/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140317.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, March 17, 2014, Vol. 15, No. 53 Headlines A R G E N T I N A BANCO SAENZ: Moody's Withdraws Caa1 Currency Deposit Ratings CAJA DE CREDITO: Moody's Withdraws 'Caa1' Currency Deposit Ratings NACION SEGUROS: Moody's Withdraws B2 Rating; Outlook Negative B R A Z I L BANCO DAYCOVAL: S&P Assigns 'BB+' Rating to $500MM Sr. Notes CSN: To Buy Back as Much as 10% of Freely Traded Shares MARFRIG OVERSEAS: Fitch Rates 2020 Notes Issuance Reopening B/RR4 MARFRIG OVERSEAS: Moody's Puts B2 Foreign Currency Rating to Notes MARFRIG OVERSEAS: S&P Retains 'B' Rating Following Proposed Add-On OSX BRASIL: Batista's Shipbuilder Reaches Deal With Bondholders C A Y M A N I S L A N D S EASYJET AIRCRAFT: Shareholders' Final Meeting Set for March 18 EMERGING COUNTRIES: Shareholder to Hear Wind-Up Report on March 25 F.S.C. LIMITED: Shareholders' Final Meeting Set for March 25 FOCUS 400: Shareholders' Final Meeting Set for March 18 HYDRIADES II: Shareholders' Final Meeting Set for March 27 LATIGO ULTRA: Shareholders' Final Meeting Set for April 10 O'CONNOR QUANTITATIVE: Shareholders' Meeting Set for March 28 OLD FIELD: Shareholders' Final Meeting Set for March 26 SANTIAGO OFFSHORE: Shareholders' Final Meeting Set for March 18 TRANSIT ALLIANCE: Shareholder to Hear Wind-Up Report on March 18 C O L O M B I A * COLOMBIA: IMF Concludes 2014 Article IV Consultation D O M I N I C A N R E P U B L I C XSTRATA PLC: Lawsuit Latest Hurdle to Planned Mine E L S A L V A D O R AES EL SALVADOR: Fitch Affirms Long-Term Currency Rating at 'BB' M E X I C O CREDITO REAL: S&P Affirms 'BB' Rating on Sr. Unsec. Notes Due 2019 GRUPO FAMSA: Fitch Keeps B+/RR4 Rating on USD250M 2020 Sr. Notes X X X X X X X X X BOND PRICING: For the Week From March 10 to March 14, 2014 - - - - - ================= A R G E N T I N A ================= BANCO SAENZ: Moody's Withdraws Caa1 Currency Deposit Ratings ------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo announced that it has withdrawn all of its ratings for Banco Saenz S.A. for business reasons. The following ratings of Banco Saenz S.A. were withdrawn: Bank Financial Strength Rating: E, Stable Long- and short-term global local-currency deposits: Caa1/Not Prime, negative outlook Long- and short-term foreign-currency deposits: Caa1/Not Prime, negative outlook Long- term global local-and foreign currency MTN debt rating: (P)Caa1, negative outlook Long-term National Scale local-currency deposit rating: Ba2.ar, negative outlook Long-term National Scale foreign-currency deposit rating: Ba2.ar, negative outlook Long-term National Scale local-and foreign currency MTN debt rating: Ba2.ar, negative outlook Ratings Rationale Moody's has withdrawn the rating for its own business reasons. 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. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings". Banco Saenz S.A. is headquartered in Buenos Aires, Argentina, and as of September 2013 it had $1183.6 million in assets and $158.2 million in equity. CAJA DE CREDITO: Moody's Withdraws 'Caa1' Currency Deposit Ratings ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo announced that it has withdrawn all of its ratings for Caja de Credito Cuenca Coop. Ltda. for business reasons. The following ratings of Caja de Credito Cuenca Coop. Ltda. were withdrawn: Bank Financial Strength Rating: to E, Stable Long- and short-term global local-currency deposits: Caa1/Not Prime, negative outlook Long- and short-term foreign-currency deposits: Caa1/Not Prime, negative outlook Long- term global local-and foreign currency MTN debt rating: (P)Caa1, negative outlook Long-term National Scale local-currency deposit rating: Ba3.ar, negative outlook Long-term National Scale foreign-currency deposit rating: Ba3.ar, negative outlook Long-term National Scale local-and foreign currency MTN debt rating: Ba3.ar, negative outlook Ratings Rationale Moody's has withdrawn the rating for its own business reasons. 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. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings". Caja de Credito Cuenca Coop. Ltda. is headquartered in Buenos Aires, Argentina, and as of December 2013 it had $132.1 million in assets and $66.1 million in equity. NACION SEGUROS: Moody's Withdraws B2 Rating; Outlook Negative ------------------------------------------------------------- Moody's Latin America has withdrawn Nacion Seguros' and Nacion Retiro's B2 global local currency and Aa3.ar national scale insurance financial strength ratings with a negative outlook. Nacion Seguros and Nacion Retiro are, respectively, the general insurance and annuity insurance subsidiaries of the state-owned Banco de la Nacion Argentina, the largest bank in the country. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. 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. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings". Regulatory Disclosures For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. =========== B R A Z I L =========== BANCO DAYCOVAL: S&P Assigns 'BB+' Rating to $500MM Sr. Notes ------------------------------------------------------------ Standard & Poor's Ratings Services said that it assigned its 'BB+' senior unsecured long-term debt rating to Brazil-based bank Banco Daycoval S.A.'s (Daycoval) $500 million, 5.875% senior unsecured notes due 2019. The rating on the notes is the same as S&P's counterparty credit rating on Daycoval, reflecting its view that the notes rank pari passu with its other senior unsecured debt, and that they are direct, unsecured, unsubordinated, and unconditional obligations of the bank. The bank will use the proceeds for funding diversification and expanding credit operations. The ratings reflect Daycoval's "strong" capital and earnings, "adequate" risk position, and "weak" business position, as defined by S&P's criteria. S&P considers Daycoval's funding to be "below average" because of the bank's high reliance on institutional investors. Daycoval's liquidity position remains "adequate," in our view. RATINGS LIST Banco Daycoval S.A. Issuer credit rating BB+/Positive/-- Ratings assigned $500 mil 5.875% sen unscd notes due 2019 BB+ CSN: To Buy Back as Much as 10% of Freely Traded Shares ------------------------------------------------------- Juan Pablo Spinetto and Ney Hayashi at Bloomberg News report that Cia. Siderurgica Nacional SA (SID) said it will buy back as much as 10 percent of its freely traded shares. The board of CSN approved the buyback of as many as 70.2 million shares, or 10 percent of the free float of the company, the steelmaker said in a regulatory filing, according to Bloomberg News. The repurchase can take place from Mar 15 until April 14, CSN said, Bloomberg News relates. "A pledge to buy so many shares in such a short period of time will sure keep the stock rising for a while," the report quoted Joao Pedro Brugger, who helps oversee BRL400 million (US$170 million) at Leme Investimentos Ltda., through a phone interview from Florianopolis, Brazil. "The stock has performed poorly in the past few years, and now the company might be trying to signal that, in spite of that, it's confident in the outlook for its business," Mr. Brugger said, Bloomberg News notes. CSN is a vertically integrated, low-cost producer of flat-rolled steel, including slabs, hot and cold rolled steel, and a wide range of value-added steel products, such as galvanized sheet and tinplate. In addition, the company has downstream operations to produce customized products, pre-painted steel and steel packaging. As reported in the Troubled Company Reporter-Latin America on Sept. 6, 2012, Moody's Investors Service changed the outlook for Companhia Siderurgica Nacional S.A. and its rated guaranteed subsidiaries to stable from positive. Moody's also affirmed CSN's corporate family rating of Ba1 on the global scale, its Aa1.br on the Brazilian national scale and the Ba1 rating of the guaranteed issuances of CSN Resources S.A. (Luxembourg), CSN Islands VIII Corporation, CSN Islands IX Corporation, CSN Islands XI Corporation, and CSN Islands XII Corporation. MARFRIG OVERSEAS: Fitch Rates 2020 Notes Issuance Reopening B/RR4 ----------------------------------------------------------------- Fitch rates the tap issuance of the reopening that was issued by Marfrig Overseas Ltd but guaranteed by Marfrig Global Foods S.A. (Marfrig) of its USD500 million senior unsecured 2020 notes 'B/RR4'. Proceeds are expected to be used to refinance debt maturities and extend debt maturity schedule. Key Rating Drivers Focus On Deleveraging And Cash Flow: Fitch expects Marfrig's net debt to EBITDA ratio to organically fall to below 4.0x by 2015 from 4.2x (4Q13 annualized) at fiscal year-end 2013 (FYE13). Fitch expects Marfrig to gradually improve free cash flow after 2014 and operating margin due to better asset and logistics management, lower capex, lower working capital use and interest expense post-divestment of Seara Brazil. Simplified Business Profile: Marfrig has simplified its organizational structure and decreased execution risk with the divestment of Seara Brazil during 2013. The group is implementing its strategy called 'Focus to Win', which aims to improve profitability and revenues with a focus of its commercial strategy towards the rapid development of the food service and retail channels. The group is now structured into three business units, Marfrig beef (46% of revenues), the world's third largest beef producer; Moy Park (25%), one of the largest poultry-based processed product supplier in the UK; and Keystone Foods (28%), which processes food for major restaurant chains (notably McDonald's). The company's product and geographic diversification continues to help to reduce risks related to disease, trade restrictions and currency fluctuation. As end-2013, processed foods represented 40% of sales. Revenues were primarily denominated in USD (43%), Euro/Pound (22%) and the Brazilian real (21%). No Major Acquisitions Anticipated: Fitch does not foresee any major acquisitions for Marfrig in the next 18 months as the company's management will need to focus on improving cash flow generation. Fitch expects Marfrig to focus on developing its existing activities. Key initiatives will be the optimization of plants and distribution by Marfrig Beef, the geographic expansion of Keystone, and the growth by Moy Park through multi-protein retail sales in markets across UK and Continental Europe. Improved Debt Maturity And Liquidity: The group has improved its debt maturity and liquidity profile following the divestment of Seara. At FYE13, the group held BRL1.8 billion of cash and marketable securities with a current debt at about BRL1.1billion. Marfrig's short-term maturity represented 12.6% of total debt as of FYE13. Marfrig's largest bond refinancing requirements is now during 2017 (USD600 million). Rating Sensitivities: Considerations that could lead to a negative rating action (rating or Outlook) include Marfrig's inability to start generating positive free cash flow over the next 24 months and maintaining net leverage above 4.0x. An upgrade of Marfrig's ratings over the medium term is possible should the company and new management be able to improve the group's profitability and generate consistent positive free cash flow and reduce leverage. Fitch currently rates Marfrig s follows: Marfrig Global food S.A. --Local currency IDR 'B'; --Foreign currency IDR 'B'; --National scale rating 'BBB(bra)'. Marfrig Overseas Ltd --Foreign currency IDR 'B'; --Senior unsecured notes due 2016 'B/RR4'; --Senior unsecured notes due 2020 'B/RR4'. Marfrig Holdings (Europe) B.V. --Foreign currency IDR 'B'; --Senior unsecured notes due 2017 'B/RR4'; --Senior unsecured notes due 2018 'B/RR4'; --Senior unsecured note due 2021 'B/RR4. MARFRIG OVERSEAS: Moody's Puts B2 Foreign Currency Rating to Notes ------------------------------------------------------------------ Moody's Investors Service assigned a B2 foreign currency rating to Marfrig's proposed senior unsecured notes due in 2020 to be issued by Marfrig Overseas Limited and irrevocably and unconditionally guaranteed by Marfrig Global Foods S.A., formerly Marfrig Alimentos S.A., ("Marfrig") and by Marfrig Holdings (Europe) B.V. The proposed notes are a reopening of the USD 500 million bond issued in April 2010. The deal is part of Marfrig's liability management strategy and net proceeds from the issuance will be entirely used to pay existing debt within the company. The rating outlook is stable. Ratings unchanged: Issuer: Marfrig Global Foods S.A. Corporate Family Rating: B2 (global scale) Issuer: Marfrig Overseas Limited: USD 375 million 9.625% senior unsecured guaranteed notes due 2016: B2 (foreign currency) USD 500 million 9.500% senior unsecured guaranteed notes due 2020: B2 (foreign currency) Issuer: Marfrig Holdings (Europe) B.V.: USD 750 million 8.375% senior unsecured guaranteed notes due 2018: B2 (foreign currency) USD 600 million 9.875% senior unsecured guaranteed notes due 2017: B2 (foreign currency) USD 400 million 11.250% senior unsecured guaranteed notes due 2021: B2 (foreign currency) Ratings assigned: Issuer: Marfrig Overseas Limited Proposed senior unsecured guaranteed notes due 2020: B2 The outlook for all ratings is stable. Ratings Rationale Marfrig's B2 ratings are supported by its diversified portfolio of animal proteins, as well as large geographic footprint and global distribution capabilities. The company's diversity in terms of raw material sourcing reduces risks related to weather and animal diseases, while its large product portfolio helps mitigate the volatilities inherent in commodity cycles and supply-demand conditions for each specific protein. In addition, Moody's view BNDES' (Brazilian National Development Bank) support to the company as credit positive. On the other hand, the ratings are constrained by Marfrig's still elevated leverage and historically pressured operating performance and credit metrics. Following the sale of the Seara division to JBS (Ba3 Negative) for BRL 5.85 billion, in June 2013, Marfrig was able to improve its liquidity and debt profile. As of December 2013, total cash covered 154% of the company's short term debt, as compared to a coverage ratio of 87% as of March 2013. Also, the reduced capital expenditures and lower working capital needs as a result of the divestiture should allow Marfrig to continue gradually improving its cash flow generation in the short to medium term. The proposed reopening of its 2020 notes should further improve Marfrig's liquidity profile as proceeds will be directed to pay existing debt and lengthen the company's amortization schedule. The rating of the notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by Moody's to date and assume that these agreements are legally valid, binding and enforceable. The stable outlook reflects our view that Marfrig will be able to maintain operating margins near current levels and improve liquidity over the near term. The ratings or outlook could be upgraded if Marfrig demonstrates consistent and predictable execution of its financial policy with the ability to improve liquidity and keep operating margins at least near current levels. In addition, it would require a CFO/ Net Debt approaching 15% and a Total Debt / EBITDA below 4.5x. Marfrig's ratings could be downgraded if a consistent and predictable financial policy execution is not observed going forward. A downgrade could also be triggered if liquidity were to deteriorate in a way that unrestricted cash position would represent less than 80% of short term debt. Quantitatively, downward pressure on Marfrig's B2 rating or outlook is likely if Total Debt / EBITDA is sustained above 6.0x, EBITA to gross interest expense falls below 1.0x or if Retained Cash Flow to Net Debt is below 10%. All credit metrics are according to Moody's standard adjustments and definitions. The principal methodology used in this rating was the Global Protein and Agriculture Industry published in May 2013. Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest protein players globally, with consolidated revenues of BRL 18.7 billion (approximately USD 8.6 billion) at the end of 2013. The company has significant scale and is diversified in terms of sales, raw materials and product portfolio, with operations in Brazil, US, UK and many other countries and presence in the beef, poultry and food service segments. Marfrig has three main business segments, which are Marfrig Beef, Keystone Foods and Moy Park. The first accounts for about 45% of the group's annual consolidated revenues, Keystone Foods contributes with 28% of sales and Moy Park with the balance of 27%. More than half of its sales derive from international operations, while 70% of EBITDA is tied to foreign currencies. MARFRIG OVERSEAS: S&P Retains 'B' Rating Following Proposed Add-On ------------------------------------------------------------------ Standard & Poor's Ratings Services said that its 'B' issue-level rating on Marfrig Overseas Ltd. remains unchanged following the proposed add-on to its existing senior unsecured unsubordinated bonds due 2020. Marfrig Overseas is the subsidiary of Brazil- based Marfrig Alimentos S.A. (Marfrig; B/Positive/--). The bonds rank equal to Marfrig's other unsecured and unsubordinated debt. The rating on the bonds reflects the credit quality of both Marfrig, which will irrevocably and unconditionally guarantee the bonds, and its subsidiaries. S&P analyzes all entities as a single group. The bond add-on is part of Marfrig's liability management to strengthen its financial risk profile by extending debt maturities and lowering its funding costs. S&P don't expect Marfrig to increase its gross debt as a result of the bond add-on, as it believes the company will use the proceeds to improve its capital structure by paying down short-term debt or repurchasing some of its more expensive debt. S&P expects that the add-on will also help lower the company's sizable interest burden. RATINGS LIST Marfrig Alimentos S.A. Corporate credit rating B/Positive/-- Marfrig Overseas Ltd. Sr unsec unsubordinated bonds due 2020 B OSX BRASIL: Batista's Shipbuilder Reaches Deal With Bondholders --------------------------------------------------------------- Luciana Magalhaes, writing for The Wall Street Journal, reported that a shipbuilding firm controlled by former Brazilian tycoon Eike Batista has reached an agreement with bondholders, marking the second debt restructuring of his distressed industrial group since December. According to the report, OSX Brasil SA, which filed for bankruptcy protection last year, said it has entered an agreement with the majority of holders of its $500 million in bonds outstanding due in 2015, which are guaranteed by its OSX-3 floating, production, storage and offloading vessel registered in Netherlands and left out from the court protection proceedings. The agreement includes an increase to the coupon on the bonds, from 9.25% to 13.00%, and a reduction on the daily rate OSX is charging sister company Oleo e Gas Participacoes SA for use of its OSX-3 vessel, currently at the Tubarao Martelo field, the report related. In December, OSX missed an $11.6 million interest payment and has since been in discussions with bondholders, the report further related. In a statement on March 13, the company said the agreement is still subject to a formal approval. OSX, which operates a shipyard under construction at the Port of Acu in the state of Rio de Janeiro, filed for court protection shortly after its sister firm Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA, sought bankruptcy protection from creditors with some $5.8 billion in the debts, the report said. About OSX Brasil Brazilian shipbuilding firm OSX Brasil SA, controlled by businessman Eike Batista, filed for protection from creditors on November 2013 on liabilities of BRL5.34 billion (US$2.30 billion). OSX Brasil filed for bankruptcy -- called "judicial recovery" in Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30, 2013. OSX had outstanding debts of around US$2.2 billion as of June 30, 2013, including dollar-and real-denominated loans and bonds held by a mix of banks, investors and government institutions, such as Brazil's Merchant Marine Fund, according to The Wall Street Journal. The move on Nov. 11 at a Rio de Janeiro court follows a default and bankruptcy filing the prior month for Mr. Batista's flagship oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas, according to the WSJ report. The firm went public in 2008 for $4.1 billion but failed to produce nearly any of the up to 10.8 billion barrels it claimed to have. ========================== C A Y M A N I S L A N D S ========================== EASYJET AIRCRAFT: Shareholders' Final Meeting Set for March 18 -------------------------------------------------------------- The shareholders of Easyjet Aircraft Company Limited will hold their final meeting on March 18, 2014, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Rob Mcmahon c/o Louise Kitching Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1 -1106 Cayman Islands Telephone: +1 (345) 814 9077 EMERGING COUNTRIES: Shareholder to Hear Wind-Up Report on March 25 ------------------------------------------------------------------ The shareholder of Emerging Countries Opportunity Fund, Ltd. will hear on March 25, 2014, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ogier c/o Jacqueline Haynes Telephone: (345) 815-1759 Facsimile: (345) 949-9877 F.S.C. LIMITED: Shareholders' Final Meeting Set for March 25 ------------------------------------------------------------ The shareholders of F.S.C. Limited will hold their final meeting on March 25, 2014, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Brott Limited c/o Michelle R. Bodden-Moxam Telephone: 345-946-6145 Facsimile: 345-946-6146 Bridge Street Services Limited The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 30691 Grand Cayman KY1-1203 Cayman Islands FOCUS 400: Shareholders' Final Meeting Set for March 18 ------------------------------------------------------- The shareholders of Focus 400 Ltd. will hold their final meeting on March 18, 2014, at 9:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Daniel Woolston Telephone: (345) 814 7782 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HYDRIADES II: Shareholders' Final Meeting Set for March 27 ---------------------------------------------------------- The shareholders of Hydriades II Limited will hold their final meeting on March 27, 2014, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands LATIGO ULTRA: Shareholders' Final Meeting Set for April 10 ---------------------------------------------------------- The shareholders of Latigo Ultra Access Fund Ltd will hold their final meeting on April 10, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands O'CONNOR QUANTITATIVE: Shareholders' Meeting Set for March 28 ------------------------------------------------------------- The shareholders of O'Connor Quantitative Trading Strategies Master Limited will hold their final meeting on March 28, 2014, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma c/o Grant Hiley Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 814 2353 Facsimile: +1 (345) 949 8258 OLD FIELD: Shareholders' Final Meeting Set for March 26 ------------------------------------------------------- The shareholders of Old Field Fund, LDC will hold their final meeting on March 26, 2014, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marwood Alternative Asset Management LLC 733 Third Avenue, 11th Floor, New York New York SANTIAGO OFFSHORE: Shareholders' Final Meeting Set for March 18 --------------------------------------------------------------- The shareholders of Santiago Offshore Gold Partners Ltd. will hold their final meeting on March 18, 2014, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Techdis Limited Suite 2206, Cassia Court 72 Market Street, Camana Bay P.O. Box 32302 Grand Cayman, KY1-1209 Cayman Islands Smeets Law (Cayman) Attorneys-at-Law for the Company Reference: JAPF Telephone: (+1) 345 815 2800 Facsimile: (+1) 345 947 4728 TRANSIT ALLIANCE: Shareholder to Hear Wind-Up Report on March 18 ---------------------------------------------------------------- The shareholder of The Transit Alliance Insurance Co., Ltd. will hear on March 18, 2014, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Joel Hammer c/o Global Captive Management Ltd. Building 3, 2nd Floor, Governors Square 23 Lime Tree bay Avenue P.O. Box 1363 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 7966 Facsimile: +1 (345) 949 8068 =============== C O L O M B I A =============== * COLOMBIA: IMF Concludes 2014 Article IV Consultation ------------------------------------------------------ An International Monetary Fund (IMF) mission, led by Valerie Cerra, visited Bogota from March 3-13, 2014 to hold the annual Article IV Consultation. The team held discussions with authorities and private sector representatives about recent economic and financial developments, and the near-and medium-term outlook. At the end of the mission, Ms. Cerra issued the following statement in Bogota: "Colombia has maintained sound macroeconomic performance, weathering well the bouts of global economic and financial stress of recent years. A strong and competently-managed policy framework-anchored by an inflation-targeting regime, a flexible exchange rate, effective financial supervision and regulation, and a prudent medium-term fiscal framework-has allowed the authorities to respond adequately to shocks, using their policy tools to stabilize growth. "Economic growth accelerated during the course of 2013, lifted by supportive monetary policy and fiscal measures that stimulated activity in construction and civil works, with annual GDP growth estimated at about 4 percent. Unemployment continued to decline, averaging 9.7 percent, the lowest level since the 1990s, and labor market formalization improved. Inflation was subdued at 1.9 percent, as temporary supply shocks lowered food and electricity prices late in the year. The central bank took advantage of buoyant capital inflows, mainly from foreign direct investment, to further bolster its foreign exchange reserve buffers. "Economic prospects are favorable in 2014, with growth expected to be about 4.3 percent and inflation to remain within the 2-4 percent target band. As inflation gradually rises toward the 3 percent mid-point of the target range as one-off factors disappear, IMF staff considers that the policy rate could be increased toward its neutral level. The combined public sector deficit is expected to remain broadly unchanged, with the central government stance guided by the fiscal rule. External risks remain tilted to the downside; thus, it is expected that the authorities will continue to use the flexible exchange rate and monetary policy to cushion the impact of any external shocks. "Colombia has a strong fiscal framework, with a commitment to reducing the central government structural deficit and public debt over the coming years. To achieve this desirable goal, while also providing fiscal space for outlays to reduce poverty and overcome Colombia's infrastructure deficit, the authorities will need strong efforts to expand non-oil fiscal revenues. "As in other countries in the region, Colombia's key medium-term challenge is to sustain stable and inclusive growth. From this perspective, the framework for sharing oil royalties across regions and the 2012 reform to rationalize the tax system and make it more equitable have been positive steps. The mission also supports the objective of increasing coverage and equity of the pension system, while maintaining its fiscal sustainability, as well as initiatives in the financial sector to foster inclusion. "The consultation will conclude with the preparation of a report to be discussed by the IMF Executive Board in May 2014. The mission wishes to thank the Colombian authorities for their warm hospitality and open discussions during the mission." Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board. =================================== D O M I N I C A N R E P U B L I C =================================== XSTRATA PLC: Lawsuit Latest Hurdle to Planned Mine -------------------------------------------------- Dominican Today reports that a civic group from the central city of Cotui filed a complaint against Xstrata Nickel's Dominican Republic operations (Falcondo) for damages to the Yuna River and Hatillo Dam allegedly caused by the mining company. The lawsuit is the latest in a series of obstacles Falcondo faces to its planned extraction of nickel at nearby Loma Miranda, La Vega province (central), which many sectors demand be converted into a protected area, according to Dominican Today. The report notes that Juan Frias, lawyer for the Cotui Unity and Development Block, said the report "Impact of acid drainage from the mines on the Margarita River basin and Hatillo dam" found the presence of chromium and other metals in the waters, which they blame on the mine. Mr. Frias, the report notes, said that while chromium -- which also poses health threats -- isn't associated with gold extraction, it is linked to nickel mines. Mr. Frias asked the Justice Ministry to conduct an immediate inspection at the site located in Sanchez Ramirez province (northwest) to verify the facts behind their complaint and proceed against the company, the report relays. As reported in the Troubled Company Reporter-Latin America on Jan. 22, 2014, Dominican Today said that Chief Executive Officer of Xstrata PLC's Falcondo reiterated that the company's presence in the country depends on a long term mining, with cheap electricity available, to produce and compete in world markets. Mr. Soares said they pin their hopes of extracting nickel at the controversial site of Loma Miranda, between La Vega and Bonao (central), for which they expect to get the mining permit, according to Dominican Today. But environmental and civil society groups could keep them from carrying out the project, after the Chamber of Deputies agreed with the protesters and passed a bill which declares Loma Miranda a protected area, arguing that much of the Cibao region's (north) water depends on it, the report related. Xstrata PLC is the operator of Falconbridge Dominicana, C. por A. ("Falcondo") with an 85.26% ownership. Falcondo is a ferronickel surface mining operation located in the Dominican Republic with operations dating since 1971. Headquartered in Zug, Switzerland, Xstrata PLC is a major producer of coal, copper, nickel, primary vanadium and zinc and the largest producer of ferrochrome. ==================== E L S A L V A D O R ==================== AES EL SALVADOR: Fitch Affirms Long-Term Currency Rating at 'BB' ---------------------------------------------------------------- Fitch Ratings has affirmed the risk of long-term foreign and local currency AES El Salvador Trust to 'BB'. The rating action applies to the issuance of bonds for $ 310 million maturing in 2023. The Outlook is Negative the classification. At the same time, Fitch affirmed the classification of Electric Lighting Company of San Salvador (CAESS) and Electricity Company of East (EEO) at 'A + (slv)', Outlook Stable. AES El Salvador Trust II (AES El Salvador) is a vehicle for special purpose (SPV for its acronym in English), located in Panama, which was created to issue USD310 million notes on behalf of AES El Salvador. The AES El Salvador Ratings are based on the combined credit strength of the operating companies that guarantee this debt, reflecting the strong market position of the Group, a low risk business and a generation of predictable cash flow. The ratings also reflect the high exposure to sovereign and regulatory risk through subsidies. A significant portion of the cash flow generation of AES El Salvador comes from government subsidies, which exposes the company to the payment capacity of El Salvador. The negative outlook reflects the classification of the negative outlook on the sovereign classification of El Salvador 'BB-'. Key Factors Standings Market Wide Position and Low Risk Business The low risk business AES El Salvador is the result of its stable customer base and predictable cash flow. Although the territories of distribution services are not exclusive and distributors are free to compete for customers, the risk of new competition is low, given that distribution companies have economies of scale significant so inefficient that more than one company operating in the same area. An important classification factor is the strong market position of AES El Salvador because it is the largest group of distribution of energy in the country. The group serves about 1.3 million customers and covers 80% of the electricity distribution area of Salvador. AES El Salvador supply in 2013 63% of the total energy demand in the country (66% in 2012). The company's operations are considered efficient in comparison with other distribution companies in the region. In 2013, the nontechnical losses were reduced to 1.73% from 2.04% in 2012. This is positive for the credit quality of the company and limiting their exposure to costs that are not fully recognized through rates. High Exposure Risk of Government Intervention The ratings incorporate AES El Salvador's high exposure to regulatory risks and receiving government subsidies. The government currently subsidizes Salvadoreno residential customers with a monthly consumption of 99 kilowatt hours (kWh) or less. In addition, the government implemented an extraordinary subsidy for users with consumption below 200 kWh. The continuance or modification of this special allowance is reviewed quarterly by the government. The state-owned utilities, Executive Hydroelectric Commission of the Lempa river - (CEL), partly funded these subsidies. In 2013, the subsidies received by AES El Salvador totaled USD136, 9 million, which represents approximately 16% of its consolidated revenues (USD135.2 million and 17% respectively in 2012). Approximately 87% of residential customers of the company received subsidies in the last anions. Although the government has been paying subsidies promptly, payment delays or significant extension of the collection period may affect the financial profile of AES El Salvador and press rankings. Strengthening the Foundations Loan Supported by Rate Structure The credit profile of the company is supported by the generation of stable and predictable flow of cash and strengthening credit indicators as a result of a higher level of EBITDA due to the tariff review for 2013-2017. The rate adjustment was determined with a new methodology that considers the actual costs of distribution companies in El Salvador instead model optimization company a model that was used in the previous methodology. Fitch believes that despite the new methodology is positive for the sender, the continuous exposure to the intervention of the Government. In 2013 the issuer reported a consolidated EBITDA and EBITDA Margin of USD86 million and 10%, respectively (vs USD69.7 million and 8.2% in 2012). Leverage, measured as total debt / EBITDA is reduced to 3.5x from 4.5x in December 2013 in December 2012. Fitch expects the company is able to maintain an indicator of leverage in Anios like running in the absence of new debt or changes in the operating environment. Adequate Liquidity The liquidity of AES El Salvador is supported by cash on hand, which at the end of 2013 reached USD 32.7 million and USD 32.7 million of bank credit lines to buy short-term energy generators. Liquidity can be affected if given higher energy prices for end consumers that may lead to greater delays in accounts receivable. What could compel companies to take more debt to fund its working capital requirements, while continue distributing dividends, which may impair their credit quality. The credit quality of the distribution companies could deteriorate if they are forced to incur additional debt to finance its working capital needs while distributing dividends continue. Sensitivity Of Standings Future events that could, individually or collectively, lead to a negative rating action include: * A drop in classification of the Sovereign; * Weakening credit indicators; * Deteriorating result of shortage of supply of electricity or a regulatory or political intervention that negatively affects the financial performance of the business operating environment. Future events that could, individually or collectively, lead to positive action classification include: * Sustained Reduction in leverage; * Regulatory stability, and improving macroeconomic conditions in El Salvador. Fitch performed the following actions in the national rankings: Electric Lighting Company of San Salvador, SA de CV and Subsidiaries. Scale regulatory El Salvador - Issuer Rating at 'EA + (slv)', Outlook Stable. Scale Fitch - Classification of long-term issuer affirmed at 'A + (slv)', Outlook Stable. Empresa Electrica de Oriente, SA de CV of Scale regulatory El Salvador - Issuer Rating at 'EA + (slv)'; Perspective Stable. Scale Fitch - Classification of long-term issuer affirmed at 'A + (slv)', Outlook Stable. =========== M E X I C O =========== CREDITO REAL: S&P Affirms 'BB' Rating on Sr. Unsec. Notes Due 2019 ------------------------------------------------------------------ Standard & Poor's Ratings Services said that its 'BB' issue-level rating on Mexican finance company Credito Real, S.A.B. de C.V., SOFOM, E.N.R.'s (Credito Real) senior unsecured notes due 2019 remains unchanged following the reopening of the notes for $75 million. On March 6, 2014, Credito Real issued $350 million, 7.5% senior unsecured notes due March 13, 2019. Following the proposed $75 million reopening, the outstanding principal could total $425 million. In S&P's opinion, the increase will boost Credito Real's financial position since the company will improve its debt maturity profile and further ease short-term refinancing pressures. In addition to using part of the proceeds to repay local market debt, the company will fund a higher percentage of the tender offer of its senior notes due 2015 compared to the $350 million issuance. As of March 10, 2014 (the early tender deadline), Credito Real had received tenders and consents from the holders for approximately $181 million, or 86.1% of the note's outstanding principal. S&P believes that for the remainder of 2014 and the first half of 2015, the issuer's market debt amortizations will be manageable. S&P expects Credito Real's market debt to represent no more than 70% of its total funding structure in the next two years, and that its short-term market debt funding will not exceed 35% of its total market debt. The 'BB' rating on the notes is the same as the long-term global scale issuer credit rating on Credito Real, and indicates that the notes will rank equally in right of payment with all of the company's existing and future senior unsecured debt. The company has the option to redeem the notes within three years after the issuance date at a redemption price. The rating on the notes incorporates a cross-currency swap (CCS) on the principal and interest during the issuance's term. S&P expects the company to complete a CCS for the whole amount of the issuance by June 30, 2014, at the latest. RATINGS LIST Credito Real, S.A.B. de C.V., SOFOM, E.N.R. Counterparty Credit Rating Global scale rating BB/Stable/-- CaVal (Mexico) National Scale mxA/Stable/mxA-2 $425 mil senior unsecured notes due 2019 BB GRUPO FAMSA: Fitch Keeps B+/RR4 Rating on USD250M 2020 Sr. Notes ---------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Grupo Famsa SAB de CV (FAMSA) as detailed below: - Rating Long-Term National Scale to 'BBB (mex)'; - Rating of Short Term National Scale to 'F3 (mex)'; - Rating Issuer Default Rating (IDR) at international level to local and foreign currency 'B+'; - Issuance of share certificates for MXN1, 000 million due 2014 at 'BBB (mex)'; - Issuance of share certificates for MXN1, 000 million due 2016 at 'BBB (mex)'; - Program Certificates Short Term Stock Indexes MXN1, 000 million in 'F3 (mex)'; - Issuance of USD250 million Senior Notes due 2020 at 'B+/RR4'; The Rating Outlook is Stable. FAMSA ratings reflect its market position in the Mexican retail sector, geographic and product diversification, generation of mostly stable operating cash flow by the commercial division. Moreover, the ratings are constrained by historically low organic growth in sales and a link with its banking subsidiary, Banco Ahorro Famsa (Famsa Bank or the Bank), rated 'BBB (mex)' / Stable Outlook. The qualification 'RR4' to the senior notes reflects an average recovery expectation for breach between 30% and 50% of the principal. Key Rating Factors Fitch ratings that incorporates in its commercial operation in Mexico show moderate organic growth, the U.S. division to continue generating positive EBITDA neutral, and that the banking business continue to face pressure on their capital adequacy. Famsa plans to increase its total revenue from 5% to 7% in 2014 and open 10 shops / banks in Mexico. Also plans to convert houses empenio Montemex bank branches over the next 18 months, finally achieving a national presence, with branches in all regions of the country according to the definition of ANTAD. Best desempenio in commercial sales in Mexico, ANTAD above average VMT for department stores. Recently, the company has tried to improve the mixing of categories, trying to reduce emphasis on categories with low margins and focusing on more profitable categories such as furniture and motorcycles. The company has also tried to increase their geographical distribution in Mexico, in which the acquisition of Montemex help generate some leads for goods such as motorcycles. FAMSA Mexican competes with larger retail chains like Coppel and Elektra, which also focus the low-income segment of the population. Famsa Bank is in the process of operational consolidation. The financial division of Famsa, Banco Famsa (with approximately 45% of the total assets of Famsa reflects a good brand positioning in the sector of consumer credits, primarily in northeastern Mexico. Their financial desempenio is limited by the high estimates for credit risks, however, BAF it is facing and still shows a reasonable level of capitalization. Additionally, BAF continues to have a low cost of funding due to spray and growing deposit base. BAF also shows an intrinsic growth in its portfolio of credits although the high sensitivity of its accredited to an adverse economic environment is a limiting factor. The acquisition increases the presence of Montemex Famsa all regions of the country. In October 2013, the Bank acquired 173 branches Famsa Montemex, brand empenio houses mostly based in southern Mexico, to Advent International for MXN394 million. These branches are expected to continue operating as houses empenio while being converted into bank branches over the next 18 months. Also, existing branches of Bank began offering Famsa empenio services to their existing customers. The U.S. operations are positive EBITDA but face challenges. At the end of 2013, the U.S. EBITDA is MXN46 million due to weak results in 4Q13, due to unusually adverse weather in Texas. Also, the U.S. operation has seen annual falls in VMT over the past 5 yo. The reduction outlets FAMSA USA in early 2012 resulted in a drop in sales in the United States of 41.6% full anio 2011-2012, but the EBITDA generation in the United States pass positive negative MXN234 million MXN122 million the same periods, its first positive results since 2009, because the operations of the West were not financially viable. Fitch expects that the level of debt to EBITDA (excluding bank deposits) is kept constant in the short to medium term. The consolidated leverage has increased due to the efforts of capitalization of the bank and to fund working capital. Currently, the reasons debt to EBITDA and net debt to EBITDA for 2013 (excluding bank deposits) are at levels of 4.3xy 3.4x, respectively (2012: 2.6x 3.4xy). Including bank deposits, these indicators are 12.2xy 11.3x at the end of 2013. The company has not issued dividends in the past and projected Anios between MXN250 MXN300 million to capital expenditures for 2014. Liquidity should be adequate. At the end of 2013, debt FAMSA ascended to MXN7.5 billion and bank deposits to MXN13.9 billion. FAMSA debt consists of senior notes, bank loans, and CEBURES short and long term. The short-term debt at December 31, 2013 was MXN4.3 billion (pro forma short-term debt after the issuance of Cebures March 2014 MXN3.3 billion), with box MXN1.5 billion (MXN1 billion out of Bank Famsa). This mostly consists of programs Cebures short-term factoring and bank credit lines and is mainly used to finance working capital. Rating Sensitivity The credit quality could be negatively affected by a decline in bank credit Famsa by efforts to increase sales which could result in lower profit margins, retail EBITDA generation in FAMSA USA resulting in higher levels of leverage, as well as impairment in the quality of its loan portfolio. Also, the credit quality would benefit by an increase in the generation of EBITDA due to better margins and / or organic sales growth that consistently exceeds the industry as well as by lower debt levels due to lower use of bank lines and factoring. ================= X X X X X X X X X ================= BOND PRICING: For the Week From March 10 to March 14, 2014 ---------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Aguas Andinas SA 4.15 12/1/2026 CLP 72.61 Aguas Andinas SA 4.15 12/1/2026 CLP 69.55 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 22.19 Argentina Bocon 2 1/3/2016 ARS 9.05 Argentina Bocon 2 3/15/2014 ARS 13.8 Argentina Boden Bonds 2 9/30/2014 ARS 55.13 Argentine International Bond 7.82 12/31/2033 EUR 67.75 Argentine International Bond 7.82 12/31/2033 EUR 66.7 Argentine International Bond 8.28 12/31/2033 USD 67.5 Argentine International Bond 1.18 12/31/2038 ARS 42.26 Argentine International Bond 8.28 12/31/2033 USD 70.5 Argentine International Bond 7.82 12/31/2033 EUR 67.63 Argentine International Bond 8.28 12/31/2033 USD 71.5 Argentine International Bond 4.33 12/31/2033 JPY 39.5 Argentine International Bond 4.33 12/31/2033 JPY 39.5 Argentine International Bond 0.45 12/31/2038 JPY 15.5 Argentine International Bond 8.28 12/31/2033 USD 69 Automotores Gildemeister SA 6.75 1/15/2023 USD 72.14 BA-CA Finance Cayman 2 Ltd 1.838 EUR 68.5 BCP Finance Co Ltd 5.543 EUR 50.75 BCP Finance Co Ltd 4.239 EUR 50.42 BES Finance Ltd 4.5 EUR 71.17 Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 57.38 Banco BVA SA 9.125 2/7/2014 USD 10.01 Banif Finance Ltd 1.663 EUR 44 Bank Austria Creditanstalt Finance Cayman Ltd 2.156 EUR 68.25 Bolivarian Republic of Venezuela 9.25 9/15/2027 USD 73.68 Bolivarian Republic of Venezuela 7 3/31/2038 USD 60.12 CA La Electricidad de Caracas 8.5 4/10/2018 USD 74.7 Caixa Geral De Depositos Finance 1.064 EUR 41.14 Caixa Geral De Depositos Finance 1.094 EUR 39 China Forestry Holdings Co Ltd 10.25 11/17/2015 USD 38.6 China Forestry Holdings Co Ltd 10.25 11/17/2015 USD 36.5 China Precious Metal Resources Holdings Co Ltd 7.25 2/4/2018 HKD 69.78 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 55.51 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 65.75 Transener S.A 9.75 8/15/2021 USD 68 Transener S.A 9.75 8/15/2021 USD 67.13 City of Buenos Aires Argentina 3.95 5/17/2019 USD 73 ERB Hellas Cayman ERB Hellas Cayman Islands Ltd 9 3/8/2019 EUR 56 ESFG International Ltd 5.753 EUR 59 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 66.5 Empresa Distribuidora Y Comercializadora Norte 10.5 10/9/2017 USD 64.5 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 63.63 Formosa Province of Argentina 5 2/27/2022 USD 71.25 Gol Finance 8.75 USD 67.5 Gol Finance 8.75 USD 67.38 Hidili Industry International Development Ltd 8.6 11/4/2015 USD 75.63 Inversiones Alsacia SA 8 8/18/2018 USD 72.53 Inversora de Electrica de Buenos Aires SA 6.5 9/26/2017 USD 43.75 MTR Corp Cayman Islands Ltd 3.25 3/12/2043 HKD 73.01 MTR Corp Cayman Islands Ltd 3.25 1/28/2043 HKD 72.13 Petroleos de Venezuela SA 6 11/15/2026 USD 55.75 Petroleos de Venezuela SA 5.37 4/12/2027 USD 53.25 Petroleos de Venezuela SA 5.25 4/12/2017 USD 72 Petroleos de Venezuela SA 9.75 5/17/2035 USD 70 Petroleos de Venezuela SA 9 11/17/2021 USD 73 Petroleos de Venezuela SA 5.5 4/12/2037 USD 50 Petroleos de Venezuela SA 6 11/15/2026 USD 55.16 Petroleos de Venezuela SA 9 11/17/2021 USD 71.46 Petroleos de Venezuela SA 9.75 5/17/2035 USD 68.66 Provincia del Chaco 4 11/4/2023 USD 62.38 Provincia del Chaco 4 12/4/2026 USD 33 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.13 Renhe Commercial Holdings Co Ltd 11.75 5/18/2015 USD 72.38 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.88 Renhe Commercial Holdings Co Ltd 11.75 5/18/2015 USD 72.38 SMU SA 7.75 2/8/2020 USD 73.03 SMU SA 7.75 2/8/2020 USD 72.63 Sifco SA 11.5 6/6/2016 USD 33.5 Talca Chillan Sociedad Concesionaria SA 2.75 12/15/2019 CLP 55.64 Venezuela International Bond 7.75 10/13/2019 USD 71.75 Venezuela International Bond 9 5/7/2023 USD 70 Venezuela International Bond 9.375 1/13/2034 USD 69.75 Venezuela International Bond 7 12/1/2018 USD 73.75 Venezuela International Bond 9.25 5/7/2028 USD 69 Venezuela International Bond 8.25 10/13/2024 USD 66 Venezuela International Bond 7.65 4/21/2025 USD 64.25 Venezuela International Bond 6 12/9/2020 USD 64.25 Venezuela International Bond 9.25 9/15/2027 USD 72.25 Venezuela International Bond 7 3/31/2038 USD 60.5 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 67 Virgolino de Oliveira Finance Ltd 11.75 2/9/2022 USD 66.45 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 65 Virgolino de Oliveira Finance Ltd 11.75 2/9/2022 USD 65.13 *********** 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 * * *