/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160401.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 Friday, April 1, 2016, Vol. 17, No. 64 Headlines A R G E N T I N A ROMBO COMPANIA: Moody's Rates ARS250MM Sr. Unsec. Debt Issuance B2 B E L I Z E BELIZE: Unveils Climate-Resilient Tourism Program With IDB B E R M U D A SEADRILL LTD: Said to Line Up Advisors for Debt Talks B R A Z I L ANDRADE GUTIERREZ: Moody's Cuts Corporate Family Rating to B2 C A Y M A N I S L A N D S 4228 LIMITED: Shareholders Receive Wind-Up Report ANAMIE LTD: Shareholders Receive Wind-Up Report ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report CORNERSTONE HOLDINGS: Members to Hear Wind-Up Report on April 4 DRIER HOLDINGS: Shareholders Receive Wind-Up Report DYNAMIC DRAGONS: Shareholders Receive Wind-Up Report ENQUEST DONS: Shareholders Receive Wind-Up Report JAPAN REALTY: Shareholders Receive Wind-Up Report JELLYBEAN PROPERTY: Shareholders Receive Wind-Up Report MSREF VII JAPAN XXI: Shareholders Receive Wind-Up Report MSREF VII JAPAN XVII: Shareholders Receive Wind-Up Report MSREF VII JAPAN XVI: Shareholders Receive Wind-Up Report MSREF VII JAPAN III: Shareholders Receive Wind-Up Report PEICH LTD: Shareholders Receive Wind-Up Report PEICH 2 LTD: Shareholders Receive Wind-Up Report PEICH 3 LTD: Shareholders Receive Wind-Up Report ROOT INVEST: Members Receive Wind-Up Report SELECTINVEST ARV II: Shareholders Receive Wind-Up Report SELECTINVEST INSTITUTIONAL: Shareholders Receive Wind-Up Report TANBARK INVESTMENTS: Shareholders Receive Wind-Up Report C H I L E CHILE: Loses 12 pct. of Annual Salmon Harvest to Deadly Algae D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Bank Injects US$200MM to Keep Demand 'Normal' M E X I C O METROFINANCIERA 05U: Moody's Cuts Ratings to Caa1 (sf) MEXICO: Oil Exports Fall 45.8% MEXICO: Bond Traders Are Signaling Inflation Slowdown Won't Last T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: To Up Fee for 2nd Checked Bag on its Flights - - - - - ================= A R G E N T I N A ================= ROMBO COMPANIA: Moody's Rates ARS250MM Sr. Unsec. Debt Issuance B2 ------------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo S.A. assigned a B2 global local currency senior debt rating to Rombo Compania Financiera S.A. (Rombo) new bond expected issuance for an amount up to ARS250 million, which will be due in 24 months. At the same time, on the National Scale, Moody's assigned Aa2.ar local currency debt rating to the expected issuance. The outlook on all ratings is positive. The following ratings were assigned to Rombo Compania Financiera S.A.: ARS250 million senior unsecured debt issuance: B2 Global Local Currency Debt Rating Aa2.ar Argentina National Scale Local Currency Debt Rating RATINGS RATIONALE The local currency senior unsecured debt ratings are based on a standalone baseline credit assessment (BCA) of caa1, which receives two notches of uplift reflecting the assessment of a moderate probability of support from the company's main parent, RCI Banque (Baa1, stable) in case of stress. Rombo is 60% owned by RCI Banque and 40% by BBVA Banco FrancÇs (unrated), and together with RCI Banque forms the principal financial arm of its ultimate owner, Renault S.A. (Baa3, stable) in Argentina. The caa1 BCA assigned to Rombo is based on the company's monoline business model, its predominantly wholesale funding structure, and the increasing level of competition within the car-financing industry in Argentina. These risks are balanced in part by the company's satisfactory risk management practices that are aligned to those of its parent companies as well as its adequate capitalization. The positive outlook on the company's ratings is in line with the positive outlook Caa1 rating for Argentina's government bond rating and incorporates the improving operating environment in the country, including a move to a more sustainable economic policy making since a new administration assumed power on December 2015. WHAT COULD CHANGE THE RATING UP/DOWN The entity's rating could face upward pressure if Argentina's bond rating is upgraded or if Argentina's macro profile rises due to an improvement in the country's economic or institutional strength or a reduction in its susceptibility to event risk. While the rating is unlikely to face downward pressure given the positive outlook, the outlook could stabilize if the outlook of the Government of Argentina returns to stable. The principal methodology used in this rating was Finance Companies published in October 2015. Please see the Ratings Methodologies page on www.moodys.com.ar for a copy of this methodology. Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings". Rombo Compania Financiera S.A. is headquartered in Buenos Aires, Argentina, with assets of ARS2.98 billion and equity of ARS617.1 million as of December 2015. =========== B E L I Z E =========== BELIZE: Unveils Climate-Resilient Tourism Program With IDB ---------------------------------------------------------- The Ministry of Tourism and Civil Aviation, in collaboration with the Inter-American Development Bank, officially launched the Sustainable Tourism Program II on March 8-10, 2016 at the Black Orchid Resort in Burrell Boom Village. In October 2015, the IDB's Board of Executive Directors approved a US$15 million loan facility, and in January 2016, a loan agreement was executed between the IDB and the Government of Belize for this new program. Tourism continues to be one of Belize's most important economic sectors, contributing 15 percent of total direct GDP and generating US$747 million in foreign exchange earnings in 2014. It also represents 35 percent of total exports of goods and service and contributes one out of every six jobs for the nation. The first Sustainable Tourism Program (STP I) focused on consolidation of the destinations of Ambergris Caye, Placencia, Belize City and San Ignacio and generated the National Sustainable Tourism Master Plan 2030 (NTSMP). Following the implementation of STP I in 2013, the Government of Belize and the IDB collaborated on a second Sustainable Tourism Program (STP II), through an extensive planning process. STP II is designed to support the implementation of the NSTMP in new and emerging destinations: the Corozal District, Toledo District/Punta Gorda, the Mountain Pine Ridge/Chiquibul/Caracol complex, and Caye Caulker. The program will increase tourism expenditures, employment and income; promote disaster and climate resilience and environmental sustainability in tourism destinations; and create enabling conditions for private sector investment in overnighgt tourism. A key component of the project aims to expand and restore visitor facilities at archaeological sites, including a state-of-the-art museum at Caracol, and to support the development of nature-based tourist attractions and services in the selected destinations. Additional major infrastructure upgrades in the destinations are programmed to support tourism development in municipalities, rural areas, and protected areas. STP II is the first tourism loan approved by the IDB that systematically mainstreams biodiversity and ecosystem services. "Mainstreaming biodiversity in tourism development will contribute to a shift towards informed management of social and ecological systems," said IDB Project Team Leader Sybille Nuenninghoff. The Ministry of Tourism and Civil Aviation and the Bank have partnered on sustainable tourism projects for 20 years. Between 1998 and 2015, the Bank's investment in the sector, which includes three loans and 15 grants, amounted to US$43 million. The project launch brought together tourism stakeholders and local beneficiaries to discuss the key elements of the program and the proposed activities. Remarks were provided by Yashin Dujon, CEO of Ministry of Tourism and Civil Aviation and Cassandra Rogers, IDB Representative in Belize. As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2015, Standard & Poor's Ratings Services revised its outlook on the long-term ratings on Belize to stable from positive. S&P also affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Belize. At the same time, S&P affirmed its 'B-' transfer and convertibility assessment. ============= B E R M U D A ============= SEADRILL LTD: Said to Line Up Advisors for Debt Talks ----------------------------------------------------- Luca Casiraghi, Dinesh Nair, and Steven Church at Bloomberg News report that Seadrill Ltd., the offshore driller with the biggest debt load, hired Houlihan Lokey Inc. and Morgan Stanley to advise it in negotiations on restructuring $11 billion of loans and bonds, two people familiar with the matter said. Bank lenders to the company formed a committee this month to lead the talks and appointed adviser Lazard Ltd. and law firm White & Case, said the people, who asked not to be identified because the information is private, according to Bloomberg News. Offshore drillers are struggling to repay debt as competition and reduced spending by oil companies hurt profits, the report notes. Falling demand for rig services is forecast to reduce sales at the world's largest offshore contractors by 25 percent this year and at least 10 percent in 2017, according to Bloomberg Intelligence analyst Andrew Cosgrove. Spokesmen at Houlihan Lokey, Morgan Stanley and White & Case declined to comment on the appointments. Officials at Seadrill and Lazard didn't immediately respond to e- mails and calls seeking comment. Seadrill has $2.6 billion of unsecured bonds and $8.4 billion of bank facilities, Bloomberg News notes. Almost $3.5 billion of debt is due by the end of next year, according to data compiled by Bloomberg. The company's $948 million of bonds due September 2017 are quoted at about 45 cents on the dollar, the data show, Bloomberg News says. The company, controlled by billionaire John Fredriksen, aims to have a plan agreed with bondholders and banks by the end of June, Chief Executive Officer Per Wullf said in an interview on Feb. 26, Bloomberg News discloses. Getting to a deal will be complex, in part because Seadrill has more than 40 bank creditors across a dozen syndicates, Mr. Wullf added, notes the report. =========== B R A Z I L =========== ANDRADE GUTIERREZ: Moody's Cuts Corporate Family Rating to B2 ------------------------------------------------------------- Moody's Investors Service downgraded to B2 from B1 the corporate family rating assigned to Andrade Gutierrez Engenharia S/A. (AGE) and to B2 from B1 the rating on its guaranteed notes issued by Andrade Gutierrez International S.A. (AGInt). The outlook for all ratings remains negative. Ratings changed: Issuer: Andrade Gutierrez Engenharia S/A (AGE), Brazil -- Corporate Family Rating: to B2 from B1 Issuer: Andrade Gutierrez International S.A. (AGInt), Luxemburg -- $US 500 million senior unsecured notes due 2018: to B2 from B1 foreign currency rating The outlook for all ratings is negative RATINGS RATIONALE The downgrade of AGE's rating reflects the expected deterioration in the company's credit metrics and liquidity profile due to the prolonged construction industry downturn in Latin America and potential contingent liabilities arising from the corruption investigations in Brazil. The "Lava-Jato" investigations and political uncertainties in Brazil negatively impacted the engineering and construction sector. Industry conditions have also been adversely affected by the sharp decline in commodity prices that is constraining investments of the metals and mining and oil and gas industries throughout Latin America and Africa, key markets for AGE. Further pressure results from lower than anticipated economic growth in 2016 and more limited fiscal availability for certain governments to timely support their infrastructure development plans as compared previous years, particularly in Brazil, Venezuela and Angola. "As a result, we expect the company's credit metrics, including operating margins, leverage and interest coverage will remain pressured until at least 2018." Liquidity risk has increased for the company with potential contingencies or penalties arising from Brazil's corruption investigations. According to the press, the Andrade Gutierrez group negotiated a leniency agreement of R$1 billion to be paid over the next 12 years to settle judicial proceedings related to wrong doings of its former executives and avoid business limitations. AGE has cash availability of about R$2.3 billion that approximates 71% of its total debt and off-balance guarantees as of 3Q15, but there are $500 million of debt maturities concentrated in April 2018 that put some refinancing pressure over the next two years. Partially mitigating the liquidity risk is AGE's significant size and scale as the second largest construction company in Brazil, with a large backlog of approximately BRL26 billion that provides good revenue visibility for the next 3 years. The backlog is well diversified in terms of segments supported by the company's solid execution experience in large scale and complex infrastructure projects, but it has an unfavorable geographic concentration within Latin America, with Venezuela (Caa3 negative) and Brazil (Ba2 negative) representing, respectively, 39% and 25% of the total backlog at the end of the 3Q15. The company is also primarily exposed to public clients, which account for approximately 84% of its contracted projects, but only 9% refers to public clients in Brazil. A ratings upgrade is unlikely at this time, but ratings stabilization will be considered if there is a constructive resolution of the ongoing corruption investigations in Brazil, and there is a better outlook for AGE's key end-markets. Outlook stabilization would also depend on the company sustaining a robust liquidity cushion for its upcoming debt maturities; improvement in backlog diversification and further corporate governance developments. Outlook stabilization would also be supported by AGE's adjusted leverage improving to below 5.0 times and if its adjusted FFO to debt remains above 15% on a sustainable basis. AGE's ratings could be further downgraded if the company's cash balance is not sufficient to cover all of the company's debt service in the short term, or if the company's total adjusted debt to EBITDA ratio deteriorates to more than 6.5 times (5.2x as of LTM 3Q15) or if its funds from operations (FFO) to debt is less 10% (30% as of LTM 3Q15) for two or more quarters without the expectation of improvement. A liquidity deterioration that results in a sudden cash drain would also trigger a downgrade. Andrade Gutierrez Engenharia S/A (AGE) is the second largest engineering and heavy construction company in Brazil, with net revenues of BRL6.8 billion ($US 2.3 billion) as of LTM 30 September 2015. The company's backlog of BRL27.5 billion ($US 6.9 billion) as of September 30, 2015 is comprised of 73 diversified projects including hydro power plants, basic infrastructure projects, industrial and civil construction, and oil and gas projects, of which 25% are located in Brazil, 44% in other Latin American countries and 31% in Africa, Europe and Asia. As of 30 September 2015, the company's outstanding cash position was BRL2.3 billion for a total gross debt of BRL3.2 billion that includes its off balance debt guarantees. AGE is one of the main subsidiaries of Andrade Gutierrez S.A. (AGSA, unrated), one of the largest infrastructure conglomerates in Brazil, with strategic interests in telecommunication services and public concessions in transport, energy and sanitation. In addition to 100% ownership in AGE, the Andrade Gutierrez group indirectly holds 1.2% of Oi S.A. (Caa1, Negative), 10.26% of Contax (unrated), 17.0% of CCR S.A. (Ba3, negative), 8.8% of Companhia Energetica de Minas Gerais -- CEMIG (Ba3, negative), and 8.3% of Companhia de Saneamento do Parana -- SANEPAR (Ba3, stable), among other smaller stakes in infrastructure and concession companies. AGSA reported consolidated net revenues of BRL7.2 billion in the LTM ended 2Q15. ========================== C A Y M A N I S L A N D S ========================== 4228 LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of 4228 Limited received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andre Slabbert Appleby Trust (Cayman) Ltd. c/o Appleby Trust (Cayman) Ltd. 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4900 ANAMIE LTD: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Anamie Ltd. received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Anthracite Balanced Company (GMN) Limited received on March 24, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Simon Conway c/o Gabby Whitter Telephone: (345) 914 8730 Facsimile: (345) 945 4237 P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands CORNERSTONE HOLDINGS: Members to Hear Wind-Up Report on April 4 --------------------------------------------------------------- The members of Cornerstone Holdings Limited will hear on April 4, 2016, at 9:00 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Alexandria Bancorp Limtied The Grand Pavilion Commercial Centre 802 West Bay Road P.O. Box 2428 Grand Cayman KY1-1105 Cayman Islands Telephone: (345) 945-1111 Facsimile: (345) 945-1122 DRIER HOLDINGS: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Drier Holdings Limited received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands DYNAMIC DRAGONS: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Dynamic Dragons SPC received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Chan Ming Fon 24 Raffles Place #26-01B Clifford Centre Singapore 048621 Telephone: + 65 6538 4889 Facsimile: + 65 6538 5933 ENQUEST DONS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Enquest Dons Oceania Limited received on March 29, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 949 7500 Facsimile: +1 (345) 949 8258 JAPAN REALTY: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Japan Realty Investment Company V received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Collas Crill Willow House, 2nd Floor, Cricket Square P.O. Box 709 Grand Cayman KY1-1107 Cayman Islands JELLYBEAN PROPERTY: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Jellybean Property Limited received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands MSREF VII JAPAN XXI: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of MSREF VII Japan Asset XXI GP Ltd received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Collas Crill Willow House, 2nd Floor, Cricket Square P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands Telephone: 949-4544 Facsimile: 949-7073 MSREF VII JAPAN XVII: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of MSREF VII Japan Asset XVII GP Ltd received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Collas Crill Willow House, 2nd Floor, Cricket Square P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands Telephone: 949-4544 Facsimile: 949-7073 MSREF VII JAPAN XVI: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of MSREF VII Japan Asset XVI GP Ltd received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Collas Crill Willow House, 2nd Floor, Cricket Square P.O. Box 709 Grand Cayman, KY1-1107 Cayman Islands Telephone: 949-4544 Facsimile: 949-7073 MSREF VII JAPAN III: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of MSREF VII Japan Asset III GP Ltd received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Nelson Telephone: 949-4544 Facsimile: 949-7073 Collas Crill Willow House, 2nd Floor, Cricket Square P.O. Box 709 Grand Cayman KY1-1107 Cayman Islands PEICH LTD: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of Peich Ltd. received on March 24, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morna Chisholm Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands PEICH 2 LTD: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Peich 2 Ltd. received on March 24, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morna Chisholm Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands PEICH 3 LTD: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Peich 3 Ltd. received on March 24, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Morna Chisholm Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands ROOT INVEST: Members Receive Wind-Up Report ------------------------------------------- The members of Root Invest Cayman G.P. received on March 30, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. Citco Trustees (Cayman) Limited 89 Nexus Way, Camana Bay P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SELECTINVEST ARV II: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Selectinvest ARV II SPV Ltd. received on March 31, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 949 7500 Facsimile: +1 (345) 949 8258 SELECTINVEST INSTITUTIONAL: Shareholders Receive Wind-Up Report --------------------------------------------------------------- The shareholders of Selectinvest Institutional Multistrategy Ltd. received on March 31, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stuart Sybersma Deloitte & Touche Citrus Grove Building, 4th Floor Goring Avenue, George Town KY1-1109 Cayman Islands Telephone: +1 (345) 949 7500 Facsimile: +1 (345) 949 8258 TANBARK INVESTMENTS: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Tanbark Investments Ltd. received on March 22, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands ========= C H I L E ========= CHILE: Loses 12 pct. of Annual Salmon Harvest to Deadly Algae ------------------------------------------------------------- EFE News reports that the algal bloom that plagued numerous salmon farms in southern Chile in recent weeks has caused the loss of 12 percent of this year's projected harvest, or the equivalent of about 106,000 tons of fish, the SalmonChile trade association said. The onslaught "has ended" after the process of removing fish killed by the algae was completed, SalmonChile said in a statement obtained by EFE News. The algal proliferation is caused by higher-than-normal temperatures in the Pacific Ocean as a result of the El Nino weather phenomenon, EFE News notes. Blooming microalgae embed themselves in the gills of the salmon, gradually causing death by asphyxiation, the report discloses. A single drop of water can hold up to 25 of the algae and salmon raised in enclosures cannot escape the algae like free-range salmon can, the report notes. The industry "exhausted all human, economic and logistical resources in dealing with this crisis," SalmonChile said, the report relays. The trade group said consumers could expect "shortages" for a few months, especially during the second half of this year, but indicated that the supply would not be interrupted since the bloom "was contained" in the affected area, the report discloses. Unions representing employees at salmon-processing plants blame the algal bloom for the loss of some 10,000 jobs, the report notes. Chile is the world's second-largest producer of salmon after Norway. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Bank Injects US$200MM to Keep Demand 'Normal' ----------------------------------------------------------------- Dominican Today reports that central banker Hector Valdez Albizu announced a gradual injection of as much as US$200.0 million to the currency market to meet the of economy's demand of dollars and contribute to the "normal behavior" of Dominican Republic's productive activities. "We will neither allow uncertainty to be generated regarding the flow of currency into the productive sectors, nor create unwanted expectations on the relative level of the exchange rate, much less at a time when the Central Bank has sufficient international reserves to face any eventuality," Mr. Valdez said, the report notes. In a meeting with the treasurers of financial institutions accompanied by Central Bank senior officials and technical staff, Mr. Valdez also noted that there are neither monetary nor fiscal reasons that could lead to an inadequate behavior of the currency market, the report relays. The official stressed the Central Bank's strong international reserves, which set a record at yearend 2015, adding that on March 28, gross international reserves topped US$5.17 billion, with US$5.12 billion in net reserves, "with 3.7 months of imports, which has been recognized by international organizations and risk rating agencies," the report added. 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 =========== METROFINANCIERA 05U: Moody's Cuts Ratings to Caa1 (sf) ------------------------------------------------------ Moody's de Mexico has today downgraded two Mexican RMBS transactions. The full rating action is as follows:: Issuer: Metrofinanciera -- MFCB 05U MFCB 05U, Downgraded to Caa1 (sf) from B3 (sf); previously on Aug 5, 2013 Downgraded to B3 (sf). MFCB 05U, Downgraded to Caa1.mx (sf) from B1.mx (sf); previously on Aug 5, 2013 Downgraded to B1.mx (sf). Issuer: Proyectos Adamantine - MXMACCB 06U MXMACCB 06U, Downgraded to Caa3 (sf) from Caa2 (sf); previously on Aug 5, 2013 Downgraded to Caa2 (sf). MXMACCB 06U, Downgraded to Caa3.mx (sf) from Caa2.mx (sf); previously on Aug 5, 2013 Downgraded to Caa2.mx (sf). RATINGS RATIONALE The rating action is a result of the recent performance of the underlying pools and reflects Moody's updated loss expectation on these pools. The ratings downgraded are due to the weaker performance of the underlying collateral and the credit enhancement available to the Certificates. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING: Factors that would lead to a downgrade are: higher expected loss levels, lower cash availability and deterioration of loss coverage. Factors that would lead to an upgrade are lower expected loss levels resulting from improved liquidity levels and strong portfolio performance. MEXICO: Oil Exports Fall 45.8% ------------------------------- EFE News notes that Mexico's oil exports fell at an annualized rate of 45.8 percent in February, a month when the trade deficit totaled $724.7 million, the National Institute of Statistics and Geography, or INEGI, said. Exports totaled $29.02 billion in February, down 2.3 percent from the same month in 2015, the INEGI said in a statement, the report relays. Oil exports plunged 45.8 percent to $1.12 billion, while non- petroleum exports rose 1 percent to $27.89 billion last month, the report discloses. Imports totaled $29.74 billion in February, up 2.2 percent from the same month in 2015, the report adds. MEXICO: Bond Traders Are Signaling Inflation Slowdown Won't Last ---------------------------------------------------------------- Sebastian Boyd at Bloomberg News reports that traders and economists are preparing for faster cost-of-living increases in Mexico even after inflation unexpectedly slowed earlier this month. The country's breakeven rate, a bond-market gauge of investors' expectations for living expenses, has risen 0.14 percentage point to 2.76 percent since March 22, according to Bloomberg News. That's when Mexico reported annual inflation rate unexpectedly slowed to 2.71 percent, holding below the central bank's 3 percent target. Bloomberg News notes that Mexico's weakening currency, which has slipped 1.8 percent this year, will cause price increases to accelerate in Latin America's second-biggest economy this year, prompting the central bank to raise benchmark interest rates, said Alberto Ramos, the chief Latin America economist at Goldman Sachs Group Inc. Last month, policy makers unexpectedly boosted borrowing costs by half a percentage point to 3.75 percent after the currency fell to a record low, Bloomberg News notes. Breakeven inflation rates in Mexico "seem a bit low," said Mr. Ramos, who forecasts inflation will quicken to 3.4 percent this year, Bloomberg News relays. "There has been some pressure feeding through. It's the impact of the pass-through from the currency. It needs to be monitored," Mr. Ramos added. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: To Up Fee for 2nd Checked Bag on its Flights ---------------------------------------------------------------- RJR News reports that beginning May 1, Caribbean Airlines will introduce a new rate of US$30 for passengers' second checked bag. All passengers' first checked piece of luggage, with a maximum weight of 50 pounds, will continue to be free, according to RJR News. The current baggage rate of US$25 will be honored on all tickets purchased up to March 31, the report relays. Passengers flying business class, those enrolled in Caribbean Miles and 7th Heaven Rewards Loyalty programs as well as those purchasing flexible economy fares, will be exempt from the fee for their second checked bag, the report notes. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on November 2, 2015, RJR News said that Michael DiLollo, Chief Executive Officer of Caribbean Airlines Limited has quit after just 17 months on the job. The 48-year-old Canadian national, citing personal reasons, resigned with immediate effect. His resignation was accepted by the airline's board of directors. Mr. DiLollo was appointed Caribbean Airlines CEO in May 2014, following the sudden resignation of Robert Corbie in September 2013. In early February 2015, Larry Howai, then Finance Minister, told Parliament that unaudited accounts for 2014 showed the airline made a loss of US$60 million, inclusive of its Air Jamaica operations, and the airline planned to break even by 2017. Mr. Howai told the Parliament that a five-year strategic plan had been completed and was in the process of being approved for implementation. In an interview with the Trinidad & Tobago Guardian in early November 2015, Mr. DiLollo said CAL did not need a bailout just yet. Mr. DiLollo said the airline had benefited from extremely patient shareholders for years and he believed the airline was strategically positioned to break even in three years. *********** 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 comillionercial 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 * * *