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/raid1/www/Hosts/bankrupt/TCRLA_Public/160707.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 Thursday, July 7, 2016, Vol. 17, No. 133 Headlines A R G E N T I N A ARGENTINA: Moody's Assigns B3 Rating to $1.75BB Bond Due 2036 ARGENTINA: IMF Issues Statement on Technical Mission CELULOSA ARGENTINA: Fitch Assigns 'B' Issuer Default Ratings CELULOSA ARGENTINA: Moody's Assigns B3 CFR; Outlook Stable PETROBRAS ARGENTINA: Moody's Assigns B3 Rating to $500MM Sr. Notes TRANSPORTADORA DE GAS: S&P Affirms 'B-' Ratings; Outlook Stable B R A Z I L BANCO DO BRASIL: S&P Affirms 'BB' Rating on Sr. Unsec. Debt COMPANHIA ENERGETICA: Moody's Cuts GS Issuer Rating to B1 SAMARCO MINERACAO: S&P Lowers Global Scale Ratings to 'CCC' C A Y M A N I S L A N D S CHINA FISHERY: Fitch Cuts Issuer Default Rating to 'D' D O M I N I C A N R E P U B L I C DOMINICAN REP: Heads to Mull Legal Security's Impact on Investment DOMINICAN REPUBLIC: Big Business Ratchet Demands for Reforms G U A T E M A L A BANCO INDUSTRIAL: Moody's Affirms Ba1 Rating; Outlook Stable J A M A I C A HOUSING AGENCY OF JAMAICA: Fires Senior Managers JAMAICA: IIC Finances Expansion of Kingston's Container Terminal P U E R T O R I C O PUERTO RICO: Fitch Cuts Long-Term Issuer Default Rating to 'RD' T R I N I D A D & T O B A G O NIKO RESOURCES: Owes TT$858MM: Hints at Leaving Trinidad & Tobago U R U G U A Y BANQUE HERITAGE: S&P Affirms LT 'B+' GS ICR; Outlook Stable X X X X X X X X X LATAM: Brexit's Full Impact On Caribbean People - - - - - ================= A R G E N T I N A ================= ARGENTINA: Moody's Assigns B3 Rating to $1.75BB Bond Due 2036 ------------------------------------------------------------- Moody's has assigned a B3 rating to the Argentine government's $1 billion bond maturing on July 6, 2028, and the $1.75 billion bond maturing July 6, 2036. The government's issuer rating is B3 with a stable outlook. RATINGS RATIONALE Argentina's B3 long-term issuer rating balances the country's economic development and government debt metrics with ongoing weaknesses resulting from a history of unsustainable economic policies and limited funding options. Argentina's economic strength is supported by its $22,299 GDP per capita (2014, PPP basis), significantly higher than the $6,645 median for B-rated sovereigns. And Argentina's $500 billion economy (2015 estimate) is many times larger than the $21 billion peer median. Moody's expects a drop in real GDP for 2016 as the government pushes measures to reduce both inflation and the fiscal deficit, but economic growth is likely to return in 2017 bolstered by increased investment. Institutional strength has acted as a key ratings constraint for Argentina. Weak institutions led to misreporting of macroeconomic data since 2007 but the new government is in the process of revamping the national statistics institute. Moody's relies on inflation results as a proxy for policy effectiveness and Argentina's high inflation rates at over 30%, is one of the highest among rated sovereigns, and is an indication of weak monetary policy implementation. The government debt burden is similar to rating peers. Reaching an estimated 44% of GDP in 2015, the government debt ratio will rise sharply this year, mainly due to the devaluation of the peso. The increase in government debt is mitigated in part by a favorable debt structure. Moody's estimates almost 75% of Argentina's debt is owed to multilateral institutions and to public sector entities (i.e., intra-public sector debt) that represent very low rollover risk. Unsustainable economic policies and, until recently, restricted access to market funding are key reasons behind the country's high Susceptibility to Event Risk. The new government aims to break with the past in terms of economic policy making. It has announced it will seek to address macroeconomic imbalances with special attention given to reducing the fiscal deficit and bringing down inflation. The change in policy making represents an important credit positive event, but a full return to a more sustainable macroeconomic position will likely take years. RATING OUTLOOK The stable outlook on Argentina's B3 rating balances our expectations for continued positive reform momentum and stabilization of reserve levels, with the still formidable macroeconomic challenges, particularly in reducing high fiscal deficits and inflation. FACTORS THAT COULD MOVE THE RATING UP/DOWN A positive rating action is dependent on continued and sustainable progress aimed at reducing macroeconomic imbalances and bringing down high fiscal deficits and inflation. An improvement in the quality of the country's data reporting also would support a positive rating action. A negative rating action could result from continued macroeconomic imbalances, such as sustained high fiscal deficits that significantly increase the country's debt burden, or an increase in external vulnerabilities including a sharp drop in available official international reserves. This credit rating and any associated review or outlook has been assigned on an anticipated/subsequent basis. This credit rating and any associated review or outlook has been assigned on an anticipated/subsequent basis. The principal methodology used in these ratings was Sovereign Bond Ratings published in December 2015. The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable. ARGENTINA: IMF Issues Statement on Technical Mission ---------------------------------------------------- A technical mission from the International Monetary Fund (IMF) mission, led by Mr. Roberto Cardarelli, visited Buenos Aires between June 27 - July 1, in the context of the ongoing dialogue between the IMF and Argentine regarding the quality of official Consumer Price Index (CPI) and Gross Domestic Product (GDP) data. At the conclusion of the visit, Mr. Cardarelli issued the following statement: "The IMF technical mission held wide-ranging and detailed meetings with officials at the national statistics institute (INDEC) and Ministry of Economy regarding the methodology and underlying data on the new official CPI and GDP statistics, and was impressed by the authorities' strong commitment to improving the quality and transparency regarding official data. "The team will now return to Washington to complete a report that will form the basis for the Managing Director's report to the Executive Board on the issue. The subsequent Board meeting is expected to take place in late August. "The team thanks their colleagues at INDEC and the Ministry of Economy for the constructive and open discussions." CELULOSA ARGENTINA: Fitch Assigns 'B' Issuer Default Ratings ------------------------------------------------------------ Fitch Ratings has assigned Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'B' to Celulosa Argentina S.A. (CASA). The Rating Outlook is Stable. In addition, Fitch has assigned a 'B(EXP)/RR4' long-term rating to the company's proposed senior unsecured debt issuance of $US200 million. The proceeds from the issuance will be used mainly to refinance the company's existing indebtedness as well as general corporate purposes. The notes will rank pari passu in priority of payment with all other CASA senior unsecured debt. KEY RATING DRIVERS CASA's ratings reflect the company's position as the largest integrated pulp and paper manufacturer in Argentina. It has the leading market share in printing and writing paper in the country. CASA benefits from restrictions on paper being imported from Brazil. Like other paper producers, CASA is vulnerable to industry cycles. DOMESTIC MARKET FOCUS CASA has a 35% and 23% market share, respectively, in coated and uncoated paper in Argentina. Its operations are vertically integrated from forestry to distribution. Given its high cost structure due to its small size, CASA has little flexibility to compete in the export market. As of the nine months ended Feb. 28, 2016, paper comprised 68% of sales, followed by solid wood (10%), packaging and other (9%), tissue (8%), and pulp (5%). DEPENDENCE ON IMPORT RESTRICTIONS CASA is small in size compared to its peers in Brazil and Chile. This results in a cost structure that is above average within South America. The company benefits from import tariffs and other agreements, such as a bilateral trade agreement between the governments of Argentina and Brazil that limits Brazilian paper imports and reduces competition in the domestic market. This scenario has increased the premium of local prices over export prices and the share of domestic sales over total sales. VOLATILE CASH FLOW GENERATION CASA's small size makes it more vulnerable to industry cycles due to lower economies of scale. The company's operating results are exposed to high levels of volatility in international pulp prices. CASA is also exposed to double-digit inflation in Argentina and other direct and indirect sovereign-related risks, including devaluation and refinancing risks. MODERATE LEVERAGE As of Feb. 29, 2016 LTM, the company's total debt-to-adjusted EBITDA ratio was 3.8x and net debt-to-adjusted EBITDA ratio was 3.7x, higher when compared with 2.9x and 2.8x at FYE 2015. While EBITDA improved ARS208 million to ARS691 million at Feb. 29, 2016 LTM, debt increased by ARS1 billion. The increase in debt was related to the depreciation of the Argentine peso as the company's debt in $US-terms declined to $US168 million at Feb. 29, 2016, from $US176 million in FYE2015. CASA sold its property in Uruguay during April 2016. The company expects to receive $US35 million during FY2017 and $US7 million over the next three years. The company intends to use this cash to purchase a second tissue machine, which should lead to lower levels of leverage. KEY ASSUMPTIONS Fitch's key assumptions within its ratings case for the issuer include: -- Revenue growth in line with inflation; -- EBITDA margin approaches 18.5% by 2019; -- Successful bond issuance and company receives proceeds for land sale in Uruguay. Proceeds used towards refinancing existing debt, working capital and general corporate purposes, remaining cash kept on balance sheet. -- Second tissue machine acquired and begins operations in 2019. -Planned maintenance stoppage in FY2017 and FY2019; -- Capex according to company projections; -- Net leverage falls below 2.5x by 2019. RATING SENSITIVITIES CASA's ratings could be negatively affected by a combination of the following: a prolonged downturn in pulp and paper prices resulting in a material weakening of CASA's capital structure, or a downgrade of the Argentine sovereign could result in a negative rating action. An upgrade in the near- to medium-term is unlikely. Increased exports would be viewed favorably. LIQUIDITY Fitch expects the company to keep some of the proceeds of the bond issuance as cash on balance sheet, ending the year at around $US13 million. CASA has historically maintained less than $US10 million in cash, given the lack of investment opportunities where a large amount of cash is required, and the economic situation in Argentina. The company reported $US6 million in cash as of the LTM ended Feb. 29, 2016, which was not enough to cover short-term debt of $US76 million. Typical of Argentine corporates, the majority of CASA's debt (51%) is short-term; CASA has long-term relationships with its lenders, and like most Argentine companies in the last decade, has consistently rolled over its short-term debt, as long- term debt has not been readily available. CELULOSA ARGENTINA: Moody's Assigns B3 CFR; Outlook Stable ---------------------------------------------------------- Moody's Investors Service has assigned a B3 corporate family rating to Celulosa Argentina S.A. (CASA). At the same time, Moody's assigned a B3 rating to its proposed USD200 million senior unsecured notes. The outlook is stable. Net issuance proceeds will be used for refinancing existing debt, pre-fund working capital and invest in tangible assets located in Argentina. CASA's subsidiaries will act as fully and unconditionally guarantors of the new notes. RATINGS RATIONALE The B3 rating is underpinned by CASA's leadership and highly recognized brand name in the Argentine domestic paper market. The rating reflects CASA's strong operating performance, credit metrics, and margins amid relatively stable pulp prices. Supporting the ratings is Moody's view that CASA's revenue growth will continue to benefit from a stable demand in its key regional markets over the medium term. Moreover, any potential devaluation of local currency would positively impact its cost structure since 65% of its costs are in ARS and 75% of its revenues are in USD. The company's vertically integrated operations are additional credit positives. CASA's key credit negatives include its current tight liquidity position, with a very modest coverage of short-term debt and high capex needs. However, Moody's expects that a successful completion of the proposed debt issuance would significantly improve CASA's liquidity profile, as part of the proceeds would be used to refinance existing amortizing debt and to reinforce the company's cash position. Finally, the ratings also reflect the company's limited geographic diversity and reduced scale and size in relation to global peers. Other credit constraints refer to the potential impacts of cost inflation on CASA's margins and cash flow prospects and potential underlying weakness in the Argentine economy and uncoated paper prices. The stable outlook is supported by Moody's expectation that CASA will improve its liquidity cushion following the proposed transaction, while maintaining healthy credit metrics and operating margins. An upgrade of the ratings would require a significant improvement in CASA's liquidity profile and the maintenance of solid credit metrics and operating performance. Positive pressure would also be dependent on a positive rating action on the Argentina sovereign rating. A downgrade could result from a deterioration in CASA's credit metrics and margins or from a failure to address near to medium term debt maturities. The ratings could be downgraded if CASA's liquidity profile weakens. Quantitatively, a downgrade could result from Debt to EBITDA of above 6.5 times and/or EBITDA to Interest of below 1 time, both at the CASA consolidated level. Headquartered in Capitan Bermudez, Rosario, Argentina, Celulosa Argentina S.A. (CASA) is an Argentinean pulp and paper producer, with a well-known portfolio of trademarks and products. CASA exports approximately 15% of revenues to Chile, Brazil and other Latin American countries, and its consolidated revenues reached USD 395 million as of the last twelve months ended February 2016. The principal methodology used in these ratings was Global Paper and Forest Products Industry published in October 2013. PETROBRAS ARGENTINA: Moody's Assigns B3 Rating to $500MM Sr. Notes ------------------------------------------------------------------ Moody's Investors Service assigned a B3 ratings to Petrobras Argentina S.A.'s (PESA, B3 negative) proposed up to $500 million in senior unsecured notes. The use of proceeds of the proposed notes will be to repay existing $300 million guaranteed notes (rated B3/Baa3.ar negative) due 2017 and for capital expenditures. PESA's B3 corporate family rating and negative outlook remain unchanged. The outlook on all ratings is negative. RATINGS RATIONALE On May 3, 2016, Pampa Energia S.A. (Pampa, not rated) announced its intention to acquire Petroleo Brasileiro S.A.'s (Petrobras, B3 negative) 67.19% stake in PESA. Pampa is the holding company of an integrated energy group in Argentina, dedicated to the generation, transmission and distribution of electric energy as well as a small business in the oil and gas sector. On May 12, 2016, Pampa announced that it may merge PESA with and into Pampa. The merger is subject to approval of Pampa's board of directors and shareholders as well as the approval by PESA's board and shareholders. If the merger were approved and completed, Pampa would be PESA's successor company and the obligor of the proposed notes. The transaction is still pending local regulators' approvals but the parties do not expect material changes in the structure of the transaction during the approval process. The sale of PESA will trigger the change of control clause at the company's $300 million existing notes due in 2017, which are guaranteed by Petrobras. According to the bond indenture, in case of a change of control, PESA is required to make an offer to repurchase the notes at a price equal to 101% of the outstanding principal amount plus accrued interests. These notes represented about 90% of PESA's outstanding debt as of March 31, 2016. PESA has already announced that it will repay the notes as part of this transaction. Upon conclusion of the acquisition process and assuming that the transaction closes as agreed, Moody's will reassess its ratings on the proposed notes, under the new ownership, capital structure and business strategy of the new obligor. Moody's will also evaluate the adequacy and sufficiency of information to monitor the ratings. PESA's B3 ratings are based on the company's position as a relatively small diversified energy operator in Argentina with a record of poor upstream capital efficiency characterized by low levels of investment and reserve replacement and rising costs, vulnerable to Argentina's uncertain policies. PESA's geographic and operational diversification has declined as it has restructured and exited various operations to focus in Argentina. With declining reserves and a relatively short reserve life, PESA's primary operational challenge continues to be to extend a largely mature asset base and show rising production and reserve growth over the next few years. The ratings are supported by the company's relatively solid credit metrics for its rating category as well as some cash flow stability from its various energy operations. PESA's ratings also consider the uncertain government's policies for the energy sector in Argentina. PESA has used primarily internal sources to finance operations and capital spending, although capex has been limited. Virtually all of PESA's debt is US dollar denominated. As of March 31, 2016, the company had the equivalent to $133 million in cash and marketable securities in local currency, enough to cover its short maturities of $8 million plus approximately 40% of its outstanding debt, as adjusted by Moody's. Like most companies in Latin America, PESA does not have committed bank credit facilities but it maintains uncommitted local bank lines for working capital needs and has successfully tapped both local and international markets in the past. PESA has no meaningful financial covenants in its debt agreements. The cash repatriation requirements that applies to a company's export sales have not had a large impact on PESA, which sells most of its crude oil and natural gas in Argentina, although refined product and petrochemical exports generally equal to about 10% of its total revenues. Moody's believes PESA's cash balances will be available to meet cross border debt service. The B3 ratings on the proposed notes are based on the negative outlook of Petrobras and on the uncertain energy operating environment in Argentina. A positive rating action for PESA's B3 rating would be merited if Moody's believe that that the company will be able to sustain its currently solid financial ratios and liquidity position. A downgrade of the Argentine government that may reflect increasing political and regulatory risk, or a governmental initiative on setting reference prices that puts pressure on PESA's cash flows, debt service capabilities or liquidity, could also put negative pressure on PESA's ratings. PESA is an integrated energy company with operations focused on petroleum exploration and production but with refining and product distribution, and petrochemicals business. It also has interests in electric generation, and in gas pipelines and NGLs production through Transportadora de Gas del Sur S.A. (B3 stable). For the last twelve months ended March 31, 2016, the company generated revenues of $2.3 billion and had total proved reserves of 183 million of BOE. Petrobras is an integrated energy company, with total assets of $241 billion as of March 31, 2016. Petrobras dominates Brazil's oil and natural gas production, as well as downstream refining and marketing. The company also holds a significant stake in petrochemicals and a position in sugar-based ethanol production and distribution. The Brazilian government directly and indirectly owns about 46% of Petrobras' outstanding capital stock and 60.5% of its voting shares. The principal methodology used in this rating was Global Independent Exploration and Production Industry published in December 2011. TRANSPORTADORA DE GAS: S&P Affirms 'B-' Ratings; Outlook Stable --------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' local currency and foreign currency ratings on Transportadora de Gas del Sur S.A. (TGS). The outlook remains stable. The local currency rating on TGS reflects S&P's expectation that despite its solid credit metrics and adequate liquidity position, the company won't be able to withstand a sovereign stress scenario. As a result, the 'B-' rating on the Republic of Argentina continues to limit the local currency rating on TGS. The foreign currency rating on the company reflects S&P's belief that it won't be able to continue honoring its foreign currency obligations under potential restrictions to access foreign currency and/or restrictions on the ability to transfer funds abroad. As a result, Argentina's transfer and convertibility (T&C) assessment limits the foreign currency rating on TGS. Despite a sharp drop in the international prices of the natural gas liquids (NGL), a segment that generate about 75% of TGS's revenues, the company's credit metrics remained stable thanks to a depreciation of about 50% of the Argentinean peso (given that prices on the NGL segment are dollar-denominated) and the reduction in export rights to 1% from about 30%, which the government granted due to lower international prices. Despite the company's dollar-denominated debt, its amortizing structure reduces the outstanding debt. Therefore, S&P expects TGS's leverage metrics--debt to EBITDA and funds from operations (FFO) to debt--to improve in the upcoming years. An April 2016 200.1% tariff increase for the gas transportation segment will result in additional inflows of about $135 million per year for the company. TGS is also required to perform capital expenditures of about $55 million (ARP$794.3 million) until March 2017. S&P considers the tariff increase as positive from a credit standpoint, given that it will help TGS's natural-gas transportation segment start generating EBITDA, and that the cash inflows resulting from the tariff increase will be higher than the required investments. Additionally, the government plans to implement an integral tariff revision (Revision tarifaria integral) before Feb. 24, 2017, according to the resolution 3724. In S&P's view, the latter will help re-establish the economic balance of the gas transportation segment, which could result in an improvement of TGS's already sound cash flow generation, and therefore in its credit metrics. S&P's view of an improved regulatory environment in Argentina, which reflects S&P's assessment of a lower risk of the government interference and a higher probability of an integral tariff revision, prompted S&P to revise its assessment of TGS's business risk profile to weak from vulnerable. This resulted in TGS's anchor--the combination of the company's business and financial risk profiles--to rise to 'bb-' from 'b+'. If the business conditions for the industry, and specifically for TGS, further improve in the next one to two years, S&P could revise its business risk profile assessment on the company to a stronger category. =========== B R A Z I L =========== BANCO DO BRASIL: S&P Affirms 'BB' Rating on Sr. Unsec. Debt ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB/B' global scale ratings on Banco do Brasil S.A., its 'BB' ratings on the bank's senior unsecured debt, its 'B' ratings on the bank's subordinated debt, and its 'B-' rating on the bank's junior subordinated debt. At the same time, S&P affirmed its 'brAA-' national scale ratings on its core subsidiary, Ativos S.A. Securitizadora de Creditos Financeiros. The outlook remains negative. S&P has lowered Banco do Brasil's SACP to 'bbb-', from 'bbb' due to deterioration in S&P's forecasted RAC ratio for the next two years and weakness in the quality of the bank's capital, with an increasing share of DTAs (generated mainly from credit provisioning), which represented more than 50% of capital as of fiscal year 2015. "We have seen increasing capital pressure on all Brazilian banks due to the substantial increase in risk-weighted assets (RWAs) used following the sovereign and BICRA downgrades of Brazil in the last three years. At the same time, Basel III capitalization ratios maintained zero risk weight for Brazilian government bonds, even though these assets risks clearly increased in the last three years. Stress on performance from asset quality pressure, which we expect to affect all banks in the next few years, also jeopardizes internal capital generation, adding pressure to capitalization. For Banco do Brasil particularly, we view the combination of higher RWAs and its fast growth in the last five years as the main reasons for our expectations of lower RAC levels going forward," S&P said. S&P's ratings on Banco do Brasil reflect its 'bb+' anchor and S&P's view of the bank's very strong business position, weak capital and earnings, adequate risk position, above average funding, and adequate liquidity. The negative outlook reflects S&P's view that the ratings on Banco do Brasil should move in tandem with those on the sovereign, and there is a greater than one-in-three likelihood that S&P could lower the ratings on Brazil again. It also incorporates potential downgrades in the BICRA, and therefore Brazil's 'bb+' anchor, potential further deterioration in the bank's capital (following increasing RWAs risk charges from potential BICRA changes), and deterioration in the bank's risk position and business position asset quality has pressured both the bank's balance sheet and its ability to sustain stable and diversified revenues in comparison to international peers). S&P anticipates that within the next year, it could lower the sovereign ratings and those on Banco do Brasil if potential key policy reversals take place, given the fluid political dynamics, including lack of cohesion within the cabinet, inconsistent policy initiatives, and uncertainties during or following the impeachment process. A downgrade could also result from changes in Brazil's BICRA and RWA risk charges, currently with a negative trend, which could lead to further capital pressure, in addition to risk position pressure due to asset quality deterioration. These aspects could lead to multiple score revisions and multiple notch changes to the bank's SACP, to levels below Brazil's sovereign rating. "We could revise the outlook on Banco do Brasil to stable if Brazil's political uncertainties and conditions for consistent policy execution were to improve across branches of government to stanch fiscal deterioration and strengthen GDP growth prospects. We expect that these improvements would support a quicker turnaround and could help Brazil exit from the current recession, facilitating improved fiscal performance and providing more room to maneuver in the face of economic shocks. Therefore, the outlook on Banco do Brasil could be revised to stable following a similar action on the sovereign, if these improvements take place at the sovereign level. In additional, we could take such an action if we revise our negative trend on Brazil's BICRA to stable, if asset quality pressure on the bank eases materially, and if revenues remain stable compared to international peers," S&P said. COMPANHIA ENERGETICA: Moody's Cuts GS Issuer Rating to B1 --------------------------------------------------------- Moody's America Latina Ltda. took these rating actions on specific electric and water utilities as a result of the downgrade of the global scale issuer rating of the state of Minas Gerais to B1 from Ba3 with a negative outlook, and of the outlook change for the issuer ratings of the state of Parana (Ba3/A1.br) to negative from stable. The issuers and ratings impacted are: Companhia Energetica de Minas Gerais (CEMIG) Issuer ratings downgraded to B1/Baa1.br from Ba3/A1.br (on the global scale and on the national scale, respectively) with a negative outlook on all ratings. CEMIG Distribuicso S.A. (CEMIG-D) Issuer ratings downgraded to B1/Baa1.br from Ba3/A2.br. Ratings of backed senior unsecured Brazilian debentures downgraded to B1/Baa1.br from Ba3/A2.br, with a negative outlook on all ratings. CEMIG Geracao e Transmissao S.A. (CEMIG-GT) Corporate Family Ratings (CFR) downgraded to B1/Baa1.br from Ba3/A1.br Ratings of backed senior unsecured Brazilian debentures downgraded to B1/Baa1.br from Ba3/A1.br, with a negative outlook on all ratings. Companhia de Saneamento de Minas Gerais S.A. (COPASA) CFRs downgraded to B1/Baa1.br from Ba3/A2.br. Ratings of senior unsecured Brazilian debentures downgraded to B1/Baa1.br from Ba3/A2.br, with a negative outlook on all ratings. Companhia de Saneamento do Parana -- (SANEPAR) Issuer ratings affirmed at Ba3/A1.br. Ratings on senior unsecured Brazilian debentures affirmed to Ba3/A1.br. Outlook changed to negative from stable on all ratings. RATINGS RATIONALE The downgrade of ratings for CEMIG, CEMIG-D, CEMIG-GT and COPASA reflects primarily the downgrade of the state of Minas Gerais to B1 from Ba3 with a negative outlook as a result of the quick deterioration of the state's fiscal position. Likewise the outlook change for the ratings of SANEPAR follows the change in the outlook of the Ba3/A1.br ratings for the state of Parana to negative from stable. Moody's believes that because of the strong influence the regional government as the controlling shareholder exerts on these utilities' governance and financial condition, the rating of these utilities is constrained by the ratings of their controlling parent, respectively the Brazilian states of Minas Gerais for CEMIG, CEMIG-D, CEMIG-GT and COPASA; and the state of Parana for SANEPAR. Those issuers are Government-Related Issuers or GRIs, as defined in Moody's rating methodology "Government-Related Issuers: Methodology Update", published in October 2014. Moody's methodology for GRIs incorporates into the rating both the stand- alone credit risk profile or Baseline Credit Assessment (BCA) of the company as well as an assessment of the likelihood that its government owner would provide extraordinary support to the company's obligations. In addition to the impact from the change in the supporting regional government's ratings, the downgrade of CEMIG, CEMIG-GT and CEMIG-D's ratings also reflects materially lower operating margins, as a result of the ongoing challenging domestic economic conditions, as well as significantly higher leverage and cost of capital, which we expect will continue throughout the next 18 -- 24 months. According to Moody's standard adjustments, in the last 12 months ended on March 31, 2016, CEMIG's Net Debt to EBITDA increased to 4.7x from 3.0x in FY2015, while cash flow from operations (CFO) pre-working capital (W/C) to Debt decreased to 21.0% from 24.7%, and interest coverage ratio decreased to 3.4x from 3.8x. The ratings also reflect a more pressured liquidity position. As of March 31, 2016, CEMIG reported cash and cash equivalents of BRL1,989 million against debt maturing in the next 12 months of BRL4,911 million. While directly exposed to the continuing effects from Brazil's economic recession, Moody's expects some improvements in COPASA's credit metrics going forward driven by a return to revenues growth resulting from more favorable hydrology conditions and by the benefit of cost cutting measures taken by the company late in 2015. COPASA's ratings continue to be constrained by high leverage position, evidenced by a debt/EBITDA ratio (as adjusted by Moody's) of 4.3x in the last twelve months ended March 31, 2016. The Ba3/A1.br issuer ratings for SANEPAR have been affirmed, based on Moody's view that the company's credit metrics evidenced by a FFO to Net Debt ratio of 32% and an interest coverage ratio of 4.3x in the last twelve months ended March 31, 2016, remain strong for the rating category. WHAT COULD CHANGE THE RATING UP/DOWN In light of the rating actions with the maintenance of the negative outlook, an upgrade of the ratings is unlikely in the short to medium term. A deterioration of Brazil's sovereign credit quality could exert downward pressure on the assigned ratings. Further deterioration in the respective sub-sovereign's credit quality could exert downward pressure on these issuers. A sustained deterioration in the relevant credit metrics of the issuers on a standalone basis and/or, perception of a material deterioration in the regulatory frameworks under which these companies operate could also exert downward pressure. The principal methodology used in rating Cemig Distribuicao S.A. and Cemig Geracao e Transmissao S.A. was Regulated Electric and Gas Utilities published in December 2013. The methodologies used in rating Companhia Energetica de Minas Gerais - CEMIG were Regulated Electric and Gas Utilities published in December 2013, and Government-Related Issuers published in October 2014. The methodologies used in rating Companhia de Saneamento do Parana - SANEPAR and Companhia de Saneamento de Minas Gerais - COPASA were Regulated Water Utilities published in December 2015, and Government-Related Issuers published in October 2014. 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. While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_ 189530 SAMARCO MINERACAO: S&P Lowers Global Scale Ratings to 'CCC' ----------------------------------------------------------- S&P Global Ratings lowered its global scale ratings on Samarco Mineracao S.A. to 'CCC' from 'B'. At the same time, S&P lowered its national scale corporate credit rating on the company to 'brCCC' from 'brBB-'. S&P also lowered Samarco's SACP to 'ccc-' from 'ccc'. The outlook on the corporate ratings is negative. S&P has also lowered the issue-level ratings on Samarco to 'CCC-' from 'B'. The rating is now one notch below Samarco's corporate credit rating, reflecting the revision of the recovery rating to '5H', given the modest recovery (10%-30%, in the higher end of the range) for lenders in the event of a payment default, from '4L'. The downgrade reflects the company's weakening liquidity, given the depletion of the cash position following cash contributions to the recovery fund, scheduled interest and amortization payments, and operating cash-flow needs to maintain the remaining assets and operations over the next few months. The increasing liquidity pressures will test Samarco's capacity to service its financial obligations in the next six months, which has led S&P to revise the company's SACP to 'ccc-'. Therefore, S&P expects the company to rely on its shareholders, especially to cover the cash contributions for the recovery fund of the affected areas, because the company still has about R$1.4 billion in contributions to deposit in 2016. (Samarco's tailings dam collapsed in November 2015, causing deaths and massive environmental damage in the state of Minas Gerais.) In addition, the company has breached covenants on its export prepayment loans, exposing it to debt payment acceleration not only on those loans, but also on the bonds, given cross-acceleration clauses. "We now view Samarco as a moderately strategic subsidiary of Vale. We believe that the uncertainties over the timing of Samarco's resumption of operations considerably affect shareholders' willingness to provide financial support, other than the agreed recovery fund contributions. We believe that Samarco is still part of Vale's long-term strategy and could receive some financial support from the latter. However, timing and amount of such support will depend on Samarco's ability to generate cash in the near term. Therefore, we believe the potential for Vale's support will be limited while Samarco's licenses remain suspended. We continue to view Samarco as non-strategic to BHP Billiton," S&P said. ========================== C A Y M A N I S L A N D S ========================== CHINA FISHERY: Fitch Cuts Issuer Default Rating to 'D' ------------------------------------------------------ Fitch Ratings has downgraded China Fishery Group Limited's (China Fishery) Issuer Default Rating to 'D' from 'RD'. No Outlook has been assigned. The downgrade follows China Fishery's announcement on 30 June that the company and its subsidiaries had filed for US bankruptcy protection under Chapter 15 and Chapter 11 of the US bankruptcy code. The bankruptcy filing with facilitate a debt restructuring arrangement with holders of the $US300m senior unsecured notes issued by CFG Investment S.A.C., China Fishery's financing vehicle. China Fishery failed to pay a coupon on the notes that was due on 30 January 2016. China Fishery's senior unsecured rating and the rating on the $US300m notes issued by CFG Investment S.A.C. have been affirmed at 'C', with a Recovery Rating of 'RR4'. RATING SENSITIVITIES Fitch will re-examine China Fishery's credit profile if it successfully restructures its debt. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Heads to Mull Legal Security's Impact on Investment ------------------------------------------------------------------ Dominican Today reports that several chambers of commerce and business organizations will analyze, with a large group of academics and specialists, the impact of legal security on investment, especially foreign, in a seminar which set for Tuesday, July 12, from 8:30 a.m. to 12 noon, at the Sheraton Hotel. The event hosted by the Round Table of Commonwealth countries in the Dominican Republic, in coordination with the British Canadian, Trinidad and India chambers of commerce, the Mining and Oil Federation of Chambers of Commerce (FEDOCAMARAS) and the National Business Council (CONEP), according to Dominican Today. Among the speakers figure Export and Investment Center (CEI-RD) director Jean Alain Rodriguez; Dominican Foreign Investment Businesses Association (ASIEX) president Ramon Ortega; vice president National Business Council (CONEP) and UNIBE University master's in constitutional law coordinator Cristobal Rodriguez, the report notes. Institutional and Justice Foundation (FINJUS) vice president Servio Tulio Casta§os will also join the panel discussion and analysis specializing in legal security, academicians and representatives of international organizations, the report relays. In an emailed statement, the Roundtable said the seminar aims to examine the influence of legal security on the process of attracting capital from abroad and its importance to achieve prosperity in the Dominican Republic, the report adds. As reported in the Troubled Company Reporter-Latin America on July 1, 2016, Moody's Investors Service has changed the outlook on the Dominican Republic's long term issuer and debt ratings to positive from stable. The ratings have been affirmed at B1. DOMINICAN REPUBLIC: Big Business Ratchet Demands for Reforms ------------------------------------------------------------ Dominican Today reports that the business sector said it supports the National Business Council's (Conep)call for political and economic reforms they affirm the country demands, mostly changes that contribute to strengthen democracy. The statements from the various business groups respond to critique from ruling PLD party general secretary Reinaldo Pared, who insinuated that Conep president Rafael Blanco's complaint stem from the fact that "his candidate didn't win the election," according to Dominican Today. For the American Chamber of Commerce (Amcham-RD), "social and economic wellbeing is based on solid, transparent and accountable institutions and consequently stability, which means that the CONEP's proposed legislative package would strengthen the institutional aspects and raise the confidence of the citizenship in the system, in addition to legitimizing it," the report notes. Amcham-RD said CONEP's first proposal involves the passing of a new electoral law, with established rules for electoral processes, to be more organized and avert the unchecked use of taxpayers' money, the report relays. For its part, the Employers Confederation (Copardoom) urged the Government and Congress to push to approve pending institutional reforms, to effectively implement the pacts under the National Development Strategy, the report says. Copardom President Joel Santos said the passing of laws to strengthen institutions with higher transparency in governance are key issues on its agenda, the report discloses. "In Copardom we're convinced that the education, electricity and fiscal pacts require institutional reforms that contribute to their proper implementation; the same applies to the reform of labor law, which must be done within the framework of a broad consensus," the report quoted Mr. Santos as saying. For the Herrera and Santo Domingo Province Industries Association, a policy and institutional reforms must come as soon as possible, "in a sequential and chained manner to ensure the success of the electric, fiscal and education pacts," the report adds. As reported in the Troubled Company Reporter-Latin America on July 1, 2016, Moody's Investors Service has changed the outlook on the Dominican Republic's long term issuer and debt ratings to positive from stable. The ratings have been affirmed at B1. ================= G U A T E M A L A ================= BANCO INDUSTRIAL: Moody's Affirms Ba1 Rating; Outlook Stable ------------------------------------------------------------ Moody's Investors Service affirmed the long-term local and foreign currency deposit ratings of Ba1 and Ba2 of Banco Industrial, S.A. and changed the outlook to stable from negative. The rating agency also affirmed the Ba1 foreign currency senior debt rating of Industrial Senior Trust and changed the outlook to stable from negative. The rating action follows Moody's outlook change on Guatemala's Ba1 government bond rating to stable from negative. Banco Industrial's ba3 baseline credit assessment (BCA) and adjusted BCA are unaffected by this action, as are its short term local and foreign currency deposit ratings of Not Prime as well as the Ba1(cr) and Not Prime(cr) long and short term counterparty risk assessments. The bank's B3(hyb) foreign currency junior subordinated debt rating and the B1 foreign currency subordinated debt rating assigned to Industrial Subordinated Trust remain unaffected as well. These ratings were affirmed, with the outlook changed to stable from negative: Banco Industrial, S.A.: Long term local currency deposit rating of Ba1 Long term foreign currency deposit rating of Ba2 Industrial Senior Trust Long term foreign currency senior debt rating of Ba1 RATINGS RATIONALE Moody's outlook change on Banco Industrial's long-term deposit ratings to stable from negative is in line with the action taken on the outlook for Guatemala's Ba1 government bond rating on 30 June. The stable outlook on the sovereign rating reflects the resiliency of the country's credit profile to the 2015 political crisis, posting robust growth, a lower fiscal deficit and stable debt metrics. Moody's also recognizes the government's fight against corruption and its effort to improve transparency and accountability, which will continue to strengthen the country's weak institutions, particularly in tax administration and rule of law. The bank's Ba1 local currency deposit rating benefits from two notches of uplift from the ba3 BCA, incorporating Moody's assumption of very high public support, in the case of need. This assumption is based on Banco Industrial's important lending and deposit franchise as the largest bank in the country with about a quarter of market share. The bank's Ba2 foreign currency deposit rating is constrained by Guatemala's Ba2 sovereign ceiling for foreign currency deposits, which is one notch below the government bond rating. "Banco Industrial's ba3 BCA reflects the bank's historically strong asset quality, its ample base of relatively low-cost core deposits, as well as substantial liquid resources and adequate profitability that leverage the bank's leading position in the Guatemalan banking system," said Moody's Analyst Georges Hatcherian. "However, the bank's standalone assessment is constrained by its weak core capitalization due to its high loan growth, carrying goodwill from prior acquisitions and hefty dividend payments -- the latter, in part, offset by intermittent capital injections." The BCA also reflects Guatemala's Macro Profile assessed as "Weak", which incorporates the country's low GDP per capita notwithstanding steady growth in recent years and the quality of institutions which remains weak overall despite prudent monetary and fiscal management. The country's Macro Profile also considers the increasing funding risks for the Guatemalan banking system related to the ending of correspondent banking lines by some international banks. A prolonged loss of access to these funding sources would drive up costs and limit banks' ability to extend dollar-denominated loans -- particularly those devoted to trade finance -- curtailing earnings and internal capital generation, in addition to increasing refinancing risks. The affirmation of Industrial Senior Trust's Ba1 foreign currency senior debt rating, with its outlook changed to stable from negative, is in line with the action on Banco Industrial's local currency deposit rating. Industrial Senior Trust is a Cayman Island-based trust, guaranteed by Banco Industrial. WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN Upward pressure on Banco Industrial's local currency deposit and foreign currency senior debt ratings is limited at this juncture as they are currently at the level of Guatemala's Ba1 sovereign rating. The bank's BCA could be lifted in the case of a significant and sustainable strengthening of its core capitalization, coupled with a maintained strong asset quality and a resilient profitability. If the BCA is lifted, Banco Industrial's foreign currency junior subordinated debt rating, as well as Industrial Subordinated Trust's foreign currency subordinated debt rating, would also face upward pressure. The bank's deposit and senior debt ratings would be downgraded in the case of a downgrade of Guatemala's government bond rating. A downgrade of Banco Industrial's BCA, which could be triggered by a rapid increase in loan delinquencies with its ensuing negative impact on profitability and capital, would also warrant a downgrade of the bank's and trusts' ratings. The last rating action on Banco Industrial, Industrial Senior Trust and Industrial Subordinated Trust was on June 3, 2015, when Moody's lowered the bank's BCA and adjusted BCA, downgraded its local currency deposit ratings and junior subordinated debt ratings, while it also downgraded both trusts' debt ratings. The principal methodology used in these ratings was Banks published in January 2016. Headquartered in Guatemala City, Guatemala, Banco Industrial reported total consolidated assets of GTQ90.8 billion (about $11.8 billion) and total shareholders' equity of GTQ6.3 billion (around $820 million) as of March 2016. ============= J A M A I C A ============= HOUSING AGENCY OF JAMAICA: Fires Senior Managers ------------------------------------------------ RJR News reports that the board of the Housing Agency of Jamaica (HAJ) has sacked a number of its senior managers. The board has dismissed, with immediate effect, the Managing Director, the Director of Technical Services, senior managers with responsibility for Construction, Finance and Information and Legal Service/Company Secretary, according to RJR News. Senior Manager for Sales and Services, Gary Howell has been appointed as Acting Managing Director in the interim, the report relays. All other vacant positions are to be filled by persons already employed at the HAJ, the report notes. The agency which was established to provide low income housing solutions, reported losses of over J$2 billion in the last three years. The board says two damning audits of the agency influenced its decision, the report says. Norman Brown, Chairman of the HAJ, said with concerns over the financial situation, it had no choice but to act. Mr. Brown also said action has been taken to review the governance arrangements and project management practices at the HAJ, the report adds. JAMAICA: IIC Finances Expansion of Kingston's Container Terminal ---------------------------------------------------------------- The Inter-American Investment Corporation (IIC), acting on behalf of the Inter-American Development Bank (IDB) Group, has signed a US$265 million financing package with Kingston Freeport Terminal Limited. The project will optimize and expand Kingston's container terminal capacity in Jamaica, as the port must stay competitive to handle larger ships now passing through the expanded Panama Canal. The upgraded terminal will soon manage increased vessel volume, expanding capacity from 2.8 to 3.2 million Twenty-Foot Equivalent Units (TEUs) per year within the next six years. The project will contribute to strengthen Jamaican's relevancy in global trade and foster private sector activity and foreign direct investment. The financing includes a US$205 million IDB Loan, comprised of an A-loan of US$94 million and B-loans of US$111 million from Cordiant, FMO, CIBC First Caribbean and CIFI. The package also includes co-loans from Proparco and DEG for US$30 million each. The loans offer a tenor of up to 15 years. Total project cost is US$452 million, and it is the largest infrastructure project funded by the IIC in Jamaica. In addition to long-term financing, the IIC provided assessments to optimize dredging and mitigation measures with the aim of protecting local biodiversity and cultural heritage. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-term foreign and local currency IDRs to 'B' from 'B-' and revised the Rating Outlooks to Stable from Positive. In addition, Fitch upgraded Jamaica's senior unsecured Foreign- and Local-Currency bonds to 'B' from 'B-'. The Country Ceiling has been affirmed at 'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'. ====================== P U E R T O R I C O ====================== PUERTO RICO: Fitch Cuts Long-Term Issuer Default Rating to 'RD' --------------------------------------------------------------- Fitch Ratings has downgraded the Commonwealth of Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from 'C' and general obligation (GO) bond rating to 'D' from 'C' following the payment default on certain GO bonds on July 1, 2016. Both ratings are removed from Rating Watch. Ratings on securities that have not defaulted will remain at 'C' until the point of default. The ratings on non-defaulted bonds remain on Rating Watch Negative. DEFAULT ON GO BONDS: On July 1, 2016, the commonwealth failed to make a $779 million payment of GO debt service and defaulted on $294.3 million in debt service payments not rated by Fitch. As a result, the rating on the GO bonds was downgraded to 'D' from 'C' while the IDR was downgraded to 'RD' from 'C'; the latter indicating that the issuer has defaulted on a select class of its debt. RATING SENSITIVITIES NONPAYMENT OR DISTRESSED DEBT EXCHANGE: Failure to meet debt service obligations as scheduled or execution of a distressed debt exchange, where creditors are offered securities with diminished structural or economic terms as compared to existing bonds to avoid a probable payment default would result in a downgrade of the related issuer's IDR to 'RD' and any affected securities to 'D'. Securities that continue to perform will have ratings maintained at 'C'. ================================ T R I N I D A D & T O B A G O ================================ NIKO RESOURCES: Owes TT$858MM: Hints at Leaving Trinidad & Tobago ----------------------------------------------------------------- Aleem Khan at Trinidad Express reports that one of Trinidad and Tobago's largest holders of acreage for oil and gas exploration is considering discontinuing operations. After saying it accumulated over TT$1 billion in unpaid bills in of Trinidad and Tobago, Calgary-based oil and gas company Niko Resources Ltd (Niko) said in a June 28 statement: "There is significant uncertainty regarding whether certain of the company's exploration subsidiaries will be able to continue," according to Trinidad Express. ============= U R U G U A Y ============= BANQUE HERITAGE: S&P Affirms LT 'B+' GS ICR; Outlook Stable ----------------------------------------------------------- S&P Global Ratings revised its outlook on global and national scale ratings on Banque Heritage (Uruguay) SA to negative from stable. S&P also affirmed its long-term 'B+' global scale and 'uyBBB' national scale issuer credit ratings on the bank. In addition, S&P affirmed its 'BBB/A-2' issuer global scale credit ratings on Banco Bilbao Vizcaya Argentaria Uruguay (BBVA Uruguay). The outlook on the long-term rating remains negative. S&P also affirmed its 'uyAAA' issuer credit rating and the outlook on it remains stable because S&P currently don't expect impact on national scale ratings under a scenario of downgrade of the bank on global scale. S&P is maintaining its BICRA on Uruguay (BBB/Negative/A-2) at group '6', with an anchor for banks operating in the country at 'bb+'. S&P is also maintaining our economic risk score at '5' and industry risk at '7'. However, S&P is revising the BICRA economic risk trend to negative from stable, and keeping the industry risk trend as stable. Over the past few years, Uruguay's economic risks have been lower than those of its regional peers as a result of the country's stable political environment, consistent economic policy, and predictable political institutions that have boosted investment and economic growth. However, S&P is currently seeing increasing pressures on economic resilience and economic risk for banks operating in Uruguay due to lower-than-expected economic growth amid a pronounced regional economic slowdown, still high inflation levels, and low commodities prices. S&P expects GDP to grow by only 0.7% in 2016 and 1.5% in 2017, down from 3.2% in 2015, and private credit to grow 10%-12% in nominal terms in 2016 and 2017. These factors could impair GDP per capita, jeopardize the government's plans to further strengthen its revenue base and its ability to reduce its deficit, undermine the economy's resilience to adverse developments (such as external shocks), and increase the risks for banks' operations in a less stable economic environment. If the negative economic risk trend materializes, while other factors remain unchanged, S&P's overall score for economic risk could rise to '6' from '5' and BICRA to group '7' from group '6'. Such a scenario could also prompt S&P to revise downward the anchor to 'bb' from 'bb+'. S&P could lower its global scale ratings on the two banks by one or more notches, depending on S&P's final assessment of their capital and earnings, if the economic risk trend materializes, and/or if S&P was to downgrade the sovereign. ================= X X X X X X X X X ================= LATAM: Brexit's Full Impact On Caribbean People ----------------------------------------------- Trinidad Express reports that over the next two years, Britain's exit from the European Union (Brexit), in whatever form it takes, will affect people of the Caribbean in almost every aspect of their lives, albeit slowly and sometimes imperceptibly. Whether Britain partly stays in the EU, exits completely, or changes its mind, global markets are demonstrating that the very uncertainty in itself is a factor, according to Trinidad Express. *********** 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 * * *