/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170209.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, February 9, 2017, Vol. 18, No. 029 Headlines B R A Z I L BRAZIL: Credit Suisse Sees Resuming Growth in 2017 CAMARGO CORREA: S&P Affirms Then Withdraws 'BB-' Rating C A Y M A N I S L A N D S ADAR LATAM: Shareholder Receives Wind-Up Report ANTHRACITE BALANCED: Members Receive Wind-Up Report BANYAN FUND: Members Receive Wind-Up Report BOSON GLOBAL: Shareholders Receive Wind-Up Report BROTHERS HOLDINGS: Shareholders Receive Wind-Up Report CALABAS CAPITAL: Shareholders Receive Wind-Up Report COGNIS CREDIT: Shareholder Receives Wind-Up Report COGNIS CREDIT MASTER: Shareholder Receives Wind-Up Report CSI CAPITAL: Members Receive Wind-Up Report DIAPASON RELATIVE: Shareholders Receive Wind-Up Report DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report DIAPASON RELATIVE MASTER: Shareholders Receive Wind-Up Report EASTGATE PHARMACEUTICALS I: Shareholder Receives Wind-Up Report EASTGATE PHARMACEUTICALS II: Shareholder Receives Wind-Up Report ESO HOLDINGS: Shareholder Receives Wind-Up Report FALCON GROUP: S&P Affirms 'BB-/B' Counterparty Credit Ratings INDUS JAPAN: Shareholder Receives Wind-Up Report INDUS JAPAN MASTER: Shareholder Receives Wind-Up Report KARMA OFFSHORE: Shareholders Receive Wind-Up Report KIDS HOLDINGS: Shareholder Receives Wind-Up Report MARKA HOLDINGS: Shareholder Receives Wind-Up Report NIGHTLINE LTD: Shareholders Receive Wind-Up Report OZER INVEST: Members Receive Wind-Up Report REDSTREAM FUND: Members Receive Wind-Up Report TREBLECLEF INVESTMENTS: Members Receive Wind-Up Report C H I L E CORPGROUP BANKING: Moody's Lowers Issuer Ratings to B2 E L S A L V A D O R ELEVENTH MORTGAGE-BACKED: Fitch Cuts Series A Notes Rating to BB- J A M A I C A CABLE & WIRELESS: Gets Approval to Change Accounting Terminal Date JAMAICA: Fitch Affirms 'B' on LT LC Issuer Default Rating M E X I C O MEXICO: Macri, Temer Invoke Trump to Call for Closer Mercosur Ties P A N A M A AES TRUST II: Fitch Lowers Long Term Issuer Default Ratings to B P E R U PERU: Irrigation Project Sows Dissent P U E R T O R I C O ERGON CARIBBEAN: Hires C. Conde & Associates as Bankr. Attorney FUSSION RESTAURANT: Hires Bigas Law as Bankruptcy Counsel HAIRLAND CORP: Taps Davila Rivera Law as Counsel POWER COOLING: Hires Rafael Fernandez Torres as Accountant T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Has to be More Competitive in Petroleum Scene - - - - - =========== B R A Z I L =========== BRAZIL: Credit Suisse Sees Resuming Growth in 2017 -------------------------------------------------- Luciana Magalhaes at The Wall Street Journal reports that Credit Suisse Group AG's Brazil unit, one of the largest investment banks in the country, expects the economy to pick up this year and spur a rapid increase in the number of initial public offerings, Jose Olympio Pereira, chief executive of the unit, said in an interview. Brazil's economy could be growing at a year-on-year pace of 2% in the last quarter of 2017, while the number of IPOs this year is likely to go back to the level of 2013, with about 10 offerings, Mr. Pereira said, according to The Wall Street Journal. For the full year, the executive sees the economy growing up to 0.5%. Brazil has seen a drought in IPOs in the last two years amid its deepest recession since the country started keeping records, the report notes. In 2016, only one company, medical-diagnostic services provider Centro de Imagem Diagnosticos SA, known as Alliar, went through with plans to raise capital through a primary offering of shares on the Brazilian stock exchange, the report relays. The sale, which took place at the end of October, broke a dry spell, which had lasted from June 2015, the report discloses. Currently there are at least three companies in the process of planning a primary offering of shares, including two car-rental companies and one in medical exams, according to a BM&FBovespa spokeswoman, the report notes. The record for IPOs in Brazil was set in 2007, when more than 60 companies went public, the report says. Brazil is among the 10 largest economies in the world, but fewer than 500 companies are listed on the local BM&FBovespa exchange. Mr. Pereira declined to point to specific sectors but said his bank has a good pipeline of businesses for 2017 and noted that, despite a recent scarcity of IPOs, money was still flowing into the country, which saw big merger and acquisitions deals in 2016, the report relays. "If even during a difficult time money was still coming to Brazil, imagine how it will be with a more favorable environment?" he said. Mr. Pereira listed some large cross-border deals that took place in Brazil in 2016, including China's State Grid acquisition of a majority stake in Brazil's electricity giant CPFL Energia for $4.5 billion, the report discloses. Brookfield Asset Management Inc., Canada's largest alternative asset manager, said in September that it and its partners would pay $5.2 billion for a 90% stake in a Brazilian natural gas distribution network, purchasing it from oil giant Petroleo Brasileiro SA, or Petrobras, the report notes. Credit Suisse is currently representing clients looking at other assets belonging to Petrobras, though Mr. Pereira noted that doing business in Brazil has changed since the start of a sprawling anticorruption investigation, known as Operation Car Wash, at the oil firm, the report relays. After selling $13.6 billion in assets over the last two years, Petrobras still seeks to unload an additional $21 billion in assets in the 2017-2018 period as it struggles to cut its huge debt load, the report notes. The Car Wash probe has already ensnared some of the most important business people in Brazil, along with high-ranking politicians, and a prosecutor working on the case said recently that he expects the investigation to continue for at least another two to three years, the report discloses. "Car Wash has made us very careful in terms of the people we associate with . . . . We need to understand the behavior, or the level of compliance, of our clients," he said, noting that the anticorruption efforts will benefit Brazil in the long term, despite "pains," the report notes. About U.S. President Donald Trump, Mr. Pereira said the bank hasn't made any "strategic changes" ahead of the change in government in the country, the report adds. As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2016, Fitch Ratings has affirmed Brazil's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'/ Negative Outlook. Brazil's senior unsecured Foreign- and Local- Currency bonds are also affirmed at 'BB'. The Country Ceiling is affirmed at 'BB+' and the Short-Term Foreign and Local-Currency IDRs at 'B'. CAMARGO CORREA: S&P Affirms Then Withdraws 'BB-' Rating ------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' global scale ratings on Camargo Correa S.A. (CCSA). S&P also affirmed its 'brA' national scale issue-level and '3' recovery ratings on its debentures. S&P subsequently withdrew all the ratings at the issuer's request. At the time of the withdrawal, the ratings reflected the group's robust liquidity after the sale of its stake in CPFL Energia S.A. (brAA-/Negative/--), which added R$6.122 million to CCSA in January 2017. The latter should help the group withstand the difficult business conditions in Brazil, especially at CCSA's cement operations, InterCement Brasil S.A. (global scale: BB- /Stable/--; national scale: brA/Stable/--). At the same time, S&P expects the group to post a net leverage at 5.0x-5.5x in the next two years due to the ongoing weak results at InterCement and a business model overhaul at CCSA's engineering arm -- Construcoes and Comercio Camargo Correa S.A. -- stemming from the country's massive corruption investigation, which should pressure cash flow generation. Nevertheless, the sizable cash position and the availability of R$1.5 billion in committed credit line should continue helping the group to weather refinancing concerns and cash flow volatility, in S&P's view. ========================== C A Y M A N I S L A N D S ========================== ADAR LATAM: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of Adar Latam High Income Fund Ltd. received on Jan. 12, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Adar Capital Partners Ltd. c/o Paul Ebanks 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 ANTHRACITE BALANCED: Members Receive Wind-Up Report --------------------------------------------------- The members of Anthracite Balanced Company (R-26) Limited received on Jan. 11, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Tammy Fu AlixPartners, 38 Market Street 2nd Floor, Canella Court, Camana Bay Grand Cayman Cayman Islands KY1-9006 c/o Cassandra Ronaldson Telephone: +1 (345) 814 4038 BANYAN FUND: Members Receive Wind-Up Report ------------------------------------------- The members of Banyan Fund received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ouyang Wensheng Telephone: + 18621698863 Suite 2403 199 Urumqi Road Shanghai People's Republic of China BOSON GLOBAL: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Boson Global Funds SPC Ltd. received on Jan. 13, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001, Cayman Islands Telephone: (345) 747 2739 BROTHERS HOLDINGS: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Brothers Holdings Limited received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eduardo Sonoda 54-46 rue du Rhone, CH-1204 Geneva Switzerland Telephone: +41 22 879 6262 CALABAS CAPITAL: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Calabas Capital Management received on Jan. 13, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001, Cayman Islands Telephone: (345) 747 2739 COGNIS CREDIT: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Cognis Credit Opportunities Fund Ltd received on Jan. 13, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Padraig Hoare Telephone: +1 (345) 815 1415 Facsimile: +1 (345) 945-6265 COGNIS CREDIT MASTER: Shareholder Receives Wind-Up Report --------------------------------------------------------- The shareholder of Cognis Credit Opportunities Master Fund Ltd received on Jan. 13, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Padraig Hoare Telephone: +1 (345) 815 1415 Facsimile: +1 (345) 945-6265 CSI CAPITAL: Members Receive Wind-Up Report ------------------------------------------- The members of CSI Capital GP Company, Ltd. received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Liu Yiu Keung Ernst & Young One Island East, 62nd Floor 18 Westlands Road, Island East Hong Kong DIAPASON RELATIVE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Diapason Relative Value Petroleum Industry Fund Ltd. received on Jan. 12, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. 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 DIAPASON COMMODITIES: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Diapason Commodities Index Fund received on Jan. 12, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. 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 DIAPASON RELATIVE MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of Diapason Relative Value Petroleum Industry Master Fund Ltd. received on Jan. 12, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. 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 EASTGATE PHARMACEUTICALS I: Shareholder Receives Wind-Up Report --------------------------------------------------------------- The shareholder of Eastgate Pharmaceuticals Fund I GP Co Limited received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Mohammed Abdullah A Alali Pankaj Gupta Walkers (Dubai) LLP Precinct Building 5, Level 5 Dubai International Financial Centre P.O. Box 506513 Dubai United Arab Emirates Telephone: +971 4 363 7999 EASTGATE PHARMACEUTICALS II: Shareholder Receives Wind-Up Report ---------------------------------------------------------------- The shareholder of Eastgate Pharmaceuticals Fund II GP Co Limited received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidators are: Mohammed Abdullah A Alali Pankaj Gupta Walkers (Dubai) LLP Precinct Building 5, Level 5 Dubai International Financial Centre P.O. Box 506513 Dubai United Arab Emirates Telephone: +971 4 363 7999 ESO HOLDINGS: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of ESO Holdings received on Jan. 11, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eduardo Sonoda 54-46 rue du Rhone, CH-1204 Geneva Switzerland Telephone: +41 22 879 6262 FALCON GROUP: S&P Affirms 'BB-/B' Counterparty Credit Ratings ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-/B' long- and short-term counterparty credit ratings on trade finance provider Falcon Group Holdings (Cayman) Ltd. The outlook is stable. S&P considers it likely that Falcon's business volumes and operating margins will have weakened in its recent financial year, which ended on Jan. 31, 2017, on the back of a slowdown in global trade and weaker economic growth in some of the GCC countries, which are core markets for the company. S&P's revised base-case assumption is that Falcon's EBITDA will have broadly halved in its 2016 financial year compared to 2015. S&P expects Falcon to recover some of its activity levels in 2017-2018, as the GCC countries benefit from more stable oil prices and Falcon's recent investments in geographical and product expansion start to bear fruit. At the same time, S&P still expects revenue to be below record levels of 2014-2015. Falcon currently has no debt. However, S&P's base case notably continues to assume that Falcon will complete a $150 million three-year debt issue in the next 12 months to expand and diversify its funding sources, support international growth, and broaden the client and product base. S&P has affirmed the ratings on Falcon despite S&P's revised financial projections. This is because S&P thinks that the company will remain solidly profitable, maintaining its low risk appetite and following strict underwriting and hedging policies, resulting in low credit losses. S&P expects Falcon to continue expanding its geographical presence and product range with new operations starting to contribute meaningfully to Falcon's bottom- line results. Under S&P's revised forecasts for financial years 2017-2018, it projects gross debt of 3x-4x of adjusted EBITDA (up from S&P's previous assumption of 2x-3x), with FFO in the middle of 20%-30% range of gross debt (down from 30%-45%). These credit measures are commensurate with S&P's significant financial risk profile assessment. At the same time, S&P has removed a negative adjustment it previously made under its comparable ratings analysis. This follows comparisons with similarly rated financial services companies and reflects S&P's view that Falcon's credit metrics are in line with S&P's 'BB-' rating. S&P do not expect Falcon's debt coverage metrics to worsen beyond the levels it assumes in S&P's revised forecast. If the macro environment proves to be weaker than S&P anticipates, Falcon is less likely to take on the substantial net debt that S&P assumes in its base case, in its view. S&P's stable outlook on Falcon reflects S&P's expectation that the company will successfully operate in the currently difficult global environment and will expand organically by broadening the range of its trade finance services and widen its geographical spread. If Falcon revises its established financing strategy, S&P expects the company to maintain leverage and debt-servicing metrics consistent with the current ratings, for example, with the debt-to-EBITDA ratio staying below 4x. S&P could lower the ratings if Falcon introduces a more aggressive financial policy, such as materially raising more debt than S&P assumes, with no mitigating factors. S&P could also take a negative rating action if it considered that Falcon had materially increased its risk appetite, particularly if it weakened its underwriting criteria or expanded in noncore riskier business areas in an uncontrolled manner. S&P could also consider a downgrade if it saw low activity levels for trade finance for a sustained period of time -- weighing on Falcon's margins--and the company did not adjust its cost base accordingly. A positive rating action is unlikely in the next 12 months. In the longer term, S&P could raise the ratings if Falcon executes its growth and financing strategy successfully, bolstering its franchise, revenue base, and financial metrics. In addition, S&P would consider whether Falcon will continue to enhance its corporate governance and internal controls as it grows. INDUS JAPAN: Shareholder Receives Wind-Up Report ------------------------------------------------ The shareholder of Indus Japan Market Neutral Fund, Ltd. received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Joanne Huckle Ogier, Attorneys 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 INDUS JAPAN MASTER: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Indus Japan Market Neutral Master Fund, Ltd. received on Jan. 10, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Joanne Huckle Ogier, Attorneys 89 Nexus Way, Camana Bay Grand Cayman KY1-9009 Cayman Islands Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 KARMA OFFSHORE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Karma Offshore Fund, Ltd. received on Jan. 13, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Kenneth Stewart c/o Apex Fund Services (Cayman) Ltd. 161a Artillery Court, Shedden Road P.O. Box 10085 Grand Cayman KY1 1001, Cayman Islands Telephone: (345) 747 2739 KIDS HOLDINGS: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of Kids Holdings SA received on Jan. 11, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Luis Filipe Magalhaes Da Conceicao Freire Ch. Frank-Thomas 42 1208 Geneva Switzerland Telephone: +971 55 415 5960 MARKA HOLDINGS: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Marka Holdings received on Jan. 11, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Marc Kattan R Bahia 753 AP 111 CEP: 01244-001 Sao Paolo - SP Brazil Telephone: +55 11 99194 4499 e-mail: mkattan@kondorinvest.com.br NIGHTLINE LTD: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Nightline Ltd. received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Trident Liquidators (Cayman) Ltd. c/o Lisa Thoppil One Capital Place, 4th Floor P.O. Box 847, George Town, Grand Cayman, KY1-1103 Cayman Islands Telephone: (345) 949 0880 Facsimile: (345) 949 0881 OZER INVEST: Members Receive Wind-Up Report ------------------------------------------- The members of Ozer Invest Limited received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zedra Directors (Cayman) Limited c/o Enola Reid Telephone: +1 (345) 914-5413 136 Shedden Road One Capital Place, 3rd Floor P.O. Box 487 George Town, Grand Cayman Cayman Islands KY1-1106 REDSTREAM FUND: Members Receive Wind-Up Report ---------------------------------------------- The members of Redstream Fund Limited received on Jan. 12, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Ltd. Landmark Square, 1st Floor, 64 Earth Close P.O. Box 715, Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 TREBLECLEF INVESTMENTS: Members Receive Wind-Up Report ------------------------------------------------------ The members of Trebleclef Investments Limited Company received on Jan. 19, 2017, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Zedra Directors (Cayman) Limited c/o Enola Reid Telephone: +1 (345) 914-5413 136 Shedden Road One Capital Place, 3rd Floor P.O. Box 487 George Town, Grand Cayman Cayman Islands KY1-1106 ========= C H I L E ========= CORPGROUP BANKING: Moody's Lowers Issuer Ratings to B2 ------------------------------------------------------ Moody's Investors Service downgraded to B2, from B1, CorpGroup Banking S.A.'s long-term global local and foreign currency issuer ratings and the foreign currency debt rating of the holding company's USD500 million global senior notes due 15 March 2023. The outlook on the ratings was changed to negative, from stable. The following ratings were downgraded and outlooks changed to negative: -- Long-term global local currency issuer rating to B2 negative, from B1 stable -- Long-term foreign currency issuer rating to B2 negative, from B1 stable -- Long-term foreign currency debt rating to B2 negative, from B1 stable RATINGS RATIONALE The downgrade of CorpGroup Banking's ratings incorporates the uncertainties associated with the constrained liquidity and high indebtedness at the debt issuer that may lead to increasing reliance on external support for the payment of its debt. CorpGroup Banking owns 26.92% of Ita£ CorpBanca (deposits A3 stable, baseline credit assessment baa3), with no operations of its own; therefore it services its debt almost entirely through dividends from Itau CorpBanca. While the bank's ratings are unaffected, Itau CorpBanca's ability to pay common stock dividends, the source of funding to debt holders, is likely to be constrained, according to recent unaudited regulatory filings that report negative income at the bank. These preliminary results may indicate that liquidity at CorpGroup Banking is constrained, and it leads to the risk of relying on weaker entities in the family to service its debt until profits, and dividend payouts from Itau CorpBanca, are restored. The shareholder agreement between the group of holding companies that represent the interests of the Saieh Guzman Family, controllers of CorpGroup Banking, and Itau Unibanco (deposits Ba2 negative, baseline credit assessment ba2) -controlling shareholder of Itau CorpBanca- stipulates a minimum annual dividend payout of USD120 million. However, this payment is contingent on Itau CorpBanca's ability to maintain regulatory capital ratios that are in line with the higher of the average of the three largest commercial banks in Chile and 1.2-times the bank's capitalization requirements by the Chilean regulators. Moody's had expected Itau CorpBanca to adopt a more conservative dividend policy to help ensure that the bank's capital levels improve over time, with resulting lower cash flows being up streamed to CorpGroup Banking. Subject to the bank's performance and its capital targets, dividend payouts may be increasingly restricted in the future, creating uncertainty on the ability of CorpGroup Banking to service debt with its own liquidity. A coupon of about $17 million is due March 2017. While dividend income from Itau CorpBanca will generally be sufficient to service CorpGroup Banking's debt obligations in Moody's central scenario, debt service coverage (dividends received from Itau CorpBanca/Interest Expense) will be lower than it has been historically, at just above 1-times dividend income from Itau CorpBanca, and net financial debt will remain high at about 7-times dividend income from Itau CorpBanca, according to Moody's estimates. In a more stressed scenario, however, dividend payouts would be insufficient to service CorpGroup Banking's debt, which would have to rely on extraordinary sources of income, including divestments by the Saieh family. The absence of meaningful restrictions on dividends and on the use of proceeds of asset sales to reduce CorpGroup Banking's debt burden, however, increases uncertainty in such a scenario. The single family ownership and control of CorpGroup Banking also continues to expose it to potential risks related to corporate governance. The Saieh family has the ability to elect a majority of directors and executive officers, set management policies and determine the outcome of most or all actions requiring shareholder approval at CorpGroup Banking. The rating agency nevertheless expects CorpGroup Banking to meet its upcoming payments on 15 March and 15 September through necessary funds transfers from the group of operating and holding companies related to the Saieh family. Moody's changed the outlook to negative on the holding company's ratings to incorporate the continued uncertainties regarding its standalone earnings generation, and continued high debt levels. WHAT COULD CHANGE THE RATINGS UP OR DOWN Further downward ratings pressure on CorpGroup Banking's ratings will accumulate if the holding company were to rely on support from the Saieh family to make timely payments to its bondholders. Upward ratings pressure is limited at this juncture, but Moody's could stabilize the outlook of CorpGroup Banking's ratings if the indebtedness of the holding company is reduced or if dividends from Itau CorpBanca significantly exceed Moody's expectations. The principal methodology used in these ratings was Banks published in January 2016. ==================== E L S A L V A D O R ==================== ELEVENTH MORTGAGE-BACKED: Fitch Cuts Series A Notes Rating to BB- ------------------------------------------------------------------ Fitch Ratings has downgraded the following Structured Finance notes: Eleventh Mortgage-Backed Notes Trust -- $37.8 million series A senior notes to 'BB-sf' from 'BBsf'; Outlook revised to Negative from Stable. La Hipotecaria Thirteenth Mortgage-Backed Notes Trust -- $39.6 million series A senior notes to 'BB-sf' from 'BBsf'; Outlook revised to Negative from Stable. KEY RATING DRIVERS The rating action reflects the recent downgrades of El Salvador's foreign currency Issuer Default Rating (FC IDR) to 'B' with a Negative Outlook and country ceiling to 'BB-' from 'BB'. According to Fitch's 'Criteria for Country Risk in Global Structured Finance and Covered Bonds' (September 2016), the ratings of Structured Finance notes cannot exceed the country ceiling of the country of the assets, unless the transfer and convertibility risk is mitigated. While the transaction has sufficient credit enhancement to be rated above the country's FC IDR, the rating remains constrained by the country ceiling and ultimately linked to the ratings of El Salvador. The transactions contain some liquidity to mitigate potential transfer risk, but these levels are not sufficient to provide significant rating benefit to breach the country ceiling. Additionally, Fitch believes the macroeconomic environment to be more volatile as the sovereign rating levels are decreased. When rating a transaction above the IDR of a country the transaction must have sufficient credit enhancement to withstand an increase in risk within the macroeconomic environment. Notwithstanding the above, delinquencies within the underlying portfolio have performed better than Fitch's expectations. The transactions were stressed using higher than 5.5x historical default rate which is sufficient to go up to the country ceiling or two notches above the foreign currency IDR. The Outlook revision on the transaction reflects the Negative Outlook on El Salvador's foreign currency IDR, which indicates Fitch's assessment that downside risks to the rating are currently in place. RATING SENSITIVITIES The ratings of the series A notes for both transactions are sensitive to changes in the credit quality of El Salvador. A further downgrade of El Salvador's ratings, specifically its country ceiling ('BB-'), could lead to a downgrade on the notes. In addition, special considerations would be considered for countries rated 'CCC' or below, because country risk might vary significantly and would be based on specifics of the case at hand. Finally, severe increases in foreclosure frequency and prepayments as well as reductions in recovery rates could lead to a downgrade of the notes. ============= J A M A I C A ============= CABLE & WIRELESS: Gets Approval to Change Accounting Terminal Date ------------------------------------------------------------------ RJR News reports that Cable & Wireless Jamaica has received approval from Tax Administration of Jamaica (TAJ) for their accounting terminal date to be changed to December 31 with effect from Year of Assessment 2016. For subsequent Years of Assessment, the C&W accounting period for income tax purposes shall be the twelve (12) month period, January 1 to December 31 and the corresponding return will be due on March 15 in the following year, according to RJR News. As reported in the Troubled Company Reporter-Latin America on Sept. 12, 2016, Caribbean360.com reports that minority share- holders of Cable & Wireless Jamaica have defied the board of directors and voted against a resolution to set pay for auditor KPMG. Their move was aimed at making a wider point on transparency. Voting on the resolution was adjourned for 30 days when C&WJ shareholders can vote via poll on the matter, according to Caribbean360.com. On Feb. 16, 2015, TCRLA, citing RJR News, reported that restructuring and legal costs during the October to December quarter resulted in Cable & Wireless Jamaica racking up a huge financial loss. The company incurred J$1.5 billion in operating exceptional items during the three months, according to RJR News. As a result, it ended the period with a J$1.89 billion loss, the report relates. Revenues increased by 14 per cent to J$5.6 billion. JAMAICA: Fitch Affirms 'B' on LT LC Issuer Default Rating --------------------------------------------------------- Fitch Ratings has affirmed Jamaica's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Jamaica's senior unsecured Foreign and Local Currency bonds are also affirmed at 'B'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'. Jamaica's 'B' IDRs reflect the following key rating drivers: At over 120% of GDP, Jamaica's public debt burden is one of the highest among rated sovereigns, and interest payments consume over one quarter of the budget. A heavy reliance on foreign borrowing, which accounts for three-fifths of the total, increases exchange rate risks. However, the government debt ratio has been on a downward path and Fitch expects this to resume in fiscal year 2017 ([FY17] the year to March 2018). The government tapped the Eurobond market in August 2016 to partially refinance 2017-2019 external maturities. It has also reopened the domestic debt market, borrowing 1.6% of GDP to date in FY16 to refinance domestic debt maturities in FY17. The government is on course to record a fourth successive primary surplus of around 7% of GDP in FY16, with the overall budget close to balance. The FY17 budget to be presented in February will be guided by a fiscal responsibility framework that targets a reduction in debt/GDP to 96% by 2020. A tax reform is rebalancing the tax burden towards consumption, and administration is improving. A public sector pension reform will be tabled in 2017, promising medium-term savings. The JLP government led by Prime Minister Andrew Holness, which took office in March 2016, entered a Stand-By Arrangement with the IMF in November 2016, replacing the expiring Extended Fund Facility (EFF). Under it, the authorities committed to maintain a 7% of GDP primary surplus, respect a floor on international reserves and to carry out a range of reforms. The most challenging element of the programme is a public sector reform that implies job losses. The government has given itself another two years (FY18, the year ending March 2019) to reduce the public sector wage bill below 9% of GDP, an unmet target under the EFF, from an estimated 10.4% of GDP in FY16. The government will treat the IMF lending as precautionary, reflecting an improvement in external liquidity. Reserves rose USD378 million in 2016 to USD3.3 billion, or five months of current account payments (CXP). The main sources of foreign exchange, tourism and remittances, are growing steadily, while the current account benefited from a further fall in oil imports in the first half of 2016 (1H16) owing to lower oil prices and a reduction in reliance on fuel for power generation. Fitch estimates the current account deficit (CAD) at 2.7% of GDP in 2016. The fuel import bill fell by USD1.16 billion (8% of GDP) between 2011 and 2015. Income debits are rising, as a result of the increase in external market borrowing. Long-term macroeconomic performance is a weakness relative to 'B'- rated sovereigns, but growth is improving, reaching 2% annualised in the third quarter of 2016 (3Q16). Fitch expects growth of 2% annually in both 2017 and 2018; with upside risks provided the external backdrop remains supportive. An Economic Growth Council appointed by the government has recommended a set of policies designed to achieve higher growth. Foreign direct investment is increasing across a variety of sectors and the pace of job creation has picked up. Confidence indicators have improved. The BoJ is modernising its monetary policy toolkit and moving towards formal inflation targeting. Inflation will rise from its 40-year low of 1.7% in December 2016 but Fitch expects it to stay below the 5.5% midpoint of the target range. Deposit dollarisation is high, and has actually risen in 2016. Redemption of domestic government debt increased JMD liquidity in 2016 and led to a bout of JMD weakness, since reversed. Structural indicators such as governance, human development and per capita income are better than the 'B' median. The JLP government has a one-seat majority in parliament, but there is consensus between the two main parties on economic policy and active involvement by representatives of the business community. As a small open, island economy, Jamaica is vulnerable to shocks, including natural disasters, which have adversely affected growth and public finances in the past. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Jamaica a score equivalent to a rating of 'B' on the Long-Term FC IDR scale. Fitch's sovereign rating committee did not adjust the output from the SRM to arrive at the final LT FC IDR. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within Fitch criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The following risk factors could individually or collectively lead to positive rating action: -- Higher economic growth leading to sustained and rapid reduction in government debt/GDP. -- Further reserve accumulation and strengthening of the balance of payments. The following factors could lead to a negative rating action: -- Failure to fulfil goals under the IMF programme that curtails access to external financing, potentially undermining private sector and creditor confidence. -- A sustained fiscal deterioration that worsens debt dynamics. -- External or confidence shocks that lead to macroeconomic and/or financial sector instability. KEY ASSUMPTIONS The U.S. economy, a key source of remittances and tourism demand, will grow by 2.3% and 2.4% in 2017 and 2018. Oil prices will average USD45/b in 2017 and USD55/b in 2018. =========== M E X I C O =========== MEXICO: Macri, Temer Invoke Trump to Call for Closer Mercosur Ties ------------------------------------------------------------------ EFE News reports that the presidents of Argentina and Brazil, Mauricio Macri and Michel Temer, respectively, invoked the "Trump effect" to propose a closer relationship between Mercosur and Mexico, the latter a country the two leaders agreed "is beginning to look south with more determination." Mr. Macri made a state visit to Brazil and, as Mr. Temer did, took advantage of a joint statement to speak about the need for greater opening by Mercosur, which the two leaders said should include Mexico, now having serious problems with the United States, its main trading partner, according to EFE News. =========== P A N A M A =========== AES TRUST II: Fitch Lowers Long Term Issuer Default Ratings to B ---------------------------------------------------------------- Fitch Ratings has downgrade AES El Salvador Trust II's (AES SLV) Foreign Currency and Local Currency Issuer Default Ratings (IDRs) to 'B' from 'B+'. In addition, Fitch has also downgraded the USD310 million notes due 2023 to 'B' from 'B+'. The Rating Outlook has been revised to Negative from Stable. KEY RATING DRIVERS These rating actions follow the downgrade of El Salvador's Long- Term Foreign and Local Currency IDRs to 'B' from 'B+' and the revision of the Rating Outlooks to Negative from Stable. The sovereign rating revisions reflect the country's continuing high level of political polarization with a prolonged period of congressional gridlock that has severely limited the government's financing options and hindered meaningful fiscal measures to arrest the deterioration of public finances. The Negative Outlook reflects persistent risks to meeting financing needs for 2017 in the absence of a political agreement that unlocks additional external borrowing. AES SLV's ratings are linked to the sovereign rating of El Salvador due to the significant operational exposure by way of regulation and reliance on subsidies. Based on first quarter 2016 (1Q16) invoicing, AES SLV was on track for approximately USD77 million of subsidized revenues for the full year, or approximately 12% of total revenues under Fitch's base case assumptions. Historically, these subsidies have been supported through revenues generated by the state-owned hydroelectric company Comision Ejecutiva Hidroelectrica del Rio Lempa (CEL), but lower energy prices have put pressure on CEL's profitability. Taken in conjunction with the country's broader macroeconomic and political pressures, this creates significant uncertainty with respect to a material component of AES SLV's cash flow generation. KEY ASSUMPTIONS -- Subsidies in 2017 and thereafter are passed through price adjustments. -- Company pays out cash above USD18 million as dividends. -- Spot energy prices gradually increasing through the medium term. -- Shrinking proportion of spot purchases versus power purchase agreements (PPAs). RATING SENSITIVITIES AES El Salvador's ratings could be negatively affected by any combination of the following factors: Failure to resolve the issue of subsidy funding sources in a timely manner; deterioration of credit metrics; shortages of electricity supply resulting in lower consumption and lower cash flow generation; or further political or regulatory intervention that negatively affects the company's financial performance. AES El Salvador's ratings could be positively affected by consistent leverage reduction; regulatory stability; sustainable independence from the government funding, and improving macroeconomic conditions in El Salvador. FULL LIST OF RATING ACTIONS Fitch has downgraded AES El Salvador Trust II (AES SLV) as follows: -- Long-Term Foreign Currency IDR to 'B' from 'B+'; -- Long-Term Local Currency IDR to 'B' from 'B+'; -- Senior unsecured debt rating to 'B/RR4' from 'B+/RR4'. The Rating Outlook has been revised to Negative from Stable. ======= P E R U ======= PERU: Irrigation Project Sows Dissent ------------------------------------- Ryan Dube at The Wall Street Journal reports that the Olmos irrigation project was hailed upon its completion as the pride of Peru, fulfilling a century-old dream to transform a swath of desert into rich farmland. But three years later, local farmers complain the project mainly benefits big agribusiness, as their small parcels of land remain parched despite assurances that they too would receive water, according to The Wall Street Journal. The $1.6 billion project diverts water from an Andean mountain river to irrigate 100,000 acres of land used by large Peruvian and foreign investors, the report notes. But long-established farmers like Ysidro Serrato say they still have to rely on outmoded wells for irrigation, the report relays. "I'm not happy," said Mr. Serrato, who grows limes on his 7-acre terrain. "The water is only for the companies." The project was built by the Brazilian firm Odebrecht, which is under investigation in Peru after having acknowledged paying bribes to secure contracts for other infrastructure projects, the report notes. The state was supposed to have assured that water be set aside for more than 620 families growing limes, mangos and other crops on 13,500 acres, according to the Lambayeque state government and the Agriculture Ministry in President Pedro Pablo Kuczynski's administration, the report discloses. But so far, only about 2% of that terrain is irrigated as officials in Lima and Chiclayo, the state capital, blame each other for delays in building infrastructure to deliver water, the report says. The state's governor, Humberto Acuna, says the project for small farmers is being held up by officials in Lima, the report relays. The Agriculture Ministry says it is waiting for Mr. Acuna's government to finish a feasibility study before working with the state to secure financing to expand irrigation, the report notes. Those stuck without water include Ismael Maza, the president of a local farmers association, the report relays. "In reality, those of us here feel like we've been wronged," said Mr. Maza, who helps his father grow maracuya, or passion fruit. The huge project has clearly changed life in this region, where blueberries, sugarcane and grapes have replaced shrubs and cactuses that used to grow in the desert soil on the edge of the Andes, the report discloses. Nevertheless some small farmers have benefited, The Wall Street Journal relays. Pedro Parra, 61, used to grow beans and yucca on his dusty plot, where a few goats also wander, the report notes. Now there are long rows of organic bananas, which he exports to the Netherlands. Business has been so good that his 29-year-old son, who had left to find a job in the city, now plans to return to work the family farm, the report discloses. Nearby in the town of Olmos, business has also picked up as workers pass through on their way to the irrigation works, about 20 miles away, the report adds. Restaurant owner Lizbeth Torres has increased prices and changed her menu to accommodate engineers and other professionals, the report notes. Before she prepared goat and fried chicken. Now, she serves ceviche, pasta and a rice- and-pork dish, the report says. Still, there is an undercurrent of resentment among those who feel forgotten, the report discloses. Officials in the city of Olmos, for instance, say of millions of dollars are invested in large-scale farming while the town still has sporadic running water and lacks a hospital, the report relays. They are particularly worried about a new settlement the government plans to build about 25 miles away to house an expected influx of new workers, the report notes. As reported in the Troubled Company Reporter-Latin America on March 11, 2016 Standard & Poor's Ratings Services assigned its 'B+' issue-level rating and recovery rating of '3H' to CEMEX S.A.B. de C.V's (global scale: B+/Positive/--; national scale: mxBBB/Positive/mxA-2) $500 million dollar-denominated senior secured notes due 2026. The recovery rating of '3H' indicates that bondholders can expect a meaningful (50% to 70%; the higher band of the range) recovery in the event of a payment default. ====================== P U E R T O R I C O ====================== ERGON CARIBBEAN: Hires C. Conde & Associates as Bankr. Attorney --------------------------------------------------------------- Ergon Caribbean Corp., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ the Law Offices of C. Conde & Assoc. as attorney to the Debtor. Ergon Caribbean requires C. Conde to: a. advise the Debtor with respect to its duties, powers and responsibilities in the case under the laws of the U.S. and Puerto Rico in which the Debtor-in-possession conducts its operations, do business, or is involved in litigation; b. advise the Debtor in connection with a determination whether a reorganization is feasible and, if not, help the 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 and propose 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 Debtors assert 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 proceedings or in connection with the operation of involvement with the Debtor's business, including notarial services; and g. employ other professional services, if necessary. C. Conde will be paid at these hourly rates: Attorney $300 Associates $275 Junior Attorney $250 Paralegal $150 The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Carmen D. Conde Torres, member of the Law Offices of C. Conde & Assoc., 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 estates. C. Conde can be reached at: Carmen D. Conde Torres, Esq. LAW OFFICES OF C. CONDE & ASSOC. 254 San Jose Street, 5th Floor Old San Juan, PR 00901 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@condelaw.com About Ergon Caribbean Corp. Ergon Caribbean Corp., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 17-00366) on January 25, 2017, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Carmen D. Conde Torres, Esq. at the Law Offices of C. Conde & Assoc. FUSSION RESTAURANT: Hires Bigas Law as Bankruptcy Counsel --------------------------------------------------------- Fussion Restaurant Group, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Law Office as counsel in its bankruptcy case. The Firm will be paid at the hourly rate of $250. It will be paid a $6,000 retainer. The Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Juan C. Bigas Valedon, member of Juan C. Bigas Law Office, 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 estates. Bigas can be reached at: Juan C. Bigas Valedon, Esq. JUAN C. BIGAS LAW OFFICE P.O. Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 Fax: (787) 842-4090 About Fussion Restaurant Group, Inc. Fussion Restaurant Group Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-09756) on December 16, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Juan C. Bigas Valedon, Esq., at Juan C. Bigas Law Office. HAIRLAND CORP: Taps Davila Rivera Law as Counsel ------------------------------------------------ Hairland Corporation seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico to employ counsel pursuant to 11 U.S.C. Section 327 and Bankruptcy Rule 2014. The Debtor wishes to employ Emily Darice Davila Rivera, Esq. as attorney for the Chapter 11 proceedings at an hourly rate of $200.00 per hour subject to the approval of this court in accordance with 11 USC 503 and FRBP 2014; and has paid retainer in the sum of $10,000.00 in attorney's fees as per Statement Compensation of Attorney 2030. Davila Rivera's services include: a. Preparing bankruptcy schedules, pleadings, applications and conducting examinations incidental to any related proceedings or to the administration of this case; b. Developing the relationship of the status of the Debtor to the claims of creditors in this case; c. Advising the Debtor of his rights, duties, and obligations as the Debtor operating under Chapter 11 of the Bankruptcy Code; d. Taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case, and e. Advising and assisting the Debtor in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the Disclosure Statement, and any and all related matters. Emily Darice Davila Rivera, Esq. attests that she does not represent an interest adverse to this estate and is a "disinterested" person pursuant to 11 USC 327 (a), sec. 101(14) and FRBP 2014. The Counsel can be reached through: Emily Darice Davila Rivera, Esq. LAW OFFICE EMILY D DAVILA RIVERA 420 Ponce De Leon Midtown Bldg. Suite 311 San Juan, PR 00918 Tel: 787 753-2368 Fax: 787 759-9620 Email: davilalawe@prtc.net About Hairland Corporation Headquartered at San Juan, Puerto Rico, Hairland Corporation manages a barbershop. The Debtor filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-00286) on January 23, 2017. The Debtor is represented by Emily Darice Davila Rivera, Esq., at the Law Office of Emily D. Davila Rivera. POWER COOLING: Hires Rafael Fernandez Torres as Accountant ---------------------------------------------------------- Power Cooling Controls, Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Rafael Fernandez Torres as its accountant. Power Cooling requires Torres to: a. prepare its monthly operating reports; b. prepare tax returns; c. prepare reports and analysis as required in order to offer adequate disclosures to its creditors and attain confirmation of a Chapter 11 plan of reorganization. Torres will be paid at the hourly rate of $60. The Firm will be paid a retainer in the amount of $3,000. The Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Rafael Fernandez Torres assured the Court that his 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 estates. Torres can be reached at: Rafael Fernandez Torres P.O. Box 7004 Vega Baja, PR 00694-7004 Tel: (787) 858-4622 About Power Cooling Controls, Inc. Power Cooling Controls Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 16-09134) on November 17, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Lyssette A. Morales Vidal, Esq., at L.A. Morales & Associates P.S.C. The Debtor hires Rafael Fernandez Torres as accountant. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Has to be More Competitive in Petroleum Scene ---------------------------------------------------------------- David Renwick at Daily Express, citing speakers at an annual petroleum conference and trade show, relates that Trinidad and Tobago will be obliged to be more competitive fiscally in the years ahead because rival locations are urgently seeking the investment that it is trying to attract. The speakers spoke at the Energy Chamber's annual conference and trade show at the Hyatt Regency (Trinidad) hotel near the waterfront in downtown Port of Spain. With respect to Trinidad and Tobago's petroleum industry, the speakers focused on the Supplemental Petroleum Tax (SPT), which kicks-in when the oil price reaches US$50 a barrel. *********** 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, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2017. 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 * * *