/raid1/www/Hosts/bankrupt/TCRLA_Public/150504.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, May 4, 2015, Vol. 16, No. 086
Headlines
A R G E N T I N A
CELULOSA ARGENTINA: Fitch Affirms & Withdraws 'CCC' FC IDR
GALILEO RENTA: Moody's Rates Global Scale Bond Fund at 'B-bf'
INDUSTRIAS METALURGICAS: Fitch Cuts IDRs to 'D'
B E R M U D A
CRANBERRY RE 2015-1: Fitch Assigns 'Bsf' Rating to $300MM Notes
B R A Z I L
COMPANHIA SIDERURGICA: Moody's Cuts Global Scale LC CFR to 'Ba2'
CSN ISLANDS XI: Moody's Cuts FC Rating on Sr. Unsec. Notes to Ba2
C A Y M A N I S L A N D S
CONOCOPHILLIPS ABU: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS GAMBIA: Placed Under Voluntary Wind-Up
CONOCOPHILLIPS TANZANIA: Placed Under Voluntary Wind-Up
G000 GLOBAL: Creditors' Proofs of Debt Due May 27
KB KOOKMIN: Creditors' Proofs of Debt Due May 28
KOREA FIRST: Creditors' Proofs of Debt Due May 28
MINDSPRING LIMITED: Placed Under Voluntary Wind-Up
STEEP ROCK: Commences Liquidation Proceedings
STEEP ROCK RUSSIA: Commences Liquidation Proceedings
STEEP ROCK RUSSIA II: Commences Liquidation Proceedings
STEEP ROCK II: Commences Liquidation Proceedings
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Workers March for Higher Wages
* DOMINICAN REPUBLIC: Bonds Seek to Raise US$1BB
G R E N A D A
* GRENADA: Opposition Legislators Have Concerns on New Banking Law
J A M A I C A
JAMAICA: Unemployment on the Rise
M E X I C O
TV AZTECA: Fitch Affirms 'BB-' IDR; Outlook Stable
INDUSTRIAS UNIDAS: Reports Consolidated Results of Ops for Q4 2014
P E R U
PERU: To Strengthen Social Programs' Mgmt. With US$300MM IDB Loan
X X X X X X X X X
* BOND PRICING: For the Week From April 20 to April 24, 2015
- - - - -
=================
A R G E N T I N A
=================
CELULOSA ARGENTINA: Fitch Affirms & Withdraws 'CCC' FC IDR
----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Celulosa
Argentina S.A.'s Issuer Default Ratings (IDRs) as follows:
-- Foreign currency IDR at 'CCC';
-- Local currency IDR at 'B-'.
The local currency IDR's Outlook was Negative. Fitch has withdrawn
the ratings due to commercial reasons.
GALILEO RENTA: Moody's Rates Global Scale Bond Fund at 'B-bf'
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Galileo Renta Fija (the Fund), a
newly launched fund that will be managed by Galileo Argentina
SGFCI SA.
-- Global scale bond fund rating: B-bf
-- National scale bond fund rating: A-bf.ar
"The Fund ratings are based on the fund's model portfolio
composition that shows 50% of invested assets in government bonds
with ratings of Caa-bf/Baa-bf.ar. The remainder of the assets is
expected to be invested in local mutual funds, corporate bonds and
sub-sovereign bonds. Based on this portfolio composition, the fund
is expected to maintain a maturity-adjusted weighted average
credit quality consistent with a rating level of B-bf/A-bf.ar.
This portfolio will attempt to provide a return similar to the
local inflation rate with an average duration between three and
five years," said Moody's lead analyst Carlos de Nevares.
The new fund expects key shareholders to be institutional
investors such as local insurance companies and high net worth
individuals who have historically been clients of Galileo.
Galileo Argentina SGFISA, part of a well known local and
independent mid-sized asset manager in the Argentinean mutual fund
Industry with a market share of 1.0%. As of March 2015, Galileo
managed approximately AR$1,540 million in assets.
INDUSTRIAS METALURGICAS: Fitch Cuts IDRs to 'D'
-----------------------------------------------
Fitch Ratings has downgraded the foreign (FC) and local currency
(LC) Issuer Default Ratings (IDRs) to 'D' from 'RD' for Industrias
Metalurgicas Pescarmona S.A.I.C. y F. (IMPSA), WPE International
Cooperatief U.A. (WPEI), and the companies' ultimate holding
company, Venti S.A.'s (Venti) ratings.
Fitch has also affirmed the ratings for the following issuance of
the Venti Group at 'C/RR4':
-- USD390 million 10.375% senior unsecured notes due September
2020 and issued by WPEI.
Fitch plans to withdraw the ratings on or about May 30.
Fitch downgraded the ratings for IMPSA/WPEI/Venti as the company
has entered into a restructuring process following failure to pay
its financial obligations, including the rated WPEI 10.375% USD390
million senior unsecured international bonds due September 2020.
The downgrade to 'D' from 'RD' reflects the fact the company has
missed its coupon payments on its WPEI notes since the Sept. 30,
2014 due date.
Given the company's restructuring efforts, the company has chosen
to stop participating in the rating process. Therefore Fitch will
no longer have sufficient information to maintain the ratings.
Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient. Fitch believes that investors benefit from increased
rating coverage by Fitch and is providing approximately 30 days'
notice to the market on the withdrawal of the above ratings.
Fitch's last rating action on Venti and its various subsidiaries
occurred on Nov. 13, 2015.
=============
B E R M U D A
=============
CRANBERRY RE 2015-1: Fitch Assigns 'Bsf' Rating to $300MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'Bsf' rating to the series 2015-1
class A Principal At-Risk Variable Rate Notes issued by Cranberry
Re Ltd, a registered special purpose insurer in Bermuda as
follows:
-- $300,000,000 Principal at Risk Variable Rate Notes;
scheduled redemption date of July 6, 2018.
The Rating Outlook is Stable
TRANSACTION SUMMARY
The notes are exposed to insured property losses caused by 'named
storms', 'severe thunderstorms' and 'winter storms' on an annual
aggregate basis using an indemnity trigger, from Subject Business
written by the Massachusetts Property Insurance Underwriting
Association (MPIUA, also known as the MA FAIR Plan). The subject
business covers solely the state of Massachusetts representing a
total insured value of $97.5 billion or a 12% market share (based
on 2013 premium). The subject business consists of homeowners
(91%) and dwelling coverage (9%) with very minimal commercial
coverage (<1%).
Significant coastal counties; such as Barnstable (Cape Cod area)
and Suffolk (Boston area), have the largest exposure at 29.5% and
14.6%, respectively. Other notable coastal counties, Dukes
(Martha's Vineyard area) and Nantucket, have 4.8% and 3.2% of the
total insured value, respectively.
A covered event within the risk period, July 1, 2015 through June
30, 2018, must cause at least $10 million of ultimate net loss to
MPIUA to qualify. Notable recent events would be considered a
covered event but not significant to cause a principal loss to the
Series 2015-1 Notes. Of the multiple winter storms in 2014 and the
first quarter of 2015, the only covered event has an estimated
$14.4 million of incurred claims.
Recent 'named storms' Superstorm Sandy (October 2012) had total
losses of $10.1 million and Hurricane Irene (August 2011) would
not have qualified. The most damaging event caused by wind and
thunderstorms occurred in May 2011 and had $16.8 million of total
paid losses.
Initially, noteholders are subject to principal loss (and reduced
interest) if the annual aggregate ultimate net losses exceed the
attachment point of $300 million and a total loss of principal
occurs if the severity reaches $1.4 billion in the first twelve-
month risk period. Based on the profile of the subject business
and the attachment point, the third party modeling firm AIR
Worldwide (AIR) calculates the modeled annual attachment
probability to be 3.081%, which implies a 'Bsf' rating per Fitch's
criteria. It should be noted that the threshold between a 'B' and
'B+' rating is 3.02% (in other words, Fitch may have rated the
note 'B+' if the attachment probability was slightly lower). The
modeled expected loss is 1.377%. The Initial Risk Interest Spread
is 3.80% per annum.
There will be three annual risk periods over the term of the
notes, with the 'reset' occurring on July 1, 2016 and July 1, 2017
using AIR's escrowed software models and MPIUA's updated subject
business data and loss adjustment expense factor. At each reset
date, MPIUA may exercise an option to decrease (or increase) the
attachment levels within a rather wide exceedance probability
range of 4.00% to 1.50%. The implied rating under Fitch's criteria
at a 4.00% exceedance probability is 'Bsf,' and the implied rating
at 1.50% is 'BB-sf'. If such an option is exercised by MPIUA at
either reset date, the risk interest spread will be recalculated
to reflect the increased (or decreased) level of risk assumed by
the noteholders. If MPIUA does not elect to reset the attachment
levels, the reset agent will adjust the attachment level and
exhaustion level to maintain the initial 3.081% exceedance
probability using the updated subject business profile.
The notes may be extended for 36 additional months if certain
qualifying events occur, or at the discretion of Hannover Ruck SE,
a reinsurance company that acts as a transformer and sits between
MPIUA and Cranberry Re. However, the notes are not exposed to any
further catastrophe events during this extension (only further
claim development of existing events). Thus, the Final Extended
Redemption Date is July 6, 2021. The notes may be redeemed at any
time due to regulatory or tax law changes or partially by MPIUA
during the extension period or under certain early redemption
events. The repayment of the notes to the noteholders occurs
subsequent to any qualified payments to MPIUA for covered events.
Noteholders have no recourse to MPIUA (or to its transformer,
Hannover Ruck SE).
KEY RATING DRIVERS
The rating is based on the evaluation of the natural catastrophe
risk, the business profile of MPIUA, the counterparty risk of the
transformer reinsurer (Hannover Ruck SE) and the credit risk of
the collateral assets. The natural catastrophe risk represents the
weakest link and currently drives the rating of the series 2015-1
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 that is selected by the issuer to
provide the modeling analysis, and thus Fitch did not include any
explicit margins or qualitative haircuts to the probability of
loss metric provided by the modeling firm.
The probability of loss was initially estimated at 3.081% based on
100,000 simulations of a one-year risk period as calculated by AIR
using their methodology and proprietary models (Version 16.0 of
the AIR Hurricane model for the United States, version 7.0 of the
AIR Severe Thunderstorm model for the United States, version 1.7
of the AIR Winter Storm model for the United States, each as
implemented in Touchstone version 2.0.2). Results from other
possible modelers or from MPIUA were not provided. Sensitivity
analysis provided by AIR indicated the implied rating would be no
worse than 'Bsf'.
The model estimates 'named storms' contribute 96.3% of the annual
expected loss, with winter storms and severe thunderstorms being
2.2% and 1.5%, respectively. In addition, of the simulated years
that produced aggregate ultimate net losses exceeding the
attachment level, 49.8% are attributed to a single event in the
year, while years with two events would represent another 32.9%.
Within the record of actual historical events, only four
hurricanes (if replicated and applied to the current subject
business) would lead to a partial principal loss - notably,
Hurricanes Donna (1960) and Bob (1991) would have produced a 27.4%
and 20.0% principal loss.
The risk modeling included certain stresses for economic demand
surge, storm surge and a loss adjustment expense factor of 1.065.
The modeled results did not include the possibility that the
average annual loss may increase by up to 1.10 in any annual risk
period. The model simulates only hurricane activity making
landfall, thus it understates claim losses to named storms not
recognized as hurricanes or hurricanes that become degraded.
Noteholders are exposed to this basis risk or the difference
between actual net losses incurred by MPIUA and the AIR modeled
net losses.
Cranberry Re Ltd. ultimately 'follows the fortunes' of MPIUA in
regards to underwriting of new business over the next three years
and claim management practices. MPIUA was established by the
Massachusetts Legislature in 1968 as a residual insurer of last
resort solely for the Commonwealth of Massachusetts and employs
approximately 150 people. It is a for-profit organization
organized by an association of over 500 member insurers. Business
can be placed by licensed agents, brokers or directly by
consumers. All properties insured by MPIUA must be certified as
built to specified building codes, must have flood insurance
coverage in specified flood areas and have maximum limits per
residential dwelling of $1,000,000 (higher limits are available
for commercial structures).
Fitch does not rate MPIUA but believes certain safeguards are in
place for noteholders: MPIUA is subject to review, oversight and
approval by the Massachusetts Department of Insurance (though it
receives no federal, state or local funds for support); there is
an independent claim reviewer and loss reserve specialist (Towers
Watson Ltd., Bermuda) for Cranberry Re Ltd.; and the data quality
of the Subject Business provided to AIR appears good. For this
particular peril and transaction, MPIUA will retain at least 5% of
the aggregate ultimate net loss on a first-dollar basis, covering
the first $100 million.. Above this retention, claim losses are
paid by traditional reinsurers until reaching the attachment
point, where losses are shared between noteholders and reinsurers
on a pro-rata basis depending on the ultimate deal size.
Hannover Ruck SE (IDR: 'AA-' Rating Outlook Stable by Fitch) acts
as the transformer for MPIUA and Cranberry Re Ltd.. Noteholders
are exposed to the counterparty risk that Hannover Ruck SE does
not pass along retrocession premiums to Cranberry Re Ltd. These
premiums are a key component in the coupon payment to noteholders.
Proceeds from this issuance will be held in a collateral 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 noteholders as the other
component. Noteholders are exposed to possible market value risk
if the net asset value of a money market fund falls below $1.00.
Finally, certain actions may be required if the collateral account
is invested in money market funds and FATCA is deemed to apply in
late 2016.
RATING SENSITIVITIES
This rating is sensitive to the occurrence of a qualifying
event(s), MPIUA's election to reset the note's attachment level,
changes in the data quality or purpose of MPIUA, the counterparty
rating of Hannover Ruck SE and the rating on the assets held in
the collateral account.
If qualifying covered events occur that cause annual aggregate
losses to exceed the attachment level, Fitch will downgrade the
notes reflecting an effective default and issue a Recovery Rating.
In the case of a reset election by MPIUA, the rating would not be
sensitive to a movement from the initial 3.081% exceedance
probability to a probability as high as 4.00%, since both
probabilities imply a 'Bsf' rating. However, if MPIUA elected to
move closer to an exceedance probability approaching 1.50%, the
notes at that time could be upgraded to as high as 'BB-sf'.
To a lesser extent, the notes may be downgraded if the money
market funds should 'break the buck', Hannover Ruck SE fails to
make timely retrocession premium payments or MPIUA materially
changes its mission or operations.
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.
===========
B R A Z I L
===========
COMPANHIA SIDERURGICA: Moody's Cuts Global Scale LC CFR to 'Ba2'
----------------------------------------------------------------
Moody's America Latina downgraded to Ba2 from Ba1 Companhia
Siderurgica Nacional S.A. - CSN's global scale local currency
rating and the National Scale Rating to Aa3.br from Aa1.br. The
outlook changed to negative from stable.
The downgrade reflects the deterioration in market fundamentals
for the steel industry in Brazil and, more recently, for iron ore,
the main operations of CSN (88% of total revenues and 86% of FY
2014 EBITDA). Steel demand levels, steel prices and iron ore
prices are expected to remain under pressure and as a consequence,
CSN's credit metrics, particularly leverage (due to the lower
Ebitda), interest coverage and cash flow metrics will continue to
be challenged. Even with a reduction in capex in 2015 and lower
dividend payout from 2015 onwards, the cash generation ability of
CSN will be diminished given the outlook for weak steel and iron
ore market fundamentals through 2015 and at least 2016 for iron
ore.
Ratings downgraded:
Issuer: Companhia Siderurgica Nacional S.A. - CSN
-- Corporate Family Rating (local currency): to Ba2 from Ba1 in
the global scale and from Aa1.br to Aa3.br in the national
scale
Outlook Actions:
-- The outlook for all ratings : changed to negative from
stable
The Aa3.br national scale rating reflects the standing of the
company's credit quality relative to its domestic peers.
CSN's Ba2 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products. Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the 35-
40% range, supported by its solid domestic market position, wide
range of products through different segments and globally
competitive production costs both in steel and iron ore. Even
after the steel market downturn caused by the financial crisis in
2008, margins have been relatively high compared to steel peers as
mining benefited from higher iron prices in the past few years.
However, lower iron ore prices and the challenging operating
environment for steelmakers impacted CSN's adjusted EBITDA
margins, which declined from 46.9% in 2010 to 29.9% in 2014.
CSN's operational efficiency and low costs reflect the large scale
of its integrated steel mill, its own captive iron ore mine and
its self-sufficiency in electricity and 57% self-sufficiency in
coke. Also supporting CSN's high margins are the company's
strategic location in the most industrialized region of Brazil and
its proximity to high-grade iron ore reserves and port terminals,
as well as its efficient logistics.
While we believe that the company is better-positioned than most
of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its track record of high shareholder
returns, low operational diversity, with 84% of its crude steel
production in a single site, and by risks associated with its
large capex program mainly to expand iron ore mining, but also
cement and logistics operations. In addition, the rating also
incorporates increased challenges facing the steel industry in
Brazil due to reduced expectations for GDP growth, competition
from imported steel and steel-made products as well as a increased
volatility in iron ore prices, which should keep CSN's margins and
leverage under pressure.
The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured for
the next 12 to 18 months.
Although the likelihood of an upgrade is limited in the next 12 to
18 months, given the challenges faced by CSN and its main
operations markets, an upward rating movement would require that
CSN maintain a strong liquidity position and acceptable leverage
during the execution of its large capex program, and EBIT margins
above 8%. In addition, a sustainable (cash from operations less
dividends) to debt ratio of at least 20% as well as a less
concentrated operational risk profile would be further
considerations in a rating upgrade or outlook change, as would
further actions taken by the company to reduce its high leverage
and improve interest coverage metrics.
The ratings or outlook could suffer negative pressure should
conditions in key markets for CSN, such as automotive,
construction and home appliances, remain weak, leading to lower
profitability, measured by an adjusted EBIT margin consistently
below 5%, and dividends remain high such that the (cash from
operations less dividends) to debt ratio remains below 15% for a
prolonged period. Downward pressure could also affect the ratings
or outlook if the company is unable to reduce its leverage, and
interest coverage (measured by EBIT to interest) stays at levels
below 3x on a sustained basis. A marked deterioration in the
company's liquidity position could also precipitate a downgrade.
Companhia Sider£rgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel, long-steel, iron ore and
cement. With an annual capacity of 6.7 million tons of crude
steel, 6.0 million tons of rolled products and 1.6 million tons of
long steel, CSN sells its products to a broad array of industries,
including the automotive, capital goods, packaging, construction
and home appliance sectors. CSN owns and operates cold rolling and
galvanizing facilities in the U.S. and long steel assets in
Germany, besides substantial iron ore, limestone, dolomite and tin
reserves, railroads, port terminals and power generation assets.
In 2014, CSN reported consolidated net revenues of BRL 16.1
billion (USD 6.85 billion converted at the average exchange rate).
The principal methodology used in this rating was Global Steel
Industry published in October 2012.
CSN ISLANDS XI: Moody's Cuts FC Rating on Sr. Unsec. Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the foreign
currency rating assigned to the senior unsecured notes of CSN
Islands XI Corporation, CSN Islands XII Corporation and CSN
Resources S.A. that are guaranteed by Companhia Siderurgica
Nacional (CSN). At the same time, Moody's America Latina
downgraded CSN's global scale local currency rating to Ba2 and the
National Scale Rating (NSR) to Aa3.br from Aa1.br. The outlook
changed to negative from stable. For further information,
The downgrade reflects the deterioration in market fundamentals
for the steel industry in Brazil and, more recently, for iron ore,
the main operations of CSN (88% of total revenues and 86% of FY
2014 EBITDA). Steel demand levels, steel prices and iron ore
prices are expected to remain under pressure and as a consequence,
CSN's credit metrics, particularly leverage (due to the lower
Ebitda), interest coverage and cash flow metrics will continue to
be challenged. Even with a reduction in capex in 2015 and lower
dividend payout from 2015 onwards, the cash generation ability of
CSN will be diminished given the outlook for weak steel and iron
ore market fundamentals through 2015 and at least 2016 for iron
ore.
Ratings downgraded:
Issuer: CSN Islands XI Corporation
-- US$750 million 6.875% Senior Unsecured Notes Due 2019: to
Ba2 from Ba1
Issuer: CSN Islands XII Corporation (Cayman Islands)
-- US$1 billion 7.0% Senior Unsecured Perpetual Notes: to Ba2
from Ba1
Issuer: CSN Resources S.A. (Luxembourg)
-- US$1.2 billion 6.5% Senior Unsecured Notes Due 2020: to Ba2
from Ba1
The outlook for all ratings is negative
CSN's Ba2 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products. Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the 35-
40% range, supported by its solid domestic market position, wide
range of products through different segments and globally
competitive production costs both in steel and iron ore. Even
after the steel market downturn caused by the financial crisis in
2008, margins have been relatively high compared to steel peers as
mining benefited from higher iron prices in the past few years.
However, lower iron ore prices and the challenging operating
environment for steelmakers impacted CSN's adjusted EBITDA
margins, which declined from 46.9% in 2010 to 29.9% in 2014.
CSN's operational efficiency and low costs reflect the large scale
of its integrated steel mill, its own captive iron ore mine and
its self-sufficiency in electricity and 57% self-sufficiency in
coke. Also supporting CSN's high margins are the company's
strategic location in the most industrialized region of Brazil and
its proximity to high-grade iron ore reserves and port terminals,
as well as its efficient logistics.
While we believe that the company is better-positioned than most
of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its track record of high shareholder
returns, low operational diversity, with 84% of its crude steel
production in a single site, and by risks associated with its
large capex program mainly to expand iron ore mining, but also
cement and logistics operations. In addition, the rating also
incorporates increased challenges facing the steel industry in
Brazil due to reduced expectations for GDP growth, competition
from imported steel and steel-made products as well as a increased
volatility in iron ore prices, which should keep CSN's margins and
leverage under pressure.
The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured for
the next 12 to 18 months.
Although the likelihood of an upgrade is limited in the next 12 to
18 months, given the challenges faced by CSN and its main
operations markets, an upward rating movement would require that
CSN maintain a strong liquidity position and acceptable leverage
during the execution of its large capex program, and EBIT margins
above 8%. In addition, a sustainable (cash from operations less
dividends) to debt ratio of at least 20% as well as a less
concentrated operational risk profile would be further
considerations in a rating upgrade or outlook change, as would
further actions taken by the company to reduce its high leverage
and improve interest coverage metrics.
The ratings or outlook could suffer negative pressure should
conditions in key markets for CSN, such as automotive,
construction and home appliances, remain weak, leading to lower
profitability, measured by an adjusted EBIT margin consistently
below 5%, and dividends remain high such that the (cash from
operations less dividends) to debt ratio remains below 15% for a
prolonged period. Downward pressure could also affect the ratings
or outlook if the company is unable to reduce its leverage, and
interest coverage (measured by EBIT to interest) stays at levels
below 3x on a sustained basis. A marked deterioration in the
company's liquidity position could also precipitate a downgrade.
The principal methodology used in this rating was Global Steel
Industry published in October 2012.
Companhia Sider£rgica Nacional ("CSN") is a vertically integrated,
low-cost producer of flat-rolled steel, long-steel, iron ore and
cement. With an annual capacity of 6.7 million tons of crude
steel, 6.0 million tons of rolled products and 1.6 million tons of
long steel, CSN sells its products to a broad array of industries,
including the automotive, capital goods, packaging, construction
and home appliance sectors. CSN owns and operates cold rolling and
galvanizing facilities in the U.S. and long steel assets in
Germany, besides substantial iron ore, limestone, dolomite and tin
reserves, railroads, port terminals and power generation assets.
In 2014, CSN reported consolidated net revenues of BRL 16.1
billion (USD 6.85 billion converted at the average exchange rate).
==========================
C A Y M A N I S L A N D S
==========================
CONOCOPHILLIPS ABU: Placed Under Voluntary Wind-Up
--------------------------------------------------
On April 8, 2015, the shareholders of Conocophillips Abu Dhabi
Ltd. 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:
Trident Liquidators (Cayman) Ltd
c/o Lisa Thoppil
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
CONOCOPHILLIPS GAMBIA: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On April 8, 2015, the shareholders of Conocophillips Gambia
Ventures Ltd. 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:
Trident Liquidators (Cayman) Ltd
c/o Lisa Thoppil
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
CONOCOPHILLIPS TANZANIA: Placed Under Voluntary Wind-Up
-------------------------------------------------------
On April 8, 2015, the shareholders of Conocophillips Tanzania
Ventures Ltd. 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:
Trident Liquidators (Cayman) Ltd
c/o Lisa Thoppil
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
One Capital Place, 4th Floor
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
G000 GLOBAL: Creditors' Proofs of Debt Due May 27
-------------------------------------------------
The creditors of G000 Global Fund 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 March 31, 2015.
The company's liquidators are:
Matteo Zannier
Thomas Zara
Reset Group SA of Via Vanoni 4a
6900 Lugano
Switzerland
KB KOOKMIN: Creditors' Proofs of Debt Due May 28
------------------------------------------------
The creditors of KB Kookmin Card First International Ltd. 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 13, 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
KOREA FIRST: Creditors' Proofs of Debt Due May 28
-------------------------------------------------
The creditors of Korea First Mortgage No. 9 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 13, 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
MINDSPRING LIMITED: Placed Under Voluntary Wind-Up
--------------------------------------------------
On April 15, 2015, the shareholders of Mindspring Limited resolved
to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Alexandria Bancorp Limited
c/o Barbara Conolly
Telephone: (345) 945-1111
The Grand Pavilion Commercial Centre
802 West Bay Road
P.O. Box 2428, Grand Cayman KY1-1105
Cayman Islands
STEEP ROCK: Commences Liquidation Proceedings
---------------------------------------------
On March 31, 2015, the sole shareholder of Steep Rock Russia Fund,
Ltd. resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Steep Rock Russia General Partner, Ltd.
Elian Fiduciary Services (Cayman) Limited
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
STEEP ROCK RUSSIA: Commences Liquidation Proceedings
----------------------------------------------------
On March 31, 2015, the sole shareholder of Steep Rock Russia, Ltd.
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Steep Rock Russia General Partner, Ltd.
Kevin Hurley
Steep Rock Limited
104/3 Nizhegorodskaya UI
Moscow 109052
Russia
Telephone: +7(495) 671 5968
STEEP ROCK RUSSIA II: Commences Liquidation Proceedings
-------------------------------------------------------
On March 31, 2015, the sole shareholder of Steep Rock Russia Fund
II resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Steep Rock Russia General Partner, Ltd.
Kevin Hurley
Steep Rock Limited
104/3 Nizhegorodskaya UI
Moscow 109052
Russia
Telephone: +7(495) 671 5968
STEEP ROCK II: Commences Liquidation Proceedings
------------------------------------------------
On March 31, 2015, the sole shareholder of Steep Rock Russia II
Limited resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Steep Rock Russia General Partner, Ltd.
Kevin Hurley
Steep Rock Limited
104/3 Nizhegorodskaya UI
Moscow 109052
Russia
Telephone: +7(495) 671 5968
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Workers March for Higher Wages
----------------------------------------------------
Dominican Today reports that hundreds of workers set off on a
march May 1 to mark Labor Day demanding higher wages and better
working conditions in the Dominican Republic.
Workers representing several labor unions began the march at the
offices of the Unions Council (CNUS) waving pickets and head to
the National Palace, where they'll reportedly read a document with
their demands including higher wages and better living conditions
and pensions, according to Dominican Today.
The report notes that Union Leader Gabriel del Rio said Labor Day
finds Dominican workers going through many difficulties, as 56%
toil in the informal sector and without social security
protection.
Mr. del Rio said he expects labor and management to reach an
agreement to raise wages as workers demand, when the National
Salary Committee (CNS) meets on May 13, the report relates.
The report adds that Mr. del Rio said the unions will not allow
the severance pay of workers to be affected as the result of the
talks to amend the Labor Code.
* DOMINICAN REPUBLIC: Bonds Seek to Raise US$1BB
------------------------------------------------
Dominican Today, citing Reuters, reported that Dominican Republic
is poised to raise US$1 billion through a dual-tranche reopening
of 10 and 30-year bonds.
Reuters said that Leads Bank of America Merrill Lynch and JP
Morgan are offering investors "initial price thoughts of 5.25%
area on the country's 5.5% 2025s and 6.65% area on its 6.85%
2045s," adding that the total size has been capped at US$1.0
billion, according to Dominican Today.
"Proceeds are being used for general purposes, including partial
financing for the Caribbean nation's 2015 budget. The senior
unsecured bond is being sold under a 144A/RegS format and is rated
B1/B+/B+ by Moody's, S&P and Fitch," Reuters said, the report
notes.
=============
G R E N A D A
=============
* GRENADA: Opposition Legislators Have Concerns on New Banking Law
------------------------------------------------------------------
Caribbean360.com reports that opposition legislators raised
concerns about sections of the new Banking Act which is a part of
harmonized legislation for the countries within the Eastern
Caribbean Currency Union (ECCU).
The representative for the Business community in the Senate,
Christopher DeAllie, said his concern with the Bill which has
already received the approval of the Lower House, relates to the
decision making process, according to Caribbean360.com.
The report relates that Mr. DeAllie said he was concerned that the
decisions of the directors of local banks could easily be
overturned by decisions of the ECCB.
Ray Roberts, the Labor representative in the Senate said one of
his concerns is the lack of pre-discussion on the bill by
stakeholders who will be directly affected when the legislation
goes into effect, the report notes.
"I have spoken to many workers in banks and they have no idea what
is in this Bill, I am of the opinion that there should of being
more consultation with those who will be affect," said Mr.
Roberts, who represents the trade union movement in the Senate,
the report discloses.
The report notes that Mr. Roberts also questioned the impact that
the new banking legislation will have on the credit unions
movement here.
"All of these could be clear with the consultation with the
public," the report quoted Mr. Roberts as saying.
Leader of the main opposition National Democratic Congress (NDC),
Nazim Burke, said he wanted to know whether or not new measures
were being put in place to govern the activities of credit unions,
the report relays.
"That needs to be explained because we need to know which
legislation they will fall under," Mr. Burke said, the report
adds.
The legislation has already been passed in St. Lucia, Antigua and
Barbuda, and St. Vincent and the Grenadines and allows for the
Eastern Caribbean Central Bank to grant a banking license in one
country of the ECCU to be applied automatically in other member
states, the report discloses.
The new act sets revised capital requirements and other conditions
for establishing a bank, credit union or other financial
institutions, notes the report.
The bill also looks to give the ECCB the authority to determine
whether a person is fit and proper to be a director, significant
shareholder, or officer of a licensed financial institution or
holding company, the report adds.
=============
J A M A I C A
=============
JAMAICA: Unemployment on the Rise
---------------------------------
RJR News reports that amidst recent dismal jobs numbers in
Jamaica, The Statistical Institute of Jamaica (STATIN) has
reported that the manufacturing, transport and communication
sectors recorded significant increases in employment during the
month of January.
The number of persons employed in manufacturing increased by 10
per cent, or 7,200, while the group 'Transport, Storage and
Communication' increased by 5,500 people, or 7.7 per cent over
last year, according to RJR News.
The report relates that despite the improvement in employment in
some sectors, there was an overall increase in the number of
unemployed persons, according to STATIN, moving the national
unemployment rate from 13.4 per cent in January 2014 to 14.2 per
cent in January 2015.
The agency said that there were 188,100 unemployed people in
January, up from 175,000 a year earlier, the report notes.
The report discloses that the number of jobs in agriculture-
related activities declined by 7,400, followed by real estate and
business activities, which declined by 6,100.
Not Surprised
Responding to the latest figures, Danny Roberts, head of the Hugh
Lawson Shearer Education Trade Union Institute, told RJR News that
the increase in Jamaica's unemployment had not come as a surprise.
Mr. Roberts said the continued sluggish performance of the economy
was a major contributor, the report notes.
Pointing to a reduction in capital expenditure with that portion
of the national budget having been cut "by about three per cent,"
he reasoned that "the impact must be felt in the area of
unemployment," the report relays.
The number of unemployed males during the period under review
increased by 4,400 and the females by 8,700, 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'.
===========
M E X I C O
===========
TV AZTECA: Fitch Affirms 'BB-' IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has affirmed the following ratings for TV Azteca,
S.A.B. de C.V. (TV Azteca):
-- Foreign and Local Currency Issuer Default Ratings (IDR) at
'BB-';
-- USD300 million senior unsecured notes due 2018 at 'BB-';
-- USD500 million senior unsecured notes due 2020 at 'BB-'.
The Rating Outlook is Stable.
KEY RATING DRIVERS
TV Azteca's ratings reflect its solid business position as the
second largest TV broadcaster in Mexico, with 30% market share,
and one of the two largest Spanish-language contents producers in
the world. The ratings also reflect the company's increased but
still moderate financial leverage for the rating level, as well as
its large cash balance which supports its sound liquidity.
The ratings are tempered by the increasing competitive pressures
on its main broadcasting operation in Mexico stemming from the
industry maturity and a new entrant as a result of reform, and
alternative advertisement platforms, all of which could continue
to erode its cash flow generation and profitability, and increase
leverage. TV Azteca's limited ability to raise debt due to the
incurrence covenants for its senior unsecured notes also
negatively affects its financial flexibility.
Slow Growth Ahead:
TV Azteca's advertising revenue growth in 2015 and 2016 will be
slow, in the low single digits, as the Mexican broadcasting
industry matures and other platforms, such as Internet, continue
to attract advertisers. Although over-the-air broadcasting still
remains the most effective advertising platform given the high
penetration of TV in Mexican households, its revenue portion of
the total advertising industry has gradually declined to 53% from
over 60% in the past. The company's national advertising sales
were MXN2.1 billion during the first quarter of 2015 (1Q'15),
which was a slight decline from MXN2.2 billion a year ago.
Positively, the growing revenue contribution from Azteca America,
the company's Spanish broadcasting network in the U.S., should
help offset the weak growth in Mexico to an extent. In 1Q'15,
Azteca America's revenues grew by 6% compared to a year ago,
representing 13% of the total sales during the period.
Negative Reform Impact:
The negative impact from the media sector reform will be visible
from 2016 when Cadena Tres, the winner of the newly auctioned
national broadcasting concession, starts operation and attempts to
encroach on the existing broadcasters' market shares. Fitch
believes that TV Azteca's market share loss will be modest over
the medium term as the advertisers would prefer to buy
advertisement slots from the company rather than the new entrant
given its well-established quality content production.
Nevertheless, in Fitch's view the increased competitive pressures
that come with an additional competitor, along with the industry
maturity, will undermine TV Azteca's growth potential and could
lead to pressure on profitability going forward.
Margin Erosion:
Fitch forecasts the company's EBITDA margin will decline without
any meaningful recovery in 2015 and 2016. The content production
cost, including purchased exhibition rights, has been steadily
increasing, accounting for almost 58% of total sales in 2014 from
less than 50% in 2011. Also, the increasing revenue contribution
from the lower margin Colombian telecom operation will dilute the
margins. In 2014, the company's EBITDA margin, calculated by
Fitch, fell to 26%, which compares unfavorably to 29% in 2013 and
33% in 2012.
Increased but Moderate Leverage:
TV Azteca's financial leverage is considered moderate for the
rating although it has materially increased in recent years due to
EBITDA contraction and high capex requirements. The company's
gross and net leverage have increased to 4.6x and 2.9x,
respectively, as of March 2015, which compare to 3.2x and 2x at
end-2013, and 2.6x and 0.8x at end-2012. Given the aforementioned
weak operating outlook and continued EBITDA loss from Colombia
until 2016, Fitch does not expect any material improvement in the
company's financial profile in the short- to medium-term as any
significant free cash flow (FCF) generation is unlikely.
Positive Long-Term Diversification:
Over the long term, TV Azteca will benefit from cash flow
diversification with its fiber optic network projects in Colombia
and Peru with the support from their governments. The overseas
expansion into fixed-line telecom operations can help mitigate the
risk stemming from the increasing competitive pressure in its
domestic broadcasting operations to a certain extent, although the
contribution will remain small for the medium term. The company
plans to increase the revenue portion from this segment to 10% in
the long term.
Good Liquidity:
The company's liquidity profile is sound in light of its MXN5.4
billion cash balance, which fully covers its short-term debt of
MXN1.1 billion as of March 31, 2015. Aside from the short-term
debt due in 2015, the company faces no debt maturity until 2018,
which provides comfort even as the company uses its cash balance
to support the strategic investments in the short- to medium-term.
Negatively, TV Azteca's financial flexibility to raise additional
debt should remain constrained, due to the incurrence covenant for
its senior unsecured notes.
Key Assumptions
-- Low-to mid-single-digit annual revenue growth in 2015 and
2016;
-- Market share gradually declines to below 30% in the long
term due to the new entrant;
-- EBITDA margin to trend down to below 25% over the medium
term;
-- Negative FCF to continue in 2015 mainly due to capex for HD
conversion;
-- Minor debt reduction in 2015 through repayment of USD71
million Euro commercial paper;
-- Net leverage to be around 3x in 2015 and 2016, in line with
the level at March 2015 in the absence of any sizable
strategic investments.
Rating Sensitivities
A negative rating action could be considered in the case of a
material market share loss and further margin erosion, as well as
weaker cash generation due to high strategic investments and
content purchases, and/or shareholder returns resulting in the
company's net leverage increasing to above 4x on a sustained
basis.
Factors that could lead to a positive rating action include a
combination of the following: additional profitable business lines
contributing to improvement in cash flow generation, consistently
low leverage through the cycle, sustained increase in market share
that would lead to higher cash generation allowing the company to
weather its large working capital requirement.
INDUSTRIAS UNIDAS: Reports Consolidated Results of Ops for Q4 2014
------------------------------------------------------------------
Industrias Unidas, S.A. de C.V. has announced its audited results
for the twelve months ended December 31 of 2014. Figures are
audited and have been prepared in accordance with Mexican
Financial Reporting Standards, which are different in certain
respects from Generally Accepted Accounting Principles in the
United States.
Net revenues for the twelve months ended December 31, 2014
increased 20.7% to Ps.13,569.9 million from Ps.11,246.0 million in
the same period of 2013. This increase was due to higher selling
prices driven by market conditions.
A full text copy of the company's financial results is available
free at:
http://is.gd/CofMrx
About Industrias Unidas
Industrias Unidas, S.A. de C.V. is a Mexican diversified
industrial group, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S. As of September 2009, last twelve
month revenues were about US$1.3 billion.
* * *
The company continues to carry Moody's "Caa3" long-term rating.
As reported in the Troubled Company Reporter-Latin America on
May 5, 2014, the company's consolidated net loss for the twelve
months ended December 31, 2013 was Ps.465.7 million (U.S.$35.6
million), compared to a net loss of Ps.190.6 million in the same
period of 2012, due to an increase in the Comprehensive Financial
Result and lower operating income driven by lower sales.
=======
P E R U
=======
PERU: To Strengthen Social Programs' Mgmt. With US$300MM IDB Loan
-----------------------------------------------------------------
Peru will strengthen the management, quality and coverage of
social programs overseen by its Ministry of Development and Social
Inclusion (MIDIS), with support from a US$300 million Inter-
American Development Bank (IDB) policy-based loan.
MIDIS manages and coordinates all government activities related to
social development and inclusion designed to reduce poverty and
inequalities.
The loan will support the Peruvian government in its efforts to
efficiently execute strategic programs and to strengthen the
ministry's capacity to evaluate policies, manage social programs
through a result-based model and continuously improve the quality
of social services.
Technical support will be provided for strategic programs on early
childhood and economic and financial inclusion, such as Cuna Mas
and Juntos. It will also support the consolidation of innovative
management-for-results financial instruments, such as the
Performance Stimulus Fund.
This loan is the second and last one of a series of policy-based
operations launched in July 2013 to support Peru in the design,
implementation and evaluation of a social inclusion and
development policy.
The loan is for 10 years, with an interest rate based on LIBOR.
=================
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 * * *