/raid1/www/Hosts/bankrupt/TCRLA_Public/150811.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
Tuesday, August 11, 2015, Vol. 16, No. 157
Headlines
A R G E N T I N A
FIDEICOMISO FINANCIERO: Moody's Rates ARS13MM Certificates B1
PETROBRAS ARGENTINA: Ex-Dividend Date Scheduled for August 10
YPF SA: Posts ARS2.3 Billion Net Income in Second Quarter
B A H A M A S
BAHA MAR: Key Hearing on Stalled Resort Postponed to Aug. 19
BAHA MAR: CEXIM Asks Court to Dismiss Ch. 11 Case
BAHA MAR: Seeks to Incentivize 99 Employees
B R A Z I L
BRAZIL: Industrial Output Falls Less Than Economists Forecast
GOL LUXCO: Moody's Assigns Ba3 Rating to $300MM, 5-Yr. Sr. Loan
GOL LUXCO: S&P Assigns 'BB' Rating to Proposed $300MM Loan
PETROLEO BRASILEIRO: Planning 25% Fuel Unit Sale in Brazilian IPO
VIRGOLINO DE OLIVEIRA: S&P Affirms 'D' Rating
C A Y M A N I S L A N D S
ATLANTIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
BG CAYMAN: Members' Final Meeting Set for Aug. 12
COAT CAYMAN: Members' Final Meeting Set for Aug. 12
MAN DISTRESSED: Members' Final Meeting Set for Aug. 12
NORTH AMERICAN: Members' Final Meeting Set for Aug. 12
ORTUS MAC: Members' Final Meeting Set for Aug. 12
PACIFIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
PENTA ASIA: Members' Final Meeting Set for Aug. 12
REVELATION CAYMAN: Members' Final Meeting Set for Aug. 12
SSC 400: Shareholder to Hear Wind-Up Report on Aug. 12
SUTTONBROOK CAYMAN: Members' Final Meeting Set for Aug. 12
UNION FUND: Members' Final Meeting Set for Aug. 12
YORK SOLUTIONS: Members' Final Meeting Set for Aug. 12
ZURBANO FUND: Members' Final Meeting Set for Aug. 12
M E X I C O
BENITO JUAREZ: Moody's Raises Global Scale, LC Rating to Ba3
MEXICO: Keeps Rate at Record Low 3%, Expands Currency Support
TABASCO STATE: Moody's Changes Outlook to Pos., Affirms Ba1 Rating
P U E R T O R I C O
PUERTO RICO: Citizens Face Punishing Drought Amid Economic Slump
MORGANS HOTEL: Posts $10.7 Million Net Loss for Second Quarter
TEODORO MOSCOCO: S&P Corrects Long-Term Rating to CCC-
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: Retirees Waiting on Pension
V I R G I N I S L A N D S
LANCER FINANCE 2010-1: Fitch Cuts Rating on 2010-1 Notes to 'C'
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
FIDEICOMISO FINANCIERO: Moody's Rates ARS13MM Certificates B1
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has rated
Fideicomiso Financiero Bancor Personales IV. This transaction
will be issued by Deutsche Bank S.A.- acting solely in its
capacity as issuer and trustee.
As of now, the securities for this transaction have not yet been
placed in the market. The transaction is pending approval from
the Comision Nacional de Valores, if any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.
The rating action is:
-- ARS55 mil. in Class A Floating Rate Debt Securities
(VRDA) of "Fideicomiso Financiero Bancor Personales IV",
rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf)
(Global Scale, Local Currency)
-- ARS7 mil. in Class B Floating Rate Debt Securities
(VRDB) of "Fideicomiso Financiero Bancor Personales IV",
rated Aaa.ar (sf) (Argentine National Scale) and B1 (sf)
(Global Scale, Local Currency)
-- ARS13 mil. in Certificates (CP) of "Fideicomiso
Financiero Bancor Personales IV", rated B1.ar (sf)
(Argentine National Scale) and Caa2 (sf) (Global Scale,
Local Currency).
RATINGS RATIONALE
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 5,688 eligible personal loans denominated in
Argentine pesos, originated by Banco de la Provincia de Cordoba
S.A., in an aggregate amount of ARS 74,999,336.70.
These personal loans are granted to pensioners, employees of the
Government of the Province of Cordoba in Argentina or employees of
private companies that have an agreement with Banco de la
Provincia de Cordoba. Approximately 21.9% of the securitized
portfolio benefits from a "codigo de descuento" or discount code
that allows to deduct the loan's installment directly from the
employee's paycheck. In turn, the Government of Province of
Cordoba will transfer any deducted amounts to the Banco de la
Provincia de C¢rdoba, the servicer in the transaction. For the
remaining part of the securitized pool, the loan's installment is
deducted automatically from the borrower's account at Banco de la
Provincia de Cordoba.
Overall credit enhancement is comprised of subordination: 26.67%
for the VRDA and 17.33% for the VRDB. In addition the transaction
has various reserve funds and excess spread.
Factors that would lead to an upgrade or downgrade of the rating:
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction, and a disruption in the flow of
payments from the Government of C¢rdoba to pensioners and
employees respectively.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.
Loss and Cash Flow Analysis:
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of Banco de
Cordoba's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the underlying pool with a
mean 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for the prepayments with a mean
35% and a coefficient of variation of 70%.
These assumptions are derived from the historical performance to
date of the Banco de Cordoba's pools. Servicer default was
modeled by simulating the default of the Banco de Cordoba as the
servicer consistent with its current rating of Caa1/Baa3.ar. In
the scenarios where the servicer defaults, Moody's assumed that
the defaults on the pool would increase by 20 percentage points.
The model results showed 0.00% expected loss for VRDA, 1.04% for
VRDB and 17.07% for the Certificates.
Moody's also considered the risk that a disruption in the flow of
payments from the Government of Cordoba to pensioners and
employees respectively, could severely affect the performance of
the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco de Cordoba is removed as servicer,
Deutsche Bank S.A. will be appointed as the back-up servicer.
Stress Scenarios:
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If the mean default rate were increased
to 8.5%, the ratings of the VRDA would remain the same. The
ratings for and VRDB and the Certificates would be likely
downgraded to Caa2 (sf) and Caa3 (sf) respectively.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.
PETROBRAS ARGENTINA: Ex-Dividend Date Scheduled for August 10
-------------------------------------------------------------
nasdaq.com reports that Petrobras Argentina S.A. will begin
trading ex-dividend on August 10, 2015. A cash dividend payment
of $0.074069 per share is scheduled to be paid on August 20, 2015.
Shareholders who purchased PZE prior to the ex-dividend date are
eligible for the cash dividend payment, according to nasdaq.com.
The report notes that this represents a 6.7% increase over the
prior year.
As reported in the Troubled Company Reporter-Latin America on
April 30, 2015, Moody's Latin America Agente de Calificacion de
Riesgo confirmed the Ba2/Aaa.ar global scale rating and national
scale rating on Petrobras Argentina S.A.'s (Petrobras Argentina)
US$300 million in guaranteed Series S notes (CUSIP 71646JAB5). The
rating action reflects Moody's Investors Service's rating action
on April 27, 2015 of confirming Petrobras S.A.'s (Petrobras, the
guarantor) global debt ratings at Ba2. The ratings outlook is now
stable, also in accordance to Petrobras' rating outlook. This
concludes the ratings review period started in late December 2014.
YPF SA: Posts ARS2.3 Billion Net Income in Second Quarter
---------------------------------------------------------
Pablo Rosendo Gonzalez at Bloomberg News reports that YPF SA
posted second-quarter earnings that exceeded expectations as it
increased output and sold crude at a premium to international
prices.
Net income rose to ARS2.3 billion ($250 million) from ARS1.5
billion a year earlier, Buenos Aires-based YPF said in a
statement, according to Bloomberg News. Per-share profit of 5.86
pesos, excluding some items, beat the 5.36-peso average of five
analysts' estimates compiled by Bloomberg.
While major oil companies from Exxon Mobil Corp. to Chevron Corp.
hunker down for a prolonged market rout, YPF has kept up spending
as it increases crude and natural gas output, Bloomberg News
relates. The producer that was nationalized in 2012 is benefiting
from government-set prices that are higher than Brent, the
international benchmark, Bloomberg News says.
"Clearly this is one of those moments where we benefit from our
integrated model," Chief Financial Officer Daniel Gonzalez told
investors on an earnings call, Bloomberg News notes.
The company will keep its 2015 capital expenditures budget
unchanged at around $6 billion, Mr. Gonzalez said, declining to
provide an estimate for spending next year, Bloomberg News
disclsoes.
Argentina's regulated domestic crude prices averaged $69.10 a
barrel in the quarter, Mr. Gonzalez said, Bloomberg News relays.
That compares with $63.50 on average for Brent.
Output Increase
YPF SA's crude oil output rose 3.7 percent in the quarter to
249,800 barrels a day, while gas production jumped 2.3 percent to
44.6 million cubic meters a day, Bloomberg News notes. Sales rose
12 percent to ARS39.6 billion, Bloomberg News discloses.
YPF SA, which has 360 shale wells in production, will continue
seeking partners to exploit the Vaca Muerta formation, an area the
size of Belgium that holds the world's second-largest shale gas
reserves and the fourth for shale oil, Bloomberg News relays.
The task won't be easy because of the oil price rout and the
proximity to national elections that start Oct. 25, Mr. Gonzalez
said, Bloomberg News notes.
Costs in Vaca Muerta currently stand at about $7 million for
vertical wells and $14 million for horizontal wells, Mr. Gonzalez
said, Bloomberg News says.
In the downstream sector, which includes refining and marketing,
sales increased 6.6 percent to 35.3 billion pesos, trailing the
government's 15 percent inflation rate for the 12 months through
June, Bloomberg News notes. Independent analysts estimate the
country's annual inflation at about 25 percent, Bloomberg News
relays.
The company is soon to reach a refinery utilization rate of 97
percent, Mr. Gonzalez said, Bloomberg News relays.
YPF SA's board approved the sale of as much as $400 million of
bonds on Aug. 5, the company said in a separate filing, Bloomberg
News adds.
As reported in the Troubled Company Reporter-Latin America on
July 22, 2015, Fitch Ratings has affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of YPF S.A. (YPF) at 'CCC'
and 'B-', respectively. Fitch affirms the company's long-term
international bond ratings at 'CCC' and assigns an 'RR4' recovery
rating to the company's international senior unsecured bonds. 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.
=============
B A H A M A S
=============
BAHA MAR: Key Hearing on Stalled Resort Postponed to Aug. 19
------------------------------------------------------------
Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,
reported that a judge in the Bahamas agreed to delay a critical
decision about the future of the $3.5 billion stalled resort
project Baha Mar.
According to the report, a hearing on the Bahamian government's
request to have a liquidator take over the restructuring of Baha
Mar was delayed to Aug. 19 to give the government enough time to
propose a new liquidator. PricewaterhouseCoopers had been put
forth by the government for the job, but a conflict of interest
arose with China State Construction Engineering -- the parent
company of the contractor on Baha Mar, with whom the project's
owner and developer has been at odds -- according to a Baha Mar
spokesman, the report related.
About Baha Mar
Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402). Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.
The case is assigned to Judge Kevin J. Carey.
The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York. The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien. The Debtors' special litigation counsel is
Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.
The Debtors' investment banker and financial advisor is Moelis
Company LLC. The Debtors' claims and noticing agent is Prime
Clerk LLC.
BAHA MAR: CEXIM Asks Court to Dismiss Ch. 11 Case
-------------------------------------------------
The Export-Import Bank of China, the largest secured creditor of
Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., et
al., asks the U.S. Bankruptcy Court for the District of Delaware
to dismiss the Chapter 11 cases.
CEXIM provided the Debtors a secured debt facility of up to $2.45
billion to help fund the development of the Baha Mar Resort under
a Facility Agreement dated March 31, 2010. The Bahamian Debtors
are organized under Bahamian law, have Bahamian offices, are
developing a Bahamian resort, employ more than 2,000 Bahamian
citizens, and executed with key creditors, including CEXIM,
significant contracts that are governed by Bahamian law. There is
no meaningful tie that binds the Bahamian Debtors, their assets,
or their creditors to the U.S., the bank asserts.
CEXIM further asserts that the refusal of the Bahamian Court to
recognize or enforce orders of the Chapter 11 cases means that a
U.S. Chapter 11 restructuring of the Bahamian Debtors was never
expected and cannot be achieved. By commencing their Chapter 11
cases in the U.S., the Bahamian Debtors upset the reasonable
expectations of all their foreign creditors, CEXIM adds.
The Court, at the behest of the Debtors, extended the deadline to
object to the motions to dismiss their Chapter 11 cases to August
10, 2015. The Committee supported the Debtors' extension request.
The Export-Import Bank of China is represented by:
Robert J. Dehney, Esq.
Curtis S. Miller, Esq.
MORRIS, NICHOLS, ARSHT & TUNNELL LLP
1201 North Market Street
P.O. Box 1347
Wilmington, DE 19899-1347
Tel: (302) 658-9200
Fax: (302) 658-3989
Email: rdehney@mnat.com
cmiller@mnat.com
-- and --
Gary T. Holtzer, Esq.
Alfredo R. Perez, Esq.
Robert J. Lemons, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Tel: (212) 310-8000
Fax: (212) 310-8007
Email: gary.holtzer@weil.com
alfredo.perez@weil.com
robert.lemons@weil.com
The Official Committee of Unsecured Creditors are represented by:
Christopher M. Samis, Esq.
L. Katherine Good, Esq.
WHITEFORD, TAYLOR & PRESTON LLC
The Renaissance Centre, Suite 500
405 North King Street
Wilmington, Delaware 19801
Tel: (302) 353-4144
Fax: (302) 357-3288
Email: csamis@wtplaw.com
kgood@wtplaw.com
-- and --
Lawrence C. Gottlieb, Esq.
Jeffrey L. Cohen, Esq.
Richelle Kalnit, Esq.
Jeremy Rothstein, Esq.
COOLEY LLP
1114 Avenue of the Americas
New York, New York 10036
Tel: (212) 479-6000
Fax: (212) 479-6275
Email: lgottlieb@cooley.com
jcohen@cooley.com
rkalnit@cooley.com
jrothstein@cooley.com
About Baha Mar
Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402). Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.
The case is assigned to Judge Kevin J. Carey.
The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York. The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien. The Debtors' special litigation counsel is
Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.
The Debtors' investment banker and financial advisor is Moelis
Company LLC. The Debtors' claims and noticing agent is Prime
Clerk LLC.
BAHA MAR: Seeks to Incentivize 99 Employees
-------------------------------------------
Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and
its affiliated debtors seek authority from the U.S. Bankruptcy
Court for the District of Delaware to implement a key employee
incentive program that aims to incentivize employees indispensable
to the wind-down of the Debtors' estates.
The Debtors assert that the success in their restructuring will be
highly dependent upon the continued support and performance of
their workforce. The Incentive Program is to ensure that select
specialized employees are appropriately incentivized to complete
complex and vital tasks in an expedited timeframe under difficult
circumstances. Specifically, the Debtors need to incentivize
approximately 47 indispensable employees to assist with the wind-
down of their respective operations over a 45- to 60-day period
notwithstanding their impending termination (Group B Employees),
and incentivize approximately 52 additional employees to manage
the wind-down and operate the remaining businesses until
construction of the resort is complete (Group A Employees).
According to the Debtors, the Incentive Program was carefully
crafted and is narrowly tailored to meet specific objectives. The
Incentive Program, the Debtors add, will minimize harm to their
businesses and maximize their prospects for a successful
reorganization for the benefit of all parties in interest.
As compensation for postpetition services, each Group B-1 Employee
will be entitled to receive, upon receipt of notice of
termination, the greater of (x) 90 days of that Employee's daily
rate or (y) 1.5x of that Employee's daily rate for the period from
the Petition Date through completion of the applicable milestone.
As compensation for postpetition services, each Group B-2 Employee
will be entitled to receive, upon receipt of notice of
termination, the greater of (x) 60 days of that Employee's daily
rate or (y) 1.5xof that Employee's daily rate for the period from
the Petition Date through completion of the applicable milestones.
Group A-1 employees will receive a bonus of 60% of annual base
salary to be paid in increments of 20% of annual base salary upon
achievement of particular milestones, while Group A-2 employees
will receive a bonus of 30% of annual base salary to be paid in
increments of 10% of annual base salary upon achievement of
particular milestones.
Northshore Mainland Services Inc., et al. are represented by:
Laura Davis Jones, Esq.
James E. O'Neill, Esq.
Colin R. Robinson, Esq.
Peter J. Keane, Esq.
Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor
Wilmington, Delaware 19801
Tel.: 302 652-4100
Fax: 302 652-4400
Email: ljones@pszj law.com
joneill@pszjlaw.com
crobinson@pszjlaw.com
pkeane@pszjlaw.com
-- and --
Paul S. Aronzon, Esq.
Mark Shinderman, Esq.
Milbank, Tweed, Hadley & McCloy LLP
601 S. Figueroa Street, 30th Floor
Los Angeles, California 90017
Tel.: 213 892-4000
Fax: (213) 629-5063
Email: paronzon@milbank.com
mshinderman@milbank.com
-- and --
Tyson Lomazow, Esq.
Thomas J. Matz, Esq.
Steven Z. Szanzer, Esq.
Milbank, Tweed, Hadley & McCloy LLP
28 Liberty Street
New York, New York 10005
Tel.: 212 530-5000
Fax: 212 530-5219
Email: tlomazow@milbank.com
tmatz@milbank.com
sszanzer@milbank.com
About Baha Mar
Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402). Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.
The case is assigned to Judge Kevin J. Carey.
The Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,
and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in New York. The Debtors' Delaware counsel are Laura Davis
Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and
Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien. The Debtors' special litigation counsel is
Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil
Fink Howard Avchen & Shapiro LLP.
The Debtors' investment banker and financial advisor is Moelis
Company LLC. The Debtors' claims and noticing agent is Prime
Clerk LLC.
===========
B R A Z I L
===========
BRAZIL: Industrial Output Falls Less Than Economists Forecast
-------------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's industrial
output in June dropped less than economists predicted, as the
central bank signals that the monetary tightening cycle has come
to a close and Latin America's largest economy slips into
recession.
Output in June fell 0.3 percent from July after a 0.6 percent
decline in May, the national statistics agency said in Rio de
Janeiro, according to Bloomberg News. That was better than the
median estimate from 37 economists surveyed by Bloomberg, whose
median forecast was for a 0.7 percent decline. Industrial output
fell 3.2 percent from the year before.
Brazil's central bank signaled interest rates are now high enough,
which is a measure of relief for an industrial sector whose
confidence has been routed with borrowing costs at their highest
since 2006, Bloomberg News says. A weaker real may help exporters
boost their competitiveness, even as a wider drawdown of activity
portends recession, Bloomberg News relates.
"You had some temporary improvements in some sectors that wound up
softening the fall, but it is still a very difficult picture,"
Thais Zara, chief economist at Rosenberg Consultores Associados,
said by phone from Sao Paulo, Bloomberg News notes.
"Production of capital goods is at a level similar to the one we
had at the worst of the 2009 crisis," Bloomberg News quoted Mr.
Zara as saying.
Swap rates maturing in January 2017 fell two basis points, or 0.02
percentage point, to 13.58 percent at 9:47 a.m. local time on Aug.
4. The real gained 0.1 percent to 3.4471 per U.S. dollar on Aug.
4. It has weakened 23 percent this year, the most among 24
emerging-market currencies tracked by Bloomberg.
Output of capital goods in June, a barometer of investment, fell
3.3 percent, the statistics institute said, Bloomberg News relays.
Production of consumer goods was flat, including a 1.7 percent
gain in semi-durable and non-durable goods and a 10.7 percent drop
in durable goods production. Output of food products rose 3
percent, Bloomberg News says.
'The Bottom'
"We are seeing industry production falling in seasonally adjusted
quarterly terms for the eighth quarter in a row," Jankiel Santos,
chief economist at investment bank BESI Brasil, Bloomberg News
relays. "It's really bad, and we're still going for the bottom,"
Mr. Santos added.
Brazil's central bank raised its key rate by 50 basis points two
weeks ago, and signaled that the Selic is high enough to slow
inflation toward its 4.5 percent target by the end of next year,
Bloomberg News says. Economists surveyed by the bank expect the
economy to contract 1.8 percent this year.
Higher interest rates are damping confidence and investment, at
the same time that an investigation into kickbacks at state-run
oil company Petroleo Brasileiro SA has implicated the nation's
biggest builders and hampered construction, Bloomberg News relays.
Cement production slid 9.2 percent in May from a year earlier,
marking a 12th consecutive month drop, Bloomberg News notes.
Shipyard Layoffs
The shipyard industry, for its part, has cut 17.5 percent of its
workforce since end-2014, the Sinaval industry group said. That
marks the first time the industry laid off workers in 15 years,
according to its July 13 presentation, Bloomberg News notes.
Exporters, for their part, stand to gain amid the trend of a
weakening real that is "here to stay," Trade and Industry Minister
Armando Monteiro told reporters in Brasilia July 29 after meeting
with executives, Bloomberg News discloses.
Rating Downgrade
Brazil's Congress returned from recess last week, and the
government is working to impress upon the Senate the need to vote
legislation to raise taxes on companies, Bloomberg News notes. It
is the last bill in the fiscal adjustment package intended to
avert a sovereign credit downgrade, Bloomberg News says.
Doing so has taken on greater urgency after Standard & Poor's,
which rates Brazil's debt one level above junk, revised its
outlook for the nation's credit rating to negative in July,
Bloomberg News recalls.
The ratings company likewise revised to negative its outlook for
30 Brazilian corporate and infrastructure companies including
cement producer Votorantim Participacoes SA, highway manager CCR
SA, and beverage maker Ambev SA, Bloomberg News notes. Industry
confidence last month fell to its lowest level on record.
"If you look at business confidence, we do see a very low level,
and no rebound at all," Roberto Padovani, chief economist at Sao
Paulo-based brokerage Votorantim Ctvm Ltda, told Bloomberg News by
phone.
GOL LUXCO: Moody's Assigns Ba3 Rating to $300MM, 5-Yr. Sr. Loan
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the $300
million, 5-year senior unsecured term loan that Gol LuxCo S.A.
plans to arrange. Incorporated in Luxemburg, Gol LuxCo is a
wholly-owned subsidiary of Gol Linhas Aereas Inteligentes S.A..
Moody's Corporate Family rating for Gol remains unchanged at B3
and the outlook is positive. Delta Air Lines, Inc. (Delta, Ba2
positive) will irrevocably and unconditionally guarantee the
borrower's and primary guarantor's payment obligations of the new
term loan.
The proceeds of the term loan will be used for general corporate
purposes of the borrower and its affiliates. The rating of the
proposed term loan assumes that the final transaction documents
will not be materially different from draft legal documentation
reviewed by Moody's to date and assume that these agreements are
legally valid, binding and enforceable
Rating assigned:
Issuer: Gol LuxCo S.A.
-- $300 million BACKED senior unsecured term loan due 2020: Ba3
foreign currency rating
The outlook is positive
RATING RATIONALE
The Ba3 rating on the proposed $300 million senior unsecured term
loan is the same as Delta's unsecured rating. The Ba3 rating is
three notches higher than the rating assigned to Gol's other rated
unsecured obligations and reflects the unconditional and
irrevocable payment guarantee by Delta. Similarly to Gol LuxCo's
other senior unsecured notes due in 2023 and 2022, its parent
company Gol and VRG Linhas Aereas S.A. (VRG, B3 positive), the
operating subsidiary in Brazil, will guarantee the borrower's
payment obligations.
According to Delta's guaranty agreement, if Gol LuxCo, or any of
the other immediate guarantors, fails to meet debt service within
the applicable grace period of 5 days for interest payment or at
the maturity date for principal payment, the lenders of the
obligations are entitled to the due and punctual payments of those
obligations from Delta, including any accrued interest. The
credit agreement also has provisions for the prompt notification
of Delta in the event of a missed interest or principal payment.
As such, Moody's views the Delta guaranty as an effective guaranty
of payment of lenders in the entirety of its original promise when
due, and not just a guarantee of collection after an event of
default.
Delta has 2.9% interest in Gol's total capital and one seat on its
Board of Directors. Now the company is also seeking to expand its
participation through an equity increase of up to $56 million that
is expected to be completed in September. If the minority
shareholders do not follow the capital subscription, we estimate
that Delta's participation in Gol's economic capital would reach
about 9.5%. Delta's increasing investments in Gol demonstrates
its commitment to their partnership, which provides both
companies' passengers with greater connectivity, code-sharing, as
well as increased cooperation on aircraft and engine maintenance,
along with higher market penetration.
The proceeds from this transaction will increase Gol's liquidity
to contend with its operating cost pressures and slowing demand
growth in its home market of Brazil, which has been challenged by
deteriorating demand from corporate passengers on the back of the
country's slowing economy. The continued devaluation of local
currency, which has lost 30% of its value since year-end 2014, is
also pressuring Gol's profitability and reducing most of the
benefits that we expected from lower fuel prices in 2015. As
such, Gol's leverage metrics will remain under pressure, with
adjusted debt/EBITDA potentially reaching 9.0 times by the end of
2015, up from 5.3 times in 2014.
Gol's B3 Corporate Family rating continues to consider the
company's solid position in the Brazilian domestic market
supported by its strong brand name and low-cost structure based on
a modern operating fleet of 140 Boeing 737 aircraft. The rating
also incorporates the company's still adequate liquidity position
and manageable debt profile over the next three years. On the
other hand, Gol's high exposure to foreign currency and fuel price
volatility constrain the rating, as does the near term challenges
in the Brazilian aviation industry due to lower industrial
activity and still aggressive industry competition.
Delta's Corporate Family rating was upgraded to Ba2 in June 2015,
reflecting Moody's expectation of stronger credit metrics through
2016, derived from the company's long-running focus on reducing
funded debt, effective capacity management and significantly lower
fuel expenses. The rating is also supported by a general
reduction in industry risk in the U.S. market and the company's
very good liquidity. Moody's expect Delta to maintain at least $5
billion of aggregate unrestricted cash and revolver availability
during the next 12 to 24 months. Delta's Ba3 unsecured rating
stands one notch lower than its Corporate Family rating,
reflecting the subordination of unsecured creditors to the
company's secured debt.
The positive outlook on the rated term loan reflects the positive
outlook on Moody's rating of Delta. Moody's anticipates that
Delta will continue to whittle down its funded debt, supporting
further credit strength through 2016. It also considers Moody's
constructive view of the industry fundamentals in Brazil, which
remains supported by a solid track record of passenger demand
growth in mid-single digits, improved airport infrastructure and
the still underpenetrated market for air travel in Latin America.
An upgrade of the term-loan rating depends on improvement in
Delta's creditworthiness, as evidenced by a Debt to EBITDA ratio
closer to 3.0 times Funds from Operations plus Interest to
Interest that approaches 6.0 times or sustaining the EBITDA margin
near 20%.
Conversely a downgrade will be considered if there is any
deterioration of Delta's credit; for example, if the company is
unable to sustain its EBITDA margin, or aggregate liquidity
(including availability on revolving credit facilities) was
sustained below $5.0 billion, among other factors. The rating of
the term loan could also be lowered if the terms of the executed
transaction documents differ from Moody's expectation,
particularly regarding the timing of the required notification by
the administrative agent to Delta of non-payment by Gol or the
primary guarantors, to later than on a payment date.
The primary methodology used in this rating was Global Passenger
Airlines published in May 2012.
The cross-sector methodology titled Rating Transactions Based on
the Credit Substitution Approach: Letter of Credit-backed, Insured
and Guaranteed Debts published in March 16, was also used in this
rating.
Gol Linhas Aereas Inteligentes S.A., headquartered in Sao Paulo,
Brazil, is the largest low-cost and best-fare carrier in Latin
America, offering approximately 898 daily passenger flights to
connect Brazil's major cities and various destinations in South
America and the Caribbean, along with cargo and charter flight
services. In the last twelve months ended 31 March 2015, Gol
reported consolidated net revenues of R$10.1 billion ($4.1
billion) and lease adjusted EBITDA of R$2.0 billion ($794
million).
Delta Air Lines, Inc., headquartered in Atlanta, Georgia, is the
world's second largest airline, providing scheduled air
transportation for passengers and cargo throughout the U.S. and
around the world. The company reported $40.8 billion of revenue
in 2014. In the last twelve months ended March 31, 2015, Delta
reported consolidated net revenues of $40.8 billion and lease
adjusted EBITDA of $6.7 Billion.
GOL LUXCO: S&P Assigns 'BB' Rating to Proposed $300MM Loan
----------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'BB' issue-level
rating to Gol LuxCo S.A.'s proposed $300 million term loan due
2020. Besides unconditional guarantee from Brazilian
operating companies-- Gol Linhas Aereas Inteligentes S.A. (GOL;
B/Negative/--) and VRG S.A. (not rated)--the term loan will also
have a backstop guarantee from Delta Air Lines Inc. (BB+/Stable/--
). As such, the rating on the term loan reflects Delta's full and
unconditional guarantee, which is a senior unsecured obligation,
in respect to the term loan. Delta will benefit from a first
priority claim on common shares of Smiles S.A. (GOL's frequent
flyer program, in which the company has 54% stake and control) to
secure its guarantee.
The rating on the term loan is one notch lower than Delta's
corporate credit rating because the term loan's recovery rating is
'5', reflecting S&P's expectations for modest recovery (10%-30%;
the low end of that range) if Delta were to enter bankruptcy (and
assuming GOL wasn't repaying the loan). The somewhat low recovery
expectation reflects Delta's guarantee of the term loan, which S&P
ranks as pari-passu with the airline's senior unsecured debt, and
would be subordinated to Delta's significant amount of secured
debt.
RATINGS LIST
Rating Assigned
Gol LuxCo S.A.
$300M term loan due 2020 BB
Gol Linhas Aereas Inteligentes S.A.
Corporate credit rating B/Negative/--
PETROLEO BRASILEIRO: Planning 25% Fuel Unit Sale in Brazilian IPO
-----------------------------------------------------------------
Cristiane Lucchesi, Juan Pablo, and Spinetto Sabrina Valle at
Bloomberg News report that Petroleo Brasileiro SA is looking to
sell about 25 percent of its fuel distribution unit in what would
be Brazil's biggest initial public offering in more than two
years, said two people with direct knowledge of the matter.
The Petrobras Distribuidora SA (BR) unit is Latin America's
largest distributor and marketer of petroleum derivatives and
biofuels and was valued by banks at BRL30 billion to BRL40 billion
($8.7 billion to $11.6 billion), one of the people said, asking
not to be named because talks are private. Bankers and lawyers
met for the first time on July 30 ahead of a proposed October or
November share sale, five people said, according to Bloomberg
News.
Bloomberg News relates that Citigroup Inc. is leading a group of
advisers that also includes Banco Bradesco BBI SA, Banco Itau BBA
SA, Banco do Brasil SA and Bank of America Corp., the people said.
In a July 31 press conference at the company's headquarters in Rio
de Janeiro, Chief Executive Officer Aldemir Bendine said Petrobras
was holding meetings with banks and hasn't yet decided which ones
will coordinate the transaction, Bloomberg News says.
Mr. Bendine told Globo News in a July 2 televised interview that
Petrobras may list at least 25 percent of the gas-station network,
and Bank of America Corp. analysts speculated in a report that a
sale of as much as 48 percent was possible, Bloomberg News
discloses.
Pares Loss
Bloomberg News discloses that Petrobras has put up for sale almost
$60 billion in assets through 2018. The plan calls for $15
billion in divestments by the end of 2016 and an additional $42.6
billion by 2018, part of which will come from restructuring,
Bloomberg News relays.
Bloomberg News notes that Mr. Bendine's strategy is to cut debt
without abandoning plans to develop oil discoveries 200 miles off
the coast of Rio de Janeiro. The new divestment plan -- a
significantly upsized version of one first unveiled earlier in the
year -- is intended to preserve Petrobras's investment-grade
credit rating, after Standard & Poor's and Fitch Ratings assigned
a negative outlook to its BBB- score, Bloomberg News relays.
The assets are coming to market as a collapse in oil prices weighs
on values and the resources of would-be buyers, Bloomberg News
discloses. Crude oil futures have declined 54 percent in the past
year, Bloomberg News says.
BR controls gasoline station network in Brazil, with about 8,000
units and more than 1,000 convenience stores. It also sells fuels
including diesel and ethanol. The business generated revenue of
BRL120.6 billion last year, according to Petrobras's annual
earnings release, Bloomberg News 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.
VIRGOLINO DE OLIVEIRA: S&P Affirms 'D' Rating
---------------------------------------------
Standard & Poor's Ratings Services affirmed its 'D' ratings on
Virgolino de Oliveira S.A. -- Acucar e Alcool. On Jan. 14, 2015,
the company defaulted on its first interest bond payment and
afterwards defaulted on all its rated debt obligations. The
company is still under a restructuring process. When the
restructuring is completed, S&P will reevaluate the company's
credit quality as it overhauls its capital structure.
Standard & Poor's also lowered its rating on the company's 2022
bond to 'D' from 'CC', which is in default since March 11, 2015,
when its cure period ended.
==========================
C A Y M A N I S L A N D S
==========================
ATLANTIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
--------------------------------------------------------------
The members of Atlantic International Finance Limited will hold
their final meeting on Aug. 11, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Simon Conway
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
BG CAYMAN: Members' Final Meeting Set for Aug. 12
-------------------------------------------------
The members of BG Cayman Fund Limited will hold their final
meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
COAT CAYMAN: Members' Final Meeting Set for Aug. 12
---------------------------------------------------
The members of Coat Cayman Fund Limited will hold their final
meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
MAN DISTRESSED: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of Man Distressed Strategies (Master) Ltd will hold
their final meeting on Aug. 12, 2015, at 10:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
NORTH AMERICAN: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of North American Opportunity MAC Limited will hold
their final meeting on Aug. 12, 2015, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
ORTUS MAC: Members' Final Meeting Set for Aug. 12
-------------------------------------------------
The members of Ortus Mac Limited will hold their final meeting on
Aug. 12, 2015, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
PACIFIC INTERNATIONAL: Members' Final Meeting Set for Aug. 11
-------------------------------------------------------------
The members of Pacific International Finance Limited will hold
their final meeting on Aug. 11, 2015, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Simon Conway
c/o Andrew Nembhard
Telephone: (345) 914 8779
Facsimile: (345) 945 4237
P.O. Box 258 Grand Cayman KY1-1104
Cayman Islands
PENTA ASIA: Members' Final Meeting Set for Aug. 12
--------------------------------------------------
The members of Penta Asia Mac 91 Ltd. will hold their final
meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
REVELATION CAYMAN: Members' Final Meeting Set for Aug. 12
---------------------------------------------------------
The members of Revelation Cayman Fund Limited will hold their
final meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
SSC 400: Shareholder to Hear Wind-Up Report on Aug. 12
------------------------------------------------------
The shareholder of SSC 400 Capital Fund Ltd. will hear on Aug. 12,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
400 Capital Management LLC
c/o Jonathan Turnham
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
SUTTONBROOK CAYMAN: Members' Final Meeting Set for Aug. 12
----------------------------------------------------------
The members of Suttonbrook Cayman Fund Limited will hold their
final meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
UNION FUND: Members' Final Meeting Set for Aug. 12
--------------------------------------------------
The members of Union Fund Limited will hold their final meeting on
Aug. 12, 2015, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
YORK SOLUTIONS: Members' Final Meeting Set for Aug. 12
------------------------------------------------------
The members of York Solutions Cayman Fund Limited will hold their
final meeting on Aug. 12, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
ZURBANO FUND: Members' Final Meeting Set for Aug. 12
----------------------------------------------------
The members of Zurbano Fund Limited will hold their final meeting
on Aug. 12, 2015, at 10:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Keiran Hutchison
c/o Steve Bull
Telephone: (345) 814 9060
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
===========
M E X I C O
===========
BENITO JUAREZ: Moody's Raises Global Scale, LC Rating to Ba3
------------------------------------------------------------
Moody's de Mexico upgraded the issuer ratings of the municipality
of Benito Juarez (Cancun) to A3.mx (Mexican National Scale) and
Ba3 (Global Scale, local currency) from Baa1.mx and B1,
respectively. At the same time, Moody's changed the ratings'
outlook to stable from positive.
RATINGS RATIONALE
The upgrade of Benito Juarez's ratings to A3.mx (Mexican National
Scale) from Baa1.mx and to Ba3 (Global Scale, local currency) from
B1 reflects Moody's view that Benito Juarez's credit profile
improved against its national peers as evidenced by 1) strong own-
source revenues generated by the municipality's wealthy economic
base, 2) positive financial results during the last four years,
and 3) declining debt levels.
Benito Juarez registers one of the highest levels of own-source
revenues among rated Mexican municipalities supported by its solid
economy based on tourism, which has grown regularly during the
past years. During 2014, the municipality's own-source revenues
were equivalent to 58% of operating revenues, compared to a median
of 35% for Mexican municipalities.
This level of own-source revenues along with measures to contain
growth of current expenditures have supported its consolidated
cash financing surpluses over 2011-14 averaging 5.8 % of total
revenues. Cash financing surplus in 2014 was equivalent to 9.4%
of total revenues, a strong level compared to national peers.
As a result of cash financing surpluses, net direct and indirect
debt ratios have shown a declining trend. At the end of 2014, net
direct and indirect debt was equivalent to a still high 54% of
operating revenues compared to 61.5% in 2013. Moody's expects
debt levels to continue declining as the municipality does not
have plans to acquire additional loans. Net working capital to
total expenditures stood at -5.9% in 2014.
The stable outlook reflects Moody's expectation that Benito Juarez
will register balanced operating results in the next 12-18 months,
which should help improve liquidity in the near term.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Higher sustainable positive operating results, allowing the
municipality to finance its capital projects with available
revenues, declining further debt levels and improving its
liquidity position, could place upward pressure on the ratings.
Deteriorating operating and financial results that lead to higher
debt or a deterioration of liquidity could exert downward pressure
on the ratings.
MEXICO: Keeps Rate at Record Low 3%, Expands Currency Support
-------------------------------------------------------------
Eric Martin and Nacha Cattan at Bloomberg News report that
Mexico's central bank kept borrowing costs unchanged at a record
low, saying the outlook for growth has worsened, while also
expanding programs designed to prop up the peso. The currency
erased its loss, according to Bloomberg News.
Banco de Mexico's board, led by Governor Agustin Carstens, left
the overnight rate at 3 percent July 30, as forecast by all 29
economists surveyed by Bloomberg. At the same time, the nation's
currency commission announced an expansion of daily dollar sales
and a lower trigger for a separate extraordinary dollar sale.
The peso tumbled to a record low on July 31 on expectations the
U.S. is nearing an interest-rate increase, and the bank had warned
currency weakness could spur inflation, Bloomberg News says.
While the economy remains weak and the inflation rate is at the
lowest in almost half a century, policy makers have said they may
need to raise borrowing costs to preserve Mexico's rate
differential with the U.S. and protect financial stability,
Bloomberg News discloses.
'Bold Move'
The central bank "got closer to a rate hike when it noted it will
be necessary to adjust monetary policy in a timely way," Alonso
Cervera, chief Latin America economist for Credit Suisse Group AG,
said in an e-mailed response to questions, Bloomberg News notes.
As for the currency measure, "this was a very bold move that
should give support to the currency in upcoming days," Mr. Cervera
said.
The peso has been trading at record lows in recent days after
tumbling 20 percent in the past year through July 30, reflecting
expectations for higher U.S. rates and the impact of low crude
prices on growth in Mexico, Bloomberg News discloses.
The central bank reiterated that the peso's inflation impact has
been limited mainly to durable goods and said the balance of
inflation risks in the short term has improved, Bloomberg News
notes.
Policy makers repeated their forecast for inflation to remain
below 3 percent for the rest of this year, Bloomberg News says.
Fragile Economy
Mexico's economy remains fragile. Industrial production
unexpectedly contracted in May from a year earlier on a non-
seasonally adjusted basis amid weak manufacturing, Bloomberg News
relays.
Still, policy makers will raise borrowing costs this quarter as
the Fed lifts rates, according to the median forecast of
economists surveyed by Bloomberg.
"If the Fed hikes, Banxico will hike at the same pace and time as
the Fed," Benito Berber, an analyst at Nomura Holdings Inc., told
Bloomberg News by telephone from New York.
At their previous rate meeting in June, the majority of the
central bank's five-member board said they were trapped between a
sluggish domestic economy and expectations for higher U.S. rates.
Barring a jump in inflation expectations, most board members said
the disadvantages of raising interest rates before the Fed would
outweigh the benefits, according to the minutes of the meeting,
Bloomberg News relays.
Half-Century Low
Mexico's inflation rate fell to 2.87 percent in June, the lowest
since 1968, from 2.88 percent in May, Bloomberg News relays. Weak
growth, smaller gasoline cost increases, reduced rates for
telephone services and summer electricity subsidies have
contributed to lower inflation, Bloomberg News notes.
Since October, economists have cut their 2015 economic growth
forecasts by more than a percentage point to 2.6 percent, a
central bank survey showed July 3, Bloomberg News adds.
TABASCO STATE: Moody's Changes Outlook to Pos., Affirms Ba1 Rating
------------------------------------------------------------------
Moody's de Mexico changed the outlook on the State of Tabasco's
issuer ratings to stable from positive and affirmed the state's
A1.mx (Mexico National Scale) and Ba1 (Global Scale, local
currency) ratings.
At the same time, Moody's affirmed the debt ratings of these
enhanced loans:
-- MXN 449.9 million (Original face value) enhanced loan with
Santander, Baa1/Aa1.mx ratings
-- MXN 1.6 billion (Original face value) enhanced loan with
Banamex, Baa1/Aa1.mx ratings
-- MXN 3 billion (Original face value) enhanced loan with
Banorte, A3/Aaa.mx ratings
RATINGS RATIONALE
The affirmation of the state's issuer ratings of Ba1/A1.mx takes
into account Tabasco's cash financing surpluses for each of the
last three years, leading to low debt levels and a positive
liquidity position. These are indicators in line with Ba1 rated
national peers. Moody's revision of the outlook of the State of
Tabasco's issuer ratings to stable from positive reflects our
expectation that the state will face lower growth in federal
revenues, leading to a tightening of financial metrics in the near
term. The stabilization of the outlook also takes into account
the lack of reform of the state's pension system, as Tabasco has
high unfunded pension liabilities compared to national peers.
During the last three years, Tabasco has achieved cash financing
surpluses equivalent to 4% of total revenues on average,
reflecting prudent fiscal management. Moody's expects that the
state will report lower cash financing results as spending growth
continues to outstrip growth in total revenues in 2015 and 2016.
During the 2010-2014 period, total revenues expanded at a compound
annual growth rate (CAGR) of 4.8%, below the spending CAGR of 6%.
At the end of 2014, Tabasco had debt equivalent to 9.2% of total
revenues, in line with national peers rated at Ba1. The state is
planning to contract a MXN 626 million loan in 2015, with
principal payments backed by a zero coupon bond issued by the
Federal Government. As such, Moody's does not include it in its
net direct and indirect debt calculations, and expects that
Tabasco will continue to reduce its already relatively low net
direct and indirect debt levels in 2015. Thanks to its cash
financing surpluses, the state's liquidity has been positive in
the last two years. Measured as net working capital (current
assets less current liabilities), liquidity was equivalent to 1%
of total expenditures at the end of 2014.
Moody's expects that Tabasco's financial and liquidity metrics
could face near-term pressure as a result of a lower growth in
federal transfers, which account for 91% of total revenues.
Tabasco's ambitious infrastructure plan for 2015 could also put
its metrics under strain. Moreover, in the absence of a reform of
Tabasco's pension system, the state has high unfunded pension
liabilities compared to national peers. The state's unfunded
pension liabilities, as measured by an actuarial study in 2010,
were equivalent to 178% of its total revenues in 2014, well above
the national median of 100%.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward rating pressure would result from a strengthening of
Tabasco's pension system along with balanced cash financing
results, low debt levels, and positive liquidity position. If
Tabasco posts cash financing deficits, larger-than-expected debt
levels and a deterioration in the state's net working capital
position, the ratings could face downward pressure.
======================
P U E R T O R I C O
======================
PUERTO RICO: Citizens Face Punishing Drought Amid Economic Slump
----------------------------------------------------------------
Jamaica Observer reports that Puerto Ricans are learning to live
without water on an island that already was suffering an economic
crisis.
A severe drought is forcing businesses to temporarily close,
public schools to cancel breakfast service and people to find
creative ways to stay clean amid sweltering temperatures,
according to Jamaica Observer.
Rationing rules that had meant water coming through the pipes only
one day out of three will increase the cutoff to one day out of
four starting this week, government officials said, the report
relays.
"I've grown fearful of the weather report," said Cornelio Vegazo,
owner of a roof-repair company. "There's no light at the end of
the tunnel," the report quoted Mr. Vegazo as saying.
The report notes that the drought is one of the worst in the US
territory's history. July was the fourth driest month in the
capital of San Juan since 1898, the year Puerto Rico became a
possession of the United States, the report says. Only 1.60
inches (4 centimeters) of rain fell last month, and forecasters
predict several more weeks and possibly months of dry conditions,
the report discloses.
More than 20 per cent of Puerto Rico is in extreme drought and an
additional 45 per cent is in a severe one, according to the
National Drought Mitigation Center, which says 2.8 million people
are affected, the report relays.
Cloud Seeding
The situation has grown so dire that Puerto Rico's water and sewer
company disclosed that it would spend about US$200,000 over three
months on a pilot project to use "cloud seeding" in hopes of
creating rain clouds over three of the island's main reservoirs,
the report discloses.
If Puerto Rico does not receive significant rainfall, tens of
thousands of clients who depend on the Carraizo reservoir will get
water only every fourth day starting this week, said Alberto
Lazaro, executive director of the water and Sewer Company, the
report notes.
"We are doing everything within our reach to address the situation
at the reservoirs," the report quoted Mr. Lazaro as saying. "We
will not stop looking for alternatives to deal with a situation
that, without a doubt, is one of the island's biggest concerns."
Forecasters blame the lack of rain on El Nino, a warming of the
tropical Pacific that affects global weather and has led to a
quiet Atlantic hurricane season, which began in June and ends in
November, the report relays.
So far this year, it has rained as much as 12 inches (31
centimeters) less than usual in San Juan and as much as 20 inches
(51 centimeters) less in some areas around the Carraizo reservoir,
said Carlos Anselmi, a meteorologist with the National Weather
Service, the report notes.
US Agriculture Secretary Thomas Vilsack has declared 20 of the
island's 78 municipalities as disaster zones, with farmers
reporting an increase in crops shriveling and cattle dying, the
report says.
Economic Slump
The drought comes as Puerto Rico struggles in a nearly decade-long
economic slump that has hit the government's coffers and led
authorities to raise the sales tax, even on bottled water, the
report notes. Puerto Ricans also are grumbling about having to
pay high water rates amid severe rationing measures, the report
relays.
"It's not fair," said Hector Linares, a car wash worker. But he is
resigned, the report notes. "You can't fight Puerto Rico's
bureaucracy," Mr. Linares added.
The government has set up water trucks throughout the San Juan
metropolitan area and beyond, including one at a public housing
complex in a working class community in Rio Piedras, the report
discloses.
The drought has forced people to change their routine, with many
seeking help from friends and family in places where water service
has not been affected, the report notes.
But other Caribbean spots also are struggling with drought,
including the Dominican Republic, Jamaica and St. Lucia, the
report discloses. It is the region's worst drought in five years,
the report adds.
As reported in the Troubled Company Reporter-Latin America on
Aug. 5, 2015, The Wall Street Journal said Puerto Rico missed most
of a $58 million bond payment, marking the first default by the
U.S. commonwealth and escalating its attempt to restructure about
$72 billion in debt.
The payment to bondholders is the first skipped since Gov.
Alejandro Garcia Padilla in June said the island's debts were
unsustainable and urged negotiations with creditors, which range
from individuals to hedge funds, according to The WSJ. The WSJ
noted analysts said the missed payment isn't likely to provoke an
acute marketwide reaction from investors, many of which have been
inching away for the commonwealth for years amid dire economic
news.
But the episode is the latest confirmation that Puerto Rico
doesn't have the money to meet all of its coming obligations, said
Emily Raimes, vice president at Moody's Investors Service.
MORGANS HOTEL: Posts $10.7 Million Net Loss for Second Quarter
--------------------------------------------------------------
Morgans Hotel Group Co. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $10.7 million on $56.2
million of total revenues for the three months ended June 30,
2015, compared to a net loss attributable to common stockholders
of $13.7 million on $61.2 million of total revenues for the same
period during the prior year.
For the six months ended June 30, 2015, the Company reported a net
loss attributable to common stockholders of $27.4 million on
$109.5 million of total revenues compared to a net loss
attributable to common stockholders of $42.2 million on $116.7
million of total revenues for the same period last year.
As of June 30, 2015, Morgans Hotel had $520.5 million in total
assets, $772.3 million in total liabilities and a $251.8 million
total deficit.
A full-text copy of the Form 10-Q is available for free at:
http://is.gd/YE4S16
About Morgans Hotel Group
Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector. Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London. Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico. Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.
Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues
for the year ended Dec. 31, 2014, compared with a net loss
attributable to common stockholders of $58.5 million on $236
million of total revenues during the prior year.
TEODORO MOSCOCO: S&P Corrects Long-Term Rating to CCC-
------------------------------------------------------
Standard & Poor's Ratings Services has corrected its long-term
rating to 'CCC-/CreditWatch Negative' from 'B' on Teodoro Moscoco
Bridge, Puerto Rico's series 2003A special facility revenue
refunding bonds. S&P inadvertently failed to lower the rating in
connection with its rating actions on the Commonwealth of Puerto
Rico on April 27, 2015, when it should have been lowered to 'CCC+/
Negative', and June 29, 2015, when it should have been lowered to
'CCC-/ CreditWatch Negative'. Accordingly, S&P has lowered its
rating on Teodoro Moscoco Bridge, Puerto Rico's series 2003A
special facility revenue refunding bonds in tandem with the
revision on the ratings and outlook on the Commonwealth of Puerto
Rico.
On April 24, 2015, Puerto Rico Highway & Transportation Authority
was downgraded to 'CCC-/CW Negative'. This MPN was missed due to
security ID coding error. It was previously rated as a toll road
by the transportation group, and the obligor was not changed to
Puerto Rico Highway & Transportation Authority from Teodoro
Moscoco Bridge.
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD & TOBAGO: Retirees Waiting on Pension
-----------------------------------------------
Trinidad and Tobago Newsday reports that despite submitting their
Life Certificates on time, a number of government retirees have
not yet received their pensions from the Ministry of Finance and
the Economy for the last two months.
A release from the Treasury Division of the Finance Ministry
stated, "the absence of payment in recent months is due to the
late submissions of Life Certificates," according to Trinidad and
Tobago Newsday. It goes on to say that "pensioners were asked to
submit their certificates by April 30, in order for their pensions
to be processed" and subsequently paid in a timely manner and
those who failed to do so would experience a disruption in their
payments, the report notes.
Among persons still waiting to receive their pensions is prominent
San Fernando dancer and choreographer, Joyce Kirton, who told
Newsday of the inconveniences she faced when her pension failed to
arrive, the report relays.
"I realized that I didn't receive my pension at the end of June
and no explanation was given to me either by the bank or the
pensions department," the report quoted Ms. Kirton as saying. Ms.
Kirton then went on to explain her extreme disappointment when at
the end of July again there were no pension payments, the report
relays.
Ms. Kirton told Newsday four cheques had bounced and many of her
bills remain unpaid up to now. It is the first time since her
retirement from the teaching service in 1988 that she has not
received her pension, the report notes.
Ms. Kirton's Life Certificate had been submitted before the
deadline date.
Another retiree said she too had similar experiences like Ms.
Kirton.
The senior citizen told Newsday, "How do they expect me to pay my
bills?" The affected persons said they have all made complaints to
the Department of Pension Management, however without success.
The media release from the Ministry of Finance states: "For the
last pensions Life Certificate cycle, pensioners were asked to
submit their Life Certificates by April 30, 2015, the report
notes.
Unfortunately, Life Certificates were not processed for
approximately two percent of those who submitted, the report
discloses.
This resulted in a delay in their payments for the months of June
and July 2015, the report says.
The majority of these pensioners have since received their
outstanding pension payments, the report adds.
===========================
V I R G I N I S L A N D S
===========================
LANCER FINANCE 2010-1: Fitch Cuts Rating on 2010-1 Notes to 'C'
--------------------------------------------------------
Fitch Ratings has downgraded the senior secured series 2010-1
notes issued by Lancer Finance Company Ltd to 'C' from 'CCC';
'RE100'. The outstanding balance of the notes is approximately
$42 million.
The notes were backed by flows related to a long-term charter and
services agreement signed with Petroleo Brasileiro S.A (Petrobras:
'BBB-'; Negative Outlook) for the use of the drillship S.C.
Lancer. Schahin Engenharia S.A. was the operator of the drilling
rig. The notes also benefit from a naval mortgage on the vessel
S.C. Lancer, a dynamically positioned drilling unit that until
April 2014 was operating on the offshore waters of Brazil.
KEY RATING DRIVERS
Fitch's rating action on the notes reflects the depletion of
reserve funds available to pay debt service. On July 20, 2015
Fitch received notification from the indenture trustee indicating
that the majority controlling party had instructed the indenture
trustee to use available reserve account funds to fund a legal
reserve account, pay transaction expenses, pay interest due on the
notes and prepay the notes in an amount equal to approx. $21.8
million. The current reserve consists of $2 million deposited in
an account to cover future legal expenses and fees and $370
thousand in the operations reserve account in the form of a letter
of credit.
The indenture trustee does not expect to receive any collections
or cashflows over the near term. While noteholders may have
maximized their recovery in net present value terms by using the
reserve fund to prepay debt, this reduces the available liquidity
within the transaction and reduces the available time to sell the
vessel to meet debt service payments on a timely basis.
As previously noted by Fitch, the accelerated deterioration of the
credit quality of the Schahin group (Schahin) heightened the risk
of a termination of the charter and services agreements for the
S.C. Lancer. As a direct result of its financial problems,
Schahin suspended operations of five drilling vessels including
S.C. Lancer on April 2015. The long-term charter and service
agreements with Petrobras were the main source of cashflows to the
transaction. Since May 2015, timely debt service payment has
relied on funds available in the reserve accounts. Now that these
funds have been depleted to partially prepay the notes, the
transaction is at risk of imminent default.
RATING SENSITIVITIES
Failure to make contractually required payments of principal or
interest would cause Fitch to downgrade the bonds to 'D'.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
RECOVERY ESTIMATES
Fitch assigned an RE100 to the notes. Fitch assigns recovery
estimates (REs) to all classes rated 'CCC' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
Fitch's RE relates to an estimate of the potential cash flows
generated by the liquidation of the assets under current market
conditions. REs are not intended to represent the actual recovery
noteholders may get upon sale of the underlying vessels or
potential restructuring of the notes.
On December 2014, Fitch received an appraisal from DNV GL Noble
Denton Marine Assurance and Advisory for the S.C. Lancer
drillship. According to this appraisal, the value of S.C. Lancer
without giving credit to the Petrobras contracts was approximately
199 million. Fitch notes this valuation does not reflect current
market conditions including the dramatic change in supply and
demand dynamics over the past year. Additionally, the potential
legal fees and complexities incurred to repossess and sell the
asset could result in significantly lower net proceeds from
liquidation. The agency also notes given current market
conditions, the noteholders may not choose to incur additional
expenses to repossess and attempt to sell the asset. However,
given the relatively low outstanding balance on the notes, the
collateral could be liquidated using a significant haircut and
recovery proceeds would still be sufficient to cover the current
outstanding principal amount. Therefore, Fitch assigned an
'RE100' to the notes.
=================
X X X X X X X X X
=================
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 285996574 -543142756
AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756
AGRENCO LTD-BDR AGEN11 BZ 285996574 -543142756
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF LICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 61230059 -26822453.5
BATTISTELLA-PREF BTTL4 BZ 61230059 -26822453.5
BATTISTELLA-RECE BTTL9 BZ 61230059 -26822453.5
BATTISTELLA-RECP BTTL10 BZ 61230059 -26822453.5
BATTISTELLA-RI P BTTL2 BZ 61230059 -26822453.5
BATTISTELLA-RIGH BTTL1 BZ 61230059 -26822453.5
BI CIA SECURITIZ BICS BZ 38231826.5 -584101.548
BOMBRIL BMBBF US 254413220 -16036964.4
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 254413220 -16036964.4
BOMBRIL - RTS BOBR11 BZ 254413220 -16036964.4
BOMBRIL CIRIO SA BOBRON BZ 254413220 -16036964.4
BOMBRIL CIRIO-PF BOBRPN BZ 254413220 -16036964.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 254413220 -16036964.4
BOMBRIL SA-ADR BMBBY US 254413220 -16036964.4
BOMBRIL-PREF BOBR4 BZ 254413220 -16036964.4
BOMBRIL-RGTS PRE BOBR2 BZ 254413220 -16036964.4
BOMBRIL-RIGHTS BOBR1 BZ 254413220 -16036964.4
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 82872146.2 -36299304.3
BUETTNER SA BUETON BZ 82872146.2 -36299304.3
BUETTNER SA-PRF BUETPN BZ 82872146.2 -36299304.3
BUETTNER SA-RT P BUET2 BZ 82872146.2 -36299304.3
BUETTNER SA-RTS BUET1 BZ 82872146.2 -36299304.3
BUETTNER-PREF BUET4 BZ 82872146.2 -36299304.3
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CELGPAR GPAR3 BZ 197508346 -905048844
CELGPAR-RTS GPAR11 BZ 197508346 -905048844
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 51195095.3 -1858601739
COBRASMA SA COBRON BZ 51195095.3 -1858601739
COBRASMA SA-PREF COBRPN BZ 51195095.3 -1858601739
COBRASMA-PREF CBMA4 BZ 51195095.3 -1858601739
D H B DHBI3 BZ 94806424.1 -188014922
D H B-PREF DHBI4 BZ 94806424.1 -188014922
DHB IND E COM DHBON BZ 94806424.1 -188014922
DHB IND E COM-PR DHBPN BZ 94806424.1 -188014922
DOC IMBITUBA IMBI3 BZ 103926124 -44366334.9
DOC IMBITUBA-RT 8218594Q BZ 103926124 -44366334.9
DOC IMBITUBA-RT 9866923Q BZ 103926124 -44366334.9
DOC IMBITUBA-RT IMBI1 BZ 103926124 -44366334.9
DOC IMBITUBA-RTC 8174503Q BZ 103926124 -44366334.9
DOC IMBITUBA-RTP 8174507Q BZ 103926124 -44366334.9
DOC IMBITUB-PREF IMBI4 BZ 103926124 -44366334.9
DOCA INVESTIMENT DOCA3 BZ 187044412 -204249587
DOCA INVEST-PREF DOCA4 BZ 187044412 -204249587
DOCAS IMBITUBA IMBION BZ 103926124 -44366334.9
DOCAS IMBITUB-PR IMBIPN BZ 103926124 -44366334.9
DOCAS SA DOCAON BZ 187044412 -204249587
DOCAS SA-PREF DOCAPN BZ 187044412 -204249587
DOCAS SA-RTS PRF DOCA2 BZ 187044412 -204249587
EBX BRASIL SA CTMN3 BZ 2277323307 -528769640
EDELAP-B ELAP AR 228302327 -21022097
EDELAP-B ELAPC AR 228302327 -21022097
EDELAP-B ELAPD AR 228302327 -21022097
ELEC ARG SA-PREF EASA6 AR 1019816241 -75790649.4
ELEC ARGENT-ADR EASA LX 1019816241 -75790649.4
ELEC DE ARGE-ADR 1262Q US 1019816241 -75790649.4
ELECTRICIDAD ARG 3447811Z AR 1019816241 -75790649.4
EMPRESA DISTRI-A 0122195D AR 228302327 -21022097
EMPRESA DISTRI-C 0122369D AR 228302327 -21022097
ESTRELA SA ESTR3 BZ 60876966.1 -93330836.7
ESTRELA SA ESTRON BZ 60876966.1 -93330836.7
ESTRELA SA-PREF ESTR4 BZ 60876966.1 -93330836.7
ESTRELA SA-PREF ESTRPN BZ 60876966.1 -93330836.7
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 15210587.4 -26122509.1
FERRAGENS HAGA HAGAON BZ 15210587.4 -26122509.1
FERRAGENS HAGA-P HAGAPN BZ 15210587.4 -26122509.1
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
FORJA TAURUS FJTA11 BZ 312324319 -17602635.1
FORJA TAURUS FJTA12 BZ 312324319 -17602635.1
FORJA TAURUS FORJF US 312324319 -17602635.1
FORJA TAURUS FJTA3 BZ 312324319 -17602635.1
FORJA TAURUS-PRF FORZF US 312324319 -17602635.1
FORJA TAURUS-PRF FJTA4 BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1272182D BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1272184D BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1304888D BZ 312324319 -17602635.1
FORJA TAURUS-RCT 1304790D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1272180D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1272181D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1304881D BZ 312324319 -17602635.1
FORJA TAURUS-RTS 1304791D BZ 312324319 -17602635.1
FORJA TAURUS-RTS FJTA2 BZ 312324319 -17602635.1
FORJA TAURUS-RTS FJTA1 BZ 312324319 -17602635.1
FORJA TAURUS-RTS FJTA10 BZ 312324319 -17602635.1
FORJAS TAURUS SA TAUSON BZ 312324319 -17602635.1
FORJAS TAURUS-PR TAUSPN BZ 312324319 -17602635.1
GOL GOLL3 BZ 3224530350 -323901544
GOL PREF - RCT 1303123D BZ 3224530350 -323901544
GOL PREF - RTS 1303121D BZ 3224530350 -323901544
GOL PREF - RTS GOLL2 BZ 3224530350 -323901544
GOL-ADR GOL US 3224530350 -323901544
GOL-ADR GOQ GR 3224530350 -323901544
GOL-ADR GOLN MM 3224530350 -323901544
GOL-PREF GOLL4 BZ 3224530350 -323901544
GOL-RCT 0113335D BZ 3224530350 -323901544
GOL-RCT 0113338D BZ 3224530350 -323901544
GOL-RCT GOLL9 BZ 3224530350 -323901544
GOL-RCT 1003238D BZ 3224530350 -323901544
GOL-RT 0113333D BZ 3224530350 -323901544
GOL-RT 0113334D BZ 3224530350 -323901544
GOL-RT GOLL1 BZ 3224530350 -323901544
GOL-RT 1003237D BZ 3224530350 -323901544
GRADIENTE ELETR IGBON BZ 183430930 -135324913
GRADIENTE EL-PRA IGBAN BZ 183430930 -135324913
GRADIENTE EL-PRB IGBBN BZ 183430930 -135324913
GRADIENTE EL-PRC IGBCN BZ 183430930 -135324913
GRADIENTE-PREF A IGBR5 BZ 183430930 -135324913
GRADIENTE-PREF B IGBR6 BZ 183430930 -135324913
GRADIENTE-PREF C IGBR7 BZ 183430930 -135324913
HAGA HAGA3 BZ 15210587.4 -26122509.1
HOPI HARI SA PQTM3 BZ 135437870 -15815342.3
HOPI HARI-PREF PQTM4 BZ 135437870 -15815342.3
HOTEIS OTHON SA HOOT3 BZ 172663674 -17533639.5
HOTEIS OTHON SA HOTHON BZ 172663674 -17533639.5
HOTEIS OTHON-PRF HOOT4 BZ 172663674 -17533639.5
HOTEIS OTHON-PRF HOTHPN BZ 172663674 -17533639.5
IGB ELETRONICA IGBR3 BZ 183430930 -135324913
IGUACU CAFE IGUA3 BZ 190073766 -74308212
IGUACU CAFE IGCSON BZ 190073766 -74308212
IGUACU CAFE IGUCF US 190073766 -74308212
IGUACU CAFE-PR A IGUA5 BZ 190073766 -74308212
IGUACU CAFE-PR A IGCSAN BZ 190073766 -74308212
IGUACU CAFE-PR A IGUAF US 190073766 -74308212
IGUACU CAFE-PR B IGUA6 BZ 190073766 -74308212
IGUACU CAFE-PR B IGCSBN BZ 190073766 -74308212
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INEPAR INEP3 BZ 832445178 -356470593
INEPAR BONUS B INEP12 BZ 832445178 -356470593
INEPAR SA INPRON BZ 832445178 -356470593
INEPAR SA-PREF INPRPN BZ 832445178 -356470593
INEPAR-COM DVD INEP11 BZ 832445178 -356470593
INEPAR-PREF INEP4 BZ 832445178 -356470593
INEPAR-PRF DVD INEP13 BZ 832445178 -356470593
INEPAR-RCT ORD 3697790Q BZ 832445178 -356470593
INEPAR-RCT ORD INEP9 BZ 832445178 -356470593
INEPAR-RCT PREF 3697794Q BZ 832445178 -356470593
INEPAR-RCT PREF INEP10 BZ 832445178 -356470593
INEPAR-RT ORD 3697782Q BZ 832445178 -356470593
INEPAR-RT ORD INEP1 BZ 832445178 -356470593
INEPAR-RT PREF 3697786Q BZ 832445178 -356470593
INEPAR-RT PREF INEP2 BZ 832445178 -356470593
INVERS ELEC BUEN IEBAA AR 213542509 -68439920.3
INVERS ELEC BUEN IEBAB AR 213542509 -68439920.3
INVERS ELEC BUEN IEBA AR 213542509 -68439920.3
KARSTEN CTKCF US 91958416.3 -24851238.1
KARSTEN CTKON BZ 91958416.3 -24851238.1
KARSTEN SA CTKA3 BZ 91958416.3 -24851238.1
KARSTEN SA - RCT CTKA9 BZ 91958416.3 -24851238.1
KARSTEN SA - RCT CTKA10 BZ 91958416.3 -24851238.1
KARSTEN SA - RTS CTKA1 BZ 91958416.3 -24851238.1
KARSTEN SA - RTS CTKA2 BZ 91958416.3 -24851238.1
KARSTEN-PREF CTKPF US 91958416.3 -24851238.1
KARSTEN-PREF CTKA4 BZ 91958416.3 -24851238.1
KARSTEN-PREF CTKPN BZ 91958416.3 -24851238.1
KOSMOS COMERCIO LOAR4 BZ 39080266.4 -2450355045
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LOJAS ARAPUA LOAR3 BZ 39080266.4 -2450355045
LOJAS ARAPUA LOARON BZ 39080266.4 -2450355045
LOJAS ARAPUA-GDR 3429T US 39080266.4 -2450355045
LOJAS ARAPUA-GDR LJPSF US 39080266.4 -2450355045
LOJAS ARAPUA-PRF LOARPN BZ 39080266.4 -2450355045
LOJAS ARAPUA-PRF 52353Z US 39080266.4 -2450355045
MANGELS INDL MGEL3 BZ 130877274 -67079077.9
MANGELS INDL SA MISAON BZ 130877274 -67079077.9
MANGELS INDL-PRF MGIRF US 130877274 -67079077.9
MANGELS INDL-PRF MGEL4 BZ 130877274 -67079077.9
MANGELS INDL-PRF MISAPN BZ 130877274 -67079077.9
MET DUQUE DUQE3 BZ 75039127.4 -2847420.37
MET DUQUE MDUON BZ 75039127.4 -2847420.37
MET DUQUE-PREF DUQE4 BZ 75039127.4 -2847420.37
MET DUQUE-PREF MDUPN BZ 75039127.4 -2847420.37
METROGAS SA MGAI US 327285099 -37016892.9
METROGAS SA-A 153255Z AR 327285099 -37016892.9
METROGAS SA-C 153263Z AR 327285099 -37016892.9
METROGAS-ADR MGS US 327285099 -37016892.9
METROGAS-ADR MGSA GR 327285099 -37016892.9
METROGAS-B MGSBF US 327285099 -37016892.9
METROGAS-B METR AR 327285099 -37016892.9
METROGAS-B METRC AR 327285099 -37016892.9
METROGAS-B METRD AR 327285099 -37016892.9
METROGAS-B MGSB GR 327285099 -37016892.9
METROGAS-B BLOCK METRB AR 327285099 -37016892.9
MINUPAR MNPR3 BZ 65882736.8 -76363523.6
MINUPAR SA MNPRON BZ 65882736.8 -76363523.6
MINUPAR SA-PREF MNPRPN BZ 65882736.8 -76363523.6
MINUPAR-PREF MNPR4 BZ 65882736.8 -76363523.6
MINUPAR-RCT 9314634Q BZ 65882736.8 -76363523.6
MINUPAR-RCT 0599564D BZ 65882736.8 -76363523.6
MINUPAR-RCT MNPR9 BZ 65882736.8 -76363523.6
MINUPAR-RT 9314542Q BZ 65882736.8 -76363523.6
MINUPAR-RT 0599562D BZ 65882736.8 -76363523.6
MINUPAR-RTS MNPR1 BZ 65882736.8 -76363523.6
MMX MINERACA-GDR MMXMY US 471049316 -340913823
MMX MINERACA-GDR 0567931D CN 471049316 -340913823
MMX MINERACA-GDR 3M11 GR 471049316 -340913823
MMX MINERACA-GDR MMXMD US 471049316 -340913823
MMX MINERACAO TRES3 BZ 471049316 -340913823
MMX MINERACAO MMXCF US 471049316 -340913823
MMX MINERACAO MMXM11 BZ 471049316 -340913823
MMX MINERACAO MMXXF US 471049316 -340913823
MMX MINERACAO MMXM3 BZ 471049316 -340913823
MMX MINERACAO-RT 4111484Q BZ 471049316 -340913823
MMX MINERACAO-RT 0626050D BZ 471049316 -340913823
MMX MINERACA-RCT 4111488Q BZ 471049316 -340913823
MMX MINERACA-RCT 0626051D BZ 471049316 -340913823
MMX MINERACA-RCT MMXM9 BZ 471049316 -340913823
MMX MINERACA-RTS MMXM1 BZ 471049316 -340913823
MORIXE HERM-5 VT MORI5 AR 19006540.3 -928833.864
MORIXE HERMAN-BL MORIB AR 19006540.3 -928833.864
MORIXE HERMANOS MORI AR 19006540.3 -928833.864
MORIXE HERMANOS MORID AR 19006540.3 -928833.864
MORIXE HERMANOS MORIC AR 19006540.3 -928833.864
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
OGX PETROLEO CTCO3 BZ 20975305.4 -23206893.6
OL PREF - RCT GOLL10 BZ 3224530350 -323901544
OLEO E GAS P-ADR OGXPY US 20975305.4 -23206893.6
OLEO E GAS P-ADR OGXPYEUR EO 20975305.4 -23206893.6
OLEO E GAS P-ADR OGXPYEUR EU 20975305.4 -23206893.6
OLEO E GAS P-ADR 8OGB GR 20975305.4 -23206893.6
OLEO E GAS PART OGXP3 BZ 20975305.4 -23206893.6
OLEO E GAS PART OGXP5 BZ 20975305.4 -23206893.6
OLEO E GAS PART OGXP6 BZ 20975305.4 -23206893.6
OLEO E GAS PART OGXPF US 20975305.4 -23206893.6
OSX BRASIL - RTS 0701756D BZ 2277323307 -528769640
OSX BRASIL - RTS 0701757D BZ 2277323307 -528769640
OSX BRASIL - RTS 0812903D BZ 2277323307 -528769640
OSX BRASIL - RTS 0812904D BZ 2277323307 -528769640
OSX BRASIL - RTS OSXB1 BZ 2277323307 -528769640
OSX BRASIL - RTS OSXB9 BZ 2277323307 -528769640
OSX BRASIL SA OSXB3 BZ 2277323307 -528769640
OSX BRASIL SA EBXB3 BZ 2277323307 -528769640
OSX BRASIL SA OSXRF US 2277323307 -528769640
OSX BRASIL S-GDR OSXRY US 2277323307 -528769640
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PARQUE TEM-DV CM PQT5 BZ 135437870 -15815342.3
PARQUE TEM-DV PF PQT6 BZ 135437870 -15815342.3
PARQUE TEM-RCT C PQTM9 BZ 135437870 -15815342.3
PARQUE TEM-RCT P PQTM10 BZ 135437870 -15815342.3
PARQUE TEM-RT CM PQTM1 BZ 135437870 -15815342.3
PARQUE TEM-RT PF PQTM2 BZ 135437870 -15815342.3
PET MANG-RECEIPT 0229292Q BZ 146857128 -409610413
PET MANG-RECEIPT 0229296Q BZ 146857128 -409610413
PET MANG-RECEIPT RPMG9 BZ 146857128 -409610413
PET MANG-RECEIPT RPMG10 BZ 146857128 -40961041
PET MANG-RIGHTS 3678565Q BZ 146857128 -409610413
PET MANG-RIGHTS 3678569Q BZ 146857128 -409610413
PET MANG-RT 4115360Q BZ 146857128 -409610413
PET MANG-RT 4115364Q BZ 146857128 -409610413
PET MANG-RT 0229249Q BZ 146857128 -409610413
PET MANG-RT 0229268Q BZ 146857128 -409610413
PET MANG-RT RPMG2 BZ 146857128 -409610413
PET MANG-RT 0848424D BZ 146857128 -409610413
PET MANG-RTS 1227980D BZ 146857128 -409610413
PET MANGUINH-PRF RPMG4 BZ 146857128 -409610413
PET MANGUINH-RTS RPMG1 BZ 146857128 -409610413
PETRO MANGUINHOS RPMG3 BZ 146857128 -409610413
PETRO MANGUINHOS MANGON BZ 146857128 -409610413
PETRO MANGUIN-PF MANGPN BZ 146857128 -409610413
PILMAIQUEN PILMAIQ CI 165119822 -32646104.5
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 17660616.6 -6652295.06
PUYEHUE RIGHT PUYEHUOS CI 17660616.6 -6652295.06
RB CAPITAL RBCS3B BZ 13996658.5 -815.062365
RECRUSUL RCSL3 BZ 14029393.8 -32749735
RECRUSUL - RCT 4529789Q BZ 14029393.8 -32749735
RECRUSUL - RCT 4529793Q BZ 14029393.8 -32749735
RECRUSUL - RCT 0163582D BZ 14029393.8 -32749735
RECRUSUL - RCT 0163583D BZ 14029393.8 -32749735
RECRUSUL - RCT 0614675D BZ 14029393.8 -32749735
RECRUSUL - RCT 0614676D BZ 14029393.8 -32749735
RECRUSUL - RCT RCSL10 BZ 14029393.8 -32749735
RECRUSUL - RT 4529781Q BZ 14029393.8 -32749735
RECRUSUL - RT 4529785Q BZ 14029393.8 -32749735
RECRUSUL - RT 0163579D BZ 14029393.8 -32749735
RECRUSUL - RT 0163580D BZ 14029393.8 -32749735
RECRUSUL - RT 0614673D BZ 14029393.8 -32749735
RECRUSUL - RT 0614674D BZ 14029393.8 -32749735
RECRUSUL SA RESLON BZ 14029393.8 -32749735
RECRUSUL SA-PREF RESLPN BZ 14029393.8 -32749735
RECRUSUL SA-RCT RCSL9 BZ 14029393.8 -32749735
RECRUSUL SA-RTS RCSL1 BZ 14029393.8 -32749735
RECRUSUL SA-RTS RCSL2 BZ 14029393.8 -32749735
RECRUSUL-BON RT RCSL11 BZ 14029393.8 -32749735
RECRUSUL-BON RT RCSL12 BZ 14029393.8 -32749735
RECRUSUL-PREF RCSL4 BZ 14029393.8 -32749735
RENAUXVIEW SA TXRX3 BZ 33757610.2 -74431020.7
RENAUXVIEW SA-PF TXRX4 BZ 33757610.2 -74431020.7
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 15583653.5 -4261184.52
SANSUY SNSY3 BZ 136020731 -152229409
SANSUY SA SNSYON BZ 136020731 -152229409
SANSUY SA-PREF A SNSYAN BZ 136020731 -152229409
SANSUY SA-PREF B SNSYBN BZ 136020731 -152229409
SANSUY-PREF A SNSY5 BZ 136020731 -152229409
SANSUY-PREF B SNSY6 BZ 136020731 -152229409
SCHLOSSER SCLO3 BZ 35479691.9 -46000437.6
SCHLOSSER SA SCHON BZ 35479691.9 -46000437.6
SCHLOSSER SA-PRF SCHPN BZ 35479691.9 -46000437.6
SCHLOSSER-PREF SCLO4 BZ 35479691.9 -46000437.6
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TEC TOY SA-PF B TOYB6 BZ 14874965 -3087009.49
TEC TOY SA-PREF TOYDF US 14874965 -3087009.49
TEC TOY SA-PREF TOYB5 BZ 14874965 -3087009.49
TEC TOY-RCT 7335626Q BZ 14874965 -3087009.49
TEC TOY-RCT 7335630Q BZ 14874965 -3087009.49
TEC TOY-RCT 1254572D BZ 14874965 -3087009.49
TEC TOY-RCT 1254573D BZ 14874965 -3087009.49
TEC TOY-RT 7335610Q BZ 14874965 -3087009.49
TEC TOY-RT 7335614Q BZ 14874965 -3087009.49
TEC TOY-RT 1254570D BZ 14874965 -3087009.49
TEC TOY-RT 1254571D BZ 14874965 -3087009.49
TECTOY TOYB3 BZ 14874965 -3087009.49
TECTOY TOYB13 BZ 14874965 -3087009.49
TECTOY - RCT TOYB9 BZ 14874965 -3087009.49
TECTOY - RTS TOYB1 BZ 14874965 -3087009.49
TECTOY - RTS TOYB2 BZ 14874965 -3087009.49
TECTOY SA TOYBON BZ 14874965 -3087009.49
TECTOY SA-PREF TOYBPN BZ 14874965 -3087009.49
TECTOY-PF-RTS5/6 TOYB11 BZ 14874965 -3087009.49
TECTOY-PREF TOYB4 BZ 14874965 -3087009.49
TECTOY-RCPT PF B TOYB12 BZ 14874965 -3087009.49
TEKA TKTQF US 263356756 -337860221
TEKA TEKA3 BZ 263356756 -337860221
TEKA TEKAON BZ 263356756 -337860221
TEKA-ADR TEKAY US 263356756 -337860221
TEKA-ADR TKTPY US 263356756 -337860221
TEKA-ADR TKTQY US 263356756 -337860221
TEKA-PREF TKTPF US 263356756 -337860221
TEKA-PREF TEKA4 BZ 263356756 -337860221
TEKA-PREF TEKAPN BZ 263356756 -337860221
TEKA-RCT TEKA9 BZ 263356756 -337860221
TEKA-RCT TEKA10 BZ 263356756 -337860221
TEKA-RTS TEKA1 BZ 263356756 -337860221
TEKA-RTS TEKA2 BZ 263356756 -337860221
TELEBRAS SA TELB3 BZ 552954651 -19314726.6
TELEBRAS SA TLBRON BZ 552954651 -19314726.6
TELEBRAS SA TBASF US 552954651 -19314726.6
TELEBRAS SA-PREF TELB4 BZ 552954651 -19314726.6
TELEBRAS SA-PREF TLBRPN BZ 552954651 -19314726.6
TELEBRAS SA-RCT TELB9 BZ 552954651 -19314726.6
TELEBRAS SA-RT 0250949D BZ 552954651 -19314726.6
TELEBRAS/W-I-ADR TBH-W US 552954651 -19314726.6
TELEBRAS-ADR TBAPY US 552954651 -19314726.6
TELEBRAS-ADR TBRAY GR 552954651 -19314726.6
TELEBRAS-ADR TBH US 552954651 -19314726.6
TELEBRAS-ADR TBX GR 552954651 -19314726.6
TELEBRAS-ADR RTB US 552954651 -19314726.6
TELEBRAS-ADR TBASY US 552954651 -19314726.6
TELEBRAS-BLOCK TELB30 BZ 552954651 -19314726.6
TELEBRAS-CED C/E TEL4C AR 552954651 -19314726.6
TELEBRAS-CEDE BL RCT4B AR 552954651 -19314726.6
TELEBRAS-CEDE PF RCTB4 AR 552954651 -19314726.6
TELEBRAS-CEDE PF RCT4C AR 552954651 -19314726.6
TELEBRAS-CEDE PF RCT4D AR 552954651 -19314726.6
TELEBRAS-CEDE PF TELB4 AR 552954651 -19314726.6
TELEBRAS-CEDEA $ TEL4D AR 552954651 -19314726.6
TELEBRAS-CM RCPT RCTB31 BZ 552954651 -19314726.6
TELEBRAS-CM RCPT TELE31 BZ 552954651 -19314726.6
TELEBRAS-CM RCPT TBRTF US 552954651 -19314726.6
TELEBRAS-CM RCPT RCTB32 BZ 552954651 -19314726.6
TELEBRAS-CM RCPT RCTB30 BZ 552954651 -19314726.6
TELEBRAS-COM RT 0250948D BZ 552954651 -19314726.6
TELEBRAS-COM RTS TELB1 BZ 552954651 -19314726.6
TELEBRAS-PF BLCK TELB40 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT CBRZF US 552954651 -19314726.6
TELEBRAS-PF RCPT RCTB41 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT TELE41 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT RCTB42 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT RCTB40 BZ 552954651 -19314726.6
TELEBRAS-PF RCPT TBAPF US 552954651 -19314726.6
TELEBRAS-PF RCPT TLBRUP BZ 552954651 -19314726.6
TELEBRAS-RCT RCTB33 BZ 552954651 -19314726.6
TELEBRAS-RCT PRF TELB10 BZ 552954651 -19314726.6
TELEBRAS-RECEIPT TLBRUO BZ 552954651 -19314726.6
TELEBRAS-RTS CMN RCTB1 BZ 552954651 -19314726.6
TELEBRAS-RTS CMN TCLP1 BZ 552954651 -19314726.6
TELEBRAS-RTS PRF RCTB2 BZ 552954651 -19314726.6
TELEBRAS-RTS PRF TLCP2 BZ 552954651 -19314726.6
TELECOMUNICA-ADR 81370Z BZ 552954651 -19314726.6
TEXTEIS RENA-RCT TXRX9 BZ 33757610.2 -74431020.7
TEXTEIS RENA-RCT TXRX10 BZ 33757610.2 -74431020.7
TEXTEIS RENAU-RT TXRX1 BZ 33757610.2 -74431020.7
TEXTEIS RENAU-RT TXRX2 BZ 33757610.2 -74431020.7
TEXTEIS RENAUX RENXON BZ 33757610.2 -74431020.7
TEXTEIS RENAUX RENXPN BZ 33757610.2 -74431020.7
TRESSEM PART SA 1TSSON BZ 471049316 -340913823
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -469521100
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
WETZEL SA MWET3 BZ 70223531.7 -18205488.6
WETZEL SA MWELON BZ 70223531.7 -18205488.6
WETZEL SA-PREF MWET4 BZ 70223531.7 -18205488.6
WETZEL SA-PREF MWELPN BZ 70223531.7 -18205488.6
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
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 * * *