/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160823.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, August 23, 2016, Vol. 17, No. 166 Headlines B E L I Z E BELIZE: Acknowledges Tough Road Ahead in Talks With Guatemala C A Y M A N I S L A N D S CHEPSTOW CAPITAL: Creditors' Proofs of Debt Due Sept. 6 CHEYNE ASSET-BACKED: Shareholders' Final Meeting Set for Sept. 6 FR GALAXY: Shareholders' Final Meeting Set for Sept. 6 FROG'S BREATH: Placed Under Voluntary Wind-Up GRANT INTERNATIONAL: Placed Under Voluntary Wind-Up GRAYS PEAK: Creditors' Proofs of Debt Due Sept. 15 GRAYS PEAK MASTER: Creditors' Proofs of Debt Due Sept. 15 IOL CARETAKER: Commences Liquidation Proceedings JAIC-CROSBY GREATER: Members' Final Meeting Set for Sept. 5 NEUBERGER BERMAN: Creditors' Proofs of Debt Due Sept. 5 NEUBERGER BERMAN MASTER: Creditors' Proofs of Debt Due Sept. 5 PEMBRIDGE HOUSE: Creditors' Proofs of Debt Due Sept. 14 US FUND II: Creditors' Proofs of Debt Due Sept. 16 C H I L E AES GENER: Fitch Affirms Int'l Junior Subordinated Debt at 'BB' D O M I N I C A N R E P U B L I C BANCO DE SERVICIOS: Fitch Affirms 'B+' LT Issuer Default Ratings CERVECERIA NACIONAL: Faces Allegations of Unfair Practices DOMINICAN REPUBLIC: Resume Talks to Reach Electricity Pact E L S A L V A D O R BANCO AGRICOLA: Moody's Lowers Counterparty Risk Assessment to Ba2 P U E R T O R I C O FARMACIAS PUERTO RICO: Ordered to Vacate Hato Rey Center Premises LABORATORIO ACROPOLIS: Hires Soto as Accountant SPANISH BROADCASTING: AAA Trust Files Schedule 13D With SEC SPANISH BROADCASTING: CBS Radio, et al., No Longer Own CL-A Shares T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Signs Inter-Governmental Fatca Deal With U.S. - - - - - =========== B E L I Z E =========== BELIZE: Acknowledges Tough Road Ahead in Talks With Guatemala ------------------------------------------------------------- The Observer reports that Belize said it is preparing for tough negotiations with the government in Guatemala over the border dispute between them with Belmopan indicating that the "new administration is taking a very different attitude towards the claim than the other administrations". Foreign Affairs Minister Wilfred Elrington, speaking on News 5 television, said that Belize is maintaining its position that the border dispute, dating back to several decades must be an issue settled by the International Court of Justice (ICJ), according to The Observer. Belize said that as far back as 1939, the Guatemalans had written to the British indicating their intention to repudiate the 1859 treaty regarding the border issue, the report notes. "Let me make it very, very clear that our most important and most difficult problem is the Guatemalan claim. That is a matter that we should all know everything we can about it and it is imperative that we be completely unity on it because any disunity is going to be exploited by the Guatemalans," Mr. Elrington told television viewers, notes the report. Mr. Elrington said that he has formed the view, "especially over the last two years or so that this particularly new administration is taking a very different attitude towards the claim than the other administrations I've dealt with. "This one is very aggressive, very serious and I have formed the view that they are going to make life difficult for us so we have to constantly be on our guard; that's my view. And every Belizean will have to play his or her part. We have to agree on the means of solving it," Mr. Elrington added, the report adds. In January, former TV comedian Jimmy Morales was inaugurated as Guatemala's new president, following his electoral victory in October last year. President Morales, who came to office, with no previous experience in government, has already said that Guatemala would not relinquish its claim to the Caribbean Community (CARICOM) country, the report notes. Mr. Elrington told television viewers that the past administration had agreed that it should be the ICJ to settle the issue and both countries are now working towards a referendum on the issue, the report relays. According to the report, Mr. Elrington said, "The British was not prepared to contemplate any other resolution method other than the ICJ; we in the UDP (United Democratic Party) are firmly committed to the ICJ, but there are other people in the (European) community who are suggesting otherwise-causing confusion which in my view the Guatemalans will seek to exploit. "But that is a very serious matter. And while we are trying to manage it as best we can, because that's all we can do, manage the situation, lower the tension and make the situation as normal as possible. Anything can happen at any time. "So it is a matter that keeps me awake at night. Twenty-four/seven I am thinking about it because my responsibility and the responsibility of the Prime Minister and the Government is to protect the people." 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. TCRLA reported on June 1, 2016, that the International Monetary Fund (IMF) team led by Jacques Bouhga-Hagbe, which visited Belize during May 11-25 to hold discussions in the context of the country's 2016 Article IV Consultation, said: "The economy is slowing and fiscal and external vulnerabilities are rising. Falling oil production and multiple shocks in the primary sector reduced GDP growth to 1 percent in 2015. The decline in prices of energy and other commodities led to deflation in 2015, although the increase in fuel tax restored positive inflation, at 0.1 percent in March. The current account deficit widened to 9.8 percent of GDP as exports fell by 9 percent (mainly oil and marine products) and imports continued to grow, partly due to investment projects. Following partial compensation payments for the two nationalized companies, international reserves fell to 4.6 months of imports in March 2016. The fiscal deficit widened to 8 percent of GDP due to a one-off payment related to a settlement of a loan to one of the nationalized companies, an increase in public sector wages and transfers, and a large overrun in capital expenditure. As a result, the stock of public debt climbed to 82 percent of GDP. The banking system continued to strengthen, although the challenges posed by loss of correspondent banking relationships with international banks have increased since the 2015 Article IV Consultation. ========================== C A Y M A N I S L A N D S ========================== CHEPSTOW CAPITAL: Creditors' Proofs of Debt Due Sept. 6 ------------------------------------------------------- The creditors of Chepstow Capital (Cayman) Limited are required to file their proofs of debt by Sept. 6, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 22, 2016. The company's liquidator is: Vincent James Warner c/o Maples and Calder, Attorneys-at-law The Center, 53rd Floor 99 Queen's Road, Central Hong Kong CHEYNE ASSET-BACKED: Shareholders' Final Meeting Set for Sept. 6 ---------------------------------------------------------------- The shareholders of Cheyne Asset-Backed Fund Inc. will hold their final meeting on Sept. 6, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands FR GALAXY: Shareholders' Final Meeting Set for Sept. 6 ------------------------------------------------------ The shareholders of FR Galaxy Holdings Limited will hold their final meeting on Sept. 6, 2016, at 10:00 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Daren Schneider c/o Matt Bernardo Telephone: +1 (345) 914 4268 FROG'S BREATH: Placed Under Voluntary Wind-Up --------------------------------------------- On Aug. 4, 2016, the sole shareholder of Frog's Breath Holdings Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: Probitas Limited Equitas Limited Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands GRANT INTERNATIONAL: Placed Under Voluntary Wind-Up --------------------------------------------------- On Aug. 4, 2016, the sole shareholder of Grant International Investments Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidators are: Probitas Limited Equitas Limited Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands GRAYS PEAK: Creditors' Proofs of Debt Due Sept. 15 -------------------------------------------------- The creditors of Grays Peak Fund Ltd. are required to file their proofs of debt by Sept. 15, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2016. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands Telephone: (345) 640 2279 Facsimile: (345) 943 2294 GRAYS PEAK MASTER: Creditors' Proofs of Debt Due Sept. 15 --------------------------------------------------------- The creditors of Grays Peak Master Fund LP are required to file their proofs of debt by Sept. 15, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 2, 2016. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands Telephone: (345) 640 2279 Facsimile: (345) 943 2294 IOL CARETAKER: Commences Liquidation Proceedings ------------------------------------------------ On July 27, 2016, the shareholders of IOL Caretaker Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Eddie Lopez-Paz c/o Forbes Hare Cassia Court, Camana Bay Suite 716, 10 Market Street Grand Cayman KY1-9006 Cayman Islands Telephone: +1 (345) 943-7700 JAIC-CROSBY GREATER: Members' Final Meeting Set for Sept. 5 ----------------------------------------------------------- The members of Jaic-Crosby Greater China Investment Fund Limited will hold their final meeting on Sept. 5, 2016, at 9:30 a.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Fok Hei Yu The Center, Level 22 99 Queen's Road Central, Central Hong Kong NEUBERGER BERMAN: Creditors' Proofs of Debt Due Sept. 5 ------------------------------------------------------- The creditors of Neuberger Berman Commodities Fund I Ltd. are required to file their proofs of debt by Sept. 5, 2016, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 5, 2016. 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 NEUBERGER BERMAN MASTER: Creditors' Proofs of Debt Due Sept. 5 -------------------------------------------------------------- The creditors of Neuberger Berman Commodities Master Fund I Ltd. are required to file their proofs of debt by Sept. 5, 2016, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 5, 2016. 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 PEMBRIDGE HOUSE: Creditors' Proofs of Debt Due Sept. 14 ------------------------------------------------------- The creditors of Pembridge House Ltd. are required to file their proofs of debt by Sept. 14, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 3, 2016. The company's liquidator is: Matthew Wright c/o Omar Grant P.O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949-7576 Facsimile: (345) 949-8295 US FUND II: Creditors' Proofs of Debt Due Sept. 16 -------------------------------------------------- The creditors of US Fund II Investment Holding Company are required to file their proofs of debt by Sept. 16, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on July 20, 2016. The company's liquidator is: Simon Conway c/o Marc Halley P.O. Box 258 Grand Cayman KY1-1104 Cayman Islands Telephone: (345) 914 8750 Facsimile: (345) 945 4237 ========= C H I L E ========= AES GENER: Fitch Affirms Int'l Junior Subordinated Debt at 'BB' --------------------------------------------------------------- Fitch Ratings has affirmed AES Gener S.A.'s (Gener) ratings as follows: -- Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB-'; -- International senior unsecured debt at 'BBB-'; -- International junior subordinated debt at 'BB'; -- National long-term ratings at 'A+(cl)'; -- Domestic senior unsecured debt at 'A+(cl)'; -- National equity rating at 'Nivel 2(cl)'. The Rating Outlook is Stable. KEY RATING DRIVERS Gener's ratings reflect the company's balanced contractual position and a diverse portfolio of generation assets. The ratings recognize that the company's major plants operate under constructive regulatory environments in Chile and Colombia. Credit risks include possible environmental and/or political issues, which could result in cost overruns or additional modifications on new and/or existing projects. The credit risks also include the less favorable though slightly improving regulatory environment in Argentina related to Termoandes, though this is mitigated given Argentina represented only 3.4% of consolidated EBITDA the first six months of 2016. In addition, the company could face pressure from AES Corp. ('BB-'/Outlook Stable), its controlling shareholder, to increase dividends above those forecast by Fitch. The company has sufficient liquidity to cushion itself through significant capex needs in the short- to medium-term, though its credit metrics are currently at the upper limit for the rating category. Gener's equity rating reflects its shares' solid liquidity and 100% availability on the Santiago Stock Exchange during the August 2016 rolling 12-month period. In this period, the company had an average daily trading volume of USD2.204 million. Gener's free float increased to 33.33% from the 29.3% observed last year. Improved Financial Results: In the first half of 2016 (1H16), AES Gener's EBITDA generation totalled USD345 million, which was 11% higher on a year-over-year (YoY) basis. The company achieved its highest-ever EBITDA generation results over the past five years, supported by higher margins in the Northern Interconnected System (SING) and the Central Interconnected System (SIC) in Chile and to a lesser degree improved results in the Argentine Interconnected System (SADI). Higher margins in the SING were explained as mainly due to new contracts with better terms and exports to Argentina, while improved margins in the SIC relate to higher demand from unregulated customers and increased spot sales. In Chile the company was the market-share leader in terms of generation volumes for 1H16, with a 30% share. In the last 12 months (LTM) ended June 2016, the company generated EBITDA of USD739.5 million, which is 4.5% higher than in 2015 and 11% higher versus 2014. EBITDA margins have expanded from 28.7% in 2014 to 33.7% in the LTM June 2016. Overall, financial results have come in slightly better than Fitch's forecast. Robust Expansion Spending: The company continues on an aggressive expansion phase which brings with it execution risk (e.g. construction delays, accidents, cost-overruns). In addition, the expansion plan has resulted in additional pressure on the company's free cash flow generation and credit metrics. Positively, the company has extensive history of finishing major projects on time and on budget. AES Gener's first phase of expansion took place between 2007-2013 during which time the company successfully expanded its generation capacity by 48% to reach 5,082MW of installed capacity at a total investment cost of USD3 billion. The company is in the midst of what it has termed a second phase of expansion, which involves five major projects under construction that will increase installed capacity by 25%, with the total investment cost for this expansion phase expected to cost USD4 billion. In 2015, Unit 5 of Guacolda (152 MW coal-fired expansion) and the Angamos desalinization plant were completed. Also, during 1H16, Cochrane's Unit 1 (266 MW), the Solar Andes Project (21MW) and Colombian run-of-the-river Tunjita plant (20 MW) began operations. AES Gener's largest projects under construction are Cochrane (532 MW) and Alto Maipo (531 MW run-of-the-river project) under a 60/40 joint venture with partners Mitsubishi Corporation ('A'/Negative Outlook) and Minera Los Pelambres S.A., respectively. Remaining capex associated with these projects is approximately USD1.1 billion, related mainly to the construction of Alto Maipo. Cochrane Unit 2 remains on schedule to become operational in 2016, while Alto Maipo will begin operations in late 2018 or 1H19. Alto Maipo is currently delayed by six months. Fitch's base case assumptions were revised to reflect this delay and determined cost overruns of USD300 million-USD350 million. Non-recourse Debt: Capex investment needs for the Cochrane (USD1.35 billion) and Alto Maipo (USD2.053 billion) projects were mainly financed through non-recourse debt of approximately 60% and 70%, respectively. AES Gener financed its equity contribution share with funds from subordinated notes (USD300 million) issued in 2013 and a subsequent USD150 million capital increase. The company's remaining equity contribution for these projects is approximately USD70 million. Negative Free Cash Flow (FCF): Primarily due to cash outflows to fund the Cochrane and Alto Maipo projects, Fitch forecasts the company to be FCF negative in 2016-2018, becoming positive once Alto Maipo records a full year of operations. Fitch expects Cochrane and Alto Maipo to be significant positive cash flow contributors in 2017 and 2019, respectively. The company's financial strategy revolves around maintaining a balance between continuity of funding and financial flexibility through internally generated cash flows, bank loans, bonds, short-term investments, committed credit lines and uncommitted credit lines. Pressured Credit Metrics: Given AES Gener is in the midst of an aggressive expansion plan, Fitch expects the company's credit metrics to remain pressured in the short- to medium-term. For the LTM ended June 2016, the company's consolidated debt-to-EBITDA and EBITDA coverage metrics were 4.8x and 4.5x, respectively. These ratios are weaker versus leverage levels of 4.1x and 4.3x in 2014 and 2013, though coverage ratios positively improved versus 4.1x in 2014. Excluding the non-recourse debt and EBITDA of the Alto Maipo and Cochrane power plants, AES Gener's debt-to-EBITDA for the LTM June 2016 was 3.18x. Fitch expects the company's consolidated leverage levels to remain slightly above 5.0x in 2016 as the company receives further project finance disbursements - mainly for Alto Maipo, which is on the weak side for the rating category. Leverage levels should slowly decline to the 4x level starting in 2H17 as Cochrane comes on-line and begins generating meaningful cash flow. "Fitch has revised its assumptions for Alto Maipo, and we expect this project to become a meaningful cash flow generator in 2019, contributing to consolidated leverage's decline to below 3.5x." Fitch said. High Dividend Payment: AES Gener has a track record of high dividend payments, and Fitch expects the company to continue to pay out 100% of net income going forward. Cash flow could be further pressured during this expansion phase should this dividend policy be increased to a payout rate above 100% of net income. KEY ASSUMPTIONS Fitch's key assumptions within our rating case for AES Gener include: -- Cochrane begins positive contributions in 2016; -- Alto Maipo begins contributing in 2019, additional cost overruns of USD300 million incurred in 2019; -- Angamos Base Case forecast pared back to reflect lower spot prices as 80MW in capacity is sold in spot market until Quebrada Blanca contract comes online in 2018; -- Lower expected generation in Colombia in 2016 due to weaker hydrology and higher FX rate, partially mitigated by startup of Tunjita; -- Benefit of the resolution 482 in Argentina starting in 2016; -- SING/SADI transmission revenues lead to $10 million in incremental EBITDA starting in 2016; -- Guacolda dividends suspended during 2016-2017 RATING SENSITIVITIES A change in AES Gener's commercial policy that results in an imbalanced long-term contractual position would be viewed negatively by Fitch. In addition, a material and sustained deterioration of credit metrics reflected in total consolidated debt-to-EBITDA ratios above 4.5x-5x and total non-recourse debt- to-EBITDA ratios above 3.0x-3.5x on a sustained basis could result in a negative rating action. If the company develops additional significant projects previous to the start of Alto Maipo, it will be viewed negatively by Fitch. Additional delays on Alto Maipo beyond Fitch's expectations and/or additional significant cost overruns may also be viewed negatively. Fitch believes that a positive rating action is limited at this time because of the expected capacity expansion over the next few years. LIQUIDITY The company's liquidity is supported by USD468 million of cash on hand against USD128 million of short-term debt. Gener enjoys an extended maturity profile, with over 80% of debt coming due after 2020. The company's liquidity is further buoyed by committed and uncommitted credit lines of approximately USD236 million and undrawn credit lines totalling USD176 million. FULL LIST OF RATING ACTIONS Fitch is affirming the following ratings for AES Gener S.A.: -- Long-Term Foreign and Local Currency IDRs at 'BBB-'; -- International senior unsecured bond ratings at 'BBB-'; -- International junior subordinated bond ratings at 'BB'; -- Long-term national scale rating at 'A+(cl)' ; -- National senior unsecured bond ratings at 'A+(cl)'; -- National equity rating at 'Primera Clase Nivel 2(cl)'. The Rating Outlook is Stable. =================================== D O M I N I C A N R E P U B L I C =================================== BANCO DE SERVICIOS: Fitch Affirms 'B+' LT Issuer Default Ratings ---------------------------------------------------------------- Fitch Ratings has completed its peer review of the largest banks in the Dominican Republic. As a result, Fitch affirmed the banks' ratings as detailed at the end of this release. The three banks (one state-owned bank and two large banks) are: Banco de Reservas de la Republica Dominicana, Banco de Servicios Multiples (Banreservas); Banco Popular Dominicano (BPD); and Banco Multiple BHD Leon S.A. (BHDL). These banks operate primarily in the Dominican Republic. The Dominican Republic's operating environment highly influences the performance of these banks. As Issuer Default Ratings (IDRs) are constrained by the sovereign, an upgrade of the sovereign's ratings could lead to an upgrade of BHDL's and Banreservas' ratings if these banks sustain their current strong financial performance. The Positive Rating Outlooks for their Long-Term IDRs are in line with the Dominican Republic's sovereign ratings. Asset quality at the banks in this review remains sound. Fitch Ratings believes that favorable economic and operating conditions, regular fine-tuning of underwriting standards and strict collection efforts should contribute to preserving good asset quality ratios. BHDL outperforms local peers in terms of profitability as it is by far the most efficient operation and has the lowest credit costs. BPD's profitability is stable and resilient, whereas Banreservas' profitability ratios have been historically volatile. For all Dominican banks, profitability is expected to stabilize at a level that still compares well with the region's 1.7% average operating ROAAs. When capitalization at the three banks is viewed in conjunction with their reserve coverage levels, BHDL exhibited the strongest loss absorbing capacity among large Dominican banks as of December 2015, while Banreservas had the weakest. Fitch expects Dominican banks' capitalization ratios to be stable in 2016, boosted by sound profitability. Fitch published the main findings of this peer review completed in July in a report 'Fitch: Dominican Banks to Benefit from Improved Operating Environment'. Following completion of the peer review on July 1, 2016, Fitch affirmed the following international and national ratings: Banreservas -- Long-Term Foreign and Local Currency IDRs at 'B+'; Outlook Positive; -- Short-Term Foreign and Local Currency IDRs at 'B'; -- Viability Rating at 'b'; -- Support Rating at '4'; -- Support Floor at 'B+'; -- Long-term subordinated notes at 'B' -- National Long-Term rating at 'AA+(dom)'; Outlook Stable; -- National Short-Term rating at 'F1+(dom)'; -- National subordinated debt rating at 'AA(dom)'. BPD -- Long-term National rating at 'AA+(dom)'; Outlook Stable; -- Short-term National rating at 'F1+(dom)'; -- Long-term National subordinated debt at 'AA(dom)'. BHDL -- Foreign and Local Currency Long-Term IDR at 'B+', Outlook Positive; -- Foreign and Local Currency Short-Term IDR at 'B'; -- Viability Rating at 'b+'; -- Support Rating at '5'; -- Support Floor Rating at 'NF'. -- Long-Term National Rating at 'AA+(dom)'; Outlook Stable; -- Short-Term National Rating at 'F1+(dom)' CERVECERIA NACIONAL: Faces Allegations of Unfair Practices ---------------------------------------------------------- Dominican Today reports that the brewery Cerveceria Nacional Dominicana "categorically" denied what it called "unfounded allegations" of unfair practices and abuse of its supposed monopolistic position in Dominican Republic's beer and rum market. In a statement, the CND responded to a study accusing it of abusing its dominant share in the beer market, according to Dominican Today. The economist Jaime Aristy Escuder conducted the study commissioned by the National Competition Protection Commission (CNDC), the report relays. "It does not correspond to the behavior and modus operandi of the Dominican National Brewery in the market," the CND said, the report notes. It said the CND's corporate history has been "an example of transparency and strict compliance with Dominican law." It added that its local and international practices are subject to adherence to a rigorous program of compliance, competition and business conduct, the report relays. "The Brewery is a company with a long and successful business tradition that generates more than 3,500 direct jobs and 60,000 indirect jobs," it said, adding that it's also Dominican Republic's biggest taxpayer, the report discloses. "Since the purchase of 51% of the shares by AmBev in 2012, it has invested more than US$300 million to expand and modernize their operations," the report adds. DOMINICAN REPUBLIC: Resume Talks to Reach Electricity Pact ---------------------------------------------------------- Dominican Today reports that the preliminary assemblies leading to the National Electricity Sector Reform Pact resumed August 18 with numerous representatives from the social, government, labor and business sectors present. In a statement, Economic and Social Council (CES) president monsignor Agripino Nunez said the 4th round of the meetings on the Electricity Pact will continue until the process concludes, according to Dominican Today. The last session was held last Aug. 18 while the Draft Committee and working groups continue their tasks during the last few days to reach an agreement and sign the Electricity Pact, whose materialization is one of President Danilo Medina's campaign promises, the report relays. 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. ===================== E L S A L V A D O R ===================== BANCO AGRICOLA: Moody's Lowers Counterparty Risk Assessment to Ba2 ------------------------------------------------------------------ Moody's Investors Service has downgraded to Ba2(cr) from Ba1(cr) the long-term counterparty risk assessment of El Salvador's Banco Agricola, S.A. and continued the review for downgrade. This assessment was downgraded: Long-term counterparty risk assessment, to Ba2(cr) from Ba1(cr), on review for downgrade RATINGS RATIONALE RATIONALE FOR THE DOWNGRADING AND REVIEW FOR DOWNGRADE OF THE COUNTERPARTY RISK ASSESSMENT The downgrade of Banco Agricola's long-term counterparty risk assessment (CRA) to Ba2(cr) from Ba1(cr), is in line with the downgrading of El Salvador's long-term sovereign ceiling for foreign currency deposits to Ba2 from Ba1. The CRA is usually constrained by the local currency deposit ceiling of a sovereign, but because of the full dollarization of El Salvador's economy, the Ba2 foreign currency deposit ceiling is used as the cap for the CRA. Banco Agricola's long-term CRA is now in line with the bank's ba2 adjusted baseline credit assessment (BCA). The adjusted BCA, which incorporates affiliate support, benefits from two notches of uplift from the b1 standalone BCA, to reflect Moody's assumption of a high probability of support from Banco Agricola's parent, Bancolombia S.A. (deposits Baa2 stable, BCA baa3). The review for downgrade on Banco Agricola's long-term CRA reflects the review for downgrade of El Salvador's B1 government bond rating. WHAT COULD CAUSE THE COUNTERPARTY RISK ASSESSMENT TO MOVE UP OR DOWN If and when El Salvador's government bond rating is downgraded, Banco Agr°cola's CRA would be downgraded. Because the CRA is on review for downgrade, there is no upward pressure at this time. The last rating action on Banco Agricola was on Aug. 12, 2016. The principal methodology used in this ratings/analysis was Banks published in January 2016. Banco Agricola is domiciled in San Salvador, El Salvador, and is the largest bank in the country in terms of assets. As of June 2016, Banco Agricola reported consolidated assets of USD4.2 billion and deposits of USD2.8 billion. ====================== P U E R T O R I C O ====================== FARMACIAS PUERTO RICO: Ordered to Vacate Hato Rey Center Premises ----------------------------------------------------------------- In the case captioned IN RE: FARMACIAS PUERTO RICO, Debtor(s), CASE NO. 16-03910 (Bankr. D.P.R.), Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico granted SF III PR, LLC's urgent motion for immediate surrender of Farmacias Puerto Rico's premises. Judge Tester ordered Farmacias to vacate the premises in Hato Rey Center within 30 days. The judge, however, did not yet determine the matter of SF's breach of the parties' verbal lease agreement through the blocking of the west side entrance of the premises, and allowed the continuation of Farmacias' complaint in adversary proceeding 16-00142, but only as to the breach of contract claim, and any monetary damages resulting therefrom. A full-text copy of Judge Tester's August 16, 2016 opinion and order is available at http://bankrupt.com/misc/prb16-03910-87.pdf About Farmacias Puerto Rico Farmacias Puerto Rico filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-03910) on May 16, 2016. The Debtor is represented by Carlos Rodriguez Quesada, Esq., at the Law Office of Carlos Rodriguez Quesada. LABORATORIO ACROPOLIS: Hires Soto as Accountant ----------------------------------------------- Laboratorio Acropolis Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Carlos J. Soto Soto as accountant and business consultant to the Debtor. Laboratorio Acropolis requires Soto to: a. provide assistance to the Debtor in preparing the Monthly Reports of Operation; b. prepare the necessary financial statements; c. assist the Debtor in preparing the cash flow projections and or any other projection needed for the Disclosure Statement; d. assist the Debtor in any/all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist the Debtor in the preparation and filing of federal state and municipal tax returns; and; f. assist the Debtor in any other assignment that might be properly delegated. Soto will be paid at these hourly rates: Carlos J. Soto Soto $50 Soto will also be reimbursed for reasonable out-of-pocket expenses incurred. Carlos J. Soto Soto, CPA, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Soto can be reached at: Carlos J. Soto Soto Rd 129 Km 30.5 Hatillo, PR 00659 Tel: (787) 307-5403 E-mail: cssaccounting129@gmail.com About Laboratorio Acropolis Laboratorio Acropolis, Inc., based in Hatillo, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-04609) on June 9, 2016. Gloria Justiniano Irizarry, Esq., as bankruptcy counsel. In its petition, the Debtor estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. The petition was signed by Rebeca Maldonado Bidot, president. SPANISH BROADCASTING: AAA Trust Files Schedule 13D With SEC ----------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, AAA Trust disclosed that as of Aug. 8, 2016, it beneficially owned 760,000 shares (represents 380,000 shares of Series C Preferred Stock, each of which is convertible into two shares of Class A Common Stock). The Shares represent 10.3% of the fully diluted shares of Class A Common Stock and Class B Common Stock upon conversion of the Series C Preferred Stock and 2.7% of the voting power of the fully diluted Class A Common Stock, Class B Common Stock and Series C Preferred Stock (which is entitled to two votes per share) voting together as a single class. Raul Alarcon also reported beneficial ownership of 3,119,913 shares (includes 2,286,503 shares of Class B Common Stock held in Mr. Alarcon's own name and 53,500 shares of Class B Common Stock held by the Alma Alarcon Trust of which Mr. Alarcon is the trustee. The shares of Class B Common Stock are convertible into the same number of shares of Class A Common Stock, but are entitled to ten votes per share). The Shares represent 43.8% of the fully diluted Class A Common Stock and Class B Common Stock upon conversion of the Series C Preferred Stock and 85.4% of the voting power of the fully diluted Class A Common Stock, Class B Common Stock and Series C Preferred Stock (which is entitled to two votes per share) voting together as a single class. Mr. Alarcon is the trustee of AAA Trust and may be deemed to control, and beneficially own securities owned or held by AAA Trust. Mr. Alarcon is the Chairman of the Board, Chief Executive Officer and President of the Company. The Company owns and operates 17 radio stations located in the top U.S. Hispanic markets, operates AIRE Radio Networks, and owns Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates through the U.S. and Puerto Rico. The Company also produces live concerts and events and owns multiple bilingual websites. A full-text copy of the regulatory filing is available at: https://is.gd/jWpavO About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting System, Inc. -- http://www.spanishbroadcasting.com/-- owns and operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. * * * In November 2010, Moody's Investors Service upgraded the corporate family and probability of default ratings for Spanish Broadcasting System, Inc., to 'Caa1' from 'Caa3' based on improved free cash flow prospects due to better than anticipated cost cutting and the expiration of an unprofitable interest rate swap agreement. Moody's said Spanish Broadcasting's 'Caa1' corporate family rating incorporates its weak capital structure, operational pressure in the still cyclically weak economic climate, generally narrow growth prospects (though Spanish language is the strongest growth prospect) given the maturity and competitive pressures in the radio industry, and the June 2012 maturity of its term loan magnify this challenge. As reported by the TCR on May 25, 2016, S&P Global Ratings said that it lowered its corporate credit rating on U.S. Spanish-language broadcaster Spanish Broadcasting System Inc. (SBS) to 'CCC' from 'CCC+'. SPANISH BROADCASTING: CBS Radio, et al., No Longer Own CL-A Shares ------------------------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, CBS Radio Media Corporation, CBS Radio Inc., CBS Broadcasting Inc., Westinghouse CBS Holding Company, Inc., CBS Corporation, National Amusements, Inc., and Sumner M. Redstone disclosed that as of Aug. 8, 2016, they ceased to beneficially own shares of Class A Common Stock, par value $.0001 per share, of Spanish Broadcasting System, Inc. The amendment was filed to report the disposition on Aug. 18, 2016, of all of the Series C Shares beneficially owned by the Reporting Persons pursuant to a stock purchase agreement dated Aug. 8, 2016, among CRMC, the Issuer, Mr. Raul Alarcon and AAA Trust, a Florida trust, of which Mr. Alarcon is the trustee. As a result of the sale on Aug. 18, 2016, of the Series C Shares pursuant to the Stock Purchase Agreement, the Reporting Persons have disposed of all of the Series C Shares beneficially owned by them and do not own any shares of the Issuer. A full-text copy of the regulatory filing is available at: https://is.gd/FP4MsT About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting System, Inc. -- http://www.spanishbroadcasting.com/-- owns and operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. * * * In November 2010, Moody's Investors Service upgraded the corporate family and probability of default ratings for Spanish Broadcasting System, Inc., to 'Caa1' from 'Caa3' based on improved free cash flow prospects due to better than anticipated cost cutting and the expiration of an unprofitable interest rate swap agreement. Moody's said Spanish Broadcasting's 'Caa1' corporate family rating incorporates its weak capital structure, operational pressure in the still cyclically weak economic climate, generally narrow growth prospects (though Spanish language is the strongest growth prospect) given the maturity and competitive pressures in the radio industry, and the June 2012 maturity of its term loan magnify this challenge. As reported by the TCR on May 25, 2016, S&P Global Ratings said that it lowered its corporate credit rating on U.S. Spanish-language broadcaster Spanish Broadcasting System Inc. (SBS) to 'CCC' from 'CCC+'. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Signs Inter-Governmental Fatca Deal With U.S. ---------------------------------------------------------------- Trinidad Express reports that an agreement that will pave the way for the implementation of the Foreign Account Tax Compliance Act (FATCA) between Trinidad and Tobago and the United States has been signed. Finance Minister Colm Imbert and US Ambassador John Estrada signed the agreement that was enacted in the United States in 2010, according to Trinidad Express. The agreement is a model IA Inter-Governmental Agreement (IGA), which is designed to improve international tax compliance through mutual assistance in tax matters based on an effective infrastructure for the automatic exchange of information, the report notes. In a statement, the Ministry of Finance described the signing of the IGA as "another milestone in the relationship between both countries on tax matters," the report relays. The signing brings to an end about three years of negotiations between the countries on the Agreement, the report notes. "The signing is also timely as it was completed before September 30 deadline set for the exchanging of information between both countries," the report quoted the Ministry of Finance as saying. The twin island republic and the US will now move to bring the agreement into force. This would allow for the automatic exchange of information between both countries and also ensure that foreign financial institutions, including local banks and insurance companies, will not be subject to a 30 per cent withholding tax, the report relays. To bring the IGA into force, the Minister of Finance will take to the Parliament, the necessary legislation, among other things, to provide for the automatic exchange of information by the Board of Inland Revenue to the United States Inland Revenue Service, says the report. FATCA is part of US federal Law that requires American citizens and residents-both within and outside the US-to report on their non-United States financial accounts, the report adds. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *