/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140827.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, August 27, 2014, Vol. 15, No. 169 Headlines A R G E N T I N A ARGENTINA: Hedge Funds Sue to Get Bond Payment in London B A H A M A S INTERCORP PERU: S&P Revises Outlook to Pos. & Affirms 'BB' Rating B E R M U D A ASEO INTERNATIONAL: Placed Under Voluntary Wind-Up ASEO INTERNATIONAL: Member to Receive Wind-Up Report on Sept. 8 PALMARES HOLDINGS: Placed Under Voluntary Wind-Up PALMARES HOLDINGS: Member to Receive Wind-Up Report on Sept. 8 B O L I V I A EMPRESA SIDERURGICA: Jindal Steel Wins $22.5 Million Verdict C A Y M A N I S L A N D S COLLABRIUM EMERGING: Creditors' Proofs of Debt Due Sept. 16 COLLABRIUM EMERGING MASTER: Creditors' Proofs of Debt Due Sept. 16 COLLABRIUM MANAGEMENT: Creditors' Proofs of Debt Due Sept. 16 DUAL-LITE CAYMAN: Creditors' Proofs of Debt Due Sept. 24 HIGHGATE ABSOLUTE: Placed Under Voluntary Wind-Up JAPAN BLUE: Commences Liquidation Proceedings MH CAPITAL: Commences Liquidation Proceedings OLD PARK: Creditors' Proofs of Debt Due Sept. 22 WILLIAM BLAIR: Commences Liquidation Proceedings WIMBLEDON FINANCING: Court Enters Wind-Up Order D O M I N I C A N R E P U B L I C * DOMINICAN REPUBLIC: Wages Must Match Cost of Living, Union Says G U A T E M A L A EMPRESA ELECTRICA: Moody's Raises Corporate Family Rating to Ba1 J A M A I C A * JAMAICA: IMF Issues Statement at Conclusion of Mission T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Increases Fare to Trinidad and Tobago FIRST CITIZENS: Issues Successful Bond - - - - - ================= A R G E N T I N A ================= ARGENTINA: Hedge Funds Sue to Get Bond Payment in London -------------------------------------------------------- Alexandra Stevenson, writing for The New York Times' DealBook, reported that a group of hedge funds, including George Soros's Quantum Partners and J. Kyle Bass's Hayman Capital, is seeking a EUR226 million interest payment on Argentine bonds from Bank of New York Mellon that was blocked by a United States judge last month. According to the report, in a lawsuit filed in London against Bank of New York, the trustee handling Argentina's bond payments, the hedge funds contend that the bank's London unit must release money that was deposited by Argentina for its euro- denominated bondholders. The money was part of a $539 million interest payment that Judge Thomas P. Griesa of the Federal District Court in Manhattan prevented the trustee from paying last month, the report related. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a $539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the $1.5 billion they claimed. The country hasn't been able to access international credit markets since its $95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. ============= B A H A M A S ============= INTERCORP PERU: S&P Revises Outlook to Pos. & Affirms 'BB' Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Intercorp Peru Ltd. to positive from stable. In addition, S&P affirmed its 'BB' ratings on it. The rating action follows S&P's ordinary annual review. The outlook revision primarily reflects Intercorp's improved financial risk profile and the consolidation and business prospects of its retail arm, InRetail Peru Corp. (InRetail; not rated), which in S&P's opinion, will be the main growth driver for the company in the next few years, based on the recent IPO and the business opportunities in the Peruvian market. S&P is revising its financial risk profile to "intermediate" from "significant," to reflect its expectation of the company's maintenance of low leverage relative to its asset base, strong total coverage ratios, and favorable debt payment schedule. Intercorp's exposure to foreign exchange risk, given that its debt is dollar denominated while it mainly generates cash in Peruvian soles, and its aggressive investment strategy partly offset the strengths. Intercorp Peru Ltd. was incorporated 1997 and is headquartered in Nassau, the Commonwealth of the Bahamas. ============= B E R M U D A ============= ASEO INTERNATIONAL: Placed Under Voluntary Wind-Up -------------------------------------------------- On July 28, 2014, the member of ASEO International Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Aug. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton, HM11 Bermuda ASEO INTERNATIONAL: Member to Receive Wind-Up Report on Sept. 8 --------------------------------------------------------------- The member of ASEO International Ltd. will receive on Sept. 8, 2014, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton, HM11 Bermuda PALMARES HOLDINGS: Placed Under Voluntary Wind-Up ------------------------------------------------- On July 28, 2014, the member of Palmares Holdings Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Aug. 13, 2014, will be included in the company's dividend distribution. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton, HM11 Bermuda PALMARES HOLDINGS: Member to Receive Wind-Up Report on Sept. 8 -------------------------------------------------------------- The member of Palmares Holdings Limited will receive on Sept. 8, 2014, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Robin J. Mayor Conyers Dill & Pearman Limited Clarendon House, 2 Church Street Hamilton, HM11 Bermuda ============= B O L I V I A ============= EMPRESA SIDERURGICA: Jindal Steel Wins $22.5 Million Verdict ------------------------------------------------------------ Sonja Elmquist at Bloomberg News reports that Indian steelmaker Jindal Steel & Power Ltd. (JSP)'s Bolivian subsidiary won a $22.5 million arbitration judgment against state-owned mining company Empresa Siderurgica del Mutun, a lawyer representing Jindal said. The International Chamber of Commerce in Paris ruled on Aug. 6 that ESM took money that Jindal Steel Bolivia had placed as guarantees for the El Mutun iron-ore mining project, according to a Jindal Steel statement e-mailed by Jonathan C. Hamilton, a partner and head of Latin American arbitration with law firm White & Case LLP, Bloomberg News notes. "Actions by Bolivia and its entities undermined the El Mutun project and forced the termination of the project contract," the statement obtained by Bloomberg News said. Jindal Steel, which signed a contract in 2007 to develop 20 billion tons of iron-ore reserves at El Mutun, had planned to build a 1.7 million ton per year steel plant in addition to a sponge-iron factory, a pellet unit and a power project, the company said in 2012, Bloomberg News recalls. Jindal Steel withdrew from the project because of a lack of funds and not because of government pressure, Mining Minister Mario Virreira said at the time, Bloomberg News says. The government seized the company's guarantee for failing to meet its contract, Minister Virreira said, Bloomberg News relays. "The result vindicates Jindal's efforts to develop the El Mutun project, and confirms an unfortunate pattern of dubious treatment of investors in Bolivia," Mr. Hamilton said in a separate e-mailed statement obtained by Bloomberg News. Empresa Siderurgica del Mutun explores and mines iron ore and manufactures steel. The company is based in Bolivia. ========================== C A Y M A N I S L A N D S ========================== COLLABRIUM EMERGING: Creditors' Proofs of Debt Due Sept. 16 ----------------------------------------------------------- The creditors of Collabrium Emerging Markets Fund Limited are required to file their proofs of debt by Sept. 16, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 4, 2014. The company's liquidator is: Appleby Trust (Cayman) Ltd c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands COLLABRIUM EMERGING MASTER: Creditors' Proofs of Debt Due Sept. 16 ------------------------------------------------------------------ The creditors of Collabrium Emerging Markets Master Fund Limited are required to file their proofs of debt by Sept. 16, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 4, 2014. The company's liquidator is: Appleby Trust (Cayman) Ltd c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands COLLABRIUM MANAGEMENT: Creditors' Proofs of Debt Due Sept. 16 ------------------------------------------------------------- The creditors of Collabrium Management Limited are required to file their proofs of debt by Sept. 16, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 4, 2014. The company's liquidator is: Appleby Trust (Cayman) Ltd c/o Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands DUAL-LITE CAYMAN: Creditors' Proofs of Debt Due Sept. 24 -------------------------------------------------------- The creditors of Dual-Lite Cayman Limited are required to file their proofs of debt by Sept. 24, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 30, 2014. 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 HIGHGATE ABSOLUTE: Placed Under Voluntary Wind-Up ------------------------------------------------- On July 23, 2014, the sole shareholder of Highgate Absolute Return Fund Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Avalon Ltd. Reference: GL Telephone: +1 (345) 769 4422 Facsimile: +1 (345) 769 9351 Landmark Square, 1st Floor 64 Earth Close, P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands JAPAN BLUE: Commences Liquidation Proceedings --------------------------------------------- On July 31, 2014, the shareholders of Japan Blue Ocean Capital Partners Ltd. resolved 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: Shigenobu Yamagata 6-1-10-805 Maebaranishi, Funabashi Chiba 274-0825 Japan MH CAPITAL: Commences Liquidation Proceedings --------------------------------------------- On Aug. 6, 2014, the sole member of MH Capital Development II, Ltd. resolved 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: Naohiro Kamei Mizuho Capital Partners Co., Ltd. 2-3-2, Marunouchi, Chiyodaku Tokyo, 100-0005 Japan OLD PARK: Creditors' Proofs of Debt Due Sept. 22 ------------------------------------------------ The creditors of Old Park Limited are required to file their proofs of debt by Sept. 22, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 6, 2014. The company's liquidator is: Keiran Hutchison c/o Barry MacManus Telephone: (345) 814 8997 Facsimile: (345) 814 8529 c/o Ernst & Young Ltd 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman, KY1-1106 Cayman Islands WILLIAM BLAIR: Commences Liquidation Proceedings ------------------------------------------------ On July 30, 2014, the sole shareholder of William Blair CLS Ltd. resolved 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: Richard W. Smirl c/o William Blair & Company LLC 222 West Adams Street Chicago Illinois 60606 United States of America Telephone: +1 (312) 236 1600 WIMBLEDON FINANCING: Court Enters Wind-Up Order ----------------------------------------------- On July 17, 2014, the Grand Court of Cayman Islands entered an order to wind up the operations of Wimbledon Financing Master Fund Limited. The company's liquidators are: Christopher D. Johnson Russell S. Homer Chris Johnson & Associates Ltd. P.O. Box 2499 Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 946 0820 =================================== D O M I N I C A N R E P U B L I C =================================== * DOMINICAN REPUBLIC: Wages Must Match Cost of Living, Union Says ----------------------------------------------------------------- Dominican Today reports that the labor unions delivered a letter to the president of the National Council for Private Business (Conep) appealing to business owners to reach an agreement between the parties for establishing a realistic salary that is in accordance with the cost of living. The letter from the CTU, UGTD and the CUT labor union confederations states that the low salaries do not match the level of growth of the past two years, but that the solution does not lie with the National Salaries Committee as this entity can only consider the accumulated inflation rate, according to Dominican Today. The report notes that Frank Moreno of the CTU said that the salary system cannot be managed with 14 minimum salaries including the public sector wage, the highest of which is just RD$11,292.00 per month, which does not cover the lowest quintile of the basic food basket established by the Central Bank. The letter goes on to say: "We suggest to president Danilo Medina that the space for a solution to the salary system is open in the proposed reform to the Labor Code, through a three-way dialogue based on consensus, but with social justice, by guaranteeing a solution to the problems that are affecting the workforce in our country". ================= G U A T E M A L A ================= EMPRESA ELECTRICA: Moody's Raises Corporate Family Rating to Ba1 ---------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating (CFR) and senior unsecured rating of Empresa Electrica de Guatemala S.A. (EEGSA) to Ba1 from Ba2. The rating outlook is stable. Ratings Rationale The upgrade of EEGSA's ratings to Ba1, the same as the Guatemalan sovereign rating, largely reflects Moody's expectation that EEGSA's credit metrics will remain robust for the Ba-rating category; Specifically, that its 3-year average CFO pre W/C to debt, interest coverage, and retained cash flow (RCF) to debt will exceed 20%, 4.0x, and 10%, respectively. These credit metrics are strong for the Ba-rating category according to the guidelines provided under the updated regulated electric and gas utility methodology published in December 2013 which help to mitigate Moody's concerns regarding the transparency and predictability of the Guatemalan regulatory environment. That said, Moody's acknowledges the reasonable outcome in terms of credit supportiveness of the July 2013 VAD-tariff review which remains effective until the end of July 2018 which enhances EEGSA's cash flow visibility. Today's rating action further considers EEGSA's good liquidity profile and its advanced plans to refinance with a local bank-loan the 8.5% senior unsecured 144-A notes that are scheduled to mature in December 2014 (US$68 million currently outstanding). The stable outlook factors in Moody's expectation that EEGSA will continue to record solid credit metrics underpinned by predictable cash flows following the reasonable outcome of the 2013 VAD-tariff review. It also factors EEGSA's good liquidity profile which is enhanced by its current US$ 50 million five year committed credit facility and its plan to refinance the 8.5% senior unsecured 144-A notes that are scheduled to mature in December 2014 (US$68 million currently outstanding). Given its domestic only operations the rating is constrained by the current Guatemalan Ba1 sovereign rating. A rating downgrade could be triggered by signals of a substantial deterioration in the Guatemalan regulatory framework that negatively affects EEGSA's ability to recover costs on a timely basis. A change in the outlook and/or a rating downgrade is likely if EEGSA does not manage its internal liquidity in a prudent fashion and/or chooses to increase its financial leverage to fund significant dividend distributions that results in a deterioration in EEGSA's credit metrics. Specifically, a rating downgrade could be triggered if EEGSA's RCF to debt and interest coverage falls below 7% and 3.0x, respectively, for an extended period. The principal methodology used in this rating was Regulated Electric and Gas Utilities published in December 2013. Headquartered in Guatemala City, EEGSA is the largest electric utility in the country in terms of GWh distributed. EEGSA owns 100% of the distribution assets within its service area and operates under an Authorization Agreement expiring in 2048, to provide electric distribution services to the Departments of Guatemala, Escuintla and Sacatepequez. EEGSA is indirectly 80.9% owned by EPM (Baa3, stable) since October 22, 2010. The balance is held by the Guatemalan government (14.2%), by individual shareholders (3%), and by EEGSA employees (2%). At the end of June 2014, EEGSA recorded total assets of Q4,482 million (around US$575 million) and cash flow from operations of Q787 million (around US$101million) for last twelve months ended in June. ============= J A M A I C A ============= * JAMAICA: IMF Issues Statement at Conclusion of Mission -------------------------------------------------------- An International Monetary Fund (IMF) mission visited Jamaica during August 13-22, 2014 to conduct discussions on the fifth review of Jamaica's IMF-supported program under the Extended Fund Facility (EFF). The mission met with the Minister of Finance and Planning, Dr. the Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter, Financial Secretary Devon Rowe, senior government officials, as well as representatives of the private sector and civil society. At the conclusion of the mission, Mr. Jan Kees Martijn, the Fund's mission chief for Jamaica, issued the following statement in Kingston: "The program is on track. Overall policy implementation under the program remains strong. All quantitative performance targets, indicative targets, and structural benchmarks for end-June were met. The Fund mission reached preliminary understandings with the authorities on economic policies, detailed in an updated Letter of Intent, that will support growth and employment in the months and years ahead. "The economic outlook continues to improve. Activity is tentatively estimated to have expanded by about 1.2 percent year- on-year during April-June 2014. However, the recent drought will temporarily eat into near-term growth and raise food price inflation (and projections have been updated accordingly). "Under the government's policy program, the current account has steadily strengthened, and net international reserves have increased to US$2.2 billion by end-July (with gross reserves at US$2.8 billion). Jamaica has also re-accessed international capital markets with a US$800 million external bond issued in early July. The fiscal position remains on track to achieve an impressive 7.5 percent of GDP primary surplus by the end of the fiscal year. "For 2014 and beyond, the critical challenge remains to support economic growth and job creation while sustaining a strong fiscal position. Key elements of the authorities' program include: * actions to promote growth and employment by improving competitiveness and the business climate. Legislation supporting flexible work arrangements and a law to modernize the insolvency framework have been tabled in Parliament and are expected to be adopted shortly. Work on the new North-South highway is moving ahead, following the opening of the Mount Rosser bypass in August; * strengthening social protection and enhancing efforts to provide support for those aiming to move from welfare to work; * improving the efficiency of the tax system, including by offering amendments to the General Consumption Tax (GCT) Act to broaden the tax base and eliminate the zero rating of government purchases under the GCT; * creating a dedicated office to modernize the tax and customs administration and implementing pilot programs to automate the tax and customs administration systems; * increasing the efficiency of the public sector while improving the quality of the delivery of public services; and * strengthening the legal and regulatory framework for the non- bank financial sector, and implementing the Banking Services Act, adopted in June. "These preliminary understandings are subject to approval by the IMF's Management and Executive Board. Consideration of the fifth review of Jamaica's IMF-supported program under the EFF could take place by the IMF's Executive Board in September. Upon approval, SDR 45.95 million (about US$71 million) would be made available to Jamaica. "The mission would like to thank the authorities and technical staff for their excellent cooperation and kind hospitality." ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Increases Fare to Trinidad and Tobago --------------------------------------------------------- Vernon Khelawan at Trinidad and Tobago Newsday reports that Caribbean Airlines Limited has introduced a new tax on domestic airbridge tickets sold by travel agencies. This tax became effective on August 1. While the airline has made no public announcement of their new financial imposition of travellers, its sales department issued an advisory to the travel agencies on July 28 stating, "Dear Travel Partners: This is to advise effective August 01, 2014, tickets booked and issued via the GDS (Sabre and Amadeus) for travel between Trinidad and Tobago will incur a charge of (US)$3 per sector," according to Trinidad and Tobago Newsday. This means that passengers booking seats through a travel agent is subject to an additional (US)$3 or (TT)$20 on each sector. However, should the customer choose to make their bookings through the Caribbean Airlines website, the new tax would not be applicable. Asked about the new tax, which means an automatic increase in the airbridge fare, Minister of Finance and the Economy and line minister for CAL, Larry Howai told the news agency in an e-mail: "We have introduced no new taxes. No one can institute a tax except the Government and any tax to be implemented must be approved by the Parliament. Parliament has not approved any new taxes in four years." The report discloses that travel agencies see this as a slap in the face, since they do not receive any commissions on the $300 fare. The only commercial benefit they get is the service charge of (TT)$25 put on each ticket sold, the report says. Meanwhile, Newsday has learnt that the Travel Agents Association has petitioned CAL officials to have the tax removed, but no decision as to this has as yet been made, the report discloses. One travel agency manager, speaking to Newsday said his organization was applying the new tax to airbridge tickets issued, but his customers were complaining about this additional charge, the report relays. The manager indicated what makes it more difficult for potential passengers and booking agents is that the standby list at both Piarco and Arthur NR Robinson International Airports gets longer by the day, notes the report. This, the manager said, gives rise to lot of disgruntled passengers on both sides. The manager added that with the new Chief Executive Officer Michael Di Lollo's decision that the carrier's jets would not be used on the airbridge, the standby position becomes untenable on many days, the report adds. Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on May 20, 2013, Caribbean360.com said Trinidad and Tobago Finance Minister Larry Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. FIRST CITIZENS: Issues Successful Bond -------------------------------------- Trinidad and Tobago Newsday reports that the First Citizens Bank Limited has successfully issued a TT$500 million bond and generated an increase in its profits for nine months to June 2014. In a statement, First Citizens indicated the bonds are divided into two categories, according to Trinidad and Tobago Newsday. The first is a seven year TT$400 million issue at 3.1 percent and a ten year TT$100 million bond at 3.25 percent interest rate, the report notes. "The issue represents the lowest interest rate achieved on any bond issue completed by First Citizens," the report quoted Chief Executive Officer Larry Nath as saying. First Citizens Investment Services arranged the bonds on behalf of the bank, the report says. Funds from the bond issue will go towards partially retiring TT$1 billion in bonds previously issued by First Citizens, the report discloses. The report relays that Mr. Nath said, "The attractive fixed seven and ten-year interest rates would allow the bank to offer competitive fixed rate loan products for First Citizens customers." "First Citizens continues to be appreciative of the faith of the investing public in the products brought to market by the bank, "Mr. Nath added. The report says that Mr. Nath expressed the view that this confidence is as result "of the skill and commitment of the bank's staff, management and the board of directors to continue to driving the Group towards enhanced profitability and long term growth within our risk and management framework." For the first nine months of the bank's financial year, ending at June 2014, First Citizens has recorded an after tax profit of TT$477.6 million, the report notes. This represents a TT$13.5 million increase over the corresponding period last year, the report relays. Group Chairman Anthony Smart observed, "The Group's nine month performance was particularly noteworthy in light of current market conditions which continue to be marked by high liquidity, reduced credit demand and low interest rates," the report discloses. Mr. Smart said the bank's directors and management remain confident of "sustained growth and profitability for fiscal 2014." Mr. Smart indicated that he based his confident prediction on the Group's "continuing focus on risk management and operational efficiency in addition to the early signs of economic recovery," the report adds. About First Citizens Bank First Citizens Bank Limited is headquartered in Port of Spain, Trinidad and Tobago, and is 82.64% owned by the Republic. The bank reported total consolidated assets of TT$ 35.8 billion (US$ 5.6 billion) and shareholders' equity of TT$6 billion (US$ 945 million) as of March 31, 2014. * * * As reported in the Troubled Company Reporter-Latin America on May 27, 2014, Moody's Investors Service has downgraded First Citizens Bank Limited (FCBL) standalone bank financial strength rating (BFSR) to D+ from C-, lowering the baseline credit assessment (BCA) to baa3 from baa1. The outlook has been revised to stable from negative. *********** 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 * * *