/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150427.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, April 27, 2015, Vol. 16, No. 081 Headlines A N T I G U A & B A R B U D A ANTIGUA & BARBUDA INVESTMENT: Gov't. Reveals Rescue Plan for Bank LIAT: To Hold a Meeting With Regional Union Partners A R G E N T I N A PROVINCE OF MENDOZA: Moody's Assigns (P)Caa1 Global Scale Rating YPF SA: Fitch to Rate New $1.5BB Unsecured Bonds 'CCC' B R A Z I L AMERICA LATINA: Moody's Puts 'Ba3' CFR on Review for Downgrade SCHAHIN OIL: Fitch Cuts Currency Issuer Default Ratings to 'D' C A Y M A N I S L A N D S ANTHRACITE BALANCED: Members' Final Meeting Set for May 6 ARES ENHANCED: Creditors' Proofs of Debt Due May 17 CITADEL DERIVATIVES: Creditors' Proofs of Debt Due May 17 CITADEL SECURITIES: Creditors' Proofs of Debt Due May 10 ELM RIDGE: Shareholder to Hear Wind-Up Report on May 15 LATAM CONSULTING: Creditors' Proofs of Debt Due May 10 MARQUEE 2004-1: Creditors' Proofs of Debt Due May 19 SOFTWARE (CAYMAN): Creditors' Proofs of Debt Due May 8 TIGER GLOBAL VII: Creditors' Proofs of Debt Due May 8 TIGER GLOBAL VIII: Creditors' Proofs of Debt Due May 8 J A M A I C A CARIBBEAN CEMENT: To Replace General Manager UC RUSAL: Contemplates Further Cuts in Aluminum Production U R U G U A Y BANCO DE LA NACION: Fitch Affirms 'CCC' LT Issuer Default Ratings HSBC BANK: Fitch Affirms 'b+' Viability Rating SCOTIABANK URUGUAY: Fitch Affirms 'bb-' Viability Rating P U E R T O R I C O AES PUERTO RICO: Fitch Puts 'CC' Bond Ratings on Watch Negative T R I N I D A D & T O B A G O PETROTRIN: Plants Up and Running X X X X X X X X X * BOND PRICING: For the Week From April 20 to April 24, 2015 - - - - - =============================== A N T I G U A & B A R B U D A =============================== ANTIGUA & BARBUDA INVESTMENT: Gov't. Reveals Rescue Plan for Bank ----------------------------------------------------------------- The Daily Observer reports that Antigua and Barbuda Government proposes to invest hundreds of millions of dollars in capital, as part of a plan to not only bailout the Antigua & Barbuda Investment Bank (ABIB), but to ultimately own the financial institution by July. During a sitting of Parliament, Prime Minister Gaston Browne warned ABIB shareholders that their days of owning the bank are numbered, according to The Daily Observer. "Now here is a situation in which the bank has a hole of over EC$450 million and they are taking the position that if the government guarantees these deposits, and we were to get new depositors to put in 100 million to make the bank very strong, they still own it . . . . how can that be so?," Prime Minister Browne queried, the report notes. Prime Minister Browne said, however, government will invest $51 million of the $100 million needed to secure the institution, in order to maintain control of the bank, the report relates. However, the remaining EC$49 million will come from investors, the report notes. In September last year, government said it would have to pump EC$340 million into ABI Bank because of its growing financial troubles, the report recalls. The report discloses that Prime Minister Browne said if the government takes the necessary action to save ABIB under the new Banking Act, some shareholders would automatically lose ownership; while others will have to find new capital to reinvest. "They are some who may argue, what happened to their shares . . . . their shares are dead, bankrupted, finished, they lose it . . . . ," Prime Minister Browne said. "They want to say that because they have some papers saying they are shareholders of ABIB, that after we fix it they can come back and say it's their bank," Prime Minister Browne added. About ABI Antigua and Barbuda Investment Bank, the flagship of the ABI Financial Group, has been in operation for just over 21 years, having opened on March 1, 1990, when it acquired the collapsed Fidelity Trust Bank. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 15, 2011, Caribarena Antigua News reports that the Antigua and Barbuda Minister of Finance, Economy, and Government Administration Harold Lovell has revealed further details on the bailout of the Antigua and Barbuda Investment Bank (ABIB) after its near-collapse in July. The government provided ABIB a $40 million bailout to prevent panic that could have resulted in the bank's collapse, according to Caribarena Antigua News. Mr. Lovell revealed that the money used for the bailout initiative came from loans the government acquired from the local banking sector. Mr. Lovell also clarified that the money pumped into ABI Bank by the government was not actually to pay off its own loan with the bank, contrary to suggestions. In early 2011, Eastern Caribbean Central Bank took over ABIB but the money for the takeover came from the government, not the ECCB, Caribarena Antigua News added. LIAT: To Hold a Meeting With Regional Union Partners ---------------------------------------------------- The Daily Observer reports that Leeward Islands Air Transport (LIAT) is to hold a meeting with its regional union partners within the next few weeks. Word of this comes from General Secretary of the Antigua Worker's Union, David Massiah, according to The Daily Observer. The report notes that on the agenda, Mr. Massiah said, will be the airline's plan to cut almost 200 members of staff and the possibility of a voluntary severance package, as suggested by the union. In February, LIAT announced plans to restructure its operations, rebasing two planes from Antigua to Barbados and sacking some 180 workers, the report relates. However, officials at the airline have been mum on the plans since then, the report notes. The report discloses that Mr. Massiah said this silence moved him to write to CEO of the company, David Evans, requesting a meeting with LIAT'S union partners across the region. "I was actually indicating to him that obviously LIAT was proceeding with its plans with regards to restructuring. We have since received a letter from the CEO indicting that that it is not so, but they do agree that there should be a meeting very shortly with all the unions in the region," the report quoted Mr. Massiah as saying. The report relays that Mr. Massiah said he has further received information from his counterparts in Grenada indicating that the meeting will be held in early May. Mr. Massiah explained that the unions had been informed of the possibility that the airline would sever a portion of its staff in November 2014, the report notes. In response, the union then suggested an employee severance package for the executive's consideration, the report relays. "That has been on the table since November. We have not been able to meet since. We have not had another regional consultation committee between LIAT and its union partners, so I felt that it was time, Mr. Massiah said, the report notes. The report relays that Mr. Massiah said several of his members, not only in Antigua, but throughout the region, have expressed interest in the severance package. However, there have been no formal discussions regarding such a package yet, the report says. "The numbers were just put on the table, but I can't say that there was much further discussion. So, we were not able to say to staff that this is the direct situation. What was given was a general position and it remains a general position until we hear otherwise," Mr. Massiah added. About LIAT LIAT, operating as Leeward Islands Air Transport, is an airline headquartered on the grounds of V. C. Bird International Airport in Antigua. It operates high-frequency inter-island scheduled services serving 21 destinations in the Caribbean. The airline's main base is VC Bird International Airport, Antigua and Barbuda, with bases at Grantley Adams International Airport, Barbados and Piarco International Airport, Trinidad and Tobago. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 2, 2014, Caribbean360.com said that chairman of the shareholder governments of the financially troubled regional airline, LIAT, operating as Leeward Islands Air Transport, Dr. Ralph Gonsalves said while he is unaware of the details regarding any possible retrenchment of employees, the airline needs to deal with its high cost of operations. The TCR-LA on March 10, 2014, citing Caribbean360.com, reported that LIAT said it will take "decisive action" to deal with unprofitable routes as the Antigua-based airline seeks to make its operations financially viable. On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday, reported that there's much upheaval at the highest levels of LIAT -- the Board and the Executive. Following the sudden resignation of Chief Executive Officer Captain Ian Brunton, David Evans replaced Mr. Brunton as chief executive officer. ================= A R G E N T I N A ================= PROVINCE OF MENDOZA: Moody's Assigns (P)Caa1 Global Scale Rating ---------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has assigned a (P)Caa1 (global scale local currency) and Baa3.ar (Argentina National Scale) ratings to the 2015 Short-Term Treasury Note Program of the Province of Mendoza. The ratings are in line with the provincial's long term local currency issuer ratings, which carry a negative outlook. The 2015 program was created by Governor's Decree N§542 of 2015 and considers a maximum issuance of ARS941.5 million. The issuances under this program will present a maximum maturity of 365 days and the total amount to be issued under this program represents approximately 2.5% of the province's 2015 expected total revenues. The assigned debt ratings reflect Moody's view that the willingness and capacity of the Province of Mendoza to honor these short-term treasury notes is in line with the provincial's long- term credit quality as reflected in the Caa1/Baa3.ar issuer ratings and the fact that the terms and conditions of these short- term notes do not significantly differentiate them from the general solvency of this province. The assigned ratings are based on preliminary documentation received by Moody's as of the rating assignment date. Moody's does not expect changes to the documentation reviewed over this period or anticipates changes in the main conditions that the notes will carry. Should issuance conditions and/or final documentation of any of the classes under this program deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. Given the negative outlook on the issuer ratings, Moody's does not expect upward pressures in the Province of Mendoza's ratings in the near to medium term. A downgrade in Argentina's bond ratings would result in a downgrade of the ratings assigned. A sharp deterioration in the province's metrics such as a rapid increase in the debt to revenues ratio could exert downward pressure on the ratings assigned and could result in a downgrade of the ratings. The principal methodology used in this rating was Regional and Local Governments published in January 2013. YPF SA: Fitch to Rate New $1.5BB Unsecured Bonds 'CCC' ------------------------------------------------------ Fitch Ratings expects to assign a rating of 'CCC' to YPF S.A.'s (YPF) proposed senior unsecured bond issuance of up to USD1.5 billion with a 10-year bullet maturity. On April 22, the company announced in the Argentine Comision Nacional de Valores (CNV) it intended to issue up to USD500 million in international bonds; however, based on increased market interest the company is now looking to issue up to USD1.5 billion. The proceeds will be used to fund fixed asset investments in Argentina and working capital requirements. The notes rank at least pari passu in priority of payment with all other YPF senior unsecured debt. The notes would be rated the same as all of YPF's senior unsecured obligations. KEY RATING DRIVERS YPF's ratings reflect its strong linkage with the credit quality of the Republic of Argentina and the company's relatively low reserve life. YPF's 'CCC' ratings are linked to the sovereign rating of Argentina, which has an 'RD' foreign/local currency Issuer Default Ratings (IDR). Fitch has assigned a country ceiling of 'CCC' to the Republic of Argentina, which limits the foreign currency rating of most Argentine corporates, including YPF to 'CCC'. Country ceilings are designed to reflect the risks associated with sovereigns placing restrictions upon private sector corporates, which may prevent them from converting local currency (LC) to any foreign currency (FC) under a stress scenario, and/or may not allow the transfer of FC abroad to service FC debt obligations. Key concerns of corporates domiciled in Argentina include high inflation, government meddling, economic uncertainty, and limited access to debt markets especially after the country's recent default. LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with the Republic of Argentina resulting from the company's ownership structure as well as recent government interventions. The Republic of Argentina controls the company through its 51% participation after it nationalized the company on April 2012. Following this action, the company's strategy and business decisions are governed by the Republic of Argentina. LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's relatively weak, though improving, operating metrics characterized by low reserve life. As of year-end 2014, YPF reported proved reserves of 1,212 million barrels of oil equivalent (boe) and average production of 560,100 boe per day (44% crude oil). In 2014, proved reserves grew by a healthy 12% year-over-year rate, with a 163% reserve replacement rate. Based on production trends, the company's reserve life is below-optimal at approximately six years. This factor could create significant operational challenges in the medium to long term, and justifies the company's ramped up capex program to increase upstream reserves/production. IMPROVING PRODUCTION: The company's average production of 560,100 boe in 2014 was up nearly 14% year-over-year, driven in large part by 25% growth in natural gas production. Given the company's ambitious capital expenditure program, Fitch expects the company to continue to grow production in 2015. Production in the fourth quarter of 2014 showed an accelerating trend as it averaged 582,800 boe per day, which is 13% higher than 4Q'13 figures. Both crude oil and natural gas production have steadily grown on a quarterly basis helped in large part by the steady growth in tight gas and shale oil production. After only two years, the Loma Campana shale oil field is the second largest producing field in Argentina with gross production increasing from 7,900 boe/day in 1Q'13 to 41,200 boe/day in January 2015. STRONG BUSINESS POSITION: Fitch expects the company to continue to solidify its market leadership in Argentina. YPF benefits from a strong business position supported by its vertically integrated operations and dominant market presence in the Argentine hydrocarbons' market. Fitch anticipates that YPF will continue to exercise an active role in domestic fuel and gas supply. In the downstream segment, the company benefits from relatively high prices for refined products in Argentina, as domestic sales of refined products grew by 6% for the year allowing YPF to increase its market share of gasoline sales to nearly 58% (from 55% in 2013) and diesel sales to 60% (from 58%). ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid credit protection metrics, characterized by moderate leverage and a manageable debt amortization schedule. For the full-year 2014 period, total financial leverage, as measured by total debt-to- EBITDA, reached 1.2x, which is considered low for the assigned rating. YPF's total debt-to-total proved reserves ratio was solid at USD4.7 per boe. Total cash and equivalents amounted to approximately USD1.1 billion as of Dec. 31, 2014, which is equivalent to 74% of short- term debt totalling USD1.5 billion. In the first quarter of 2015, the company's cash position was strengthened via international and domestic debt issuances totaling approximately USD600, meaning short-term debt is covered by more than 100% of YPF's cash position. TARGET LEVERAGE OF 1.5x: Total debt as of the fourth quarter of 2014 amounted to approximately USD5.7 billion. EBITDA for 2014 was approximately USD4.9 billion, which is up 18% on a year-on-year basis, though Fitch is conservatively assuming flat EBITDA trends in 2015. During recent years, the company's leverage has been moderately increasing; mostly as a result of increases in debt to fund the company's ramped up capital expenditure program. Fitch believes leverage could increase to the 1.5x - 2x level in the near to medium term given YPF's ambitious 2013-2017 USD28- USD30 billion capex program. This would put the company above its conservative long-term target of 1.5x, though these leverage levels are still considered moderate for the rating category. Incorporating the proposed bond issuance (conservatively assuming USD1.5 billion) and 1Q15 debt issuances (approximately USD 600 million), the company's December 2014 leverage ratio would rise to 1.6x on a pro forma basis. RATING SENSITIVITIES YPF's ratings could be negatively affected by a combination of the following: a downgrade of the Republic of Argentina's ratings; a significant deterioration of credit metrics; and/or the adoption of adverse public policies that can affect the company's business performance in any of its business segments. A positive rating action in the short to medium term is considered unlikely given the linkage with sovereign credit quality, and Argentina's current sovereign restricted default rating. =========== B R A Z I L =========== AMERICA LATINA: Moody's Puts 'Ba3' CFR on Review for Downgrade -------------------------------------------------------------- Moody's America Latina placed America Latina Logistica (ALL)'s Ba3/A3.br corporate family and senior unsecured ratings under review for downgrade. The review will focus on ALL's new management strategy, its revised business plan and the company's perceived ability to improve credit metrics over the next couple of years. Ratings placed under review as follows: Issuer: ALL - America Latina Logistica S.A. ("ALL") -- Corporate Family Rating: Ba3 (global scale); A3.br (national scale) -- BRL500 million senior unsecured debentures with final maturity in 2016: Ba3 (global scale); A3.br (national scale) -- BRL270 million senior unsecured debentures final maturity in 2018: Ba3 (global scale); A3.br (national scale) "The review of ALL's ratings was triggered by the release of very weak 2014 year-end results as a consequence of restatements and asset impairments, leading to increased leverage and covenant breaches, as well as concerns regarding the company's ability to improve its weaker than expected operating and financial performance going forward ", says Moody's Vice President and lead analyst for the company, Marcos Schmidt. "The review process will focus on Moody's assessment of the new management strategy, the company's revised investment plan, and estimates for its credit metrics over the next couple of years, especially leverage ratios, debt profile and free cash flow generation ", added Schmidt. After the merger with Rumo, approved in March 2015, ALL made adjustments and corrections of previous financial statements and changed accounting practices that resulted in the impairment of assets that totaled BRL 1.1 billion in 2014. As a result, Moody's adjusted total debt to EBITDA reached 7.9x in the end of 2014 from 5.2x in the LTM ended September 2014. Moreover, ALL did not comply with some financial covenants that included maximum leverage ratios. According to the company, it received waivers from creditors for the alterations resulting from the merger, as well as for most of the cross-defaulted debt related to the debentures from the 8th and 9th issuances. ALL also informed the market that it has negotiated a BRL 1.4 billion line of credit with 3 years tenor for the eventual repayment of the debentures. ALL is the largest independent rail-based logistics operator in Brazil. The company's rail operations comprise four long-term rail concessions, totaling 13,000 kilometers of rail tracks, 1,000 locomotives and 28,000 railcars, through which the company transports agricultural commodities and industrial products. Additionally, ALL develops the intermodal logistic of containers and related storage services through Brado Logistica. In the fiscal year ended December 2014, ALL had net revenues of BRL 3.7 billion and adjusted EBITDA of BRL 1.67 billion. The principal methodology used in these ratings was Global Surface Transportation and Logistics Companies published in April 2013. SCHAHIN OIL: Fitch Cuts Currency Issuer Default Ratings to 'D' -------------------------------------------------------------- Fitch Ratings has downgraded the foreign and local currency Issuer Default Ratings (IDRs) for Schahin Oil & Gas Ltd. (Schahin) to 'D' from 'C' following the company's bankruptcy filing. KEY RATING DRIVERS Fitch's rating action reflects Schahin's request for bankruptcy protection after unsuccessful attempts to obtain new financing to operate, and extend its debt maturity profile schedule. The situation has been aggravated by the ongoing Lava-Jato investigations related to the Engineering and Construction (E&C) subsidiary of the group, Schahin Engenharia S.A., and the group's temporary ban from participating in new contracts with Petrobras. KEY ASSUMPTIONS -- Fitch assumes the court will accept Schahin's bankruptcy filings. RATING SENSITIVITIES The company's ratings reached the lowest level in Fitch's rating scale. An upgrade is unlikely at this time given the group's bankruptcy protection filling. ========================== C A Y M A N I S L A N D S ========================== ANTHRACITE BALANCED: Members' Final Meeting Set for May 6 --------------------------------------------------------- The members of Anthracite Balanced Company (JR-52) Limited will hold their final meeting on May 6, 2015, at 9:15 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Andrew Nembhard Telephone: (345) 914 8779 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands ARES ENHANCED: Creditors' Proofs of Debt Due May 17 --------------------------------------------------- The creditors of Ares Enhanced Credit Opportunities Fund Ltd. are required to file their proofs of debt by May 17, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 9, 2015. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CITADEL DERIVATIVES: Creditors' Proofs of Debt Due May 17 --------------------------------------------------------- The creditors of Citadel Derivatives Trading Ltd. are required to file their proofs of debt by May 17, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 9, 2015. The company's liquidator is: Marc Randall c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands CITADEL SECURITIES: Creditors' Proofs of Debt Due May 10 -------------------------------------------------------- The creditors of Citadel Securities International Holdings Ltd. are required to file their proofs of debt by May 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 8, 2015. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands ELM RIDGE: Shareholder to Hear Wind-Up Report on May 15 ------------------------------------------------------- The shareholder of Elm Ridge Value Partners Offshore Institutional Fund Inc. will hear on May 15, 2015, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Anna Yonge IMS Liquidations Ltd Telephone: (345) 949-4244 Facsimile: (345) 949-8635 P.O. Box 61 Harbour Centre, George Town Grand Cayman KY1-1102 Cayman Islands LATAM CONSULTING: Creditors' Proofs of Debt Due May 10 ------------------------------------------------------ The creditors of Latam Consulting Services Alpha Limited are required to file their proofs of debt by May 10, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 8, 2015. The company's liquidator is: Mervin Solas c/o Maples Liquidation Services (Cayman) Limited P.O. Box 1093, Boundary Hall Grand Cayman KY1-1102 Cayman Islands MARQUEE 2004-1: Creditors' Proofs of Debt Due May 19 ---------------------------------------------------- The creditors of Marquee 2004-1 Ltd. are required to file their proofs of debt by May 19, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 15, 2015. The company's liquidator is: Maples Liquidation Services (Cayman) Limited Grand Cayman KY1-1102 P.O. Box 1093 Cayman Islands Boundary Hall SOFTWARE (CAYMAN): Creditors' Proofs of Debt Due May 8 ------------------------------------------------------ The creditors of Software (Cayman) GP Ltd. are required to file their proofs of debt by May 8, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 15, 2015. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Georgina Lowry Telephone: +1 (345) 949-4800 Facsimile: +1 (345) 949-7164 TIGER GLOBAL VII: Creditors' Proofs of Debt Due May 8 ----------------------------------------------------- The creditors of Tiger Global PIP V China Holdings VII, Ltd. are required to file their proofs of debt by May 8, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 13, 2015. The company's liquidator is: Gregory Seidell c/o Campbells, Floor 4 Willow House, Cricket Square Grand Cayman KY1-1103 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 TIGER GLOBAL VIII: Creditors' Proofs of Debt Due May 8 ------------------------------------------------------ The creditors of Tiger Global PIP V China Holdings VIII, Ltd. are required to file their proofs of debt by May 8, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 13, 2015. The company's liquidator is: Gregory Seidell c/o Campbells, Floor 4 Willow House, Cricket Square Grand Cayman KY1-1103 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 ============= J A M A I C A ============= CARIBBEAN CEMENT: To Replace General Manager -------------------------------------------- RJR News reports that Caribbean Cement Company Limited confirmed it will be replacing General Manager Anthony Haynes at the end of the month. The company in a release, said Mr. Haynes, who has been general manager at Caribbean Cement since January 2002 will demit the post Thursday, April 30. The report notes that Mr. Haynes goes on to be a consultant with Caribbean Cement's parent company, TCL Group, for the next six months. At Caribbean Cement, he is to be replaced by Alejandro Vares who will take up the post on May 4, the RJR News relays. The report notes that Mr. Vares is currently interim Country Manager of CEMEX, Costa Rica. The shake-up at Carib Cement has been expected since the CEMEX struck a deal to become the largest shareholder of the TCL Group, the report relates. Headquartered in Rockfort Kingston, Jamaica, Caribbean Cement Company Limited manufactures and sells cement. The company is a subsidiary of Trinidad Cement Limited. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 18, 2014, RJR News disclosed that company said it racked up a loss of $89 million in the three months to the end of June, compared to a $359 million profit in the corresponding period a year ago. The report noted that Caribbean Cement said the loss was due to the shutdown of a clinker line to facilitate maintenance work. According to a TCRLA report on Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited suffered a consolidated loss of J$137 million for the first six months of 2013 down from J$1.2 billion during the corresponding period last year, according to RJR News. The report related that the loss resulted from J$701 million of non-cash foreign exchange losses compared to J$136 million in 2012. UC RUSAL: Contemplates Further Cuts in Aluminum Production ----------------------------------------------------------- RJR News reports that UC Rusal, the Russian aluminum producer with global reach, which has a major stake in Jamaica's mining sector, is reviewing its aluminum smelting operations and may idle a further 200,000 tons of capacity. UC Rusal, which has cut capacity by 800,000 tons in the last two years, said its first quarter aluminum production came in at 900,000 tons, according to RJR News. This was down two per cent on the previous quarter, but up two per cent on a year ago, the report relates. The Hong Kong-listed company said it expected production this year to be flat, the report notes. The report discloses that UC Rusal has announced that it is considering shuttering some production due to the weak price outlook and a desire to shift production to cleaner energy sources. The company is looking to have almost all of its production using electricity from hydroelectric power plants, the report relates. Jamaica UC Rusal is the dominant owner of bauxite and alumina capacity in Jamaica, but much of that capacity has been idle for the last six years, with only the Windalco Ewarton plant in operation during this period, the report says. Late last year, the company announced it would resume operations at the Alpart plant at Nain in St. Elizabeth, starting with the mining and shipping of bauxite, the report recalls. * * * As reported in the Troubled Company Reporter-Latin America on March 31, 2014, RJR News said that UC Rusal reported a massive increase in net losses for 2013. This was due mainly to a large impairment cost and one-off restructuring charges combined with lower production and a fall in aluminum prices. The report said the company reported a net loss of US$3.2 billion. It suffered a US$528 million loss in 2012. ============= U R U G U A Y ============= BANCO DE LA NACION: Fitch Affirms 'CCC' LT Issuer Default Ratings ----------------------------------------------------------------- Fitch Ratings has affirmed Banco de la Nacion Argentina's (Sucursal Uruguay) (BNAUY) foreign currency (FC) and local currency (LC) long-term Issuer Default Ratings (IDRs) at 'CCC'. Fitch has also affirmed its Support Rating (SR) at '5'. KEY RATING DRIVERS - IDRS & SUPPORT RATING BNAUY's IDRs are aligned with the Republic of Argentina's sovereign ratings as it is an integrated branch of Banco de la Nacion Argentina (BNA), fully owned by the Argentine government. BNA's liabilities (including its branches abroad) are guaranteed by the sovereign. Argentina's sovereign FC IDR of 'RD' reflects the current default status of certain debt securities affected by a court ruling. However, in Fitch's view, Argentina's payment capacity for its LC and FC debt securities issued under Argentina's Law is 'CCC'. BANUY's support rating of '5' considers that external support, although possible, cannot be relied upon given Argentina's weak credit profile. BNAUY is the smallest bank in Uruguay. As of Dec. 31, 2014, the bank has a 0.76% and 0.82% share of total assets and deposits of private banks, respectively. BNAUY's main function is to facilitate foreign trade between Argentina and Uruguay. BNA's creditworthiness is intrinsically aligned with that of the sovereign, given the existing explicit guarantee and its systemic importance. BNA is the largest commercial bank in Argentina, with 30% deposit and 19% loan market shares, with the largest nationwide coverage, and is a leader in most business lines. RATING SENSITIVITIES - IDRS & SUPPORT RATING BNAUY's ratings are sensitive to changes in Argentina's sovereign rating and/or willingness to provide support to BNA and its branches. Fitch has affirmed the following ratings: BNAUY: -- Long-term foreign currency IDR at 'CCC'; -- Long-term local currency IDR at 'CCC'; -- Support rating at '5'. HSBC BANK: Fitch Affirms 'b+' Viability Rating ---------------------------------------------- Fitch Ratings has affirmed HSBC Bank (Uruguay) S.A.'s foreign currency (FC) Issuer Default Rating (IDR) at 'BBB+' and its local currency (LC) IDR at 'A-'. In addition, Fitch has affirmed the bank's Support rating (SR) at '2' and its Viability Rating (VR) at 'b+'. KEY RATING DRIVERS - IDRS & SUPPORT RATING HSBC Uruguay's LC and FC IDRs, as well as its SR are driven by the strong ability and propensity of its ultimate parent, HSBC Holdings plc (HSBC, rated 'AA-'/Stable Outlook/VR 'aa-') to provide support to HSBC Uruguay, if it would be required. HSBC Uruguay's FC IDR of 'BBB+' is at the country ceiling, while its LC IDR of 'A-' is two notches above that of the Uruguayan sovereign rating. Even though the Uruguayan bank does not operate in a core market for HSBC, HSBC Uruguay's IDRs and SR remain linked to those of its ultimate parent, reflecting Fitch's view that there is a high probability of support due to reputational considerations and the potential negative impact this could have on other subsidiaries. Additionally, Fitch affirmed HSBC Uruguay's Support Rating at '2' as required support would be immaterial relative to ability of parent to provide it. Given the above, it is expected that HSBC Uruguay would receive timely support from its parent, if required. The above also is supported by the decision of HSBC to maintain its operations in Uruguay. The Stable Outlook on the IDRs is in line with that of the bank's parent, HSBC Holdings. RATING SENSITIVITIES - IDRS & SUPPORT RATING HSBC Uruguay's foreign currency IDR is limited by the country ceiling, while its LC IDR is two notches above the sovereign rating in local currency. Additional rating actions on HSBC Uruguay's IDRs are subject to changes in the sovereign rating. Changes in its controlling shareholder's ability or willingness to provide support would also negatively affect HSBC Uruguay's ratings, but these scenarios are unlikely. KEY RATING DRIVERS - VR HSBC Uruguay's small franchise and low capitalization highly influence its VR. Fitch also considered the bank's low, though improving, profitability and relatively high loan and deposits concentrations in evaluating HSBC Uruguay's intrinsic financial profile. The bank's operating revenues have grown along with its expansion since 2008. In 2014, HSBC Uruguay's performance continued its growth trend, driven by rising activity levels that generated higher operating income and the revenue derived from effects of depreciation of the exchange rate on the bank's dollar position that offset negative inflation adjustments. Since 2012, ROE and ROA ratios have improved steadily from negative figures reported in 2011. The bank's loan quality indicators have historically been sound, underpinned by its corporate nature, accelerated growth and the favorable performance of the economy in recent years. The stock of non-performing loans (NPLs, credits with more than 60 days overdue) represented only 0.53% of the total portfolio at December 2014, below the average of private-sector Uruguay banks. The bank's loan loss reserve coverage has historically been very high. The upswing in loans in recent years means that the portfolio, though still highly concentrated, has gradually become more diverse. As of Dec. 31, 2014, the 10 largest borrowers represented 14% of total loans (1.5x the bank's Tier I equity) compared with 17% in 2013. This concentration is normal given the corporate profile of the bank's clientele, and it will probably become more diversified as loan activity expands among SMEs. The bank's capitalization ratios are low, partly due to the HSBC Group's capital allocation policy that allows subsidiaries to work with minimal regulatory capital levels. HSBC Holdings injected capital into the bank several times from 2008 to 2010 and took on USD17 million in subordinated debt (at a 10-year term) through several HSBC Group subsidiaries. Even in March 2014, when the bank was for sale, the group injected USD10 million of capital. As of Dec. 31, 2014, HSBC Uruguay's Fitch Core Capital (FCC) ratio was 8.16% and tangible equity-to-tangible assets was 6.04%. These metrics have remained at those levels due to constant capital contributions made by the group. Fitch anticipates that capital ratios will decline over the medium term as credit continues to expand. However, the agency believes that the bank will continue to receive the capital it needs to finance its expansion and maintain its regulatory capital at the minimum level required. HSBC Uruguay's funding and liquidity are generally stable, although there are material funding concentrations. The bank's main source of funding is deposits from the non-financial sector, which accounted for 77.4% of assets as of December 2014 and has expanded considerably in recent years. The bank's liquidity is ample but declining as a result of the aggressive loan growth. As of December 2014, liquid assets (cash and equivalents and loans to the financial sector) represented 37.9% of deposits and short-term funds. While HSBC Uruguay operates with mostly short-term funding, its ample liquidity, backing from its shareholder, and the relatively short-term nature of its loan portfolio help to mitigate liquidity risk. As in the rest of the Uruguayan financial system, the bank's assets and liabilities are highly dollarized (79.1% and 77.9%, respectively). While dollarization is on the decline (2013 levels were 81.7% and 81.5%, respectively), Fitch believes that it will remain high over the long term due to the nature of the Uruguayan economy and the type of clientele served by HSBC Uruguay. While HSBC Uruguay's open foreign exchange positions are usually high, resulting in volatile earnings, it is the shareholder's policy to hold the bank's equity in dollars. RATING SENSITIVITIES - VR HSBC Uruguay's VR could eventually be upgraded if the bank achieves FCC ratios of above 9% through sustainable earnings and profitability, i.e. sustains operating ROA ratios above 1%. Better diversification of the bank's balance sheet would also be positive for creditworthiness. In turn, the bank's VR could be negatively affected if the bank fails to sustain recent improvements in profitability metrics, operating ROAs below 1%, and FCC ratios below 7.5%. Fitch has affirmed the following ratings: HSBC Uruguay: -- Long-term Foreign Currency IDR at 'BBB+'; Outlook Stable; -- Long-term Local Currency IDR at 'A-'; Outlook Stable; -- Support rating at '2'; -- Viability rating at 'b+'. SCOTIABANK URUGUAY: Fitch Affirms 'bb-' Viability Rating -------------------------------------------------------- Fitch Ratings has affirmed Scotiabank Uruguay S.A.'s (Scotiabank Uruguay) Viability Rating (VR) at 'bb-'. Fitch has also affirmed Scotiabank Uruguay's foreign currency (FC) and local currency (LC) long-term Issuer Default Ratings (IDRs) at 'BBB+' and 'A-', respectively. The Support Rating (SR) was affirmed at '2'. The long-term Rating Outlook is Stable. KEY RATING DRIVERS - IDRS & SUPPORT RATING Scotiabank Uruguay's IDRs and SR are driven by its ultimate parent, Bank of Nova Scotia (BNS, rated 'AA-' Stable Outlook), ability and propensity to provide support, if would be required. Fitch considers Scotiabank Uruguay as an important subsidiary for its parent while it benefits from strong synergies with BNS. In Fitch's view, Uruguay will remain as a strategic market for BNS, enhanced by the recent announcement of the acquisition of Discount Bank. Following the planned merger with Discount Bank, Scotiabank Uruguay will stand as the third largest private bank in the country. RATING SENSITIVITIES - IDRS & SUPPORT RATING Scotiabank Uruguay's FC IDR is capped by the country ceiling while its local currency IDR is two notches above the sovereign rating in local currency. Hence, positive rating actions are contingent upon upgrades in Uruguay's sovereign rating. In turn, changes in Scotiabank Uruguay's shareholder's ability or willingness to provide support could negatively affect its ratings. KEY RATING DRIVERS - VR The bank's VR considers its improved profitability and capitalisation ratios, though they remain lower than those of its closest peers. The VR is also underpinned by the bank's ample liquidity and growing franchise while it is tempered by the below- average asset quality metrics. Fitch believes the expected acquisition of Discount Bank fits well into Scotiabank Uruguay's current business model and could allow potential cross-sales. The acquisition should contribute to customer and funding diversification. As of end-2014, Discount's loan portfolio accounted for 28.5% of Scotiabank Uruguay's total loan portfolio and 65.2% of total deposits. Discount will also add 17 branches, 260 employees and a strong network of payroll payments. In Fitch's view, Scotiabank Uruguay's capital ratios could stabilize in 2015, following a relevant improvement in the past year (Fitch Core Capital [FCC] 2014: 9% vs. 2013: 7.6%). The positive trend in the bank's operating performance will also contribute in this regard. The acquisition of Discount Bank will not materially affect Scotiabank Uruguay's capital position as BNS is expected to finance the transaction and inject fresh capital to absorb future expenses related to the transaction. Sixty-day non-performing loan (NPL) ratios remained above domestic private bank's averages; however, the bank has been able to contain further deterioration through recurrent loan sales and a consistent charge-off policy (1.33% of average loans). As of Dec. 31, 2014, NPLs represented 2.6% of the total loans and 4.4% without the effect of the sale of the loan portfolio (2.3% and 3.6%, respectively, at end 2013). Fitch expects Scotiabank Uruguay's delinquency levels will continue to be relatively high considering its greater focus on retail loans compared to other banks in the Uruguayan financial system. Positively, Scotiabank Uruguay has a good level of loan loss reserves (LLR) that Fitch believes will remain stable. LLR covers 4.65% of total loans and 176% of nonperforming loans. Obligor concentrations are moderate, with the 10 largest borrowers representing 8.7% of total loans. Scotiabank Uruguay shows a growing, diversified, and stable funding structure. The bank's liabilities are largely made up of deposits, which have grown close to 20% over the last two years. While Scotiabank Uruguay operates on mostly short-term funding, its ample liquidity, relatively short-term nature of its loan portfolio, and potential for support from BNS, facilitates ALM. RATING SENSITIVITIES - VR Scotiabank Uruguay's VR could eventually be upgraded if the bank is able to sustain its recent improvements in profitability (i.e. operating ROAA of around 1% and FCC ratio above 9%). NPL ratios below 3% would also be positive for the rating. In turn, the VR could be negatively affected if Scotiabank Uruguay shows sustained operating ROAAs below 1% and FCC ratios below 8%. NPL ratios above 3% would also be negative for the rating. PROFILE Scotiabank Uruguay is a universal bank and has a mid-sized franchise in the retail and SMEs segments. Scotiabank Uruguay is the fourth largest private bank in terms of loans and deposits, with a market share of 12.1% and 11.0% for end-2014, respectively. Fitch affirmed Scotiabank Uruguay's ratings as follows: -- Long-term FC IDR at 'BBB+', Outlook Stable; -- Long-term LC IDR at 'A-', Outlook Stable; -- SR at '2'; -- VR at 'bb-'. ====================== P U E R T O R I C O ====================== AES PUERTO RICO: Fitch Puts 'CC' Bond Ratings on Watch Negative --------------------------------------------------------------- Fitch Ratings has maintained the following AES Puerto Rico L.P. (AES PR) securities issued through the Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority on Rating Watch Negative: -- $161.87 million cogeneration facility revenue bonds, series A (tax-exempt bonds) due June 2026 at 'CC'; -- $33.1 million cogeneration facility revenue bonds, series B (taxable bonds) due June 2022 at 'CC'. KEY RATING DRIVERS The 'CC' rating reflects Fitch's view of the credit quality of the Puerto Rico Electric Power Authority (PREPA). PREPA is the revenue counterparty under AES PR's power purchase agreement. PREPA's 'CC' rating and Negative Watch constrain the rating of AES PR. Contracted Revenue Profile - Revenue Risk: Weaker The 25-year tolling-style power purchase agreement (PPA) with a non-investment-grade counterparty effectively mitigates some risk of exposure to capacity price, energy margin, and dispatch risks throughout the debt term, subject to project availability and heat rates. However, concerns loom regarding the offtaker's ability to make future contractual payments. Improving Operations - Operation Risk: Weaker AES-PR has historically been susceptible to forced outages that have reduced availability and capacity payments. Further, the operating cost profile has exceeded original estimates. However, management has taken a proactive approach to limit future forced outages with encouraging initial results. Manageable Supply Risk - Supply Risk: Midrange Fuel supply risk is mitigated by a three-year, fixed-price fuel supply agreement sufficient to meet the project's expected fuel requirements. The short term of the agreement is mitigated by the historical precedence for renewal and liquid market for coal. Fuel price risk is mitigated by the tolling-style PPA, subject to heat rates. Ash inventory is actively managed by the project via the sale of its various ash products. AES-PR's efforts have helped to offset near-term ash disposal concerns, but cash flow uncertainty is heightened without a permanent solution. Weaker Debt Structure - Debt Structure: Weaker The project's bonds are fixed-rate and mature within the PPA term, but have back-loaded amortization profiles. The equity distribution, leverage, and debt service reserve provisions are consistent with standard project finance structures. AES-PR does not have O&M or major maintenance reserves, which increases the importance of operational stability and heightens the project's reliance on other sources of liquidity. Approximately 55% of the total debt outstanding, including unrated bank loans, is variable rate with over 80% synthetically fixed with investment-grade counterparties. RATING SENSITIVITIES Positive/Negative - Counterparty Rating: The rating is currently capped by PREPA's rating. A change in PREPA's long-term rating would likely impact the rating on AES Puerto Rico. Positive - Operational Performance: Sustained improvements to plant availability or heat rate could enhance the long-term profile. TRANSACTION SUMMARY PREPA Developments: Since August 2014, PREPA and its creditors have maintained forbearance agreements to provide temporary relief related to PREPA's maturing bank lines of credit to allow for additional time for negotiations with creditors. The current agreements extend the forbearance to April 30, 2015, though the lenders have the right to terminate the forbearance at any time, with written notice to PREPA. Negotiations are ongoing though a full comprehensive public plan is not anticipated until July 15, 2015. Fitch believes that a restructuring of PREPA's debt obligations remains likely and has therefore maintained the rating of PREPA's power revenue bonds at 'CC' with a Negative Watch. At AES PR, plant operations have improved substantially and the 2014 effective forced outage rate of 1.2% was the best in the plant's history. Average heat rates have also demonstrated considerable stability in recent quarters. The sponsor attributes improved performance to a renewed commitment to fund major capital expenditures since 2012. The project has also added new agreements for fuel supply and ash management that support cash flow stability. The fuel supply agreement extends through 2017, offers more favorable and stable pricing, and provides more flexible payment terms. The ash management agreements promote the disposal of AES PR's ash products to on-island landfills for beneficial use, and are expected to be sufficient to cover all the project's ash management needs. ================================ T R I N I D A D & T O B A G O ================================ PETROTRIN: Plants Up and Running -------------------------------- Trinidad and Tobago Newsday reports that Trinidad and Tobago Energy Minister Kevin Ramnarine has observed that all of Petrotrin's plants, including its catcracker unit, were fully functional after the Pointe-a-Pierre oil refinery had undergone a $15 billion gasoline optimization program which had began in 2005/2006. "We inherited an incomplete Gasoline Optimisation plant at Petrotrin which had a cost overrun of 400 percent, but I am pleased to inform you that the refinery is fully up and running tonight as we speak the refinery is up to full capacity. All plants in the refinery especially the Catcraker is running and we have come a long way in that refinery for the past few years," the report quoted Mr. Ramnarine as saying. Mr. Ramnarine was addressing an interactive session titled "Energy and the Economy" at Achievors Hall, Duncan village, San Fernando on Thursday night, according to Trinidad and Tobago Newsday. The report notes that Mr. Ramnarine also pointed out that the People's Partnership Administration had revitalized the drilling sector which had stagnated during the PNM administration. "In 2010, there was one rig offshore and no drilling taking place in Trinmar for three years. There was little or no drilling taking place on land and many of the business here will know what I am taking about. There was a stagnating upstream sector taking place," Mr. Ramnarine added, the report notes. The report adds that Mr. Ramnarine also noted that sales of cement, which was a barometer of economic activity in the construction sector had also experienced an upswing from 2010. About Petrotrin Petroleum Company of Trinidad and Tobago is the major state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Petrotrin, giving it higher labor costs. The company operates a refinery at Pointe-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 2, 2014, Trinidad and Tobago Newsday said that in the face of falling global oil prices, which is beginning to impact on Trinidad and Tobago's earnings from its petroleum resources, Petroleum Company of Trinidad and Tobago has rolled out a plan to remain viable and to survive in the harsh global oil industry. Petrotrin said in a media release that it is forging ahead with objective cost management decisions imperative to secure its viability, according to Trinidad and Tobago Newsday. The report said Petrotrin's operations have also been severely impacted due to unfavorable margins. The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing Energy Minister Kevin Ramnarine, said Petrotrin will make a loss for its 2013 financial year. According to Mr. Ramnarine, Petrotrin was scheduled to make the loss even before the series of oil spills affecting Trinidad's southwestern peninsula since December, reports Trinidad Express. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From April 20 to April 24, 2015 ------------------------------------------------------------ Issuer Name Cpn Bid Price Maturity Date Country Curr ----------- --- --------- ------------- ------- ---- PDVSA 8.5 56.25 11/2/2017 VE USD PDVSA 8.5 66.7 11/2/2017 VE USD PDVSA 5.25 42.09 4/12/2017 VE USD Venezuela Int'l Bond 12.75 44.7 8/23/2022 VE USD Transocean Inc 6.8 73.8 3/15/2038 KY USD PDVSA 12.75 47.52 2/17/2022 VE USD Venezuela Int'l Bond 11.95 41.95 8/5/2031 VE USD CSN Islands XII Corp 7 70.25 BR USD Banco Mercantil do Brasil SA 9.62 45.5 7/16/2020 BR USD Banco do Brasil SA/Cayman 6.25 68.5 KY USD Transocean Inc 3.8 73.8 10/15/2022 KY USD MIE Holdings Corp 7.5 60.12 4/25/2019 HK USD PDVSA 9 39.5 11/17/2021 VE USD Anton Oilfield 7.5 68.85 11/6/2018 CN USD PDVSA 5.37 31.84 4/12/2027 VE USD PDVSA 6 33.15 5/16/2024 VE USD PDVSA 6 32.24 11/15/2026 VE USD PDVSA 9.75 38.25 5/17/2035 VE USD Schahin II Finance Co SPV Ltd 5.87 60.5 9/25/2022 KY USD Odebrecht Oil & Gas Finance Ltd 7 54.5 KY USD Kaisa Group Holdings Ltd 10.25 57 1/8/2020 CN USD Venezuela Int'l Bond 11.75 41.75 10/21/2026 VE USD Offshore Group Investment Ltd 7.5 57.27 11/1/2019 KY USD PDVSA 5.5 31.5 4/12/2037 VE USD PDVSA 5.12 60.25 10/28/2016 VE USD Kaisa Group Holdings Ltd 9 51.5 6/6/2019 CN USD Cimento Tupi SA 9.75 40 5/11/2018 BR USD Kaisa Group Holdings Ltd 6.87 52.12 4/22/2016 CN CNY Honghua Group Ltd 7.45 53.75 9/25/2019 CN USD Venezuela Int'l Bond 7.75 36.75 10/13/2019 VE USD Venezuela Int'l Bond 9.37 37.9 1/13/2034 VE USD Venezuela Int'l Bond 6 34.75 12/9/2020 VE USD Automotores Gildemeister SA 8.25 40.25 5/24/2021 CL USD Tonon Bioenergia SA 9.25 29.75 1/24/2020 BR USD Gol Finance 8.75 68.4 BR USD MIE Holdings Corp 6.87 68 2/6/2018 HK USD Venezuela Int'l Bond 9 37.1 5/7/2023 VE USD Venezuela Int'l Bond 7 40.95 12/1/2018 VE USD Mongolian Mining Corp 8.87 70 3/29/2017 MN USD USJ Acucar e Alcool SA 9.875 45 11/9/2019 BR USD Venezuela Int'l Bond 9.25 37.4 5/7/2028 VE USD Automotores Gildemeister SA 6.75 34 1/15/2023 CL USD Offshore Group Investment Ltd 7.12 53.95 4/1/2023 KY USD CA La Electricidad de Caracas 8.5 37 4/10/2018 VE USD Kaisa Group Holdings Ltd 8 66.2 12/20/2015 CN CNY Venezuela Int'l Bond 13.62 68 8/15/2018 VE USD Inversiones Alsacia SA 8 67.03 12/31/2018 CL USD Polarcus Ltd 2.87 51.40 4/27/2016 AE USD China Precious Metal Resources Holdings 7.25 49.83 2/4/2018 HK HKD SMU SA 7.75 71.8 2/8/2020 CL USD NQ Mobile Inc 4 65 10/15/2018 CN USD Glorious Property Holdings Ltd 13.25 63.37 3/4/2018 HK USD Schahin II Finance Co SPV Ltd 5.87 60.715 9/25/2022 KY USD BA-CA Finance Cayman Ltd 1.21 61.625 KY EUR Odebrecht Finance Ltd 8.25 74.35 4/25/2018 KY BRL BCP Finance Co 2.10 56.375 KY EUR Polarcus Ltd 8 25.5 6/7/2018 AE USD Newland International Properties Corp 9.5 38.5 7/3/2017 PA USD PSOS Finance Ltd 11.75 73.25 4/23/2018 KY USD BA-CA Finance Cayman 2 Ltd 0.69 60.5 KY EUR Polarcus Ltd 8.73 25 7/8/2019 AE NOK Inversora de Electrica de Buenos Aires SA IEBA 6.5 44.5 9/26/2017 AR USD Tonon Bioenergia SA 9.25 30.35 1/24/2020 BR USD PDVSA 8.5 66.6 11/2/2017 VE USD MIE Holdings Corp 7.5 69.5 4/25/2019 HK USD Banco do Brasil SA/Cayman 6.25 67.25 KY USD General Exploration Partners Inc 11.5 73.5 11/13/2018 CA USD PDVSA 6 32 5/16/2024 VE USD ESFG International Ltd 5.75 0.326 KY EUR USJ Acucar e Alcool SA 9.87 46 11/9/2019 BR USD Odebrecht Oil & Gas Finance Ltd 7 54 KY USD PDVSA 12.75 53.25 2/17/2022 VE USD Automotores Gildemeister SA 6.75 34.5 1/15/2023 CL USD Mongolian Mining Corp 8.87 70.25 3/29/2017 MN USD Automotores Gildemeister SA 8.25 36.31 5/24/2021 CL USD PDVSA 9 37.12 11/17/2021 VE USD Venezuela Government Int'l Bond 13.62 61.88 8/15/2018 VE USD Anton Oilfield Services Group/Hong Kong 7.5 70 11/6/2018 CN USD EDNAR 10.5 84.5 10/9/2017 AR USD Cimento Tupi SA 9.75 48 5/11/2018 BR USD Honghua Group Ltd 7.45 54.75 9/25/2019 CN USD Banco Mercantil do Brasil SA 9.625 42.625 7/16/2020 BR USD PDVSA 9.75 38.7 5/17/2035 VE USD EDNAR 9.75 74 10/25/2022 AR USD Greenfields Petroleum Corp 9 25.05 5/31/2017 US CAD CSN Islands XII Corp 7 70.47 BR USD Gol Finance 8.75 65.875 BR USD Argentina Bocon 21.875 73.73 1/4/2016 AR ARS Newland International Properties Corp 9.5 37.75 7/3/2017 PA USD Venezuela Government TICC Bond 5.25 55.36 3/21/2019 VE USD SMU SA 7.75 72.44 2/8/2020 CL USD Provincia de Tucuman Argentina 0.40 42.7 9/5/2015 AR USD Ruta del Bosque Sociedad Concesionaria SA 6.3 65.67 3/15/2021 CL CLP Cia Cervecerias Unidas SA 4 53.32 12/1/2024 CL CLP Cia Sud Americana de Vapores SA 6.4 54.31 10/1/2022 CL CLP Provincia del Chaco 4 68.01 12/4/2026 AR USD Talca Chillan Sociedad Concesionaria SA 2.75 48.77 12/15/2019 CL CLP Venezuela Government Int'l Bond 7.65 34.5 4/21/2025 VE USD Venezuela Government Int'l Bond 7 35 3/31/2038 VE USD Decimo Primer Fideicomiso de Bonos de Pres 4.54 66.5 10/25/2041 PA USD Venezuela Government Int'l Bond 13.62 66.12 8/15/2018 VE USD Venezuela Government Int'l Bond 8.25 35.4 10/13/2024 VE USD Venezuela Government Int'l Bond 9.25 40.25 9/15/2027 VE USD Empresa de los Ferrocarriles del Estado 6.5 71.4 1/1/2026 CL CLP *********** 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 2015. 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 * * *