/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160926.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, September 26, 2016, Vol. 17, No. 190 Headlines A R G E N T I N A BANCO PATAGONIA: S&P Affirms 'B-' ICR; Outlook Remains Stable B R A Z I L AGENCIA DE FOMENTO: Fitch Lowers Issuer Default Ratings to 'C' BANCO DE DESENVOLVIMENTO: S&P Affirms 'BB-' ICR; Outlook Negative C A Y M A N I S L A N D S ADM ROYAL: Shareholders to Hear Wind-Up Report on Sept. 28 BIOSEV BIOENERGIA: Members Receive Wind-Up Report ESO CAYMAN: Commences Liquidation Proceedings FLAMINGO HOLDINGS: Shareholders to Hear Wind-Up Report on Oct. 5 IG FINANCE: Creditors' Proofs of Debt Due Oct. 12 LYNX ASIA: Shareholder to Hear Wind-Up Report on Oct. 21 PETERSHILL US: Commences Liquidation Proceedings Q-BLK YUKON: Shareholders' Final Meeting Set for Oct. 7 RICH SOURCE: Shareholders to Hear Wind-Up Report on Oct. 14 SALTLAKE HOLDINGS: Commences Liquidation Proceedings SEDONA HOLDINGS: Shareholders' Final Meeting Set for Oct. 14 VINA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 14 WING LUNG: Shareholders to Hear Wind-Up Report on Oct. 28 G U A T E M A L A CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable J A M A I C A APPLETON ESTATE: To Resume Sugar Factory Operations in January LONG POND: Minister Hopes to Close Deal with Prospect Buyers M E X I C O METROFINANCIERA - METROCB 05U: Moody's Cuts Certs Rating to Caa1 OPDAPAS DE METEPEC: Moody's Affirms Ba1 Issuer Ratings PETROLEOS MEXICANOS: Fire Breaks Out on Tanker in Gulf of Mexico P U E R T O R I C O BALTAZAR ANTONIO: Unsecureds to Recover 4.2% Under Plan CARIBBEAN TRANSPORT: Hires Lube & Soto as Attorney PLAZA LAS AMERICAS: Hires Jose Calderon as Attorney PUERTO RICO: Fire Triggers Power Outage That Affects 1.5 Million PUERTO RICO INDUSTRIAL: S&P Lowers Rating on Bonds to 'D' PUERTO RICO PUBLIC: S&P Lowers Rating on Series L Bonds to 'D' T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Could Become St. Lucia's National Carrier X X X X X X X X X LATAM: Most Exposed to Shift in US Trade Policy, Moody's Says * BOND PRICING: For the Week From Sept. 19 to Sept. 23, 2016 - - - - - ================= A R G E N T I N A ================= BANCO PATAGONIA: S&P Affirms 'B-' ICR; Outlook Remains Stable ------------------------------------------------------------- S&P Global Ratings Services affirmed its 'B-' long- and 'C' short- term global scale issuer credit ratings on Banco Patagonia S.A. The outlook on the long-term rating remains stable. The rating action follows Banco do Brasil's announcement that it's considering a proposal for Banco Patagonia to hold a public offering of its shares. Currently, Banco do Brasil owns 58.97% of Banco Patagonia's equity; therefore, the Brazilian bank is the ultimate parent of the Argentinean bank. At this point, S&P is keeping the Banco Patagonia's group status as a moderately strategic subsidiary. S&P may revise the group status on after the finalization on the transaction and depending on the parent's final stake in the bank. Nevertheless, any change in the group status won't impact the issuer credit rating on Banco Patagonia. The ratings don't incorporate notches of support from the parent and are limited by the sovereign rating on Argentina, which is two notches below the bank's stand-alone credit profile (SACP). Currently, S&P's ratings on Banco Patagonia reflect its adequate business position as a mid-size bank in Argentina, moderate capital and earnings based on S&P's risk-adjusted capital ratio projection, adequate risk position with operations focused on lending activities and healthy assets quality metrics, average funding, and adequate liquidity, which is in line with peers and taking into account characteristics in Argentina. The bank's stand-alone credit profile (SACP) is 'b+'. The local currency and foreign currency ratings on Argentina continue to limit the ratings on the bank. S&P rarely rates financial institutions higher than the sovereigns in which they operate because S&P considers it unlikely that these institutions would be unaffected by developments in domestic economies. =========== B R A Z I L =========== AGENCIA DE FOMENTO: Fitch Lowers Issuer Default Ratings to 'C' -------------------------------------------------------------- Fitch Ratings has downgraded Agencia de Fomento do Estado do Rio de Janeiro S.A.'s (AgeRio) Long-Term Local and Foreign Currency Issuer Default Ratings to 'C' from 'B-' and Long-Term National Ratings to 'C(bra)' from 'BB-(bra)'. KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SUPPORT RATINGS The rating action mirrors the recent downgrade of AgeRio's parent, the State of Rio de Janeiro (ERio, Long-Term Foreign Currency and Local Currency IDRs 'C'). The rating action reflects the increased risk of contagion from ERio's very weak credit profile to AgeRio's business model, asset quality and funding structure. AgeRio's ratings are based on institutional support from ERio and aligned with those of its parent. Fitch does not assign a Viability Rating to AgeRio, as it is a development agency and therefore cannot be assessed on standalone basis. Fitch views AgeRio as strategically important for ERio, as it acts as the state's development arm and implements its economic development policies. A track record of frequent capital injections by ERio, most recently in the second half of 2015, reinforces Fitch's view. ERio controls 99.99% of AgeRio. Furthermore, by state law ERio's stake in AgeRio's voting shares cannot fall below 51%, and it is the financial agent or administrator of three state funds. As of June 2016, AgeRio remained highly capitalized with a total regulatory capital ratio of 70.10% (75.30% in December 2015). Fitch believes that, under a stress scenario, ERio could withdraw part of the capital at AgeRio, which would lead to a decline in the development agency's loss absorption capacity. In 2015, AgeRio's overall profitability fell but remained adequate, as a solid increase in fee income broadly offset a large increase in loan impairment charges. Return on average assets (ROAA) stood at 1.07% (1.49% in December 2014). In the same period, AgeRio's impaired loans classified in the D-H range of the central bank's risk scale rose to 6.54% of total loans (5.37% in December 2014), while impaired loan coverage by reserves rose significantly to 223.9% (89.67% in December 2014). Fitch expects loan impairment charges to remain high throughout 2016 as a result of the continued weakness in the operating environment in ERio that is undermining the credit worthiness of AgeRio's borrowers. RATING SENSITIVITIES IDRS, NATIONAL RATINGS, SUPPORT RATINGS Changes in Parental Support: AgeRio's ratings are linked to those of ERio. Any further changes in ERio's ratings would lead to a review of AgeRio's ratings. Fitch has taken these rating actions: -- Long-Term Foreign and Local Currency IDRs downgraded to 'C' from 'B-'; -- Short-Term Foreign and Local Currency IDRs downgraded to 'C' from 'B'; -- Long-term National Rating downgraded to 'C(bra)' from 'BB-(bra)'; -- Short-term National Rating downgraded to 'C(bra)' from 'B(bra)'; -- Support Rating affirmed at '5'. BANCO DE DESENVOLVIMENTO: S&P Affirms 'BB-' ICR; Outlook Negative ----------------------------------------------------------------- S&P Global Ratings affirmed its global scale 'BB-' long-term issuer credit ratings on Banco de Desenvolvimento de Minas Gerais S.A. (BDMG). At the same time, S&P affirmed its national scale 'brA' long-term rating on the bank. The outlook on all ratings remains negative. The bank's stand-alone credit profile (SACP) is 'bb-'. The ratings on BDMG reflect S&P's view of its weak business position, which stems from the bank's geographic concentration in southeastern Brazil (mainly in Minas Gerais), strong capital and earnings as a result of a forecasted risk-adjusted capital (RAC) ratio of 12.6% for the next 18 months, adequate risk position, and below-average funding and adequate liquidity. S&P also views BDMG as a government-related entity (GRE) and believe that there's a very high likelihood that the bank would receive timely and sufficient extraordinary support from the state in the event of financial distress. ========================== C A Y M A N I S L A N D S ========================== ADM ROYAL: Shareholders to Hear Wind-Up Report on Sept. 28 ---------------------------------------------------------- The shareholder of ADM Royal Global Strategies Fund Limited will hear on Sept. 28, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: ADM Global Holding Limited c/o Willow House, Floor 4, Cricket Square P.O. Box 268, Grand Cayman KY1-1104 Cayman Islands Telephone: +1 (345) 949-2648 Facsimile: +1 (345) 949-8613 BIOSEV BIOENERGIA: Members Receive Wind-Up Report ------------------------------------------------- The members of Biosev Bioenergia received on Sept. 14, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands ESO CAYMAN: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary meeting held on Sept. 1, 2016, the shareholders of ESO Cayman 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: David Griffin c/o Christopher Fido FTI Consulting (Cayman) Ltd. Suite 3212, 53 Market Street, Camana Bay P.O. Box 30613 Grand Cayman KY1-1203 Cayman Islands e-mail: christopher.fido@fticonsulting.com Telephone: +1 345 743 6830 FLAMINGO HOLDINGS: Shareholders to Hear Wind-Up Report on Oct. 5 ---------------------------------------------------------------- The shareholders of Flamingo Holdings Limited will hear on Oct. 5, 2016, at 9:30 a.m., the liquidator's report on the company's wind- up proceedings and property disposal. The company's liquidator is: Andre Slabbert c/o Estera Trust (Cayman) Limited 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4900 IG FINANCE: Creditors' Proofs of Debt Due Oct. 12 ------------------------------------------------- The creditors of IG Finance Limited are required to file their proofs of debt by Oct. 12, 2016, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Aug. 24, 2016. The company's liquidator is: Laura Clemens c/o Chapmans 81 West Church Street P.O. Box 742, West Bay Grand Cayman KY1-1303 Cayman Islands Telephone: +1 (345) 623-0202 LYNX ASIA: Shareholder to Hear Wind-Up Report on Oct. 21 -------------------------------------------------------- The shareholder of Lynx Asia Capital Resources Ltd will hear on Oct. 21, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited c/o Susan Craig/Jennifer Chailler 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Telephone: (345) 943-3100 PETERSHILL US: Commences Liquidation Proceedings ------------------------------------------------ On Aug. 22, 2016, the shareholders of Petershill US GP (Radar) Holdings Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 Q-BLK YUKON: Shareholders' Final Meeting Set for Oct. 7 ------------------------------------------------------- The shareholders of Q-BLK Yukon Fund, Ltd. will hold their final meeting on Oct. 7, 2016, to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jane Fleming c/o Jane Fleming or Jean Ebanks Telephone: (345) 945-2187 Facsimile: (345) 945-2197 P.O. Box 30464 Grand Cayman KY1-1202 Cayman Islands RICH SOURCE: Shareholders to Hear Wind-Up Report on Oct. 14 ----------------------------------------------------------- The shareholders of Rich Source International Energy Co. Ltd. will hear on Oct. 14, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zhai Wangtong A-222, Hui ZhongLi Chaoyang District Beijing, China Telephone: +86 10 64815885 598 Facsimile: +86 10 64815889 SALTLAKE HOLDINGS: Commences Liquidation Proceedings ---------------------------------------------------- On Sept. 2, 2016, the sole shareholder of Saltlake Holdings Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Tian Peralto Harneys Liquidation Services (Cayman) Limited Telephone: (345) 949 - 8599 Harbour Place, 4th Floor 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands SEDONA HOLDINGS: Shareholders' Final Meeting Set for Oct. 14 ------------------------------------------------------------ The shareholders of Sedona Holdings Ltd. will hold their final meeting on Oct. 14, 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: Cayman Fiduciary Limited c/o Robin Garnham Landmark Square, Third Floor 64 Earth Close P.O. Box 707CB Grand Cayman KY1-9006 Cayman Islands Telephone: (345) 746 3100 VINA LIMITED: Shareholder to Hear Wind-Up Report on Oct. 14 ----------------------------------------------------------- The shareholder of Vina Limited will hear on Oct. 14, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited c/o Susan Craig/Jennifer Chailler 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands Telephone: (345) 943-3100 WING LUNG: Shareholders to Hear Wind-Up Report on Oct. 28 --------------------------------------------------------- The shareholders of Wing Lung Special Opportunities Fund Limited will hear on Oct. 28, 2016, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Iain Gow c/o Cassandra Ronaldson Zolfo Cooper, 38 Market Street Canella Court, 2nd Floor, Camana Bay Grand Cayman Cayman Islands KY1-9006 Telephone: +1 (345) 814 4038 e-mail: cassandra.ronaldson@zolfocooper.ky ================= G U A T E M A L A ================= CEMENTOS PROGRESO: Fitch Affirms 'BB+' IDR; Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed Cementos Progreso, S.A.'s (Cempro) Long-Term Issuer Default Ratings at 'BB+'. The Rating Outlook is Stable. Cempro's 'BB+' ratings reflect the company's leading position in Guatemala's cement industry. Its solid market position is viewed as sustainable considering the country's limited infrastructure and challenging logistics, which limit imports and significantly increase cement distribution costs. Further deterrents include the company's extensive distribution network and its focus on operational efficiency, which have resulted in a low cost structure. The ratings are limited by the company's negative projected free cash flow (FCF) for 2016-2017 due to high expansion capex. The high proportion of foreign currency debt relative to the company's predominantly local currency revenues is also a concern. Guatemala's country ceiling of 'BB+' does not restrict the company's ratings, as Cempro's local currency rating is 'BB+'. The Stable Outlook reflects Fitch's view that the company will sustain core operating cash flow during its current investment cycle that should result in net debt/EBITDA leverage levels below 3.0x. KEY RATING DRIVERS Dominant Market Position Cempro has a leading position in Guatemala's cement industry. In terms of volume sold, its market share has remained stable since 2007 at about 83%. The company is the only producer with fully integrated operations, from the extraction of raw materials to distribution. Its only domestic competitor is Cemex LatAm Holdings (Cemex), which produces and sells cement and related materials such as ready-mix concrete. Cempro's solid market position is supported by its retail network of independent distributors that allows the company to serve its highly fragmented consumer base. Cempro maintains an exclusive relationship with about 80% of Guatemala's cement distributors. Cement, which represents 73% of the company's portfolio, is sold primarily (69%) for self-construction and is supplied to this segment as bagged cement. Strategic Focus Supports Profitability The company's strategic focus on operational efficiency has contributed to it maintaining some the highest EBITDA margins among public industry peers. The EBITDA margin during the latest 12 months (LTM) as of June 30, 2016, was 44%, which is above the 40% registered a year ago. Profitability should remain high in the intermediate term despite rising fuel and energy costs mainly due to the start-up of Cempro's San Gabriel cement plant in 2017. This plant will increase cement production capacity by about 70% and is located on the opposite of Guatemala City from the company's existing plant. This will result in a material reduction in transportation costs. Negative FCF During 2016-2017 Cempro's total capex, excluding capitalized interest for 2016- 2017, is expected to be around USD340 million as the company completes its USD880 million multi-year investment plan for the construction of its San Gabriel cement plant. Fitch estimates that expansion capex and dividends of about USD30-40 million per year will result in Cempro generating negative FCF of about USD40 million in 2016 and USD30 million in 2017. FCF should turn positive by 2018 to about USD80 million. Post expansion positive FCF should be supportive of long-term deleveraging. Debt Structure The company's total debt as of June 30, 2016, was USD574 million 69% of which was denominated in U.S. dollars. Although there is a risk that the company could face difficulties repaying foreign currency debt considering its predominantly Guatemalan quetzales revenue, Fitch believes the likelihood of significant depreciation of the local currency is low due to high levels of remittances from workers abroad (predominantly in the U.S.) which support the country's foreign currency inflows. Leverage Expected to Peak in 2017 Cempro's gross (total debt/EBITDA) and net (net debt/EBITDA) leverage were 2.3x and 2.1x as of June 30, 2016, the same levels from as a year ago. Gross and net leverage are anticipated to peak at 2.5x and 2.3x in 2017 as a result of the additional debt required to fund construction of the new plant. Gross leverage is expected to decline to year-end 2015 levels of 2.3x by 2018, and trend toward a range of 1-2x in the following years. Country Constraints The company's performance is dependent upon continued stability and economic development in Guatemala. Fitch expects cement demand to maintain annual growth rates in the 3%-4% range, which is in line with projected GDP growth. Growth expectations are supported by a growing population, high expected urbanization rates and strengthening worker remittances. Infrastructure investment resulting from public and private partnerships has been mostly stranded, but any traction should result in incremental demand for cement. Cempro's revenues represented approximately 1% of Guatemala's GDP during 2015. KEY ASSUMPTIONS -- Cement volumes grow mid-to-low single digits in 2016 and beyond. -- Costs remain relatively stable during 2017-2018 as higher fuel and energy costs are somewhat offset by distribution and other cost efficiencies of the new plant. -- FCF remains negative during 2016-2017 mostly due to expansion capex before turning positive in 2018. -- The Guatemalan Quetzal remains relatively stable for the next three years. RATING SENSITIVITIES Cempro's foreign-currency ratings would be capped at Guatemala's country ceiling, limiting positive rating actions. Local-currency ratings could be positively affected by long-term expectations of total gross leverage levels below 2x with robust positive FCF generation and strong liquidity metrics. Factors that could lead to a negative rating action include a significant deterioration in Guatemala's macroeconomic and business environment; increasing competition from Cemex S.A.B. de C.V.; operational efficiency loss resulting in EBITDA margin deterioration; or sustained leverage levels above 3.5x on a gross basis or 3x on a net basis. LIQUIDITY Cempro expects to complete its investment plan with a combination of cash, cash flow generation and debt. As of June 30, 2016, the company's cash balance was USD46 million, its LTM cash flow from operations was USD179 million and as part of its financing strategy the company has executed local currency undrawn uncommitted loan agreements for approximately USD140 million with local banks. These loans rank equal in right of payment with Cempro's existing unsecured debt and amortize in 10 years with three years of grace period. Irrevocable letters of credit for about USD23 million back-up the purchase of equipment and provide additional liquidity support. Fitch views Cempro's liquidity as comfortable. This is due to the company's ability to generate cash flow from operations, its low leverage, available cash balance and good access to local bank lending, which should allow it to fund projected negative FCF and modest upcoming debt maturities. FULL LIST OF RATING ACTIONS Fitch has affirmed Cempro's ratings as: -- Foreign currency IDR at 'BB+'; -- Local currency IDR at 'BB+'; -- USD350 million senior unsecured notes due 2023 at 'BB+'. ============= J A M A I C A ============= APPLETON ESTATE: To Resume Sugar Factory Operations in January -------------------------------------------------------------- RJR News reports that the Appleton sugar factory that closed in December last year, is to resume operations in January. Karl James, Chairman of Jamaica Cane Products Sales, said he was informed of the decision, according to RJR News. "Well this is good news for the sugar industry. Appleton is the third largest of the sugar factories. When it did not open in 2016, it caused a lot of distress. Appleton will start in January and we are hoping that we will have a good crop and improved production for next year," the report quoted Mr. James as saying. LONG POND: Minister Hopes to Close Deal with Prospect Buyers ------------------------------------------------------------ RJR News reports that Agriculture Minister Karl Samuda has indicated that discussions are being held with investors who are interested in acquiring certain sugar estates. In an address at the Sugar Industry Authority's inaugural post- crop seminar in Mandeville, Mr. Samuda said he is hoping to close a deal with prospective buyers interested in the Long Pond Sugar Factory in Trelawny, the report relays. Discussions are also being held with investors interested in taking over the operations of the Monymusk Sugar Factory in May Pen, Clarendon, as well as the Frome Sugar Factory in Westmoreland, the report discloses. Mr. Samuda added that based on a meeting earlier with the investors, they are convinced that with proper management the factories can be profitable, the report says. =========== M E X I C O =========== METROFINANCIERA - METROCB 05U: Moody's Cuts Certs Rating to Caa1 ----------------------------------------------------------------- Moody's de Mexico (has taken rating actions on five Mexican RMBS certificates. The complete rating actions are as follows: Issuer: Metrofinanciera - METROCB 05U -- METROCB 05U Certificate, Downgraded to Caa1 (sf) (Global Scale, Local Currency); previously on Mar 18, 2016 Downgraded to B3 (sf) -- METROCB 05U Certificate, Downgraded to B2.mx (sf) (National Scale); previously on Mar 18, 2016 Downgraded to B1.mx (sf) Issuer: Metrofinanciera - METROCB 06U -- METROCB 06U Certificate, Upgraded to Caa2 (sf) (Global Scale, Local Currency); previously on Mar 18, 2016 Downgraded to Caa3 (sf) -- METROCB 06U Certificate, Upgraded to Caa1.mx (sf) (National Scale); previously on Mar 18, 2016 Downgraded to Caa3.mx (sf) Issuer: Proyectos Adamantine - MXMACCB 05U -- MXMACCB 05U Certificate, Downgraded to B3 (sf) (Global Scale, Local Currency); previously on Mar 18, 2016 Downgraded to B2 (sf) -- MXMACCB 05U Certificate, Downgraded to Ba3.mx (sf) (National Scale); previously on Jun 14, 2016 Downgraded to Ba1.mx (sf) Issuer: Proyectos Adamantine - MXMACCB 05-2U -- MXMACCB 05-2U Certificate, Downgraded to Caa3 (sf) (Global Scale, Local Currency); previously on Mar 18, 2016 Downgraded to Caa2 (sf) -- MXMACCB 05-2U Certificate, Downgraded to Caa3.mx (sf) (National Scale); previously on Jun 14, 2016 Upgraded to Caa1.mx (sf) Issuer: Proyectos Adamantine - MXMACCB 06U -- MXMACCB 06U Certificate, Downgraded to Ca (sf) (Global Scale, Local Currency); previously on Mar 30, 2016 Downgraded to Caa3 (sf) -- MXMACCB 06U Certificate, Downgraded to Ca.mx (sf) (National Scale); previously on Mar 30, 2016 Downgraded to Caa3.mx (sf) RATINGS RATIONALE Today's rating actions reflect a correction to the cash flow modeling of these transactions and updated performance of the securitized pools. The downgrades of the METROCB 05U certificates are driven solely by performance, while the rest of the rating actions result from modeling corrections as well as updated performance. The downgrades of certificates from METROCB 05U result from a deterioration in the deal's performance, specifically a considerable reduction in the transaction's credit enhancement in the form of available cash from $M12.3 MXN in February 2016 to $M3.8 MXN in July 2016. The upgrades of certificates from METROCB 06U primarily result from a correction to the cash flow waterfall model used to rate this transaction. In the cash flow waterfall model used in determining the previous ratings, the fee modelled for the Partial Credit Guarantee (PCG) was higher than the actual fee established in the transaction documents. The correction of the cash flow waterfall led to an increase in the available excess spread to make payments of interest and principal, resulting in today's rating changes. The downgrades of certificates from the three Proyectos Adamantine deals primarily result from a correction to the cash flow models used to rate these transactions. In the cash flow model used in determining the previous ratings, the interest payments on the PCG draws were not included in the cash flow waterfall model. This error has now been corrected, and today's rating actions reflect this change. The rating actions consider the recent performance of the underlying pools and reflect Moody's updated loss expectation on these pools together with changes in tranche level credit enhancement. Moody's analyzed overcollateralization, future losses, credit enhancement and cash availability for the deals. Under the MILAN approach, Moody's first performed a portfolio analysis of the securitized collateral pool. The results of this analysis are the portfolio's expected losses (Portfolio EL) and Moody's Individual Loan Analysis Credit Enhancement (MILAN CE). Moody's said, "The Portfolio EL captures our expectations of performance considering the current economic outlook, while the MILAN CE captures the loss we expect the portfolio to suffer in the event of a severe recession scenario." Moody's uses the two outputs from the portfolio analysis to determine a probability loss distribution. In the structural analysis, Moody's uses a cash flow model in order to assess the structural features of the RMBS transaction. The structure is assessed using each scenario in the loss distribution. Finally, Moody's assesses the counterparty default risk and the legal risk to derive the final ratings. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: Factors that would lead to a downgrade are higher expected loss levels, the cash availability in the transaction and deterioration of loss coverage. Factors that would lead to an upgrade are lower expected loss levels resulting from improved liquidity levels and stronger portfolio performance. RATING METHODOLOGY The principal methodology used in these ratings was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in January 2015. Moody's considered the servicers' practices and considers them adequate. The period of time covered in the financial information used to determine Metrofinanciera - METROCB 05U 's rating is between June 1st, 2005 and July 31st, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents). The period of time covered in the financial information used to determine Metrofinanciera - METROCB 06U 's rating is between June 2nd, 2006 and June 30th, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents). The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACCB 05U's rating is between August 4th 2005 and August 31st, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents). The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACCB 05-2U's rating is between October 20th, 2005 and August 31st, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents). The period of time covered in the financial information used to determine Proyectos Adamantine - MXMACCB 06U's rating is between March 30th, 2006 and August 31st, 2016 (source: periodic collections and remittances reports sent by the servicers, trustees and common representative agents). OPDAPAS DE METEPEC: Moody's Affirms Ba1 Issuer Ratings ------------------------------------------------------- Moody's de Mexico affirmed Ba1/A1.mx issuer ratings of OPDAPAS de Metepec, the outlook remains negative. Moody's will withdraw the ratings on the next business day. RATINGS RATIONALE The affirmation of the ratings reflects the continuous ability of OPDAPAS de Metepec to register operating surpluses, maintain a strong cash position and no history of debt. On average during the period 2011-2015, operating margins of OPDAPAS de Metepec stood at 8.3% of operating income, which reflects the high revenue structure compared to expenditures. This has led to solid ratios of net working capital relative to operating revenues of 5.1% and cash relative to current liabilities of 8.3x. Also, OPDAPAS de Metepec has operated without the need of debt since 2006. The negative outlook reflects the outlook of the respective supporting government, the Municipality of Metepec (Ba1, negative). Moody's will withdraw the ratings due to insufficient or otherwise inadequate forward looking information to support the maintenance of the rating. The principal methodology used in these ratings was Government- Related Issuers published in October 2014. The period of time covered in the financial information used to determine OPDAPAS de Metepec ratings is between 1/1/2011 and 12/31/2015 (source: 2011 to 2014 issuer; 2015 public web site). PETROLEOS MEXICANOS: Fire Breaks Out on Tanker in Gulf of Mexico ---------------------------------------------------------------- Natalie Schachar and Noe Torres at Reuters report that a fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico, forcing all the crew to be evacuated in the latest accident to plague the struggling firm. The blaze on the tanker "Burgos" occurred off the coast of Boca del Rio in Veracruz state and all the crew were safe, Pemex said in a tweet, according to Reuters. Mexico's Navy said there were 31 crew members and that all had returned to port, the report notes. Images tweeted by Pemex showed the vessel giving off plumes of smoke as another boat hosed the tanker, the report relays. Pemex said that firefighting teams were still working to put out the blaze, the report discloses. The tanker was carrying 80,000 barrels of diesel and 70,000 barrels of gasoline, Mexico's Communications and Transport Ministry said, the report notes. The fire follows a series of other mishaps at Pemex, which is coping with major losses, increased competition at home, sharp budget cuts and lower revenue due to the oil price rout, the report relays. In April, more than 30 people died and dozens were injured in an explosion at a petrochemical plant in southeast Veracruz state, a joint venture between Pemex and another firm, the report says. In 2013, at least 37 people were killed by a blast at Pemex's Mexico City headquarters, and 26 people died in a fire at a Pemex natural gas facility in northern Mexico in 2012, the report recalls. A 2015 fire at a Pemex platform in the Bay of Campeche affected oil output and cost the company up to $780 million, the report notes. Marine Traffic, a website that tracks vessel movements, showed the 11-year-old tanker en route to the port of Veracruz from Coatzacoalcos in the southern part of the state, the report adds. ====================== P U E R T O R I C O ====================== BALTAZAR ANTONIO: Unsecureds to Recover 4.2% Under Plan ------------------------------------------------------- Baltazar Antonio Negron Soto filed with the U.S. Bankruptcy Court for the District of Puerto Rico an amended disclosure statement explaining the Debtor's plan of reorganization dated Aug. 29, 2016. It is anticipated that Class 2 General Unsecured Claims will result in Allowed Class 2 Claims in the approximate amount of $105,127.81. The Plan anticipates a 4.2% distribution on these claims for an approximated total distribution of $4,500. These claims will be paid via monthly payments in the amount of $187.50; commencing on the first day of the 37th month following the Effective Date of the Plan and continue through the last day of the 60th month following the Effective Date of the Plan. Payments will be based on principal only, without any payment of interest. The Plan establishes that the Plan will be funded from the Reorganized Debtor's cash flow generated by the Debtor. It generally consists of the rental income generated by the commercial property, the income generated by the Debtor's employment, and the income generated by Debtor's employment as a preacher. The Debtor will contribute his cash flows to fund the Plan commencing on the Effective Date of the Plan and continue to contribute said income through the date that Holders of Allowed Class 1 and 2 Claims receive the payments specified for in the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/prb14-08847-163.pdf The Plan was filed by the Debtor's counsel: Jesus Enrique Batista-Sanchez, Esq. The Batista Law Group, PSC Cond. Mid-Town Center 420 Avenue Juan Ponce De Le¢n Suite 901 San Juan, PR 00918 Tel: (787) 620-2856 About Baltazar Antonio Baltazar Antonio Negron Soto owns a 100% interest in the shares of Funeraria Ebenezer. Funeraria, which is managed and operated by the Debtor, is a corporation dedicated to funeral services. Funeraria does not own any real property. The Debtor also owns an investment real property located at Calle 601 Bloque 222 Casa 15 Villa Carolina, Carolina, Puerto Rico. Additionally, the Debtor also owns the real property located at Bloque 142 Calle 412 No. 13 Villa Carolina, Carolina, Puerto Rico, which is the Debtor's primary residence. The primary residence is owned by the Debtor free and clear of any liens and encumbrances. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 14-08847) on Oct. 28, 2014. CARIBBEAN TRANSPORT: Hires Lube & Soto as Attorney -------------------------------------------------- Caribbean Transport Refrigeration & Power Systems, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Lube & Soto Law Offices, PSC as attorney to the Debtor. Caribbean Transport requires Lube & Soto to represent the Debtor in the bankruptcy case. Lube & Soto will be paid at these hourly rates: Teresa M. Lube Capo $250 Madeline Soto Pacheco $250 Paralegal $50 Lube & Soto will be paid a retainer in the amount of $10,000, of which $5,000 was paid on September 2, 2016 and the balance to be paid on September 8, 2016. The amount of $1,717 was advanced as filing fee. Lube & Soto will also be reimbursed for reasonable out-of-pocket expenses incurred. Teresa M. Lube Capo, member of the law firm of Lube & Soto Law Offices, PSC, 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 Debtor and its estate. Lube & Soto can be reached at: Teresa M. Lube Capo, Esq. LUBE & SOTO LAW OFFICES, PSC 1130 Franklin D. Roosevelt Avenue San Juan, PR 00920-2906 Tel: (787) 722-0909 Fax: (787) 294-5120 E-mail: lubeysoto@gmail.com About Caribbean Transport Caribbean Transport Refrigeration & Power Systems Inc., based in Morovis, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-06766) on August 25, 2016. Teresa M. Lube Capo, Esq., at Lube & Soto Law Offices, PSC, serves as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Isidro Ojeda, president. No official committee of unsecured creditors has been appointed in the case. PLAZA LAS AMERICAS: Hires Jose Calderon as Attorney --------------------------------------------------- Plaza Las Americas Taco Maker Corp., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jose R. Fuentes Calderon, Esq. as attorney to the Debtor. Plaza Las Americas requires Mr. Calderon to: a. advise the Debtor with respect to its duties, powers and responsibilities in the bankruptcy case under the laws of the United States and Puerto Rico in which the Debtor in Possession conducts its operations, does business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, helping debtor in the orderly liquidation of its assets; c. assist the Debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets or for proposing a viable plan of reorganization; d. prepare on behalf of the Debtor the necessary complaints, answers, orders, reports, memoranda of law and any other legal papers or documents; e. appear before the Bankruptcy Court, or any court in which the Debtor asserts a claim interest or defense directly or indirectly related to the bankruptcy case; f. perform such other legal services for the Debtor as may be required in the bankruptcy proceedings or in connection with the operation and involvement with the Debtor's business, including but not limited to notarial services; and g. employ other professional services, if necessary. Mr. Calderon will be paid at the hourly rate of $175, and a retainer in the amount of $2,000. Mr. Calderon will also be reimbursed for reasonable out-of-pocket expenses incurred. Jose R. Fuentes Calderon, Esq., 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/its estates. Mr. Calderon can be reached at: Jose R. Fuentes Calderon, Esq. PO Box 2419 Isabela, PR 00662 Tel: (787) 608-5967 E-mail: jfuentes@fuenteslawpr.com About Plaza Las Americas Plaza Las Americas Taco Maker, Corp., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-03638) on May 5, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Jesus Santiago Malavet, Esq., of Santiago Malavet and Santiago Law Office. No official committee of unsecured creditors has been appointed in the case. PUERTO RICO: Fire Triggers Power Outage That Affects 1.5 Million ---------------------------------------------------------------- Caribbean360.com reports that almost a third of Puerto Rico's population remained without electricity in the morning of Sept. 22 after a fire at a power station caused a blackout. Nearly 1.5 million customers of the state-run electric company were affected. "This is a very serious event," Puerto Rico Governor Alejandro Garcia Padilla said, noting that the outage also shut off water service for about 340,000 people, the report notes. "The system is not designed to withstand a failure of this magnitude. I assume complete responsibility. Everyone knows that the company's maintenance problems began decades ago," the report quoted Mr. Padilla as saying. Mr. Padilla added that it was expected power would be back on for most people sometime afternoon on Sept. 22, but made it clear that should not be interpreted as a promise, the report notes. "I don't want to give false expectations. Lots of setbacks may occur," the Governor said, the report relays. The power outage forced businesses, schools and government offices to shut early. And schools all across the Caribbean island remained closed, the report notes. The Luis Munoz Marin International Airport continues to operate, but Garcia Padilla said passengers are being checked in manually to preserve power, the report adds. As reported in the Troubled Company Reporter-Latin America on July 11, 2016, S&P Global Ratings has downgraded the Commonwealth of Puerto Rico's general obligation secured debt to 'D' (default) from 'CC' following the commonwealth's default on debt service due July 1, 2016. PUERTO RICO INDUSTRIAL: S&P Lowers Rating on Bonds to 'D' --------------------------------------------------------- S&P Global Ratings has lowered its rating on Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority's series 2000A bonds to 'D' (default) from 'CC' following formal confirmation from the trustee that a default on payment of debt service occurred in July. PUERTO RICO PUBLIC: S&P Lowers Rating on Series L Bonds to 'D' -------------------------------------------------------------- S&P Global Ratings has lowered its rating on certain Puerto Rico Public Buildings Authority bonds, excluding series L bonds, to 'D' (default) from 'CC' following confirmation of a default on payment of debt service on July 1, 2016. In addition, S&P Global Ratings has withdrawn its long-term ratings on bonds insured by unrated bond insurers. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Could Become St. Lucia's National Carrier ------------------------------------------------------------- Trinidad Express reports that St. Lucia is moving to have the Trinidad-based Caribbean Airlines (CAL) as its national carrier, Prime Minister Allen Chastanet has said. Speaking at a news conference on the state-owned National Television Network (NTN), Minister Chastanet said that having CAL serve as the national carrier may be the best option for the island given the many issues facing air transport in the region, according to Trinidad Express. "This means that Caribbean Airlines would now be able to fly between St. Lucia and Barbados and Trinidad and even go to Puerto Rico and other places," Minister Chastanet told reporters, the report notes. The former tourism minister, a critic of the Antigua-based regional airline LIAT, reiterated early statements that the airline, whose major shareholders are the governments of Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines, cannot solve all of the transportation needs of the region, the report relays. Minister Chastanet said Castries would not provide any financial assistance to the cash-strapped airline until it is restructured, the report notes. Prime Minister Chastanet was also critical of the Eastern Caribbean Civil Aviation Authority (ECCAA) saying that it has been reluctant to allow other airlines to operate within the sub- region, the report discloses. "I am convinced that ECCAA cannot be fixed," Minister Chastanet told television viewers, adding that he would like to move St. Lucia from the Antigua-based ECCAA that was established in 2003, the report adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on November 2, 2015, RJR News said that Michael DiLollo, Chief Executive Officer of Caribbean Airlines Limited has quit after just 17 months on the job. The 48-year-old Canadian national, citing personal reasons, resigned with immediate effect. His resignation was accepted by the airline's board of directors. Mr. DiLollo was appointed Caribbean Airlines CEO in May 2014, following the sudden resignation of Robert Corbie in September 2013. In early February 2015, Larry Howai, then Finance Minister, told Parliament that unaudited accounts for 2014 showed the airline made a loss of US$60 million, inclusive of its Air Jamaica operations, and the airline planned to break even by 2017. Mr. Howai told the Parliament that a five-year strategic plan had been completed and was in the process of being approved for implementation. In an interview with the Trinidad & Tobago Guardian in early November 2015, Mr. DiLollo said CAL did not need a bailout just yet. Mr. DiLollo said the airline had benefited from extremely patient shareholders for years and he believed the airline was strategically positioned to break even in three years. ================= X X X X X X X X X ================= LATAM: Most Exposed to Shift in US Trade Policy, Moody's Says -------------------------------------------------------------- Mexico (A3 negative) and Costa Rica (Ba1 negative) are among the most exposed economies in the Americas, if the US (Aaa stable) were to shift toward a retrenchment from trade and investment ties after the November presidential elections, according to a report by Moody's Investors Service. Canada is less exposed since it does not benefit from the low labor costs that incentivized the offshoring of manufacturing operations. This report focuses on the likely credit impact for the Americas if the US were to shift away from free trade. It is part of a series examining the impact of possible post-election shifts in US policies on different regions. As well as looking at trade, the report also examines the potential effect that the election outcome could have on foreign direct investment (FDI) from the US into Latin America and Canada, and how possible changes in US immigration policy could affect remittances to these economies. Economic integration between the US and Latin America has increased since the North American Free Trade Agreement (NAFTA) and the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) were signed. However, trade retrenchment has become a recurrent theme of this year's election campaign, and a shift by the US toward a less open economy could pose significant risks to some Latin American economies. The most reliant on exports to the US for growth, when measured as a share of GDP, are Nicaragua and Honduras. However these countries typically export low value manufactured goods. Mexico and Costa Rica are more exposed because high-value exports, such as cars and machinery, account for a large share of the goods that they sell to the US. "These are the sort of industries and jobs that advocates of retrenchment want to bring back to the US," said Renzo Merino, an Analyst at Moody's. FDI flows, which are a stable source of capital that finances a large portion of Latin American countries' current account deficits, could also be curbed in an attempt to prevent exporting of jobs abroad. Mexico is the country most exposed in terms of FDI, in particular should NAFTA be revisited. While exports to the US make up 20% of Canada's GDP and it is a major recipient of FDI from the US, the probability of disruptive changes to bilateral trade between the US and Canada is lower than for Mexico. Changes in the US government's immigration policies could also negatively impact worker remittances, which are particularly important for Central American countries. El Salvador, Guatemala and Honduras in particular, are highly exposed to worker remittance disruptions. * BOND PRICING: For the Week From Sept. 19 to Sept. 23, 2016 ------------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Andino Investment Holding 11 70.85 11/13/2020 PE USD Andino Investment Holding 11 68.88 11/13/2020 PE USD Anton Oilfield Services G 7.5 69.03 11/6/2018 CN USD Anton Oilfield Services G 7.5 66 11/6/2018 CN USD BA-CA Finance Cayman 2 Lt 0.719 38.5 KY EUR BA-CA Finance Cayman Ltd 0.749 38.93 KY EUR Banco do Brasil SA/Cayman 6.25 62.84 KY USD Banco do Brasil SA/Cayman 6.25 59.51 KY USD BPI Capital Finance Ltd 2.29 40 KY EUR CA La Electricidad de Car 8.5 43.75 4/10/2018 VE USD Chile Government Internat 3.625 15.7 10/30/2042 CL USD CSN Islands XI Corp 6.875 61.25 9/21/2019 KY USD CSN Islands XI Corp 6.875 61.13 9/21/2019 KY USD CSN Islands XII Corp 7 48.8 BR USD CSN Islands XII Corp 7 47.75 BR USD Decimo Primer Fideicomiso 4.54 59.75 10/25/2041 PA USD Decimo Primer Fideicomiso 6 71.38 10/25/2041 PA USD Ecuador Government Domest 8.45 70.8 2/6/2034 EC USD Ecuador Government Domest 8.45 69.35 9/10/2034 EC USD Ecuador Government Domest 8.45 70.42 4/2/2034 EC USD Ecuador Government Domest 8.45 69.72 7/17/2034 EC USD Ecuador Government Domest 8.45 69.71 5/30/2034 EC USD Ecuador Government Domest 8.45 69.23 9/30/2034 EC USD Ecuador Government Domest 8.45 70.52 3/19/2034 EC USD Ecuador Government Domest 7.75 74.84 12/19/2028 EC USD Ecuador Government Domest 8.45 69.94 6/12/2034 EC USD Ecuador Government Domest 8.45 69.95 6/11/2034 EC USD Ecuador Government Domest 8.45 69.82 7/1/2034 EC USD Ecuador Government Domest 7.7 73.56 7/1/2029 EC USD Ecuador Government Domest 7.7 72.94 9/10/2029 EC USD Ecuador Government Domest 7.75 74.95 11/8/2028 EC USD Ecuador Government Domest 7.7 73.74 6/11/2029 EC USD Ecuador Government Domest 7.7 73.73 6/12/2029 EC USD Ecuador Government Domest 7.7 72.77 9/30/2029 EC USD Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP ESFG International Ltd 5.753 0.883 KY EUR General Exploration Partn 11.5 36.75 11/13/2018 CA USD General Shopping Finance 10 60.55 KY USD General Shopping Finance 10 60.63 KY USD Global A&T Electronics Lt 10 70.88 2/1/2019 SG USD Global A&T Electronics Lt 10 71.88 2/1/2019 SG USD Global A&T Electronics Lt 10 50.5 2/1/2019 SG USD Global A&T Electronics Lt 10 54 2/1/2019 SG USD Glorious Property Holding 13.25 74.56 3/4/2018 HK USD Gol Finance Inc 9.25 47.35 7/20/2020 BR USD Gol Finance Inc 8.75 37.75 BR USD Gol Finance Inc 7.5 61 4/3/2017 BR USD Gol Finance Inc 7.5 59.38 4/3/2017 BR USD Gol Finance Inc 7.5 59.38 4/3/2017 BR USD Gol Finance Inc 9.25 43.38 7/20/2020 BR USD Gol Finance Inc 8.75 36.88 BR USD Green Dragon Gas Ltd 10 63.75 11/20/2017 HK USD Greenfields Petroleum Cor 9 11.35 5/31/2017 US CAD Honghua Group Ltd 7.45 58.25 9/25/2019 CN USD Honghua Group Ltd 7.45 58 9/25/2019 CN USD Inversora Electrica de Bu 6.5 59.5 9/26/2017 AR USD MIE Holdings Corp 7.5 67.25 4/25/2019 HK USD MIE Holdings Corp 7.5 68.58 4/25/2019 HK USD NB Finance Ltd/Cayman Isl 3.38 60.22 2/7/2035 KY EUR Newland International Pro 9.5 24.13 7/3/2017 PA USD Newland International Pro 9.5 25.13 7/3/2017 PA USD Noble Holding Internation 6.2 65.42 8/1/2040 KY USD Noble Holding Internation 6.05 66.38 3/1/2041 KY USD Noble Holding Internation 5.25 64.71 3/15/2042 KY USD Ocean Rig UDW Inc 7.25 57.75 4/1/2019 CY USD Ocean Rig UDW Inc 7.25 55 4/1/2019 CY USD Odebrecht Drilling Norbe 6.35 27 6/30/2021 KY USD Odebrecht Drilling Norbe 6.35 28.5 6/30/2021 KY USD Odebrecht Finance Ltd 7.5 40 KY USD Odebrecht Finance Ltd 4.375 37.23 4/25/2025 KY USD Odebrecht Finance Ltd 7.125 33.5 6/26/2042 KY USD Odebrecht Finance Ltd 5.25 34.5 6/27/2029 KY USD Odebrecht Finance Ltd 5.125 36 6/26/2022 KY USD Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL Odebrecht Finance Ltd 7 53.5 4/21/2020 KY USD Odebrecht Finance Ltd 6 41.51 4/5/2023 KY USD Odebrecht Finance Ltd 5.25 36 6/27/2029 KY USD Odebrecht Finance Ltd 4.375 36 4/25/2025 KY USD Odebrecht Finance Ltd 7.125 33.75 6/26/2042 KY USD Odebrecht Finance Ltd 7.5 42.5 KY USD Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL Odebrecht Finance Ltd 5.125 35.38 6/26/2022 KY USD Odebrecht Finance Ltd 6 38.88 4/5/2023 KY USD Odebrecht Finance Ltd 7 44 4/21/2020 KY USD Odebrecht Offshore Drilli 6.75 17 10/1/2022 KY USD Odebrecht Offshore Drilli 6.625 17 10/1/2022 KY USD Odebrecht Offshore Drilli 6.75 17.38 10/1/2022 KY USD Odebrecht Offshore Drilli 6.625 17.38 10/1/2022 KY USD Petroleos de Venezuela SA 5.25 67.5 4/12/2017 VE USD Petroleos de Venezuela SA 12.75 56.1 2/17/2022 VE USD Petroleos de Venezuela SA 9 49.38 11/17/2021 VE USD Petroleos de Venezuela SA 9.75 44.57 5/17/2035 VE USD Petroleos de Venezuela SA 6 38.5 5/16/2024 VE USD Petroleos de Venezuela SA 6 36.75 11/15/2026 VE USD Petroleos de Venezuela SA 5.375 37 4/12/2027 VE USD Petroleos de Venezuela SA 5.5 36.75 4/12/2037 VE USD Petroleos de Venezuela SA 6 32.13 10/28/2022 VE USD Petroleos de Venezuela SA 6 36.4 11/15/2026 VE USD Petroleos de Venezuela SA 6 35.35 5/16/2024 VE USD Petroleos de Venezuela SA 9.75 41.7 5/17/2035 VE USD Petroleos de Venezuela SA 9 45.25 11/17/2021 VE USD Petroleos de Venezuela SA 12.75 46.15 2/17/2022 VE USD Polarcus Ltd 5.6 44.93 3/30/2022 AE USD Provincia de Rio Negro 1.6148 62 5/4/2024 AR ARS PSOS Finance Ltd 11.75 60.13 4/23/2018 KY USD Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD Samarco Mineracao SA 4.125 37.25 11/1/2022 BR USD Samarco Mineracao SA 5.75 36.6 10/24/2023 BR USD Samarco Mineracao SA 5.375 35.38 9/26/2024 BR USD Samarco Mineracao SA 4.125 37.38 11/1/2022 BR USD Samarco Mineracao SA 5.75 39.63 10/24/2023 BR USD Samarco Mineracao SA 5.375 37.25 9/26/2024 BR USD Siem Offshore Inc 5.69 52.25 1/30/2018 NO NOK Siem Offshore Inc 5.49 51.75 3/28/2019 NO NOK Transocean Inc 5.05 74.75 10/15/2022 KY USD Transocean Inc 6.8 63.66 3/15/2038 KY USD Transocean Inc 7.5 65.78 4/15/2031 KY USD Transocean Inc 9.1 70.41 12/15/2041 KY USD Transocean Inc 7.45 74.9 4/15/2027 KY USD Transocean Inc 8 73.55 4/15/2027 KY USD Uruguay Notas del Tesoro 5.25 61.99 12/29/2021 UY UYU US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD Venezuela Government Inte 9.25 49.03 9/15/2027 VE USD Venezuela Government Inte 11.75 49.5 10/21/2026 VE USD Venezuela Government Inte 11.95 49.5 8/5/2031 VE USD Venezuela Government Inte 7.75 47.38 10/13/2019 VE USD Venezuela Government Inte 13.625 65.25 8/15/2018 VE USD Venezuela Government Inte 9.375 45.85 1/13/2034 VE USD Venezuela Government Inte 7 52.85 12/1/2018 VE USD Venezuela Government Inte 7 42 3/31/2038 VE USD Venezuela Government Inte 9 45.5 5/7/2023 VE USD Venezuela Government Inte 9.25 45.5 5/7/2028 VE USD Venezuela Government Inte 8.25 44.38 10/13/2024 VE USD Venezuela Government Inte 6 43.5 12/9/2020 VE USD Venezuela Government Inte 13.625 56.5 8/15/2018 VE USD Venezuela Government Inte 7.65 43.25 4/21/2025 VE USD Venezuela Government Inte 13.625 59.69 8/15/2018 VE USD Venezuela Government Inte 12.75 53.5 8/23/2022 VE USD Venezuela Government TICC 5.25 53.23 3/21/2019 VE USD VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD XLIT Ltd 6.5 70 IE USD *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. * * * End of Transmission * * *