/raid1/www/Hosts/bankrupt/TCRLA_Public/150608.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, June 8, 2015, Vol. 16, No. 111
Headlines
A R G E N T I N A
INDUSTRIAS METALURGICAS: Fitch Affirms and Withdraws 'D' Ratings
B R A Z I L
EDP ENERGIAS: Moody's Downgrades Issuer Ratings to Ba2/Aa3.br
EMPRESA DE ENERGIA: Moody's Cuts BRL532M Deb. Rating to Ba2/Aa3.br
C A Y M A N I S L A N D S
94Y LIMITED: Commences Liquidation Proceedings
LE II SPV: Creditors' Proofs of Debt Due June 25
LONGACRE EUROPE II: Creditors' Proofs of Debt Due June 25
LONGACRE SPV II: Creditors' Proofs of Debt Due June 25
LONGACRE SPV III: Creditors' Proofs of Debt Due June 25
LONGACRE SPV IV: Creditors' Proofs of Debt Due June 25
MAAE: Placed Under Voluntary Wind-Up
PROVIDENCE SPECIAL: Creditors' Proofs of Debt Due June 15
PROVIDENCE SPECIAL MASTER: Creditors' Proofs of Debt Due June 15
SAAD INVESTMENTS: Seeks U.S. Recognition of Cayman Proceedings
SEMELE MARITIME: Placed Under Voluntary Wind-Up
J A M A I C A
DIGICEL GROUP: Bermuda Unit Acquires Bermuda Telephone Company
INTERNATIONAL FINANCIAL: FSC Cautions Against Investing in Firm
JAMAICA: Too Much Focus on Personal Loans, Shaw Says
NATIONAL COMMERCIAL: S&P Raises LT Issuer Credit Rating to 'B'
M E X I C O
BANCO INTERACCIONES: Moody's Assigns Ba2 Debt Rating
MEXICO: Seeks Nod for Retaliatory Tariffs on U.S. Products
P U E R T O R I C O
CHOICE CABLE: S&P Withdraws 'B' CCR Following Co. Acquisition
LIBERTY CABLEVISION: S&P Raises CCR to 'B'; Outlook Stable
PUERTO RICO ELECTRIC: Has Until June 18 to Negotiate Plan
T R I N I D A D & T O B A G O
METHANOL HOLDINGS: Moody's Rates $300MM Term Loan at Ba3
* TRINIDAD & TOBAGO: 8,100 No Longer Have Jobs
X X X X X X X X X
* BOND PRICING: For the Week From June 1 to June 5, 2015
- - - - -
=================
A R G E N T I N A
=================
INDUSTRIAS METALURGICAS: Fitch Affirms and Withdraws 'D' Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed and then withdrawn the following
ratings:
Industrias Metalurgicas Pescarmona S.A.I.C. y F.
-- Long-term Issuer Default Rating (IDR) at 'D';
-- Local currency IDR at 'D'.
WPE International Cooperatief U.A. (WPEI)
-- Long-term IDR at 'D';
-- Local currency IDR at 'D';
-- USD390 million 10.375% senior unsecured notes due September
2020 and issued by WPEI at 'C/RR4'.
Venti S.A.
-- Long-term IDR at 'D';
-- Local currency IDR at 'D'.
Key Rating Drivers
The ratings have been withdrawn after a 30-day notification period
following the issuer's default. On April 30, 2015 Fitch notified
the market it would be withdrawing the ratings on or about May 30,
2015.
Rating Sensitivities
Fitch's last rating action on Venti and its various subsidiaries
occurred on April 30, 2015, and the ratings are being withdrawn.
===========
B R A Z I L
===========
EDP ENERGIAS: Moody's Downgrades Issuer Ratings to Ba2/Aa3.br
-------------------------------------------------------------
Moody's America Latina Ltda downgraded to Ba2/Aa3.br from
Ba1/Aa2.br the issuer ratings of EDP Energias do Brasil S.A and
changed the outlook to negative. This rating action concludes the
rating action initiated on March 6, 2015 when Moody's placed EDB's
issuer ratings under review for downgrade.
The downgrade to EDB's issuer ratings is due to EDB's weakened
liquidity, as well as Moody's expectation that EDB's consolidated
credit metrics will continue to deteriorate owing to losses
associated with the current exposure to the spot market of its
hydro generation subsidiaries, in addition to higher indebtedness
at the holding company level. The purchase of the remaining 50%
equity interest and subsequent consolidation of the 720MW thermo-
power plant PECEM I that took place in May will further weaken
EDB's consolidated credit metrics and could require further
financial support from EDB.
EDB's ratings are one notch lower than the implicit Ba1/Aa2.br
ratings on a consolidated basis, to reflect the structural
subordination of debt at the holding company level to that of the
operating companies, as well as a likely further increase in debt
in the near term as a result of current investments and lower
dividends received from its subsidiaries.
In light of this rating action, an upgrade is very unlikely in the
medium term.
Moody's would consider stabilizing the outlook if EDB can improve
its liquidity position, secure timely and adequate long-term
financing to fund its capital expenditure program, and post
consolidated credit metrics that commensurate with the implicit
consolidated Ba1/Aa2.br ratings so that the RCF over debt ratio
becomes higher than 10% and interest coverage stays above 2.5x on
a consistent basis.
There would be pressure for a downgrade if EDB fails to secure
timely and adequate funding to refinance its short-term debt and
to further support capital injections into its current power
projects. Higher losses than Moody's expects associated with the
current exposure to the spot market of EDB's generation business
and weaker liquidity at the level of its distribution utilities
could also trigger a downgrade. In addition, a downgrade could be
triggered by a fall in the consolidated retained cash flow (RCF)
to debt ratio below 6% and a decline in interest coverage below
2.0x for a prolonged period.
Headquartered in Sao Paulo, Brazil, EDP - Energias do Brasil S.A.
(EDB) is a holding company controlled by EDP - Energias de
Portugal (Baa3 stable) with activities in generation, distribution
and commercialization of electricity. In 2014, EDB's power
distribution business represented 55% of the consolidated EBITDA,
the power generation business, 39%, and the commercialization of
energy, the remaining 6%.
The two distribution subsidiaries, Bandeirante and Escelsa,
distributed in aggregate 26,443 GWh in 2014 (approximately 5.3% of
the electricity consumed in Brazil's electricity integrated
system). The generation business consisted of 2,381MW of installed
capacity at year-end 2014, which accounted for approximately 1.8%
of the country's electricity installed capacity. EDB reported
consolidated net revenues of BRL8.604 billion (USD3.656 billion),
which does not include BRL294 million of construction revenues
(USD125 million) and a net profit of BRL744 million (USD316
million) in 2014.
EMPRESA DE ENERGIA: Moody's Cuts BRL532M Deb. Rating to Ba2/Aa3.br
------------------------------------------------------------------
Moody's America Latina Ltda downgraded the ratings of the 18-month
BRL 532 million debentures issued by Empresa de Energia Sao Manoel
S.A. on July 15, 2014 to Ba2/Aa3.br from Ba1/Aa2.br and changed
the outlook to negative. This rating action concludes the rating
action initiated on March 6, 2015 when Moody's placed the ratings
under review for possible downgrade.
The downgrade of Sao Manoel's debentures arises from Moody's view
that the debenture rating should reflect the lowest rating of the
three guarantors that support the debentures, which is the
Ba2/Aa3.br (negative) rating of EDP Energias do Brasil (EDB).
The negative outlook reflects the negative outlook for EDB's
issuer rating. Please refer to the June 2, 2015 press release on
EDB's rating for further details.
In November 2014, EDB lowered its guarantee to 33.3% of the
debenture amount following the divestiture of 50% of its 66.7%
participation in Sao Manoel to CWEI (Brasil) Participacoes Ltda.
(CWEI;unrated), a full subsidiary of China Three Gorges
Corporation (Aa3 stable). The reduction of EDB's guarantee was
followed by CWEI presenting a banking guarantee provided by
Santander Brasil (Baa2 negative). Banco Santander Brasil S.A. also
guarantees another 33.3% of the debenture through a banking
guarantee on behalf of Furnas Centrais Eletricas S.A. (not rated),
a wholly owned subsidiary of Centrais Eletricas Brasileiras S.A.
(Ba1 under review for downgrade ), which holds the remaining 33.3%
of Sao Manoel.
In light of this rating action, a rating upgrade is very unlikely
over the medium term.
The stabilization of the outlook of EDB's issuer rating could
trigger the stabilization of Sao Manoel's debenture rating.
Likewise, a downgrade rating action of EDB's issuer rating could
trigger a downgrade of Sao Manoel's debenture rating.
The consortium Terra Nova -- formed initially by EDB (66.7% stake)
and Furnas Centrais Eletricas S.A. (33.3%) -- won the energy
auction coordinated by the Regulator ANEEL on December 13, 2013 to
construct and operate the Sao Manoel 700 MW hydro-power project.
The consortium was awarded a 30-year concession contract to sell
on average 409.5 MW in the regulated market at BRL83.49 per
megawatt hour as of December 2013, to be annually adjusted by the
consumer price inflation index (IPC-A). The consortium is
committed to start delivering electricity in May 2018. Management
estimates that the power project will require around BRL2.7
billion in capital expenditures, of which 66% will be funded by
long-term financing.
==========================
C A Y M A N I S L A N D S
==========================
94Y LIMITED: Commences Liquidation Proceedings
----------------------------------------------
On May 14, 2015, the sole shareholder of 94Y 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:
Michael L. Griffith
Fox Private Group
Level 3, 493 St Kilda Road
Melbourne, Victoria 3004
Australia
LE II SPV: Creditors' Proofs of Debt Due June 25
------------------------------------------------
The creditors of LE II SPV, Ltd. are required to file their proofs
of debt by June 25, 2015, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 1, 2015.
The company's liquidator is:
Peter Goulden
c/o Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
LONGACRE EUROPE II: Creditors' Proofs of Debt Due June 25
---------------------------------------------------------
The creditors of Longacre Europe II, Ltd. are required to file
their proofs of debt by June 25, 2015, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 1, 2015.
The company's liquidator is:
Peter Goulden
c/o Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
LONGACRE SPV II: Creditors' Proofs of Debt Due June 25
------------------------------------------------------
The creditors of Longacre SPV II, Ltd. are required to file their
proofs of debt by June 25, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 1, 2015.
The company's liquidator is:
Peter Goulden
c/o Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
LONGACRE SPV III: Creditors' Proofs of Debt Due June 25
-------------------------------------------------------
The creditors of Longacre SPV III, Ltd. are required to file their
proofs of debt by June 25, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 1, 2015.
The company's liquidator is:
Peter Goulden
c/o Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
LONGACRE SPV IV: Creditors' Proofs of Debt Due June 25
------------------------------------------------------
The creditors of Longacre SPV IV, Ltd. are required to file their
proofs of debt by June 25, 2015, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on May 1, 2015.
The company's liquidator is:
Peter Goulden
c/o Mourant Ozannes
Attorneys-at-Law for the Company
Reference: NDL
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
MAAE: Placed Under Voluntary Wind-Up
------------------------------------
At an extraordinary general meeting held on May 12, 2015, the
shareholders of Maae resolved to voluntarily wind up the company's
operations.
The company's liquidator is:
Raymond E. Whittaker
FCM Ltd.
Governor's Square
Ground Floor, West Bay Road
P.O. Box 1982 Grand Cayman KY-1104
Cayman Islands
PROVIDENCE SPECIAL: Creditors' Proofs of Debt Due June 15
---------------------------------------------------------
The creditors of Providence Special Situations Fund, Ltd. are
required to file their proofs of debt by June 15, 2015, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 13, 2015.
The company's liquidator is:
Providence Investment Management, LP
c/o Jacqueline Haynes
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
PROVIDENCE SPECIAL MASTER: Creditors' Proofs of Debt Due June 15
----------------------------------------------------------------
The creditors of Providence Special Situations Master Fund, Ltd.
are required to file their proofs of debt by June 15, 2015, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 13, 2015.
The company's liquidator is:
Providence Investment Management, LP
c/o Jacqueline Haynes
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
SAAD INVESTMENTS: Seeks U.S. Recognition of Cayman Proceedings
--------------------------------------------------------------
The joint official liquidators of Saad Investments Company Limited
filed a Chapter 15 bankruptcy petition for SICL to seek
recognition of SICL's liquidation proceedings pending before the
Grand Court of the Cayman Islands, Financial Services Division.
The Joint Official Liquidators -- Hugh Dickson --
hugh.dickson@uk.gt.com -- of Grant Thornton Specialist Services
(Cayman) Limited and Stephen Akers -- steve.j.akers@uk.gt.com --
and Mark Byers -- mark.r.byers@uk.gt.com -- of Grant Thornton U.K.
L.L.P -- are in the midst of a lengthy and complex liquidation
process based in the Cayman Islands for which they are the sole
persons authorized to act on SICL's behalf. SICL's multibillion-
dollar liquidation is international in scale and has been in
progress for almost six years.
The Cayman Island Proceeding involves over $9.7 billion in assets
and about $3.754 billion in liabilities, stemming from holdings
and obligations located in multiple jurisdictions in the
Caribbean, Europe, Australia, and Middle East.
Accordingly, in carrying out their duties, the JOLs have already
sought and received recognition of the Cayman Islands Proceeding
as a foreign main proceeding in multiple jurisdictions, including
in England and Australia, and brought various legal proceedings to
recover SICL's assets on behalf of creditors. To date, they have
recovered over $450 million in assets.
The JOLs seek recognition of the Cayman Islands Proceeding to
efficiently administer SICL's assets and investigate SICL's
affairs in the United States.
$9 Billion in Assets at its Peak
SICL, incorporated in the Cayman Islands, was formed by Maan Al-
Sanea of Saudi Arabia, to manage his non-Saudi Arabian assets,
including a portfolio consisting of equities, funds, interest
bearing securities, and real estate. According to its internal
accounting records, SICL held about an estimated $9 billion in
assets and $4.5 billion in liabilities. SICL's interests are
spread across the globe, including in the Caribbean, Australia,
Europe, and the Middle East.
Around May 28, 2009, the Saudi Arabian Monetary Authority ("SAMA")
froze Al-Sanea's assets. The freeze was reported globally and
triggered the withdrawal by Moody's of the credit rating of SICL's
debt in early June 2009
Prior to the freeze, SICL entered into a Credit Facility Agreement
with a syndicate of banks. The banks made available to SICL a
syndicated unsecured revolving credit facility in the amount of
US$2.815 billion (the "Credit Facility Agreement"). As a result
of the removal of SICL's credit rating, individual banks issued
default notices under the Credit Facility Agreement and other
bilateral agreements between those banks and SICL and began
selling collateral shortly after the SAMA asset freeze.
During this time, the Saad Group contemplated an out-of-court
restructuring with creditor agreement. A director of the Saad
Group sent a letter to SICL's lenders notifying them of the
proposed restructuring to "resolve the funding problems with a
proper process." In late June 2009, SICL sent a notice to its
lenders containing details of a meeting it proposed to be held in
early July informing creditors of its restructuring proposals.
The meeting never materialized.
Instead, on July 30, 2009, Barclays Bank PLC, CALYON, and The
Royal Bank of Scotland (the "Petitioning Creditors") -- each a
lender under the Credit Facility Agreement -- filed a petition for
the winding up of SICL.
Following the petition, on August 5, 2009, the Cayman Islands
Grand Court appointed Hugh Dickson of Grant Thornton Specialist
Services (Cayman) Limited and Stephen Akers and Mark Byers of
Grant Thornton U.K. L.L.P as Joint Provisional Liquidators of
SICL. On September 18, 2009, Messrs Dickson, Akers and Byers were
appointed Joint Official Liquidators of SICL.
Related Entities
One or more of the JOLs were also appointed as joint official
liquidators over various other entities within the Saad Group that
were connected to SICL:
Liquidation process Date of
Group company and jurisdiction Liquidation
------------- ---------------- -----------
Lombard Atlantic Bank N.V. Voluntary 4 Sept. 2009
Liquidation,
Curacao
Singularis Holdings Limited Court Supervised 18 Sept. 2009
Liquidation,
Cayman Islands
LA Investments Limited Members' Voluntary 21 Sept. 2009
Liquidation, UK
Saad Inv. Finance Co. Ltd. Court Supervised 26 Oct. 2009
Liquidation,
Cayman Islands
Saad Inv. Finance Co. (No. 2) Court Supervised 26 Oct. 2009
Liquidation,
Cayman Islands
Saad Inv. Finance Co. (No. 3) Court Supervised 26 Oct. 2009
Liquidation,
Cayman Islands
Saad Inv. Finance Co. (No. 8) Court Supervised 26 Oct. 2009
Liquidation,
Cayman Islands
Saad Inv. Finance Co. (No. 9) Court Supervised 26 Oct. 2009
Liquidation,
Cayman Islands
Saad Inv. Finance Co (No. 10) Court Supervised 26 Oct. 2009
Liquidation,
Cayman Islands
Ringmore Limited Summary Winding 25 Nov. 2009
up,
Jersey
Saad Cayman Limited Court Supervised 4 Dec. 2009
Liquidation,
Cayman Islands
Saad Financial Advisory
Services Ltd. Official Liquid. 22 Feb. 2010
in Dubai
International
Financial Centre
There are multiple foreign proceedings related to the Cayman
Islands Proceeding that have already received recognition as
foreign main proceedings in U.S. court. First is Saad Investments
Finance Company (No. 5) Limited, which is a wholly owned
subsidiary of SICL and also in official liquidation in the Cayman
Islands. Due to a conflict, Petitioners were not appointed as
Joint Official Liquidators of Saad Investments Finance Company
(No. 5) Limited; instead Mark Longbottom and Nicholas Paul
Matthews of Kinetic Partners were appointed as the entity's Joint
Official Liquidators. Saad Investments Finance Company (No. 5)
Limited's Cayman Islands insolvency proceeding was recognized as a
foreign main proceeding by order of the Bankruptcy Court for the
District of Delaware, Case No. 09-13985-KG, Docket No. 39,
December 4, 2009.
The second related proceeding is Awal Bank, BSC, which is a
foreign banking corporation incorporated in the Kingdom of
Bahrain. SICL is a 48% shareholder of Awal Bank. On July 30,
2009, the Central Bank of Bahrain placed Awal Bank into
administration and appointed Charles Russell, a British law firm
with a Bahrain office, as External Administrator. Awal Bank's
Bahrain insolvency proceeding was recognized as a foreign main
proceeding by order of the Bankruptcy Court for the Southern
District of New York, Case No. 09-15923 (ALG), Docket No. 18,
October 28, 2009. Subsequently, Awal Bank filed a voluntary
petition under chapter 11 of the Bankruptcy Code also in the
Bankruptcy Court for the Southern District of New York, Case No.
10-15518 (ALG).
Finally, there is a third set of proceedings for seven of Awal
Bank's subsidiaries -- Awal Master Fund, Awal Finance Company
Limited, Awal Feeder 1 Fund Limited, Awal Finance Company (No. 2)
Limited, Awal Finance Company (No. 3) Limited, Awal Finance
Company (No. 4) Limited, and Awal Finance Company (No. 5) Limited
(collectively, the "Awal Subsidiaries"). Each of the Awal
Subsidiaries has liquidation proceedings in the Cayman Islands.
Chris Johnson, Russell Homer, Bruce Alexander MacKay, and Geoffrey
Lambert Carton-Kelly were appointed as the Joint Official
Liquidators of the Awal Subsidiaries. The Awal Subsidiaries'
Cayman Islands proceedings were recognized by order of the
Bankruptcy Court for the Southern District of New York, Case No.
15-10652 (MEW), Docket No. 15, May 5, 2015.
About Saad Investments
Saad Investments Company Limited is the main holding company of a
group of Saad entities. The Saad Group's Chairman and SICL's
beneficial owner is Maan Al-Sanea of Saudi Arabia. According to
Forbes magazine, Al-Sanea's net worth was once $7 billion, ranking
him as the world's 62nd richest person. SICL's stated purpose was
to hold and manage Al-Sanea's non-Saudi Arabian assets, including
a portfolio consisting of equities, funds, interest bearing
securities, and real estate.
The joint official liquidators of SICL filed a Chapter 15 petition
(Bankr. S.D.N.Y. Case No. 15-11440) in Manhattan in the United
States on May 29, 2015, to seek recognition of SICL's winding up
proceedings in the Cayman Islands.
The U.S. case is assigned to Judge James L. Garrity Jr. Randall
Adam Swick, Esq., at Reid Collins & Tsai LLP, serves as counsel in
the U.S. case.
SEMELE MARITIME: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on May 2, 2015, the
shareholders of Semele Maritime Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Raymond E. Whittaker
FCM Ltd.
Governor's Square
Ground Floor, West Bay Road
P.O. Box 1982 Grand Cayman KY-1104
Cayman Islands
=============
J A M A I C A
=============
DIGICEL GROUP: Bermuda Unit Acquires Bermuda Telephone Company
--------------------------------------------------------------
RJR News reports that Digicel Bermuda has completed the
acquisition of Bermuda Telephone Company (BTC). Digicel Bermuda
is a subsidiary of Digicel Group Limited.
The Regulatory Authority of Bermuda approved the deal last month,
subject to conditions designed to promote innovation and
competition, according to RJR News.
These conditions include safeguarding access to wholesale networks
and services, at a fair price, for rival companies, the report
relates.
Digicel promised to create more jobs and invest in the performance
and reliability of the BTC network when it announced its bid in
January, the report discloses.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 25, 2015, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.
DGL
-- Long-term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook;
-- USD 2.5 billion 8.25% senior subordinated notes due 2020 at
'B-/RR5';
-- USD 1 billion 7.125% senior unsecured notes due 2022 at 'B
-/RR5'.
DL
-- Long-term IDR at 'B' with a Stable Outlook;
-- USD 250 million 7% senior notes due 2020 at 'B/RR4';
-- USD 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- USD 925 million 6.75% senior notes due 2023 at 'B/RR4';
DIFL
-- Long-term IDR at 'B' with a Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.
INTERNATIONAL FINANCIAL: FSC Cautions Against Investing in Firm
---------------------------------------------------------------
RJR News reports that the Financial Services Commission (FSC) has
issued an advisory, cautioning members of the public against
investing in an unlicensed entity which has been seeking clients.
In the advisory, released, the FSC cautioned potential investors
about solicitations by International Financial Services Limited,
according to RJR News.
The Commission said the entity is not licensed to sell securities
or conduct insurance business in Jamaica, the report notes.
According to the FSC, International Financial Services has printed
and circulated flyers, purporting that it is licensed to solicit
securities business and has approached members of the public, the
report discloses.
The FSC said members of the public should verify the registration
of any entity or individual offering an investment opportunity or
insurance business by checking the Commission's website, the
report adds.
JAMAICA: Too Much Focus on Personal Loans, Shaw Says
----------------------------------------------------
RJR News reports that Audley Shaw, Opposition Spokesman on
Finance, has strongly criticized local banks for what he contends
is their focus on personal loans, rather than loans to the
productive sector.
Mr. Shaw, speaking in Parliament noted that private sector credit
in Jamaica does not only trail that of many other countries, but
is also directed to areas that do not provide growth, according to
RJR News.
Mr. Shaw, said private sector credit in Jamaica last year was
equivalent to 40 per cent of Gross Domestic Product, GDP, compared
to 200 per cent in the United States, the report discloses.
The report says that a total of J$349 billion in loans was made to
the private sector last year, but according to Mr. Shaw, "when you
disaggregate the commercial bank loans, J$178 billion was for
personal loans, and loans to overseas residents . . . "
This, Mr. Shaw said, "left a paltry sum of 170.9 billion dollars -
less than half -for loans for the business sector!" the report
relays.
Mr. Shaw said with so much money dedicated to personal loans,
which are primarily used to purchase cars, it is not surprising
that the economy consistently records very little growth, the
report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 5, 2015, Standard & Poor's Ratings Services raised its long-
term foreign and local currency sovereign credit ratings on
Jamaica to 'B' from 'B-'. In addition, S&P affirmed the 'B'
short-term ratings on Jamaica. The outlook on the long-term
ratings is stable. S&P also raised the transfer and
convertibility assessment to 'B+' from 'B'.
NATIONAL COMMERCIAL: S&P Raises LT Issuer Credit Rating to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on National Commercial Bank Jamaica Ltd. to 'B' from
'B-'. S&P also affirmed its short-term 'B' issuer credit rating
on the bank. The upgrade follows the same rating action on the
sovereign, which in turn reflects the country's ability to meet
its fiscal targets in the past two years, which has led improved
fiscal credibility and stabilized its debt trajectory. NCBJ's 'b+'
SACP remains unchanged.
The issuer credit ratings on NCBJ currently reflect S&P's
unchanged assessments for its business position as "strong,"
capital and earnings as "weak," risk position as "moderate,"
funding as "average," and liquidity as "adequate." Given NCBJ's
exposure to sovereign debt, its ratings remain constrained by
those on the sovereign. This is reflected in the bank's 'b+' SACP
and 'B/B' ratings. S&P will also monitor the bank's performance
and the potential improvements in its credit fundamentals as a
result of relatively better economic prospects in the country.
Also, in S&P's view, NCBJ is still a highly systemic important
financial institution in Jamaica.
===========
M E X I C O
===========
BANCO INTERACCIONES: Moody's Assigns Ba2 Debt Rating
----------------------------------------------------
Moody's de Mexico assigned Ba2 and A1.mx long term global local
currency and Mexican National Scale senior unsecured debt ratings
to Banco Interacciones, S.A. Institucion de Banca Multiple, Grupo
Financiero Interacciones's issuance of Certificados Bursatiles
Bancarios (BINTER 15-2). The outlook on these ratings is stable.
These MXN2.0 billion certificates will maturein 1,092 days. The
Certificados Bursatiles Bancarios will be issued under Banco
Interacciones's Senior Debt Program of Certificados Bursatiles
Bancarios (CP and MTN), Certificados de Deposito Bancario de
Dinero a Plazo (CD) and Pagares con Rendimiento Liquidable al
Vencimiento (PRLV) (Not Rated). The program is authorized for a
total amount up to MXN20 billion or its equivalent in Investment
Units.
The following long term senior unsecured debt ratings were
assigned to Interacciones's issuance of Certificados Bursatiles
Bancarios (BINTER 15-2):
-- Long-term global local currency senior unsecured debt rating
of Ba2
-- Long-term Mexican National Scale senior unsecured debt
rating of A1.mx
-- The outlook is stable
The Ba2 senior unsecured debt rating derives from the bank's ba3
standalone baseline credit assessment (BCA) and Moody's assessment
of a high probability of systemic support in case of stress.
The ba3 standalone BCA reflects the bank's niche business model,
which focuses heavily on collateralized lending to Mexican states
and municipalities and their suppliers. Interacciones structures
its financing to sub-sovereign entities as loan repayment trusts
that capture the cash-flows from federal fiscal transfers to which
states and municipalities are entitled. According to Moody's
analyst David Olivares, "the loan repayment mechanism has proven
effective in containing credit risks, as reflected by very low
delinquency ratios to date."
In addition to this sector concentration, the bank also exhibits
high loan concentrations to single borrowers, relative to both
profits and capital. Olivares added that "this concentration
raises the risk of significant earnings and asset quality
volatility if such exposures become problematic, and therefore, it
constrains the bank's ratings". Moreover, given the long duration
of its loan book, the bank's balance sheet exhibits a structural
asset and liability tenor mismatch that exposes the bank to
liquidity and market risks.
The principal methodology used in this rating was Banks published
in March 2015.
The period of time covered in the financial information used to
determine Banco Interacciones, S.A.'s rating is between 1 January
2010 and 31 March 2015 (source: Moody's, Issuer's financial
statements, CNBV and Banxico).
The sources and items of information used to determine the rating
include 2014 and 2015 interim financial statements (source:
Moody's and Issuer's financial statements); year-end 2013 and 2014
audited financial statements (source: Moody's and Issuer's annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
The long term Mexican National Scale rating of A1.mx present
above-average creditworthiness relative to other domestic issuers.
Banco Interacciones is headquartered in Mexico City, Mexico. As of
March 2015, the bank had MXN142.2 billion in assets.
MEXICO: Seeks Nod for Retaliatory Tariffs on U.S. Products
----------------------------------------------------------
EFE News reports that Mexico and Canada have requested a meeting
of the World Trade Organization's Dispute Settlement Body to
analyze possible retaliatory tariffs on U.S. products, claiming
their producers have been harmed by country-of-origin meat labels
in American grocery stores.
The meeting, requested for June 17, is aimed at obtaining
"authorization for suspending benefits" granted to the United
States, the two countries' ministries of Economy and Agriculture
said in a joint statement, according to EFE News.
Mexico will ask the WTO for authorization to impose a suspension
of tariff benefits amounting to $653 million, while Canada will
seek the removal of benefits totaling some $2.4 billion, they
said, the report discloses.
"The suspension of benefits alludes to tariff compensation for the
damage that a law," in this case the country-of-origin labeling,
or COOL, law, "does to another country," a spokesman for Mexico's
Agriculture Secretariat told EFE News.
Passed in 2009, the COOL law on meat requires retail outlets to
inform consumers about where the livestock were born, raised and
slaughtered, the report notes.
Mexico and Canada say the labeling requirements are discriminatory
and violate the United States' international trade obligations,
the report adds.
======================
P U E R T O R I C O
======================
CHOICE CABLE: S&P Withdraws 'B' CCR Following Co. Acquisition
-------------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew the ratings on
Puerto Rico-based Choice Cable TV, including S&P's 'B' corporate
credit rating.
"On June 3, 2015, Liberty Cablevision of Puerto Rico completed its
acquisition of Choice for $272.5 million, and as part of the
transaction, all outstanding debt at Choice was repaid," said
Standard & Poor's credit analyst Michael Altberg.
As a result, S&P has withdrawn the corporate credit rating and
debt ratings on Choice.
LIBERTY CABLEVISION: S&P Raises CCR to 'B'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on San Juan, P.R.-based Liberty
Cablevision of Puerto Rico LLC to 'B' from 'B-', and removed all
ratings from CreditWatch, where S&P had placed them with positive
implications on Dec. 10, 2014. The outlook is stable.
At the same time, S&P raised its issue-level rating on the
company's senior secured first lien debt to 'B+' from 'B' and left
the recovery rating unchanged at '2', reflecting S&P's expectation
for substantial (70%-90%; at the lower end of the range) recovery
for lenders in the event of a payment default.
In addition, S&P raised its issue-level rating on the company's
senior secured second-lien debt to 'CCC+' from 'CCC' and left the
recovery rating unchanged at '6', reflecting S&P's expectation for
negligible (0%-10%) recovery for lenders in the event of a payment
default.
"The ratings upgrade reflects the company's increased scale and
operating efficiency as a result of the acquisition of Choice,
with only a modest increase in gross leverage of about 0.2x-0.3x,"
said Standard & Poor's credit analyst Michael Altberg.
Pro forma for the acquisition, LCPR will be the only cable
incumbent in Puerto Rico, with a healthy video share and material
market share for high-speed data (HSD). In addition, S&P believes
there is an opportunity for LCPR to increase double-play and
triple-play penetration at Choice. As a result of these factors,
S&P has revised its business risk assessment on LCPR to "fair"
from "weak." Still, S&P views LCPR's business risk profile less
favorably than it do many of the small to midsize U.S. cable
incumbents due to weaker macroeconomic and pay-TV fundamentals in
Puerto Rico. On a consolidated basis, the company's video and
broadband penetration of homes passed will continue to lag that of
U.S. peers. This is because of lower broadband penetration and
overall low pay-TV penetration in Puerto Rico in the mid- to high-
50% area, as well as intense competition from satellite direct-to-
home (DTH) TV companies that have a dominant video share, compared
to DTH's average share of around one-third in the U.S.
The stable rating outlook reflects S&P's expectation that adjusted
leverage, while high in the mid-5x area pro forma for the
acquisition of Choice, will continue to decline over the next few
years due to modest EBITDA growth and FOCF generation.
While unlikely over the next 12 months, S&P could lower the rating
due to increased competition or a deterioration in economic
conditions that causes leverage to increase above 6.5x on a
sustained basis. In addition, S&P could lower the ratings if the
company is unable to increase and maintain covenant headroom above
10% on a sustained basis. Given S&P's expectation for healthy
FOCF generation, it believes this is less likely barring material
shareholder returns or further debt-financed acquisitions.
"We believe an upgrade is equally unlikely over the next 12
months, but could result if the company is able to reduce adjusted
leverage to below 4.5x on a sustained basis, in conjunction with
maintaining EBITDA margins in the low-40% area and capital
intensity at current levels. Any upside scenario would depend on
our view of financial policy and management's commitment to
maintaining these improved metrics on a sustained basis. While we
do not currently factor in support from Liberty Global, an upgrade
scenario would also require greater clarity around Liberty
Global's longer-term strategy regarding its Latin America
subsidiaries," S&P said.
PUERTO RICO ELECTRIC: Has Until June 18 to Negotiate Plan
---------------------------------------------------------
EFE News reports that creditors of debt-ridden Puerto Rican power
utility, Puerto Rico Electric Power Authority, have given the
company just over two weeks to negotiate a turnaround plan that
guarantees its survival and the recovery of their investment.
"We're pleased that the creditors granted an extension to the
existing forbearance agreements," Lisa Donahue, the chief
restructuring officer of PREPA, was quoted as saying in a brief
news release, according to EFE News.
"We continue to work with creditors towards a consensual
resolution and the transformation of PREPA for the benefit of all
stakeholders," she added, the report relays.
The company said in the release that the creditors had granted an
extension until June 18 "in light of ongoing negotiations," the
report notes.
The utility has more than $9 billion in debt that it cannot repay
under the current terms and conditions while also continuing to
provide service in Puerto Rico, where it has a monopoly on
electricity generation, power transmission and power distribution,
the report discloses.
The company wants its creditors to accept a five-year debt
repayment delay that would allow it to devote more funds to a
modernization plan aimed at improving service and boosting
revenues, the reports says.
The utility's bondholders include several U.S. hedge funds, the
report adds.
* * *
The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.
S&P originally placed the rating on CreditWatch on June 18, 2014.
On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch. The bonds are currently
rated 'CC'.
As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2. This rating action concludes the
rating review that Moody's initiated on July 1, 2014. PREPA's
rating outlook is negative.
================================
T R I N I D A D & T O B A G O
================================
METHANOL HOLDINGS: Moody's Rates $300MM Term Loan at Ba3
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Methanol
Holdings (Trinidad) Limited (MHTL)'s US$300 million 7-year secured
term loan, guaranteed by MHTL's wholly owned restricted
subsidiaries. MHTL is a wholly owned subsidiary of Consolidated
Energy Limited and accounts for 100% of its revenues. The outlook
is stable.
The Ba3 rating on the USD300 million secured term loan reflects
its higher expected recovery as compared to the group's senior
unsecured debt due to its collateral package, which consists of a
first priority perfected lien on all assets of MHTL.
The B1 corporate family rating on Consolidated Energy reflects the
company's business profile characterized by limited product
diversity and little operational or geographic diversification.
All of the production assets are located in Trinidad and Tobago in
close proximity to each other. The ratings are tempered by the
commodity nature of the product portfolio (methanol accounts for
three quarters of MHTL's revenues and ammonia, fertilizer and
melamine account for the balance), cyclical nature of pricing and
demand in the methanol and fertilizer markets, new low-cost
methanol and ammonia capacity being built in North America,
periodic feedstock curtailments (natural gas) in Trinidad and
Tobago during 2011-2013, combined with a sustained reduction in
Trinidad and Tobago's proved gas reserves over the last five
years.
CEL benefits from MHTL's operations, including relatively stable
sales volumes despite lower methanol prices, meaningful methanol
market shares, high EBITDA margins, a favorable feedstock cost
structure, positive free cash flows and good liquidity. MHTL's
world scale methanol plant and AUM (ammonia-urea ammonium nitrate-
melamine) complex in Trinidad and Tobago benefits from low cost
natural gas sold at prices referenced to market prices of methanol
and fertilizers, thereby alleviating the negative impact on its
profitability of low product selling prices. Strong profit margins
do support positive free cash flow generation that may allow the
company to de-lever relatively quickly.
On the other hand, the group's operations benefit from a source of
low cost natural gas as Trinidad and Tobago is the largest oil and
natural gas producer in the Caribbean. However, Trinidad and
Tobago's natural gas production has declined to 42.8 bcm in 2013
down from 44.8 bcm in 2010. While the government has stated its
intention to incentivize investment in exploration and
commercialization activities in Trinidad and Tobago, particularly
upstream gas projects to invigorate the energy sector, the country
has yet to demonstrate increased supplies or reserves for natural
gas. In addition, MHTL has a narrow product line of cyclical
commodity products, a limited asset base with only wholly-owned
operations located in Trinidad and Tobago, and limited customer
diversity. Moody's anticipate the company to increase its
geographic diversification after the expiration, in June 2015, of
a low-margin contract with its largest customer that will allow
MHTL to reallocate close to 1 million tonnes of methanol at higher
margins.
MHTL's liquidity is adequate. The company's cash on hand of USD316
million can cover 1.5 time short-term debt as of March 31, 2015.
In addition to its positive free cash flow generation the company
benefits from a 5-year USD300 million revolver credit facility.
Free cash flow (defined as cash from operations after dividends
and capital expenditures) was USD270 million over the twelve
months ended March 31, 2015 (vs. USD254 million in 2014 and USD100
million in 2013). Moody's expect the company to continue posting
free cash flow of over USD210 million per year, on average, in
2015-2018 after annual dividend payments of USD120 million.
The stable rating outlook reflects the expectation that the
company will continue to be profitable, while maintaining an
adequate liquidity profile and generating positive free cash flow.
The rating of the term loan could change as a result of an upgrade
or downgrade of the parent company's corporate family rating or
due to a change in the collateral backing the loan.
CEL's CFR could be upgraded if it reduces debt/EBITDA to below 4.0
times with interest coverage (EBITDA/Interest expense) above 5.0
times and maintains adequate liquidity. To be considered for an
upgrade the company should maintain strong profitability and have
a stable, with no curtailments, supply of natural gas.
On the other hand, the corporate family rating could be downgraded
if leverage increases to above 5.0 times or if interest coverage
deteriorates with EBITDA/Interest expense below 3.0 times. A
deterioration in liquidity or in profitability, for example due to
volatility in its gas supply, could also lead to a downgrade.
The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013.
Methanol Holdings (Trinidad) Limited is a leading methanol and
fertilizer producer based in Trinidad and Tobago with reported
revenues of USD1.5 billion over the twelve months ended March 31,
2015. MHTL is a wholly owned subsidiary of Consolidated Energy
Limited and accounts for 100% of the group's revenues.
Consolidated Energy Limited has also minority equity stakes in
four operating companies located in Oman and Trinidad and Tobago
that produce methanol and ammonia.
* TRINIDAD & TOBAGO: 8,100 No Longer Have Jobs
----------------------------------------------
Leah Sorias at Trinidad Express reports that the number of people
with jobs in Trinidad and Tobago has fallen by 8,100.
This is according to the latest data in the Labour Force Bulletin
for the fourth quarter of 2014, released by the Central
Statistical Office (CSO), the report discloses.
The bulletin noted the number of employed women decreased by 9,800
or 3.7 per cent, while the number of employed men rose by 1,700 or
0.5 per cent, according to Trinidad Express.
"When compared to the corresponding quarter a year earlier, the
data showed an increase of 1,000 or 0.2 per cent in the total
number of employed persons in Trinidad and Tobago," the bulletin
stated, the reports relays.
While noting the unemployment rate for the fourth quarter of 2014
remained at 3.3 per cent, the bulletin pointed out that when
compared to the same period in 2013, the rate fell by 0.5 per
cent, the report notes.
"From a gender perspective, the unemployment rate among males
increased marginally from 2.6 per cent in the third quarter of
2014 to 2.9 per cent in the fourth quarter 2014; while females
decreased from 4.4 per cent to 3.8 per cent during the same
period," the report relays.
The bulletin added this country's labor force registered 651,000
people at the end of the fourth quarter of 2014, representing a
decrease of 9,100 or 1.4 per cent when compared to the third
quarter, the report says.
"From a gender perspective, this decrease in the labor force was
reflected among females, which fell by 12,100 or 4.3 per cent.
Males, however, increased by 3,000 or 0.8 per cent," the report
notes.
"The overall labour force participation rate for Trinidad and
Tobago fell from 62.0 per cent in the third quarter 2014 to 61.1
per cent in fourth quarter 2014. When compared with the
corresponding quarter in 2013, the overall labour force
participation rate decreased from 61.6 per cent to 61.1 per cent,"
the statement added, the report relays.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From June 1 to June 5, 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 * * *