/raid1/www/Hosts/bankrupt/TCRLA_Public/141021.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, October 21, 2014, Vol. 15, No. 208
Headlines
A N T I G U A & B A R B U D A
ANTIGUA & BARBUDA: Damage From Storm Mostly Infrastructural
A R G E N T I N A
ARGENTINA: Planning US$1 Billion Dollar-Linked Bond Sale
B R A Z I L
BANCO DO BRASIL: Brazil Official Rules Out Fire Sale of Stock
JBS SA: S&P Affirms 'BB' Global Scale CCR, Revises Outlook to Pos.
C A Y M A N I S L A N D S
AZIMUTH FUND: Members Receive Wind-Up Report
CHIMES MS: Members Receive Wind-Up Report
KELUSA ASIA: Shareholder to Hear Wind-Up Report on Oct. 23
KELUSA ASIA MASTER: Shareholder to Hear Wind-Up Report on Oct. 23
OCTANT FUND: Members Receive Wind-Up Report
ORTHOGONAL FUND: Members Receive Wind-Up Report
PLURIMI (CAYMAN): Shareholders' Final Meeting Set for Oct. 22
PLURIMI GLOBAL: Shareholders' Final Meeting Set for Oct. 22
PLURIMI GLOBAL MASTER: Shareholders' Final Meeting Set for Oct. 22
SAPIC III: Members Receive Wind-Up Report
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Medina Pledges Aid to Dairy Farmers
G U A T E M A L A
CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable
G U Y A N A
GUYANA: Remains on the "Precipice" of Being Blacklisted by FATF-AG
M E X I C O
COMISION ESTATAL: Moody's Affirms Ba2 Global Scale Issuer Rating
GRUPO POSADAS: Fitch Affirms 'B' IDR & Revises Outlook to Neg.
JIUTEPEC, MEXICO: Moody's Withdraws B1 Global Scale Issuer Rating
T R I N I D A D & T O B A G O
SOUTHPARK CINEMAS: Magistrate Denies License for 3rd Time
TRINIDAD & TOBAGO: Oil Price Drop Will Affect Country
V E N E Z U E L A
VENEZUELA: Moody's Caa1 Rating Reflects Substantial Challenges
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
===============================
A N T I G U A & B A R B U D A
===============================
ANTIGUA & BARBUDA: Damage From Storm Mostly Infrastructural
-----------------------------------------------------------
The Daily Observer reports that damage, mostly to infrastructure,
is what the National Office of Disaster Services (NODS) said is
its initial assessment of the havoc caused by the passage of
Tropical Storm Gonzalo.
Deputy Director Sherrod James said initially the damage appears
widespread, but not severe, according to The Daily Observer.
The report notes that Director James said government agencies were
in the field doing their assessments and working to restore life
to normalcy after the storm dumped showers on Antigua & Barbuda
with gusty winds that uprooted trees and downed power lines.
"Crews are working to rehabilitate . . . we have agriculture,
education, looking at school plants, the Public Works Department,
National Solid Waste Management Authority and Central Board of
Health resuming its fogging efforts," Director James told Observer
media.
Director James noted that the Environment Division is also doing
island-wide observation to analyze the damage, the report notes.
Hotels and Antigua & Barbuda Tourism Authority also began cleanup
work.
"For most part, its infrastructure with trees and branches
knocking out power lines. In some instances, there were pockets
of damage to homes but nothing major, thankfully. These systems
are dynamic, they change personality on a flash and I think it
caught us off-guard," the report quoted Director James as saying.
Director James said Antigua & Barbuda would first need to
determine the island's capacity to respond before seeking outside
assistance, the report notes.
"First, I have to get a collective idea of what it is, what is the
national standpoint and then look towards what assistance we might
need from outside the national system," Director James said, the
report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.
In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer. However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.
Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.
=================
A R G E N T I N A
=================
ARGENTINA: Planning US$1 Billion Dollar-Linked Bond Sale
--------------------------------------------------------
Katia Porzecanski at Bloomberg News report that Argentina plans to
sell as much as US$1 billion of dollar-linked bonds this month,
the first sale of its kind by the sovereign in at least a decade.
The country, which hasn't sold debt in international markets since
defaulting on a record US$95 billion in 2001, will take offers on
the two-year local securities beginning Oct. 23, the Economy
Ministry said in a statement Oct. 17, according to Bloomberg News.
The bonds will be denominated in dollars and pay holders in pesos
at the official exchange rate, with an annual interest rate of
1.75 percent, Bloomberg News notes. The sale will close Oct. 28.
Bloomberg News says that the securities offer protection against a
peso devaluation and are being sold as the government tightens
controls on informal currency markets. Argentines who can't or
don't want to get government permission to access U.S. currency
pay as much as 73 percent more for dollars in the black market,
Bloomberg News relays.
"Despite the capital gains in pesos you'd get with a dollar-linked
bond in the medium term from the inevitable correction in the real
exchange rate, the price and yield for dollar debt is still
superior," Daniel Marx, a former finance secretary who runs Buenos
Aires consulting company Quantum Finanzas, wrote in a report Oct.
17 obtained Bloomberg News.
Bloomberg News notes that the sale will compensate insurance
companies that were told by government officials to sell their
dollar-denominated bond holdings to relieve pressure on the
informal exchange rate, Buenos Aires-based newspaper Ambito
Financiero reported last week, without saying where it got the
information.
Dollar Access
Central bank President Alejandro Vanoli met with the nation's
banking association last week and reiterated a devaluation
shouldn't be expected, the monetary authority said in an Oct. 16
statement obtained Bloomberg News. Mr. Vanoli discussed measures
to stimulate savings in pesos, the statement said, Bloomberg News
notes.
Since her re-election in 2011, President Cristina Fernandez de
Kirchner has restricted access to dollars as surging inflation
spurred capital flight and a plunge in central-bank reserves,
Bloomberg News relays. Prices rose 40.3 percent in September from
a year earlier, according to the City of Buenos Aires, Bloomberg
News notes.
Argentine companies and provinces have issued about US$5 billion
in dollar-linked securities as funding costs abroad jumped and
speculation the peso would be devalued fueled domestic demand for
the instruments, according to data compiled by the Argentine
Institute of Capital Markets, Bloomberg News says.
The nation devalued the peso 19 percent in January, and 17
economists surveyed by Bloomberg expect the currency to fall an
additional 26 percent by the second quarter of next year to 11.4
per dollar.
This is Argentina's third bond issuance in local markets this
year. The nation sold ARS10 billion (US$1.2 billion) of two-year
bonds last month and ARS5.5 billion of three-year bonds in March,
Bloomberg News adds.
* * *
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 US$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 US$1.5 billion they
claimed. The country hasn't been able to access international
credit markets since its US$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 R A Z I L
===========
BANCO DO BRASIL: Brazil Official Rules Out Fire Sale of Stock
-------------------------------------------------------------
Reuters reports that Brazil's government has no plans to sell the
shares of state-run Banco do Brasil SA owned by the nation's
sovereign wealth fund, to help close a shortfall in the federal
budget, a top finance ministry official said.
The government has no intention of carrying out a fire-sale of the
shares which would "unnecessarily slash" their value, said Paulo
Rogerio Caffarelli, the ministry's No. 2 official, at an event in
Rio de Janeiro, according to Reuters.
Local media recently reported that the sovereign wealth fund could
put its stake in Banco do Brasil up for sale to help the
government meet its main debt-reduction target for the year,
Reuters notes.
Reuters says that shares of Brazil's largest bank by assets shed
27 percent in September, partly on concern that any fire sale by
the sovereign fund could unleash a glut of Banco do Brasil shares
in the market.
As of mid-September, the sovereign fund's stake in Banco do Brasil
was worth about BRL3.9 billion (US$1.6 billion), the report
discloses.
The shares are up 10.8 percent this year, the report notes.
The stock has fallen in three of the past five sessions on
speculation that the fund's sale of Banco do Brasil shares is
imminent, Reuters adds.
As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2014, Standard & Poor's Ratings Services has raised its rating
on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative
subordinated bonds to 'BB-' from 'B+'. In addition, S&P affirmed
its 'BB' rating on the bank's $500 million 10-year subordinated
deferrable notes. In addition, S&P removed its "Under Credit
Observation" identifier from the ratings on these instruments.
JBS SA: S&P Affirms 'BB' Global Scale CCR, Revises Outlook to Pos.
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
global scale corporate credit rating on JBS S.A. and its
subsidiary, JBS USA, to positive from stable. Also, S&P affirmed
its 'BB' global scale corporate and debt ratings on JBS S.A. and
JBS USA LLC. At the same time, S&P raised the national scale
rating on JBS to 'brAA' from 'brAA-'. The outlook on the national
scale corporate credit rating is also positive.
"The outlook revision reflects our view that we could raise the
ratings on JBS if the company continues to generate stronger
EBITDA and operating and FOCF, resulting in an adjusted debt-to-
EBITDA ratio less than 3.0x and FOCF to debt close to 15% in the
next 12-18 months," said Standard & Poor's credit analyst Flavia
Bedran. We expect JBS to take a more conservative approach to
debt-funded acquisitions and leverage limits in its mergers and
acquisitions transactions, for which JBS has historically shown a
strong appetite. JBS has benefited from low grain prices to boost
EBITDA from its U.S. and Brazilian poultry operations (at
Pilgrim's Pride and JBS Foods, respectively), and strong and
resilient margins at its Latin American beef business, despite
higher cattle prices. Its U.S. pork operation has posted somewhat
higher volumes and prices, compared with 2013. And its U.S. beef
operations have recovered gradually from low cattle availability,
which has pressured margins," S&P noted.
==========================
C A Y M A N I S L A N D S
==========================
AZIMUTH FUND: Members Receive Wind-Up Report
--------------------------------------------
The members of Azimuth Fund Limited received on Oct. 14, 2014, 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
CHIMES MS: Members Receive Wind-Up Report
-----------------------------------------
The members of Chimes MS Fund Limited received on Oct. 20, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
KELUSA ASIA: Shareholder to Hear Wind-Up Report on Oct. 23
----------------------------------------------------------
The shareholder of Kelusa Asia Focus Offshore Fund Ltd.
(formerly Kelusa China Offshore Fund, Ltd.) will hear on Oct. 23,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
Ogier
c/o Jonathan Turnham
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 9877
KELUSA ASIA MASTER: Shareholder to Hear Wind-Up Report on Oct. 23
-----------------------------------------------------------------
The shareholder of Kelusa Asia Focus Master Fund, Ltd. (formerly
Kelusa China Master Fund, Ltd.) will hear on Oct. 23, 2014, at
10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.
Ogier
c/o Jonathan Turnham
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 9877
OCTANT FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Octant Fund Limited received on Oct. 14, 2014, 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
ORTHOGONAL FUND: Members Receive Wind-Up Report
-----------------------------------------------
The members of Orthogonal Fund Limited received on Oct. 14, 2014,
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
PLURIMI (CAYMAN): Shareholders' Final Meeting Set for Oct. 22
-------------------------------------------------------------
The shareholders of Plurimi (Cayman) GP Limited will hold their
final meeting on Oct. 22, 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:
Victor Murray
MG Management Ltd.
Landmark Square, 2nd Floor
64 Earth Close, Seven Mile Beach
P.O. Box 30116, Grand Cayman KY1-1201
Cayman Islands
Telephone: +1 (345) 749 8181
Facsimile: +1 (345) 743 6767
PLURIMI GLOBAL: Shareholders' Final Meeting Set for Oct. 22
-----------------------------------------------------------
The shareholders of Plurimi Global Opportunities (No. 1) Feeder
Fund Limited will hold their final meeting on Oct. 22, 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:
Victor Murray
MG Management Ltd.
Landmark Square, 2nd Floor
64 Earth Close, Seven Mile Beach
P.O. Box 30116, Grand Cayman KY1-1201
Cayman Islands
Telephone: +1 (345) 749 8181
Facsimile: +1 (345) 743 6767
PLURIMI GLOBAL MASTER: Shareholders' Final Meeting Set for Oct. 22
------------------------------------------------------------------
The shareholders of Plurimi Global Opportunities Master Fund
Limited will hold their final meeting on Oct. 22, 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:
Victor Murray
MG Management Ltd.
Landmark Square, 2nd Floor
64 Earth Close, Seven Mile Beach
P.O. Box 30116, Grand Cayman KY1-1201
Cayman Islands
Telephone: +1 (345) 749 8181
Facsimile: +1 (345) 743 6767
SAPIC III: Members Receive Wind-Up Report
-----------------------------------------
The members of Sapic III Master Fund received on Oct. 20, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Medina Pledges Aid to Dairy Farmers
-------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina pledged government aid for farmers in San Jose de Las Matas
and in nearby Janico to increase dairy production, build a milk
processing plant, improve cattle varieties, to ensure services of
food and water and health.
President Medina met with members of three farmers' associations
of the rugged region known as La Sierra who seek assistance to
jointly improve livestock genetics and health, ensure feed and
water availability, according to Dominican Today.
The report notes that the 5-year project includes construction of
wells and purchase of higher genetic quality cattle, as well as
the construction of stables and a milk processing plant.
President Medina urged the farmers to join and become partners in
the Agro Bank, whose loans aims to support agro and livestock
production around the country, the report relates.
In Janico, President Medina met with members the Janico
Development and Natural Resources Protection Foundation
(Fundejanico), which also requested Government assistance, notes
the report.
=================
G U A T E M A L A
=================
CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed these ratings of Cementos Progreso S.A.
(Cempro):
-- Local currency Issuer Default Rating (IDR) at 'BB+';
-- Foreign currency IDR at 'BB+';
-- USD350 million senior unsecured notes due 2023 at 'BB+'.
The Rating Outlook is Stable.
The ratings reflect the company's leading market position in
Guatemala's cement industry with a stable market share around 83%.
This position has resulted in high margins, moderate leverage and
strong liquidity. In Fitch's view, the probability of other
competitors starting operations in the near future is low
considering Guatemala's topographic characteristics and
challenging logistics which have limited imports. Positively
factored into the ratings is Cempro's track record of stable
operational results based on a business model with fully
integrated operations. Further factored is the company's history
of positive funds from operations (FFO) and cash flow from
operations (CFFO) throughout the business cycle. The ratings are
limited by the company's negative free cash flow (FCF) due to high
dividend pay-out, higher expected leverage as a result of current
investment projects, the cyclical nature of housing construction,
and limited geographic diversification.
For the period 2014-2016, Fitch projects negative FCF due to the
expansion capex needed for the construction of the company's new
cement facility. The Stable Outlook reflects Fitch's view that
Cempro will sustain core operating cash flow during its current
investment cycle that should result in total debt-to-EBITDA
leverage levels below 3.5x.
KEY RATING DRIVERS
Dominant Market Position
Cempro's leading position in Guatemala's cement Industry has
remained steady throughout the years. In terms of volume sold,
its market share has steadily remained around 83%. The company is
the only producer with fully integrated operations, from the
extraction of raw materials to distribution to the final consumer.
Its only competitor is Cemex LatAm Holdings (Cemex), which
produces and sells cement and related materials such as ready-mix
concrete. Cempro's market position is further supported by its
retail distribution network for construction materials. Out of
500 distributors in Guatemala 450 are exclusive Cempro
distributors out of which 387 are its ConstruRed franchisees.
This network allows Cempro to serve its highly fragmented consumer
base. Cement, which represents 73% of the company's portfolio, is
sold primarily (76%) for self-construction and supplied to this
segment 100% as bagged cement.
In August 2014, Cempro's board of directors approved the purchase
of 100% of the capital stock of Agregs International Corporation
(AIC), an aggregates business, for USD19 million. Excluding sales
to Cempro, AIC's revenues and EBITDA in 2013 were USD18 million
and USD5.6 million. Fitch expects total revenue growth during
2014 and 2015 will be around 1% and 6% respectively and that
cement sales in metric tons will be about 2.3 million in 2014 and
2.4 million in 2015. Expected revenue gains are partly driven by
the incorporation of AIC. The company's cement production
capacity is 3.1 million metric tons distributed among two
production facilities.
Strategic Focus Supports Profitability
The company's strategic focus on operational efficiency has
contributed to Cempro maintaining the highest EBITDA margins among
public industry peers. Cempro's EBITDA margin--as calculated by
Fitch--during the latest 12 months (LTM) as of June 30, 2014 was
36.1% which compares favorably to the 34.6% and 32.2% recorded in
2013 and 2012. The ratings include Fitch's expectation that
Cempro's EBITDA margins will remain above 36% and will likely
strengthen further due to on-going operational efficiency
initiatives as well as expected energy and distribution
efficiencies from the new cement plant which is scheduled to begin
operations in 2017. Cempro's new plant in San Gabriel will
increase its cement production capacity by approximately 71%.
Negative FCF During 2014-2016
The ratings incorporate Fitch's view that Cempro's operations will
continue to generate negative FCF during 2014-2016 due to high
expansion capex. Fitch estimates Cempro's CFFO generating
capacity is around USD120 million per year. Capex, excluding
capitalized interest, is expected to represent USD560 million for
the next four years with the vast majority spent in the coming 24
months. Built into FCF expectations are annual dividend payments
below USD40 million for 2014-2016.
The company has strong liquidity and an extended maturity profile.
Scheduled maturities for the next three years are USD4 million in
2014, USD5 million in 2015 and USD21 million in 2016. As of
June 30, 2014, short-term debt was only USD5 million; cash levels
were USD112 million, but are expected to decrease as expansion
capex plans continue to materialize. The company maintains good
access to bank loans and Fitch expects it to complete its capex
plan with a combination of cash on hand, additional debt and its
own cash flow generation.
Leverage Expected to Increase
Cempro's gross leverage is anticipated to increase and remain
around 3.0x during the 2014-2016 period, with a leverage peak of
3.5x in 2015 due to the additional debt required to fund the
construction of the San Gabriel plant. Fitch expects gross
leverage to decline to current levels by 2018, reaching leverage
ratios between 1.0x-2.0x in the years thereafter. As of June 30,
2014, total debt was USD541 million, 26% was denominated in local
currency and 64.8% had a fixed rate. Cempro's gross (total
debt/EBITDA) and net leverage (net debt/EBITDA) were 2.9x and 2.3x
as of June 30, 2014, similar to the 3.1x and 2.4x registered at
year-end 2013.
Country Constraints
Foreign currency ratings are currently capped at Guatemala's
country ceiling of 'BB+'. Cempro's performance is dependent upon
continued stability and economic development in Guatemala. Fitch
expects company operations will maintain annual growth rates in
the 3%-5% range, above Guatemala's GDP. Growth expectations are
supported by moderate expected economic growth and Guatemala's
housing deficit of approximately 1.4 million homes. Investments
in infrastructure should also result in high demand for cement.
During 2013, Cempro's revenues represented approximately 1% of
Guatemala's GDP.
RATING SENSITIVITIES:
The company's ratings could be negatively affected by some
combination of these factors:
-- Significant deterioration in Guatemala's macroeconomic and
business environment.
-- Increasing competition from Cemex and/or operational
efficiency loss resulting in EBITDA margin deterioration.
-- Sustained leverage levels above 3.5x on a gross basis or 3x
on a net basis.
The company's ratings could be negatively affected by some
combination of these factors:
-- Cempro's foreign currency ratings are capped by Guatemala's
country ceiling.
-- Local currency ratings could be positively affected by long
term expectations of total gross leverage levels below 2x
with robust positive FCF generation and strong liquidity
metrics.
===========
G U Y A N A
===========
GUYANA: Remains on the "Precipice" of Being Blacklisted by FATF-AG
------------------------------------------------------------------
Caribbean360.com reports that Guyana is still at risk of being
blacklisted by the Financial Action Task Force (FATF) for failing
to pass the Anti-Money Laundering and Countering the Financing of
Terrorism legislation.
According to Attorney General Anil Nandlall, the nation remains on
the "precipice" of being blacklisted as the "vital legislation is
languishing in the select committee chaired by A Partnership for
National Unity member, Carl Greenidge," reports Caribbean360.com.
Mr. Nandlall said despite the identification of deficiencies in
Guyana's financial and legal architecture, the political
opposition continues to reject recommendations to address its
shortcomings, Caribbean360.com notes.
Guyana is executing a work plan given to government by the FATF,
and a unit within the organization has been given the
responsibility of supervising the correction of deficiencies
identified, he added, saying that as far as possible "Guyana has
attempted to comply with the work plan," Caribbean360.com relays.
Guyana's efforts were recently reviewed during a face-to-face
interaction with the Americas Regional Review Group (ARRG) in
Miami on September 29.
FATF appointed a special body comprising representatives from the
Americas to work with Guyana for the purpose of making a
presentation of Guyana's case in Paris, Caribbean360.com notes.
The report, which was worked out by both stakeholders, the
minister said, has already been sent to Paris for scrutiny,
Caribbean360.com discloses.
Guyana's case to FATF will be put forth during the body's plenary
meeting on October 18-24 in France.
"In Paris, France, it will be decided whether we will be given any
further time to correct the deficiencies," the report quoted the
Attorney General as saying.
Caribbean360.com notes that Guyana is the only country that is
technically deficient in terms of its financial crimes'
legislative framework in the western hemisphere, as all of the
other FATF member-countries are now concluding their fourth round
of examinations.
Guyana is still to come out of the third round.
===========
M E X I C O
===========
COMISION ESTATAL: Moody's Affirms Ba2 Global Scale Issuer Rating
----------------------------------------------------------------
Moody's de Mexico affirmed the issuer ratings of Comision Estatal
de Servicios Publicos de Tijuana (CESPT) at Ba2 (Global Scale,
local currency) and A2.mx (Mexico National Scale). The outlook
remains negative.
At the same time, Moody's affirmed the debt ratings on a MXN 280
(original face value) enhanced loan from Banorte to CESPT at Ba2
(Global Scale, local currency) and A1.mx (Mexico National Scale).
Ratings Rationale
Rationale For Rating Affirmation
The affirmation of CESPT's issuer ratings reflects Moody's view
that the water company's financial fundamentals are unaffected by
the recent downgrade of its sole shareholder, the state of Baja
California. It also reflects Moody's view that the company plays a
strategic role for the state. Therefore, Moody's believes that
CESPT would likely benefit from the state's extraordinary support
if need be. This is corroborated by the endorsement that the state
provides on some of CESPT's debt.
CESPT's main source of revenue is the collection of water bills in
the relatively wealthy urban areas of Tijuana and Rosarito.
Moody's considers that CESPT's capacity to collect these revenues
is not affected by the recent downgrade of the State of Baja
California. In addition, CESPT receives a small subsidy from Baja
California to finance some of its capital expenditures, which
Moody's believe will remain at current levels. Further evidence of
Baja California's support is the refinancing this year of CESPT's
(together with other water companies') non-financial liabilities .
The affirmation of the rating on the enhanced loan reflects
Moody's assessment that the credit quality of the cash flows
entering into the trust are directly tied to CESPT's fundamental
credit characteristics. The affirmation of the national scale
rating at A1.mx considers the relative strengths of the loan as
compared with CESPT's A2.mx ratings. These include a strong track
record with a solid debt service coverage that averaged 6x in 2013
and a reserve fund equivalent to 3x. Such performance provides a
better protection to the lender than the standalone credit quality
of CESPT.
Rationale For Negative Outlook
CESPT's negative outlook reflects the deterioration of the
company's operating margins and net working capital. CESPT
registered negative operating margins between 2009 and 2012.
Although this trend was reversed in 2013 thanks to a decrease in
overhead expense and an increase in revenue, Moody's expect
CESPT's financial position to continue deteriorating in the next
12-18 months.
What Could Change The Ratings Up/Down
Given the negative outlook, Moody's does not expect upward
pressure in the medium term. The outlook could be moved to stable
if operating margins substantially increase, and debt and
liquidity levels stabilize.
The continuous posting of negative operating margins with an
increase in debt levels, or a further weakening of liquidity,
could exert downward pressure on the ratings. A further downgrade
of the state which, in Moody's opinion, could affect its capacity
to provide subsidies for capital expenditures or liquidity support
in case of financial distress, could also exert downward pressure
on CESPT's issuer ratings.
Given the links between the loan and the credit quality of the
obligor, an upgrade of CESPT's ratings would likely result in an
upgrade on the debt ratings for the loan. Conversely, a downgrade
of CESPT's issuer ratings could result in a downgrade of the
ratings of the loan. In addition, the debt ratings could face
downward pressure if debt service coverage levels fall materially
below Moody's expectations.
The principal methodology used in this rating was Government-
Related Issuers: Methodology Update published in July 2010.
The period of time covered in the financial information used to
determine CESPT's rating is between 1 January 2009 and 31 December
2013.
GRUPO POSADAS: Fitch Affirms 'B' IDR & Revises Outlook to Neg.
--------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Grupo Posadas S.A.B.
de C.V.'s (Posadas):
-- Local currency Issuer Default Rating (IDR) at 'B';
-- Foreign currency IDR at 'B';
-- National scale rating at 'BB+(mex)';
-- USD310 million senior notes due 2017 at 'B+/RR3';
-- USD52 million senior notes due 2015 at 'B+/RR3'.
The Rating Outlook has been revised to Negative from Stable.
The affirmation and revision of the Outlook to Negative reflects
higher leverage levels beyond expectations, as well as concerns
regarding weak cash flow generation. Fitch takes into account
that Posadas' gross adjusted leverage will tend towards 4.5x over
the medium term, and excluding one-time events should be close to
5.0x. For the LTM ended June 30, 2014, gross adjusted leverage
(excluding non-recurrent non-cash items) was 6.4x and is expected
to be in the 5.5x-6.0x range by year-end. This is due to weak
operating results during the first half of the year. Fitch
expects operating results to improve within the next few quarters,
which could lead to a revision of the rating outlook to Stable.
However, if the adjusted debt to EBITDAR ratio is consistently
above 5.0x over the next 12-18 months, that can result in a
negative rating action.
SOLID BUSINESS POSITION
Posadas' ratings are supported by the company's solid business
position as a leading hotel chain in Mexico, strong brand equity
and operating performance, as well as its multiple hotel formats.
Conversely, the ratings are tempered by high leverage, as well as
industry cyclicality. Posadas' presence in all major urban and
coastal locations in Mexico, consistent product offering and brand
image have resulted in occupancy levels that are above the
industry average in Mexico. The use of multiple hotel formats
allows the company to target domestic and international business
travelers of different income levels as well as tourists,
diversifying its revenue base.
The 'RR3' Recovery Rating indicates good recovery prospects given
default. 'RR3' rated securities have characteristics consistent
with securities historically recovering 51%-70% of current
principal and related interest. Despite the moderate capex growth
strategy implemented over the past couple of years, Posadas still
has good recovery prospects underpinned by ownership of several
properties, which includes ten hotels, seven of them under the
Fiesta Americana brand, as well as seven Fiesta Americana Vacation
Clubs.
IMPROVEMENTS IN OPERATIONAL PERFORMANCE MUDDLED.
Improved operational performance has been affected by non-
operating or non-recurring events that have had a negative effect
in Posadas' financial profile, such as payment of deferred taxes,
the Chemuyil contingency and property sale, and Hurricane Odile in
Los Cabos. Posadas has been able to turn operations around in
2Q'14 LTM versus 2Q'13. RevPAR has improved, particularly in
owned and leased hotels and this has mostly been driven by
improved Average Daily Rate (ADR). Occupancy has remained stable,
above 60%, although coastal locations have outperformed urban
ones, both for managed, as well as owned and leased properties.
As of LTM June 30, 2014, EBITDA was MXN613 million. Adjusting for
non-recurring and non-cash items, such as sales of assets which
were counted towards revenues and EBITDA, as well as non-cash
fines paid in shares and asset impairments, Fitch estimates EBITDA
is around MXN743 million. Cash from operations (CFO) generation
for the period was MXN99 million (net of a MXN221 million
extraordinary charge) and Fitch expects some improvement due to
continued strong operating performance.
MODERATE CAPEX GROWTH STRATEGY
Going forward, Fitch believes Posadas' strategy will be centered
mostly on managing hotels, as opposed to owning the properties.
New openings should continue for all brands, mainly Fiesta Inn and
One, mostly under managed and leased formats. This strategy for
new openings, with only about 8% of new rooms in the pipeline
being owned properties, reduces capex somewhat and could support
FCF generation, which is expected to be negative due to increased
maintenance capex. From 2015 to 2017, Posadas plans to open 40
hotels with a total of 5,581 rooms.
ADEQUATE LIQUIDITY
The company's liquidity position is manageable. Posadas faces a
USD52 million maturity in senior notes in January 2015. The
company expects to refinance this maturity using a secured, self-
amortizing loan. The ratings factor in that Posadas refinances or
pays off this maturity in advance. Cash balances as of June 30,
2014 are MXN755 million, with about USD17 million held in escrow
due to be received in 3Q'14 from the sale of its South American
operations in 2012. Furthermore, the company has committed
secured credit lines of MXN500 million.
RATING SENSITIVITIES
Positive factors of the company's creditworthiness include stable
EBITDA generation, consolidating gains in operating indicators,
and a proven track record of stronger and stable credit metrics,
such as adjusted debt-to-EBITDAR consistently below 4.5x.
Negative factors for credit quality could include any weakening of
operating trends or decreases in RevPAR that could lead to lower
EBITDA and cash flow levels, as well as incurring debt that
results in adjusted debt-to-EBITDAR consistently higher than 5.0x.
JIUTEPEC, MEXICO: Moody's Withdraws B1 Global Scale Issuer Rating
-----------------------------------------------------------------
Moody's de Mexico announced that it has withdrawn the issuer
ratings of Baa1.mx (Mexico National Scale) and B1 (Global Scale
rating), stable outlook, on the Municipality of Jiutepec due to
insufficient information.
Ratings Rationale
Moody's has withdrawn the issuer ratings assigned to the
Municipality of Jiutepec.
Moody's has withdrawn the ratings because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating. Please refer to the Moody's de Mexico
Policy for Withdrawal of Credit Ratings, available on its website,
www.moodys.com.mx.
Publicly available information, in Moody's view, is not sufficient
to allow Moody's to continue to monitor the municipality's
creditworthiness. Without detailed information about them, Moody's
believes that it is unable to provide the market with an updated
and informed assessment of the current credit quality of the
issuer.
The principal methodology used in this rating was Regional and
Local Governments published in January, 2013.
The period of time covered in the financial information used to
determine municipality of Jiutepec's rating is between 1/1/2009
and 12/31/2012.
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 ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
================================
T R I N I D A D & T O B A G O
================================
SOUTHPARK CINEMAS: Magistrate Denies License for 3rd Time
---------------------------------------------------------
Nikita Braxton-Benjamin at Trinidad Express reports that
representatives for Southpark Cinemas 10 have been denied a
licence for the businessplace for a third time.
Deputy Chief Magistrate Mark Wellington, who chairs the licensing
committee, said a site visit will have to be made at the facility
within the next two weeks before a decision is made, according to
Trinidad Express.
The report notes that Director of operations at Caribbean Cinemas,
George Borges, re-appeared before the San Fernando Magistrates'
Court on behalf of South Park Cinemas Ltd, which has applied for
an exhibitor license and ten cinema licenses (one for each
screen).
Attorney Romney Thomas is representing the company in the matter.
Mr. Thomas handed over a letter from the Public Health Department
which he said was received on Oct. 15, the report notes.
The report relates that Magistrate Wellington perused the document
and said, "We'll have to visit the premises." Magistrate
Wellington adjourned the matter to October 30, saying the
committee will try to visit before that day.
At the first hearing of the case, Magistrate Wellington had said
he had "serious concerns" about the San Fernando cineplex and
denied the license, the report recalls.
The report recounts that Magistrate Wellington had enquired about
the recommendations made by the Fire Service and Town and Country
Planning. Mr. Thomas said the recommendations had been met, the
report says. But Magistrate Wellington said he needed information
from Fire officials and Town and Country, the report notes.
Three weeks ago, Mr. Borges and Mr. Thomas appeared before Senior
Magistrate Nanette Forde-John.
The court heard then that although there was a provisional
certificate from the San Fernando City Corporation, the completion
certificate from the Corporation was still outstanding, the report
notes.
Southpark Cinemas 10 is owned by foreign businessman Robert
Carrady who is also the owner of Caribbean Cinemas in Trincity. A
day after the August 20 gala opening of the cineplex, police
officers and Fire officials shut down the cinema, saying it did
not have the necessary license, the report adds.
TRINIDAD & TOBAGO: Oil Price Drop Will Affect Country
-----------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that Chief
Executive Officer of Trinity Exploration and Production Joel
'Monty' Pemberton has warned that the sudden and major drop in
world oil prices will have an impact on this country's revenue
earning potential since Trinidad and Tobago still depends heavily
on oil and gas revenue to run the country.
Mr. Pemberton called on local service providers in the oil and gas
sector to, "be in alignment with what's happening globally,"
according to Trinidad and Tobago Newsday.
Oil closed at US$82.75 per barrel on the New York Mercantile
Exchange, a drop by US$31 or 27 percent from its high point for
the year of US$115, back in June." TT's 2014/2015 Budget was
pegged on an oil price of US$80 per barrel.
"The status quo is we are now in a low oil price environments (so)
there needs to be alignment throughout the entire value chain for
sustainability and help us actually get out if it by being more
productive," Mr. Pemberton said, Trinidad and Tobago Newsday
notes.
Mr. Pemberton was addressing local energy sector service providers
during an Energy Chamber luncheon hosted at Cara Suites Hotel,
Claxton Bay.
"Crude oil prices have dropped by 20 to 25 percent in the last two
to three weeks. That's a massive drop in a very short space of
time, which can impact anybody's operations," Mr. Pemberton noted,
the report relays. "Some companies (lost) 50 percent of their
market capital in the course of two weeks. Not just small
companies but big companies as well. So that's a very interesting
dynamic which will impact Trinidad and Tobago's bottom line
immediately."
Mr. Pemberton cautioned that, "the industry is going to be
challenged as long as we stay in this current environment", and
that oil and gas producers like Trinity would be "cutting back a
lot on costs because they are faced with a drop in their top-line
revenue base of 20 percent, 25 percent," the report relays.
Mr. Pemberton also said a lot of "discretionary spend" would be
looked at very seriously as companies prepare, "hopefully, for the
rebound" in prices, the report says.
=================
V E N E Z U E L A
=================
VENEZUELA: Moody's Caa1 Rating Reflects Substantial Challenges
--------------------------------------------------------------
Venezuela's Caa1 sovereign rating and negative outlook reflect
substantial economic and credit challenges that more than offset
ongoing credit strengths, says Moody's Investors Service in its
annual credit analysis of the country. Credit risks include
macroeconomic imbalances that are growing, low and tightening
availability of foreign exchange, which heightens the risk of a
balance of payments crisis, and a highly discretionary policy
framework, reflecting weak institutions.
"Growing macroeconomic imbalances from erratic monetary and fiscal
policies, supply-side and unorthodox public policy-related shocks,
and exchange rate misalignments are taking a toll on economic
activity," says Moody's Vice President -- Senior Analyst Jaime
Reusche.
Moody's forecasts Venezuela's economy contracting by 2.1% in 2014.
Expansionary macroeconomic policies ahead of 2015 legislative
elections will then push the economy toward a small expansion of
1.2% next year.
Moody's does not currently foresee an impending credit event,
despite high and increasing uncertainty in economic forecasts for
Venezuela and its continued shortage of foreign exchange.
Credit strengths include high income levels relative to emerging
market and Latin American countries, a favorable government debt
structure, and high fiscal strength.
With low, albeit rising, and affordable government debt, fiscal
health depends on oil revenues from the state-owned oil company,
PDVSA (Petroleos de Venezuela S.A.), the largest foreign currency
earner in the country, says Moody's.
Moody's credit analysis on Venezuela is an annual report and does
not constitute a rating action. For more information, Moody's
research subscribers can access the credit analysis at
=================
X X X X X X X X X
=================
* 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-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
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
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 115297369 -19538107
BATTISTELLA-PREF BTTL4 BZ 115297369 -19538107
BATTISTELLA-RECE BTTL9 BZ 115297369 -19538107
BATTISTELLA-RECP BTTL10 BZ 115297369 -19538107
BATTISTELLA-RI P BTTL2 BZ 115297369 -19538107
BATTISTELLA-RIGH BTTL1 BZ 115297369 -19538107
BOMBRIL BMBBF US 309951278 -57714449.4
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 309951278 -57714449.4
BOMBRIL - RTS BOBR11 BZ 309951278 -57714449.4
BOMBRIL CIRIO SA BOBRON BZ 309951278 -57714449.4
BOMBRIL CIRIO-PF BOBRPN BZ 309951278 -57714449.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 309951278 -57714449.4
BOMBRIL SA-ADR BMBBY US 309951278 -57714449.4
BOMBRIL-PREF BOBR4 BZ 309951278 -57714449.4
BOMBRIL-RGTS PRE BOBR2 BZ 309951278 -57714449.4
BOMBRIL-RIGHTS BOBR1 BZ 309951278 -57714449.4
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 95403660.1 -37550595.1
BUETTNER SA BUETON BZ 95403660.1 -37550595.1
BUETTNER SA-PRF BUETPN BZ 95403660.1 -37550595.1
BUETTNER SA-RT P BUET2 BZ 95403660.1 -37550595.1
BUETTNER SA-RTS BUET1 BZ 95403660.1 -37550595.1
BUETTNER-PREF BUET4 BZ 95403660.1 -37550595.1
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 1029019993 -128321599
CAIUA SA ELCON BZ 1029019993 -128321599
CAIUA SA-DVD CMN ELCA11 BZ 1029019993 -128321599
CAIUA SA-DVD COM ELCA12 BZ 1029019993 -128321599
CAIUA SA-PREF ELCPN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCAN BZ 1029019993 -128321599
CAIUA SA-PRF A ELCA5 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCA6 BZ 1029019993 -128321599
CAIUA SA-PRF B ELCBN BZ 1029019993 -128321599
CAIUA SA-RCT PRF ELCA10 BZ 1029019993 -128321599
CAIUA SA-RTS ELCA2 BZ 1029019993 -128321599
CAIVA SERV DE EL 1315Z BZ 1029019993 -128321599
CELGPAR GPAR3 BZ 202489694 -1054621126
CENTRAL COST-ADR CCSA LI 271025064 -37667553.4
CENTRAL COSTAN-B CRCBF US 271025064 -37667553.4
CENTRAL COSTAN-B CNRBF US 271025064 -37667553.4
CENTRAL COSTAN-C CECO3 AR 271025064 -37667553.4
CENTRAL COST-BLK CECOB AR 271025064 -37667553.4
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 73710194.2 -2330089496
COBRASMA SA COBRON BZ 73710194.2 -2330089496
COBRASMA SA-PREF COBRPN BZ 73710194.2 -2330089496
COBRASMA-PREF CBMA4 BZ 73710194.2 -2330089496
D H B DHBI3 BZ 103378506 -180639480
D H B-PREF DHBI4 BZ 103378506 -180639480
DHB IND E COM DHBON BZ 103378506 -180639480
DHB IND E COM-PR DHBPN BZ 103378506 -180639480
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS SA DOCAON BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
EBX BRASIL SA CTMN3 BZ 2670745328 -202996314
ELEC ARG SA-PREF EASA6 AR 945325071 -56471446.1
ELEC ARGENT-ADR EASA LX 945325071 -56471446.1
ELEC DE ARGE-ADR 1262Q US 945325071 -56471446.1
ELECTRICIDAD ARG 3447811Z AR 945325071 -56471446.1
ENDESA - RTS CECOX AR 271025064 -37667553.4
ENDESA COST-ADR CRCNY US 271025064 -37667553.4
ENDESA COSTAN- CECO2 AR 271025064 -37667553.4
ENDESA COSTAN- CECOD AR 271025064 -37667553.4
ENDESA COSTAN- CECOC AR 271025064 -37667553.4
ENDESA COSTAN- EDCFF US 271025064 -37667553.4
ENDESA COSTAN-A CECO1 AR 271025064 -37667553.4
ESTRELA SA ESTR3 BZ 76575881.3 -120012837
ESTRELA SA ESTRON BZ 76575881.3 -120012837
ESTRELA SA-PREF ESTR4 BZ 76575881.3 -120012837
ESTRELA SA-PREF ESTRPN BZ 76575881.3 -120012837
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 19848769.9 -38798309.5
FERRAGENS HAGA HAGAON BZ 19848769.9 -38798309.5
FERRAGENS HAGA-P HAGAPN BZ 19848769.9 -38798309.5
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 346216965 -42013205.9
GRADIENTE EL-PRA IGBAN BZ 346216965 -42013205.9
GRADIENTE EL-PRB IGBBN BZ 346216965 -42013205.9
GRADIENTE EL-PRC IGBCN BZ 346216965 -42013205.9
GRADIENTE-PREF A IGBR5 BZ 346216965 -42013205.9
GRADIENTE-PREF B IGBR6 BZ 346216965 -42013205.9
GRADIENTE-PREF C IGBR7 BZ 346216965 -42013205.9
HAGA HAGA3 BZ 19848769.9 -38798309.5
HOTEIS OTHON SA HOOT3 BZ 238958413 -22929896.5
HOTEIS OTHON SA HOTHON BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOOT4 BZ 238958413 -22929896.5
HOTEIS OTHON-PRF HOTHPN BZ 238958413 -22929896.5
IGB ELETRONICA IGBR3 BZ 346216965 -42013205.9
IGUACU CAFE IGUA3 BZ 214061113 -63930746.9
IGUACU CAFE IGCSON BZ 214061113 -63930746.9
IGUACU CAFE IGUCF US 214061113 -63930746.9
IGUACU CAFE-PR A IGUA5 BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGCSAN BZ 214061113 -63930746.9
IGUACU CAFE-PR A IGUAF US 214061113 -63930746.9
IGUACU CAFE-PR B IGUA6 BZ 214061113 -63930746.9
IGUACU CAFE-PR B IGCSBN BZ 214061113 -63930746.9
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 239575758 -28902145.8
INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8
INVERS ELEC BUEN IEBA AR 239575758 -28902145.8
KARSTEN CTKCF US 161482221 -4141092.01
KARSTEN CTKON BZ 161482221 -4141092.01
KARSTEN SA CTKA3 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA9 BZ 161482221 -4141092.01
KARSTEN SA - RCT CTKA10 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA1 BZ 161482221 -4141092.01
KARSTEN SA - RTS CTKA2 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPF US 161482221 -4141092.01
KARSTEN-PREF CTKA4 BZ 161482221 -4141092.01
KARSTEN-PREF CTKPN BZ 161482221 -4141092.01
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
LOJAS ARAPUA LOAR3 BZ 38857516.9 -3355978520
LOJAS ARAPUA LOARON BZ 38857516.9 -3355978520
LOJAS ARAPUA-GDR 3429T US 38857516.9 -3355978520
LOJAS ARAPUA-GDR LJPSF US 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOAR4 BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOARPN BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF 52353Z US 38857516.9 -3355978520
LUPATECH SA LUPA3 BZ 584100366 -304853641
LUPATECH SA LUPTF US 584100366 -304853641
LUPATECH SA LUPAF US 584100366 -304853641
LUPATECH SA LUPTQ US 584100366 -304853641
LUPATECH SA -RCT LUPA9 BZ 584100366 -304853641
LUPATECH SA-ADR LUPAY US 584100366 -304853641
LUPATECH SA-ADR LUPAQ US 584100366 -304853641
LUPATECH SA-RT LUPA11 BZ 584100366 -304853641
LUPATECH SA-RTS 1041054D BZ 584100366 -304853641
LUPATECH SA-RTS LUPA1 BZ 584100366 -304853641
MANGELS INDL MGEL3 BZ 186096273 -50186882
MANGELS INDL SA MISAON BZ 186096273 -50186882
MANGELS INDL-PRF MGIRF US 186096273 -50186882
MANGELS INDL-PRF MGEL4 BZ 186096273 -50186882
MANGELS INDL-PRF MISAPN BZ 186096273 -50186882
MINUPAR MNPR3 BZ 90210352.5 -117166643
MINUPAR SA MNPRON BZ 90210352.5 -117166643
MINUPAR SA-PREF MNPRPN BZ 90210352.5 -117166643
MINUPAR-PREF MNPR4 BZ 90210352.5 -117166643
MINUPAR-RCT 9314634Q BZ 90210352.5 -117166643
MINUPAR-RCT 0599564D BZ 90210352.5 -117166643
MINUPAR-RCT MNPR9 BZ 90210352.5 -117166643
MINUPAR-RT 9314542Q BZ 90210352.5 -117166643
MINUPAR-RT 0599562D BZ 90210352.5 -117166643
MINUPAR-RTS MNPR1 BZ 90210352.5 -117166643
NORDON MET NORD3 BZ 10859129.2 -33570700.5
NORDON METAL NORDON BZ 10859129.2 -33570700.5
NORDON MET-RTS NORD1 BZ 10859129.2 -33570700.5
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
OGX PETROLEO CTCO3 BZ 2104841243 -4244633894
OLEO E GAS P-ADR OGXPY US 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EO 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EU 2104841243 -4244633894
OLEO E GAS P-ADR 8OGB GR 2104841243 -4244633894
OLEO E GAS PART OGXP3 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP5 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP6 BZ 2104841243 -4244633894
OLEO E GAS PART OGXPF US 2104841243 -4244633894
OSX BRASIL - RTS 0701756D BZ 2670745328 -202996314
OSX BRASIL - RTS 0701757D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812903D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812904D BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB1 BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB9 BZ 2670745328 -202996314
OSX BRASIL SA OSXB3 BZ 2670745328 -202996314
OSX BRASIL SA EBXB3 BZ 2670745328 -202996314
OSX BRASIL SA OSXRF US 2670745328 -202996314
OSX BRASIL S-GDR OSXRY US 2670745328 -202996314
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
PETROLERA DEL CO PSUR AR 70120174.9 -27864484
PILMAIQUEN PILMAIQ CI 200140666 -20597929.7
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 21553021.9 -5145184.07
PUYEHUE RIGHT PUYEHUOS CI 21553021.9 -5145184.07
RECRUSUL RCSL3 BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529789Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529793Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163582D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163583D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614675D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614676D BZ 41395863.2 -21007926.7
RECRUSUL - RCT RCSL10 BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529781Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529785Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163579D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163580D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614673D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614674D BZ 41395863.2 -21007926.7
RECRUSUL SA RESLON BZ 41395863.2 -21007926.7
RECRUSUL SA-PREF RESLPN BZ 41395863.2 -21007926.7
RECRUSUL SA-RCT RCSL9 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL1 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL2 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL11 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL12 BZ 41395863.2 -21007926.7
RECRUSUL-PREF RCSL4 BZ 41395863.2 -21007926.7
REDE EMP ENE ELE ELCA4 BZ 1029019993 -128321599
REDE EMP ENE ELE ELCA3 BZ 1029019993 -128321599
REDE EMPRESAS-PR REDE4 BZ 1029019993 -128321599
REDE ENERGIA SA REDE3 BZ 1029019993 -128321599
REDE ENERGIA SA- REDE2 BZ 1029019993 -128321599
REDE ENERGIA-RTS REDE1 BZ 1029019993 -128321599
REDE ENERG-UNIT REDE11 BZ 1029019993 -128321599
REDE ENER-RCT 3907731Q BZ 1029019993 -128321599
REDE ENER-RCT REDE9 BZ 1029019993 -128321599
REDE ENER-RCT REDE10 BZ 1029019993 -128321599
REDE ENER-RT 3907727Q BZ 1029019993 -128321599
REDE ENER-RT 1011624D BZ 1029019993 -128321599
REDE ENER-RT 1011625D BZ 1029019993 -128321599
RENAUXVIEW SA TXRX3 BZ 54394844.4 -90675345.2
RENAUXVIEW SA-PF TXRX4 BZ 54394844.4 -90675345.2
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 20127540.6 -7418183.32
SANSUY SNSY3 BZ 188091749 -164364290
SANSUY SA SNSYON BZ 188091749 -164364290
SANSUY SA-PREF A SNSYAN BZ 188091749 -164364290
SANSUY SA-PREF B SNSYBN BZ 188091749 -164364290
SANSUY-PREF A SNSY5 BZ 188091749 -164364290
SANSUY-PREF B SNSY6 BZ 188091749 -164364290
SCHLOSSER SCLO3 BZ 51334306.9 -58463309
SCHLOSSER SA SCHON BZ 51334306.9 -58463309
SCHLOSSER SA-PRF SCHPN BZ 51334306.9 -58463309
SCHLOSSER-PREF SCLO4 BZ 51334306.9 -58463309
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
TEC TOY SA-PF B TOYB6 BZ 33401974.6 -468978.338
TEC TOY SA-PREF TOYDF US 33401974.6 -468978.338
TEC TOY SA-PREF TOYB5 BZ 33401974.6 -468978.338
TEC TOY-RCT 7335626Q BZ 33401974.6 -468978.338
TEC TOY-RCT 7335630Q BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB9 BZ 33401974.6 -468978.338
TEC TOY-RCT TOYB10 BZ 33401974.6 -468978.338
TEC TOY-RT 7335610Q BZ 33401974.6 -468978.338
TEC TOY-RT 7335614Q BZ 33401974.6 -468978.338
TEC TOY-RT TOYB1 BZ 33401974.6 -468978.338
TEC TOY-RT TOYB2 BZ 33401974.6 -468978.338
TECTOY TOYB3 BZ 33401974.6 -468978.338
TECTOY TOYB13 BZ 33401974.6 -468978.338
TECTOY SA TOYBON BZ 33401974.6 -468978.338
TECTOY SA-PREF TOYBPN BZ 33401974.6 -468978.338
TECTOY-PF-RTS5/6 TOYB11 BZ 33401974.6 -468978.338
TECTOY-PREF TOYB4 BZ 33401974.6 -468978.338
TECTOY-RCPT PF B TOYB12 BZ 33401974.6 -468978.338
TEKA TKTQF US 367577608 -421708949
TEKA TEKA3 BZ 367577608 -421708949
TEKA TEKAON BZ 367577608 -421708949
TEKA-ADR TEKAY US 367577608 -421708949
TEKA-ADR TKTPY US 367577608 -421708949
TEKA-ADR TKTQY US 367577608 -421708949
TEKA-PREF TKTPF US 367577608 -421708949
TEKA-PREF TEKA4 BZ 367577608 -421708949
TEKA-PREF TEKAPN BZ 367577608 -421708949
TEKA-RCT TEKA9 BZ 367577608 -421708949
TEKA-RCT TEKA10 BZ 367577608 -421708949
TEKA-RTS TEKA1 BZ 367577608 -421708949
TEKA-RTS TEKA2 BZ 367577608 -421708949
TEXTEIS RENA-RCT TXRX9 BZ 54394844.4 -90675345.2
TEXTEIS RENA-RCT TXRX10 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX1 BZ 54394844.4 -90675345.2
TEXTEIS RENAU-RT TXRX2 BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXON BZ 54394844.4 -90675345.2
TEXTEIS RENAUX RENXPN BZ 54394844.4 -90675345.2
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
WETZEL SA MWET3 BZ 97509409.1 -4549842.72
WETZEL SA MWELON BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWET4 BZ 97509409.1 -4549842.72
WETZEL SA-PREF MWELPN BZ 97509409.1 -4549842.72
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
202-362-8552.
* * * End of Transmission * * *