/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/130513.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 Monday, May 13, 2013, Vol. 14, No. 93 Headlines A N T I G U A & B A R B U D A LIAT: Shareholder Governments to Meet in Barbados A R G E N T I N A BANCO BILBAO: Fitch Rates US$1.5BB Preferred Securities at 'BB-' * ARGENTINA: Moody's Puts (P)B3 Rating to Buenos Aires Notes Issue B R A Z I L BANCO PINE: Fitch Ups Rating on Subordinated USD Notes to 'BB-' CONCESSIONARIA RODOVIAS: Moody's Rates New Debt Issue '(P)Ba2' MARFRIG ALIMENTOS: S&P Lowers CCR to 'B'; Outlook Negative C A Y M A N I S L A N D S A2CT2 SYSTEMATIC: Creditors' Proofs of Debt Due May 22 ALL SEASONS: Creditors' Proofs of Debt Due May 22 BLACK PEARL: Creditors' Proofs of Debt Due Today COMPASS ASSET: Creditors' Proofs of Debt Due May 22 FAIRFIELD ARGENIS: Shareholder to Hear Wind-Up Report on May 17 HT2 LTD: Creditors' Proofs of Debt Due May 17 IAM MINI-FUND 19: Creditors' Proofs of Debt Due May 16 IMPALA KINGFISHER: Creditors' Proofs of Debt Due Today IMPERIAL FUND: Creditors' Proofs of Debt Due May 15 LAVA IAM: Creditors' Proofs of Debt Due May 16 LIBRA OFFSHORE: Creditors' Proofs of Debt Due May 16 LUMAX FINANCE: Creditors' Proofs of Debt Due May 22 MUTLEY INTERNATIONAL: Creditors' Proofs of Debt Due May 22 R-ONE KAGOSHIMA: Creditors' Proofs of Debt Due May 22 R-ONE SAKAI: Creditors' Proofs of Debt Due May 22 M E X I C O GRUPO FAMSA: S&P Revises Outlook to Positive & Affirms 'B' CCR * MEXICO: Housing Affordability Plan May Pressure RMBS, Fitch Says T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Expects to Break Even on London Route PETROTRIN: Impasse 'Bad for T&T,' Labor Relations Expert Says U R U G U A Y * Continued Economic Growth to Boost Uruguay's Banking Sector X X X X X X X X * BOND PRICING: For the Week May 6 to May 10, 2013 - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Shareholder Governments to Meet in Barbados ------------------------------------------------- Caribbean360.com reports that the shareholder governments of Leeward Islands Air Transport, known as LIAT will meet in Barbados, but a planned meeting in Bridgetown with Trinidad and Tobago's Prime Minister Kamla Persad Bissessar will not materialize, Prime Minister Dr. Ralph Gonsalves has said. Mr. Gonsalves told a news conference that his Trinidad and Tobago counterpart was unable to attend the meeting because Parliament would be meeting on the same day, according to Caribbean360.com. LIAT shareholder governments are Antigua and Barbuda, St. Vincent and the Grenadines, Barbados and Dominica. The report discloses that Mr. Gonsalves, who serves as chairman of the shareholders, said that the meeting with Prime Minister Persad Bissessar would have dealt with the ongoing concerns the regional airline has with the Trinidad and Tobago owned Caribbean Airlines (CAL). Mr. Gonsalves has in the past said he wants to engage in discussions, not a fight with Trinidad and Tobago over the fuel subsidy Port-of-Spain provides to CAL, the report notes. In February, Mr. Gonsalves told reporters he had received a legal opinion on the matter and is now seeking the talks with the Kamla Persad-Bissessar-led coalition People's Partnership administration, the report recalls. Mr. Gonsalves contends that the fuel subsidy given to CAL contravenes the treaty governing the Caribbean Community (CARICOM) and that the legal opinion supports his view that the subsidy contravenes the Revised Treaty of Chaguaramas, the report discloses. LIAT has in the past complained that it is put at a disadvantage because of the fuel subsidy provided to CAL, the report relays. Meanwhile, Mr. Gonsalves said that closer relationship between LIAT and a Venezuelan-based airline had been discussed during last weekend's PetroCaribe meeting in Caracas and that he has reported to Captain Brunton on the outcome, the report adds. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2012, Antigua Caribarena related that former Antigua Aviation Minister Robin Yearwood wants to see a merger between Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago- owned Caribbean Airlines Limited, as he believes this is the only way the Antigua-based regional carrier can survive. Mr. Yearwood's call came against the background of media reports out of Port of Spain that suggested CAL's management may be eyeing expansion into the OECS territories, according to Antigua Caribarena. About LIAT Headquartered in V. C. Bird International Airport in Saint George Parish, Antigua, Leeward Islands Air Transport, known as LIAT, operates high-frequency interisland scheduled services serving 22 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. ================= A R G E N T I N A ================= BANCO BILBAO: Fitch Rates US$1.5BB Preferred Securities at 'BB-' ---------------------------------------------------------------- Fitch Ratings has assigned Banco Bilbao Vizcaya Argentaria's (BBVA) USD1.5bn non-step-up non-cumulative perpetual tier 1 capital securities (preferred securities) with fully discretionary coupons and pre-set triggers for contingent conversion a final rating of 'BB-'. The final rating is in line with the expected rating assigned on April 29, 2013 (see "Fitch Assigns BBVA's Tier 1 Capital Securities 'BB-(EXP)'" at www.fitchratings.com). KEY RATING DRIVERS The preferred securities are rated five notches below BBVA's 'bbb+' Viability Rating (VR), in accordance with Fitch's criteria for "Assessing and Rating Bank Subordinated and Hybrid Securities" dated Dec. 5, 2012 at www.fitchratings.com. The notes are notched twice for loss severity as recoveries are expected to be poor, because the preferred securities will rank junior to all liabilities, including subordinated debt and because of conversion into common equity on breach of one of the pre-set triggers. These triggers are set at a 5.125% common equity Tier 1 ratio at a consolidated and unconsolidated level, a 7% consolidated core Tier 1 (CT1) ratio as defined by the European Banking Authority (EBA) and a 7% capital principal (Spain's adaption of EBA CT1 ratio) ratio on a consolidated basis. At end- March 2013, BBVA's capital ratios were well in excess of these triggers. To reflect the incremental non-performance risk of the notes relative to the risk incorporated by the VR, the notes are notched three times given the instrument's fully discretionary coupon payment, which is deemed to be the most easily activated form of loss absorption. Fitch has assigned 100% equity credit to the securities, given that they are permanent, subordinated to all senior creditors and senior to common equity and mandatory convertible bonds, and have full coupon flexibility and the ability to be converted into common equity well before the bank would become non-viable. The agency considers that the 7% EBA CT1 and capital principal triggers would be breached well before the bank became non-viable. Should these ratios be subject to change and triggers lowered because of a change in applicable banking regulations, Fitch will review the level of equity credit assigned, which could fall to 50%. * ARGENTINA: Moody's Puts (P)B3 Rating to Buenos Aires Notes Issue ------------------------------------------------------------------ Moody's Latin America has assigned ratings of (P)B3 (global scale) and A3.ar (Argentina National Scale) to the Series 4 of notes to be issued by the City of Buenos Aires under the Local Financing Program for up to $216 million, payable in Argentine pesos. Series 1 and 2 under this program were issued in 2012, adding up $185 million and both were rated (P)B3 (global scale) and A3.ar (Argentina National Scale). Series 3 was issued in past February for an additional amount of $100 million. The new series to be issued under the program, Series 4, will be subscribed and payable in Argentine pesos at the specified exchange rate and sold in the local capital market. The assigned ratings are in line with the city's local currency debt ratings. Ratings Rationale: The creation of the Financing Program has been authorized by the Law 4315. The notes to be issued under the program constitute direct, general, unconditional, and unsubordinated obligations of the city, ranking at all times pari passu without any preference among themselves. Considering the new series, the program will reach $501 million in total, which represents around 12.6% of the city's estimated net direct and indirect debt as of March 31, 2013, and barely 6% of total projected revenues for that year. The city will offer a four tranche of up to $216 million with an expected maturity of up to six years. These notes will be subscribed and payable in Argentine pesos at the specified exchange rate and pay interest at a fixed rate. The assigned ratings are in line with the city's B3 (global scale) and A3.ar (Argentina national scale) local currency debt ratings. The rating level is in line with the B3 Sovereign rating. The outlook is negative, reflecting the ongoing deterioration in Argentina's operating environment, including a decelerating economy and rising fiscal and foreign exchange pressures. Despite the intrinsic financial characteristics of the City of Buenos Aires, the lack of consistent and predictable policies at the national level affects the institutional framework under which the city operates and ultimately anchors its credit quality to that of the Sovereign. What Could Change The Rating Up/Down Moody's does not expect upward pressures in the City of Buenos Aires' ratings in the near to medium term. The city could be further downgraded if the negative outlook on the sovereign rating materializes into a rating downgrade. Furthermore, any action taken by the central government that would negatively impact the ability of the city to repay its financial obligations could lead to a further downgrade. Any such actions would be viewed by Moody's as further illustration of a deteriorating institutional framework and an unstable policy environment. The principal methodology used in this rating was Regional and Local Governments published in January 2013 and Mapping Moody's National Scale Ratings to Global Scale Ratings published in October 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. The last rating action was on February 28, 2013 when Moody's assigned debt ratings of (P)B3/A3.ar. =========== B R A Z I L =========== BANCO PINE: Fitch Ups Rating on Subordinated USD Notes to 'BB-' --------------------------------------------------------------- Fitch Ratings has completed a peer review of the following five Brazilian mid-sized banks: Banco ABC Brasil S.A. (ABC), Banco Daycoval S.A. (Daycoval), Banco Pine S.A. (Pine), Banco Alfa de Investimento S.A. (Alfa) and Banco Industrial e Comercial S.A. (Bicbanco). Fitch upgraded Pine's international and national ratings, revised the Rating Outlook on Bicbanco's long-term national rating from Stable to Negative and affirmed Alfa's ratings. Fitch upgraded ABC Brasil and Daycoval's ratings in March 2013 and affirmed them today. Fitch upgraded Alfa's ratings in October 2012. The mid-sized Brazilian banks reviewed today are banks with total assets ranging from R$10 billion to R$18 billion. The business model of these and other similar banks in Brazil is reliant on wholesale funding to fund retail and/or SME loan portfolios. In Fitch's view, this model poses significant challenges and historically had relegated most of these banks to sub-investment grade ratings. The current sluggish economic environment has tested these banks, as have past cycles. Some banks have fared better than others, and some bank failures and consolidation in the sector have occurred. Recent rating actions and those taken in today's peer review have recognized this differentiation, with select upgrades for banks that have withstood the cycles well, while fortifying both balance sheets and their respective franchises. A common characteristic of these banks is their well-defined strategies to focus on lending to SMEs and small corporate clients. More recently, there has been increased focus on the upper-end of the SME segment / lower-end of the corporate segment (annual sales above BRL 250 million). Among the banks reviewed, Daycoval and Alfa are exceptions, as both count on growing retail operations (auto and payroll deductible loans), the former also focuses on smaller SME clients and the latter's corporate lending is concentrated on large and upper-middle corporates, with little exposure to SMEs and small corporates. Asset quality of these banks has evolved in tandem with the market and deteriorated slightly in 2012. Alfa has the lowest delinquency ratios, despite the relatively higher and still growing share of the retail loans (90 day past due loans of 0.4% versus an average of 1.5% for the remaining four banks, at year-end 2012). ABC Brasil and Pine also have slightly lower levels of 90 days past due loans (0.4% and 0.6%, respectively), which is a reflection of their focus on lower risk and larger companies. Daycoval's higher delinquency (90 days past due loans of 2.34%) reflects its focus on smaller corporate clients, however is offset by strong collateral coverage, adequate pricing and limited loan charge offs. Bicbanco has the poorest asset quality 2.8% 90 days past due, which continues to negatively affect its bottom line earnings. All boast solid reserve coverage of their 90 day past due loans well above 1.5x (average of 2.6x). The main revenue source of these banks is lending, although all of the banks have been working to increase fee income and cross selling initiatives. Fitch believes that it will take time for such income to become relevant but considers the trend positive, given the relatively lower interest rate environment. On average, non-interest income represents 10% of total revenues for this peer group, while Fitch's large bank universe generates 38% of revenue from non-interest income. Fitch expects that these banks, like most in the Brazilian financial system, will continue to face greater earnings headwinds in 2013 compared to larger institutions with greater revenue diversification, considering the current environment of low interest rates and limited potential to improve fee income in the near term. In 2012, the average Operating ROAA for these five banks was 2.43% (2.34% in 2011), which still compares favorably with the average of the market and other similarly rated banks around the world. Profitability of four out of the five banks included on this peer review has proven to be resilient to market volatilities. Bicbanco is the only bank in this group that has underperformed due to asset quality deterioration. After facing increased scrutiny following the revelation of fraud cases in banks of similar size, the banks included in this peer group developed and implemented solid liquidity controls and asset and liability management practices, which led to a clear improvement in their liquidity profiles; diversifying their funding sources and putting emphasis in midterm tenors, with controlled refinancing risk. They have been putting more effort to diversify funding and to reduce the portion of deposits with daily withdrawal clauses, which have also helped to prolong average funding maturity and build a good cushion of liquid assets, mainly comprising government securities. The reviewed banks, including those with more leveraged balance sheets, have comfortable capital ratios (Fitch core capital ratio average for the group was 13.30% and 14.27% in 2012 and 2011, respectively). Fitch does not expect capitalization to be a constraint for growth or earnings generation for any of these banks. Bicbanco has the most unfavorable capitalization trend (Fitch core capital ratio 9.64%% and 10.97% in 2012 and 2011, respectively), which is explained by its meager profits in the recent years. Daycoval stands out as the best capitalized bank in the group (Fitch core capital ratio 17.20% and 16.16% in 2012 and 2011, respectively). The Brazilian Central Bank has recently reviewed the capitalization guidelines under a Basel III approach, which in the medium term will help to improve the capital base of Brazilian banks, specially through the replacement of old Tier II securities into new issuances with larger equity content. This will positively affect both the Fitch core capital and regulatory capital ratios of all banks reviewed today, except Alfa, which does not have any Tier II securities eligible as capital. The recent upgrades of ABC Brasil, Daycoval and the upgrade of Pine reflect these banks's overall good asset quality, improved liquidity and a consistent overall improvement in ALM, despite the volatility of the operating environment. The better risk profile of these banks has been evidenced by an overall lower average funding cost combined with longer average tenor and a slightly more diversified funding composition. KEY RATING DRIVERS ABC Brasil: Fitch upgraded ABC Brasil's IDRs to 'BBB-' from 'BB+' and the long-term national rating to 'AA(bra)' from 'AA-(bra)' on March 15, 2013. The upgrades were based on the bank's low risk profile, which is underpinned by its low funding cost, sound risk management and consistent profitability over the years even facing a fierce and volatile competitive environment. Over the last years, improvements included a further diversification of its funding profile leading to a stronger asset and liabilities management as it continues to expand its corporate and middle market operations. ABC Brasil's credit portfolios are conservatively matched and continue to show strong liquidity. Its continued high quality asset and liquidity combined with its satisfactory profitability and capital adequacy evidences the bank's overall solid financial strength. Alfa: Fitch has affirmed Alfa's long-term national rating at 'AA(bra)'. Alfa's ratings reflect its highly conservative lending strategy and risk management, excellent asset quality, very good liquidity, relatively low leverage, comfortable capital ratios and its consistent performance track record. On the other hand, they also reflect the concentrated funding base. The growth of its retail lending business, particularly since 2010, has provided additional business diversification and further enhanced the bank's sound financial profile. Its asset quality and performance are underpinned by a focused strategy on the retail lending side that targets high income individuals and by the long-term relationship of the bank with its large and upper-middle corporate clients. The bank has consistently maintained a very comfortable liquidity position and has prolonged the average funding maturity in recent years at an attractive cost. This partially offsets the risks stemming from its relatively more concentrated funding base, where top 20 investors represent 58% of total funding (excluding repos and funding for on-lending) at year-end 2012. Bicbanco: Fitch has affirmed Bicbanco's long-term national rating at 'A+(bra)' and revised the Outlook for Bicbanco to Negative from Stable. The Outlook revision reflects Fitch's assessment that the asset quality problems experienced during 2011 and 2012 are pressuring its profits and also its leverage, which have forced the bank to restructure its credit policies and practices and its commercial strategy, and to make adjustments to its structure as to overcome the problems generated by a too aggressive loan expansion during 2010. Given the aforementioned change in strategy, Bicbanco's asset quality indicators may come closer to the peer average and with that regain part of its lost profitability, a primary source of capital recovery. Daycoval: Fitch upgraded Daycoval's IDRs to 'BBB-' from 'BB+' and the long- term national rating to 'AA(bra)' from 'AA-(bra)' on March 26, 2013. The upgrades reflected the bank's consistent track record of performance, maintained in different cycles of local economy, higher business diversification and comfortable liquidity and capitalization positions. The bank has recorded consistent profitability, even during stress scenarios, sustained by an adequate asset pricing, strong cost control and low funding cost. It is also worth its prudent liquidity management and adequate assets and liabilities management that help to mitigate the burden of a less diversified funding base compared to larger peers. Pine: Fitch has upgraded Pine's Issuer Default Rating (IDR) to 'BB+' from 'BB' and the long-term national rating to 'AA-(bra)' from 'A+(bra)'. The Outlook is Stable. This rating action reflects the ability of the bank to preserve and enhance its credit profile in the last several years in the midst of a deteriorating and relatively volatile operating environment. Also, the ratings reflect Pine's consistent performance, higher funding diversification and sound asset quality, liquidity and capitalization. Concentrations on the asset and funding sides have been maintained at acceptable levels and ALM continues to be good. Pine has managed carefully its growth in the low corporate segment with a strategy of revenue diversification and cross-selling aiming to reduce the dependence of revenues from lending and increase the participation of its derivatives desk and advisory services in the revenues composition. RATING SENSITIVITIES ABC Brasil Given its funding profile and narrow business niche, further upgrades of ABC's ratings may be limited under its current business model. Although unlikely in Fitch's view, a significant deterioration of ABC's asset quality that results in credit costs that severely limit its profitability and ability to grow its capital, combined with a reduction on its liquidity or capitalization position could lead towards a reduction on the bank's ratings. A decline in Fitch core capital to risk-weighted assets ratio below 9% along with a reduction in operating income to average asset ratio below 2% could result in a ratings review. Alfa The concentration of Alfa's funding base is higher compared to the other mid-sized banks reviewed. Improvements in funding concentration could affect ratings positively, although this scenario may be of low probability considering the business model of the bank. Conversely, in the unlikely scenario of significant deterioration in asset quality and performance, its ratings would be negatively affected. A drop in Fitch core capital to risk- weighted assets ratio below 12% along with deterioration in its operating income to average asset ratio below 1.5% could result in a negative rating action. Bicbanco Fitch believes that the adjustments made will result in an improvement in the asset quality during 2013, but it is yet to be seen how Bicbanco's results will be under the restructured commercial strategy and more conservative credit risk management. Asset quality and profitability trends need to be monitored. If the unfavorable trend persists, and no improvement on asset quality and profitability bring both up and closer to historic averages, the Negative Outlook may turn into a downgrade. Similarly, a sustained FCC below 9% could also trigger a downgrade. A revision of the Outlook to Stable will depend on the bank's ability to overcome the challenges of presenting better asset quality ratios and reducing credit costs as well as successfully accessing new clients with a lower risk credit profile, which could lead to more robust operating results. Credit costs would need to come down and stabilize in a level around 35% of pre- impairment operating profits, while its Fitch Core Capital Ratio would need to rise to around 11%. These improvements would need to be complemented with the maintenance of its adequate loan loss coverage similar to the average of previous years and asset quality levels similar to those of its peers. Should this trend materialize Bicbanco's ROAA could increase to more than 1.5% in a sustained manner. Daycoval Given its current business model, with asset and liability concentrations inherent to its size, including its wholesale funding nature, further upgrades to Daycoval ratings may be limited. Such positive changes will be contingent on significant reduction of the concentration in its funding and a successful diversification of its lending activities. The ratings could be negatively impacted by a continued asset quality deterioration which result in pressures on the bank's results (ROA below 2%) and on capital (Fitch core capital lower than 11%), which may be triggered by larger than expected asset quality deterioration and/or aggressive asset growth or cash dividend policy. Pine Further rating upgrades may not be expected in the short-term as the bank needs to improve its income, asset and liability diversification. Ratings may be negatively affected by continued asset quality deterioration that may undermine its earnings and capital base. A deterioration in the asset quality ratios to levels below its peers' average or a decline in Fitch core capital to risk-weighted assets ratio below 10%, along with a reduction in operating income to average asset ratio below 1.5% could result in a negative ratings review. The rating actions are: ABC Brasil: -- Long-term foreign and local currency IDRs affirmed at 'BBB-'; Outlook Stable; -- Short-term foreign and local currency IDRs affirmed at 'F3'; -- Viability rating affirmed at 'bbb-'; -- Long-term national rating affirmed at 'AA(bra)'; Outlook Stable; -- Short-term national rating affirmed at 'F1+(bra)'; -- Support rating affirmed at '3'; -- Senior unsecured BRL notes due 2016 foreign currency rating affirmed at 'BBB-' Alfa: -- National Long-term Rating affirmed at 'AA(bra)'; Outlook Stable; -- National Short-term Rating affirmed at 'F1+(bra)'. Bicbanco: -- National Long-term Rating affirmed at 'A+(bra)'; Outlook revised to Negative from Stable; -- National Short-term Rating affirmed at 'F1(bra)'. Daycoval: -- Long-term foreign and local currency IDRs affirmed at 'BBB-'; Outlook Stable; -- Short-term foreign and local currency IDRs affirmed at 'F3'; -- Viability rating affirmed at 'bbb-'; -- Long-term national rating affirmed at 'AA(bra)'; Outlook Stable; -- Short-term national rating affirmed at 'F1+(bra)'; -- Support rating affirmed at '5'; -- Support rating floor affirmed at 'No Floor'; -- Senior unsecured USD notes due March 2015, foreign currency rating affirmed at 'BBB-'; -- Senior unsecured USD notes due January 2016, foreign currency rating affirmed at 'BBB-'. Pine: -- Long-term foreign and local currency IDRs upgraded to 'BB+' from 'BB'; Outlook Stable; -- Short-term foreign and local currency IDRs affirmed at 'B'; -- Viability rating upgraded to 'bb+' from 'bb'; -- Long-term national rating upgraded to 'AA-(bra)' from 'A+(bra)'; Outlook Stable; -- Short-term national rating upgraded to 'F1+(bra)' from 'F1(bra)'; -- Support rating affirmed at '5'; -- Support rating floor affirmed at 'No Floor'; -- Subordinated USD notes due 2017 upgraded to 'BB-' from' B+'; -- Senior unsecured BRL letras financeiras due 2014 and 2015 upgraded to 'AA-(bra)' from 'A+(bra)'; -- Huaso bonds program expiring in 2022 upgraded to 'A(cl)' from 'A-(cl)'; -- Huaso bonds due 2017 upgraded to 'A(cl)' from 'A-(cl)'. CONCESSIONARIA RODOVIAS: Moody's Rates New Debt Issue '(P)Ba2' -------------------------------------------------------------- Moody's America Latina Ltda assigned a (P)Ba2 rating on the global scale and a Aa2.br rating on the Brazilian National scale to Concessionaria Rodovias do Tiete S.A.'s (Rodovias do Tiete or the concessionaire) proposed BRL1,065 million senior secured amortizing debentures with a final maturity in 15 years that will be issued in the domestic market as well as in the U.S. and other markets under Rule 144A and Regulation S. Moody's has also affirmed the Ba2 issuer ratings on the global scale and Aa3.br on the Brazilian national scale the ratings on Rodovias do Tiete and changed the outlook to stable from negative, assuming successful financial closing of the transaction. Assignment of the final rating is predicated on a review of final documents and verification of the final financing structure and amount. The outlook is stable for all ratings. Net proceeds from the proposed debentures will be used for: (i) the repayment of the 4th emission of outstanding commercial promissory notes, and (ii) the payment of future costs, expenses and/or payables from the date of the sale, related to the concession's investments. The Brazilian Ministry of Transportation has approved this project as a priority investment for the development of road transportation infrastructure in the country. As a result, the project's proposed debt issue qualifies for tax incentives for investors under the framework of Law 12,431/2011. ARTESP must approve both the issuance as well as the granting of the security package. The BRL1,065 million debentures will be secured by the pledge of the concessionaire's equity shares, future receivables of its toll revenues, project accounts and indemnification rights over the concession assets. The debenture holders will also benefit from a robust package of cash funded reserves including a 12-month debt service reserve, a 12-month capex reserve and a 3-month O&M reserve, all funded at the financial closing of the transaction. In addition, in order to mitigate the ongoing ramp-up and negative operating cash flow generation anticipated during 2013 and 2014, there will be a prefunded interest reserve account also funded at close, in an amount equivalent to the projected cash flow shortfall required to cover interest expense over the first four years (estimated at BRL113.5 MM). The debentures will not contain any type of cross default provision with immediate and ultimate shareholders or its affiliates. The debentures will make interest and principal payments on semi- annual basis, with interest payments starting in December 2013 and principal having a grace period until December 2017. No restricted payments will be permitted until the first principal amortization payment is made in 2017. Additional protection includes a requirement to trap cash if DSCR is <=1.30x and mandatory amortization in the event such condition would continue for three consecutive semesters. Ratings Rationale: The (P)Ba2 and Aa2.br ratings reflect the diversified role of the Rodovias do Tiete's road system, which connects the cities of Bauru, Piracicaba and Campinas and other major routes in the state of Sao Paulo. Through its 415-kilometer extension, Rodovias do Tiete serves a relatively small but evolving service area. The stable regulatory environment prevailing in the state of Sao Paulo further supports the ratings. The existence of important competing routes, comprising the SP-280, SP-075 and SP-348 roads, along with Rodovias do Tiete's currently weak asset features (according to Moody's Methodology), and limited track record for traffic at the nine existing toll plazas constrain the ratings. The rating also considers the highly leveraged financial structure during the ongoing ramp-up period during which significant investments are required to be made. The negative operating cash flows expected over the 2013-2014 period are partially mitigated by the significant level of operating cash funded reserves and the ability to delay select investments. The ratings are also predicated upon comparatively weak financial metrics which are highly susceptible to deviations in projected traffic growth during the ramp-up period. The (P) provisional ratings will remain in place until the full disbursement of the BRL1,065 million for Rodovias do Tiete. Should the ultimate issuance deviate from the amount described, Moody's will review all ratings accordingly. These 15-year debentures are crucial to implementing the concessionaire's investment program successfully and to improving Rodovias do Tiete's liquidity position. The stable outlook reflects Moody's expectation that the issuance will close as planned serving to improve Rodovias do Tiete's currently weak liquidity condition and that traffic during the ramp up period will grow in line or above the growth of the Brazilian GDP. The ratings could be upgraded if: (i) actual traffic volume is closely aligned to or exceeds the traffic projected by the concessionaire's consultant, (ii) capex program meets the schedule and (iii) Moody's calculated DSCRs and FFO/Debt ratios are consistently above 1.30x and 8% respectively. The ratings could be downgraded if: (i) there are capital expenditures' delays which negatively impact traffic volume and toll revenues, (ii) traffic consistently stays below consultant's report,(iii) there are cost overruns associated with the investment program, (iv) there is higher than anticipated utilization of pre-funded interest reserve in first two years so that, (v) cash interest coverage drops below 1.50x over initial two-year period and FFO remains lower than 5% over debt during 2014. Concessionaria Rodovias do Tiete S.A. (Rodovias do Tiete) holds a 30-year toll road concession to expand, operate and maintain five roads in the interior of Sao Paulo, which the state regulatory agency ARTESP granted under a single concession in April 2009. The road system operated by Rodovias do Tiete consists of 415 kilometers and includes the following road sections: SP-300 (Corredor Marechal Rondon Leste), SP-308 (Rodovia do Acucar), SP- 101, SP-113 and SP-209. The service area includes 24 municipalities, where the largest cities are Bauru, Campinas, and Piracicaba. Rodovias do Tiete reported Net Revenues of BRL162 million ($81 million) and EBITDA of BRL86 million ($43 million) in 2012 versus Net Revenues of BRL145 million ($ 87 million) and EBITDA of BRL85 million ($ 51 million) in 2011 respectively. Rodovias to Tiete's road system serves a relatively small but evolving service area. Current asset features are relatively weak which aggravates the impact that existing large competing routes are having on the system. Nevertheless, Rodovias do Tiete's diversified traffic profile could eventually insulate its cash flows against potential economic volatility. Contributing 60% of consolidated traffic, the western section carries mostly agricultural freight. The eastern section generates 25% of consolidated traffic, and features diversified industries and commuters. The middle section is less developed and accounts only for 15% of total traffic. Rodovias do Tiete is currently owned by a joint venture of the Atlantia Bertin Participacoes S.A. (50%) and ASCENDI International Holdings B.V. (50%). The principal methodology used in this rating was Operational Toll Roads 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. MARFRIG ALIMENTOS: S&P Lowers CCR to 'B'; Outlook Negative ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale corporate credit rating to 'B' from 'B+' and its national scale rating to 'brBBB-' from 'brBBB+' on Marfrig Alimentos S.A. The outlook is negative. "The downgrade reflects Marfrig's weaker-than-expected results for 2012, preventing the credits metrics from improving," said Standard & Poor's credit analyst Flavia Bedran. S&P expected some debt reduction and stronger cash generation to result in debt to EBITDA of 7.0x and funds from operations (FFO) to debt close to 10%, a scenario that S&P now expects for 2014-2015. S&P believes that high interest burden and the still challenging ramp-up of Seara's production will continue to hinder cash-flow generation and prevent faster debt reduction. The negative outlook indicates that given tight liquidity and covenant headroom, S&P could lower the ratings further if cash generation does not improve in the next few quarters. ========================== C A Y M A N I S L A N D S ========================== A2CT2 SYSTEMATIC: Creditors' Proofs of Debt Due May 22 ------------------------------------------------------ The creditors of A2CT2 Systematic Funds, SPC are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 27, 2013. The company's liquidator is: Managementplus (Cayman) Limited c/o Frank Balderamos Telephone: (345) 743 7770 Facsimile: (345) 743-6770 Buckingham Square, 2nd Floor West Bay Road, PO Box 11735 Grand Cayman KY1-1009 Cayman Islands ALL SEASONS: Creditors' Proofs of Debt Due May 22 ------------------------------------------------- The creditors of All Seasons Africa Multi-Strategy Ltd are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 27, 2013. The company's liquidator is: DMS Corporate Services Ltd c/o Ronan Guilfoyle Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands BLACK PEARL: Creditors' Proofs of Debt Due Today ------------------------------------------------ The creditors of Black Pearl Enterprises are required to file their proofs of debt today, May 13, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 26, 2013. The company's liquidator is: Vincent G Maffei Jr. 11531 NW 27 Court Plantation Florida 33323 U.S.A. Telephone: +1 (954) 445 8461 COMPASS ASSET: Creditors' Proofs of Debt Due May 22 --------------------------------------------------- The creditors of Compass Asset Management Ltd. are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 2, 2013. The company's liquidator is: DMS Corporate Services Ltd c/o Ronan Guilfoyle Telephone: (345) 946 7665 Facsimile: (345) 946 7666 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands FAIRFIELD ARGENIS: Shareholder to Hear Wind-Up Report on May 17 --------------------------------------------------------------- The shareholder of Fairfield Argenis SPV I, Ltd will receive on May 17, 2013, at 9:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on March 25, 2013. The company's liquidator is: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands HT2 LTD: Creditors' Proofs of Debt Due May 17 --------------------------------------------- The creditors of HT2 Ltd are required to file their proofs of debt by May 17, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 28, 2013. The company's liquidators are: Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510 Grand Cayman KY1-1104 Cayman Islands IAM MINI-FUND 19: Creditors' Proofs of Debt Due May 16 ------------------------------------------------------ The creditors of IAM Mini-Fund 19 Limited are required to file their proofs of debt by May 16, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 2, 2013. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands IMPALA KINGFISHER: Creditors' Proofs of Debt Due Today ------------------------------------------------------ The creditors of Impala Kingfisher Limited are required to file their proofs of debt today, May 13, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 26, 2013. The company's liquidator is: Appleby Trust (Cayman) Ltd c/o Clifton House, 75 Fort Street PO Box 1350, George Town Grand Cayman KY1-1108 Cayman Islands IMPERIAL FUND: Creditors' Proofs of Debt Due May 15 --------------------------------------------------- The creditors of Imperial Fund Limited are required to file their proofs of debt by May 15, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 27, 2013. The company's liquidators are: Hugh Dickson Mike Saville c/o Saskia Lawrence 10 Market Street #765, Camana Bay Grand Cayman Cayman Islands, KY1 9006 Telephone: (345) 949 7100 Facsimile: (345) 949 7120 LAVA IAM: Creditors' Proofs of Debt Due May 16 ---------------------------------------------- The creditors of Lava IAM Limited are required to file their proofs of debt by May 16, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 2, 2013. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands LIBRA OFFSHORE: Creditors' Proofs of Debt Due May 16 ---------------------------------------------------- The creditors of Libra Offshore Ltd are required to file their proofs of debt by May 16, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 3, 2013. The company's liquidator is: Ogier c/o Ben Gillooly Telephone: (345) 815 1764 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands LUMAX FINANCE: Creditors' Proofs of Debt Due May 22 --------------------------------------------------- The creditors of Lumax Finance Limited are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 27, 2013. The company's liquidator is: Michelle R. Bodden-Moxam Telephone: (345) 946 6145 Facsimile: (345) 946 6146 Bridge Street Services Limited The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 30691 Grand Cayman KY1-1203 Cayman Islands MUTLEY INTERNATIONAL: Creditors' Proofs of Debt Due May 22 ---------------------------------------------------------- The creditors of Mutley International Ltd are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 3, 2013. The company's liquidator is: David O'Connor c/o Rotschild Trust (Schweiz) AG Zollikerstrasse 181 8034 Zurich Switzerland Telephone: +0 (0414) 4384 7280 R-ONE KAGOSHIMA: Creditors' Proofs of Debt Due May 22 ----------------------------------------------------- The creditors of R-One Kagoshima Holdings are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 3, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 R-ONE SAKAI: Creditors' Proofs of Debt Due May 22 ------------------------------------------------- The creditors of R-One Sakai Ishihara Holdings are required to file their proofs of debt by May 22, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 3, 2013. The company's liquidators are: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 914 3115 =========== M E X I C O =========== GRUPO FAMSA: S&P Revises Outlook to Positive & Affirms 'B' CCR -------------------------------------------------------------- Standard & Poor's Ratings Services revised the outlook to positive from stable and affirmed its 'B' corporate credit and senior unsecured debt ratings on Grupo Famsa, S.A.B. de C.V. (GFamsa). The outlook revision to "positive" from "stable" reflects S&P's expectation that GFamsa will improve its financial risk profile through stronger EBITDA and cash flow generation. This also reflects S&P's expectation that the company will maintain stable debt levels which will also improve its liquidity even considering GFamsa's expansion program. "The ratings on GFamsa reflect the company's smaller scale compared to its Mexican peers in a highly competitive retail industry," said Standard & Poor's credit analyst Sandra Tinoco. The ratings also reflects S&P's expectation that GFamsa will generate negative free operating cash flow (FOCF) for the next three years. The offsetting factors are the company's favorable profitability compared to its peers, funding from deposits of its subsidiary Banco Ahorro Famsa S.A. Institucion de Banca Multiple (BAF; B/Stable/--) to cover most of GFamsa's shortfalls related to its high working capital needs, and the company's favorable geographic and client diversification in Mexico, despite its small scale. * MEXICO: Housing Affordability Plan May Pressure RMBS, Fitch Says ------------------------------------------------------------------ President Pena Nieto's affordable housing policies may have negative consequences for existing private-sector RMBS sponsored by Sofoles. This segment has already been hit with an increase in REOs as foreclosures have risen and servicers have been slow to dispose of existing inventories. Fitch Ratings believes the policy changes could put further pressure on future sales of these REOs as prospective new home buyers are lured closer to urban centers by potential incentives. RMBS servicers will continue to compete to unload these nonperforming assets that in many cases are concentrated in some of the outlying areas within Mexico. "With legal and maintenance costs rising and the sales cycle lengthening for this segment, we may see additional pressure on recovery rates that have already decreased over the past three years from 70% to 50% on Fitch-rated RMBS transactions," Fitch says. "It remains unclear how these policies will impact existing housing supply in the short and medium term, as many major homebuilders continue to face financial difficulties that may curb supply, providing potential pricing support." President Pena Nieto's strategy on housing affordability has focused on three main areas: better coordination on housing policy, intelligent and sustainable urban development processes, and growth in housing supply to cope with demand while improving quality of life. Many of these polices are designed to promote housing projects -- either vertically or horizontally constructed -- closer to city centers. The new Secretaria de Desarrollo Agrario Territorial y Urbano is the federal body supervising these changes. For the leading Mexican homebuilders, these policy objectives will cause a strategic shift away from building large developments of mainly single-family homes on city peripheries. Homebuilders are redefining their construction strategy and re-sizing in order to manage these policies. Infonavit (the country's main funder of construction projects) announced it will set up a fund to promote multifamily construction. Infonavit will pay to homebuilders 70% of the project's value when the construction is halfway completed. Earlier this year, the Sociedad Hipotecaria Federal (a national development bank) announced it will provide first-loss partial credit guarantees for up to 30% of commercial bank funding granted to homebuilders. These measures will assist homebuilders to adapt to the changing landscape within the country in order to mitigate any potential disruption in housing supply. =============================== T R I N I D A D & T O B A G O =============================== CARIBBEAN AIRLINES: Expects to Break Even on London Route --------------------------------------------------------- RJR News reports that Caribbean Airlines Limited said it expects to break even on its London route this year. This is earlier than the three-year period previously anticipated when CAL launched its Port of Spain to Gatwick route a year ago. Caribbean Airlines Chairman Rabindra Moonan said the load factor on the flights is close to 90 per cent, according to RJR News. The report notes that Mr. Moonan said the transformation and restructuring program for the airline was going well and the board is pleased with the progress. The airline is also looking to increase its service from Georgetown, Guyana, to New York, the report relates. Meanwhile, the report relates that Trinidad's Guardian newspaper reported that CAL employees were angry over a US$20,000 trip granted to 19 friends of Caribbean Airlines vice-chairman Mohan Jaikaran. About Caribbean Airlines Caribbean Airlines Limited -- http://http://www.caribbean- airlines.com/ -- provides passenger airline services. It also specializes in the shipment of fresh cut flowers and packaged meats, hatching eggs, chocolates, fruits and vegetables, frozen and chilled fish, vaccines, newspapers, and magazines within the Caribbean, as well as to North America and Europe. In 2010, Port of Spain and Kingston agreed to a deal that allowed the Jamaica government to own 16% of CAL as part of the conditions for CAL taking over the lucrative routes of Air Jamaica. The deal also allows for Trinidad and Tobago agreeing to a US$300 million transition plan for CAL to acquire and operate six Air Jamaica aircraft and eight of its routes. * * * As reported in the Troubled Company Reporter on March 21, 2012, RJR News said that Caribbean Airlines Limited owes nearly US$30 million to Trinidad and Tobago's fuel provider National Petroleum. Trinidad Express said CAL enjoys a seven-day credit facility for aviation fuel from the company, according to RJR News. However, the report related that the airline has not been able to pay the full amount when invoiced and instead has been issuing partial payments to sustain the account. RJR News noted that Trinidad Express reported that the arrears were built up as no payments have been made despite an attractive fuel subsidy which the airline has enjoyed since it began operations in January. PETROTRIN: Impasse 'Bad for T&T,' Labor Relations Expert Says ------------------------------------------------------------- Julien Neaves at Trinidad Express reports that Dr. Michael Maccoby, the international expert on labour relations, said that the industrial relations conflict at State oil company Petrotrin was not about money but about respect and trust. Mr. Maccoby, speaking at the HRC Associates Management Consultants breakfast meeting "Bridging the Labour Management Divide," told the gathering he had held discussions with stakeholders in the Petrotrin conflict, according to Trinidad Express. The report relates that the current impasse has reached the Industrial Court. Trinidad Express said Mr. Maccoby spent a day with the management at Petrotrin, more than five hours with Oilfields Workers Trade Union president general Ancel Roget and an hour with Labor Minister Errol McLeod. The report relates that Mr. Maccoby noted that they all recognized the current situation at Petrotrin "is bad for the company and the country and all share a sense of common purpose that they need to work for the benefit of this country". Mr. Maccoby, the report relays, said he was convinced from all his discussions that the conflict at Petrotrin was not about money but about respect and trust. "And I am convinced the conflict cannot be solved by the normal types of collective bargaining but only by raising the whole level of the relationship," the report quoted Mr. Maccoby as saying. The report notes that New Chamber President Moonilal Lalchan said trust was essential in labour management and it promoted goodwill. When this trust was broken it could lead to a culture of resentment, barriers to efficiency and reduced productivity, the report adds. Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on June 9, 2010, Trinidad Express related that four members of Petrotrin submitted their resignation letters. According to the report, Malcom Jones resigned as chairman of Petrotrin and from the State boards. The report related board members Lawford Dupres, who chaired the National Petroleum board, attorney Kerwin Garcia and Andrew McIntosh had also resigned. Prime Minister Kamla Persad-Bissessar, the report noted, said that Cabinet had ordered a forensic audit of Petrotrin as there were "grounds for suspicion of misconduct" at Petrotrin similar to what may have transpired at special-purpose State enterprise UDeCOTT. The report said that the company was experiencing serious financial difficulties resulting in high cost overruns of its refinery upgrade. The situation was exacerbated by a US$12 billion lawsuit by World GTL Inc. against Petrotrin, the report added. ============= U R U G U A Y ============= * Continued Economic Growth to Boost Uruguay's Banking Sector ------------------------------------------------------------- The outlook the Uruguayan banking system is stable, based on expectations that continued economic growth and favorable labor market conditions will sustain loan growth and banks' profitability, says Moody's Investors Service in the report "Banking System Outlook: Uruguay." Moody's industry outlooks reflect the rating agency's expectations for fundamental business conditions in the industry over the next 12 to 18 months. "We expect that banks will continue to profit from Uruguay's continued economic growth and its strong labor market," said Maria Valeria Azconegui, a Moody's Assistant Vice President and author of the report. "The outlook also incorporates our view on banks' high liquidity and robust capitalization, which provides sufficient buffer to absorb potential losses." This cushion will protect Uruguayan banks against a likely modest deterioration in asset quality following the recent expansion in consumer loans, says Moody's. But high financial dollarization continues to be a key issue for Uruguayan banks, despite ongoing efforts by the Uruguayan authorities to improve this structural weakness. In addition, Uruguay's banks will continue to experience earnings pressure from weak credit demand, high operating costs and the low-interest rate environment, says Moody's. Depositors' preference for dollar-denominated demand deposits even at very low-yields, benefits banks' cost of funding, but suggests an underlying lack of confidence in the domestic currency. It also creates a significant tail risk for the banks' funding profile as large non-resident deposits, mostly from Argentina, remain very volatile and subject to the evolution of the political and economic situation in this country. Moody's central scenario forecasts Uruguay's economy to grow by 4.5% in 2013, in line with its trend growth over the past five years, supported by strong domestic demand, low unemployment, high commodity prices and capital inflows from foreign direct investments in export-oriented projects. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 6 to May 10, 2013 -------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA --------- ARGENT-$DIS 8.28 12/31/2033 USD 56.5 ARGENT-$DIS 8.28 12/31/2033 USD 57.9 ARGENT-$DIS 8.28 12/31/2033 USD 57.9 ARGENT-$DIS 8.28 12/31/2033 USD 58.5 ARGENT-$DIS 8.28 12/31/2033 USD 58.1 ARGENT-PAR 1.18 12/31/2038 ARS 50.4 ARGENT-DIS 7.82 12/31/2033 EUR 45 ARGENT-DIS 7.82 12/31/2033 EUR 57.6 ARGENT-DIS 7.82 12/31/2033 EUR 57.3 ARGENT-DIS 4.33 12/31/2033 JPY 35.5 ARGENT-DIS 4.33 12/31/2033 JPY 36 ARGENT-PAR 0.45 12/31/2038 JPY 15 ARGENT-PAR&GDP 0.45 12/31/2038 JPY 8 ARGNT-BOCON PRE9 2 3/15/2014 ARS 41.8 BANCO MACRO SA 9.75 12/18/2036 USD 73.8 BANCO MACRO SA 9.75 12/18/2036 USD 71 BANCO MACRO SA 9.75 12/18/2036 USD 74.1 CAPEX SA 10 3/10/2018 USD 74.4 CAPEX SA 10 3/10/2018 USD 74.5 CIA LATINO AMER 9.5 12/15/2016 USD 64 CITY OF BUENOS 3.98 3/15/2018 USD 68.6 EMP DISTRIB NORT 9.75 10/25/2022 USD 49.5 EMP DISTRIB NORT 10.5 10/9/2017 USD 95 EMP DISTRIB NORT 9.75 10/25/2022 USD 46.1 METROGAS SA 8.875 12/31/2018 USD 66.8 METROGAS SA 8.875 12/31/2018 USD 68.1 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.1 PROV BUENOS AIRE 9.625 4/18/2028 USD 65.3 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.8 PROV BUENOS AIRE 9.375 9/14/2018 USD 69.8 PROV BUENOS AIRE 10.88 1/26/2021 USD 71.4 PROV BUENOS AIRE 10.88 1/26/2021 USD 71.5 PROV DE FORMOSA 5 2/27/2022 USD 63.6 PROV DE MENDOZA 5.5 9/4/2018 USD 74.3 PROV DE MENDOZA 5.5 9/4/2018 USD 74.6 PROV DEL CHACO 4 12/4/2026 USD 27.8 PROV DEL CHACO 4 11/4/2023 USD 55.3 TRANSENER 9.75 8/15/2021 USD 48 TRANSENER 9.75 8/15/2021 USD 45.1 TRANSENER 8.875 12/15/2016 USD 47.5 BRAZIL ------ BANCO BONSUCESSO 9.25 11/3/2020 USD 70.6 BANCO BONSUCESSO 9.25 11/3/2020 USD 70 CAYMAN ISLAND ------------- BCP FINANCE CO 4.239 EUR 46.7 BCP FINANCE CO 5.543 EUR 44.7 BES FINANCE LTD 4.5 EUR 63.2 BES FINANCE LTD 5.58 EUR 69.2 CHINA FORESTRY 10.25 11/17/2015 USD 53 CHINA FORESTRY 10.25 11/17/2015 USD 47.4 EMER PLANT HLD 6 1/30/2020 USD 67.5 ERB HELLAS CAYMA 9 3/8/2019 EUR 22 ESFG INTERNATION 5.753 EUR 57.3 GOL FINANCE 8.75 USD 70.5 GOL FINANCE 8.75 USD 69.5 HIDILI INDUSTRY 8.625 11/4/2015 USD 75.8 HIDILI INDUSTRY 8.625 11/4/2015 USD 75.6 JINKOSOLAR HOLD 4 5/15/2016 USD 57.5 RENHE COMMERCIAL 13 3/10/2016 USD 60 RENHE COMMERCIAL 11.75 5/18/2015 USD 66.5 RENHE COMMERCIAL 11.75 5/18/2015 USD 66.5 RENHE COMMERCIAL 13 3/10/2016 USD 61.9 CHILE ----- ALMENDRAL TEL 3.5 12/15/2014 CLP 43.9 EMPRESA METRO 5.5 7/15/2027 CLP 3.39 TALCA CHILLAN 2.75 12/15/2019 CLP 66 PUERTO RICO ----------- BANCO SANTANDER 6.1 6/1/2032 USD 34.8 BANCO SANTANDER 6.3 6/1/2032 USD 36 PUERTO RICO CONS 6.5 4/1/2016 USD 67.6 VENEZUELA --------- PETROLEOS DE VEN 5.5 4/12/2037 USD 68.4 PETROLEOS DE VEN 5.375 4/12/2027 USD 70.2 *********** 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 * * *