to negative from stable. The issuer ratings of the municipality remain at Ba2/A2.mx. Ratings Rationale: According to Moody's analyst Roxana Munoz, "the outlook change reflects the deterioration in the municipality's financial performance which emerged in recent years and is expected to persist over the medium term." The change in outlook also reflects a weakening in the municipality's liquidity position. Between 2007 and 2011, the Municipality of Nogales registered positive gross operating balances. In the past two years, however, Nogales' operating balances declined to 7.7% of operating revenues from 21% in 2008 driven by rapidly growing operating expenditures, namely salaries and general services. Given persistent pressures in expenditures, returning to the gross operating surpluses of previous years will be challenging going forward. As a result of the weakening operating performance coupled with high capital expenditure levels, Nogales registered a cash financing deficit in 2011 equivalent to -9.2% of its consolidated revenues, a high level compared to Ba rated peers. This cash financing deficit was financed with cash on hand and an increase in current liabilities. As a result, Nogales' net working capital decreased to a -8.0% of total expenditures at year-end 2011, compared to a positive 2.4% in 2010. Moody's believes that further deterioration in Nogales' financial performance is likely in 2012-13, given the pressures in public security and in other infrastructure needs. However, as Moody's has not yet received the 2012 realized income statement, the magnitude of last year's financial deterioration is uncertain. According to the municipality's balance sheet, cash reserves and its debt to suppliers deteriorated further in 2012. Therefore, Moody's expects a rapid increase in debt levels in the next 12-18 months, which will add pressure to the municipality's ratings of Ba2/A2.mx. What Could Move The Ratings Up/Down While Moody's does not expect upward pressure on the ratings, if Nogales redresses its operating and financial deterioration, debt levels stabilize at current levels and liquidity improves, the outlook could return back to stable. If Nogales records cash financing requirements leading to a weakening of liquidity or higher debt levels, a downgrade on the municipality's ratings could take place. * MEXICO: Moody's Improves Coverage of RMBS with Two New Products ----------------------------------------------------------------- Moody's announced the rollout of two new products covering performance of Mexican RMBS: a Mexican RMBS Index and performance overview (PO) reports. "The index offers a general overview of the performance of the Mexican RMBS market," said Moody's Senior Vice President Maria Muller. "We group deals according to common characteristics, such as vintage or originator, and include performance information illustrated by charts and other graphic materials." Performance overview (PO) reports, on the other hand, offer detailed performance information for individual structured deals in the Mexican market on a periodic basis. The POs are presented in a standardized format and use standardized calculations, which will allow comparisons among different transactions. "Moody's Mexican RMBS Index and the performance overview reports are part of Moody's efforts to provide investors and market participants with a more comprehensive coverage of performance data in the Mexican market," Muller added. "Taken together, they will allow market participants to have a general view of the RMBS market trends, and deep-down, detailed information on each RMBS transaction." Moody's Mexican RMBS index will usually be published mid-month on a periodic basis, they will be available to all registered users of its website. Moody's PO reports for Mexican RMBS will be published on a monthly or bi-monthly basis, depending on the transaction's reporting frequency, starting this month. They will be available only to subscribers. * MEXICO: Moody's Notes Stable Performance of RMBS Market in 2012 ----------------------------------------------------------------- The performance of the Mexican residential mortgage-backed securities market, excluding Sofoles transactions, remained stable as of the end of 2012, according to the new Mexican RMBS Index published by Moody's Investors Service. The 90-plus delinquency rate of the Mexican RMBS index decreased to 3.0% over original balance in December 2012 from 3.1% at the same point in 2011. The new index covers Mexican RMBS rated by Moody's de Mexico but excludes those with mortgages denominated in UDIs (unidades de inversion), which Moody's tracks separately. Moody's rates 77 transactions in the Mexican RMBS market, with a total outstanding pool balance of MXN$ 201.9 billion as of the start of this year. The rating agency expects the performance of RMBS issued by banks, INFONAVIT and FOVISSSTE to remain strong and stable in 2013 as Mexico continues its gradual recovery from the global recession. In contrast, Sofol RMBS transactions will continue to underperform in 2013. ===================== P U E R T O R I C O ===================== BERWIND REALTY: Court Confirms Plan of Reorganization ----------------------------------------------------- Judge Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico signed off an order dated March 28, 2013, confirming Berwind Realty LLC's Plan of Reorganization. About Berwind Realty Berwind Realty, LLC, filed a Chapter 11 petition (Bankr. D. P.R. Case No. 12-02701) in Old San Juan, Puerto Rico, on April 5, 2012. Berwind Realty, a real estate firm, scheduled assets of $53.8 million and liabilities of $58.1 million. Berwind Realty's president, Saleh Yassin signed the petition. Charles A. Cuprill, PSC Law Offices, serves as bankruptcy counsel. INTERNATIONAL HOME: Amends Chapter 11 Plan & Disclosures -------------------------------------------------------- International Home Products Inc. and Health Distillers International Inc. amended their disclosure statement and plan of reorganization to provide for these terms: * The secured claim of A. Bert Foti will be allowed in the amount of $500,000 and will be paid on the second year of the Plan. * First Bank's valid liens over the Debtor's properties arising from the $12.2 million prepetition term loan facility will be paid in monthly installments of $32,105 considering an amortization of 20 years and interest at the prime rate. First Bank's allowed secured claims arising from other prepetition lines of credit will be paid in the amount of $1.9 million with monthly installments of $8,328 considering an amortization of 20 years and interest at the prime rate. First Bank's unsecured claim, estimated in the amount of $6.6 million will receive 10% of its claim. * CRIM's secured claim in the amount of $30,539 will be paid in monthly installments within 60 months from the Petition Date, including interest at the prime rate. * The class that includes the secured portion of the claim filed by each of Preferred Credit Inc. and American Enterprises International Inc. will retain its liens and will be paid pursuant to the agreement that rules their relation with the Debtor. * General unsecured priority claims related to clients deposits will be paid on the effective date. Other general unsecured claims will be paid 10% of its claim in monthly installments within 60 months from the effective date. * Insiders and holders of equity interests will not receive anything under the Plan. A full-text copy of the Amended Disclosure Statement dated March 20 is available for free at: http://bankrupt.com/misc/INTLHOMEds0320.pdf About International Home Products International Home Products, Inc., is engaged in the sale, financing of "Lifetime" cookware and other kitchenware as well as sale of account receivables in the secondary market. It is the exclusive distributor of "Lifetime" products in Puerto Rico for over 40 years. The Company filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 12-02997) on April 19, 2012. Carmen D. Conde Torres, Esq., in San Juan, P.R., serves as the Debtor's counsel. Wigberto Lugo Mendel, CPA, serves as its accountants. The Debtor disclosed $66,155,798 and $43,350,031 in liabilities as of the Chapter 11 filing. Secured lender First-Bank Puerto Rico is represented by Manuel Fernandez-Bared, Esq., and Jane Patricia Van Kirk, Esq., at Toro, Colon, Mullet, Rivera & Sifre, P.S.C. On May 7, 2012, International Home's affiliate, Health Distillers International, Inc., filed a separate Chapter 11 petition (Bankr. D.P.R. Case No. 12-03574. JVMW PROPERTIES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: JVMW Properties Management Corp P.O. Box 364666 San Juan, PR 00936-4666 Bankruptcy Case No.: 13-02532 Chapter 11 Petition Date: April 1, 2013 Court: U.S. Bankruptcy Court District of Puerto Rico (Old San Juan) Debtor's Counsel: Wigberto Lugo Mender, Esq. LUGO MENDER GROUP, LLC Centro Internacional De Mercadeo Carr 165 Torre 1, Suite 501 Guaynabo, PR 00968 Tel: (787) 707-0404 E-mail: wlugo@lugomender.com Scheduled Assets: $15,694,947 Scheduled Debts: $25,782,161 The petition was signed by Julio Blanco D'Arcy, president. Debtor's List of Its 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ BPPR Commercial Loan $8,842,073 P.O. Box 362708 San Juan, PR 00936-2708 BPPR Commercial Loan $5,914,785 P.O. Box 362708 San Juan, PR 00936-2708 BPPR Commercial Loan $5,111,010 P.O. Box 362708 San Juan, PR 00936-2708 BPPR Commercial Loan $1,370,304 P.O. Box 362708 San Juan, PR 00936-2708 Edith Castillo Palomo Action for Damages $262,000 Urb Buenaventura 1241 Calle Magnolia Mayaguez, PR 00680 Mayra Lugo Segarra Action for Damages $160,630 Eulogia Mu¤iz Action for Damages $125,000 CRIM Real Property Taxes $61,622 Asoc de Residentes del Cond Association $48,346 Mont Blanc Maintenance Fee CRIM Real Property Taxes $40,416 CRIM Real Property Taxes $40,077 CRIM Real Property Taxes $39,330 Asoc de Residentes del Cond Association $36,412 Mont Blanc Maintenance Fee Asoc de Residentes del Cond Association $35,648 Mont Blanc Maintenance Fee CRIM Real Property Taxes $32,690 Asoc de Residentes del Cond Association $29,702 Mont Blanc Maintenance Fee CRIM Real Property Taxes $27,553 CRIM Real Property Taxes $27,553 CRIM Real Property Taxes $27,553 CRIM Real Property Taxes $27,553 =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIR: To Report to T&T Security Minister on Work Permits ----------------------------------------------------------------- RJR News reports that Trinidad & Tobago's Ministry of National Security is awaiting answers from officials of Caribbean Airlines (CAL) over the carrier's failure to secure work permits for several of its foreign pilots. The Trinidad's Guardian newspaper has reported that the Ministry wrote to the airline inquiring about five American pilots, according to RJR News. The report relates that the work permit issue was exposed last month after four Jamaican pilots, who had been flying for CAL out of T&T for several months without work permits, did not have their contracts renewed by the airline. RJR News says that their cause has been taken up by the Jamaican Airline Pilots' Association (JALPA) which said they were given 15 hours to vacate their staff accommodation in T&T and return to Jamaica, without pay. In response to concerns raised about the airline's treatment of the Jamaican pilots, CAL communications manager Clint Williams said their contracts ended on March 10, RJR News notes. The report relates Mr. Williams said the contracts were "for a limited time" and were not being renewed. RJR News notes that sources told the Trinidad Guardian that while the Jamaican pilots were ejected from T&T, several US pilots hired by CAL to operate its Boeing 767s on the London route as well as train local pilots, have been working without permits since January. This has been generating considerable controversy on the Jamaican end of CAL's operations, with JALPA and the Bustamante Industrial Trade Union (BITU) expressing strong dissatisfaction over the way the pilots were treated, RJR News adds. *********** 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., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2013. 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$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *