/raid1/www/Hosts/bankrupt/TCRLA_Public/140204.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
Tuesday, February 4, 2014, Vol. 15, No. 24
Headlines
A R G E N T I N A
CAPEX S.A.: Fitch Affirms 'B-' Issuer Default Rating, Outlook Neg
FIDEICOMISO FINANCIERO: Moody's Rates ARS17.5MM Certificates 'C'
B R A Z I L
OGX PETRELEO: Delays Recovery Plan Presentation for 2nd Time
VIRGOLINO DE OLIVEIRA: S&P Revises Outlook to Neg.; Keeps 'B' CCR
C A Y M A N I S L A N D S
BIG SHRIMP: Commences Liquidation Proceedings
CNS CAYMAN: Commences Liquidation Proceedings
COANDA LEASING: Commences Liquidation Proceedings
CRABEL TWO: Commences Liquidation Proceedings
CRAFT 2012-2: Commences Liquidation Proceedings
CRAFT 2012-2 MEZZ: Commences Liquidation Proceedings
EMP ARAB: Shareholder Receives Wind-Up Report
GALENA CDO I: Commences Liquidation Proceedings
GREENE INVESTMENTS: Commences Liquidation Proceedings
IB K4D-15V: Commences Liquidation Proceedings
IB K4D-15V TRADING: Commences Liquidation Proceedings
INA CBO 1999-1: Commences Liquidation Proceedings
LITTLE SHRIMP: Commences Liquidation Proceedings
MA ISAM: Commences Liquidation Proceedings
MA TRENDHEDGE: Commences Liquidation Proceedings
ROTTERDAM DREDGING: Commences Liquidation Proceedings
S.A.C. PEI: Commences Liquidation Proceedings
SEQUOIA FUNDING: Commences Liquidation Proceedings
TRENDHEDGE SPMA: Commences Liquidation Proceedings
TRENDHEDGE TRADING: Commences Liquidation Proceedings
C H I L E
CORPGROUP BANKING: Moody's Affirms Sr. Unsec Debt Rating at 'B1'
G R E N A D A
GRENADA: IMF Exec. Board Discusses EPA of LT Program Engagement
GRENADA: S&P Maintains Sovereign Credit Rating at 'SD'
J A M A I C A
* JAMAICA: Fin. Minister Not Ruling Out Further Drop of Jamaican $
M E X I C O
UC SAN MARCOS: Fitch Affirms ST 'B (mex)' Rating; Outlook Stable
P A R A G U A Y
PARAGUAY: Fitch Affirms 'BB-' Currency Issuer Default Ratings
P U E R T O R I C O
AEROPUERTOS DOMINICANOS: Moody's Outlook on Ba3 Rating Now Neg.
CARIBBEAN RESTAURANTS: S&P Revises Outlook & Affirms 'B-' CCR
RESTAURANT HOLDING: Moody's Affirms Caa2 Corp. Family Rating
S T. K I T T S & N E V I S
ST. KITTS AND NEVIS: IMF Issues Statement on Conclusion of Mission
X X X X X X X X X
* Global Companies Address Latin American Risk
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
CAPEX S.A.: Fitch Affirms 'B-' Issuer Default Rating, Outlook Neg
-----------------------------------------------------------------
Fitch Ratings has affirmed the foreign/local currency Issuer
Default Rating (IDR) of Capex S.A. (Capex) at 'B-'. In addition,
Fitch has affirmed Capex's US$200 million senior unsecured notes
due 2018 at 'B-/RR4'. The Rating Outlook is Negative.
Key Rating Drivers
Capex's ratings are constrained by the 'B-' country ceiling of the
Republic of Argentina (Local and Foreign currency IDRs of 'B-
'/'CC'; Outlook Negative by Fitch). Capex's Negative Outlook is
in-line with those assigned to Argentina's sovereign ratings and
reflect the high degree of uncertainty about the business climate
and economic conditions that should persist throughout 2014.
Capex's ratings are also constrained by the high regulatory risks
associated with operating in the electricity sector in Argentina;
exposure to devaluation risk (currency mismatch between peso-
denominated cash flows and dollar-denominated debt); and the long-
term need to pursue an aggressive capital expenditure plan to
sustain the company's vertically integrated business model.
Positively, in 2013 Capex has seen slightly constructive
regulatory moves by the Argentine government in the gas/electric
sectors; however, more significantly positive moves in the form of
more aggressive tariff reforms, particularly in the electricity
sector, are needed in the future and remain uncertain.
HIGH REGULATORY RISK: Capex's ratings reflect high regulatory risk
given heavy government influence in both the electric/utilities
and energy sectors. Capex operates in highly strategic sectors
where the government both has a role as the price/tariff regulator
and also controls subsidies for industry players. In the
electricity sector, Capex depends on payments from CAMMESA which
can be volatile given this agency depends on the national
government for funds to make these payments.
VERTICALLY INTEGRATED THERMOELECTRIC MODEL PROVIDES ADVANTAGE:
Capex is an integrated thermoelectric generation company, which
was originally formed as an oil exploration and production company
(it is currently the 12th largest producer of gas and liquefied
petroleum gas in the country). Capex transformed itself into an
electricity generation company due to its large discoveries of
natural gas in 1991, coupled with the liberalization of
Argentina's electricity sector.
The company's vertically integrated business model puts it in an
advantageous position versus other Argentine generators. Capex
benefits from operating efficiencies as an integrated
thermoelectric generating company in Argentina and the flexibility
from having its own natural gas reserves, as approximately 70% of
gas needs at the electric plant being self-supplied. This gives
the company an advantage against other players in the industry,
especially given existing gas restrictions in the country. Capex's
generating units are efficient, and the proximity to its natural
gas reserves in the Agua del Cajon field coupled with gas
transportation restrictions from Neuquen basin to the main
consumption area in Buenos Aires reduces the gas supply risk.
RECENT POSITIVE REGULATORY MOVES SHOULD SWING GENERATION TO
POSITIVE EBITDA: Government Resolucion 95/13 which was published
in February 2013, led to an improved tariff regime for the
Argentine generation industry. The level of remuneration for
generation nearly doubled for the company. For Capex, the new
regulatory regime took effect starting in late May, so generation
results should improve in the second half of the fiscal year
(based on an April 2014 fiscal year-end). In the April 2013 fiscal
year, the company registered EBITDA of -US$9 million in the
generation segment. Fitch estimates that following the new tariff
regime, the company's Fiscal-Year(FY) April 2014 generation
results will swing to slightly positive EBITDA.
FINANCIAL RESULTS AND CREDIT METRICS IMPROVING: In large part, due
to the new tariff regime the company has seen improving financial
metrics. In the latest-12-month (LTM) October 2013 period, Capex
registered EBITDA of US$62 million, which is 2% higher than in
2013. EBITDA margins for their part improved by 700 basis points
to 47% versus 40% in the April 2013 fiscal year. Free cash flow
remains negative since 2010 at -US$6 million for the LTM October
2013 period, but slightly better than -US$10 million in FY April
2013. Leverage levels have improved with Total Adjusted Debt:
EBITDA declined to 4x versus 4.2x and 7.2x respectively in the
April 2013 and April 2012 fiscal year periods.
The 'RR4' Recovery Rating for the company's senior unsecured notes
outstanding reflects an average expected recovery given default
and is in line with the Recovery Rating soft cap established for
Argentina.
Rating Sensitivity
Capex's credit ratings could be negatively impacted by sustained
declines in gas reserves/production or failure to further develop
new fields, which could threaten the integrated business model in
the long term. In addition, given high dependence on the subsidies
by CAMMESA from the Argentine treasury, any further weakening of
Argentina's fiscal accounts could have a negative impact on the
company's collections/cash flow. Long-term, Fitch expects Capex to
maintain a Total Debt:EBITDA ratio of 4x and interest coverage of
2.5x. Conversely, a significant, recurring increase in Capex's
debt load which would lead it to register financial metrics above
this guidance could negatively impact Capex's credit rating.
A positive rating action is unlikely in the short- to medium- term
due to the business environment in Argentina. An upgrade of the
Argentine Sovereign could potentially result in a positive rating
action. In addition, substantial positive changes in the
regulatory environment which would increase the certainty of cash
flows could prove favourable to Capex's credit quality.
FIDEICOMISO FINANCIERO: Moody's Rates ARS17.5MM Certificates 'C'
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero Supervielle Creditos 76, a transaction that
will be issued by TMF Trust (Argentina) S.A. -- acting solely in
its capacity as Issuer and Trustee.
The securities for this transaction have not yet been placed in
the market. If any assumption or factor Moody's considers when
assigning the ratings change before closing, the ratings may also
change.
ARS 232,500,000 in Floating Rate Debt Securities of "Fideicomiso
Financiero Supervielle Creditos 76", rated Aaa.ar (sf) (Argentine
National Scale) and Ba3 (sf) (Global Scale, Local Currency)
ARS 17,500,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 76", rated C.ar (sf) (Argentine National
Scale) and C (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 34,722 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 250,000,726.96.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administracion Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of 7% of subordination for
the Class A Floating Rate Debt Securities. In addition the
transaction has various reserve funds and excess spread.
Factors that would lead to an upgrade or downgrade of the rating
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively.
Factors that may lead to an upgrade of the ratings include an
increase in the subordination levels due to the turbo sequential
payment structure, when compared with the level of projected
losses in the securitized pool.
Loss and Cash Flow Analysis
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.
The model results showed 2.17% expected loss for the Floating Rate
Debt Securities and 96.76% for the Certificates.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
TMFTrust Company (Argentina) S.A. will be appointed as the back-up
servicer.
Stress Scenarios
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of the Floating Rate
debt securities would likely be downgraded to B2 (sf). The ratings
of the Certificates would likely be unchanged.
The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.
Moody's National Scale Credit 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 credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico.
===========
B R A Z I L
===========
OGX PETRELEO: Delays Recovery Plan Presentation for 2nd Time
------------------------------------------------------------
Luciana Magalhaes at Daily Bankruptcy News reports that Oleo e Gas
Participacoes SA formerly known as OGX Petroleo e Gas
Participacoes SA confirmed Jan. 30 that it has postponed for the
second time the presentation of its judicial recovery plan.
The Troubled Company Reporter-Latin America, citing Daily
Bankruptcy Review, reported on Jan. 28, 2014, that Oleo e Gas said
bondholders had agreed to extend a deadline to finalize a
restructuring deal until Jan. 31. OGP and bondholders had
originally set a Friday deadline to reach a deal on additional
financing to maintain the firm's operations, according to Daily
Bankruptcy Review. The report added that OGP was then expected to
submit its restructuring plan to a Rio de Janeiro bankruptcy
court.
The Troubled Company Reporter, citing Luciana Magalhaes of The
Wall Street Journal, reported on Jan. 24, 2014, that a crucial
deadline for the restructuring agreement of Oleo e Gas
Participacoes SA might not be met. In one of Latin America's
largest bankruptcy cases, OGP filed for protection from creditors
in late October. In December, the company announced a deal with
creditors to exchange debts valued at some $5.8 billion for
shares, and to give bondholders an option to invest an additional
$200 million to $215 million in the company.
OGP had said it aimed to present the restructuring plan to the
bankruptcy court in Rio de Janeiro on or before Jan. 24, when it
was to receive the fresh funding from current bondholders, the
report said.
The financing agreement hadn't been completed as of the afternoon
of Jan. 23 because documents are still being drawn up, according
to one of the people, the report related. There is a good chance
the restructuring plan won't be finished, according to one of the
people. Both, however, said OGP will likely still be able to
receive an injection of capital of around $200 million, including
a $50 million bridge loan, announced earlier this month, as a part
of the restructuring plan.
A longer delay in arranging the financing could cause more
problems for OGP, which in January announced the first monthly
output figures for its only producing oil field, Tubarao Martelo,
off the coast of Rio de Janeiro, the report noted.
About OGX Petroleo
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.
VIRGOLINO DE OLIVEIRA: S&P Revises Outlook to Neg.; Keeps 'B' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its global scale rating
outlook on Virgolino de Oliveira S.A. (GVO) to negative from
stable. Also, S&P affirmed its 'B' global scale corporate credit
and issue-level ratings on the company. At the same time, S&P
lowered its Brazilian national scale rating on the company to
'brBB+' from 'brBBB-'. The outlook on the national scale rating
is also negative.
The negative outlook reflects S&P's view that GVO will continue to
refinance its debt due to its sizable short-term debt and interest
payments amid lower sugar prices and Brazil's higher interest
rates. The downgrade in national scale reflects a comparison of
the current credit quality of GVO to some of its peers and which
better correlates to the current negative outlook on the company.
S&P expects GVO to continue to roll over its short-term debt, and
gradually reduce refinancing needs as it improves its operating
cash flow generation. The company has raised its output and
lowered its idle capacity due to its investments in sugarcane
renewal in the past two-three years. However, GVO will generate
lower-than-expected cash flow generation in fiscal 2014 due to its
high interest burden-about R$250 million per year--partly due to
the spike in Brazil's interest rates, capital expenditures of
close to R$285 million to increase owned sugarcane plantations and
for crop renewal, and low sugar prices. As, a result it will need
additional debt of about R$100 million. S&P previously expected
GVO to generate a slightly positive free operating cash flow in
the 2014 harvest.
"We believe GVO will start operating at full capacity in fiscal
2015 (starting May 1, 2014), which will help lower unitary cost of
production and remain profitable even amid current sugar prices of
16 cents per pound. The company has also been improving its
capital structure with new long-term debt, and it should benefit
from the higher availability of working capital credit lines from
Copersucar as it increases its crushing levels (Copersucar is a
cooperative for 48 sugar mills in Brazil). We expect lower need
for additional debt in the next few years thanks to gradually
higher EBITDA, given the stronger operating efficiency. We are
assuming conservative sugar prices of 16.5 cents per pound for the
next harvest and with only moderate increases thereafter," S&P
added.
==========================
C A Y M A N I S L A N D S
==========================
BIG SHRIMP: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 4, 2013, the shareholders of Big Shrimp, Ltd 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:
Britannia Corporate Management Ltd
c/o Gary F. Oakley
196 Raleigh Quay, Grand Cayman, KY1-1104
Telephone (345) 949 2700
Grand Cayman KY1-1104
Cayman Islands
CNS CAYMAN: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of CNS Cayman Holdings One 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
COANDA LEASING: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Coanda Leasing 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CRABEL TWO: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Crabel Two Plus Feeder II 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CRAFT 2012-2: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Craft 2012-2, Ltd 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
CRAFT 2012-2 MEZZ: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Craft 2012-2 Mezz, Ltd. 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
EMP ARAB: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of EMP Arab Infrastructure Mezzanine Investment
Fund SPC received on Jan. 7, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on Dec. 6, 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
GALENA CDO I: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Galena CDO I (Cayman No.1) 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
GREENE INVESTMENTS: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Greene Investments 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
IB K4D-15V: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of IB K4D-15V Feeder I 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
IB K4D-15V TRADING: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of IB K4D-15V Trading 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
INA CBO 1999-1: Commences Liquidation Proceedings
-------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Ina CBO 1999-1 Ltd. 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
LITTLE SHRIMP: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 4, 2013, the shareholders of Little Shrimp, Ltd 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:
Britannia Corporate Management Ltd
Gary F. Oakley
196 Raleigh Quay, Grand Cayman, KY1-1104
Telephone (345) 949 2700
MA ISAM: Commences Liquidation Proceedings
------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of MA Isam 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
MA TRENDHEDGE: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Ma Trendhedge 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
ROTTERDAM DREDGING: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Rotterdam Dredging Company Ltd 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
S.A.C. PEI: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 25, 2013, the shareholders of S.A.C. Pei CB Investment II,
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:
S.A.C. Capital Advisors, L.P
Alison O'Shea
72 Cummings Point Road
Stamford, CT 06902
U.S.A.
Telephone: (203) 890-3584
SEQUOIA FUNDING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Sequoia Funding 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
TRENDHEDGE SPMA: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Trendhedge SPMA 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
TRENDHEDGE TRADING: Commences Liquidation Proceedings
-----------------------------------------------------
At an extraordinary meeting held on Dec. 6, 2013, the shareholders
of Trendhedge Trading 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:
David Dyer
Deutsche Bank (Cayman) Limited
P.O. Box 1984, Boundary Hall
Cricket Square, 171 Elgin Avenue
Grand Cayman KY1-1104
Cayman Islands
=========
C H I L E
=========
CORPGROUP BANKING: Moody's Affirms Sr. Unsec Debt Rating at 'B1'
---------------------------------------------------------------
Moody's Investors Service has affirmed all ratings assigned to
Itau Unibanco Holding S.A. (IUH), Itau Unibanco S.A. (IU), Banco
Itau BBA S.A. (IBBA) and Banco Itau Chile S.A (Itau Chile),
following the 29 January 2014 announcement of the agreement to
merge Chilean bank CorpBanca and Banco Itau Chile S.A..
At the same time, Moody's has changed, the rating review direction
to possible upgrade, from review for downgrade, on the long and
short term ratings of CorpBanca and its holding company, CorpGroup
Banking S.A.
The following ratings were affirmed with a stable outlook:
Itau Unibanco Holding S.A.
Long and Short-Term Local Currency Issuer Ratings: Baa2 and Prime-
2
Long and Short-Term Brazilian National Scale Ratings: Aaa.br and
BR-1
Long and Short-Term Foreign Currency Senior Unsecured Debt Ratings
assigned to MTN Program: (P)Baa2 and (P)Prime-2
Long-Term Foreign Currency Subordinated Debt Rating assigned to
MTN Program: (P)Baa3
Itau Unibanco Holding S.A. Cayman Branch
Long and Short-Term Foreign Currency Senior Unsecured Debt Ratings
assigned to MTN Program: (P)Baa2 and (P)Prime-2
Long-Term Foreign Currency Subordinated Debt Rating assigned to
MTN Program: (P)Baa3
Long-Term Foreign Currency Senior Unsecured Debt Rating assigned
to the outstanding notes: Baa2
Long-Term Foreign Currency Subordinated Debt Rating assigned to
the outstanding subordinated notes: Baa3
Itau Unibanco S.A.
Bank Financial Strength Rating: C-, mapping to baa1 on global
rating scale
Long and Short-Term Global Local Currency Deposit Ratings: Baa1
and Prime-2
Long and Short-Term Foreign Currency Deposit Ratings: Baa2 and
Prime-2
Long-Term Foreign Currency Senior Unsecured Debt Rating assigned
to MTN Program: (P)Baa1
Long and Short-Term Brazilian National Scale Deposit Ratings:
Aaa.br and BR-1
Itau Unibanco S.A. Cayman Branch
Long-Term Foreign Currency Senior Unsecured Debt Rating assigned
to MTN Program: (P)Baa1
Long-Term Foreign Currency Deposit Rating assigned to Deposit/CD
Program: (P)Baa2
Banco Itau BBA S.A.
Bank Financial Strength Rating: C-, mapping to baa1 on global
rating scale
Long and Short-Term Global Local Currency Deposit Ratings: Baa1
and Prime-2
Long and Short-Term Foreign Currency Deposit Ratings: Baa2 and
Prime-2
Long-Term Foreign Currency Senior Unsecured Debt Rating assigned
to MTN Program: (P)Baa1
Long and Short-Term Brazilian National Scale Deposit Ratings:
Aaa.br and BR-1
Banco Itau BBA S.A. Nassau Branch
Long-Term Foreign Currency Senior Unsecured Debt Rating assigned
to MTN Program: (P)Baa1
Long-Term Foreign Currency Senior Unsecured Debt Rating assigned
to outstanding notes: Baa1
Banco Itau Chile S.A.
Bank Financial Strength Rating: C-, mapping to baa2 on global
rating scale
Long and Short Term Global Local Currency Deposit Ratings: A3 and
Prime-2
Long and Short Term Global Foreign Currency Deposit Ratings: A3
and Prime-2
The following ratings assigned to CorpBanca and CorpGroup Banking
were placed on review for upgrade:
CorpBanca
Bank Financial Strength Rating: D+, mapping to ba1 on global
rating scale
Long and Short Term Local Currency Deposit Ratings: Baa3 and
Prime-3
Long and Short Term Foreign Currency Deposit Ratings: Baa3 and
Prime-3
Long Term Foreign Currency Senior Unsecured Debt Rating: Baa3
CorpGroup Banking S.A.
Long Term Local Currency Issuer Rating: B1
Long Term Foreign Currency Issuer Rating: B1
Long Term Foreign Currency Senior Unsecured Debt Rating: B1
Ratings Rationale
Itau Unibanco's Ratings
In affirming Itau Unibanco's ratings, Moody's acknowledges the
earnings diversification and business potential in Latin America
for Itau group that arises from the incorporation of CorpBanca and
ItaŁ Chile. The deal will boost Itau Unibanco's economies of scale
in Chile and will expand its presence in Colombia, as it gains
access to CorpBanca's subsidiaries in that market, positioning it
as the fourth and fifth largest banks in these countries,
respectively. The transaction is consistent with Itau Unibanco's
expansion strategy with focus on important Latin American markets.
The deal involves a $652 million injection by Itau Unibanco in
Banco Itau Chile prior to the deal closing, which will then be
incorporated into CorpBanca to form Banco Itau CorpBanca. Once the
merger materializes, Itau will have a controlling stake in the new
bank, that will control the Colombian operations.
The Baa1 rating assigned to the operating companies, IU and IBBA,
reflects the group's strong financial fundamentals and important
international footprint that correspond to approximately 15% of
the bank's consolidated earnings in September 2013, with the Latin
American operations accounting for 42% of total earnings abroad.
Banco Itau Chile's Ratings
In affirming the ratings of Itau Chile with a stable outlook,
Moody's cited the bank's solid fundamentals, including strong
asset quality, liquidity, and tangible capitalization as well as
improving profitability. The bank will further benefit from the
franchise enhancement and diversification implied by the merger
transaction, which will result in a stronger competitive position.
Corpbanca's And Corpgroup Banking's Ratings
In placing the ratings of CorpBanca on review for upgrade, Moody's
noted the benefits a change of control with respect to the merged
bank could have on CorpBanca's funding flexibility, margins, and
capital. These were key concerns that had led Moody's to downgrade
and review for further downgrade CorpBanca's ratings in December
2013.
Moody's said that the proposed merger of CorpBanca and Banco Itau
Chile and its association with Itau Unibanco will also strengthen
the bank's market presence across multiple customer segments in
Chile's highly competitive banking market, as well as facilitating
scale efficiencies, thus increasing its earnings potential. Itau's
experience in integrating acquisitions as well as its successful
presence and brand identity already in Chile, and its partnership
and co-management with existing shareholders should allow the bank
to mine local management's expertise and relationships.
In placing the ratings of CorpGroup Banking on review for upgrade,
Moody's indicated that it will remain a direct holding of the new
Itau CorpBanca in accordance with the shareholder agreement signed
with the Brazilian bank. Moody's also expects its obligations to
be supported by a credit line, backed by the shares of CorpBanca,
extended to its holding, CorpGroup Interhold, by Banco Itau BBA
Nassau branch. The line offers CorpGroup the option of refinancing
the obligations of the group that are subject to specific
covenants and collateral package. CorpGroup Banking's ratings are
anchored on its main subsidiary, CorpBanca's standalone rating,
and are discounted three notches reflecting its high reliance on
dividends from the bank, structural subordination of its
liabilities to those of the bank, and its standalone leverage
metrics.
Moody's said that completion of the rating review is subject to
receipt of all required regulatory approvals and completion of the
transfer of control and merger, which management expects in the
fourth quarter of 2014.
Methodology Used & Last Rating Actions
Moody's National Scale Credit 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 credit 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 on Itau Unibanco Holding S.A. and Itau
Unibanco Holding S.A. Cayman Branch was on 3 October 2013, when
Moody's changed the outlook to stable, from positive, on the
entity's global local currency issuer and foreign currency debt
ratings. All ratings remained unchanged.
The last rating action on Itau Unibanco S.A. and Itau Unibanco
S.A. Cayman Branch was on 3 October 2013, when Moody's changed the
outlook to stable, from positive, on the entity's global local
currency issuer and foreign currency debt ratings. All ratings
remained unchanged.
The last rating action on Banco Itau BBA S.A. and Banco Itau BBA
S.A. Nassau Branch was on 3 October 2013, when Moody's changed the
outlook to stable, from positive, on the entity's global local
currency issuer and foreign currency debt ratings. All ratings
remained unchanged.
The last rating action on Banco Itau Chile was on 10 January 2013
when Moody's affirmed all ratings assigned to Itau Chile,
including the C- standalone bank financial strength rating (BFSR)
and baa2 baseline credit assessment (BCA), and its A3 and Prime-2
long and short term global local and foreign currency deposit
ratings, respectively. The rating outlook remained stable.
The last rating action on CorpBanca was on 6 December 2013 when
Moody's downgraded the supported global local and foreign currency
deposit and debt ratings to Baa3 from Baa2, and lowered the bank's
short term deposit ratings to Prime-3 from Prime-2. Moody's also
lowered the bank's standalone baseline credit assessment (BCA) to
ba1 from baa3, which maps to a D+ standalone bank financial
strength rating (BFSR). All ratings remained on review for
possible downgrade.
The last rating action on CorpGroup Banking S.A. was on 6 December
2013 when Moody's downgraded the local and foreign currency issuer
and senior debt ratings to B1 from Ba3, which remained on review
for possible downgrade.
Based in Sao Paulo, Itau Unibanco Holding S.A., the second
financial conglomerate in Brazil, had $447.5 billion in
consolidated assets (BRL1,082.8 billion) and $32.3 billion
(BRL78.3 billion) in shareholders' equity as of 30 September 2013.
Based in Santiago, Banco Itau Chile reported $12.8 billion in
assets and $ 1.2 billion in shareholders' equity as of September
30, 2013.
Based in Santiago, CorpBanca was the fifth largest bank in Chile,
with $ 28.2 billion (CLP 14.2 trillion) in consolidated assets and
$2.4 billion in shareholders' equity as of 30 September 2013.
CorpGroup Banking reported total consolidated assets of $35
billion and total net equity of $1.6 billion as of 30 September
2013.
=============
G R E N A D A
=============
GRENADA: IMF Exec. Board Discusses EPA of LT Program Engagement
---------------------------------------------------------------
The IMF Executive Board discussed the Ex Post Assessment (EPA) of
Longer-Term Program Engagement in Grenada.
Since 2006, Grenada has had extensive engagement with the Fund,
including an initial Poverty Reduction and Growth Facility (PRGF)
arrangement that was approved in April 2006, which was augmented
twice and extended before it concluded in April 2010; and a
successor Extended Credit Facility (ECF) arrangement that was
approved in April 2010 (and expired in April 2013. The ECF was
put on hold in mid-2011, when the authorities informed staff of
their intention to pursue a debt restructuring, and then
subsequently went off track.
Grenada is the first member of the Eastern Caribbean Currency
Union (ECCU) to come under the Fund's policy of longer-term
program engagement which came into effect in early 2003.
Grenada's engagement with the Fund played an important role in
supporting the small island economy after it was buffeted by major
adverse shocks. Fund support catalyzed substantial donor aid in
the wake of unprecedented damage from two hurricanes and provided
additional resources when the global crisis hit. Key reforms were
also advanced, including the implementation of a VAT and
strengthening of the non-bank regulatory framework. Nevertheless,
a series of adverse shocks, in particular the global recession,
took a heavy toll on growth which declined during Grenada's
engagement with the IMF.
Progress toward addressing fiscal vulnerabilities was limited and
debt sustainability was not attained mainly reflecting uneven
program implementation in a context of constrained capacity and
uncertain ownership.
Executive Board Assessment
Directors broadly agreed with the staff's assessment that
engagement with the Fund under two consecutive arrangements during
2006-2011 had helped Grenada cope with major shocks and advance
key reforms, including the introduction of a value-added tax and
improved financial regulations. Nonetheless, they considered that
the overall economic performance under the Fund-supported programs
had proved uneven, and the key program objectives of securing a
sustainable fiscal position and a higher growth path had largely
been missed.
Against this background, Directors drew lessons that should inform
the design of future programs with Grenada and comparable small
economies. In particular, they highlighted the importance of
choosing program objectives that are consistent with extensive
capacity and institutional constraints and the critical need of
securing program ownership by country authorities.
Directors considered that a new program with the Fund along these
lines could benefit Grenada by catalyzing external financing and
helping restore fiscal sustainability. Strong prior actions would
strengthen the credibility of the authorities' objectives and
boost the likelihood of their achievement.
Directors agreed that a new program should support urgently needed
fiscal consolidation, promote faster and more inclusive growth,
and focus on a few macro-critical reforms. In this regard,
ambitious steps to enhance competitiveness and the private
sector's participation in the economy would be critical. Fiscal
adjustment and reform, possibly including debt restructuring,
would also be necessary to create space for priority spending and
put the public finances on a sound footing. Greater emphasis on
regional collaboration and further technical assistance from the
Fund and other development partners would also be important.
GRENADA: S&P Maintains Sovereign Credit Rating at 'SD'
------------------------------------------------------
Standard & Poor's Ratings Services maintained its foreign and
local currency ratings on Grenada at 'SD' (selective default).
S&P is affirming its transfer and convertibility assessment at
'BBB-'.
RATIONALE
The ratings on Grenada reflect the government's default in March
2013 on both foreign and local currency debt maturing in 2025.
The government of Grenada stopped servicing US$193 million in
external debt and Eastern Caribbean dollar (XC$) 184 million in
local currency debt. The defaulted debt was equivalent to 31% of
general government debt in 2013. Net general government debt
totaled 95% of GDP at the end of 2013.
At the time of its default, the government announced its intent to
negotiate a comprehensive restructuring of its large debt burden.
A creditor committee, representing more than 75% of the 2025
bonds, was formed in May 2013.
S&P expects the government's proposed comprehensive debt
restructuring could take considerable time, perhaps 12-18 months
or more. As part of this process, Grenada may, in S&P's view,
seek an agreement with the International Monetary Fund (IMF),
establishing a framework for future economic policies.
Subsequently, the government could seek debt relief from its other
creditors. S&P thinks the large commercial portion of Grenada's
government debt--more than half--increases the probability of a
reduction in principal, based on recent debt restructuring
exercises of other highly indebted neighbors.
Official creditors hold 48% of the general government's debt
(based on July 2013 figures). Multilateral financial institutions
hold 25% of general government debt, including the Caribbean
Development Bank with 14% (three-quarters of which are
concessional credits from the bank's soft loan window),
International Development Assn. (IDA) of the World Bank Group with
6%, and IMF with 3%. PetroCaribe loans from Venezuela form 11% of
general government debt. The remaining bilateral creditors hold
12%, and among these, Paris Club creditors hold 1% of general
government debt.
Although Grenada has a stable political system, its political
institutions and debt management capacity are weak, contributing
to the likely prolonged debt restructuring process. The
government of the New National Party, which controls all 15 seats
of the lower chamber of parliament, has a legislative mandate to
negotiate debt restructuring. The government's early passage of
the 2014 budget (which includes new tax revenue measures, plans
for capital works to stimulate the economy, and a wage increase
for civil servants) may facilitate the agreement of a new program
from the IMF. However, Grenada suffers from limited bureaucratic
capacity to implement reforms. Key to the success of any long-
term recovery plan, and to the future rating on the sovereign's
debt, is the ability to sustain economic growth, particularly
private-sector growth.
The transfer and convertibility assessment reflects Standard &
Poor's view that the risk of the Eastern Caribbean Currency Union
(ECCU) restricting access to foreign exchange that Grenada needs
for debt service is commensurate with 'BBB-' risk. The 'BBB-'
risk assessment reflects S&P's view of ECCU's limited use of
foreign exchange restrictions during periods of stress, as well as
its current and expected policy stance.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Unchanged
Grenada
Sovereign Credit Rating SD/SD
Senior Unsecured D
Ratings Affirmed
Grenada
Transfer & Convertibility Assessment BBB-
=============
J A M A I C A
=============
* JAMAICA: Fin. Minister Not Ruling Out Further Drop of Jamaican $
------------------------------------------------------------------
RJR News reports that Finance Minister Dr. Peter Phillips is
seemingly indicating that Jamaicans can expect to see further
depreciation in the value of the Jamaican dollar because of the
existing current account deficit.
"I am not here in the business of prophecy to say where the rate
will settle, but the Bank of Jamaica will ensure that the market
remains orderly and that their stability is sustained and efforts
will be made to eliminate any speculative pressures that build up
in the market," said Dr. Phillips in an address to the monthly
Mayberry Investors Forum, according to RJR News.
The report notes that the Jamaican dollar has lost 15 percent of
its value in the last year and Phillips said the benefit is being
shown in the agricultural sector.
"What we are seeing thus far is that there is considerable
vibrancy in the Agricultural sector that has benefited from the
change in the exchange rate. But one consequence of an overvalued
exchange rate is that we incentive production overseas rather than
domestically," the report quoted Dr. Phillips as saying.
Already the depreciating currency has led Red Stripe to start
growing cassava for beer production and an animal feed company to
grow sorghum to replace some imported corn in an effort to manage
costs, the report notes.
===========
M E X I C O
===========
UC SAN MARCOS: Fitch Affirms ST 'B (mex)' Rating; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the qualification as a Primary Servicer
of Financial Assets to Credit Union Credit San Marcos, SA de CV
(UC San Marcos or UCSM) in 'AAFC3 (mex)' with Stable Outlook.
Key Rating Factors
The rate is based on the stability of the institution and
experience in the sector, and collection management model, which
ensures the recovery of your portfolio. Also is limited by the
concentration of its portfolio balance in related credits and
contraction of its operations as a result of weak supervision
practices and corporate governance.
Aspects of Operational Risk
The Board of Directors of UC San Marcos is the maximum board
decision-making and is composed of owners and independent members
with extensive experience in the organization and industry. UCSM
has the support of the organizational structure of Ranchers
Industrial Milk, SA (GILSA) as a decision making organs are
concerned. In the opinion of Fitch, although this support
strengthens UCSM structure, while at the same time takes away
independence of decision.
A Sep'13 Fitch sees a contraction of 41.5% in the operation of the
entity before the departure of some members and decrease of the
managed portfolio basis, following an estimated operating MXN15.8
million fraud recognized at year-end 2012. According to the
opinion of the end of that year, the event was recorded in the
results of such anions in other expenses and in some employees
were involved in the union. In the opinion of Fitch this shows
the lack of a formal review of program manuals and internal audit,
as well as weak corporate governance practices.
The USCM workforce is made up of 7 people to sep'13 and an index
of rotation of 13.3%, which is considered above average Fitch
notes that the sector is largely due to the narrow base of
calculation of the indicator. These movements were given to
personnel changes at two positions of which the most important is
the general direction, also as a result of the event and mentioned
operational fraud. Experience the template provided to the entity
is 8.4 and 12.6 Anios Anios in the industry and has taught with
Thematic directly and immediately to the job functions that exceed
the average observed in other entities in the same industry
application.
Like other entities of the same spin rated by Fitch, UC San Marcos
maintains a closed collection scheme that coordinates the
marketing of milk so that the collection of credits is secured.
At the end of 3T13, UCSM has a total portfolio of MXN81.9 million,
a contraction of 41.5% compared to the end of the anions 2012.
UC San Marcos also shows a significant concentration of portfolio
in the main partners. In the opinion of Fitch is considered high
exposures to individual borrowers or economic groups that exceed
10% of its total loan portfolio and although some of its key
partners at the same time are accredited members of the board of
directors, Fitch noted the balances have come down in relation to
the total portfolio and the equity in the last years.
Although its business model has allowed UCSM maintain zero NPLs,
the agency believes that the absorption capacity is limited
potential loss even considering its allowance for loan losses to
cover 3T13 1.0% of the total portfolio.
Fitch lowered UCSM your score to counterparty risk of long-term
'BB (mex)' from 'BB + (mex)'. Fitch also affirmed the short-term
'B (mex)'. The Outlook is Stable. Fitch's review of systems is
continuous but not manifests substantial changes to its platform
over the Last 12 Months.
UC San Marcos is part of GILSA that since the Anios 60's
integrated dairy farmers in Aguascalientes to industrialize and
market the product in a consolidated fashion ranking 55th among
103 reporting to the National Banking and Securities Commission by
tamanio asset.
Rating Sensitivity
The Asset Manager Ratings could be revised upwards to increase
their scale of business, by exceptional processes to asset
management improvements, and financial indicators presented
sustained improvement. Similarly, the rate could decrease if
these indicators deteriorate if the institution's failure is to
discharge the responsibilities with their partners.
===============
P A R A G U A Y
===============
PARAGUAY: Fitch Affirms 'BB-' Currency Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Paraguay's ratings as follows:
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) at 'BB-'; Outlook revised to Positive from Stable;
-- Senior unsecured foreign and local currency bonds at 'BB-';
-- Country Ceiling at 'BB';
-- Short-term foreign currency IDR at 'B'.
Key Rating Drivers
The revision of the Outlook on Paraguay's IDRs to Positive from
Stable reflects the following key rating drivers:
--Economic activity has accelerated in recent years. Real GDP grew
13.6% in 2013, the fastest among the countries rated by Fitch,
without exerting pressure on domestic inflation. Although
agriculture offered the largest contribution to growth after a
severe drought in 2012, the non-agriculture sector posted a 7.7%
expansion rate and has averaged 5% over the past five years. Such
dynamism has enhanced economic diversification and mitigated
output volatility in the primary sector. Moreover, large
investments in agroindustry have supported the progressive
transition towards production of higher value-added goods.
Prospects for 2013-2014 are positive with a 4.9% average GDP
expansion, higher than the 4.5% 'BB' median.
--Commodity dependence is high relative to peers in the 'BB'
rating category. However, adverse weather-related shocks have had
a modest effect on government revenues and external accounts as
observed during severe droughts in 2009 and 2012. Sustained
increases in productivity and commodity export diversification
mitigate the risks from a correction in international food prices.
Electricity - the second largest export - has more stable demand
than other commodities.
--Paraguay is showing increased economic resilience to weaker
economic conditions in its main neighboring trade partners.
Brazil's low growth, and deteriorating economic conditions in
Argentina have not materially affected Paraguay's performance.
Paraguay's strong export performance and continued FDI inflows
supported the reserve accumulation process observed over the last
decade, resulting in a solid net sovereign external creditor
position. FDI into Paraguay is attracted by its low energy and
labor costs and low corporate taxes. Increased interest from
Brazilian companies to open operations on the Paraguayan border
could result in an important maquila-type industry over the medium
term, with important gains in terms of FX generation and
employment.
--Important changes in legislation could help to address some of
the key weaknesses in Paraguay's credit profile, including low
investment ratios, poor infrastructure due to years of
underinvestment, and one of the lowest tax ratios in the 'BB'
category. The recent approval of a Public Private Partnerships Law
could reduce infrastructure bottlenecks and lift investment rates
and economic growth potential over the medium term. Nevertheless,
delays and execution risks remain present.
--The passage of the Fiscal Responsibility Law (FRL) in 2013 and
its successful implementation could institutionalize the fiscal
prudence observed in Paraguay during the period 2003-2011, which
resulted in positive debt dynamics and fiscal solvency indicators
that are among the strongest in the 'BB' rating category. The FRL,
which will be implemented in 2015, reduces discretionary power of
the legislature and the executive, limits the size of the public
deficit to 1.5% of GDP, puts a cap on current expenditure growth,
and links wage increases in the public sector to the evolution in
private sector wages. Fitch expects the fiscal deficit to converge
to the fiscal rule target by 2015.
--A Tax Reform also passed recently could increase government
revenue over the medium term, discourage economic informality and
reduce loopholes, exemptions and tax incentives. Changes also
harmonized the corporate tax at 10% across all economic sectors,
including agriculture, without affecting Paraguay's low tax
advantage.
RATING SENSITIVITIES
The Positive Outlook reflects the following risk factors that may,
individually or collectively, result in an upgrade:
-- Sustained growth momentum that would allow for improvements in
GDP per capita in an environment of low and stable inflation
and sound public and external finances;
-- Improvement in the business environment leading to higher
investment rates;
-- Expansion in the government's revenue base and moderation in
fiscal expenditures that increase the likelihood of a
successful implementation of the FRL in 2015.
The Outlook is Positive. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a
material likelihood, individually or collectively, of leading to a
downgrade. However, future developments that may, individually or
collectively, lead to a revision of the Outlook to Stable include:
-- Increased macroeconomic and financial sector instability;
-- A sustained fiscal deterioration in the context of financing
constraints.
KEY ASSUMPTIONS
The ratings and Outlooks are sensitive to a number of assumptions:
-- Fitch assumes slow economic growth in Brazil and Argentina in
2014-2015. A sharper than expected deterioration in economic
conditions could affect Paraguay's economic performance given
the important trade and investment linkages with these
countries.
-- Soy prices are expected to remain at current levels after an
8.6% correction observed in 2013.
-- Fitch assumes that Paraguay will continue to diversify and
develop its financing sources and have access to multilateral
funding.
=====================
P U E R T O R I C O
=====================
AEROPUERTOS DOMINICANOS: Moody's Outlook on Ba3 Rating Now Neg.
---------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on the Ba3 rating of the US $550 million senior notes
issued by Aeropuertos Dominicanos Siglo XXI, S.A. ("Aerodom"). The
outlook action reflects a number of issues including lack of
clarity regarding the lease of Inmobiliaria Fumisa, S.A. de C.V.
("Fumisa") at the Mexico City International Airport (AICM), which
expired on December 31, 2013.
Outlook Actions:
Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.
Outlook, Changed To Negative From Stable
Affirmations:
Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.
Senior Secured Regular Bond/Debenture Nov 13, 2019, Affirmed Ba3
Ratings Rationale
Aerodom operates 6 of the 9 airports in the Dominican Republic,
including one of the largest (Las Am'ricas International Airport
in Santo Domingo), through a long-term concession granted by the
federal government. Aerodom is one of two wholly-owned operating
subsidiaries of Latin American Airports Holdings Ltd. ("LAAH").
The other operating subsidiary, Fumisa, has a master lease
agreement with the AICM which grants them the exclusive right to
sublease over 38,000 square meters of commercial space in Terminal
1 of the Mexico City airport. The debt issuance is guaranteed by
LAAH, which is 86%-owned by Advent International, a global private
equity firm with significant presence in Latin America, as well as
LAAH's subsidiary holding companies.
Fumisa and the AICM are involved in ongoing legal proceedings
relating to the terms of the Master Lease, specifically with the
calculation of Fumisa's internal rate of return (IRR), which under
the lease terms do not allow for termination of the agreement
until Fumisa's it reaches 12.82%. While Fumisa calculated IRR is
well below the required IRR, the AICM has not agreed with the
calculation and has informed that the starting 2014 it will
directly lease the commercial spaces in Terminal 1.
In order to preserve its rights to continue operating Terminal 1
under the Master Lease beyond the December 31, 2013, Fumisa
initiated a new proceeding requesting injunctive relief to retain
possession of the leased premises until the terms of the agreement
are met. The court granted the request in April 2013, directing
AICM to respect Fumisa's rights over the property covered by the
lease until Fumisa achieves the target IRR of 12.82% or until the
injunction is withdrawn by a competent court. Notwithstanding, a
new ruling left this injunction without legal effect beginning
January 1st, 2014. Fumisa has appealed this non-definite ruling
however at this point, both the AICM and Fumisa claim to be
legally in possession and able to lease of the commercial spaces
in Terminal 1.
The negative outlook reflects the potential impact that the legal
proceedings with AICM could have regarding the renewal of sub-
lease contracts and the cash flows stemming from them.
Moody's does not expect upward pressure on the ratings in the near
to medium term. Notwithstanding, the outlook could be revised back
to stable if there is a satisfactory settlement regarding the
proceedings with AICM or if, despite that the proceeding remains
unsettled, the impact on Fumisa's cash flows is minimal. The
ratings could face downward pressure if due to the legal
proceedings or to a decrease in passenger demand, Fumisa's cash
flows decrease on a sustained basis.
Furthermore, a downward trend in the Dominican Republic's tourism
industry, or any other event that causes passenger volumes to
stagnate or decline, would have a negative impact on the rating.
Additionally, debt service coverage below 1.5 times on a sustained
basis, according to Moody's calculated annuity DSCR, additional
debt issuance, or a significant change in the condition of any of
the main airports due to a natural disaster would be viewed as a
credit negative.
The principal methodology used in this rating was Operational
Airports outside of the United States published in May 2008 and
Generic Project Finance Methodology published in December 2010.
CARIBBEAN RESTAURANTS: S&P Revises Outlook & Affirms 'B-' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on San
Juan, Puerto Rico-based Caribbean Restaurants LLC to negative from
stable. S&P also affirmed the 'B-' corporate credit rating.
At the same time, S&P assigned a 'B-' issue-level rating to the
company's proposed $15 million first-lien revolving credit
facility and $140 million first-lien term loan with a '3' recovery
rating, indicating S&P's expectation of meaningful (50% to 70%)
recovery in the event of a payment default. S&P also assigned a
'CCC' issue-level rating to the company's proposed $50 million
second-lien term loan, with a '6' recovery rating, indicating its
expectation of negligible (0%-10) recovery in the event of a
payment default. S&P will withdraw the existing issue ratings
after the transaction closes.
The debt is being issued by holding company, Restaurant Holding
Co. LLC, and is guaranteed by Caribbean and all direct and
indirect subsidiaries.
"The outlook revision on Caribbean Restaurants reflects Standard &
Poor's expectation that although liquidity will improve after the
completion of the refinancing with an extended maturity profile
and adequate covenant headroom, operating performance will remain
weak primarily because of prolonged weak economic conditions in
Puerto Rico," said credit analyst Helena Song. "We believe weak
traffic trends and increasing promotional activities will continue
to pressure operating performance in the next 12-18 months. We
also believe the company's new partial PIK debt will further
burden company's capital structure and cash flow."
The negative outlook reflects S&P's expectation that weak economic
conditions in Puerto Rico will continue to pressure the company's
operating performance, with weak traffic trends and increasing
promotional activities, which could lead to a downgrade. S&P also
believes the company's proposed second-lien partial PIK debt will
further burden company's capital structure and cash flow.
S&P will likely lower the corporate credit rating to 'CCC+' if the
company is unable to complete the proposed transaction. S&P could
also lower the ratings in the year subsequent to the refinancing
if significant contraction in Puerto Rico's economy results in
inadequate covenant headroom and a less than adequate liquidity
position. This could happen if SSS decline 10% and gross margin
further shrinks by 150 bps, resulting in an EBITDA decline of 25%
and sizable negative free operating cash flow.
S&P could revise the outlook back to stable if the company
improves its operating performance and the trend is supported by
adequate liquidity and stabilizing credit metrics, with debt to
EBITDA below 9x (in the low- to mid-6x area without the inclusion
of preferred equity as debt). This could happen if the company
strengthens its EBITDA through a 100-bp margin expansion and flat
SSS. Stabilization or improvement in the local economy would be
necessary for this outcome.
RESTAURANT HOLDING: Moody's Affirms Caa2 Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Restaurant Holding Company's
("RHC") Corporate Family Rating at Caa2, upgraded its Probability
of Default Rating to Caa2-PD from Caa3-PD, assigned a Caa1 rating
to the company's proposed $15 million 4.5 year first lien revolver
and $140 million 5 year first lien term loan, and a Caa3 to its
proposed $50 million 5.5 year second lien term loan. The rating
outlook was changed to stable from negative. The rating actions
assume the proposed transaction closes and is dependent upon final
review of the documentation. The transaction is dependent upon
approval from Burger King Corporation.
The proceeds of the proposed first lien and second lien term loan
will be used to repay RHC's existing senior secured term loan due
2017 (approximately $181 million outstanding) and pay fees and
expenses. The transaction as contemplated will improve the
company's liquidity through covenant relief, improved free cash
flow and an extended maturity profile.
Ratings Rationale
Despite the benefits of the proposed transaction, the affirmation
of RHC's Caa2 Corporate Family Rating reflects Moody's view that
the company's capital structure is unsustainable given the
continued economic weakness and high competition amongst quick
service restaurants ("QSR") in RHC's only market -- Puerto Rico
-- where all of RHC's Burger King and Firehouse Subs stores are
located. RHC's leverage -- about 6.8 times pro forma for the
proposed transaction and including Moody's standard adjustments
-- will increase to above 7.0 times as Moody's expects earnings to
continue to decline and debt levels to increase as a result of the
PIK component of the second lien term loan. Interest coverage --
below 1.0 time pro forma for the transaction and including PIK
interest -- is not expected to improve materially. The rating is
supported by the company's leading position in the Puerto Rico QSR
segment as a result of its exclusive development agreement within
Puerto Rico and the strength of the Burger King brand.
The upgrade of the Probability of Default Rating to Caa2-PD
recognizes the short-term benefits of the proposed transaction,
including improved free cash flow -- due to the accrual of
management fees -- and improved covenant cushion. A 50% family
recovery rate assumption was utilized for the first lien/second
lien capital structure.
The stable rating outlook reflects Moody's expectation that RHC
will be able to cover its required debt amortization, interest
expense and capital expenditures through internal operations over
the next 12 months, albeit with a modest cushion. The outlook also
reflects an expectation that RHC's operating performance will
continue to struggle as the Puerto Rican economy remains in
recession. Debt/EBITDA will likely remain above 7.0 times and
interest coverage below 1.0 time.
The ratings could be downgraded if the probability of a default
increases. Additionally, continued negative trends in operating
metrics, particularly in guest traffic, could place pressure on
the ratings. RHC's ratings could be upgraded if the company's
operating performance improves materially, resulting in a better
liquidity position.
Rating affirmed:
Corporate Family Rating at Caa2
Ratings upgraded:
Probability of Default Rating to Caa2-PD from Caa3-PD
Ratings assigned:
$15 million 4.5 year first lien revolver at Caa1 (LGD 3, 36%)
$140 million 5 year first lien term loan at Caa1 (LGD 3, 36%)
$50 million 5.5 year second lien term loan at Caa3 (LGD 5, 86%)
Ratings to be withdrawn once transaction closes:
$22.5 million senior secured revolver due 2016 at Caa2 (LGD 3,
32%)
$180 million senior secured term loan due 2017 to Caa2 (LGD 3,
32%)
Restaurant Holding Company, LLC is owned by BHK Acquisition Corp.,
which in turn, is majority-owned by Castle Harlan Partners, a
private equity firm that purchased the company in 2004. Through
its subsidiary -- Caribbean Restaurants LLC -- RHC has an
exclusive territorial development agreement with Burger King
Corporation, which makes RHC the sole franchisee of Burger King
restaurants in Puerto Rico with approximately 181 units as of
December 31, 2013. RHC is also the immediate parent company of
Latin American Subs, LLC. In 2011, Latin American Subs, LLC
acquired the rights to operate the Firehouse Subs franchise in
Puerto Rico and currently there are 10 Firehouse Subs restaurants
operating. RHC is a private company and as such, does not file
public financials.
The principal methodology used in this rating was the Global
Restaurant Methodology published in June 2011. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.
=============================
S T. K I T T S & N E V I S
=============================
ST. KITTS AND NEVIS: IMF Issues Statement on Conclusion of Mission
------------------------------------------------------------------
An International Monetary Fund mission (IMF), led by Judith Gold,
visited St. Kitts and Nevis during January 20-31 to hold
discussions on the 2014 Article IV Consultation and to conduct the
seventh and eighth reviews under the three-year Stand-By
Arrangement (SBA) arrangement. The program was approved on July
27, 2011 in a total amount equivalent to SDR 52.51 million (US$84
million).
At the conclusion of the visit, Ms. Gold made the following
statement:
"There has been considerable progress under the authorities'
economic reform program. After a four-year contraction of
economic activity there were firm signs of a recovery in 2013.
Real Gross Domestic Product (GDP) is estimated to have grown by
1.7 percent with a pickup in tourism and construction,
notwithstanding declines in the manufacturing and communications
sectors. Employment also picked up, with number of total
employees up by 10.2 percent and wages up by 5.1 percent in the
first half of 2013. Inflation has remained low at 0.6 percent
through end-October (y/y). Notwithstanding the challenges
associated with the prolonged recession and the debt
restructuring, the financial system has remained stable. The
recovery in tourism receipts and strong increase in Citizenship by
Investment (CBI) application fees contributed to a narrowing of
the current account deficit from over 20 percent prior to 2011 to
about 11-12 percent in 2012 and 2013. The improved current
account, together with strong capital inflows has significantly
strengthened the external position. International reserves have
increased since the start of the SBA from 5-months-of-imports to
over 8 months at end-November 2013 (or 6 months excluding IMF
disbursements).
"The fiscal position has substantially improved, from a deficit of
7.8 percent of GDP in 2010 to a projected surplus of 8.6 percent
in 2013. The stronger fiscal performance reflects policy efforts
to contain expenditures, strengthen revenues, including the
introduction of the Value Added Tax (VAT), interest cost savings
from debt restructuring, as well as substantial CBI inflows. The
improved fiscal situation allowed for the 13th month wage payment
in September 2013 after a nominal wage freeze since 2010.
Consequently, performance under the SBA remains broadly on track.
The fiscal targets for end-June and end-September 2013 have been
met, although there are delays in the implementation of structural
reforms through end-2013.
"Growth in 2014 is expected to accelerate to 2.5-3 percent, with
the continued recovery in tourism-supported by an increase in air
lift capacity-and ongoing construction activity fueled by CBI
related inflows and other Foreign Direct Investment (FDI)
projects. Over the medium-term, the economy is expected to
continue to recover and reach its potential growth rate of about
3-3.5 percent. After being subdued in 2013 and 2014, inflation is
expected to pick up slightly, mirroring the recovery of domestic
demand. The external position is projected to remain strong
bolstered by tourism receipts, CBI inflows and other FDI.
Continued fiscal discipline will be needed over the medium-term to
achieve the authorities' public debt target of 60 percent of GDP
by 2020. While CBI receipts could support a more expansionary
fiscal stance, relying on these windfall flows for recurrent
spending could lead to an unsustainable fiscal position in the
future. Instead, the inflows provide a unique opportunity to
build fiscal buffers, including to provide for humanitarian
assistance and reconstruction after natural disasters, increase
public investment in infrastructure stabilize the economy during
downturns, and repay expensive debt. Moreover, careful management
is needed to sustain the inflows, ensure that they contribute to
increasing productive capacity and that they do not undermine the
"St. Kitts and Nevis brand."
"The mission and the authorities have reached staff-level
agreement on the quantitative targets and on policies for the
completion of the seventh and eighth review under the SBA.
Discussions and understandings centered on policies to safeguard
achievements so far and continue with the fiscal reform efforts.
To support this goal while boosting fiscal space for social and
development spending, the authorities will continue to contain
expenditures, including limiting new contingent liabilities,
strengthening public financial management, and improving the
oversight of government enterprises. The government will also
continue with reforms to strengthen tax administration,
strengthening audit and enforcement process, and containing tax
exemptions.
The government also is committed to complete the debt
restructuring. This staff-level agreement is subject to review by
the management and Executive Board of the IMF."
The mission met with the Prime Minister, the Premier of Nevis, the
Financial Secretary of St. Kitts, the Permanent Secretary of
Finance NIA, other senior government and ECCB officials, as well
as representatives of the banking and business community.
=================
X X X X X X X X X
=================
* Global Companies Address Latin American Risk
----------------------------------------------
James R. Hagerty and Robert Tita, writing for The Wall Street
Journal, reported that in recent years, Latin America has at times
rivaled Asia as a source of high-octane profit fuel for many
global companies. Now, financial turmoil in parts of the region
is making investors jittery and forcing corporate executives to
explain how they are navigating growing risks there.
According to the report, Brazil has long been one of the fastest-
growing markets for appliance maker Electrolux AB. But the
Stockholm-based company said on Jan. 31 that a slowing Brazilian
economy and the weakness of the country's currency hurt its
fourth-quarter earnings. "We foresee lower demand in Brazil over
the next few quarters," Electrolux added.
During 3M Co.'s conference call with analysts on Jan. 30,
Venezuela proved to be a bigger talking point than China, even
though 3M's Chinese sales are about 20 times as much as in
Venezuela, the report related.
"Investors are definitely getting nervous" about the region, said
Robert Wertheimer, an analyst for Vertical Research Partners, the
report cited.
Companies should avoid relying on income from Latin American
subsidiaries to repay dollar-denominated loans, said Michael
Feder, a managing director at business consulting firm
AlixPartners LLP, the report added. If Latin American currencies
continue to weaken, such loans will be more expensive to repay.
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 161941587 -30698112.2
BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2
BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2
BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2
BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2
BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
BIOMM SA - RCT BIOM9 BZ 14879155 -13567385
BIOMM SA-PREF BIOM4 BZ 14879155 -13567385
BIOMM SA-RT 0905492D BZ 14879155 -13567385
BIOMM SA-RT BIOM2 BZ 14879155 -13567385
BIOMM SA-RTS 0905518D BZ 14879155 -13567385
BIOMM SA-RTS BIOM10 BZ 14879155 -13567385
BIOMM SA-RTS BIOM1 BZ 14879155 -13567385
BOMBRIL BMBBF US 324115454 -16635219.6
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 324115454 -16635219.6
BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6
BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6
BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6
BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6
BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6
BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 96231802.9 -32473494
BUETTNER SA BUETON BZ 96231802.9 -32473494
BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494
BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494
BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494
BUETTNER-PREF BUET4 BZ 96231802.9 -32473494
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286
CAIUA SA ELCON BZ 1059986022 -76183286
CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286
CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286
CAIUA SA-PREF ELCPN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286
CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286
CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286
CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286
CELGPAR GPAR3 BZ 204382297 -934172491
CENTRAL COST-ADR CCSA LI 319571114 -114350021
CENTRAL COSTAN-B CRCBF US 319571114 -114350021
CENTRAL COSTAN-B CNRBF US 319571114 -114350021
CENTRAL COSTAN-C CECO3 AR 319571114 -114350021
CENTRAL COST-BLK CECOB AR 319571114 -114350021
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75391731.7 -2212560088
COBRASMA SA COBRON BZ 75391731.7 -2212560088
COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088
COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088
D H B DHBI3 BZ 100548065 -171900717
D H B-PREF DHBI4 BZ 100548065 -171900717
DHB IND E COM DHBON BZ 100548065 -171900717
DHB IND E COM-PR DHBPN BZ 100548065 -171900717
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
ENDESA - RTS CECOX AR 319571114 -114350021
ENDESA COST-ADR CRCNY US 319571114 -114350021
ENDESA COSTAN- CECO2 AR 319571114 -114350021
ENDESA COSTAN- CECOD AR 319571114 -114350021
ENDESA COSTAN- CECOC AR 319571114 -114350021
ENDESA COSTAN- EDCFF US 319571114 -114350021
ENDESA COSTAN-A CECO1 AR 319571114 -114350021
ESTRELA SA ESTR3 BZ 71379826.3 -111239817
ESTRELA SA ESTRON BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18439489.1 -40509835.2
FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2
FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
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.
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, and Peter A.
Chapman, Editors.
Copyright 2014. 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 * * *