/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150803.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, August 3, 2015, Vol. 16, No. 151 Headlines A R G E N T I N A CAPEX SA: Fitch Affirms 'CCC' Issuer Default Rating COMPANIA LATINOAMERICANA: Fitch Affirms 'CCC' IDR; Outlook Neg. IRSA PROPIEDADES: Fitch Affirms LC 'B+' IDR; Outlook Negative B O L I V I A BOLIVIA: Moody's Maintains Negative Outlook for Banking System B R A Z I L ENERGIAS DO BRASIL: Moody's Rates BRL750MM Debentures 'Ba2' PETROLEO BRASILEIRO: Odebrecht Exec Indicted in Corruption Case C A Y M A N I S L A N D S APOLLO GROWTH: Creditors' Proofs of Debt Due Aug. 18 ARDON MAROON: Court Enters Wind-Up Order CENTAUR LITIGATION: Court Enters Wind-Up Order CENTAUR LITIGATION I: Court Enters Wind-Up Order CENTAUR LITIGATION SPC: Court Enters Wind-Up Order CHERRY BLOSSOMS: Commences Liquidation Proceedings GATEWAY CO-INVESTMENT I: Creditors' Proofs of Debt Due Aug. 11 GLOBAL CATALYST: Creditors' Proofs of Debt Due Aug. 10 PLAINFIELD SPECIAL: Creditors' Proofs of Debt Due Aug. 19 PRUPIM VIETNAM: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Electricity Subsidy in First 6Months US$35.5MM DOMINICAN REPUBLIC: Exports Jump 67% to US$9.9 Billion in 2014 J A M A I C A JAMAICA: Exceeds Primary Surplus, Revenue Targets for April-June T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Strikes Inter-line Deal With Emirates V E N E Z U E L A VENEZUELA: Seizes Nestle, Polar Warehouse to Build Housing X X X X X X X X X * BOND PRICING: For the Week From July 27 to July 31, 2015 - - - - - ================= A R G E N T I N A ================= CAPEX SA: Fitch Affirms 'CCC' Issuer Default Rating --------------------------------------------------- Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings (IDRs) of Capex S.A. (Capex) at 'CCC' and 'B-', respectively. Fitch has also affirmed the 'CCC' long term rating for Capex's March 2018 senior unsecured notes totaling USD200 million. Fitch is assigning an 'RR4' Recovery Rating to the international notes. The 'RR4' for the company's senior unsecured notes outstanding reflects an average expected recovery given default and is in line with the RR soft cap established for Argentina. The Rating Outlook for the company's local currency IDR is Negative. KEY RATING DRIVERS Capex's 'CCC' foreign currency ratings are constrained by the sovereign rating of Argentina, which has an 'RD' foreign/local currency IDR. Fitch has assigned a country ceiling of 'CCC' to the Republic of Argentina, which limits the foreign currency rating of most Argentine corporates, including Capex to 'CCC'. Country ceilings are designed to reflect the risks associated with sovereigns placing restrictions upon private sector corporates, which may prevent them from converting local currency (LC) to any foreign currency (FC) under a stress scenario, and/or may not allow the transfer of FC abroad to service FC debt obligations. Key concerns of corporates domiciled in Argentina include high inflation, government meddling, economic uncertainty, and limited access to debt markets, especially after the country's recent default. Capex's ratings are also impacted by the high regulatory risks associated with operating in the electricity sector in Argentina, exposure to devaluation risk (currency mismatch between peso- denominated cash flows and dollar-denominated debt), and the long- term need to pursue a robust capital expenditure plan to sustain the company's vertically integrated business model. Positively, in the last two fiscal years Capex has seen slightly constructive regulatory moves by the Argentine government in the Gas/Electric sectors. Transformative reforms are needed in the Argentine electricity sector, otherwise the long-term financial viability of the sector remains uncertain. REGULATORY RISK REMAINS HIGH: Capex's ratings reflect high regulatory risk given strong government influence in both the Electric/Utilities and Energy sectors. Capex operates in highly strategic sectors where the government both has a role as the price/tariff regulator and also controls subsidies for industry players. In the electricity sector, Capex depends on payments from government agency Compania Administradora del Mercado Mayorista Electrico S.A. (CAMMESA). Payments from CAMMESA can be volatile given this agency depends on the national government for funds to make these payments, and Argentina is currently suffering through a significant economic slowdown. In 2014, CAMMESA received approximately USD8.7 billion in funds from the Argentine treasury, which was a significant increase from the USD6.6 billion injection in 2013. SUCCESSFUL VERTICALLY INTEGRATED MODEL: Capex is an integrated thermoelectric generation company, which was originally formed as an oil exploration and production company (it is currently the 12th largest producer of gas and liquefied petroleum gas in the country). Capex transformed itself into an electricity generation company due to its large discoveries of natural gas in 1991, coupled with the liberalization of Argentina's electricity sector. The company's vertically integrated business model puts it in an advantageous position versus other Argentine generators. Capex benefits from operating efficiencies as an integrated thermoelectric generating company in Argentina and the flexibility from having its own natural gas reserves to supply the plant. This gives the company an advantage against other players in the industry, especially given existing gas restrictions in the country. Capex's generating units are efficient, and the proximity to its natural gas reserves in the Agua del Cajon field coupled with gas transportation restrictions from Neuquen basin to the main consumption area in Buenos Aires reduces the gas supply risk. Capex's Proved hydrocarbon reserves total approximately 33 million Barrels of Oil Equivalent (BOE), with approximately 93% of the reserves composed of natural gas. Based on daily production in 2015 of 54,000 BOE, the company's overall reserve life is solid at approximately nine years. POSITIVE REGULATORY MOVES: Capex has benefited from recent positive regulatory rulings in both the Oil & Gas and Electricity sectors. In the Oil & Gas sector, in 2013 the government passed resolution 60/2013 whereby it created a stimulus program that would provide firms on a quarterly basis, compensation for incremental natural gas production. In order to participate, industry firms, including Capex, committed to increase natural gas production. The program set a compensation scheme for gas producers with average production of 3.5 million cubic meters per day (MMm3/d) which ranged between USD4/MMBTU to USD7.5MMBTU for incremental gas production. This program is slated to last four years, and the benefits can already be seen as Capex has increased the price it has been able to sell its natural gas to USD4.95/MMBTU in the April 2015 fiscal year versus USD4.09/MMBTU in the April 2013 fiscal year. In the electricity sector, over the last two years the government put forth a more favorable remuneration scheme which has helped the company improve its financial performance. Furthermore, the remuneration scheme was revised in May 2014 to add remuneration of nonrecurring Operations and Maintenance (O&M) expenses and adjusted upwards the remuneration of fixed expenses. Net-net, this new remuneration scheme should allow Capex to at least break- even or generate slightly positive EBITDA in the electricity segment during 2015. FINANCIAL IMPROVEMENT: In large part, due to the government's slightly improved regulations, the company has seen improving financial metrics. On a dollar basis, for the fiscal year ended April 2015 period, Capex registered EBITDA of USD66 million, which was slightly down from USD70 million in 2014 but 10% higher than 2013 results. EBITDA margins tightened to 44% versus the previous year's 54%, but remain higher than 2013's level of 40%. Free cash flow was positive at USD34 million, which was slightly better than the USD31 million generated in 2014. Fitch expects the improvement of the company's financial/operational performance to continue in the April 2016 fiscal year, with the company generating slightly higher EBITDA for the year as increased gas prices more than offset lower LPG/Butane prices. RATING SENSITIVITIES Capex's ratings could be negatively affected by a combination of the following: further economic deterioration and the Republic of Argentina's inability to convert and transfer foreign exchange for Capex; given high dependence on the subsidies by CAMMESA from the Treasury, any further weakening of Argentina's fiscal accounts could have a negative impact on the company's collections/cash flow; a significant deterioration of credit metrics; and/or sustained declines in gas reserves/production or failure to further develop new fields, which could threaten the integrated business model in the long-term would be another potential negative factor. A positive rating action in the short to medium term is considered unlikely given Argentina's current sovereign restricted default rating. LIQUIDITY AND DEBT STRUCTURE Solid Liquidity and Improved Leverage: The company's total debt of USD249 million was slightly higher than the USD235 million reported in the April 2014 fiscal year. Capex's long-term debt is primarily composed of a 10% USD200 million long-term bond with a March 2018 maturity date. As of April 2015, the company reported cash and equivalents totaling USD44 million versus short-term debt of USD26 million, giving the company one of the strongest liquidity profiles for Argentine corporates rated by Fitch. The company's leverage levels have steadily improved due to the company's improved financial performance, as leverage defined as Total Debt:EBITDA was 3.8x in 2015 versus 3.4x in 2014 and 4.2x in 2013. Fitch expects for leverage to remain in the 3.5x-4x level in the short-to-medium term, though long-term forecasts for Argentina can be volatile and highly dependent on macroeconomic conditions in the country. KEY ASSUMPTIONS -- Consistent double-digit currency depreciation per year; -- Energy production to range between 3,800GWh/year and 4,200GWh/year; -- Natural gas sales prices climbing slightly from current USD5/MMBTU per year over next five years; -- Overall, EBITDA to average approximately USD70 million/year; -- Leverage in the 3.5x-4.0x level during next five years. Fitch has taken these rating actions: Capex S.A. -- Foreign currency IDR affirmed at 'CCC'; -- Local currency IDR affirmed at 'B-'; -- International senior unsecured bond ratings affirmed at 'CCC'; Recovery Rating of 'RR4' assigned. The Rating Outlook for the local currency IDR is Negative. COMPANIA LATINOAMERICANA: Fitch Affirms 'CCC' IDR; Outlook Neg. --------------------------------------------------------------- Fitch Ratings has affirmed the foreign and local currency Issuer Default Ratings (IDRs) of Compania Latinoamericana de Infraestructura y Servicios S.A. (CLISA) at 'CCC' and 'B-', respectively. Fitch has also affirmed the 'CCC/RR4' long-term rating for CLISA's Oct. 2019 senior unsecured notes totaling approximately USD87 million. The 'RR4' Recovery Rating for the company's senior unsecured notes outstanding reflects an average expected recovery given default and is in line with the RR soft cap established for Argentina. The Rating Outlook for the company's local currency IDR is Negative. KEY RATING DRIVERS CLISA's 'CCC' foreign currency ratings are constrained by the sovereign rating of Argentina, which has an 'RD' foreign/local currency IDR. Fitch has assigned a country ceiling of 'CCC' to the Republic of Argentina, which limits the foreign currency rating of most Argentine corporates, including CLISA to 'CCC'. Country ceilings are designed to reflect the risks associated with sovereigns placing restrictions upon private sector corporates, which may prevent them from converting local currency (LC) to any foreign currency (FC) under a stress scenario, and/or may not allow the transfer of FC abroad to service FC debt obligations. Key concerns of corporates domiciled in Argentina include high inflation, government meddling, economic uncertainty, and limited access to debt markets, especially after the country's recent default. STRONG MARKET POSITION: CLISA has a strong market position as one of Argentina's largest privately owned industrial conglomerates. The company has experienced a slowdown in the construction segment as Argentine economic growth has stalled since 2013. CLISA operates in four main businesses: construction and toll road concessions (through Benito Roggio e Hijos [BRH]), water treatment, waste management (CLIBA), and transportation. Over the last five years, CLISA's cash flow generation has held up relatively well despite political and economic instability and following positive trends for construction, which is primarily driven by public works. DEVALUATION IMPACTS RESULTS: During the last 12 months (LTM) ended March 31, 2015, the company reported revenues and EBITDA of USD879 million and USD131 million, respectively. This compares negatively with 2013 results, on a dollar basis, as revenues and EBITDA declined by 20% and 25% versus full-year 2013 results. The large decline can be attributed to a 42% currency depreciation of the Argentinian Peso versus the U.S. Dollar between year-end 2012 and year-end 2014. On a peso basis, the company's revenues and EBITDA grew by 14% and 10% respectively during the same period. POSITIVE DEBT EXCHANGE: In September 2014, the company proposed an exchange offering for its 9.5% USD120 million ON Clase 3 notes due in 2016. The notes had three equal amortizations scheduled for 2014-2016, and the initial offer was to exchange the notes for 11.5% ON Clase 4 notes due in 2017. The exchange was then amended to push back the maturity date until 2019. In October, CLISA announced that holders of USD87.1 million in ON Clase 3 notes agreed to the exchange, which represented a positive development for the company. On a dollar basis, the company's total debt as of March 2015 totaled USD327 million which is slightly above the USD320 million reported as of year-end 2013. Half the debt is short-term. Argentine corporates typically carry significant short-term debt loads given the general lack of availability of long-term financing in the domestic market. The debt exchange has significantly improved the company's debt profile, as the current 50:50 ratio between short-term debt and long-term debt improved from 63:37 as of year-end 2013. CYCLICAL BUSINESS: The company's cash flow is exposed to the cycles of the construction industry and public works in Argentina. While infrastructure needs remain high, the construction segment decelerated during the last two years due to the macroeconomic slowdown in Argentina and as the execution of government infrastructure projects has slowed down this year heading to the Presidential elections scheduled for October 2015 (if there is a run-off, the second round would take place in November). This year has seen the government's focus shift towards stimulating the housing market rather than large infrastructure projects. The company is also exposed to collection risk derived from having the government as its main counterparty. Post-elections, CLISA is in a solid position for a reacceleration of construction growth as its construction backlog continued to be strong at US$731 million in March 2015 (AR$6.45 billion) allowing the company to maintain an important cash generation source for approximately three years. The company's construction backlog has grown by 51% since December 2012. REGULATORY RISK: CLISA's main activities depend on contractual agreements and government regulations at the national, provincial and municipal levels. Exposure to regulatory risk derives from the delay in the renegotiations of public service contracts. In particular, in its mass transportation subsidiary Metrovias there has been past political risk when the National Government attempted to transfer the subway concession to Buenos Aires City. Most of Metrovias income is generated from subsidies from the National Government. However, in April 2013, Metrovias and SBASE signed an agreement in which SBASE granted exclusively to Metrovias the operation and maintenance of the subway, excluding the exploitation of collateral services and the execution of works and investments. The term of the contract is two years, extendable for two more years plus an option for one addition year by SBASE. The company has faced more recent pressure in the commuter railroad services business. In February 2015, the Argentine government notified CLISA that, it was immediately rescinding the company's right to operate the San Martin and Mitre commuter railroad services. Via this motion, the government asserted control over these railroad services. RATING SENSITIVITIES CLISA's ratings could be negatively affected by a combination of the following: further economic deterioration and the Republic of Argentina's inability to convert and transfer foreign exchange for CLISA; a significant deterioration of credit metrics; and/or the adoption of adverse public policies that can affect the company's business performance in any of its business segments. A positive rating action in the short to medium term is considered unlikely given Argentina's current sovereign restricted default rating. LIQUIDITY AND DEBT STRUCTURE IMPROVED LIQUIDITY: Post 2014's debt exchange, the company has an improved liquidity profile. In March 2015, the company reported USD74 million in cash and equivalents, which represents 0.5x short-term debt of USD163 million. Given Argentine corporates have a significantly higher level of short-term debt versus regional peers, this is a relatively solid level of cash and equivalents to short-term debt ratios for Argentine corporates. Leverage, defined as Total Debt:EBITDA was a relatively solid 2.5x in the last 12 month (LTM) March 2015 period. This was higher than the 1.8x level reported in 2013, as revenues and EBITDA growth have lagged inflationary growth. Fitch is forecasting leverage levels in the 3x level in the short-to-medium term. KEY ASSUMPTIONS -- Starting with 2015, financial forecast reflects loss of Mitre/San Martin train commuting services; -- 2015 financial results reflect slight decline in Construction revenues as sector is expected to remain slow leading up to elections; -- Long-term, expect revenues to correlate with inflationary trends; -- Company is expected to continue rolling over short-term debt on an annual basis; -- Leverage expected to remain in the 3x level, on a dollar basis, over next five years. Fitch has affirmed these ratings: Compania Latinoamericana de Infraestructura y Servicios S.A. -- Foreign currency IDR at 'CCC'; -- Local currency IDR at 'B-'; -- International senior unsecured bond ratings at 'CCC/RR4'. The Rating Outlook for the local currency IDR is Negative. IRSA PROPIEDADES: Fitch Affirms LC 'B+' IDR; Outlook Negative ------------------------------------------------------------- Fitch has affirmed the Issuer Default ratings of IRSA Propiedades Comerciales S.A. (IRCP), Inversiones y Representaciones S.A. (IRSA); and Cresud S.A.C.I.F. y A. (Cresud), Fitch has affirmed these ratings of IRSA Propiedades Comerciales S.A. (IRCP): -- Local currency Issuer Default Rating (IDR) at 'B+'; Outlook Negative; -- Foreign currency IDR at 'CCC'; -- USD120 million senior unsecured notes due in 2017 at 'B-/RR3'. IRCP's ratings reflect the company's exposure to Argentina's business climate and economic conditions, its credit profile, and the credit linkage with its parent company, IRSA. The Negative Outlooks on IRCP's LC IDR reflects the high degree of uncertainty about the business climate and economic conditions. KEY RATING DRIVERS IRCP's foreign currency (FC) IDR continues to be constrained at 'CCC' by the 'CCC' country ceiling assigned to Argentina by Fitch. The company's local currency (LC) IDR remains at 'B+' due to the high risk of operating in Argentina's real estate industry. The 'RR3' Recovery Rating reflects above average recovery prospects in the event of default. The notching above the soft cap of 'RR4' for bonds issued by Argentine corporates reflects the company's very strong credit profile. IRCP's leverage is low for a real estate company. During the last twelve months ended March 31, 2015 (LTM March 2015), the company's leverage has increased to 2.7x from 1.1x. The increase in debt is primarily due to a new related-party transaction that the company entered with its parent company, IRSA. The company's ratings continue to be linked with IRSA's, which owns 95.7% of IRCP. As of March 31, 2015, IRSA had USD530 million of total consolidated debt, resulting in a total net debt-to-EBITDA ratio of 1.7x. KEY ASSUMPTIONS -- EBITDA margin for full-year 2015 around 80% -- Total adjusted net leverage for full-year 2015 around 3x RATING SENSITIVITIES The ratings are expected to be driven primarily by developments in Argentina's business climate and economic conditions. LIQUIDITY IRCP's short-term debt has increased during the LTM period ended March 2015, which adds some pressure to its liquidity' however, this situation is partially counterbalanced by the company's cash flow generation and access to short-term credit with local banks. The company's debt payment schedule includes USD75 million during the next 12 months ended March 2016, while it had USD10 million of cash at the end of March 2015. In addition, IRCP's portfolio of assets is strong, and is primarily unencumbered and provides an additional source of liquidity. Fitch has also affirmed these ratings of IRSA: -- Local Currency IDR at 'B+'; -- Foreign Currency Issuer Default Rating (IDR) at 'CCC'; -- USD150 million Senior Unsecured Notes due in 2017 at 'B-/RR3'; -- USD 150 million Senior Unsecured Notes due in 2020 at 'B-/RR3'; -- The Rating Outlook for the Local Currency IDR remains Negative. IRSA's ratings reflect the company's exposure to Argentina's business climate and economic conditions as well as its consolidated credit profile. The Negative Outlooks on IRSA reflects the high degree of uncertainty about the business climate and economic conditions in Argentina. KEY RATING DRIVERS IRSA's FC IDR is constrained at 'CCC' by Argentina's 'CCC' country ceiling. The company's LC IDR is 'B+', which reflects a strong position in the local market and an easier access to financing in Argentine peso. Both IRSA and its subsidiary, IRCP, own key parcels of land in strategic areas of Buenos Aires, which could be sold to improve the company's liquidity or for new developments. The LC IDRs of IRSA and IRCP have been linked at 'B+'. This linkage reflects factors that align the credit quality of these companies, as well as the fact IRCP's upstream dividends represent a relevant part of IRSA's cash flow generation. IRSA has a leading position in the Buenos Aires shopping center segment through PCSA. The shopping center segment accounts for about 75% of IRSA's consolidated operating EBITDA. The company is also the leader in the development and management of office buildings in Buenos Aires. IRSA maintains moderate levels of debt, as well as a manageable liquidity position. Its main source of financing is with local banks, which is done primarily on a short-term basis. The company has a high level of unencumbered assets and land that could be sold to enhance liquidity and to service debt. KEY ASSUMPTIONS -- EBITDA margin for full-year 2015 around 75% -- Total adjusted net leverage for full-year 2015 around 2x LIQUIDITY As of March 31, 2015, IRSA had USD530 million of total consolidated debt, resulting in a total net debt-to-EBITDA ratio of 1.7x. IRSA is expected to meet its upcoming debt obligations during the next 12-month period ended in March 2016 with a mix of cash from operations and the rollover of existing debt. The company main challenge remains the refinancing of its unsecured notes of USD150 million due in 2017. RATING SENSITIVITIES The ratings are expected to be driven primarily by the development of the Argentina's business climate and economic conditions. Fitch has also affirmed the ratings of Cresud S.A.C.I.F. y A. (Cresud) as: -- Local Currency IDR at 'B-'; -- Foreign Currency Issuer Default Rating (IDR) at 'CCC'; -- The Rating Outlook for the Local Currency IDR remains Negative. Cresud's ratings reflect the company's exposure to Argentina's business climate and economic conditions and its leading business position in the real estate and agribusiness sectors. The Negative Outlook reflects the high degree of uncertainty about the business climate and economic conditions in Argentina. RATING DRIVERS Cresud's FC IDR is constrained at 'CCC' by the 'CCC' country ceiling assigned to Argentina by Fitch. Cresud's 'B-' LC IDR is held back by above-average risks associated with operating in the Argentinian real estate segment and the volatile cash flow of its agribusiness division, which is subject to weather conditions and commodity prices. Fitch links the ratings of Cresud and IRSA. Cresud's 'B-' LC IDR is notched down from IRSA's 'B+' LC IDR because of the structural subordination of its debt and weaker stand-alone financial profile. This also incorporates factors such as strong strategic and operational ties with IRSA, which represents a significant part of Cresud's cash flow from operations. Cresud's ratings consider its position as a leading company in the real estate and agribusiness sectors in Argentina. Cresud owns 64.5% of IRSA, a leading real estate company in Argentina dedicated to real estate development, office rentals, and shopping mall operations through IRCP. Cresud has farms in Argentina and a presence in Bolivia, Paraguay, and Brazil. KEY ASSUMPTIONS -- EBITDA margin for full-year 2015 around 30% -- Total adjusted net leverage for full-year 2015 around 5.5x LIQUIDITY The ratings also reflect moderate consolidated leverage, as well as manageable liquidity from unencumbered assets and sellable land. These assets provide Cresud, and its direct and indirect subsidiaries, with financial flexibility. RATING SENSITIVITIES The ratings are expected to be driven primarily by positive developments in Argentina's business climate and economic conditions. ============= B O L I V I A ============= BOLIVIA: Moody's Maintains Negative Outlook for Banking System -------------------------------------------------------------- Moody's Investors Service says it is maintaining its negative outlook for the Bolivian banking system, primarily because of increasingly strict government mandates that will drive banks' lending decisions over the next several years. In recent months, the Bolivian government has added new intermediate lending targets that the banks must meet every year until 2018, by which time 60% of all of their lending will have to be allocated to social housing and what the authorities call the "productive" industries -- agriculture, cattle raising, forestry, oil, gas, mining, manufacturing, electricity and construction -- all at capped, below market interest rates. The lending mandates compel rapid expansion into industries in which many banks have less expertise. "The new targets mean that Bolivia's banks will have to shift their portfolio mix more quickly than we expected when the government announced the original mandates a year and a half ago, which raises the risks of a deterioration in underwriting standards and asset quality, as well as declines in net interest margins and profitability" says Fernando Albano, a Moody's Assistant Vice President. Through 2018, almost all system loan growth will be focused on the mandated loan sectors, which will limit the growth of higher- margin lending products. Although the 12% to 15% system annual loan growth that Moody's is forecasting for the next 12 to 18 months is still high, especially in comparison to other markets in Latin America, it constitutes a slowdown for Bolivia, whose yearly loan growth exceeded 20% between 2011 and 2013. The country's economic growth will also slow down to a more sustainable pace of 4.2% in 2016, down from a peak of 6.8% in 2013, because lower commodities prices will dampen Bolivia's main exports. Given the expected slowdown in overall loan growth, the non- performing loan ratio will deteriorate slightly as problems with loans originated in previous years of high growth start to arise. Nevertheless, the rise in NPLs will remain manageable, given the banks' conservative write-off policies and substantial reserves. Furthermore, the decline in lending to riskier segments such as the consumer sector will offset somewhat the risk of asset quality deterioration deriving from the new lending mandates. However, profitability will come under increasing pressure because of the interest rate caps on mandated loans, which will weigh on net interest margins. This will increase the challenges that the banks will already face attracting fresh investor capital, which will hinder their ability to pursue growth opportunities without risking their currently healthy capital levels. =========== B R A Z I L =========== ENERGIAS DO BRASIL: Moody's Rates BRL750MM Debentures 'Ba2' ----------------------------------------------------------- Moody's America Latina (Moody's) assigned a Ba2 rating on the global scale and a Aa3.br Brazilian National Scale Rating ("NSR") to EDP -- Energias do Brasil's ("EDB") BRL 750 million senior unsecured non-convertible callable debentures, with a negative outlook. The proceeds of EDB's debentures will be used to prepay BRL 750 million outstanding promissory notes with a final maturity in March 2016. At the same time, Moody's assigned a Ba2/Aa3.br corporate family ratings to EDB and withdrew EDB's Ba2/Aa3.br issuer ratings. RATINGS RATIONALE EDB's Ba2/ Aa3.br corporate family ratings reflect EDB's adequate credit metrics for the rating category, the company's expertise in the management of the generation and distribution segments along with its resilient access to the local banking and capital markets. The ratings are constrained by the company's sizeable capital expenditures program, relatively inadequate liquidity position along with Moody's expectation that EDB's consolidated credit metrics will continue to deteriorate in 2015 owing to losses associated with the current exposure to the spot market of its hydro generation subsidiaries and higher levels of indebtedness at the holding company level in the near term as a result of current investments and lower dividends received from its subsidiaries . The purchase of the remaining 50% equity interest and subsequent consolidation of the 720MW thermo-power plant PECEM I that took place in May has 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. The debentures will be issued in up to four series (maturities ranging from 3 to 9 years). In addition, in order to increase its liquidity position, EDB announced on July 15, 2015, that it has signed a Share Purchase and Sale Agreement with Cachoeira Escura Energetica S.A. (not rated) to sell 100% of the voting capital of Pantanal Energetica Ltda ("Pantanal", not rated), which has two small hydro plants with total capacity of 51.1 MW of installed capacity. The total amount of the transaction is R$ 390 million and the conclusion is subject to prior approval by the Brazilian Council of Economic Defense ("CADE"), the National Electric Energy Agency ("ANEEL") and other measures of corporate and contractual requirements which is expected to occur in first quarter of 2016. In light of the downgrade rating action on June 2, an upgrade is very unlikely in the short-to 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 sustainable basis. There would be pressure for a downgrade of EDB's ratings and the debentures if EDB fails to continue securing 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. 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. PETROLEO BRASILEIRO: Odebrecht Exec Indicted in Corruption Case --------------------------------------------------------------- EFE News reports that Chief Executive Officer of Brazilian construction giant Odebrecht was formally charged with bribery, money laundering and criminal conspiracy for his alleged role in a $2 billion corruption scheme centered on state oil company Petroleo Brasileiro (Petrobras). Judge Sergio Moro accepted federal prosecutors' request for indictments of Marcelo Odebrecht and 12 other people, including former executives from both Odebrecht and Petrobras, according to EFE News. The report notes that the case against the CEO is based not only on testimony from other defendants, but on materials obtained by police in the course of the investigation, Mr. Moro said. Among the others charged along with Marcelo Odebrecht are Petrobras' former downstream director, Paulo Roberto Costa; and currency trader Alberto Youssef, who has confessed to facilitating the payment of bribes, the report notes. Both Costa and Youssef have reached plea deals with prosecutors, while Marcelo Odebrecht denies any wrongdoing, the report relates. The report says that Odebrecht is one of a score of construction and engineering accused of having paid bribes to secure inflated contracts with Petrobras. Investigators said the construction groups formed a cartel to overcharge the oil giant, splitting the extra money with corrupt Petrobras officials while setting aside some of the loot to pay off politicians who provided cover for the graft, the report relays. Among other targets of the wide-ranging Petrobras probe are some 50 politicians, including the leaders of both houses of Congress, the report notes. Already behind bars is Joao Vaccari, former treasurer of President Dilma Rousseff's Workers Party, the report says. The Petrobras case expanded with the arrest of Othon Luiz Pinheiro da Silva, CEO of state-owned nuclear power firm Eletronuclear, the report adds. About Petroleo Brasileiro Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and it produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. * * * As reported in the Troubled Company Reporter-Latin America on March 12, 2015, Moody's Investors Service said the corruption investigation into Petroleo Brasileiro S.A. (Petrobras) will negatively affect parts of the public and private sectors, but government support for the company is likely to help contain the credit-negative impact. On March 6, 2015, the TCLRA reported that the deepening investigation into the alleged kickback scheme at Petrobras has triggered concerns for the Brazilian banks with exposures not only to the state-controlled oil company, but also to its large base of suppliers, as well as the broader oil and gas (O&G) and construction industries, says Moody's Investors Service. Moody's Investors Service downgraded all ratings for Petrobras, including a downgrade of the company's senior unsecured debt to Ba2 from Baa3, and assigned a Ba2 Corporate Family Rating to the company, the TCRLA reported on Feb. 27, 2015. Its failure to estimate its losses from the alleged corruption scheme and produce audited third-quarter results prompted Moody's to cut its rating to junk, the report said. Rival agency Standard & Poor's delivered a further blow on March 23 when it revised its outlook on the company from stable to negative, the TCRLA reported on March 26, 2015. On Feb. 10, 2015, TCRLA said Fitch Ratings has downgraded the foreign and local currency Issuer Default Ratings (IDRs) and outstanding debt ratings of Petrobras to 'BBB-' from 'BBB'. Concurrently, Fitch has placed all of Petrobras' international and national scale ratings on Rating Watch Negative. ========================== C A Y M A N I S L A N D S ========================== APOLLO GROWTH: Creditors' Proofs of Debt Due Aug. 18 ---------------------------------------------------- The creditors of Apollo Growth Opportunities Fund L.P. are required to file their proofs of debt by Aug. 18, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on June 23, 2015. The company's liquidator is: Maria Kannava 3 Markou Botsari 3040 Limassol Cyprus Telephone: 00357 25585583 ARDON MAROON: Court Enters Wind-Up Order ---------------------------------------- On Feb. 13, 2015, the Grand Court of Cayman Islands entered an order to wind up the operations of Ardon Maroon Asia Dragon Feeder Fund. The company's liquidators are: David A.K. Walker Simon R. Conway PwC Corporate Finance & Recovery (Cayman) Limited P.O. Box 258, Strathvale House Grand Cayman KY1-1104 Cayman Islands CENTAUR LITIGATION: Court Enters Wind-Up Order ---------------------------------------------- On June 25, 2015, the Grand Court of Cayman Islands entered an order to wind up the operations of Centaur Litigation Limited. The company's liquidator is: Hugh Dickson c/o Phillip Tyrrell Telephone: (345) 769 7204 Facsimile: (345) 949 7120 10 Market Street #765 Camana Bay Grand Cayman Cayman Islands KY1 9006 CENTAUR LITIGATION I: Court Enters Wind-Up Order ------------------------------------------------ On June 25, 2015, the Grand Court of Cayman Islands entered an order to wind up the operations of Centaur Litigation Unit Series 1 Limited. The company's liquidator is: Hugh Dickson c/o Phillip Tyrrell Telephone: (345) 769 7204 Facsimile: (345) 949 7120 10 Market Street #765 Camana Bay Grand Cayman Cayman Islands KY1 9006 CENTAUR LITIGATION SPC: Court Enters Wind-Up Order -------------------------------------------------- On June 25, 2015, the Grand Court of Cayman Islands entered an order to wind up the operations of Centaur Litigation SPC. The company's liquidator is: Hugh Dickson c/o Phillip Tyrrell Telephone: (345) 769 7204 Facsimile: (345) 949 7120 10 Market Street #765 Camana Bay Grand Cayman Cayman Islands KY1 9006 CHERRY BLOSSOMS: Commences Liquidation Proceedings -------------------------------------------------- On June 30, 2015, the shareholders of Cherry Blossoms 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: Tadatsugu Ishimoto 3-3-12 Wakamiya, Nakano-ku Tokyo 165-0033 Japan GATEWAY CO-INVESTMENT I: Creditors' Proofs of Debt Due Aug. 11 -------------------------------------------------------------- The creditors of Gateway Co-Investment I Limited are required to file their proofs of debt by Aug. 11, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 30, 2015. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands GLOBAL CATALYST: Creditors' Proofs of Debt Due Aug. 10 ------------------------------------------------------ The creditors of Global Catalyst Venture Management Asia, Ltd. are required to file their proofs of debt by Aug. 10, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on July 1, 2015. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands PLAINFIELD SPECIAL: Creditors' Proofs of Debt Due Aug. 19 --------------------------------------------------------- The creditors of Plainfield Special Situations Master Fund II Limited are required to file their proofs of debt by Aug. 19, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 6, 2015. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344, Grand Cayman KY1-1108 Cayman Islands PRUPIM VIETNAM: Commences Liquidation Proceedings ------------------------------------------------- On June 30, 2015, the sole shareholder of Prupim Vietnam Property Fund 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: Jonathan Culshaw Telephone: +852 3195 7200 Facsimile: +852 3195 7210 3601 Two Exchange Square 8 Connaught Place Central Hong Kong =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Electricity Subsidy in First 6Months US$35.5MM ------------------------------------------------------------------ Dominican Today reports that in the past 12 years the Dominican government has allocated RD$11.0 billion to the Fund to Stabilize the Electricity Tariff (rate subsidy), of which RD$1.6 billion (US$35.5 million) was on the first six months alone. The figures come from an Electricity Superintendence report released by superintendent Eduardo Quinconces, according to Dominican Today. It says from 2003 to July 2015, Edenorte has received the most subsidy of the three distributors at RD$ 44.0 billion; followed by Edesur with RD$ 35.7 billion and EdeEste, RD$34.8 billion, the report adds. DOMINICAN REPUBLIC: Exports Jump 67% to US$9.9 Billion in 2014 -------------------------------------------------------------- Dominican Today reports that Dominican Republic exports including free zones jumped 67%, from US$5.9 billion in 2004 to US$9.9 billion in 2014, a growth of 67%. Dominican Republic Export and Investment Center (CEI-RD) director Jean Alain Rodriguez stressed the various initiatives to promote exports and investment in the country, "to create thousands of jobs, contributing to s higher growth of the Dominican economy," according to Dominican Today. In a statement, Rodriguez also revealed that exports from Dominican Republic, including free zones totaled US$9.9 billion in 2014, an 11% increase compared with US$8.9 billion in 2013, the report notes. ============= J A M A I C A ============= JAMAICA: Exceeds Primary Surplus, Revenue Targets for April-June ---------------------------------------------------------------- RJR News reports that the Jamaican Government has disclosed that the country's primary surplus for the three-month period, April to June, was 20 per cent better than projected. The Government had budgeted for the primary surplus to be just under J$17 billion at the end of June, according to RJR News. The actual out turn was more than J$20 billion. That achievement suggests that Jamaica is well on its way to passing the ninth consecutive IMF test, the report notes. The report discloses that the primary surplus is money used to help pay down the national debt. More Revenue The Government also released data showing its financial situation improving significantly, over the three months, April to June, to the point where it had more revenues than projected at the end of June, the report notes. Over the period, April to June, the revenue authorities collected J$103 billion, the report says. This was one billion dollars better than anticipated, the report adds. As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Strikes Inter-line Deal With Emirates --------------------------------------------------------- RJR News reports that Caribbean Airlines Limited has signed an inter-line deal with the world's largest international airline- Emirates, which promises to make it easier for customers to travel the world. CAL stated in a press release that the agreement is expected to be fully implemented in coming weeks, according to RJR News. The report notes that the arrangement gives customers greater choice of destinations and easy transfers in key airports, such as London's Gatwick and New York's JFK. Customers can also take advantage of through fares from Emirates' extensive network via London and New York to Port of Spain, Georgetown, Kingston and Montego Bay, the report says. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on March 19, 2015, RJR News said that Caribbean Airlines Limited is still facing an acute shortage of pilots. Trinidad's Newsday newspaper said the airline is still reeling from the loss of close to a dozen pilots from its Jamaican operations last year, forcing it to send Trinidadian pilots to operate some of the Jamaican routes to US destinations, according to RJR News. The TCRLA reported on Sept. 24, 2014, that Trinidad Express said Caribbean Airlines Limited will get a total of TT$1.8 billion support from the Government during the period 2013 and 2015. Finance Minister Larry Howai stated that the Caribbean Airlines management had informed him that the company expects to break-even in three years time. Mr. Howai, however, said that government would have to provide funds for CAL in 2015, 2016 and 2017. On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday, said that Caribbean Airlines is facing a loss. Minister Howai was hopeful the loss could be narrowed down to less than TT$100 million. Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million, the TCRLA reported on May 20, 2013. ================= V E N E Z U E L A ================= VENEZUELA: Seizes Nestle, Polar Warehouse to Build Housing ---------------------------------------------------------- Anatoly Kurmanaev and Andrew Rosati at Bloomberg News report that Venezuelan soldiers seized a food distribution center rented by companies including Nestle SA, PepsiCo. Inc. and Empresas Polar SA in Caracas as the government looks to boost support ahead of elections. The companies were given two months to remove equipment and stock at the La Yaguara industrial park, which will be converted to social housing, workers said, according to Bloomberg News. The report notes that several dozen workers of Polar, the largest Venezuelan food company, remain on the premises in protest against the expropriation. "I'm scared not just for my job but for the entire country," Beatrice Pellicer," a 24-year-old Polar corporate relations worker, said outside the warehouse sealed by armed police and National Guards, the report relays. "We all just found out this morning that we have 60 days to leave." The report discloses that President Nicolas Maduro in recent months has stepped up attacks on the private sector, which he accuses of profiteering and sabotage, as his popularity wanes ahead of the Dec. 6 congressional elections. President Maduro has blamed Polar and other private food companies for the chronic shortages of basic products and spiraling inflation, while maintaining currency and price controls that have made most of national production unprofitable, the report relays. Government 'Terms' "This is a scare tactic to get private companies to cooperate with the government ahead of the elections: helping them keep the right stores supplied and work on their terms," Risa Grais-Targow, Latin America political analyst at consultancy Eurasia Group, said by telephone from Washington, the report relays. "I think the government understands that taking over a company like Polar will create dangerous social dynamics," Ms. Grais-Targow added. The report notes that Carmen Arreaza, a 51-year-old elementary school teacher, and a few dozen other government supporters gathered in front of the warehouse to demonstrate support for the expropriation. "This measure is just and it needs to happen as soon as possible," Ms. Arreaza said. "There is an economic war here and this company, Polar, is at the heart of it. They hide products from the population, and inflate their prices!" The report notes that the government had first notified the landlord of plans to expropriate the industrial park in 2013, Nestle spokesman Andres Alegrett told Bloomberg by telephone from Caracas. Nestle used the facility to dispatch about 10 percent of its products in the country, supplying sweets and drinks to the western side of Greater Caracas, Mr. Alegrett said, the report relays. "We are working to redirect the products to other facilities across the country," the report quotes Mr. Alegrett as saying. It remains unclear whether the companies will keep the merchandise in the affected warehouses, Polar's planning manager Douglas Vielma said, the report notes. The La Yaguara industrial park is also being used by U.S. grain trader Cargill Inc., Mexican bottler Coca-Cola Femsa SAB and industrial gases supplier Praxair Inc., adds the report. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From July 27 to July 31, 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 * * *