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/raid1/www/Hosts/bankrupt/TCRLA_Public/130718.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 Thursday, July 18, 2013, Vol. 14, No. 141 Headlines A N T I G U A & B A R B U D A LIAT: Seeks To Improve Service as Pilots Raise Several Issues A R G E N T I N A CLISA: S&P Affirms 'B-' Rating; Outlook Negative B R A Z I L * Moody's Examines Features of Brazil's Bankruptcy Law C A Y M A N I S L A N D S ALECTO FUND: Placed Under Voluntary Wind-Up BB ALPHA: Creditors' Proofs of Debt Due Aug. 15 BB TOROS: Creditors' Proofs of Debt Due Aug. 15 DIAMOND PACIFIC: Creditors' Proofs of Debt Due Aug. 26 JRG COMPANY: Creditors' Proofs of Debt Due Aug. 26 LITTLE THING: Creditors' Proofs of Debt Due Aug. 27 MUTUAL FUND: Creditors' Proofs of Debt Due Aug. 15 NB SOF II: Creditors' Proofs of Debt Due Aug. 13 NEW WORLD: Creditors' Proofs of Debt Due Aug. 13 OCEAN EMPIRE: Creditors' Proofs of Debt Due Aug. 26 PREMIER HEDGE: Creditors' Proofs of Debt Due Aug. 15 TEXAR INSURANCE: Commences Liquidation Proceedings TRISKELE CAPITAL: Creditors' Proofs of Debt Due Aug. 15 UNIBANCO BRAZIL: Commences Liquidation Proceedings C O L O M B I A TUSCANY INTERNATIONAL: S&P Affirms 'B' Corporate Credit Rating D O M I N I C A * DOMINICA: Seeks US$50 Million For Infrastructure Projects E L S A L V A D O R BANCO AGRICOLA: S&P Affirms 'BB-' Issuer Credit Rating J A M A I C A * JAMAICA: Inflation Down 8.8% in June M E X I C O URBI: Loses Bid to Dismiss Barclays Suit Over Derivatives P E R U BANCO DE LA NACION: Fitch Affirms Viability Rating at 'bb+' X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - =============================== A N T I G U A & B A R B U D A =============================== LIAT: Seeks To Improve Service as Pilots Raise Several Issues ------------------------------------------------------------- Caribbean360.com reports that Leeward Islands Air Transport, known as LIAT, assured the travelling public that it is committed to improving the level of service offered by the airline even as disgruntled pilots warned of "several vexing issues". The airline did not specifically refer to a statement by the Chairman of the Leeward Islands Airline Pilots Association (LIALPA), Carl Burke, that the union had been forced to call an emergency meeting to seek a mandate from its members on several vexing issues, according to Caribbean360.com. The report notes that Mr. Burke had even warned of possible industrial action if salary negotiations for flying the new ATR aircraft as well as a new schedule were not discussed with the company. The report relates that the company's two new ATR 72-600 aircraft commenced commercial service earlier this month with an additional four due to be added by the end of this year. LIAT confirmed that talks were taking place with the union and there were no disruptions in flights, the report relays. The report says that LIAT Chief Executive Officer Ian Brunton sought to give assurance to the travelling public in light of a recent "Open Letter" of complaint to the airline by a long- standing LIAT customer, Arthur Hicks. The report relays that Mr. Brunton said that the company had been in touch by telephone with Hicks and that "it is important to point out that the substantive letter was not by way of a complaint, but a light-hearted Facebook entry to his friends". But Mr. Brunton said the letter was publicized when someone posted the Facebook entry as a letter in a newspaper in the British Virgin Islands, 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 ================= CLISA: S&P Affirms 'B-' Rating; Outlook Negative ------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B-' ratings on CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. (Clisa). The outlook remains negative. The rating affirmation follows S&P's ordinary annual review. S&P's ratings on Clisa continues to reflect its assessment of its "vulnerable" business risk profile and "highly leveraged" financial risk profile. Clisa's business is constrained by its high exposure to Argentine public-sector counterparties, as this often translates into profit volatility and unexpected swings in working capital. Clisa's experience in managing its exposure to Argentina's political volatility, industry track record, and long-standing ties with public-sector counterparties partly mitigate these factors. =========== B R A Z I L =========== * Moody's Examines Features of Brazil's Bankruptcy Law ------------------------------------------------------ In a new report, Moody's Investors Service discusses key considerations for investors active in the Brazilian high-yield non-financial corporate market, in light of the country's insolvency regime. The report looks first at the main structural features of Brazilian high-yield companies, and then at how the bankruptcy code could affect recovery across creditor classes. "The Brazilian Bankruptcy Law, which came into effect in mid-2005, seeks to provide more flexibility for distressed companies to restructure and function as a going concern," says Associate Managing Director Marianna Waltz in the report titled "Brazilian Insolvency and Ratings." "But while more than 10,000 companies have initiated liquidation or recovery proceedings under the new legislation, very few have actually emerged from bankruptcy, making it more challenging to evaluate the efficacy of the law." Nevertheless, the review of the new code and of a number of recovery plans provide some interesting observations. As an example, the capital structures of Brazilian high-yield companies can be highly complex, with a wide variety of debt classes and structures. "The variety of debt classes, security arrangements and carve-outs from the bankruptcy process make a comparable analysis of potential recoveries difficult," says Waltz. As an additional challenge to the analysis judicial recoveries can be very lengthy and subject to certain vagaries such as, among others, the differences in court expertise across regions , and legislation omissions, as with the treatment of specific debt classes. Another conclusion is that secured creditors have a stronger position, but can recover less than the collateral value. The Bankruptcy law states that the removal or substitution of collateral is only allowed with the underlying creditor's approval. In practice, however, while the collateral is not removed the recovery plans can include payment alternatives where secured creditors receive an amount lower than the collateral value. Credits secured by the fiduciary alienation of non- essential assets seem to be better positioned relative to other creditors, but, they do not ensure creditor recovery and are subject to the uncertainties in the law. Looking at structural issues, although the amount of subsidiary debt tends to be significant in Brazil structural subordination risk is largely mitigated by upstream guarantees. The use of substantive consolidation, however, may negate the differentiation among creditor classes, as in such cases bankruptcy courts treat companies that belong to the same group as a single entity, pooling their assets and liabilities and ranking creditors in the same debt class equitably. "It is difficult to be conclusive on this, however, since the courts have considerable leeway in applying the bankruptcy law," Waltz says. Finally, the Moody's report finds that high-yield bond covenant packages in Brazil offer protections in the same standard risk areas as seen in the US, Europe and elsewhere, ranging from asset sales and restrictions on liens to limits on leverage and change of control provisions. ========================== C A Y M A N I S L A N D S ========================== ALECTO FUND: Placed Under Voluntary Wind-Up ------------------------------------------- On June 26, 2013, the sole shareholder of Alecto Fund Limited passed a resolution to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Reference: GL Telephone: +1 (345) 769 4422 Facsimile: +1 (345) 769 9351 Landmark Square, 1st Floor, 64 Earth Close West Bay Beach PO Box 715, George Town Grand Cayman KY1-1107 Cayman Islands BB ALPHA: Creditors' Proofs of Debt Due Aug. 15 ----------------------------------------------- The creditors of BB Alpha Health are required to file their proofs of debt by Aug. 15, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 26, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 BB TOROS: Creditors' Proofs of Debt Due Aug. 15 ----------------------------------------------- The creditors of BB Toros Prime are required to file their proofs of debt by Aug. 15, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 26, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 DIAMOND PACIFIC: Creditors' Proofs of Debt Due Aug. 26 ------------------------------------------------------ The creditors of Diamond Pacific Holdings Limited are required to file their proofs of debt by Aug. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 27, 2013. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG 1110 British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299 6482 Facsimile: (441) 299 6526 JRG COMPANY: Creditors' Proofs of Debt Due Aug. 26 -------------------------------------------------- The creditors of JRG Company Limited are required to file their proofs of debt by Aug. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 27, 2013. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town Tortola VG 1110 British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299 6482 Facsimile: (441) 299 6526 LITTLE THING: Creditors' Proofs of Debt Due Aug. 27 --------------------------------------------------- The creditors of Little Thing Company are required to file their proofs of debt by Aug. 27, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 26, 2013. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299 6482 Facsimile: (441) 299 6526 MUTUAL FUND: Creditors' Proofs of Debt Due Aug. 15 -------------------------------------------------- The creditors of Mutual Fund Basket Master Fund (9) are required to file their proofs of debt by Aug. 15, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2013. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands NB SOF II: Creditors' Proofs of Debt Due Aug. 13 ------------------------------------------------ The creditors of NB SOF II Offshore Investor Ltd are required to file their proofs of debt by Aug. 13, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 18, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 NEW WORLD: Creditors' Proofs of Debt Due Aug. 13 ------------------------------------------------ The creditors of New World Funding 2008-1, Ltd. are required to file their proofs of debt by Aug. 13, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 25, 2013. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kim Charaman/Jennifer Chailler Telephone: (345) 943 3100 OCEAN EMPIRE: Creditors' Proofs of Debt Due Aug. 26 --------------------------------------------------- The creditors of Ocean Empire Assets Limited are required to file their proofs of debt by Aug. 26, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 26, 2013. The company's liquidator is: Lion International Management Limited Craigmuir Chambers Road Town, Tortola British Virgin Islands c/o Mr. Philip C Pedro HSBC International Trustee Limited Compass Point Bermudiana Road Hamilton HM 11 Bermuda Telephone: (441) 299 6482 Facsimile: (441) 299 6526 PREMIER HEDGE: Creditors' Proofs of Debt Due Aug. 15 ---------------------------------------------------- The creditors of Premier Hedge, Ltd. are required to file their proofs of debt by Aug. 15, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 20, 2013. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897 Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands TEXAR INSURANCE: Commences Liquidation Proceedings -------------------------------------------------- At an extraordinary meeting held on June 26, 2013, the members of Texar Insurance Company, Ltd passed a resolution that voluntarily liquidates the company's business. The company's liquidator is: Megan Ogden Marsh Management Services Cayman Ltd. Governors Square, Building 4, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 1051, Grand Cayman, Cayman Islands Cayman Islands TRISKELE CAPITAL: Creditors' Proofs of Debt Due Aug. 15 ------------------------------------------------------- The creditors of Triskele Capital International Limited are required to file their proofs of debt by Aug. 15, 2013, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 26, 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 UNIBANCO BRAZIL: Commences Liquidation Proceedings -------------------------------------------------- On June 17, 2013, the sole shareholder of Unibanco Brazil Hedge Fund passed a resolution to voluntarily liquidate the company's business. The company's liquidator is: Philippe Fremau R Tium, 00906 apt. 151 Vila Uberabinha Sao Paulo SP =============== C O L O M B I A =============== TUSCANY INTERNATIONAL: S&P Affirms 'B' Corporate Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Tuscany International Drilling Inc. (Tuscany). The rating affirmation follows S&P's regular annual review. At the same time, S&P withdrew its 'B' issue rating on Tuscany's proposed $200 million notes, as the company canceled the issuance. The outlook is stable. "The ratings on Tuscany continue to reflect our assessment of the company's "vulnerable" business risk profile given its participation in the competitive and highly cyclical onshore contract drilling industry. It also reflects Tuscany's relatively small scale and relatively low entry barriers. As of March 31, 2013, the company's fleet was comprised of 37 rigs with a 65% utilization rate, compared with 90% during the same period in 2012. The drop in the company's utilization rate was mainly due to some rigs coming off contract in 2012. However, the company was able to reallocate those rigs with higher day rates and longer terms. We expect utilization rates to recover to about 75% for 2013, allowing the company's financial performance to be in line with our expectations and the rating," S&P said. During the first quarter of 2013, average revenue per day fell to $26.9, from $31.2 for the same period of 2012, as a result of contract terminations. "However, the lower day rates are driven by three key contracts in Colombia where the majority of operating costs are covered by the operator. Moreover, the company's day rates compare well with its international peers," said Standard & Poor's credit analyst Fabiola Ortiz. S&P expects Tuscany's average day rate to increase as a result of its technologically advanced and relatively young drilling rigs that are specifically designed to operate within the outdated infrastructure of Latin American exploration and production (E&P) markets. =============== D O M I N I C A =============== * DOMINICA: Seeks US$50 Million For Infrastructure Projects ----------------------------------------------------------- Caribbean360 reports that the Dominica government said it will approach a number of international financial institutions including the World Bank to finance construction of new roadways, river defenses, bridges and retaining walls along the east coast of the island. "We are going to be contracting a loan from the World Bank, we have not confirmed it yet but we are looking at it of a very huge sum to address the issues on the east coast. . . . We have gotten a grant from the European Union to put with that and we are also looking at a third source to ensure that we can address the situation of the entire east coast of Dominica," Caribbean360.com quoted Prime Minister Roosevelt Skerrit as saying. The report relates that the government said it is seeking at least US$50 million for the projects and Mr. Skerrit said the island had developed a reputation for a being a model country in its quick responses to natural disasters. But Mr. Skerrit said the global economic crisis is causing problems for many countries including donors and that it is important for Dominica to do all it can to minimize the impact of natural disasters, the report notes. "One has to recognize that we are operating in a very difficult global economic and fiscal period and therefore whatever we can do to minimize on the damage done by disasters we all have a moral obligation to do that because we are spending a lot of money to respond to disasters," Mr. Skerrit added, the report relays. ===================== E L S A L V A D O R ===================== BANCO AGRICOLA: S&P Affirms 'BB-' Issuer Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB-' long-term and 'B' short-term issuer credit ratings (ICR) on Banco Agricola S.A. The ratings on Banco Agricola reflect S&P's view of its "strong" (as S&P's criteria define the term) business position, "adequate" capital and earnings, "adequate" risk position, and its "average" funding and "adequate" liquidity. The bank's stand-alone credit profile (SACP) is at 'bb+'. S&P's bank criteria use our BICRA economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. The anchor for banks operating only in El Salvador is 'bb'. S&P considers economic risks for Salvadorian banks to be relatively high by global comparison and S&P do not expect significant improvements in the near term. El Salvador has had poor economic growth in the past three years, and medium-term growth prospects remain moderate. As a result, debt capacity remains limited, domestic credit demand moderate, and lending guidelines strict. Credit stagnation has also undermined the real estate market and construction sector, which have not started to recover yet. S&P views industry risks as slightly lower as a result of perceived strengthening in institutional framework. S&P's assessment reflects the financial sector's resilience to the 2009 recession and El Salvador's poor economic performance afterwards. Although domestic financial regulation is still not fully compliant with international standards, there has been recent progress on key areas. Overall conservative regulation and supervision standards, coupled with a large presence of foreign-owned banks, have resulted in a sound financial system. ============= J A M A I C A ============= * JAMAICA: Inflation Down 8.8% in June -------------------------------------- RJR News reports that consumer price inflation for the past 12 months, slowed to 8.8 percent in June, as the prices of electricity, gas and other fuels; and water supply fell last month. The figure was down from 9.2 percent in May, according to RJR News. The report relates that the price declines which occurred in June, helped to offset increases in the price of fruits in that month. The report relays that in June, prices rose only 0.2 percent, compared with 0.5 percent for May. RJR News discloses that for the first quarter of the fiscal year, which is April to June, prices rose only 2 percent, which is the lower end of the 2 to 3 percent range, targeted by the Bank of Jamaica. =========== M E X I C O =========== URBI: Loses Bid to Dismiss Barclays Suit Over Derivatives --------------------------------------------------------- Chris Dolmetsch at Bloomberg News reports that Urbi Desarrollos Urbanos SAB failed to persuade a New York judge to dismiss a suit over financial derivatives filed by Barclays Plc. Barclays's Mexican unit sued Urbi for breach of contract in state court in Manhattan, saying the builder failed to pay $3 million that was due March 15 after the bank had to terminate a 2010 swaps and derivatives agreement, according to Bloomberg News. Bloomberg News notes that Barclays Bank Mexico SA said in a complaint filed April 8 that it ended the agreement after Urbi didn't post additional collateral in January "to cover potential losses relating to open transactions with the bank." Urbi owes the Barclays unit $11.6 million, according to the complaint, Bloomberg News relays. Bloomberg News relates that Urbi had asked state Supreme Court Justice Shirley Werner Kornreich in Manhattan to dismiss the suit for lack of personal jurisdiction, saying it's based on a transaction between two Mexican companies that's governed by English law. Justice Kornreich denied the request, saying that the parties chose New York as the venue for legal disputes over the agreement, Bloomberg News notes. "When the parties actually engaged in meaningful negotiations over where this lawsuit should be venued, they specifically picked this court. . . . Ultimately, the parties' intent governs the court's interpretation of their agreement," Justice Kornreich said, Bloomberg News discloses. Bloomberg News relays Urbi faces lawsuits from banks including Credit Suisse Group AG and Deutsche Bank AG on defaulted loans and missed payments. Mexico's third-largest homebuilder by sales has seen its cash flow plunge as the nation shifted housing policy to favor urban apartment developments over single-family homes in outlying areas, requiring greater initial investment, Bloomberg News says. Bloomberg News recalls that Urbi, based in Mexicali, Mexico, said May 6 it won't make an interest payment of MXN3.9 million ($320,039) on notes due in 2014. The company's sales plunged 85 percent to MXN468 million in the first quarter as it limited operations and hired Rothschild as a financial adviser to consider a debt restructuring, Bloomberg News notes. Its cash and cash equivalents fell 95 percent in the first quarter from the previous quarter, Bloomberg News adds. Urbi Desarrollos Urbanos is a publicly traded, fully integrated homebuilder engaged in the development, construction, marketing and sale of affordable housing in Mexico. * * * As reported in the Troubled Company Reporter-Latin America on May 9, 2013, Moody's Investors Service downgraded Urbi's global scale foreign currency senior unsecured debt rating to Ca from Caa2. The rating remains under review for downgrade. ======= P E R U ======= BANCO DE LA NACION: Fitch Affirms Viability Rating at 'bb+' ----------------------------------------------------------- Fitch Ratings has affirmed Banco de la Nacion's (BN) IDR at 'BBB'. The Rating Outlook is Stable. KEY RATING DRIVERS BN's IDRs, Support rating and Support Rating Floor (SRF) reflect the support it would receive from its owner, the Republic of Peru, should it be required. Besides BN's key role within the government's operations, its status as an autonomous government agency and an explicit provision in its inception law states that the bank enjoys the full faith and credit of the Republic of Peru. Peru's ability to provide such support is reflected in its sovereign rating (rated 'BBB'/'BBB+' with a Stable Outlook by Fitch). BN's Viability Rating (VR) reflects its solid capital base, good asset quality, ample reserves, sound profitability, and high liquidity. Fitch's view on BN's viability rating is tempered by the potential political influence on the bank's operations with decisions that could result in the bank taking more risk. Although unlikely at the present time, this scenario cannot be completely ruled out in the medium and long term. Fitch also factored BN's high exposure to the government on both sides of the balance sheet, the dependence of operating revenues on government sources, narrow product offering, and aging IT platform in its VR. RATING SENSITIVITIES The Rating Outlook on BN's IDRs is aligned with the Sovereign rating of Peru. BN's IDRs and SRF would move in line with sovereign ratings. As such, downgrade risk for BN's IDRs is currently limited given Peru's economic prospects. BN's viability rating could be pressured by dismal results, weaker asset quality, and significantly lower capital levels. Another potential ratings detrimien is if the government takes measures that prompt the bank to take higher risks. Greater protection against potential political influence and stability of the bank's management and board of directors would be positive. However, it is not likely given BN's role in the medium term. Upside potential could also stem from an improvement in BN's IT platform that would enable it to diversify its range of products and services and improve its cost efficiency ratios. PROFILE BN's profitability is good. Based mainly on its ample margins, BN benefits from a low cost deposit base and healthy asset quality ratios. Its performance in 2012 and first-quarter 2013 (1Q'13) was driven by loan growth, ample albeit narrowing margins, growing non-interest revenues and low credit cost. Operating expenses benefited in 2012 from a tax refund of PEN57.7 million and extraordinary expenses in 2011. ROAA improved to 2.75% at March 31, 2013 (2.22% at Dec. 31, 2011) and ROAE reached a high 37.07% due to the decline in BN's equity after the earnings distribution. BN's asset quality ratios are healthy as most of its lending is to the government and its agencies, to public servants and government retirees. Past due loans accounted for a low 0.61% of the total and reserve coverage was 526.51% at March 31, 2013. Capitalization is sound, benefiting from the low-risk weight of its assets (49.3% in cash and 22.8% in government securities). Its capital adequacy ratios are sound, though they have gradually declined due to the bank's expansion. At Dec. 31, 2012 BN's Fitch core capital to risk-weighted assets ratio equalled a high 28.19% and its regulatory capital ratio 19.24%. BN's steady profitability should be sufficient to underpin capital and sustain growth. BN is Peru's financial agent and largest government-owned commercial bank. BN offers banking services to government agencies and public servants and retirees and plays an important role in the government's economic policies. This is especially true in developing Peru's most remote areas where private sector banks are not present. Fitch has affirmed the following ratings for BN with a Stable Outlook: -- Long-term foreign currency IDR at 'BBB'; -- Short-term foreign currency IDR at 'F2'; -- Long-term local currency IDR at 'BBB+'; -- Short-term local currency IDR at 'F2'; -- Viability Rating at 'bb+'; -- Support rating at '2'; -- Support floor at 'BBB'. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ *********** 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 * * *