/raid1/www/Hosts/bankrupt/TCRLA_Public/160125.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, January 25, 2016, Vol. 17, No. 16
Headlines
A R G E N T I N A
PAN AMERICAN: Moody's Reviews 'B2' CFR for Downgrade
B R A Z I L
BRAZIL: Economy Sheds 1.5 Million Payroll Jobs in 2015
C A Y M A N I S L A N D S
CATALIX CAPITAL: Commences Liquidation Proceedings
CQS CAPITAL STRUCTURE: Commences Liquidation Proceedings
CQS SELECT: Commences Liquidation Proceedings
CQS SELECT MASTER: Commences Liquidation Proceedings
JASPER EMPLOYMENT: Commences Liquidation Proceedings
LION/LATIMER GP II: Commences Liquidation Proceedings
MCGRAW-HILL (CAYMAN): Placed Under Voluntary Wind-Up
NEOTERIC LIMITED: Commences Liquidation Proceedings
OWNER OPERATORS: Creditors' Proofs of Debt Due Feb. 2
PERSISTENT EDGE: Commences Liquidation Proceedings
PINK GINGER: Placed Under Voluntary Wind-Up
SAB OVERSEAS VI: Placed Under Voluntary Wind-Up
SAB OVERSEAS VII: Placed Under Voluntary Wind-Up
VALORA INVESTMENT: Commences Liquidation Proceedings
VISOR FUNDING: Commences Liquidation Proceedings
C O L O M B I A
TRANSCOM WORLDWIDE: Closes its Loss Making Site in Colombia
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Places 'Junk' Bond of US$1 Billion
M E X I C O
HIPOTECARIA SU CASITA: Moody's Cuts Class A Notes Rating to B3(sf)
MINERA FRISCO: Moody's Reviews B2/Ba1.mx CFR for Downgrade
* MEXICO: Finance Secretary Says Peso is Clearly Undervalued
P U E R T O R I C O
BKH ACQUISITION: S&P Assigns 'B-' CCR, Outlook Negative
EFRON DORADO: Case Summary & 10 Largest Unsecured Creditors
SPANISH BROADCASTING: Attiva Capital No Longer Owns Class A Shares
T R I N I D A D & T O B A G O
CL FINANCIAL: Calls for Imbert to Disclose Info on Bailout
X X X X X X X X X
LATAM: Moody's Puts 9 Mining Firms on Review for Downgrade
* BOND PRICING: For the Week From Jan. 18 to Jan. 22, 2016
- - - - -
=================
A R G E N T I N A
=================
PAN AMERICAN: Moody's Reviews 'B2' CFR for Downgrade
----------------------------------------------------
Moody's Investors Service (Moody's) placed the ratings of five
Latin American integrated oil, exploration and production (E&P)
and refining companies on review for downgrade.
On Review for Downgrade:
-- Issuer: Pan American Energy LLC
-- Corporate Family Rating, Placed on Review for Downgrade,
currently B2
-- Issuer: Pan American Energy LLC, Argentine Branch
-- Senior Unsecured Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)B2
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B2
-- Issuer: Petrobras Argentina S.A.
-- Corporate Family Rating, Placed on Review for Downgrade,
currently B2
-- Senior Secured Medium-Term Note Program, Placed on Review for
Downgrade, currently (P)B1
-- Senior Unsecured Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)B2
-- Issuer: Petroleum Co.of Trinidad & Tobago (Petrotrin)
-- Corporate Family Rating, Placed on Review for Downgrade,
currently Ba1
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba1
-- Issuer: Petroleos Mexicanos
-- Issuer Rating, Placed on Review for Downgrade, currently Baa1
-- Senior Unsecured Medium-Term Note Program, Placed on Review
for Downgrade, currently (P)Baa1
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa1
Outlook Actions:
-- Issuer: Pan American Energy LLC
-- Outlook, Changed To Rating Under Review From Positive
-- Issuer: Pan American Energy LLC, Argentine Branch
-- Outlook, Changed To Rating Under Review From Positive
-- Issuer: Petrobras Argentina S.A.
-- Outlook, Changed To Rating Under Review From Positive
-- Issuer: Petroleum Co.of Trinidad & Tobago (Petrotrin)
-- Outlook, Changed To Rating Under Review From Negative
-- Issuer: Petroleos Mexicanos
-- Outlook, Changed To Rating Under Review From Negative
RATINGS RATIONALE
Oil prices have deteriorated substantially in the past few weeks
and have reached nominal price lows not seen in more than a
decade. Moody's has adjusted its view downward for the likely
range of prices. Moody's sees a substantial risk that prices may
recover much more slowly over the medium term than many companies
expect, as well as a risk that prices might fall further. Even
under a scenario with a modest recovery from current prices,
producing companies and the drillers and service companies that
support them will experience rising financial stress with much
lower cash flows.
Today's review for downgrade considers that much weaker industry
fundamentals have potential to warrant rating changes for all
companies covered in this press release. While this review focuses
on companies rated in the range from A1 to B3, Moody's is also
reevaluating higher and lower rated companies in the context of
industry conditions. The higher rated companies on average are
somewhat more resilient to low oil prices and many of the lower
rated companies have recently been downgraded.
As part of its ongoing assessment of energy markets, Moody's
sharply reduced its oil price assumptions on January 21 in light
of continuing oversupply in the global oil markets and demand
growth that remains tepid. Iran is poised to soon add 500,000 to
1,000,000 barrels per day to global supply. OPEC and many non-OPEC
oil producers continue to produce without restraint as they battle
for market share, and the addition of Iranian oil to the market
this year will offset or exceed expected declines in US production
of about 500,000 barrels per day. Increased production vastly
exceeds growth in oil consumption, given modest growth in
consumption from major consumers such as China, India and the US.
Production now exceeds demand by about 2 million barrels per day,
adding to already high global oil stocks. Moody's natural gas and
natural gas liquids price assumptions are unchanged. Natural gas
production in the US continues to increase while costs decline and
producers generate cash returns at ever-lower prices, although in
many cases these appear insufficient to service their debt.
Lower oil prices will further weaken cash flows for exploration
and production companies and the upstream portion of integrated
oil and gas companies. This will cause further deterioration in
financial ratios, including deeper negative free cash flow. Most
companies are unable to internally fund sustaining levels of
capital spending at current market prices. Current industry
conditions also reduce the value of assets offered for sale and
have made accessing capital markets more expensive for some
companies and unavailable for others. While integrated oil and gas
companies benefit from the profitability of their downstream
operations, the upstream operations represent a much larger part
of the capital employed and cash flow for most of these companies.
Projected capex reductions by E&P and integrated companies will
severely challenge the drilling and oilfield services (OFS) sector
beyond what it had already experienced in 2015. Moody's expects
OFS sector EBITDA to drop by another 25%-30% in 2016, testing the
viability of the capital structures of many of these businesses.
Even if commodity prices recover, OFS companies are unlikely to
gain any pricing power because of the continued excess capacity
across most OFS subsectors. Moody's expects credit quality to
deteriorate for all OFS players in 2016. Smaller and more
leveraged OFS companies in particular will struggle to comply with
debt agreement covenants, service debt and access capital markets,
and will face an elevated risk of default. Even large, diversified
investment grade OFS companies will experience diminishing
financial flexibility and increasing financial leverage. Drillers
with significant contract expirations will also suffer material
credit degradation as contracts are either not renewed or are
renewed at rates that produce far less revenue.
Although all issuers in these sectors have been adversely affected
by declining prices, severity varies substantially by issuer.
Accordingly, the range of possible outcomes upon conclusion of the
review for given issuers varies from possible confirmation of
ratings to multi-notch downgrades. Multi-notch downgrades are
particularly likely among issuers whose activities are centered in
North America, where natural gas prices have declined dramatically
along with oil prices. Moody's expects to conclude a majority of
the reviews by the end of the first quarter.
===========
B R A Z I L
===========
BRAZIL: Economy Sheds 1.5 Million Payroll Jobs in 2015
------------------------------------------------------
Trinidad Express reports that Brazil's labor ministry says the
country lost 1.5 million payroll jobs in 2015 amid a contracting
economy that has led to high inflation and layoffs in the
manufacturing and service sectors.
The ministry said that 39.7 million workers were formally employed
at the end of last year, compared to 41.2 million at the end of
2014 and 40.8 million in 2013, according to Trinidad Express.
Labor Minister Miguel Rossetto said last year's job creation
figures are the worst since they started being compiled in 1992,
the report notes.
Most of the lost payroll jobs were in the industrial and civil
construction sectors, the report relays.
The only positive job creation figures were posted by the
agricultural sector, where close to 10,000 new positions were
opened, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings:
-- Long-term foreign and local currency Issuer Default Ratings
(IDRs) to 'BB+' from 'BBB-', Outlook remains Negative;
-- Senior unsecured foreign and local currency bonds to 'BB+'
from 'BBB-';
-- Short-term foreign currency IDR to 'B' from 'F3'.
==========================
C A Y M A N I S L A N D S
==========================
CATALIX CAPITAL: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Nov. 24, 2015, the members of
Catalix Capital Partners SPC resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 7, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
CQS CAPITAL STRUCTURE: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 26, 2015, the members of CQS Capital Structure Arbitrage
Master Fund Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 7, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
CQS SELECT: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 26, 2015, the members of CQS Select ABS Feeder Fund
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 7, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
CQS SELECT MASTER: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 26, 2015, the members of CQS Select ABS Master Fund
Limited resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 7, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
JASPER EMPLOYMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 26, 2015, the sole shareholder of Jasper Employment
Closing Ltd resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Jan. 2, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Andrew Childe
c/o Trudy-Ann Scott
Fund Fiduciary Partners Limited
Harbour Centre, 2nd Floor
42 North Church Street, George Town
10 Market Street, #769 Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 947 5854
LION/LATIMER GP II: Commences Liquidation Proceedings
-----------------------------------------------------
On Dec. 3, 2015, the sole shareholder of Lion/Latimer GP II
(Cayman) Ltd. resolved to voluntarily liquidate the company's
business.
Only creditors who were able to file their proofs of debt by
Dec. 28, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Stuarts Walker Hersant Humphries
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
MCGRAW-HILL (CAYMAN): Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary meeting held on Nov. 24, 2015, the sole
shareholder of Mcgraw-Hill (Cayman) Limited resolved to
voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Fides Limited
c/o Dwight Dube
Commercial Centre, 2nd Floor
The Grand Pavilion
P.O. Box 10338 Grand Cayman
Cayman Islands KY1-1003
Telephone (345) 949 7232
NEOTERIC LIMITED: Commences Liquidation Proceedings
---------------------------------------------------
On Nov. 17, 2015, the sole shareholder of Neoteric Limited
resolved to voluntarily liquidate the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Martin Smith
Telephone: +971 (0)56 115 0726
Harneys Services (Cayman) Limited
Harbour Place, 4th Floor
103 South Church Street
P.O. Box 10240 Grand Cayman KY1-1002
Cayman Islands
OWNER OPERATORS: Creditors' Proofs of Debt Due Feb. 2
-----------------------------------------------------
The creditors of Owner Operators Insurance Company, Ltd. are
required to file their proofs of debt by Feb. 2, 2016, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 2, 2015.
The company's liquidator is:
Michael Gibbs
Telephone: (345) 946 2100 (Main)
Facsimile: (345) 946 2110
P.O. Box 10027 Grand Cayman KY1-1001
Cayman Islands
PERSISTENT EDGE: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Nov. 23, 2015, the members of
Persistent Edge Asia U Fund Ltd. resolved to voluntarily liquidate
the company's business.
Only creditors who were able to file their proofs of debt by
Jan. 7, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
PINK GINGER: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 24, 2015, the sole shareholder of Pink Ginger Ltd.
resolved to voluntarily wind up the company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Elian Fiduciary Services (Cayman) Limited
c/o Justin Savage
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949-9877
Ogier
89 Nexus Way, Camana Bay
Grand Cayman KY1-9009
Cayman Islands
SAB OVERSEAS VI: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 25, 2015, the sole member of Sab Overseas Holdings VI,
Limited resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 29, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
SAB OVERSEAS VII: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 25, 2015, the sole member of Sab Overseas Holdings VII,
Limited resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Dec. 29, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Gene Dacosta
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
Telephone: (345) 814 7765
Facsimile: (345) 945 3902
VALORA INVESTMENT: Commences Liquidation Proceedings
----------------------------------------------------
At an extraordinary meeting held on Nov. 19, 2015, the members of
Valora Investment Fund SPC resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
Jan. 7, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
VISOR FUNDING: Commences Liquidation Proceedings
------------------------------------------------
On Nov. 27, 2015, the shareholders of Visor Funding Cayman 1
resolved to voluntarily liquidate the company's business.
Only creditors who were able to file their proofs of debt by
Nov. 27, 2015, will be included in the company's dividend
distribution.
The company's liquidator is:
Stuarts Walker Hersant Humphries
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
===============
C O L O M B I A
===============
TRANSCOM WORLDWIDE: Closes its Loss Making Site in Colombia
-----------------------------------------------------------
Transcom WorldWide AB will close its loss-making contact center in
Cali, Colombia, and the Board of Directors is evaluating strategic
alternatives for the company's remaining Latin American business
in Chile and Peru. Since 2013, Transcom has generated losses in
Latin America totaling EUR15.1 million. Out of this amount,
EUR4.2 million is attributable to Colombia. In the first nine
months of 2015, losses in Latin America totaled EUR3.2 million,
EUR1.6 million of which refers to Colombia. Stopping these losses
is a key priority in 2016. A non-recurring EUR2.2 million
restructuring cost related to the closure of the Cali site in
Colombia will be recorded in Q4 2015. Out of this amount, EUR1.4
million is a non-cash charge (write-down of assets), and EUR0.8
million is a cash cost.
Transcom is also announcing a number of changes to its regional
and management structure. This realignment will improve efficiency
and further streamline Transcom's global business operations, as
well as focus the organization's resources on prioritized growth
areas. Annual cost savings to be realized as a result of these
actions are estimated at EUR2.9 million, and are expected to take
full effect in the fourth quarter of 2016. Further efficiency
gains in addition to these direct cost savings are expected to be
realized in the coming years, supporting Transcom's mid-term
financial objectives. A non-recurring restructuring cost amounting
to approximately EUR2.7 million, related to the organizational
changes described below, will be recorded in the first quarter of
2016.
The following changes will be made to Transcom's regional
structure, i.e. the company's operating segments:
A new region, Continental Europe, will combine our operations in
Spain and Portugal with the former Central & South Europe region
(excluding the United Kingdom). Roberto Boggio has been appointed
General Manager of this new region. A new region, English-
speaking markets and APAC, will integrate the UK organization
with our operations in North America & Asia Pacific. Siva
Subramaniam has been appointed General Manager of this new
region. Region North Europe will remain unchanged, led by
Christian Hulten. รบ Transcom's assets in Chile and Peru,
currently under strategic review, will be managed separately,
reporting to the President & CEO, Johan Eriksson.
Following the changes described above, Transcom's global business
will be managed within three operating units, in addition to the
Latin American organization currently under review: North Europe,
Continental Europe, and English-speaking markets & APAC. Starting
in the Q1 2016 interim report, Transcom's segment reporting will
reflect this change. Pro forma comparable figures for Transcom's
new segment reporting structure will be released before the
publication of Q1 2016 results.
Johan Eriksson, President & CEO of Transcom, commented:
"The fact that we are exiting Colombia and that we are evaluating
strategic alternatives for Transcom's business in Chile and Peru
reflects a major shift in market conditions. Macroeconomic changes
in the last couple of years have negatively affected the viability
of Latin American contact centers as an offshore delivery solution
for clients in Spain. In response, we have focused on
repositioning our Latin American business towards serving domestic
clients. While we have won a number of new clients, results are
still unsatisfactory. Transcom is a marginal player in Latin
America, and we have chosen to focus on other markets, where our
potential for generating profitable growth is greater.
"In connection with the changes announced, Isabel Sanchez-Lozano,
General Manager for the former Iberia & Latam region, will leave
Transcom. I would like to thank her for her contributions to
developing Transcom since joining the company in 2011.
"We are also making a number of organizational changes in order to
simplify our regional structure. This will yield cost advantages
as well as enhance the opportunity to drive standardization and
efficiency across our global business, placing us in a good
position to reach our mid-term financial targets. Important focus
areas in the coming years are to ensure that we have efficient and
effective regional and corporate functions, that our sites deliver
superior performance through operational excellence, that we excel
in contract and account management, and that we win long-term
profitable business in line with Transcom's commercial and
operational set-up."
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Places 'Junk' Bond of US$1 Billion
------------------------------------------------------
Dominican Today reports that the government of the Dominican
Republic placed a 'junk-rated' sovereign bond of US$1.0 billion in
the capitals market, funds that will partly finance this year's
budget.
The report notes that the Finance Ministry said "despite the
global volatile, the government issued the 10-year sovereign at a
rate of 6.875%."
"Despite the volatility that has characterized the international
financial markets since the beginning of the year, the placement
was successful and the total demand for the Dominican Sovereign
Bond was well above the amount offered by the country," the
Finance Ministry added, notes the report.
"To achieve these results, investors valued the excellent economic
performance that the country has had in the last 12 months, with
the economy in Latin America of greater economic growth, with one
of the lowest inflation rates; and a process of fiscal
consolidation that led fiscal accounts to have a primary surplus
at the end of last year," the Finance Ministry said in a press
release obtained by the news agency.
It adds that investors have also taken into account the great
positive impact it has had on the country reducing oil prices in
the international market, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'. The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.
===========
M E X I C O
===========
HIPOTECARIA SU CASITA: Moody's Cuts Class A Notes Rating to B3(sf)
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Hipotecaria
Su Casita - Cross-border Class A Insured Residential Mortgage
Backed Floating Rate Notes, a Mexican RMBS guaranteed by MBIA
Insurance Corp. This rating action follows the recent downgrade of
the ratings of the financial guarantor MBIA Insurance Corporation
(MBIA).
The rating action is as follows:
Issuer: CIBanco S.A Institucion de Banca Multiple, acting solely
as trustee.
-- Hipotecaria Su Casita - Cross-border, Class A Insured
Residential Mortgage Backed Floating Rate Notes, rating
downgraded to B3 (sf) from B2 (sf) (Global Scale, Foreign
Currency) and placed under review for possible downgrade. The
notes' underlying rating (reflecting the notes' intrinsic
credit quality absent the financial guarantee provided by MBIA)
is currently Caa3 (sf), on review for downgrade.
This action is driven solely by Moody's announcement on 19 January
2016 that it has downgraded the Insurance Financial Strength (IFS)
ratings of MBIA Insurance Corporation.
RATINGS RATIONALE
The Hipotecaria Su Casita Cross-border Class A Insured Residential
Mortgage Backed Floating Rate Notes benefit from a financial
guaranty insurance policy issued by MBIA Insurance Corp. that
covers timely interest payment and ultimate principal payment by
the legal final maturity date of the notes.
Moody's ratings on structured finances securities that are
guaranteed or "wrapped" by a financial guarantor are generally
maintained at a level equal to the higher of the following: (1)
the guarantor's insurance financial strength rating and (2) the
underlying ratings, which reflect the intrinsic credit quality of
the certificates in the absence of the guarantee
FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING:
Any change in MBIA's IFS rating would result in a change in the
ratings of the affected certificates.
RATING METHODOLOGY
This action is driven solely by the rating action on MBIA and is
not a result of change in key assumptions, expected losses, cash
flows and stress scenarios on the underlying assets.
MINERA FRISCO: Moody's Reviews B2/Ba1.mx CFR for Downgrade
----------------------------------------------------------
Moody's de Mexico, S.A. de C.V. (Moody's) placed the ratings of
Minera Frisco, S.A.B. de C.V. (Minera Frisco) on review for
downgrade. The rating action follows Moody's Investors Service
rating action on January 21, 2016 that has placed the ratings of 9
mining companies in Latin America, and their rated subsidiaries,
on review for downgrade. For further information, please refer to
the press release dated January 21, 2016 and posted on
www.moodys.com
The following ratings are placed on Review for Downgrade:
Issuer: Minera Frisco, S.A.B. De C.V.
-- Corporate Family Rating, B2/Ba1.mx, Placed on Review for
Downgrade
-- Senior Unsecured Short-Term portion of its Local dual Program,
NP/MX-4, Placed on Review for Downgrade
-- Senior Unsecured Long-Term portion of its Local dual Program,
(P)B3/B1.mx, Placed on Review for Downgrade
-- Senior Unsecured Certificados Bursatiles, Placed on Review for
Downgrade, currently B3/B1.mx
The actions reflect Moody's effort to recalibrate the ratings in
the mining portfolio to align with the fundamental shift in the
credit conditions of the global mining sector.
"Slowing growth in China, which consumes and produces at least
half of base metals, and is a material player in the precious
metals, iron ore and metallurgical coal markets is weakening
demand for these commodities and driving prices to multi-year
lows," said Sandra Beltr n, Moody's Assistant Vice President -
Analyst "China's outsized influence on the commodities market,
coupled with the need for significant recalibration of supply to
bring the industry back into balance indicates that this is not a
normal cyclical downturn, but a fundamental shift that will place
an unprecedented level of stress on mining companies."
RATINGS RATIONALE
As part of an ongoing assessment of mining companies, Moody's
sharply reduced its price sensitivity assumptions on December 8,
2015. Since then, credit conditions in the mining industry have
weakened further, with prices continuing to decline. The
likelihood has increased that prices for base metals, precious
metals, iron ore and metallurgical coal will approach levels
closer to Moody's stressed sensitivity scenario. In addition, the
strong US dollar is a further factor contributing to weakening
demand and driving prices lower since most metals are traded in
dollars.
This broad ratings review will consider each mining company's
asset base, cost structure, likely cash burn and liquidity, as
well as management's strategy for coping with a prolonged downturn
and the ability to execute on same. The review will assess each
company's cash flow and credit metrics closer to our latest
stressed price assumptions and the relative rating positioning.
Moody's believes that this downturn will mark an unprecedented
shift for the mining industry. Whereas previous downturns have
been cyclical, the effect of slowing growth in China indicates a
fundamental change that will heighten credit risk for mining
companies. This review reflects the belief that deteriorating
industry fundamentals require a recalibration of the global mining
portfolio rated by Moody's. Although all issuers in these sectors
have been adversely affected by declining prices, severity varies
substantially by issuer. Accordingly, the range of possible
outcomes upon conclusion of the review for given issuers varies
from possible confirmation of ratings to multi-notch downgrades.
Moody's expects to conclude a majority of the reviews by the end
of the first quarter. While this review focuses on companies rated
in the range from A1 to B3, Moody's is also reevaluating higher
and lower rated companies in the context of industry conditions.
The higher rated companies, on average, are somewhat more
resilient to low commodity prices and many of the lower rated
companies have recently been downgraded.
* MEXICO: Finance Secretary Says Peso is Clearly Undervalued
------------------------------------------------------------
EFE News reports that Mexico's finance secretary said that the
peso was clearly undervalued under any type of measurement and
that the national currency should stabilize once the current
market "overreaction" subsides.
In an interview with Mexico City daily El Financiero on the
sidelines of the World Economic Forum, which got underway in
Davos, Switzerland, Luis Videgaray said that under the current
global scenario the sharp depreciation of oil-rich Mexico's
currency and that of other commodity exporters was "to be
expected," according to EFE News.
"This overreaction we're seeing will eventually have to dissipate,
and the markets will recognize the countries that have solid
fundamentals, as is the case of Mexico," Mr. Videgaray said, the
report notes.
The depreciation of the Mexican peso against the dollar "is not
carrying over to prices; inflation remains at historically low
levels and with very well-anchored expectations," the report
relays.
The Mexican government, therefore, sees no immediate need for
additional adjustments to public spending, he said, adding that
"the strength of Mexico's Treasury is not at risk," the report
discloses.
The balance sheet of Mexican state-owned oil company Petroleos
Mexicanos also is "extraordinarily strong because of its
hydrocarbon reserves," Mr. Videgaray said, the report notes.
Mr. Videgaray termed the plunge in oil prices, down more than 20
percent since the start of the year, and the stock-market turmoil
as a global problem stemming from "risk aversion," the report
relays.
"Investors today don't want to take risks of any kind," Mr.
Videgaray said, ruling out the danger of a new global recession,
the report notes.
"I really don't (see it), because the drop in oil prices serves as
a stimulus for some of the world's leading economies, particularly
for the U.S.," the secretary said, though he acknowledged that
some countries "are facing growth challenges," Mr. Videgaray
added, says the report.
======================
P U E R T O R I C O
======================
BKH ACQUISITION: S&P Assigns 'B-' CCR, Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to BKH Acquisition Corp. The outlook is negative.
"We affirmed our 'B-' issue-level ratings on the company's $10
million revolver and $142.2 million first-lien term loan. The
recovery rating is '3', indicating our expectation for meaningful
recovery of principal in the event of a payment default at the
high end of the 50% to 70% range. We also affirmed our 'CCC'
issue-level rating on the company's $50 million second-lien term
loan. The recovery rating is '6', indicating our expectation for
negligible recovery (0% to 10%) of principal in the event of a
payment default," S&P said.
S&P previously withdrew its 'B-' corporate credit rating on
subsidiary Caribbean Restaurants LLC.
"Our assessment of BKH's business risk profile reflects its
concentrated operations of Burger King restaurants in economically
challenged Puerto Rico, participation in the overall intensely
competitive quick service restaurant (QSR) environment, and
limited brand diversity," said credit analyst Olya Naumova.
"Although BKH enjoys leading market share position in Puerto Rico,
the company closed two Burger King stores per year since 2014 and
now projects closing two to three restaurants per year going
forward. The assessment also incorporates the company's ability
to maintain its leading QSR market share and proactively manage
its costs over the coming year."
The negative outlook on BKH reflects S&P's expectation that weak
economic conditions in Puerto Rico and uncertainty around the
possible congressional bankruptcy legislature will continue to
pressure already volatile performance in the next 12 months. The
company's second-lien partial PIK debt and high interest expense
will further burden company's interest coverage and leverage
ratios.
S&P would lower the ratings if significant contraction in Puerto
Rico's economy and subsequent diminishing purchasing power of its
population together with high competitive pressures lead to "less
than adequate" liquidity and inadequate covenant headroom. This
could happen if same-store sales decline 10%, gross margin further
shrinks 200 basis points, and the interest coverage ratio remains
at or below 1.0x.
An upgrade is unlikely in the coming year. S&P could revise the
outlook back to stable if the company improves its operating
performance through continued revenue and comparable store growth
leading to stable credit metrics. Stabilization or improvement in
the local economy together with an ability to expand gross margins
and deleverage at least one to two turns would be necessary for
this outcome.
EFRON DORADO: Case Summary & 10 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Efron Dorado Se
PO Box 29033
San Juan, PR 00929-0033
Case No.: 16-00283
Type of Business: Single Asset Real Estate
Chapter 11 Petition Date: January 20, 2016
Court: United States Bankruptcy Court
District of Puerto Rico (Old San Juan)
Debtor's Counsel: Charles Alfred Cuprill, Esq.
CHARLES A CUPRILL, PSC LAW OFFICE
356 Calle Fortaleza
Second Floor
San Juan, PR 00901
Tel: 787 977-0515
Email: cacuprill@cuprill.com
Total Assets: $33.18 million
Total Debts: $15.15 million
The petition was signed by David Efron, partner.
List of Debtor's 10 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Department of Treasury Special Tax $323,927
Bankruptcy Section
PO Box 9024140
Office 424 B
San Juan, PR
00902-4140
Fire Safe Inc. Fire $2,091
Extinguishers
Municipality of Dorado Taxes $5,175
PACO Exterminating Services Services $190
PCA Consulting Inc. Services $57,694
Power Com Inc. Maintenance $3,920
PR Acqueduct and Sewer Services $963
Authority
PR Electric Power Authority Services $5,668
Republic Services Inc. Waste $625
Disposal
WYE Electric Inc. Repairs $13,512
SPANISH BROADCASTING: Attiva Capital No Longer Owns Class A Shares
------------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Attiva Capital Partners Ltd disclosed that as of Jan.
19, 2016, it does not beneficially own shares of Class A common
stock of Spanish Broadcasting Systems, Inc. A copy of the
regulatory filing is available for free at:
http://is.gd/YjyRWm
About Spanish Broadcasting
Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience. The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico. Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.
Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.
As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.
* * *
In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.
In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position. The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.
================================
T R I N I D A D & T O B A G O
================================
CL FINANCIAL: Calls for Imbert to Disclose Info on Bailout
----------------------------------------------------------
Trinidad Express reports that two interest groups are asking
Finance Minister Colm Imbert to disclose the financial statements
of failed conglomerate CL Financial Limited.
The Trinidad and Tobago Transparency Institute (TTTI) said in a
statement it recalled that, in July last year, Justice Ronnie
Boodoosingh ruled that the Minister of Finance and the Economy was
obliged to provide information relating to CL Financial's
financial statements, its creditors and a briefing presentation to
the Parliament, according to Trinidad Express.
The ruling followed denial of requests for information made by
Joint Consultative Council past president Afra Raymond under the
Freedom of Information Act, the report notes.
About CL Financial
CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago. Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion. Colonial Life Insurance
Company Ltd. (CLICO) is a member of the CL Financial Group.
* * *
As reported in the Troubled Company Reporter-Latin America on Aug.
6, 2015, Trinidad Express said the Constitution Reform
Forum (CRF) has called on Finance Minister Larry Howai to refrain
from embarking on an "unnecessary drain on the Treasury" by
appealing the decision of a High Court judge, who ordered that the
Minister fulfil a request by president of the Joint Consultative
Council (JCC) Afra Raymond for financial details relating to the
bailout of CL Financial Limited. The CRF issued a release stating
that if the decision is appealed, not only will it be a waste of
finance but such a course of action will also demonstrate a "lack
of commitment by the Government to the spirit and intent of the
Freedom of Information Act FOIA", under which the request was
made, according to Trinidad Express.
On July 7, 2014, Trinidad Express said that the Central Bank has
placed the responsibility of voluntary separation package (VSEP)
negotiations for workers at insurance giant Colonial Life
Insurance Company Ltd. (CLICO) with the company's board, after
which it will review accordingly, the bank said in a statement.
The bank's statement follows protest action by CLICO workers,
supported by their union, the Banking, Insurance and General
Workers' Union (BIGWU), outside the Central Bank in Port of Spain,
according to Trinidad Express.
In a separate TCRLA report on June 26, 2014, Caribbean360.com said
that the Trinidad and Tobago government has welcomed an Appeal
Court ruling that the Attorney General Anand Ramlogan said saves
the country from paying out more than TT$1 billion (TT$1 = US$0.16
cents) to policyholders of the cash-strapped CLICO. The Appeal
Court overturned the ruling of a High Court that ruled members of
the United Policyholders Group (UPG) were entitled to be paid the
full sums of their polices. CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.
On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that
over TT$8 billion worth of CLICO's profitable business will be
transferred to Atruis, a new company that will be owned by the
state. The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat.
At its annual general meeting in Sept. 2013, CL Financial
shareholders voted to extend the agreement with Government until
August 25, 2014, while Cabinet decides on a new framework accord
to recover the debt owed to Government through divestment of CL
subsidiaries, including Methanol Holdings, Republic Bank,
Angostura Holdings, CL World Brands and Home Construction Ltd.,
Caribbean360.com related. Proceeds from the divestment of these
assets will go toward Government's recovery of the billions it
pumped into CLICO.
TCRLA reported on Sep 22, 2011, Caribbean News Now, citing
Reuters, saidd that the cost of the Trinidad and Tobago
government bailout of CL Financial Limited is likely to rise to
more than TT$3 billion.
=================
X X X X X X X X X
=================
LATAM: Moody's Puts 9 Mining Firms on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the ratings of 9 mining
companies in Latin America, and their rated subsidiaries, on
review for downgrade.
The actions reflect Moody's effort to recalibrate the ratings in
the mining portfolio to align with the fundamental shift in the
credit conditions of the global mining sector.
"Slowing growth in China, which consumes and produces at least
half of base metals, and is a material player in the precious
metals, iron ore and metallurgical coal markets is weakening
demand for these commodities and driving prices to multi-year
lows," said Barbara Mattos, Moody's Vice President and Senior
Credit Officer. "China's outsized influence on the commodities
market, coupled with the need for significant recalibration of
supply to bring the industry back into balance indicates that this
is not a normal cyclical downturn, but a fundamental shift that
will place an unprecedented level of stress on mining companies."
On Review for Downgrade:
-- Issuer: Vale S.A.
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa3
-- Issuer: Vale Canada Ltd.
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa3
-- Issuer: Vale Overseas Limited
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa3
-- Issuer: Corporacion Nacional del Cobre de Chile
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently A1
-- Issuer: Minera Escondida Limitada
-- Issuer Rating, Placed on Review for Downgrade, currently Baa1
-- Issuer: Fresnillo plc
-- Corporate Family Rating, Placed on Review for Downgrade,
currently Baa2
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa2
-- Issuer: Industrias Penoles S.A.B. de C.V.
-- Issuer Rating, Placed on Review for Downgrade, currently Baa2
-- Issuer: Southern Copper Corporation
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa2
-- Issuer: Minera Mexico, S.A. de C.V.
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Baa2(sf)
-- Issuer: Hochschild Mining plc
-- Corporate Family Rating, Placed on Review for Downgrade,
currently Ba3
-- Issuer: Compania Minera Ares S.A.C.
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba3
-- Issuer: Minsur S.A.
-- Corporate Family Rating, Placed on Review for Downgrade,
currently Ba1
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba1
-- Issuer: Volcan Compania Minera S.A.A. y Subsidiarias
-- Corporate Family Rating, Placed on Review for Downgrade,
currently Ba1
-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba1
Outlook Actions:
-- Issuer: Vale S.A.
-- Outlook, Changed To Rating Under Review From Negative
-- Issuer: Vale Canada Ltd.
-- Outlook, Changed To Rating Under Review From Negative
-- Issuer: Vale Overseas Limited
-- Outlook, Changed To Rating Under Review From Negative
-- Issuer: Corporacion Nacional del Cobre de Chile
-- Outlook, Changed To Rating Under Review From Negative
-- Issuer: Minera Escondida Limitada
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Fresnillo plc
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Industrias Penoles S.A.B. de C.V.
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Southern Copper Corporation
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Minera Mexico, S.A. de C.V.
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Hochschild Mining plc
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Compania Minera Ares S.A.C.
-- Outlook, Changed To Rating Under Review From Stable
-- Issuer: Minsur S.A.
-- Outlook, Changed To Rating Under Review From Negative
-- Issuer: Volcan Compania Minera S.A.A. y Subsidiarias
-- Outlook, Changed To Rating Under Review From Stable
RATINGS RATIONALE
As part of an ongoing assessment of mining companies, Moody's
sharply reduced its price sensitivity assumptions on December 8,
2015. Since then, credit conditions in the mining industry have
weakened further, with prices continuing to decline. The
likelihood has increased that prices for base metals, precious
metals, iron ore and metallurgical coal will approach levels
closer to Moody's stressed sensitivity scenario. In addition, the
strong US dollar is a further factor contributing to weakening
demand and driving prices lower since most metals are traded in
dollars.
This broad ratings review will consider each mining company's
asset base, cost structure, likely cash burn and liquidity, as
well as management's strategy for coping with a prolonged downturn
and the ability to execute on same. The review will assess each
company's cash flow and credit metrics closer to our latest
stressed price assumptions and the relative rating positioning.
Moody's believes that this downturn will mark an unprecedented
shift for the mining industry. Whereas previous downturns have
been cyclical, the effect of slowing growth in China indicates a
fundamental change that will heighten credit risk for mining
companies. This review reflects the belief that deteriorating
industry fundamentals require a recalibration of the global mining
portfolio rated by Moody's. Although all issuers in these sectors
have been adversely affected by declining prices, severity varies
substantially by issuer. Accordingly, the range of possible
outcomes upon conclusion of the review for given issuers varies
from possible confirmation of ratings to multi-notch downgrades.
Moody's expects to conclude a majority of the reviews by the end
of the first quarter. While this review focuses on companies rated
in the range from A1 to B3, Moody's is also reevaluating higher
and lower rated companies in the context of industry conditions.
The higher rated companies, on average, are somewhat more
resilient to low commodity prices and many of the lower rated
companies have recently been downgraded.
This broad ratings review incorporates the ratings of Compania de
Minas Buenaventura S.A.A. (Ba1), which ratings were placed under
review for downgrade December 16, 2015.
* BOND PRICING: For the Week From Jan. 18 to Jan. 22, 2016
----------------------------------------------------------
Issuer Name Cpn Bid Maturity Country Currency
----------- --- ---- -------- ---- ----
Anton Oilfiel 7.5 24 11/6/2018 CN USD
Anton Oilfiel 7.5 32 11/6/2018 CN USD
Automotores G 6.75 37.5 1/15/2023 CL USD
Automotores G 6.75 37.375 1/15/2023 CL USD
Avianca Holdi 8.375 71.75 5/10/2020 PA USD
Avianca Holdi 8.375 64.75 5/10/2020 PA USD
BA-CA Finance 0.69 54.5 KY EUR
BA-CA Finance 0.99 54.5 KY EUR
Banco Bilbao 6.75 102.256 11/5/2021 PY USD
Banco BTG Pac 4 74.25 1/16/2020 KY USD
Banco BTG Pac 5.75 70 9/28/2022 KY USD
Banco BTG Pac 4 73.5 1/16/2020 KY USD
Banco BTG Pac 5.75 70 9/28/2022 KY USD
Banco BTG Pac 8.75 72 LU USD
Banco BTG Pac 8.75 49.516 LU USD
Banco do Bras 9 67.02 KY USD
Banco do Bras 6.25 51 KY USD
Banco do Bras 9.25 74.97 KY USD
Banco do Bras 9 67.5 KY USD
Banco do Bras 6.25 46.5 KY USD
Banco do Bras 9.25 74.5 KY USD
Banco Mercant 9.625 69 7/16/2020 BR USD
Banco Mercant 9.625 68.125 7/16/2020 BR USD
BCP Finance C 1.957 57.5 KY EUR
Brazilian Gov 5 67.875 1/27/2045 BR USD
Brazilian Gov 5.625 73.75 1/7/2041 BR USD
CA La Electri 8.5 38 4/10/2018 VE USD
Caixa Economi 7.25 80.5 7/23/2024 BR USD
Caja de Compe 6 57.96 11/15/201 8 CL CLP
Camposol SA 9.875 74.5 2/2/2017 PE USD
CFG Investmen 9.75 62.25 7/30/2019 PE USD
CFG Investmen 9.75 40.5 7/30/2019 PE USD
China Preciou 7.25 69.75 2/4/2018 HK HKD
China Shanshu 8.5 82.5 5/25/2016 CN USD
Corp Nacional 4.25 75.35 7/17/2042 CL USD
Costa Rica Go 5.625 71.563 4/30/2043 CR USD
Costa Rica Go 5.625 71.969 4/30/2043 CR USD
Costa Rica Ti 5.06 85.109 11/25/203 3 CR USD
CSN Islands X 6.875 53.625 9/21/2019 KY USD
CSN Islands X 6.875 52.616 9/21/2019 KY USD
CSN Islands X 7 35.75 BR USD
CSN Islands X 7 43.5 BR USD
Decimo Primer 6 65.125 10/25/204 1 PA USD
Decimo Primer 4.54 53.875 10/25/204 1 PA USD
Ecopetrol SA 5.875 71 5/28/2045 CO USD
Ecuador Gover 6.5 62.794 11/25/202 4 EC USD
Ecuador Gover 5.07 67.443 7/30/2019 EC USD
Ecuador Gover 5.36 62.619 12/30/202 0 EC USD
Ecuador Gover 6.21 64.981 9/5/2020 EC USD
Ecuador Gover 6.21 61.052 1/1/2023 EC USD
Ecuador Gover 6.21 61.711 11/25/202 3 EC USD
Ecuador Gover 6.21 61.298 11/1/2022 EC USD
Ecuador Gover 6.4 62.515 6/12/2024 EC USD
Ecuador Gover 5.07 65.833 11/25/201 9 EC USD
Ecuador Gover 5.07 68.512 5/26/2019 EC USD
Ecuador Gover 5.07 68.596 5/21/2019 EC USD
Ecuador Gover 5.36 61.922 11/25/202 0 EC USD
Ecuador Gover 6.21 60.843 12/30/202 3 EC USD
Ecuador Gover 5.64 59.226 11/25/202 1 EC USD
Ecuador Gover 5.93 60.956 11/25/202 2 EC USD
Ecuador Gover 5.93 62.098 12/30/202 2 EC USD
Ecuador Gover 5.64 60.394 12/30/202 1 EC USD
Ecuador Gover 5.07 66.844 12/30/201 9 EC USD
Ecuador Gover 5.36 67.508 10/1/2019 EC USD
Ecuador Gover 5.64 64.533 10/1/2020 EC USD
Ecuador Gover 5.93 62.059 10/1/2021 EC USD
Ecuador Gover 5.36 67.012 11/1/2019 EC USD
Ecuador Gover 5.64 64.153 11/1/2020 EC USD
Ecuador Gover 5.93 61.836 11/1/2021 EC USD
Ecuador Gover 6.5 62.083 11/1/2023 EC USD
Ecuador Gover 5.36 66.526 12/1/2019 EC USD
Ecuador Gover 5.64 63.8 12/1/2020 EC USD
Ecuador Gover 7 70.662 3/6/2024 EC USD
Ecuador Gover 5.07 70.55 1/29/2019 EC USD
Ecuador Gover 4.3 71.11 10/4/2018 EC USD
Ecuador Gover 4.3 70.541 10/29/201 8 EC USD
Ecuador Gover 5.36 67.948 9/5/2019 EC USD
Ecuador Gover 5.64 63.27 9/5/2020 EC USD
Ecuador Gover 5.93 64.14 9/5/2020 EC USD
Ecuador Gover 7 70.529 5/20/2022 EC USD
Ecuador Gover 5.93 61.634 12/1/2021 EC USD
Ecuador Gover 5.61 58.638 12/1/2022 EC USD
Ecuador Gover 6.5 62.009 12/1/2023 EC USD
Ecuador Gover 5.36 66.049 1/1/2020 EC USD
Ecuador Gover 5.93 61.426 1/1/2022 EC USD
Ecuador Gover 6.5 62.121 1/1/2024 EC USD
Ecuador Gover 7.95 69.442 6/20/2024 EC USD
Empresa Gener 5.75 74 6/11/2025 DO USD
Empresa Gener 5.75 74 6/11/2025 DO USD
ESFG Internat 5.753 0.794 KY EUR
General Explo 11.5 42.875 11/13/201 8 CA USD
General Shopp 10 60 KY USD
General Shopp 10 51.375 KY USD
Gol Finance I 9.25 61.9 7/20/2020 BR USD
Gol Finance I 8.75 29.5 BR USD
Gol Finance I 7.5 64.9 4/3/2017 BR USD
Gol Finance I 9.25 55.5 7/20/2020 BR USD
Gol Finance I 8.75 28.125 BR USD
Golden Eagle 4.625 75 5/21/2023 CN USD
Greenfields P 9 3.08 5/31/2017 US CAD
HC Internatio 5 78.474 11/27/201 9 CN HKD
Honghua Group 7.45 40.054 9/25/2019 CN USD
Honghua Group 7.45 39.5 9/25/2019 CN USD
Instituto Cos 6.375 74.915 5/15/2043 CR USD
Inversora Ele 6.5 56.25 9/26/2017 AR USD
Kaisa Group H 6.875 65.625 4/22/2016 CN CNY
Kaisa Group H 10.25 68.285 1/8/2020 CN USD
Kaisa Group H 8 69.388 12/20/204 9 CN CNY
Kaisa Group H 9 68.136 6/6/2019 CN USD
MIE Holdings 6.875 45 2/6/2018 HK USD
MIE Holdings 7.5 39 4/25/2019 HK USD
MIE Holdings 7.5 43.99 4/25/2019 HK USD
Mongolian Min 8.875 30 3/29/2017 MN USD
Mongolian Min 8.875 31 3/29/2017 MN USD
NB Finance Lt 3 68.094 2/7/2035 KY EUR
Newland Inter 9.5 20 7/3/2017 PA USD
Newland Inter 9.5 21.75 7/3/2017 PA USD
Noble Holding 4.9 74 8/1/2020 KY USD
Noble Holding 5.95 63.99 4/1/2025 KY USD
Noble Holding 4.625 70.065 3/1/2021 KY USD
Noble Holding 3.95 66.5 3/15/2022 KY USD
Noble Holding 6.95 59.012 4/1/2045 KY USD
Noble Holding 5.25 53.458 3/15/2042 KY USD
Noble Holding 6.05 61 3/1/2041 KY USD
Noble Holding 6.2 60.864 8/1/2040 KY USD
NQ Mobile Inc 4 66.947 10/15/201 8 CN USD
Odebrecht Dri 6.35 37.25 6/30/2021 KY USD
Odebrecht Dri 6.35 36 6/30/2021 KY USD
Odebrecht Fin 7.5 53.75 KY USD
Odebrecht Fin 7.125 52.25 6/26/2042 KY USD
Odebrecht Fin 4.375 51.75 4/25/2025 KY USD
Odebrecht Fin 8.25 54.875 4/25/2018 KY BRL
Odebrecht Fin 5.125 59 6/26/2022 KY USD
Odebrecht Fin 5.25 48.1 6/27/2029 KY USD
Odebrecht Fin 7 62.89 4/21/2020 KY USD
Odebrecht Fin 6 59.75 4/5/2023 KY USD
Odebrecht Fin 8.25 54.875 4/25/2018 KY BRL
Odebrecht Fin 7.125 52 6/26/2042 KY USD
Odebrecht Fin 5.25 48.375 6/27/2029 KY USD
Odebrecht Fin 4.375 52 4/25/2025 KY USD
Odebrecht Fin 7.5 52.844 KY USD
Odebrecht Fin 5.125 58.429 6/26/2022 KY USD
Odebrecht Fin 7 56.303 4/21/2020 KY USD
Odebrecht Fin 6 59.02 4/5/2023 KY USD
Odebrecht Off 6.75 25.375 10/1/2022 KY USD
Odebrecht Off 6.625 25.5 10/1/2022 KY USD
Odebrecht Off 6.75 24.5 10/1/2022 KY USD
Odebrecht Off 6.625 22.25 10/1/2022 KY USD
Odebrecht Oil 7 18 KY USD
Odebrecht Oil 7 29.5 KY USD
Pesquera Exal 7.375 61.1 1/31/2020 PE USD
Pesquera Exal 7.375 61.25 1/31/2020 PE USD
Petroleos de 8.5 50.55 11/2/2017 VE USD
Petroleos de 5.25 48 4/12/2017 VE USD
Petroleos de 12.75 43.95 2/17/2022 VE USD
Petroleos de 5.125 67 10/28/201 6 VE USD
Petroleos de 9.75 39.4 5/17/2035 VE USD
Petroleos de 9 38.59 11/17/202 1 VE USD
Petroleos de 6 35.5 5/16/2024 VE USD
Petroleos de 5.375 34.75 4/12/2027 VE USD
Petroleos de 6 35.24 11/15/202 6 VE USD
Petroleos de 5.5 32.75 4/12/2037 VE USD
Petroleos de 8.5 50.15 11/2/2017 VE USD
Petroleos de 6 35.28 5/16/2024 VE USD
Petroleos de 6 35.5 11/15/202 6 VE USD
Petroleos de 12.75 43.75 2/17/2022 VE USD
Petroleos de 9.75 39.25 5/17/2035 VE USD
Petroleos de 9 45.1 11/17/202 1 VE USD
Polarcus Ltd 5.6 19 4/27/2018 AE USD
Polarcus Ltd 8.37 11.875 7/8/2019 AE NOK
Provincia del 4 72.366 12/4/2026 AR USD
Republic of E 7.75 69.672 4/25/2028 EC USD
Republic of E 7.75 70.444 8/1/2028 EC USD
Republic of E 6.4 61.139 6/12/2024 EC USD
Republic of E 7.75 70.385 7/24/2028 EC USD
Republic of E 6.5 67.486 5/20/2020 EC USD
Republic of E 7.75 70.157 6/25/2028 EC USD
Republic of E 6.4 61.139 6/12/2024 EC USD
Republic of E 7.75 69.672 4/25/2028 EC USD
Republic of E 7.75 70.157 6/25/2028 EC USD
Republic of E 7.75 70.385 7/24/2028 EC USD
Republic of E 7.75 70.444 8/1/2028 EC USD
Samarco Miner 4.125 34 11/1/2022 BR USD
Samarco Miner 5.375 35 9/26/2024 BR USD
Samarco Miner 5.75 35 10/24/202 3 BR USD
Samarco Miner 4.125 32 11/1/2022 BR USD
Samarco Miner 5.75 31.5 10/24/202 3 BR USD
Samarco Miner 5.375 34 9/26/2024 BR USD
Seagate HDD C 5.75 70.25 12/1/2034 KY USD
Seagate HDD C 5.75 70.05 12/1/2034 KY USD
Siem Offshore 5.63 69 3/28/2019 NO NOK
Siem Offshore 5.85 72 1/30/2018 NO NOK
Sylph Ltd 3.349 106.108 6/22/2035 KY USD
Telemar Norte 5.5 60.875 10/23/202 0 BR USD
Telemar Norte 5.125 60.601 12/15/201 7 BR EUR
Telemar Norte 5.5 58.5 10/23/202 0 BR USD
Telemar Norte 5.125 60.75 12/15/201 7 BR EUR
Telemar Norte 5.5 58.375 10/23/202 0 BR USD
Transocean In 7.125 64.235 12/15/202 1 KY USD
Transocean In 6.5 66.504 11/15/202 0 KY USD
Transocean In 6.8 53 3/15/2038 KY USD
Transocean In 4.3 53.5 10/15/202 2 KY USD
Transocean In 7.5 58.448 4/15/2031 KY USD
Transocean In 8.1 57 12/15/204 1 KY USD
Transocean In 7.45 57.06 4/15/2027 KY USD
Transocean In 8 59.349 4/15/2027 KY USD
Usiminas Comm 7.25 63 1/18/2018 KY USD
USJ Acucar e 9.875 35 11/9/2019 BR USD
USJ Acucar e 9.875 38.5 11/9/2019 BR USD
Vale Overseas 6.875 71.6 11/21/203 6 BR USD
Vale Overseas 6.875 70.313 11/10/203 9 BR USD
Vale SA 5.625 66 9/11/2042 BR USD
Venezuela Gov 12.75 42 8/23/2022 VE USD
Venezuela Gov 11.95 41.25 8/5/2031 VE USD
Venezuela Gov 11.75 41.25 10/21/202 6 VE USD
Venezuela Gov 13.625 60 8/15/2018 VE USD
Venezuela Gov 9.375 36.75 1/13/2034 VE USD
Venezuela Gov 8.25 35.5 10/13/202 4 VE USD
Venezuela Gov 9.25 36.5 5/7/2028 VE USD
Venezuela Gov 7 42.75 12/1/2018 VE USD
Venezuela Gov 13.625 54 8/15/2018 VE USD
Venezuela Gov 13.625 59.17 8/15/2018 VE USD
Venezuela Gov 7.75 38.75 10/13/201 9 VE USD
Venezuela Gov 7 35.25 3/31/2038 VE USD
Venezuela Gov 9.25 38.25 9/15/2027 VE USD
Venezuela Gov 9 36.75 5/7/2023 VE USD
Venezuela Gov 7.65 34.75 4/21/2025 VE USD
Venezuela Gov 6 35.75 12/9/2020 VE USD
Venezuela Gov 6.25 71.736 4/6/2017 VE USD
Venezuela Gov 5.25 44.684 3/21/2019 VE USD
Venezuela Gov 9.125 68.166 9/15/2017 VE USD
Volcan Cia Mi 5.375 64.375 2/2/2022 PE USD
Volcan Cia Mi 5.375 65 2/2/2022 PE USD
Votorantim Ci 3.25 69.073 4/25/2021 BR EUR
Votorantim Ci 3.5 67.494 7/13/2022 BR EUR
Votorantim Ci 7.25 74.47 4/5/2041 BR USD
Votorantim Ci 7.25 74.25 4/5/2041 BR USD
Votorantim Ci 3.5 67.648 7/13/2022 BR EUR
Votorantim Ci 3.25 68.952 4/25/2021 BR EUR
VRG Linhas Ae 10.75 48 2/12/2023 BR USD
VRG Linhas Ae 10.75 48 2/12/2023 BR USD
XLIT Ltd 6.5 72.537 IE 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 2016. 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 * * *