/raid1/www/Hosts/bankrupt/TCRLA_Public/151005.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, October 5, 2015, Vol. 16, No. 196
Headlines
A R G E N T I N A
ARGENTINA: Continues to Face Economic Challenges, Moody's Says
B E R M U D A
CENTRAL EUROPEAN MEDIA: S&P Maintains 'B' CCR on Watch Negative
B R A Z I L
ODEBRECHT OLEO: S&P Lowers CCR to 'B' & Puts on CreditWatch Neg.
PETROLEO BRASILEIRO: Court OKs Questioning of Lula in Case
RIO OIL 2014-1/2014-3: S&P Puts BB Ratings on CreditWatch Negative
C A Y M A N I S L A N D S
BLACKSTONE CE: Shareholders' Final Meeting Set for Oct. 8
BLACKSTONE O OFFSHORE: Shareholders' Final Meeting Set for Oct. 8
BLACKSTONE TRC: Shareholders' Final Meeting Set for Oct. 8
BLUECREST EQUITY: Shareholder to Hear Wind-Up Report on Oct. 30
CAYMAN AUGUST: Shareholders' Final Meeting Set for Oct. 8
CFG HOLDINGS: Moody's Affirms 'B3' Corporate Family Rating
CHARTER BRIDGE: Shareholders' Final Meeting Set for Oct. 8
CHARTER BRIDGE P: Shareholders' Final Meeting Set for Oct. 8
IRONSHIELD SPECIAL: Shareholder to Hear Wind-Up Report on Oct. 6
MOKSHA CAPITAL: Shareholders' Final Meeting Set for Oct. 15
MOONSTONE HOLDINGS: Shareholders' Final Meeting Set for Oct. 6
PRINCESS SARAH: Shareholders' Final Meeting Set for Oct. 9
SCHAHIN II FINANCE: S&P Lowers Rating on Sr. Sec. Notes to 'D'
TAURASI CAPITAL: Member to Hear Wind-Up Report on Oct. 6
TAURASI CAPITAL OFFSHORE: Member to Hear Wind-Up Report on Oct. 6
TRIANGULAR QIM: Shareholders' Final Meeting Set for Oct. 8
C H I L E
SOCIEDAD CONCESIONARIA: S&P Raises Rating on Notes to 'BB+'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Warns Haiti on Ban's 'Negative Impact'
J A M A I C A
* JAMAICA: Economy the Most Competitive in the Caribbean
M E X I C O
ALESTRA S DE RL: S&P Puts 'BB' CCR on CreditWatch Positive
AXTEL SAB: S&P Puts 'B-' CCR on CreditWatch Positive
EMPRESAS ICA: S&P Affirms 'B' Rating & Revises Outlook to Neg.
GRUPO CEMENTOS: S&P Raises CCR to 'BB-', Outlook Stable
* MEXICO: Remittances Rise More Than 6% in First 8 Months of 2015
P U E R T O R I C O
PUERTO RICO: Officials Press Lawmakers for Bankruptcy Power
T R I N I D A D & T O B A G O
* TRINIDAD & TOBAGO: Got $21.18 Billion From Energy Sector
X X X X X X X X X
* BOND PRICING: For the Week From Sept. 28 to Oct. 2, 2015
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A R G E N T I N A
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ARGENTINA: Continues to Face Economic Challenges, Moody's Says
--------------------------------------------------------------
Argentina's Caa1 government bond rating and its negative outlook
reflect ongoing credit weakness tied to policies that have led to
macroeconomic imbalances, political volatility and limited access
to external financing. These conditions are somewhat balanced by
the country's economic development and moderate government debt
metrics, Moody's Investors Service says in its annual credit
analysis.
While Argentina's economy is larger and more diverse than other
Caa-rated countries, future economic growth is likely to remain
low.
"The economic slowdown has multiple causes, including low
confidence, weak investment, high inflation, import constraints
and lower demand from Brazil, a key trade partner," Moody's Vice
President -- Senior Credit Officer Gabriel Torres says.
Moody's anticipates GDP will contract by 1% this year, but expects
a modest recovery in 2016.
Additionally, Moody's evaluates Argentina's institutional strength
as "very low" owing to a combination of haphazard policymaking and
highly contentious political process. It is a key ratings
constraint.
National presidential elections will be held in October, and a
change in government might lead to policy changes. These changes
could prompt resolution of "holdout" creditor litigation involving
its 2014 default and open access to international capital markets,
thus an important credit positive development.
The credit analysis serves as an update to investors and is not a
rating action.
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B E R M U D A
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CENTRAL EUROPEAN MEDIA: S&P Maintains 'B' CCR on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it maintained its
CreditWatch with negative implications on its 'B' corporate credit
rating on Bermuda-registered TV broadcaster Central European Media
Enterprises Ltd. (CME).
CME has announced that it entered into a senior unsecured term
credit facility guaranteed by the U.S.-based entertainment
conglomerate Time Warner and provided by a bank syndicate. S&P
considers this to be a material advancement in relation to
refinancing the upcoming $261 million maturity of CME's
convertible notes, due on Nov. 15, 2015. At the same time, the
lenders' commitment to providing funds shortly before that date
depends on the company meeting certain terms. For example, the
agreement contains a material adverse change clause as a condition
precedent for funding, which could prevent timely repayment of the
upcoming maturity, in S&P's view.
S&P maintains its 'ccc' assessment of CME's stand-alone credit
profile (SACP) because, according to S&P's criteria, the potential
inability of the company to repay the $261 million notes on time
would cause a default within less than six months. At the same
time, S&P do not consider the default inevitable due to the signed
bank agreement guaranteed by Time Warner to refinance this debt,
albeit depending on certain events.
The 'B' corporate credit rating on CME is three notches higher
than the SACP, based on S&P's group rating methodology. S&P
continues to consider the company to be "strategically important"
to Time Warner, under S&P's group methodology analysis. This is
because Time Warner guarantees, owns, or has committed to
refinancing substantially all of CME's debt. In addition, S&P
believes that the CME investment is an important part of Time
Warner's international growth strategy.
S&P will resolve the CreditWatch after Nov. 15, when the short-
term refinancing risk related to the $261 million convertible
notes' maturity is resolved. S&P could lower the ratings by
several notches if the company does not repay the convertible
notes on time.
Any rating action would take into account:
-- The current trading of the company and S&P's estimate of
CME's operating performance in the next two years;
-- S&P's assessment of CME's liquidity; and
-- The long-term sustainability of the capital structure.
S&P's assessment of the relationship between CME and Time Warner
will be another material rating consideration.
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B R A Z I L
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ODEBRECHT OLEO: S&P Lowers CCR to 'B' & Puts on CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit and issue-level ratings on Odebrecht Oleo e Gas S.A. (OOG)
to 'B' from 'BB-'. At the same time, S&P placed the ratings on
CreditWatch with negative implications. In addition, S&P lowered
the company's SACP to 'b-' from 'b+'.
The downgrade reflects S&P's expectation for weaker credit metrics
in the next three years due to lower-than-expected dividends from
its operating subsidiaries, after Petrobras terminated the charter
and service agreements with the ODN Tay IV drilling rig. Even
though OOG is already exploring replacement charter agreements,
under S&P's base-case scenario, it do not expect top-level
distributions from the subsidiaries involved in the OODFL project
because of the distribution limitations of this transaction. As a
result, S&P expects top-level distributions to the parent to
decline to around $75 million in 2016 and 2017, from the
previously projected $115 million in 2015, leading to negative
POCF during the next three years, and credit metrics commensurate
with a 'b-' SACP.
The negative CreditWatch listing reflects the risk of a cross
acceleration of OOG's notes if there is an acceleration of the
OODFL transaction. Following the termination event of the charter
and services agreements of the vessel ODN Tay IV, OOG has 90 days
to replace the contracts with similar conditions. The failure to
provide such a remedy, according to the terms of the OODFL notes,
may cause a non-automatic event of default, according to the
definition of the OODFL notes. Therefore, at this point, there is
a non-automatic risk that the perpetual notes will be accelerated,
if there is a cross acceleration of the OODFL notes. On the other
hand, if the bondholders of OODFL waive the execution of this
clause, there would be no impact on OOG's perpetual notes. S&P
expects to have a better understanding of the next steps, and
therefore resolve the CreditWatch listing, within the next 90
days.
PETROLEO BRASILEIRO: Court OKs Questioning of Lula in Case
----------------------------------------------------------
EFE News reports that Brazil's Supreme Court has given the Federal
Police permission to question former President Luiz Inacio Lula da
Silva as part of its probe into a massive corruption scheme
centered on state-controlled oil giant Petrobras, judicial
officials said.
Supreme Court Justice Teori Zavascki accepted the police's
proposal and the Attorney General's Office's recommendation that
Lula be questioned as a witness and not as a suspect in the
alleged decade-long contract-rigging and kickback scheme,
according to EFE News.
In last month's motion, the Federal Police said the erstwhile head
of state "may have benefitted" from the scheme, which Petrobras
says resulted in corruption-related losses of $2 billion, the
report notes.
The Federal Police said in its request that it intended to
question Lula within 80 days, although Zavascki's ruling, did not
establish any timeframe, the report says.
The high court justice also authorized police to question former
Institutional Relations Minister Ideli Salvatti, erstwhile
presidential chief of staff Gilberto Carvalho and an ex-CEO of
Petrobras, Jose Sergio Gabrielli, all of whom served under Lula,
who was in office from 2003 to 2011, the report relays.
Those former officials also will be questioned as witnesses.
The Federal Police decided to request permission to question Lula
even though the former head of state does not enjoy the same
special rights enjoyed by sitting politicians, who can only be
prosecuted by the Supreme Court, the report notes.
In its motion, the Federal Police said it believed Lula may have
"obtained benefits for himself; his party, the still-governing PT
(Workers Party); or his administration by maintaining a base of
political support sustained at the cost of illicit business" at
Petrobras, the report discloses.
The report notes that the wide-ranging scandal involves
allegations that leading Brazilian engineering and construction
groups overcharged the oil giant for contracts, splitting the
extra money with corrupt Petrobras officials while setting aside
some of the loot to pay off politicians who provided cover for the
graft.
The purported scheme ran from at least 2004 to 2014.
The AG's office also is probing whether Lula has improperly used
his influence abroad since leaving office to benefit Salvador-
based engineering giant Odebrecht and other Brazilian firms
implicated in the Petrobras scandal, the report adds.
About Petroleo Brasileiro
Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and it produces, refines, purchases, and transports oil
and gas products. The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.
The Troubled Company Reporter-Latin America reported on March 6,
2015, 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.
On March 12, 2015, the TCR-LA reported that Moody's Investors
Service said the corruption investigation into 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.
Moody's Investors Service has 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.
RIO OIL 2014-1/2014-3: S&P Puts BB Ratings on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Rio Oil
Finance Trust's fixed-rate notes series 2014-1 and 2014-3 on
CreditWatch negative.
The note issuances are backed by current and future receivables
generated from Rio de Janeiro State's (RJS') oil royalty and
special participation rights assigned to Rioprevidencia, a social
security fund for RJS state employees, after mandatory deductions.
The CreditWatch placements reflect S&P's need for additional
information to define these:
-- The extent of the decline in reported flows of royalties and
special participations due to lower oil prices and
production of some fields, which led to a trigger event and
event of default;
-- As a result of the above, if S&P needs to redefine its cash
flow assumptions for both price and production; and
-- The impact of a potential waiver that could affect the
transaction's structure and/or assumptions.
Per the transaction's documents, the annualized average and
minimum average forward-looking debt service coverage (DSC) are
defined as the average of any four consecutive quarters until bond
maturity preceding the reference date, and the average for the
next four, respectively. If either of these falls to less than
2.0x, a trigger event will occur; and if either drops to less than
1.5x, a default event will occur.
The latest quarterly report from Sept. 24, 2015, indicated that
the annualized average DSC ratio was 5.0x, compared with 6.1x from
the previous report. However, the minimum average forward-looking
DSC ratio decreased to 1.2x from 2.5x as of the previous quarterly
report from June 23, 2015. In both cases, the minimum average
forward looking DSC ratios continue to be mainly driven by the
repayment of federal debt obligations, which peaks in first- and
second-quarter 2016.
The reason for this decline is twofold: on one hand, the price
assumptions, defined by the bond administrator per the
transaction's documents, were significantly reduced (oil price
assumptions for first- and second-quarter 2016 were reduced from
US$66.97 and US$67.89 to US$51.42 and US$53.29, respectively). On
the other, a production haircut was applied to all fields
producing less than expected; however, no adjustment was applied
for those producing higher than expectations.
Following a trigger event, 60% of the excess flows that are
returned to the sponsor on a monthly basis would be deposited into
a trigger reserve account until that 2.0x is surpassed again.
Upon an event of default, the series controlling party may declare
that an early amortization period or an event of default has
commenced (with the latter leading also to an early amortization
period). Once an early amortization period is declared, the
indenture trustee will declare that the principal balance of the
securities (for all of the series: including series 2014-1 and
2014-2 in local currency, which S&P do not rate, and series 2014-
3) is immediately due and payable, unless the declaration of
acceleration or all events of default have been cured or waived.
Either way, if an early amortization period begins and thus the
principal balance of the notes is immediately due and payable, S&P
understands that principal would be paid as flows come into the
trust, and per S&P's "Principles For Rating Debt Issues Based On
Imputed Promises," criteria, this would not be considered a
default. S&P would still consider that the principal remains due
at original maturity.
S&P expects to resolve the CreditWatch placements in the next
three months after it has further information regarding the
transaction's performance through the next quarterly report.
Moreover, S&P expects to receive notification from the indenture
trustee on whether or not a waiver was approved by noteholders
during the next month in order to evaluate its potential impact on
the current deal structure.
RATINGS LIST
Rio Oil Finance Trust
Fixed-rate notes
Rating Rating
Class Identifier To From
2014-1 76716XAA0 BB/Watch Neg BB
2014-3 76716XAB8 BB/Watch Neg BB
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C A Y M A N I S L A N D S
==========================
BLACKSTONE CE: Shareholders' Final Meeting Set for Oct. 8
---------------------------------------------------------
The shareholders of Blackstone CE Offshore Fund Ltd will hold
their final meeting on Oct. 8, 2015, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Sean Flynn
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
BLACKSTONE O OFFSHORE: Shareholders' Final Meeting Set for Oct. 8
-----------------------------------------------------------------
The shareholders of Blackstone O Offshore Fund Ltd will hold their
final meeting on Oct. 8, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Sean Flynn
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
BLACKSTONE TRC: Shareholders' Final Meeting Set for Oct. 8
----------------------------------------------------------
The shareholders of Blackstone TRC Offshore Fund Ltd will hold
their final meeting on Oct. 8, 2015, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Sean Flynn
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
BLUECREST EQUITY: Shareholder to Hear Wind-Up Report on Oct. 30
---------------------------------------------------------------
The shareholder of Bluecrest Equity Strategies Investment Fund
Limited will hear on Oct. 30, 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:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman
Telephone: (345) 943-3100
CAYMAN AUGUST: Shareholders' Final Meeting Set for Oct. 8
---------------------------------------------------------
The shareholders of Cayman August Co. will hold their final
meeting on Oct. 8, 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:
Joshua Hausman
712 Fifth Avenue, 40th Floor, New York
NY 10019
USA
c/o Niall Hanna
Walkers
190 Elgin Avenue George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: +1 (345) 914 4201
CFG HOLDINGS: Moody's Affirms 'B3' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the B3 foreign currency
corporate family rating of CFG Holdings, Ltd. (Cayman Islands), an
intermediate holding company wholly owned by Caribbean Financial
Group Holdings, L.P. (Delaware), and of CFG Holdings' 100% owned
subsidiary CFG Finance LLC (Delaware).
Moody's has also affirmed the B3 foreign currency senior debt
rating on the fixed-rate notes issued by CFG Holdings, and CFG
Finance LLC as co-issuer, due in 2019. The notes are fully and
unconditionally guaranteed, both severally and jointly, by
Caribbean Financial, the parent of both CFG Holdings and CFG
Finance, as well as by its existing and future subsidiaries, with
certain exceptions.
The outlook for all ratings remains stable.
These ratings of CFG Holdings and CFG Finance have been affirmed:
Foreign currency corporate family rating: B3, stable outlook
Foreign currency senior debt rating: B3, stable outlook
RATING RATIONALE
The affirmation considers the company's stable financial
performance, characterized by continued strong profitability,
which counterbalances rising delinquencies. The B3 ratings
further reflect the company's narrow focus as a provider of
unsecured consumer credit to low- and middle-income individuals in
the Caribbean and Panama. This type of lending is inherently high
risk, while economic growth is decelerating in some of the
company's markets and remains low in most others. This has
contributed to a rise in CFG's non-performing loan ratios, a trend
Moody's expects to continue. Moreover, the company's continued
expansion in the region could further increase asset risks.
The rating agency also considered the company's highly
concentrated funding, which increases refinancing risks. CFG's
senior bond accounts for 82% of its total liabilities.
These challenges are somewhat offset by credit strengths including
the company's good profitability, supported by its established
market presence under the Island Finance and Corporacion El Sol
brands, and management expertise both in the industry and in the
region. Profitability is driven by robust net interest margins
and strong loan recoveries, which allow the company to sustain the
high operating costs inherent in its business model.
The company also boasts strong core capitalization thanks to a
large amount of nonvoting Class A interests that provide loss
absorption.
CFG Holdings' foreign currency B3 corporate family rating
represents Moody's opinion of the company's consolidated credit
risk, equivalent to the weighted average of all debt classes in
the company's structure, and as such reflects the predominance of
senior obligations in the company's debt structure.
Upward pressure on the ratings may occur if the company
diversifies its funding structure and successfully expands without
suffering a significant further deterioration in asset quality.
On the other hand, the ratings could face downward pressure if the
increase in nonperforming loans and hence in loan loss provisions
is larger than expected, resulting in a weakening of earnings and
ultimately capitalization.
The principal methodology used in this rating was "Finance Company
Global Rating Methodology," published in March 2012.
The last rating action on CFG Holdings, Ltd and CFG Finance LLC
was on Oct. 18, 2012, when Moody's assigned first time ratings.
Based in the Cayman Islands, CFG Holdings Ltd is an intermediate
holding company wholly owned by Caribbean Financial Group
Holdings, LP, engaged in granting consumer loans through its
company operations located in the Caribbean and Panama. CFG
Finance LLC is a 100% owned subsidiary of CFG Holdings Ltd..
Incorporated in the state of Delaware, Caribbean Financial is
96.45% owned by Irving Place Capital (IPC), a private equity firm.
As of June 2015, Caribbean Financial reported USD400 million in
assets, USD327 million in net loans and USD188 million in
partners' equity.
CHARTER BRIDGE: Shareholders' Final Meeting Set for Oct. 8
----------------------------------------------------------
The shareholders of Charter Bridge Capital Partners (Cayman), Ltd.
will hold their final meeting on Oct. 8, 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:
Charter Bridge Capital Management, L.P.
c/o Barnaby Gowrie
Telephone: +1 (345) 914 6365
CHARTER BRIDGE P: Shareholders' Final Meeting Set for Oct. 8
------------------------------------------------------------
The shareholders of Charter Bridge P Fund, Ltd. will hold their
final meeting on Oct. 8, 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:
Charter Bridge Capital Management, L.P.
c/o Barnaby Gowrie
Telephone: +1 (345) 914 6365
IRONSHIELD SPECIAL: Shareholder to Hear Wind-Up Report on Oct. 6
----------------------------------------------------------------
The shareholder of Ironshield Special Situations G2 Fund will hear
on Oct. 6, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ironshield Management (Cayman) Limited
c/o Ben Gillooly
Ogier, Attorneys, 89 Nexus Way
Camana Bay, Grand Cayman KY1-9007
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
MOKSHA CAPITAL: Shareholders' Final Meeting Set for Oct. 15
-----------------------------------------------------------
The shareholders of Moksha Capital Partners Re (O) Ltd. will hold
their final meeting on Oct. 15, 2015, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Russell Smith
c/o Antoine Powell
Telephone: (345) 815-4558
BDO CRI (Cayman) Ltd.
Floor 2-Building 3, Governors Square
23 Lime Tree Bay Ave
P.O. Box 31229 Grand Cayman KY1-1205
Cayman Islands
MOONSTONE HOLDINGS: Shareholders' Final Meeting Set for Oct. 6
---------------------------------------------------------------
The shareholders of Moonstone Holdings Limited will hold their
final meeting on Oct. 6, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
Patrick Storchenegger is the company's liquidator.
PRINCESS SARAH: Shareholders' Final Meeting Set for Oct. 9
----------------------------------------------------------
The shareholders of Princess Sarah Ltd will hold their final
meeting on Oct. 9, 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:
Vincent Maffei
4010 Paw Paw Trail, Lake Wales, FL 33898
Telephone: 954 445 8461
SCHAHIN II FINANCE: S&P Lowers Rating on Sr. Sec. Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue-level
rating on Schahin II Finance Company (SPV) Limited's senior
secured notes to 'D' from 'CC'. S&P then withdrew the rating,
reflecting the project's failure to provide timely and sufficient
information, in accordance with its policies.
The downgrade reflects the project's failure to make interest and
principal payments on the notes on Sept. 25, 2015 (according to
the transaction payment date). S&P do not expect the project to
make the payment during its grace period and it believes that the
default will be a general default under our criteria.
The indenture trustee also announced that a majority controlling
party has been formed and specifically requested that the project
not make such payments pursuant to the preservation of the
collateral value.
While it typically relies on audited financial statements to
assess ratings on companies or issues, in the last nine months,
S&P has conducted surveillance on Schahin II based on unaudited
financial records. The transaction's failure to provide the 2014
audited financials led S&P to withdraw the issue-level rating.
TAURASI CAPITAL: Member to Hear Wind-Up Report on Oct. 6
--------------------------------------------------------
The member of Taurasi Capital Master Fund, Ltd. will hear on
Oct. 6, 2015, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Taurasi Capital Management LLC
c/o Daniella Skotnicki
Ogier, Attorneys
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
TAURASI CAPITAL OFFSHORE: Member to Hear Wind-Up Report on Oct. 6
-----------------------------------------------------------------
The member of Taurasi Capital Offshore Fund, Ltd. will hear on
Oct. 6, 2015, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Taurasi Capital Management LLC
c/o Daniella Skotnicki
Ogier, Attorneys
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
TRIANGULAR QIM: Shareholders' Final Meeting Set for Oct. 8
----------------------------------------------------------
The shareholders of Triangular Qim Fund Ltd will hold their final
meeting on Oct. 8, 2015, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Alun Davies
c/o Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
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C H I L E
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SOCIEDAD CONCESIONARIA: S&P Raises Rating on Notes to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it raised its issue-level
rating on Sociedad Concesionaria Vespucio Norte Express S.A.'S
(VNE) notes to 'BB+' from 'BB'. The outlook is stable.
The 'BB+' issue-level rating is higher than the issuer credit
rating on the bond insurance provider, MBIA Insurance Corp.
(B/Stable/--), reflecting the credit quality of the project on a
standalone basis.
The rating action reflects S&P's expectation for improvement in
the project's minimum and average debt service coverage ratios
(DSCR); under its base-case scenario, S&P estimates that the
project's DSCR will not fall below 1.27x (minimum) and will reach
an average of 1.41x in the next 13 years, until the notes mature
in 2028. S&P expects this ratio to drop to the minimum level in
2024, when the project faces its highest debt service payment.
S&P projects a 3% long-term average traffic growth rate, tariff
increases in line with inflation throughout the life of the bond,
and resilience in the project's DSCR (above 1x, even in a stress
scenario).
In S&P's view, the stable outlook incorporates a sustained long-
term economic growth in Chile and its positive impact on the
project's operating and financial performance, which will generate
consistent traffic increases. S&P believes the project's DSCR
will be in the 1.35x to 1.45x range in the next few years.
S&P could lower the ratings if traffic volume decreases or if
operating costs sharply increase, resulting in a minimum DSCR of
less than 1.2x.
S&P could raise the ratings if the projected minimum or average
DSCR surpass 1.35x and 1.5x respectively, because of higher
traffic levels or higher-than-expected tariffs (increasing in real
terms, as has occurred since the commencement of operations).
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Warns Haiti on Ban's 'Negative Impact'
----------------------------------------------------------
Dominican Today reports that Dominican Republic Foreign Minister
Andres Navarro said the Dominican government is willing to support
and provide advice to Haiti to bolster its import systems and
improve the charging of tariffs.
Mr. Navarro said the way for the neighboring country to improve
its customs system isn't by a banning the entry of 23 Dominican
products overland, according to Dominican Today.
The official said Haiti authorities should understand the negative
impact if the ban continues. "This is mainly reflected on Haitian
society itself. We understand that their concern is valid and have
the right to do so, but we know that there are other mechanisms
for them to strengthen their customs system," Mr. Navarro said,
the report relays.
Talks
Mr. Navarro, speaking at a conference in the Economy Ministry on
global sustainable development goals to eradicate poverty, said
there's currently no timetable for talks with Haitian authorities.
"This is taking place only on immigration issues," the report
adds.
=============
J A M A I C A
=============
* JAMAICA: Economy the Most Competitive in the Caribbean
--------------------------------------------------------
RJR News reports that Jamaica's economy is ranked the most
competitive in the Caribbean, ahead of countries such as Trinidad
& Tobago and the Dominican Republic.
The World Economic Forum's ranking showed Jamaica had the 86th
most competitive economy in the world, according to RJR News.
That was ahead of Trinidad & Tobago, whose economy was ranked at
89 and the Dominican Republic which was ranked 98th, the report
notes.
===========
M E X I C O
===========
ALESTRA S DE RL: S&P Puts 'BB' CCR on CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Alestra S. de R.L. de C.V. on CreditWatch with
positive implications.
The CreditWatch placement follows the announcement that Alestra
and Axtel S.A.B. de C.V. (B-/Watch Pos/--) plan to combine their
respective companies in a merger. Under the terms of the merger,
Axtel will remain an operating and publicly-traded holding company
and is expected to issue new shares that Alestra's parent company,
Alfa S.A.B. de C.V. (BBB/Stable/--), will hold. Alfa will own
approximately 51% of the combined entity. Per this agreement,
Alfa's and Axtel's shareholders will nominate the combined
entity's board of directors.
The CreditWatch placement reflects the likelihood that S&P will
raise the ratings on Alestra once the transaction is completed, as
S&P could revise its unfavorable comparable rating analysis. In
S&P's view, Alestra will have an improved competitive position and
scale, a more robust network, and more-solid commercial
operations. However, it will also have weaker credit metrics
because of Axtel's higher leverage. On a pro forma basis, the
company would have revenues of about Mexican peso (MXN)15.6
million and adjusted EBITDA of MXN6.5 million, increasing the
company's leverage to around 3.0x. S&P also sees potential
strength from operating synergies.
If the transaction closes, S&P expects the combined company to
receive support from Alfa.
S&P will seek to resolve the CreditWatch placement when the
transaction is successfully completed, and S&P understands the pro
forma organizational and capital structure, operating strategies
of the combined companies, possible operating and financial
synergies, and the support from its potential parent company Alfa.
The CreditWatch resolution could extend beyond S&P's usual three-
month resolution horizon.
AXTEL SAB: S&P Puts 'B-' CCR on CreditWatch Positive
----------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'B-'
corporate credit and issue-level ratings on Axtel S.A.B. de C.V.
on CreditWatch with positive implications.
The CreditWatch placement follows the announcement that Axtel and
Alestra S. de R.L. de C.V. (BB/Watch Pos/--) plan to combine their
respective companies in a merger. Under the terms of the merger,
Axtel will remain an operating and publicly-traded holding company
and is expected to issue new shares that Alestra's parent company,
Alfa S.A.B. de C.V. (BBB/Stable/--), will hold. Alfa will own
approximately 51% of the combined entity. Per this agreement, Alfa
and Axtel's shareholders will nominate the combined entity's board
of directors.
The CreditWatch placement reflects the likelihood that S&P will
raise the ratings on Axtel once the transaction is completed,
because it sees the merger as a credit positive for Axtel. In
S&P's view, Axtel will have an improved competitive position and
larger scale, along with a robust network, more-solid commercial
operations, and stronger metrics. It will also have increased
ability to invest in the telecom industry, which has high capital
expenditure (capex) requirements. On a pro-forma basis, the
company would have revenues of about Mexican peso (MXN) 15.6
million, adjusted EBITDA of MXN6.5 million, and debt to EBITDA of
around 3.0x, improving its leverage ratio. S&P also sees
potential improvements from operating synergies.
If the transaction closes, Axtel will become a material subsidiary
of ALFA; therefore, S&P would expect Axtel to receive support from
its new parent company, if necessary.
S&P will seek to resolve the CreditWatch placement when the
transaction is successfully completed, and S&P understands the pro
forma organizational and capital structure, operating strategies
of the combined companies, possible operating and financial
synergies, and the support from its potential parent company ALFA,
which could extend beyond our usual three-month resolution
horizon.
EMPRESAS ICA: S&P Affirms 'B' Rating & Revises Outlook to Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Empresas ICA S.A.B. de C.V. to negative from stable. At the same
time, S&P affirmed its 'B' global scale and 'mxBBB-' national
scale corporate credit ratings. S&P also affirmed the 'B-' issue-
level rating on the company's senior unsecured notes. The
recovery rating of '5' on the notes, indicating expectation of
modest recovery (in the 10%-30% band, on the lower end of the
range) in the event of a payment default, remains unchanged.
The outlook revision reflects S&P's view that ICA's financial
performance in 2015 and 2016, in light of the delays in backlog
execution and depreciation of the Mexican peso, could further
weaken the company's EBITDA generation, capital structure, and
deterioration of its liquidity.
The negative outlook reflects uncertainty over the extent to which
ICA's backlog execution will recover during the next six months.
In S&P's view, sluggish construction activity and high peso
depreciation could limit ICA's ability to improve its liquidity
and capital structure.
S&P could lower the ratings if the company's liquidity
deteriorates because of higher working capital uses, leading S&P
to revise its liquidity assessment to "weak." S&P could also
lower the ratings if it assess its capital structure to [as-]
negative, and/or if debt reductions are lower-than-expected.
S&P could revise the outlook to stable if ICA's liquidity and
capital structure improve following the repayment of outstanding
debt at the holding company level. S&P would also revise the
outlook to stable if backlog execution resumes and pushes revenue
growth into double digits and FFO to debt above 10%, without
harming liquidity; this would also help the company to maintain
debt to EBITDA of less than 6.5x on a consistent basis.
GRUPO CEMENTOS: S&P Raises CCR to 'BB-', Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Grupo Cementos de Chihuahua S.A.B. de
C.V. (GCC) to 'BB-' from 'B+'. The outlook is stable.
S&P also raised its long-term issue-level rating on the $260
million senior secured notes due 2020 to 'BB-' from 'B+'. S&P's
recovery rating of '3H' remains unchanged and indicates its
expectation of meaningful (50%-70%; higher band of the range)
recovery for the bondholders in the event of a payment default.
"The rating action reflects GCC's continued improvement in
operating performance and credit metrics over the past few
quarters as a result of better market conditions in the
residential and nonresidential construction sector, in both the
U.S. and Mexico," said Standard & Poor's credit analyst Alexandre
Michel. In addition, GCC's recent liability management reflects,
in S&P's view, its prudent financial policy and will provide
greater financial flexibility to the company.
The stable outlook reflects GCC's favorable medium-term (next
three years) revenue growth prospects and S&P's expectation that
the company will continue to improve its operating margins and
credit metrics, with a debt-to-EBITDA ratio below 3.0x, while
maintaining its adequate liquidity in the next 12 months. This
also takes into account S&P's expectation that GCC will increase
its capital expenditures related to its expansion plan during
2016.
S&P could lower the ratings if GCC's debt-to-EBITDA ratio exceeds
3.0x on a consistent basis because of lower-than-expected EBITDA
as a result of a deteriorated economic and construction market
environment putting pressure on its volumes and pricing, and if
the company does not achieve its cost reduction as planned. A
negative rating action could also occur if the company incurs
higher-than-expected capital expenditure or realizes an unexpected
debt financed acquisition that could put pressure on its
liquidity.
S&P could raise the rating if GCC successfully completes its
expansion capital expenditure plan, and as a result, increases its
scale of operation and improves its competitive position in the
market it serves without weakening its credit metrics and
liquidity. Moreover, although unlikely in the next 12 months, if
GCC posts a debt-to-EBITDA ratio below 2.0x and an FOCF-to-debt
ratio above 5%, on a consistent basis, as a result of higher-than-
expected operating performance, with an EBITDA margin above 33%
and controlled capital expenditures, this could also trigger a
positive rating action.
* MEXICO: Remittances Rise More Than 6% in First 8 Months of 2015
-----------------------------------------------------------------
EFE News reports that remittances sent to Mexico by emigrants
totaled $16.6 billion in the first eight months of 2015, up 6.07
percent compared to the same period last year, when they came in
at $15.6 billion, the Bank of Mexico said.
The average remittance was $296 in the January-August period,
slightly higher than the $294 average registered in the same
period last year, the central bank said in a statement, according
to EFE News.
The number of transactions reached 55.98 million in the first
eight months of 2015, up 5.39 percent from the same period last
year, with the majority of remittances sent via electronic funds
transfers, the report notes.
Mexico received $23.64 billion in remittances in 2014, a figure
that was up 9.6 percent compared to 2013, when emigrants sent
$21.89 billion to their homeland, the report relays.
Remittances sent by Mexicans living abroad, mainly in the United
States, are the country's second-largest source of foreign
exchange, after oil and help cover the living expenses of millions
of people, the report discloses.
======================
P U E R T O R I C O
======================
PUERTO RICO: Officials Press Lawmakers for Bankruptcy Power
-----------------------------------------------------------
Robert Schroeder at marketwatch.com reports that Puerto Rican
officials pressed Senate lawmakers to allow the island access to
Chapter 9 of the bankruptcy code, as the U.S. territory wrestles
with its debt.
They found support from Democrats at a Senate Finance Committee
hearing but met skepticism from the Republican chairman of the
panel.
Melba Acosta-Febo, president of the Government Development Bank
for Puerto Rico, and Pedro Pierluisi, Puerto Rico's representative
in Congress, told a finance committee hearing the bankruptcy power
should be available to the island in the same way it is available
to other U.S. entities, according to marketwatch.com.
"There is no principled basis" for not giving the island access to
Chapter 9, Mr. Pierluisi said, the report notes.
Ms. Acosta-Febo also described the financial situation in Puerto
Rico as having "passed the tipping point."
"Puerto Rico, in the face of an immediate liquidity crisis, has no
access to the capital markets on sustainable terms and faces
significant financing gaps over the next decade," she said in
testimony to the committee, the report notes.
Gov. Alejandro Garcia Padilla has called the commonwealth's $72
billion in debt unpayable, the report discloses.
Height Securities said in a note that it expects Puerto Rico to
run out of cash by November, the report relays.
The report notes that the plea for Chapter 9 bankruptcy won
support from Sens. Chuck Schumer of New York and Bob Menendez of
New Jersey, both Democrats. Schumer said he has "heard a lot of
excuses" from his congressional colleagues for not extending the
bankruptcy protection to the island. Schumer and Sen. Richard
Blumenthal of Connecticut have introduced a bill that would give
the island power to use Chapter 9, the report relays.
Meanwhile, Sen. Orrin Hatch, the Utah Republican who leads the
finance panel, told a witness at the hearing he shares
"skepticism" about the usefulness of Chapter 9 for solving Puerto
Rico's problems, the report discloses.
The report relays that Mr. Hatch also said increased funds from
Washington haven't helped Puerto Rico's debt crisis.
"Puerto Rico's debt has more than doubled since 2000, despite the
billions infused into its coffers from the federal stimulus
enacted in 2009 and from health-care funding increases included in
the Affordable Care Act. Even with those boosts in federal
funding and the related increases in Commonwealth spending, all we
see is added Commonwealth debt," Hatch said in his opening
statement obtained by the news agency.
================================
T R I N I D A D & T O B A G O
================================
* TRINIDAD & TOBAGO: Got $21.18 Billion From Energy Sector
----------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that Trinidad
and Tobago received a total of TT$21.187 billion from 51 companies
operating in the country's oil and gas sector, according to the
third report of the Trinidad and Tobago Extractive Industries
Transparency International (TTEITI) for 2013 which was launched at
the International Waterfront Centre.
A copy of the report was presented to the chairman of the local
TTEITI Steering Committee, Victor Hart by Riaz Ali of the local
accounting firm BDO Trinity Limited, one of the companies which
jointly with the British firm, Hart Nurse Limited had audited the
report. Victor Hart then formally presented a copy to Minister of
Energy and Energy Industries, Nicole Olivierre. Mr. Ali said all
the money paid to Government as revenue from the energy sector was
fully accounted for, according to Trinidad and Tobago Newsday.
The report notes that Ms. Olivierre said the TT$21,187 billion
represented 36 percent of the national budget for 2013, and that
it was noteworthy that the report covered more than 99 percent of
all the revenue earned in the oil and gas sector of Trinidad and
Tobago for fiscal 2013.
Ms. Olivierre said the Ministry of Energy and Energy Affairs and
the government of Trinidad and Tobago reaffirmed its commitment to
the ideals and principles of the TTEITI in accounting for the
country's energy sector revenues, the report notes. Ms. Olivierre
said while some might question the value of the EITI, in times of
low commodity prices and prevailing concerns about how these price
declines will impact the national budget due, information on the
country's energy revenue takes pride of place as the country moves
from transparency to accountability and sustainable revenue
management, the report relays.
"Our energy sector is the pillar of our economy and the requisite
transparency that the EITI brings should give comfort to citizens
and investors alike that we are willing and able to disclose
crucial information related to energy sector revenues. In this
regard, government, companies and civil society all benefit from
this initiative. Government benefits from following an
internationally recognized transparency standard, one that
demonstrates commitment to reform, reduces corruption and leads to
improvement in the tax collection process," Ms. Olivierre said,
the report notes
The report discloses that this brings with it a degree of enhanced
trust and stability in the sector that is essential to our
economy.
It is international compliance to the processes such as the EITI
standard that foreign investors look at when considering where
they will make their next investment, the report relays.
"In our quest to attract foreign direct investment, adherence to
the EITI standard sends the message that we want the right type of
investors to partner with us in developing our natural resources."
The report notes that Mr. Hart said next year the EITI Secretariat
would produce reports for 2014 and 2015 to bring its reporting up
to date and would begin reporting on the mining sector once that
sector completes training intended to raise its management and
accounting to a level that satisfies the EITI world standards. He
added that the secretariat would continue working with midstream
and downstream companies to have them join the reporting process
and would be working with the Ministry of Energy and Energy
Industries to advance the EITI draft bill which is currently
before the ministry and which he hoped would be enacted into law
before the release of next year's report, Trinidad and Tobago
Newsday relays.
Ms. Olivierre promised that once she had a chance to review the
EITI Bill she would support it "as it is very important to
institutionalize the EITI as the premier system of good governance
and transparency in the extractive sector in Trinidad and Tobago."
Ms. Olivierre said she looked forward in the near future to have
the midstream and downstream companies as well as the companies in
the mining sector included in the report. The TTEITI 2013 report
is now on the EITI website but Hart said that in a month's time it
will be printed and widely distributed across the country, the
report notes.
Mr. Hard said this will be followed by a series of consultations
to inform stakeholders about its findings and how the information
could be used, the report relays. Ms. Olivierre said once her
schedule permitted she would support the consultations, the report
adds.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From Sept. 28 to Oct. 2, 2015
----------------------------------------------------------
Issuer Name Cpn Bid Price Maturity Date Country Curr
----------- --- --------- ------------- ------- ----
Anton Oilfield 7.50 62.00 11/6/2018 CN USD
Anton Oilfield 7.50 43.38 11/6/2018 CN USD
Argentina Boco 21.06 51.70 1/4/2016 AR ARS
Argentine Bona 1.75 75.74 10/28/2016 AR USD
Argentine Bona 2.40 75.18 3/18/2018 AR USD
Automotores Gi 8.25 46.15 5/24/2021 CL USD
Automotores Gi 6.75 46.75 1/15/2023 CL USD
Automotores Gi 8.25 48.75 5/24/2021 CL USD
Automotores Gi 6.75 46.13 1/15/2023 CL USD
Autopistas Met 6.75 72.84 6/30/2035 PR USD
Autopistas Met 6.75 72.84 6/30/2035 PR USD
Banco BPI SA/C 4.15 74.50 11/14/2035 KY EUR
Banco do Estad 7.38 73.75 2/2/2022 BR USD
Banco do Estad 7.38 95.40 2/2/2022 BR USD
Banco Hipoteca 2.00 74.00 9/4/2018 AR USD
Banco Mercanti 9.63 70.54 7/16/2020 BR USD
Banco Mercanti 9.63 67.63 7/16/2020 BR USD
CA La Electric 8.50 43.00 4/10/2018 VE USD
CFG Investment 9.75 59.75 7/30/2019 PE USD
CFG Investment 9.75 60.88 7/30/2019 PE USD
China Precious 7.25 41.86 2/4/2018 HK HKD
CSN Islands XI 6.88 61.25 9/21/2019 KY USD
CSN Islands XI 6.88 88.75 9/21/2019 KY USD
Decimo Primer 6.00 65.50 10/25/2041 PA USD
Decimo Primer 4.54 54.25 10/25/2041 PA USD
Ecuador Govern 6.50 66.23 11/25/2024 EC USD
Ecuador Govern 6.50 65.59 1/1/2024 EC USD
Ecuador Govern 5.36 67.52 9/5/2019 EC USD
Ecuador Govern 6.50 72.57 5/20/2020 EC USD
Ecuador Govern 4.30 73.04 3/12/2018 EC USD
Ecuador Govern 6.50 65.42 12/1/2023 EC USD
Ecuador Govern 6.21 64.22 12/30/2023 EC USD
Ecuador Govern 6.21 63.97 1/1/2023 EC USD
Ecuador Govern 7.00 70.08 5/20/2022 EC USD
Ecuador Govern 6.50 65.45 11/1/2023 EC USD
Ecuador Govern 5.93 64.02 9/5/2020 EC USD
Ecuador Govern 4.30 68.78 10/4/2018 EC USD
Ecuador Govern 5.64 65.32 10/1/2020 EC USD
Ecuador Govern 5.36 66.48 12/1/2019 EC USD
Ecuador Govern 5.07 70.97 12/1/2018 EC USD
Ecuador Govern 7.00 70.38 3/6/2024 EC USD
Ecuador Govern 6.21 64.46 11/25/2023 EC USD
Ecuador Govern 5.61 61.34 12/1/2022 EC USD
Ecuador Govern 5.64 63.08 9/5/2020 EC USD
Ecuador Govern 5.93 64.01 10/1/2021 EC USD
Ecuador Govern 5.64 65.07 11/1/2020 EC USD
Ecuador Govern 5.93 63.87 11/1/2021 EC USD
Ecuador Govern 5.36 67.20 10/1/2019 EC USD
Ecuador Govern 4.30 68.34 10/29/2018 EC USD
Ecuador Govern 5.93 63.63 1/1/2022 EC USD
Ecuador Govern 6.21 64.93 9/5/2020 EC USD
Ecuador Govern 5.93 63.75 12/1/2021 EC USD
Ecuador Govern 5.07 72.07 10/1/2018 EC USD
Ecuador Govern 5.07 70.43 1/1/2019 EC USD
Ecuador Govern 5.07 70.87 9/5/2018 EC USD
Ecuador Govern 5.36 66.13 1/1/2020 EC USD
Ecuador Govern 5.07 71.51 11/1/2018 EC USD
Ecuador Govern 5.36 66.83 11/1/2019 EC USD
Ecuador Govern 5.07 74.18 4/26/2018 EC USD
Ecuador Govern 5.07 74.47 4/11/2018 EC USD
Ecuador Govern 5.07 72.43 7/26/2018 EC USD
Ecuador Govern 5.07 70.80 10/29/2018 EC USD
Ecuador Govern 5.07 71.32 9/26/2018 EC USD
Ecuador Govern 5.07 69.39 1/29/2019 EC USD
Ecuador Govern 5.07 73.77 5/17/2018 EC USD
Ecuador Govern 5.07 73.77 5/17/2018 EC USD
Ecuador Govern 5.07 73.13 6/20/2018 EC USD
Ecuador Govern 6.21 64.11 11/1/2022 EC USD
Ecuador Govern 5.64 64.83 12/1/2020 EC USD
Ecuador Govern 5.07 74.31 4/19/2018 EC USD
Ecuador Govern 5.07 71.82 8/28/2018 EC USD
Ecuador Govern 5.07 67.20 7/30/2019 EC USD
Ecuador Govern 5.07 65.69 11/25/2019 EC USD
Ecuador Govern 5.07 68.04 5/26/2019 EC USD
Ecuador Govern 5.07 68.11 5/21/2019 EC USD
Ecuador Govern 5.07 66.50 12/30/2019 EC USD
Ecuador Govern 5.64 61.62 11/25/2021 EC USD
Ecuador Govern 5.93 63.37 11/25/2022 EC USD
Ecuador Govern 5.36 63.19 11/25/2020 EC USD
Ecuador Govern 5.36 63.71 12/30/2020 EC USD
Ecuador Govern 5.93 64.13 12/30/2022 EC USD
Ecuador Govern 5.64 62.51 12/30/2021 EC USD
Ecuador Govern 6.40 67.81 6/12/2024 EC USD
Ecuador Govern 7.95 72.32 6/20/2024 EC USD
Ecuador Govern 7.95 73.16 6/20/2024 EC USD
Energia Eolica 6.00 55.13 8/30/2034 PE USD
Energia Eolica 6.00 55.13 8/30/2034 PE USD
General Explor 11.50 63.63 11/13/2018 CA USD
Glorious Prope 13.00 74.00 10/25/2015 HK USD
Glorious Prope 13.25 57.75 3/4/2018 HK USD
Greenfields Pe 9.00 10.00 5/31/2017 US CAD
HC Internation 5.00 67.10 11/27/2019 CN HKD
Hidili Industr 8.63 74.00 11/4/2015 CN USD
Hidili Industr 8.63 63.98 11/4/2015 CN USD
Honghua Group 7.45 39.02 9/25/2019 CN USD
Honghua Group 7.45 39.75 9/25/2019 CN USD
Inversiones Al 8.00 55.00 12/31/2018 CL USD
Inversiones Al 8.00 55.50 12/31/2018 CL USD
Inversora Elec 6.50 51.00 9/26/2017 AR USD
Kaisa Group Ho 10.25 48.00 1/8/2020 CN USD
Kaisa Group Ho 6.88 50.13 4/22/2016 CN CNY
Kaisa Group Ho 9.00 47.25 6/6/2019 CN USD
Kaisa Group Ho 8.00 69.83 12/20/2015 CN CNY
MIE Holdings C 7.50 54.00 4/25/2019 HK USD
MIE Holdings C 6.88 59.50 2/6/2018 HK USD
MIE Holdings C 7.50 66.00 4/25/2019 HK USD
Mongolian Mini 8.88 50.24 3/29/2017 MN USD
Mongolian Mini 8.88 36.25 3/29/2017 MN USD
Newland Intern 9.50 36.63 7/3/2017 PA USD
Newland Intern 9.50 36.63 7/3/2017 PA USD
Noble Holding 5.25 66.66 3/15/2042 KY USD
Noble Holding 6.05 74.00 3/1/2041 KY USD
Noble Holding 6.20 73.61 8/1/2040 KY USD
NQ Mobile Inc 4.00 66.25 10/15/2018 CN USD
Odebrecht Dril 6.35 52.50 6/30/2021 KY USD
Odebrecht Dril 6.35 52.00 6/30/2021 KY USD
Odebrecht Fina 4.38 60.00 4/25/2025 KY USD
Odebrecht Fina 7.13 61.00 6/26/2042 KY USD
Odebrecht Fina 5.13 71.75 6/26/2022 KY USD
Odebrecht Fina 5.25 58.25 6/27/2029 KY USD
Odebrecht Fina 8.25 62.55 4/25/2018 KY BRL
Odebrecht Fina 6.00 77.25 4/5/2023 KY USD
Odebrecht Fina 4.38 62.00 4/25/2025 KY USD
Odebrecht Fina 5.25 59.75 6/27/2029 KY USD
Odebrecht Fina 7.13 59.94 6/26/2042 KY USD
Odebrecht Fina 5.13 83.00 6/26/2022 KY USD
Odebrecht Fina 6.00 79.00 4/5/2023 KY USD
Odebrecht Offs 6.63 40.00 10/1/2022 KY USD
Odebrecht Offs 6.75 40.74 10/1/2022 KY USD
Odebrecht Offs 6.63 40.00 10/1/2022 KY USD
Odebrecht Offs 6.75 41.00 10/1/2022 KY USD
Offshore Group 7.50 39.25 11/1/2019 KY USD
Offshore Group 7.13 38.25 4/1/2023 KY USD
Oi SA 5.75 66.00 2/10/2022 BR USD
Oi SA 5.75 65.50 2/10/2022 BR USD
Peru Governmen 3.27 74.53 2/12/2054 PE PEN
Petroleos de V 8.50 73.00 11/2/2017 VE USD
Petroleos de V 5.25 50.50 4/12/2017 VE USD
Petroleos de V 12.75 49.00 2/17/2022 VE USD
Petroleos de V 5.13 71.10 10/28/2016 VE USD
Petroleos de V 9.00 38.15 11/17/2021 VE USD
Petroleos de V 9.75 38.91 5/17/2035 VE USD
Petroleos de V 5.38 33.10 4/12/2027 VE USD
Petroleos de V 6.00 33.76 5/16/2024 VE USD
Petroleos de V 6.00 33.53 11/15/2026 VE USD
Petroleos de V 5.50 32.91 4/12/2037 VE USD
Petroleos de V 8.50 72.95 11/2/2017 VE USD
Petroleos de V 6.00 32.91 5/16/2024 VE USD
Petroleos de V 12.75 44.15 2/17/2022 VE USD
Petroleos de V 6.00 33.25 11/15/2026 VE USD
Petroleos de V 9.75 34.15 5/17/2035 VE USD
Petroleos de V 9.00 38.03 11/17/2021 VE USD
Polarcus Ltd 8.00 13.00 6/7/2018 AE USD
Polarcus Ltd 5.60 57.91 4/27/2018 AE USD
Polarcus Ltd 8.53 22.31 7/8/2019 AE NOK
Provincia del 4.00 66.32 12/4/2026 AR USD
Schahin II Fin 5.88 28.00 9/25/2022 BR USD
Schahin II Fin 5.88 30.50 9/25/2022 BR USD
Sylph Ltd 3.35 55.91 6/22/2035 KY USD
Telemar Norte 5.50 75.00 10/23/2020 BR USD
Telemar Norte 5.50 74.25 10/23/2020 BR USD
Telemar Norte 5.50 77.75 10/23/2020 BR USD
Tonon Bioenerg 9.25 34.08 1/24/2020 BR USD
Tonon Bioenerg 9.25 33.25 1/24/2020 BR USD
Transocean Inc 6.80 71.50 3/15/2038 KY USD
Transocean Inc 4.30 71.56 10/15/2022 KY USD
Transocean Inc 7.50 73.47 4/15/2031 KY USD
Transocean Inc 7.85 74.50 12/15/2041 KY USD
Transocean Inc 7.45 74.39 4/15/2027 KY USD
Uruguay Govern 3.70 73.92 6/26/2037 UY UYU
USJ Acucar e A 9.88 37.00 11/9/2019 BR USD
USJ Acucar e A 9.88 37.88 11/9/2019 BR USD
Vale SA 5.63 70.43 9/11/2042 BR USD
Vantage Drilli 5.50 58.25 7/15/2043 US USD
Venezuela Gove 12.75 44.75 8/23/2022 VE USD
Venezuela Gove 11.75 40.50 10/21/2026 VE USD
Venezuela Gove 13.63 59.18 8/15/2018 VE USD
Venezuela Gove 7.75 34.50 10/13/2019 VE USD
Venezuela Gove 9.38 36.13 1/13/2034 VE USD
Venezuela Gove 9.25 36.00 5/7/2028 VE USD
Venezuela Gove 9.00 36.00 5/7/2023 VE USD
Venezuela Gove 8.25 35.40 10/13/2024 VE USD
Venezuela Gove 7.00 37.50 12/1/2018 VE USD
Venezuela Gove 7.65 35.05 4/21/2025 VE USD
Venezuela Gove 7.00 34.63 3/31/2038 VE USD
Venezuela Gove 13.63 53.80 8/15/2018 VE USD
Venezuela Gove 11.95 41.00 8/5/2031 VE USD
Venezuela Gove 9.25 41.10 9/15/2027 VE USD
Venezuela Gove 6.00 34.75 12/9/2020 VE USD
Venezuela Gove 13.63 53.80 8/15/2018 VE USD
Venezuela Gove 5.25 41.84 3/21/2019 VE USD
Venezuela Gove 6.25 66.38 4/6/2017 VE USD
Venezuela Gove 9.13 64.22 9/15/2017 VE USD
VRG Linhas Aer 10.75 73.67 2/12/2023 BR USD
VRG Linhas Aer 10.75 74.00 2/12/2023 BR USD
***********
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 * * *