/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150429.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, April 29, 2015, Vol. 16, No. 083 Headlines A R G E N T I N A ARGENTINA: Agrees on Framework Energy Deals With Russia PSA FINANCE: Moody's Assigns B2 Global Local Currency Debt Rating B R A Z I L BANESTES SA: Fitch Affirms 'BB' LT Currency Issuer Default Ratings HYPERMARCAS SA: Sees More Consumer Price Hikes in July C A Y M A N I S L A N D S AGRICOLA AA INVESTMENT: Creditors' Proofs of Debt Due May 18 LONG POINT: Fitch Expects to Rate Class A Notes 'BB- sf' LSP CAL EB I: Creditors' Proofs of Debt Due May 19 MILLENNIUM GLOBAL GP: Creditors' Proofs of Debt Due May 27 MILLENNIUM GLOBAL HOLDCO: Creditors' Proofs of Debt Due May 27 MILLENNIUM GLOBAL HOLDING: Creditors' Proofs of Debt Due May 27 MILLENNIUM MIDDLE EAST: Creditors' Proofs of Debt Due May 27 MILLENNIUM TMT: Creditors' Proofs of Debt Due May 27 MOUNTAIN RIDGE: Creditors' Proofs of Debt Due May 18 NOBLE CAPITAL: Creditors' Proofs of Debt Due May 18 VSJ01 HOLDING: Creditors' Proofs of Debt Due May 28 WHITETIP GLOBAL: Placed Under Voluntary Wind-Up WOODVILLE INVESTMENTS: Creditors' Proofs of Debt Due May 26 J A M A I C A JAMAICA: Faces Oppositions on Plans to Impose Cess on Sugar JAMAICA: Business Confidence at Eight-Year High, Survey Says M E X I C O MEXICO: Oil Exports Drop at 46.2% Annualized Rate in 1st Qtr. P U E R T O R I C O PUERTO RICO AQUEDUCT: S&P Lowers Rating to 'CCC+' S U R I N A M E SURINAME: Fitch Affirms 'BB-' IDR; Outlook Stable T R I N I D A D & T O B A G O TRINIDAD CEMENT: Posts TT$515 Million Revenue for First Qtr 2015 - - - - - ================= A R G E N T I N A ================= ARGENTINA: Agrees on Framework Energy Deals With Russia ------------------------------------------------------- BBC News reports that Russia and Argentina have signed a series of framework agreements on economic and energy co-operation following talks in Moscow. Argentine President Cristina Fernandez de Kirchner and Russian leader Vladimir Putin hailed their co-operation as a "comprehensive strategic partnership," according to BBC News. The report notes that the agreements include Russian investment in a hydroelectric plant and a nuclear power plant in Argentina. There was also a memorandum of co-operation on defense. Correspondents said the Kremlin is keen to boost trade relations with Latin America to offset the effects of sanctions imposed by Europe and the US over the Ukrainian crisis, the report relates. The report discloses that Argentina is looking for foreign investment as its battles US hedge funds thwarting its effort to restructure defaulted debt. Among the framework agreements was a Russian pledge to finance a hydroelectric power plant on Argentina's Neuquen River, the report notes. Russia's Rosatom nuclear corporation also agreed to build a new reactor at Argentina's Atucha 3 nuclear power plant, the report says. The report notes that Rosatom Chief Sergei Kiriyenko said he hoped the final deal would be signed by the end of the year. The report discloses that Mr. Putin said the project would bring "the latest Russian technology" to Argentina. Mr. Putin also said the two countries had agreed to expand co- operation between their defense agencies, the report relays. Mr. Putin added that Russia "supports Argentina" in its attempts to have direct talks with the UK over the disputed Falkland Islands, known in Argentina as the Malvinas, the report 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. On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. On April 22, 2015, Moody's Investors Service expanded the portion of Argentina's debt that is rated (P)Caa2. The (P)Caa2 rating reflects the higher risk of default for both Argentina's restructured foreign legislation debt (as before) and, additionally now, its restructured local legislation foreign currency obligations, as compared with the risk of default on other debt instruments issued by Argentina. Argentina's local currency debt and its non-restructured foreign currency debt are rated Caa1. The debt that remains in default since Argentina's 2001 default is rated Ca. PSA FINANCE: Moody's Assigns B2 Global Local Currency Debt Rating ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo S.A. assigned a B2 global local currency senior debt rating and an Aa2.ar local currency national scale debt rating, to PSA Finance Argentina Compania Financiera's nineteenth expected bond issuance for an amount up to AR$100 million, which will be due in 12 months. The outlook on all ratings is negative. The following ratings were assigned to PSA Finance Argentina Compania Financiera S.A.: -- AR$100 million senior unsecured debt issuance: -- B2 Global Local Currency Debt Rating -- Aa2.ar Argentina National Scale Local Currency Debt Rating Moody's explained that the local currency senior unsecured debt rating derives from PSA Finance's B2 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. PSA Finance Argentina has a Baseline Credit Assessment (BCA) of caa1 wich incorporates its key role as the financial agent for Peugeot Citro‰n Argentina S.A., as well as its solid risk management policies and good asset quality and capitalization metrics. However, the rating also captures the tight competition within the car-financing industry, its monoline business orientation and funding structure, largely wholesale. The entity is owned 50%-50% by France's Banque PSA Finance (BPF), which is rated Baa3 under review for possible upgrade, and Argentina's BBVA Banco Frances (unrated). Moody's assumes a moderate level of support from BPF to its subsidiary in Argentina in situations of stress, lifting the BCA by two notches to a global long term local currency deposit rating of B2. PSA Finance Argentina Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, with assets of Ar$2,304 million and equity of Ar$542 million as of 2014. =========== B R A Z I L =========== BANESTES SA: Fitch Affirms 'BB' LT Currency Issuer Default Ratings ------------------------------------------------------------------ Fitch Ratings has affirmed Banestes S.A. - Banco do Estado do Espirito Santo's and Banco de Brasilia S.A.'s (BRB) Long-term Foreign and Local Currency Issuer Default Ratings (IDRs), as well as their Long-term National Ratings. The Rating Outlook for the IDRs was revised to Negative from Stable. Key Rating Drivers - IDRs, National Ratings and Support Rating The rating actions reflect Fitch's expectation of the weaker financial strength of Banestes and BRB's controlling states - Espirito Santo (EES) and the Government of the Federal District (GDF) - over the next 12-24month period. This expectation follows the recent rating Outlook revision to the Federal Republic of Brazil. In Fitch's opinion, the probability of such controlling shareholders providing support to these banks, if necessary, is moderate, which results in a Support Rating of '3'. The Viability Ratings of these banks are not affected by this rating action. Banestes and BRB's IDRs and National Ratings reflect the support from their controlling shareholders. In Fitch's opinion, Banestes and BRB are strategically important for EES and GDF. Both are tax- collecting agents for their States, carry out transfers to municipalities, and are responsible for the cash management of the state. In addition, they have strong operations in state public entities to which they provide services and grant credit to suppliers and public servants, via special payroll deductible loans. EES controls 92% of Banestes' capital. The bank's activities are concentrated in EES, where it holds around 30% of the deposits and 17% of loan operations, with a network of 133 agencies, in all 78 municipalities. GDF holds 96.8% of BRB's voting shares. The bank's representativeness in the Government of the Federal District (GDF) has been gradually increasing. BRB acts as a retail commercial bank. Its activities are concentrated in the Federal District (DF), and it operates with a network of 122 agencies, which cover all DF administrative regions. Rating Sensitivities - IDRs, National Ratings and Support Rating Fitch carries out internal analysis on the State of Espirito Santo and the FD, and the ratings on Banestes and BRB, respectively, are strongly influenced by this analysis. Therefore, its ratings would be impacted by any change in these states' financial strength and/or in its willingness to provide support to these subsidiaries. The rating actions were the following: Banestes -- Long-Term Local and Foreign Currency IDRs affirmed at 'BB'; Outlook revised to Negative from Stable; -- Short-Term Foreign and Local Currency IDRs affirmed at 'B'; -- Long-Term National Rating affirmed at 'A+(bra)', Outlook Stable; -- Short-Term National Rating affirmed at 'F1(bra)'; -- Support Rating affirmed at '3'; -- Viability Rating unaffected at 'bb-'. BRB -- Long-Term Local and Foreign Currency IDRs affirmed at 'BB+(bra)'; Outlook Revised to Negative from Stable; -- Short-Term Foreign and Local Currency IDRs affirmed at 'B' -- Long-Term National Rating affirmed at 'AA-(bra)', Outlook Stable; -- Short-Term National Rating affirmed at 'F1+(bra)'; -- Support Rating affirmed at '3'; -- Viability Rating unaffected at 'bb-'. HYPERMARCAS SA: Sees More Consumer Price Hikes in July ------------------------------------------------------ Reuters reports that Brazil's Hypermarcas SA plans to raise prices in July on its consumer goods lineup for the second time this year, after gauging the impact of a stronger dollar on its costs, Chief Executive Claudio Bergamo said. Higher prices will keep pressure on consumer inflation, which rose over 8 percent in the 12 months through March to its highest in over 11 years, and test the ability of Hypermarcas SA to keep gaining market share amid slumping household demand, according to Reuters. The report notes that Brazil's biggest generic drugmaker already raised prices for its hygiene and beauty care portfolio by an average of 8 percent this month, but Mr. Bergamo told analysts on a call that the price hike had not factored in the current exchange rate. The Brazilian currency tumbled around 17 percent against the U.S. dollar in the first quarter to a nearly 12-year low, but has rebounded almost 10 percent this month, the report relates. "We need to see where the exchange rate stabilizes," Mr. Bergamo said on the conference call to discuss first-quarter earnings, notes Reuters. "We need to wait a bit, but over the course of the second quarter we'll have better visibility. Then we'll decide on the next price increase starting in July." Mr. Bergamo also reaffirmed that Hypermarcas SA would pass along to consumers a higher industrial tax rate, known as IPI, on some cosmetics, which the government announced earlier this year in an attempt to close a federal budget gap, the report notes. "The whole (cosmetics) industry will entirely pass on the IPI increase to the price of products," Mr. Bergamo said, adding that its market-leading lineup of nail polishes could actually win market share compared to more expensive rivals, the report discloses. Hypermarcas SA reported that first-quarter profit was little changed from a year earlier, as higher sales from more aggressive pricing were offset by higher costs, the report adds. Hypermarcas SA is a maker of consumer products from diapers to generic drugs. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, Fitch Ratings affirmed these ratings of Hypermarcas S.A.'s: -- Long-term foreign currency Issuer Default Rating (IDR) at 'BB+'; -- Long-term local currency IDR at 'BB+'; -- Senior unsecured notes due in 2021 at 'BB+'; ========================== C A Y M A N I S L A N D S ========================== AGRICOLA AA INVESTMENT: Creditors' Proofs of Debt Due May 18 ------------------------------------------------------------ The creditors of Agricola AA Investment Company are required to file their proofs of debt by May 18, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 7, 2015. The company's liquidators are: Susan Craig Jo-Anne Stephens CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands LONG POINT: Fitch Expects to Rate Class A Notes 'BB- sf' -------------------------------------------------------- Fitch Ratings expects to rate the series 2015-1 principal at-risk variable rate notes issued by Long Point Re III Re Ltd., a Cayman Islands exempted company licensed as a Class C insurer, as follows: -- Class A notes expected to mature May, 2018 'BB- sf'; Rating Outlook Stable. Neither the principal amount nor the risk interest spread has been determined. TRANSACTION SUMMARY The series 2015-1 notes provide three years of indemnity, per occurrence coverage to various insurance subsidiaries or affiliates of the Travelers Companies, Inc. (Travelers) (IDR 'A+'; Stable Outlook by Fitch) for Tropical Cyclone, Earthquake, Severe Thunderstorms and Winter Storm events. The Covered Area is restricted to the northeast U.S. that includes Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Virginia and Vermont. The Total Insured Limit of the Subject Business for Tropical Cyclone is about $1.4 trillion and is split 61% personal insurance and 39% commercial insurance (based on the Initial Data excluding non-modeled exposures). Within the commercial business, 12.9% is classified as First Party - National Property which may pay for business interruption losses. Over 41% of the commercial business has a Total Replacement Cost in excess of $20 million. However, with respect to each insured, the maximum amount of losses to be included in 'Losses', whether paid or as loss reserves, is initially limited to $20 million (Initial Single Risk Cap). This limit may be increased to no more than $40 million upon any Reset. The effective Reset dates will occur in May, 2016 and May, 2017 where AIR Worldwide, as the Reset Agent, will rerun the Escrow Model with updated data provided by Travelers. Travelers may elect to lower the Expected Loss to any level but may not increase the Expected Loss above the Maximum Expected Loss of 1.606%. The Risk Interest Spread will be adjusted to reflect any changes in the risk profile but subject to a Minimum Risk Interest Spread. The 2015-1 notes are exposed to principal loss if a Covered Event exceeds $2.0 billion in covered losses. The Loss Amount may be lowered if Travelers Retained Share is less than 10%. The notes are totally exhausted if the Loss Amount exceeds $2.5 billion. In the calculation of the Ultimate Net Loss, there is a Growth Limitation Factor which is the lesser of 1.0 and the ratio of the Growth Allowance Factor (1.10) and the Actual Growth Factor. Unlike some other deals that Fitch has rated, loss adjustment expenses are excluded from the Ultimate Net Loss. On a historical basis, Travelers have not experienced any actual natural catastrophe losses that would have triggered a loss event on this class of notes. Only as a point of reference, Travelers reported total case incurred losses of $1.6 billion for Hurricane Katrina (which included areas outside the Covered Area of this note) and $0.8 billion for Superstorm Sandy. Likewise, the largest winter storm event in 2014 was less than $150 million. These reported losses were not limited by the Single Risk Cap mentioned above. The notes may be extended up to 12 additional quarters if certain qualifying events occur; however, they are not exposed to any further catastrophe events during this extension period. The Final Extended Redemption Date will be May 2021. The interest spread may be reduced if a covered event occurs. At any time, the notes may be redeemed due to listed Early Redemption Events such as clean-up events or regulatory and tax law changes and also includes an option for Travelers to call the 2015-1 note (subject to an additional repayment amount). The repayment of the notes to the note holders occurs subsequent to any qualified payments to Travelers for covered events. Note holders have no recourse against Travelers. KEY RATING DRIVERS The rating is based on the evaluation of the natural catastrophe risk, the counterparty risk of Travelers, the credit risk of the permitted investments and the structural integrity of the transaction. The natural catastrophe risk represents the lowest rating amongst the three risk segments and currently drives the final rating of the notes. The rating analysis in support of the evaluation of the natural catastrophe risk is highly model-driven. As with any model of complex physical systems, particularly those with low frequencies of occurrence and potentially high severity outcomes, the actual losses from catastrophic events may differ from the results of simulation analyses. Fitch is neutral to any of the major catastrophe modeling firms chosen by the issuer to provide the model analysis, and thus Fitch did not include any explicit margins or qualitative haircuts to the probability of loss metric provided by the modeling firm. AIR Worldwide Corporation (AIR) provided the risk analysis using their proprietary software and risk models implemented in Touchstone 2.0.2 and Catrader 16.0 which includes the U.S. versions of its Hurricane Model (version 16.0), Earthquake Model (version 9.1), Severe Thunderstorm Model (version 7.0) and Winter Storm Model (version 1.7). These models will be escrowed and used by AIR in determining any future annual reset. AIR has stated that there will be updates to the Hurricane Model in the summer of 2015 but has not indicated if there would be any favorable (or unfavorable) impact on the risk analysis of the notes. Based on fifty thousand simulations, the one-year attachment probability for the 2015-1 notes was 1.276%. This corresponds to implied ratings of 'BB-' using Fitch's ILS Calibration Matrix with a one year time to risk maturity assumption. A sensitivity test performed by AIR reflecting the impact of elevated sea surface temperatures produced a Modeled Trigger Probability of 1.35% which would not change the implied rating. Results from other third- party modeling firms or from Travelers were not provided that could indicate different levels of attachment probability. Note holders are exposed to this basis risk or the difference between actual losses incurred by Travelers and the AIR modeled losses. Nearly 83% of the Modeled Trigger Probability is attributable to Tropical Cyclones. Severe Thunderstorms represent almost 12%, while Earthquake and Winter Storms represent 5% and 1%, respectively. This reflects the 'per occurrence' trigger feature of the 2015-1 notes where a significant event needs to occur versus multiple aggregate events. In addition, historical data surrounding northeast U.S. earthquake is limited. As can be expected, the State of New York accounts for the largest modeled expected loss at 36% with Connecticut and New Jersey each representing 14.0%. The AIR Risk Analysis did not include the potential 1.10 Growth Limitation Factor. It included both economic demand surge and storm water surge. Secondary perils of fire following earthquakes and sprinkler leakage were included. The data quality and detail provided to AIR appears robust. During the annual reset process, Travelers may lower the Updated Modeled Expected Loss to any level but is limited to raising it to 1.606%. Fitch's implied rating calibration matrix is dependent on the Trigger Probability (or first-dollar loss); consequently, we cannot estimate at this time if there would be any rating impact if the expected loss was raised to its maximum. Long Point III Re is reliant on the counterparty credit risk of Travelers to make periodic payments for the Risk Interest Spread. In the event that any payment is not made, principal will be returned to Note holders. In addition, the notes ultimately 'follow the fortunes' of Travelers over the next three years in regards to underwriting of new business, claim loss management and reserve practices. Ernst & Young Ltd. (Bermuda) has been appointed as the Claims Reviewer, KPMG in the Cayman Islands acts as the independent auditor and Towers Watson (Bermuda) Ltd., acts as the Loss Reserve Specialist for the Issuer. Proceeds from this issuance will be held in a reinsurance trust account and used to purchase high-credit-quality money market funds meeting defined eligibility criteria, otherwise funds will be held in cash. Investment yields generated from these permitted investments are passed directly to note holders as the other component of the variable rate. A downgrade of a permitted investment will not necessarily lead to a replacement of that investment. Further, note holders are exposed to possible market value risk if the net asset value of a money market fund falls below $1.00 or redeemed in adverse market conditions. Finally, certain actions may be required if the reinsurance trust account is invested in money market funds and it is determined that gross proceeds from the disposition or redemption of the money market funds will become subject to withholding tax. RATING SENSITIVITIES This rating is sensitive to the occurrence of a qualifying natural catastrophe event(s), Travelers' election to reset the note's expected loss, changes in the data quality, the counterparty rating of Travelers and the rating or performance on the assets held in the collateral account. If a qualifying covered event occurs that results in a loss of principal, Fitch will downgrade the note to reflect an effective default and issue a Recovery Rating. The implied rating of the natural catastrophe risk profile may change if Travelers elects to significantly reduce (or increase) the Modeled Expected Loss at the Reset Dates which may impact the rating of the series 2015-1 Class A notes. The escrow model may not reflect future methodology enhancements by AIR which may have an adverse or beneficial effect on the implied rating of the notes were such future methodology considered. To a lesser extent, the notes may be downgraded if the credit ratings of Travelers or the reinsurance trust account assets were significantly downgraded to a level commensurate to the implied rating of the natural catastrophe risk. Likewise, it is unlikely that the 2015-1 notes would be rated above the credit ratings of Travelers if the implied rating of the natural catastrophe risk was significantly reduced to those ratings. Fitch's expected rating is based on a review of a Preliminary Offering Circular Supplement and the Offering Circular, the the AIR Expert Risk Analysis and AIR Expert Risk Analysis Results and a Rating Agency Presentation (all supplied between April 17 and 20, 2015). The final rating is contingent upon receipt of signed legal documents pertinent to this transaction that do not materially change what has currently been reviewed. Any changes could lead Fitch to an alternative rating or inability to rate the notes. LSP CAL EB I: Creditors' Proofs of Debt Due May 19 -------------------------------------------------- The creditors of LSP CAL EB I, 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 9, 2015. The company's liquidator is: Appleby Trust (Cayman) Ltd. c/o Richard Gordon Telephone: +1 (345) 949 4900 c/o Appleby Trust (Cayman) Ltd. 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands MILLENNIUM GLOBAL GP: Creditors' Proofs of Debt Due May 27 ---------------------------------------------------------- The creditors of Millennium Global Energy Fund GP are required to file their proofs of debt by May 27, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 29, 2015. The company's liquidator is: KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Evette Burnell Telephone (345) 947 4700 MILLENNIUM GLOBAL HOLDCO: Creditors' Proofs of Debt Due May 27 -------------------------------------------------------------- The creditors of Millennium Global Energy Fund Holdco Ltd. are required to file their proofs of debt by May 27, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2015. The company's liquidator is: KRyS Global Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Evette Burnell Telephone: (345) 947 4700 MILLENNIUM GLOBAL HOLDING: Creditors' Proofs of Debt Due May 27 --------------------------------------------------------------- The creditors of Millennium Global Energy Fund Investments Holding Company Ltd. are required to file their proofs of debt by May 27, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2015. The company's liquidator is: KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Evette Burnell Telephone (345) 947 4700 MILLENNIUM MIDDLE EAST: Creditors' Proofs of Debt Due May 27 ------------------------------------------------------------ The creditors of Millennium Global Energy Fund Middle East Investments Ltd. are required to file their proofs of debt by May 27, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2015. The company's liquidator is: KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Evette Burnell Telephone (345) 947 4700 MILLENNIUM TMT: Creditors' Proofs of Debt Due May 27 ---------------------------------------------------- The creditors of Millennium TMT Fund BVI Investments Ltd. are required to file their proofs of debt by May 27, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 6, 2015. The company's liquidator is: KRyS Global, Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Evette Burnell Telephone (345) 947 4700 MOUNTAIN RIDGE: Creditors' Proofs of Debt Due May 18 ---------------------------------------------------- The creditors of Mountain Ridge Limited are required to file their proofs of debt by May 18, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 7, 2015. The company's liquidators are: Susan Craig Deborah Mitchell CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands NOBLE CAPITAL: Creditors' Proofs of Debt Due May 18 --------------------------------------------------- The creditors of Noble Capital Fund are required to file their proofs of debt by May 18, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 2, 2015. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands VSJ01 HOLDING: Creditors' Proofs of Debt Due May 28 --------------------------------------------------- The creditors of VSJ01 Holding Limited are required to file their proofs of debt by May 28, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 7, 2015. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 WHITETIP GLOBAL: Placed Under Voluntary Wind-Up ----------------------------------------------- At an extraordinary meeting held on March 31, 2015, the sole shareholder of Whitetip Global Fund resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Fides Limited Dwight Dube Telephone: (345) 949 7232 P.O. Box 10338 The Grand Pavilion Commercial Centre, 2nd Floor Grand Cayman KY1-1003 Cayman Islands WOODVILLE INVESTMENTS: Creditors' Proofs of Debt Due May 26 ----------------------------------------------------------- The creditors of Woodville Investments Limited are required to file their proofs of debt by May 26, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 1, 2015. The company's liquidator is: Christopher Tushingham Wardour Management Services Limited Telephone: (345) 945-3301 Facsimile: (345) 945-3302 P.O. Box 10147 Grand Cayman KY1-1002 Cayman Islands ============= J A M A I C A ============= JAMAICA: Faces Oppositions on Plans to Impose Cess on Sugar ----------------------------------------------------------- RJR News reports that the Private Sector Organization of Jamaica (PSOJ) has now declared that it will not support the cess. This follows a similar position taken last week by the Jamaica Manufacturers' Association (JMA), according to RJR News. The report notes that William Mahfood, PSOJ President, has warned Agriculture Minister Derrick Kellier not to proceed with the implementation of the cess due to the repercussions. "One of the largest growing manufacturing industries in the country is the beverage industry . . . . so to try and impose a tax on those manufacturers for sugar which is a critical ingredient to their input, is really a retrograde step by the government. . . . " the report quoted Mr. Mahfood as saying. The report notes that Mr. Mahfood contends that there are options available to the Government which would eliminate the need for a cess on refined sugar. The organization, which has strongly opposed the cess, said there are ways to collect revenue leakage for the illegal sale of duty free refined sugar, the report relays. "We've recommended that all granulated sugar should be sold packaged so it's traceable, and that way it would stop a lot of the problems. If the government just insisted that that was to happen, that would solve the problem," Mr. Mahfood asserted, notes the report. According to Mr. Mahfood, the Government of Jamaica is already earning significant revenues from the existing taxes on the sector, the report notes. "We did an estimate the other day (and) just for Wysinco alone, you're looking at close to 50 million dollars of taxes... It (the cess) is just totally unacceptable... There was even a 2010 report of the Sugar Commission by (Professor) Alvin Wint, which stated categorically that no cess should be looked at... and that the current scenario just needed modification," Mr. Mahfood said, the report discloses. JMA Meanwhile, the Deputy President of the JMA, Metry Seaga, said opposition to the sugar cess is gaining traction, the report notes. "I can say that we will be fighting this. We have the "backative" of the PSOJ and the chamber on this matter, we will take this as far as we need to take it," Mr. Mahfood said, the report relays. Last week, Mr. Kellier disclosed that proceeds from the cess will finance the sugar industry's transformation, the report says. Mr. Kellier said the government will not allow imported refined sugar, meant for the manufacturing sector, to continue to be leaked to the retail trade, and undermine raw sugar production as well as rob the government of revenue, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-'. The issue ratings on Jamaica's senior unsecured foreign and local currency bonds are also affirmed at 'B-'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The Country Ceiling is affirmed at 'B' and the short-term foreign currency IDR at 'B'. JAMAICA: Business Confidence at Eight-Year High, Survey Says ------------------------------------------------------------ RJR News reports that business confidence is at an eight-time high in the Jamaican economy, according to research conducted by market research services limited. Don Anderson, Managing Director of Market Services Limited, released the figures at a press conference in Kingston, showing the 2015 first quarter Business and Consumer Confidence Indices, according to RJR News. "Where we are now, in the first quarter of 2015, the indices are higher than at any time between 2007 and now; 2007 being the election year," Mr. Anderson reported, the report relays. The report notes that Mr. Anderson added that business operators are also reporting that they expect business conditions to further improve. Mr. Anderson also revealed that firms are viewing their financial prospects at a near all-time peak, the report relates. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-'. The issue ratings on Jamaica's senior unsecured foreign and local currency bonds are also affirmed at 'B-'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The Country Ceiling is affirmed at 'B' and the short-term foreign currency IDR at 'B'. =========== M E X I C O =========== MEXICO: Oil Exports Drop at 46.2% Annualized Rate in 1st Qtr. ------------------------------------------------------------- EFE News reports that Mexico's oil exports fell at an annualized rate of 46.2 percent in the first quarter, a period when the trade deficit totaled $2.21 billion, the National Institute of Statistics and Geography, or INEGI, said. Exports totaled $90.39 billion in the January-March period, down 0.40 percent from the same quarter in 2014, the INEGI said in a statement obtained by EFE News. The report notes that oil exports plunged 46.2 percent to $6.18 billion, while non-petroleum exports rose 6.3 percent to $84.21 billion. Imports totaled $92 billion in the first quarter, up 0.60 percent from the first three months of 2014, the report relates. Petroleum imports came in at $8.1 billion in the first quarter, down 21.1 percent, compared to the first quarter of 2014, the report discloses. The report notes that non-petroleum imports totaled $84.4 billion, up 3.3 percent, compared to the first three months of last year. Mexico posted a trade surplus of $480 million in March, down from the $949 million surplus registered in the same month last year, the INEGI said, the report relays. Exports totaled $34.14 billion last month, up 2.7 percent from the March 2014, the report notes. Mexico posted a trade deficit of $2.44 billion in 2014, up 106 percent from the deficit of $1.18 billion registered in the prior year, the INEGI said, the report adds. ====================== P U E R T O R I C O ====================== PUERTO RICO AQUEDUCT: S&P Lowers Rating to 'CCC+' ------------------------------------------------- Standard & Poor's Ratings Services lowered its rating on all Puerto Rico Aqueduct & Sewer Authority (PRASA) debt two notches to 'CCC+' from 'B'. At the same time, S&P placed the ratings on CreditWatch with negative implications. The downgrade reflects a similar action Standard & Poor's took on the commonwealth's general obligation (GO) and related ratings on April 24, 2015. The actions were based on S&P's view that the commonwealth's market access prospects have further weakened and its ability to meet its financial commitments is increasingly tied to favorable business, financial, and economic conditions. Absent economic improvement, GO debt and other financial commitments will be unsustainable. "The CreditWatch action reflects the current lack of consensus on key elements of the fiscal 2016 budget, which could exacerbate liquidity and fiscal pressure," said Standard & Poor's credit analyst Theodore Chapman. S&P expects to resolve the CreditWatch within three months when there is greater clarity on the budget and overall liquidity. S&P believes enactment of a credible balanced budget by the start of the new fiscal year (July 1, 2015) could be an important element in regaining external market access. Should passage of a fiscal 2016 budget become significantly delayed, or if the budget is enacted with significant structural flaws, S&P could lower the rating to 'CCC' or lower. Alternatively, if timely budget adoption translated to stabilized liquidity, S&P could remove the rating from CreditWatch. =============== S U R I N A M E =============== SURINAME: Fitch Affirms 'BB-' IDR; Outlook Stable ------------------------------------------------- Fitch Ratings has affirmed Suriname's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'. The Rating Outlooks on the long-term IDRs are Stable. In addition, Fitch has affirmed Suriname's Country Ceiling at 'BB-' and short-term foreign currency IDR at 'B'. KEY RATING DRIVERS Suriname's ratings are underpinned by its higher per capita income and governance indicators than peers, which render its economy better able to absorb domestic and external shocks. Growth is more resilient and stable than the 'BB' median and the country has a record of responding with effective tax-raising and cost- containment measures to fiscal shocks. Political stability, respect for long term mining contracts and absence of resource nationalism continue to attract foreign investment into the development of new gold and oil reserves. Suriname's Stable Outlook balances its high fiscal deficits and deteriorating external liquidity against the authorities' efforts to reduce budgetary imbalances and maintain confidence in the fixed foreign exchange regime, the main anchor for macroeconomic stability. A currency swap agreement with China, the substitution of fuel imports after the opening of an upgraded oil refinery and the development of a new gold mine could also support growth, external and fiscal accounts in 2015-2016. Fiscal consolidation is proceeding at a slow pace due to the sharp fall in commodity revenue and spending pressures in anticipation of the general elections in May 2015. Fitch expects the budget deficit to narrow gradually to an average 4.5% of GDP in 2015-2016 from an average 5.5% in 2013-2014, but will remain above the 'BB' median of 4%. Reducing procurement costs at line ministries and containing the growth of public sector wages have been the main drivers of the fiscal adjustment in 2014. As in the aftermath of the previous 2010 election, Fitch expects the authorities to implement additional revenue-enhancing measures, rationalize utility subsidies, and phase out capital investment projects to consolidate fiscal accounts in 2015-2016. Limited domestic and external financing flexibility restrict the room for fiscal slippage during the formation of a new governing coalition. The government substituted overdraft lines with the central bank with treasury bills issued to commercial banks and extended the maturity of these instruments to up to two years, albeit at high interest costs. Absorption capacity is constrained by tightening liquidity in an already shallow domestic capital market. In addition, growing public investment has led to the accumulation of arrears to government contractors. The sovereign has diversified its pool of external official creditors but disbursements remain tied to specific projects and policy conditionality. Lower mining export prices, an accommodative fiscal stance, and electoral uncertainty have intensified currency depreciation expectations and weakened external buffers. Official reserves fell to 2.6 months of current external payments in 2014 from 4.2 months in 2012. Monetary authorities have supported the peg to the U.S. dollar through increased reserve requirements, tighter currency allocations for imports and foreign exchange sales to banks and cambios. The interventions effectively narrowed the parallel market premium to 2.2% in April 2015. A currency swap with China equivalent to USD155 million (30% of reserves in the first quarter of 2015 (1Q'15) is expected to bolster external liquidity. Fitch forecasts that the current account balance net of foreign direct investment (FDI) could shift to a surplus of 0.4% of GDP in 2015-2016 from a deficit of 6.8% in 2014, mainly driven by FDI inflows to finance the development of Newmont's Merian gold mine and oil exploration. In addition, Staatsolie's revamped refinery will reduce the burdensome construction services import bill, which reached 9.4% of GDP in 2014, and substitute fuel imports yielding an estimated annual net positive effect of 2% of GDP on the merchandise trade balance starting in the first half of 2015 (2H'15). Alumina, gold and oil are the main contributors to Suriname's economy. Mining accounted for 20% of fiscal revenue and 78% of exports in 2014. The Merian mine will involve USD1 billion (16% of GDP) in investment and could double industrial gold output in 2017. Fitch forecasts that GDP growth could rise to 3.4% in 2015 and 4% in 2016 from 3.1% in 2014, with the positive investment cycle being partially offset by tighter monetary and fiscal policies. Prolonged electoral uncertainty, a sustained decline in commodity prices, and implementation delays in mining projects are the main risks to these projections. Suriname's moderate government debt, low amortization schedule and high proportion of external loans contracted at concessional interest rates and long maturities reduce debt sustainability risks. Government debt fell to 24% of GDP in 2014, well below the 'BB' median of 40%, after the settlement of several overdraft credit facilities with the central bank. However, Fitch's forecasts that the debt burden could rise to 30% of GDP by 2016 on the back of continued primary fiscal deficits and will remain particularly sensitive to devaluation and duration shocks. High commodity dependence, weak monetary and fiscal policy coordination, limited domestic financing flexibility and deficient, albeit improving, official data quality weigh on Suriname's credit profile. Weak budget controls, institutional capacity constraints and corruption hamper public-sector efficiency and limit policy predictability, particularly during election cycles. RATING SENSITIVITIES The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced. The main factors that, individually or collectively, could trigger a rating action are: Negative: -- Failure to reduce high fiscal deficits and increasing sovereign financing constraints; -- Continued depletion of international reserves and currency pressures that increase the risk of macroeconomic instability; -- Prolonged electoral or institutional uncertainty that leads to loss of confidence in policymaking; -- Mining production shocks or a severe fall in commodity prices that lead to a material deterioration of the sovereign's fiscal and external solvency metrics. Positive: -- Sustained improvements in fiscal and external accounts in relation to rating peers; -- Reforms to strengthen budget management controls, monetary and fiscal policy predictability and institutional capacity of the public sector; -- Progress towards the implementation of investment projects that spur faster economic growth in the context of macroeconomic stability. KEY ASSUMPTIONS The ratings and Outlooks are sensitive to a number of assumptions. -- Fitch's growth, external, and fiscal forecasts assume that Suriname maintains current levels of gold exports and expands refined oil production in 2015-2016. International gold and oil prices are expected to average USD1200 per troy ounce and USD70 per barrel in 2015-2016. -- Fitch assumes that the process of forming a new government coalition could increase currency pressures and delay fiscal consolidation measures but will not undermine macroeconomic stability. Suriname has a long track record of institutional transitions of power and policy adjustments under different coalition governments led by opposing political forces. =============================== T R I N I D A D & T O B A G O =============================== TRINIDAD CEMENT: Posts TT$515 Million Revenue for First Qtr 2015 ---------------------------------------------------------------- Trinidad and Tobago Newsday reports that The Trinidad Cement Limited (TCL) Group of Companies has reported revenues of approximately TT$515 million for the first quarter of this year. The report notes that according to the Group's interim financial statement for the period ended March 31, 2015, "Group revenue of TT$514.9 million showed a small increase (TT$1.3 million or 0.3 percent) compared to First Quarter 2014, due mainly to cement price increases implemented during 2014 and 11.1 k tons increased clinker sales volume, while cement sales volume declined by four percent. TCL also said, "The first quarter (Q1) of 2015 has been a milestone in the history of the TCL Group, according to Trinidad and Tobago Newsday. The report discloses that the Board is pleased to advise that the Rights issue was successfully concluded on March 31, 2015, with 124.9 million shares being issued and TT$361.5 million additional capital raised. In addition, restructured debt agreements with lenders came into effect as at March 30, 2015," the report relates. The report notes that the Group added, "The main elements of which include: Interest rate has reverted to December 2010 levels (two percent reduction); forgiveness of the default moratorium interest from September 30, 2014 and a discount offered by the financiers if the loan is repaid in 90 days. Regarding the outlook for the Group, TCL said, "The proceeds of the rights issue will be utilized for investment in capital expenditure, replenishment of working capital, debt service and restructuring/transaction expenses," the report notes. The report discloses that the Group further stated, "In addition, the Company is exploring the possibility of refinancing its debt, to take advantage of the prepayment discounts negotiated with the lenders. The Group is in a much improved position and poised to deliver excellent results and generate sustainable rewards for all our stakeholders." The event of default disclosed in the fourth quarter 2014 statement has been remedied with the execution of the restructured debt agreements as at March 30, 2015, the report notes. As a consequence, the loans have now been re-classified from short-term to long-term, thus improving the working capital from a deficit of TT$1.5 billion at December 31, 2014, to a surplus of TT$0.6 billion at March 31, 2015, the report notes. Rights issue proceeds of TT$361.5 million were received while debt service payments for the quarter amounted to TT$37.0 million and expenditure on property, plant and equipment was TT$12.2 million resulting in net cash balance at the end of Q1 of TT$548.3 million, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad Cement Limited (TCL) has recorded major losses for financial year 2014. TCL's profit before tax position fell by TT$136 million compared with 2013, chief executive officer of the cash-strapped company, Alejandro Ramirez, said at a press conference at the Queen's Park Oval, Woodbrook. Mr. Ramirez noted that in 2013, pre-tax profit stood at TT$39 million while in 2014, TCL recorded a loss of TT$97 million. Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement Limited, the parent company for Jamaica's Caribbean Cement Limited, was sacked, the TCRLA, citing RJR News, reported on Oct. 6, 2014. The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and four other directors, tendered their resignations minutes before a group of shareholders met to have them removed at an August 19 special meeting. Although he resigned as director at that meeting, Dr. Bertrand retained his position as Chief Executive Officer at that time. On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Limited Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due Sept. 30, 2014. On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded Trinidad Cement Limited Group's (TCL) foreign and local Currency Issuer Default Ratings (IDRs) to 'D' from 'B-'. Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. *********** 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 * * *