/raid1/www/Hosts/bankrupt/TCRLA_Public/090428.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, April 28, 2009, Vol. 10, No. 82
Headlines
A R G E N T I N A
BANCO HIPOTECARIO: S&P Cuts Counterparty Credit Rating to 'SD'
BI MAR: Verifying Proofs of Claim Until May 15
LEBONT SA: Verifying Proofs of Claim Until August 6
TARJETAS CUYANAS: Fitch Affirms Issuer Default Rating at 'B-'
TRANSPORTES INTEGRADOS: Verifying Proofs of Claim Until June 12
VANK SA: Proofs of Claim Verification Due on June 6
B R A Z I L
ENERGISA SA: Fitch Corrects Rating; Affirms 'BB-' Issuer Rating
ENERGISA SA: Fitch Affirms Issuer Default Rating at 'BB-'
JBS SA: Sees Profitability Despite Swine Flu Outbreak
C A Y M A N I S L A N D S
CART 1: S&P Cuts Rating on Class E of Notes to 'B-' From 'BB'
D O M I N I C A N R E P U B L I C
BANCO DE AHORRO: S&P Assigns 'B-/C' Counterparty Credit Rating
G U Y A N A
CL FIN'L: OCI Denies CLICO (Guyana) Judicial Mgr's Resignation
M E X I C O
GRUPO MODELO: Shares Slump on Anti-Swine Flu Measures
METROFINANCIERA SA: Fitch Cuts Ratings on Six Loans to 'CC'
METROFINANCIERA SA: Fitch Downgrades Issuer Default Rating to 'RD'
METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'SD'
T R I N I D A D & T O B A G O
CL FIN'L: Central Bank to Inject $5 Billion
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BANCO HIPOTECARIO: S&P Cuts Counterparty Credit Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
counterparty credit rating on Banco Hipotecario S.A. to 'SD'
(selective default) from 'CC'. The rating action followed the
bank's recent completion of a cash tender offer.
At the same time, Standard & Poor's lowered its issue-level
ratings on the bank's $250 million par amount of U.S. dollar-
denominated notes due 2010 and $150 million par amount of
Argentine peso-linked notes due 2010 to 'D' from 'CC'.
Immediately after, S&P raised its counterparty credit rating on
Banco Hipotecario to 'B-' from 'SD' and raised S&P's issue-level
ratings on the notes to 'B-' from 'CC'. The outlook is stable.
"The rating actions reflect our reassessment of credit quality
following the bank's recent repurchase of only 10.4% of its
outstanding notes due 2010," said Standard & Poor's credit analyst
Sebastian Liutvinas.
Notes repurchased were $9.7 million of the peso-linked notes and
$16.4 million of the dollar-denominated notes.
S&P lowered the counterparty credit rating to 'SD' and the rating
on the notes to 'D' after Banco Hipotecario completed the debt
purchase with the bondholder receiving significantly less than par
value. According to S&P's criteria, S&P consider the cash tender
offer on the 2010 notes as tantamount to default.
S&P believes this transaction makes no significant impact on Banco
Hipotecario's credit fundamentals.
The ratings on Banco Hipotecario reflect the risk inherent in
operating in Argentina. They also incorporate the bank's weak
profitability and its challenge to continue expanding the credit
portfolio while maintaining adequate financial indicators and
consolidating its business model amid less favorable economic
conditions. Banco Hipotecario's strong capitalization mitigates
these weaknesses.
Because of increasing uncertainties in the Argentine economy when
economic activity is decelerating, S&P believes that the close
link between the credit quality of the sovereign and the Argentine
financial system will directly affect the bank's business and
future results.
BI MAR: Verifying Proofs of Claim Until May 15
----------------------------------------------
The court-appointed trustee for Bi Mar S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
May 15, 2009.
The trustee will present the validated claims in court as
individual reports on June 23, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
August 5, 2009.
LEBONT SA: Verifying Proofs of Claim Until August 6
---------------------------------------------------
The court-appointed trustee for Lebont S.A.'s reorganization
proceedings will be verifying creditors' proofs of claim until
August 6, 2009.
The trustee will present the validated claims in court as
individual reports on September 18, 2009. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
November 2, 2009.
Creditors will vote to ratify the completed settlement plan
during the assembly on March 26, 2010.
TARJETAS CUYANAS: Fitch Affirms Issuer Default Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings has affirmed Tarjetas Cuyanas S.A.'s long-term local
currency Issuer Default Rating and debt ratings:
-- Long-term local currency IDR at 'B-'; Stable Outlook;
-- Long-term local currency rating of US$65 million series XVIII
unsubordinated fixed-rate notes at 'B-/RR4';
-- National scale long-term rating at 'A-(arg)'; Stable Outlook;
-- National scale short-term rating at 'A2(arg)'
TC's ratings reflect its sound historical performance, adequate
profitability and liquidity, reasonable asset quality, and
satisfactory capital base. They also take into account the
volatile operating environment and the small size of the company.
The ratings of TC's notes reflect the International ratings
assigned to TC. While the notes are denominated in U.S dollars,
the issue carries a local currency IDR as the issue is effectively
converted to a peso amount at issue date, and the dollar amount to
be paid at each of the amortization dates is determined by the
peso/dollar exchange rate then in effect, transferring the
potential exchange risk to the holder of the notes. In addition,
should the issuer not be able to obtain the dollars needed due to
external reasons at any payment date, it is allowed to pay the
correspondent amount in pesos converted at the above mentioned
exchange rate.
TC's profitability remains sound and is based on strong revenue
generation, adequate cost efficiency and relatively healthy asset
quality. Fitch Ratings expects TC's profitability to somewhat
deteriorate in 2009 linked to the negative expectations for the
argentine's economy.
Although TC's lending has grown significantly in recent years, in
2008 a deceleration occurred, and total loans net of loan loss
reserves decreased by 15%. Asset quality ratios have historically
been very good, based on conservative credit limits and good
scoring systems. At year-end 2008, the non-performing loans ratio
was 8.1%, with a loan loss reserve coverage of over 100%. Fitch
expects TC's asset quality ratios to continue to deteriorate due
to the worsening operating environment and loan securitizations.
TC does not have exposure to the public sector.
TC's liquidity is strong, supported by the short-term nature of
its lending. Its liquid assets represented 84% of short-term
liabilities at year-end 2008. In addition, it has had access to
funds from financial institutions and the capital markets through
bonds issuance and loans securitizations, although in the current
situation, these are not reliable sources. TC's foreign-currency
risk is attenuated by forward contracts.
TC's capital base is ample, with an equity/assets ratio of 21.9%
at year-end 2008. Leverage is at a comfortable level of 3.6
times, which Fitch expects the company to be able to maintain
during 2009.
For the fiscal year 2009, the company expects low or flat growth
of its lending, with its funding needs guaranteed for the rest of
the year. Also, due to restructuring and the foreseeable
deterioration of asset quality, its results could diminish by 25%,
while maintaining sound liquidity and capitalization levels and
NPL coverage above 100%.
TC was created in 1996 in the region of Cuyo and has expanded to
the provinces of the North West and South of Argentina. TC is 60%
indirectly owned by Banco de Galicia y Buenos Aires (Banco
Galicia), the second largest private bank in Argentina by assets.
Fitch's National Ratings provide a relative measure of
creditworthiness for rated entities in countries where the
sovereign's foreign and local currency ratings are below 'AAA'.
National ratings are not internationally comparable since the best
relative risk within a country is rated 'AAA' and other credits
are rated only relative to this risk. They are signified by the
addition of an identifier, for the country concerned, such as 'AAA
(arg)' for National ratings in Argentina.
TRANSPORTES INTEGRADOS: Verifying Proofs of Claim Until June 12
---------------------------------------------------------------
The court-appointed trustee for Transportes Integrados Centro
S.A.'s bankruptcy proceedings will be verifying creditors' proofs
of claim until June 12, 2009.
VANK SA: Proofs of Claim Verification Due on June 6
---------------------------------------------------
Maria Ratibel, the court-appointed trustee for Vank SA's
bankruptcy proceeding, will be verifying creditors' proofs of
claim until June 6, 2009.
Ms. Ratibel will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 3, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of North TEL's accounting
and banking records will be submitted in court.
La Nacion didn't state the submission dates for the reports.
The Trustee can be reached at:
Maria Ratibel
Peru 1237
===========
B R A Z I L
===========
ENERGISA SA: Fitch Corrects Rating; Affirms 'BB-' Issuer Rating
---------------------------------------------------------------
This is a revision of a release issued earlier to add information
in the eighth paragraph.
Fitch Ratings has affirmed its ratings on Energisa S.A. and its
subsidiaries, Energisa Paraiba Distribuidora de Energia S.A.,
Energisa Sergipe Distribuidora de Energia S.A., and Energisa Minas
Gerais Distribuidora de Energia S.A.:
Energisa:
-- Local and Foreign Currency Issuer Default Ratings at
'BB-';
-- Long-term National Rating at 'A(bra)';
-- BRL350 million debentures due in 2011, long-term National
Rating at 'A(bra)';
-- BRL150 million debentures due in 2014, long-term National
Rating at 'A(bra)'.
Energisa PB and Energisa SE:
-- Local and Foreign Currency IDRs at 'BB-';
-- Long-term National Rating at 'A(bra)';
-- US$250 million notes units due in 2013, long-term
International Rating at 'BB-'.
-- Energisa SE's US$42 million debentures due in 2015, long-term
National Rating at 'A(bra)'.
Energisa MG:
-- Local and Foreign Currency IDRs at 'BB-';
-- Long-term National Rating at 'A(bra)';
The Outlook for all corporate ratings is Stable.
The ratings reflect Energisa's consolidated credit profile
characterized by moderate leverage and strong and predictable
operating cash flow of its five distribution subsidiaries that
operate essentially as regulated natural monopolies and benefit
from a diversified and growing client base. The ratings also
consider management's strategy to maintain a strong cash position
through the current credit crunch, as well as to preserve a long-
term debt profile. The ratings further incorporate the
expectation that Energisa's consolidated leverage will increase
through 2010 driven by higher capital expenditures and further
effects of tariff revisions. Thereafter, leverage is expected to
decrease gradually, and remain consistent with the rating
category. Exposure to foreign exchange movements and derivatives,
and the management's somewhat aggressive strategy to reduce this
exposure, as well as regulatory and hydrology risks were also
factored in to the rating.
Energisa's consolidated operating performance in 2008 benefited
from energy consumption growth in its concession areas, positive
tariff readjustments, and reduction of energy losses. The
improved debt profile since the end of 2007 should mitigate the
effects of 2008 and 2009 second cycle tariff reviews. In 2008,
consolidated energy consumption grew 7.4% and consolidated power
losses decreased by 1.02 percentage points (p.p.) to 13.45%, below
the allowed energy losses incorporated in the tariffs. Excluding
the EBITDA from the power generation assets sold in the second
half of 2007 (about BRL50 million), consolidated EBITDA increased
by 8% year-over-year (y-o-y) to BRL544.4 million in 2008.
Despite the slight deterioration, leverage ratios remain
consistent with the rating category. Energisa's gross and net
leverage increased to 3.5 times (x) and 2.3x at year end 2008 from
3.2x and 2.0x at year end 2007. Fitch expects gross and net
leverage ratios to increase to about 4x and 3x over the next two
years driven by the development of new power projects (project
finance) and higher investments in the distribution systems,
totaling BRL520 million in 2009 and BRL280 million in 2010.
Funding of 2009-2010 capital expenditures will involve long-term
credit lines from development banks as well as subventions.
Energisa continues to efficiently manage its liquidity and
preserve a strong cash cushion. Total debt has a long-term
profile, with a maturity concentration only in 2013. Consolidated
cash position of BRL512 million (excluding the BRL100 million in
third receivables fund issuance to fund capital expenditures) is
strong and sufficient to cover debt amortizations over the next
three and a half years. Fitch expects management to remain
disciplined in its financial strategy and use part of future
operating cash flow generation to reduce debt levels.
Management's currency hedging practices are considered aggressive,
characterized by the usage of short call options to reduce its
swap hedge costs. This strategy lost effectiveness as the
exchange rate raised combined with higher exposure to derivatives
losses. Between January and April 2009, Energisa engaged in
financial operations that reverted a relevant portion of the
exposure it showed at the end of 2008. Under a stress scenario
with an exchange rate of BRL4/US$, current exposure to potential
losses are below BRL200 million, and it is partially offset by the
group's strong liquidity position. Management's actions toward
the adoption of more conservative hedging practices are viewed as
positives. As of December 2008, the US$ denominated debt
accounted for about 26% of total debt of BRL1.9 billion (including
the marking to market of derivatives).
The risk of a supply-demand imbalance is deemed manageable over
the next three years, though it may be propelled by higher than
expected market growth, lower hydrology and heightened natural gas
supply problems. Although regulatory risk continues to be a
concern, in Fitch's view, the sector's new model is, in general,
positive and supportive of the growth and stability of the sector.
Energisa operates in the Brazilian electricity market through its
five distribution companies, serving approximately 2.2 million
customers and distributing 7,971 gigawatt hours of power in 2008,
including unregulated (free) customers, in the states of Paraiba,
Sergipe, Minas Gerais, and Rio de Janeiro. The group's
controlling shareholder is the Botelho family.
ENERGISA SA: Fitch Affirms Issuer Default Rating at 'BB-'
---------------------------------------------------------
(Fitch Ratings-Rio de Janeiro/Sao Paulo/Chica-24 April 2009)
Fitch Ratings has affirmed its ratings on Energisa S.A. and its
subsidiaries, Energisa Paraiba Distribuidora de Energia S.A.,
Energisa Sergipe Distribuidora de Energia S.A., and Energisa Minas
Gerais Distribuidora de Energia S.A.:
Energisa:
-- Local and Foreign Currency Issuer Default Ratings at 'BB-';
-- Long-term National Rating at 'A(bra)';
-- BRL350 million debentures due in 2011, long-term National
Rating at 'A(bra)';
-- BRL150 million debentures due in 2014, long-term National
Rating at 'A(bra)'.
Energisa PB and Energisa SE:
-- Local and Foreign Currency IDRs at 'BB-';
-- Long-term National Rating at 'A(bra)';
-- US$250 million notes units due in 2013, long-term
International Rating at 'BB-'.
-- Energisa SE's US$42 million debentures due in 2015, long-term
National Rating at 'A(bra)'.
Energisa MG:
-- Local and Foreign Currency IDRs at 'BB-';
-- Long-term National Rating at 'A(bra)'.
The Outlook for all corporate ratings is Stable.
The ratings reflect Energisa's consolidated credit profile
characterized by moderate leverage and strong and predictable
operating cash flow of its five distribution subsidiaries that
operate essentially as regulated natural monopolies and benefit
from a diversified and growing client base. The ratings also
consider management's strategy to maintain a strong cash position
through the current credit crunch, as well as to preserve a long-
term debt profile. The ratings further incorporate the
expectation that Energisa's consolidated leverage will increase
through 2010 driven by higher capital expenditures and further
effects of tariff revisions. Thereafter, leverage is expected to
decrease gradually, and remain consistent with the rating
category. Exposure to foreign exchange movements and derivatives,
and the management's somewhat aggressive strategy to reduce this
exposure, as well as regulatory and hydrology risks were also
factored in to the rating.
Energisa's consolidated operating performance in 2008 benefited
from energy consumption growth in its concession areas, positive
tariff readjustments, and reduction of energy losses. The
improved debt profile since the end of 2007 should mitigate the
effects of 2008 and 2009 second cycle tariff reviews. In 2008,
consolidated energy consumption grew 7.4% and consolidated power
losses decreased by 1.02 percentage points (p.p.) to 13.45%, below
the allowed energy losses incorporated in the tariffs. Excluding
the EBITDA from the power generation assets sold in the second
half of 2007 (about BRL50 million), consolidated EBITDA increased
by 8% year-over-year (y-o-y) to BRL544.4 million in 2008.
Despite the slight deterioration, leverage ratios remain
consistent with the rating category. Energisa's gross and net
leverage increased to 3.5 times (x) and 2.3x at year end 2008 from
3.2x and 2.0x at year end 2007. Fitch expects leverage ratios to
increase over the next two years driven by the development of new
power projects (project finance) and higher investments in the
distribution systems, totaling BRL520 million in 2009 and
BRL280 million in 2010. Funding of 2009-2010 capital expenditures
will involve long-term credit lines from development banks as well
as subventions.
Energisa continues to efficiently manage its liquidity and
preserve a strong cash cushion. Total debt has a long-term
profile, with a maturity concentration only in 2013. Consolidated
cash position of BRL512 million (excluding the BRL100 million in
third receivables fund issuance to fund capital expenditures) is
strong and sufficient to cover debt amortizations over the next
three and a half years. Fitch expects management to remain
disciplined in its financial strategy and use part of future
operating cash flow generation to reduce debt levels.
Management's currency hedging practices are considered aggressive,
characterized by the usage of short call options to reduce its
swap hedge costs. This strategy lost effectiveness as the
exchange rate raised combined with higher exposure to derivatives
losses. Between January and April 2009, Energisa engaged in
financial operations that reverted a relevant portion of the
exposure it showed at the end of 2008. Under a stress scenario
with an exchange rate of BRL4/US$, current exposure to potential
losses are below BRL200 million, and it is partially offset by the
group's strong liquidity position. Management's actions toward
the adoption of more conservative hedging practices are viewed as
positives. As of December 2008, the US$ denominated debt
accounted for about 26% of total debt of BRL1.9 billion (including
the marking to market of derivatives).
The risk of a supply-demand imbalance is deemed manageable over
the next three years, though it may be propelled by higher than
expected market growth, lower hydrology and heightened natural gas
supply problems. Although regulatory risk continues to be a
concern, in Fitch's view, the sector's new model is, in general,
positive and supportive of the growth and stability of the sector.
Energisa operates in the Brazilian electricity market through its
five distribution companies, serving approximately 2.2 million
customers and distributing 7,971 gigawatt hours of power in 2008,
including unregulated (free) customers, in the states of Paraiba,
Sergipe, Minas Gerais, and Rio de Janeiro. The group's
controlling shareholder is the Botelho family.
JBS SA: Sees Profitability Despite Swine Flu Outbreak
-----------------------------------------------------
Heloiza Canassa at Bloomberg News reports JBS SA said it will
maintain revenue and profitability goals amid a swine flu
outbreak.
“An eventual consumption decline of pork products would represent
an equivalent increase in demand for beef,” Sao Paulo-based JBS
said in a regulatory filing obtained by Bloomberg News.
Although pork products represent 14 percent of the company’s net
sales, “JBS is basically a beef company,” the company said in the
filing cited in the report.
Brazil-based JBS SA (SAO:JBSS3) --- http://www.jbs.com.br/--- is
involved in the food processing sector. It is engaged in the
manufacture and export of meat products. Its product line
includes corned beef, roast beef with gravy, stewed steak,
sausages, canned vegetables and beef cuts, among others. The
Company’s brand portfolio includes Friboi, Sola, Swift, Maturatta,
Exeter and Anglo, among others. The Company has a total of 64
industrial units worldwide, including in Brazil, in the states of
Sao Paulo, Goias, Mato Grosso, Mato Grosso do Sul, Rondonia, Minas
Gerais, Acre, Rio de Janeiro and Parana. JBS SA also has
industrial units in Argentina, Italy, the United States and
Australia. The Company has various subsidiaries, such as Mouran
Alimentos Ltda, JBS Embalagens Metalicas Ltda and JBS Holdings
Inc, among others. In 2008, the Company acquired Inalca SpA,
National Beef Packing Company LLC, Smithfield Beef Group Inc,
Tasman Group Services Pty Ltd and Industry Park Pty Ltd.
* * *
As reported in the Troubled Company Reporter-Latin America on
Apr. 17, 2009, Standard & Poor's Ratings Services affirmed its
'B+' long-term corporate credit rating on Brazil-based meat-
processing company JBS S.A. The outlook is negative.
As reported in the Troubled Company Reporter-Latin America on
Mar. 27, 2009, Moody's Investors Service affirmed JBS S.A.'s
corporate family rating and senior unsecured ratings at B1.
As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2008, Fitch Ratings assigned 'B+' Foreign and Local
currency Issuer Default Ratings to JBS S.A. The Rating Outlook
is Stable.
==========================
C A Y M A N I S L A N D S
==========================
CART 1: S&P Cuts Rating on Class E of Notes to 'B-' From 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class B to E notes
issued by CART 1 Ltd. At the same time, the ratings on the class
A+ and A notes were affirmed.
These actions reflect deterioration in the synthetic rated
over collateralization, due to exposure to obligors in the
underlying portfolio whose Deutsche Bank AG internal ratings have
been downgraded. Following the portfolio's replenishment on
Oct. 30, 2008, the portfolio's weighted-average equivalent rating
was 'BB-', down from 'BBB-' at closing. SROC for classes B to E
resulted in values below 100.0000%. Consequently, S&P puts the
ratings on these classes on CreditWatch negative on Nov. 18, 2008.
Since then, further portfolio replenishments were exercised
whereby the average credit quality of the replenished assets was
higher than the average credit quality of the entire portfolio,
before replenishment. However, as of the latest replenishment on
March 27, 2009, SROC for the affected classes of notes remained
below the relevant default level, because further portfolio
deterioration had occurred before that date.
Failure to pass the SROC test at current rating levels is mainly
driven by assets rated below iCCC+ on Deutsche Bank's internal
rating scale (in S&P's opinion, equivalent to S&P's 'CCC+'
rating), which currently account for more than 5% of the portfolio
balance (EUR84.3 million).
Ratings List
Ratings Lowered And Removed From CreditWatch Negative
CART 1 Ltd.
EUR263.5 Million Floating-Rate Credit-Linked Notes
Rating
------
Class To From SROC (%)
----- -- ---- --------
B A- AA/Watch Neg 98.9726
C BBB A/Watch Neg 98.5114
D BB BBB/Watch Neg 97.9410
E B- BB/Watch Neg 96.8120
Ratings Affirmed
Classes Rating
------- ------
A+ AAA
A AAA
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO DE AHORRO: S&P Assigns 'B-/C' Counterparty Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its 'B-/C'
counterparty credit rating to Banco de Ahorro y Credito ADOPEM
S.A. (Dominican Republic). The outlook is stable.
"The operative and financial environment in the Dominican Republic
influences S&P's rating on Adopem," said Standard & Poor's credit
analyst Alfredo Enrique Calvo. The deteriorating economic outlook
could affect the bank's performance. Adopem's concentration
levels in terms of products and target market are higher than
those of other larger financial institutions operating in the
country, also limiting the ratings. The ratings are balanced by
Adopem's knowledgeable, strong management team and by the
effectiveness of its strategy to increase its market presence
gradually while maintaining adequate profitability and asset-
quality indicators. The ratings also reflect Adopem's good
financial flexibility, supported by its adequate funding
diversification and capitalization levels.
Despite the loan portfolio's good performance, an economic
environment with inflation rates that could affect debtors'
payment capacity may pressure the bank's asset quality. In
addition, S&P expects the Dominican market to face stronger
competition from other institutions, as has happened in other
countries, affecting people's debt burden and payment capacity.
However, Adopem's adequate credit-risk management tools and its
experience in the market should allow it to manage the loan
portfolio adequately.
Adopem's management has good experience in microlending, which has
allowed it to develop a long and successful track record,
maintaining the company's vision and mission. In this sense, the
bank has increased its market penetration, with adequate asset-
quality and profitability levels. In S&P's opinion, the
participation of the International Finance Corp. as a shareholder
and the more active participation of other multilateral
institutions such as the European Investment Bank have
strengthened the bank's corporate governance.
The stable outlook reflects S&P's expectation that the bank will
maintain its adequate market position and asset quality,
leveraging its experienced management team and the support
provided by Adopem's stockholders. It also reflects the bank's
adequate financial flexibility and capitalization levels. A
negative rating action would result from a significant
deterioration in asset-quality indicators that pressured Adopem's
profitability or capitalization levels, or from the emergence of
unexpected difficulties in management's growth strategy. If the
Dominican economic environment improves, S&P could raise its
rating on Adopem.
===========
G U Y A N A
===========
CL FIN'L: OCI Denies CLICO (Guyana) Judicial Mgr's Resignation
--------------------------------------------------------------
Caribbean360.com reports authorities in Guyana have denied claims
that Commissioner of Insurance and Judicial Manager of CL
Financial unit CLICO (Guyana) Maria van Beek, is stepping down
from her position because of safety concerns, after being shot
earlier this month.
According to the report, an article in the Kaieteur News Saturday
edition said that close associates of Ms. van Beek revealed that
she has decided to resign out of concern for her safety, despite
the presence of armed security at her home.
But, the report relates, a release from the Office of the
Commissioner of Insurance (OCI) dismissed the report as "false and
misleading" noting "Mrs van Beek is at this time on leave for
medical reasons.”
The official is recuperating after being shot in the chest on
April 15th while on her way to work, the report discloses.
According to Caribbean Net News, Ms. van Beek was appointed
Judicial Manager of CLICO (Guyana) on February 23 and was tasked
with assessing the entity's financial position. She has submitted
a report to the High Court, declaring the company insolvent,
adding that in a worst case scenario the company’s liabilities
outweighed its assets by some US$60 million, Caribbean Net News
relates.
About CL Financial
According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
===========
M E X I C O
===========
GRUPO MODELO: Shares Slump on Anti-Swine Flu Measures
-----------------------------------------------------
In a bid to slow the spread of the deadly swine flu virus, Mexico
is ordering bars and restaurants in the country from operating.
The closure order has affected beverage companies whose products
are mainly used in bars and restaurants.
Hugh Collins at Bloomberg News reports the closures sent Grupo
Modelo SAB's shares down 8.9 percent to 39.53 pesos Monday.
“Fewer parties means fewer sales,” Bloomberg News quoted Marisol
Huerta, an analyst at Actinver SA, as saying. “They’re shutting
bars, restaurants - places where people consume the companies’
products.”
Particularly, the report says the state of Jalisco ordered bars
and nightclubs shut in the beach resort city of Puerto Vallarta.
“Prudence obliges us to close night clubs,” Jalisco Governor
Emilio Gonzalez said in a statement obtained by Bloomberg News.
Grupo Modelo, S.A. de C.V. produces and markets beer, including
the brand names Corona, Modelo Especial, Victoria, Pacifico, and
Negra Modelo. The Company is the exclusive Mexican importer and
distributor of Anheuser-Busch beers, and exports some of its own
brands.
METROFINANCIERA SA: Fitch Cuts Ratings on Six Loans to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded five senior series of Construction
Bridge Loan transactions issued by Metrofinanciera, S.A. de C.V.,
SOFOM E.N.R. The ratings remain on Rating Watch Negative:
-- METROCB 03-2 to 'CC(mex)' from 'CCC(mex)';
-- METROCB 03-3 to 'CC(mex)' from 'CCC(mex)';
-- METROCB 07 to 'CC(mex)' from 'CCC(mex)';
-- METROCB 07-3 to 'CC(mex)' from 'CCC(mex)';
-- Metrofinanciera Trust 650 class A to 'CC(mex)' from
'CCC(mex)';
-- Metrofinanciera Trust 650 class A to 'CC' from 'CCC'.
In addition, the Recovery Rating on the Class A Notes of
Metrofinanciera Trust 650 is affirmed at 'RR4'.
Fitch has also affirmed these ratings on mezzanine classes of
Metrofinanciera transactions:
-- METROCB 07-2 at 'C(mex)';
-- METROCB 07-4 at 'C(mex)';
-- Metrofinanciera Trust 650 class B at 'C(mex)'.
These rating actions follow Fitch's detailed review of each
transaction. The mismanagement of funds by Metrofinanciera has
caused significant deterioration in the asset profile of each
trust, causing all note classes to be negatively enhanced.
As of March 31, 2009, the trusts have these assets and
liabilities:
Cash in Trust :
-- METROCB 03-2: MXP 21,987,084.08;
-- METROCB 03-3: MXP 53,479,126.56;
-- METROCB 07: MXP 191,902,672.70;
-- METROCB 07-3: MXP 219,750,648.20;
-- Metrofinanciera Trust 650 Class A: MXP 295,782,121.32.
Adjusted outstanding Bridge-Loan Balance:
-- METROCB 03-2: MXP 99,649,790.56;
-- METROCB 03-3: MXP 173,883,347.44;
-- METROCB 07: MXP 1,291,994,762.07;
-- METROCB 07-3: MXP 549,986,352.25;
-- Metrofinanciera Trust 650 Class A: MXP 974,854,869.87.
Outstanding bond balance:
-- METROCB 03-2: MXP 311,111,111.12;
-- METROCB 03-3: MXP 466,666,666.68;
-- METROCB 07: MXP 1,717,283,000;
-- METROCB 07-3: MXP 858,641,500;
-- Metrofinanciera Trust 650 Class A: MXP 1,412,000,000.
Note: Cash in Trust does not include any Reserve Account.
The asset/liability position of each trust indicates an inadequate
level of resources to support each on a stand-alone basis. While
the solvency issues vary between each trust, all of the
transactions are reliant upon Metrofinanciera's willingness and
capacity to reimburse the missing funds. Fitch also downgraded
Metrofinanciera's Issuer Default Rating to 'RD' from 'C' in the
global scale and to 'D(mex)' from 'C(mex)' in the national scale,
as a result of Metrofinanciera's announcement that it has
defaulted on one of its outstanding obligations (coupon payments
on local short-term debt issues), and that it is conducting
discussions with its creditors in order to complete a
restructuring plan.
The liquidity concerns are more acute in the short-run for the
2003 issuances, but the 2007 issuances have liquidity concerns as
well. The current liquidity protections come in the form of a
14.2% Sociedad Hipotecaria Federal guarantee for the 2003 trusts
and additional cash on hand for the 2007 and trust 650 notes.
Additionally, the reports provided by the Trustee show high levels
of delinquencies among the projects during first-quarter 2009 on
both principal and interest, which result in a significantly
negative impact on the flows collected. Should this trend
continue, the structures will be unable to meet timely payment of
interest and principal unless Metrofinanciera reimburses a large
portion of the deviated funds.
With information provided by the Trustee as of March 31, 2009,
Fitch concluded that the limited reimbursed amounts to the trusts
in the last three months proved insufficient to offset the
negative effects in the structures, and thus were unable to
restore the credit quality of the bonds.
Metrofinanciera is intending to restructure its unsecured
obligations with creditors and is negotiating potential financing
lines with SHF to provide monetary resources to the developers to
complete the projects. These lines are not intended to provide
supplemental assets to the trusts, rather they are necessary to
provide the needed liquidity to complete the various projects
within the trusts. It is important to note that these
transactions remain exposed to both construction and sales risk of
the underlying projects.
METROFINANCIERA SA: Fitch Downgrades Issuer Default Rating to 'RD'
------------------------------------------------------------------
Fitch Ratings has downgraded Metrofinanciera S.A. de C.V.'s long-
and short-term Issuer Default Ratings to 'RD' from 'C'. Metro's
national-scale ratings were in turn downgraded to 'D(mex)' from
'C(mex)'.
A full list of rating actions follows below:
-- Foreign and Local Currency Long-term IDRs downgraded to 'RD'
from 'C';
-- Foreign and Local Currency Short-term IDRs downgraded to 'RD'
from 'C';
-- Individual Rating affirmed at 'F'.
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF';
-- Long-term national-scale rating, including local long-term
unsecured debt issues, downgraded to 'D(mex)' from 'C(mex)';
-- Short-term national-scale rating downgraded to 'D(mex)' from
'C(mex)';
-- Commercial paper downgraded to 'D(mex)' from 'C(mex)';
-- US$100 million 11.25% perpetual non-cumulative subordinated
step-up notes affirmed at 'C/RR6'.
Fitch has also removed the IDRs and national-scale ratings from
Rating Watch Negative.
The downgrade follows Metro's recent announcement that it has
defaulted on one of its outstanding obligations (coupon payments
on local short-term debt issues), and that it maintains
discussions with its creditors in order to enable the company to
complete a restructuring plan.
'RD' ratings indicate that an issuer has experienced an uncured
payment default on a material financial obligation but has
otherwise not entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedures.
Metro's IDRs will remain on 'RD' until it has completed the
planned restructuring of its outstanding debt and, in Fitch's
opinion, is able to comply with new terms negotiated with its
creditors.
Fitch considers that continued and extended support from the
Mexican development bank Sociedad Hipotecaria Federal is essential
in order to successfully complete any sustainable restructuring
process. Metro has been negotiating a debt restructuring process
since November 2008, when it announced that funds from
securitization trusts had been diverted by the company's previous
management to invest in land projects; Metro also announced that
it continues seeking ample additional funding facilities from SHF
in order to restore its financial flexibility and its going
concern status. Fitch has highlighted in previous rating actions
that it was highly unlikely that SHF support, even if materialized
to a greater extent, could ensure a timely payment of Metro's
financial obligations. Rather, Fitch considers that SHF support
will aid in mitigating and/or preventing the loss severity that
creditors would face, absent any external support consideration.
Alternatively, if the company is unable to successfully complete
such restructuring process and, in Fitch's opinion, it is forced
to cease business (by entering into bankruptcy filings,
administration, receivership, liquidation or other formal winding-
up procedures), the company's IDRs would be downgraded to 'D'.
METROFINANCIERA SA: S&P Downgrades Counterparty Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Mexico-based mortgage and
construction lender Metrofinanciera S.A. de C.V. SOFOM E.N.R. to
'SD' from 'CC' and its rating on the company's commercial paper
program to 'mxD' from 'mxC'. At the same time, S&P lowered its
long- and short-term national scale counterparty credit ratings on
Metrofinanciera to 'mxSD' from 'mxCCC/mxC'. The rating on the
mortgage company's $100 million perpetual, noncumulative
subordinated step-up securities remains at 'C'. The ratings were
removed from CreditWatch with negative implications where they
were placed on Nov. 28, 2008.
"The rating actions follow Metrofinanciera's default on its
Mexican peso 2.7 million CP series 'METROFI00109' and
MXN2.1 million CP series 'METROFI00409' interest payments that
were due on April 23, 2009. The nonpayment stems from
Metrofinanciera's extremely weak financial and liquidity position.
The company announced yesterday that it will work with its
creditors to reach a restructuring agreement regarding its
financial obligations," said Standard & Poor's credit analyst
Arturo Sanchez.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Central Bank to Inject $5 Billion
-------------------------------------------
Oscar Ramjeet at Caribbean Net News reports the Trinidad and
Tobago government will spend $5 billion during the next two years
to rescue the CL Financial conglomerate and its struggling
insurance companies.
Citing the Trinidad Express, the report relates Central Bank
Governor Ewart Williams confirmed last week that the government is
expected to inject $5 billion to continue to protect policyholders
of CL Financial subsidiary, CLICO, and depositors of failed wealth
management firm CLICO Investment Bank (CIB).
According to Caribbean Net News, CL Financial companies
experienced severe liquidity problems including CLICO, which could
not meet pension and insurance claims, and CIB, which could not
repay depositors like the National Gas Company (NGC).
The report recalls earlier this year Mr. Williams had suggested
that CLICO had a "notional deficit" of around $10 billion.
About CL Financial
According to Wikipedia, CL Financial Limited is the largest
privately held conglomerate in Trinidad and Tobago and one of the
largest privately held corporations in the entire Caribbean.
Founded as an insurance company, Colonial Life Insurance Company
(CLICO) by Cyril Duprey, it was expanded into a diversified
company by his nephew, Lawrence Duprey. CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------------ -------
ARGENTINA
COMERCIAL PL-ADR SCPDS LI 531491040 -882216960
SNIAFA SA-B SDAGF US 39681268 -2901931
IMPSAT FIBER-$US IMPTD AR 535007008 -17165000
COMERCIAL PLA-BL COMEB AR 531491040 -882216960
IMPSAT FIBER-CED IMPT AR 535007008 -17165000
SOC COMERCIAL PL SCDPF US 531491040 -882216960
SOC COMERCIAL PL CADN SW 531491040 -882216960
SNIAFA SA-B SNIA5 AR 39681268 -2901931
SOC COMERCIAL PL COME AR 531491040 -882216960
IMPSAT FIBER-BLK IMPTB AR 535007008 -17165000
SOC COMERCIAL PL CAD IX 531491040 -882216960
IMPSAT FIBER NET IMPTQ US 535007008 -17165000
SOC COMERCIAL PL CVVIF US 531491040 -882216960
SNIAFA SA SNIA AR 39681268 -2901931
IMPSAT FIBER NET XIMPT SM 535007008 -17165000
COMERCIAL PL-C/E COMEC AR 531491040 -882216960
COMERCIAL PLAT-$ COMED AR 531491040 -882216960
IMPSAT FIBER NET 330902Q GR 535007008 -17165000
BRAZIL
FER C ATLANT-PRF VSPT4 BZ 2083969920 -71092000
STAROUP SA STARON BZ 66833000 -3164000
PARQUE TEM-RT PF PQTM2 BZ 152268000 -388872000
SANSUY SA SNSYON BZ 232096000 -106033000
PARQUE TEM-RT CM PQTM1 BZ 152268000 -388872000
NOVA AMERICA-PRF NOVAPN BZ 40955000 -353104000
SANSUY SA-PREF A SNSYAN BZ 232096000 -106033000
TEXTEIS RENAU-RT TXRX2 BZ 86140000 -135343008
PARQUE TEM-DV CM PQT5 BZ 152268000 -388872000
RIMET-PREF REEMPN BZ 144454000 -232197008
RIMET REEMON BZ 144454000 -232197008
RIMET-PREF REEM4 BZ 144454000 -232197008
KUALA-PREF ARTE4 BZ 11856000 -33570000
PET MANG-RECEIPT RPMG10 BZ 183988992 -66954004
PET MANG-RIGHTS RPMG1 BZ 183988992 -66954004
TEXTEIS RENAUX RENXPN BZ 86140000 -135343008
HOPI HARI-PREF PQTM4 BZ 152268000 -388872000
PROMAN PRMN3 BZ 24221000 -555000
PARQUE TEM-RCT C PQTM9 BZ 152268000 -388872000
SAUIPE PSEG3 BZ 17641202 -16319050
TECTOY TOYB3 BZ 41457000 -10455000
SAUIPE SA-PREF PSEGPN BZ 17641202 -16319050
SAUIPE SA PSEGON BZ 17641202 -16319050
CAF BRASILIA CAFE3 BZ 38244000 -1042639040
DOCAS IMBITUB-PR IMBIPN BZ 205018992 -25437000
WETZEL SA MWET3 BZ 145738992 -8419000
FER C ATL-RCT PF VSPT10 BZ 2083969920 -71092000
DOCAS IMBITUBA IMBION BZ 205018992 -25437000
CONST A LINDEN LINDON BZ 51808000 -13659000
CONST A LIND-PRF LINDPN BZ 51808000 -13659000
HERCULES HETA3 BZ 25126000 -273456000
TEKA-PREF TEKA4 BZ 526557984 -449536992
PET MANG-RIGHTS RPMG2 BZ 183988992 -66954004
FERRAGENS HAGA-P HAGAPN BZ 24512548 -113844104
HERCULES SA HERTON BZ 25126000 -273456000
FER HAGA-PREF HAGA4 BZ 24512548 -113844104
NOVA AMERICA-PRF NOVA4 BZ 40955000 -353104000
DOC IMBITUBA-RTC IMBI1 BZ 205018992 -25437000
DOC IMBITUBA-RTP IMBI2 BZ 205018992 -25437000
HERCULES SA-PREF HERTPN BZ 25126000 -273456000
MMX MINERACA-GDR 3M11 GR 2328652032 -101079000
WETZEL SA-PREF MWELPN BZ 145738992 -8419000
TECEL S JOSE SJOS3 BZ 42233000 -41080000
NORDON MET NORD3 BZ 36317000 -33521000
AZEVEDO-PREF AZEV4 BZ 116398000 -10976000
WETZEL SA-PREF MWET4 BZ 145738992 -8419000
TECEL S JOSE-PRF SJOS4 BZ 42233000 -41080000
MINUPAR MNPR3 BZ 179201008 -34191000
NORDON METAL NORDON BZ 36317000 -33521000
NOVA AMERICA SA NOVA3 BZ 40955000 -353104000
PETRO MANGUINHOS MANGON BZ 183988992 -66954004
MMX MINERACAO MMXM3 BZ 2328652032 -101079000
MMX MINERACA-GDR MMXMY US 2328652032 -101079000
FABRICA RENAUX-P FRNXPN BZ 125797000 -64182000
FERRAGENS HAGA HAGAON BZ 24512548 -113844104
FERREIRA GUIM-PR FGUIPN BZ 24631000 -224564000
TEKA TEKAON BZ 526557984 -449536992
NOVA AMERICA SA NOVAON BZ 40955000 -353104000
MINUPAR-PREF MNPR4 BZ 179201008 -34191000
GAZOLA SA-DVD PF GAZO12 BZ 27266214 -73665296
TEXTEIS RENA-RCT TXRX10 BZ 86140000 -135343008
DTCOM- DIRECT-PR DTCY4 BZ 11902000 -16264999
MMX MINERACAO TRES3 BZ 2328652032 -101079000
NOVA AMERICA SA 1NOVON BZ 40955000 -353104000
TEXTEIS RENA-RCT TXRX9 BZ 86140000 -135343008
CHIARELLI SA-PRF CCHI4 BZ 42853000 -85685000
TEXTIL RENAUXVIE TXRX3 BZ 86140000 -135343008
TEC TOY SA-PF B TOYB6 BZ 41457000 -10455000
TEC TOY SA-PREF TOYB5 BZ 41457000 -10455000
SANSUY SA-PREF B SNSYBN BZ 232096000 -106033000
RIMET REEM3 BZ 144454000 -232197008
TEC TOY SA-PREF TOYDF US 41457000 -10455000
TECTOY SA-PREF TOYBPN BZ 41457000 -10455000
CTM CITRUS-RCT C CTPC9 BZ 79728000 -1381000
TECTOY-RCT ORD TOYB9 BZ 41457000 -10455000
WIEST WISA3 BZ 71372000 -140973008
FER C ATL-RCT CM VSPT9 BZ 2083969920 -71092000
PETRO MANGUINHOS RPMG3 BZ 183988992 -66954004
FER C ATLANT VSPT3 BZ 2083969920 -71092000
MMX MINERACA-GDR XMM CN 2328652032 -101079000
WIEST SA-PREF WISAPN BZ 71372000 -140973008
WIEST SA WISAON BZ 71372000 -140973008
WIEST-PREF WISA4 BZ 71372000 -140973008
VARIG PART EM TR VPTA3 BZ 107416000 -867658048
ALL MALHA PAULIS GASC3 BZ 1586146944 -1048602048
BOMBRIL BOBR3 BZ 460744992 -485765024
VARIG SA-PREF VAGV4 BZ 2094450944 -10176870400
FERROVIA CEN-DVD VSPT12 BZ 2083969920 -71092000
FERROVIA CEN-DVD VSPT11 BZ 2083969920 -71092000
DTC DIRECT CO SA 1DTCON BZ 11902000 -16264999
VARIG PART EM-PR VPTA4 BZ 107416000 -867658048
SANSUY SNSY3 BZ 232096000 -106033000
TEKA-PREF TEKAPN BZ 526557984 -449536992
MMX MINERACAO MMXCF US 2328652032 -101079000
NORDON MET-RTS NORD1 BZ 36317000 -33521000
TECTOY-PREF TOYB4 BZ 41457000 -10455000
DOC IMBITUBA IMBI3 BZ 205018992 -25437000
SANSUY-PREF B SNSY6 BZ 232096000 -106033000
CTM CITRUS SA CTMON BZ 79728000 -1381000
MINUPAR SA MNPRON BZ 179201008 -34191000
PET MANG-RECEIPT RPMG9 BZ 183988992 -66954004
PET MANGUINH-PRF RPMG4 BZ 183988992 -66954004
TEXTEIS RENAUX RENXON BZ 86140000 -135343008
KUALA ARTE3 BZ 11856000 -33570000
CIMOB PARTIC SA GAFON BZ 90471752 -77366408
SCHLOSSER SA-PRF SCHPN BZ 21962000 -118044000
SCHLOSSER SA SCHON BZ 21962000 -118044000
BOMBRIL SA-ADR BMBBY US 460744992 -485765024
TEKA-ADR TKTQY US 526557984 -449536992
CAMBUCI SA CAMBON BZ 177378992 -42495000
TEKA-ADR TKTPY US 526557984 -449536992
TECTOY-BONUS RTS TOYB13 BZ 41457000 -10455000
TECTOY-RCPT PF B TOYB12 BZ 41457000 -10455000
DOC IMBITUB-PREF IMBI4 BZ 205018992 -25437000
TECTOY-RCT PREF TOYB10 BZ 41457000 -10455000
BOTUCATU TEXTIL STRP3 BZ 66833000 -3164000
TEXTEIS RENAU-RT TXRX1 BZ 86140000 -135343008
HOPI HARI SA PQTM3 BZ 152268000 -388872000
PARQUE TEM-RCT P PQTM10 BZ 152268000 -388872000
VARIG SA VARGON BZ 2094450944 -10176870400
TEKA-ADR TEKAY US 526557984 -449536992
WETZEL SA MWELON BZ 145738992 -8419000
TEKA TEKA3 BZ 526557984 -449536992
TECTOY-RTS/3 TOYB1 BZ 41457000 -10455000
BUETTNER-PREF BUET4 BZ 148186992 -54926000
BUETTNER SA-PRF BUETPN BZ 148186992 -54926000
BUETTNER SA-RT P BUET2 BZ 148186992 -54926000
BUETTNER BUET3 BZ 148186992 -54926000
CONST A LINDEN CALI3 BZ 51808000 -13659000
CONST A LIND-PRF CALI4 BZ 51808000 -13659000
SAUIPE-PREF PSEG4 BZ 17641202 -16319050
CAF BRASILIA-PRF CAFE4 BZ 38244000 -1042639040
BOMBRIL-RGTS PRE BOBR2 BZ 460744992 -485765024
TEKA-PREF TKTPF US 526557984 -449536992
BOMBRIL SA-ADR BMBPY US 460744992 -485765024
BOMBRIL-RIGHTS BOBR1 BZ 460744992 -485765024
BOMBRIL CIRIO-PF BOBRPN BZ 460744992 -485765024
DOCAS SA-RTS PRF DOCA2 BZ 428661984 -53866000
BOMBRIL-PREF BOBR4 BZ 460744992 -485765024
CAMBUCI SA-PREF CXDOF US 177378992 -42495000
COARI PART COAR3 BZ 3270861056 -56000
COARI PART-PREF COAR4 BZ 3270861056 -56000
TEKA TKTQF US 526557984 -449536992
CHIARELLI SA-PRF CCHPN BZ 42853000 -85685000
CORREA RIBEIRO CORIPN BZ 10835000 -154000
CORREA RIBEIRO CORR3 BZ 10835000 -154000
BAUMHARDT IRM-PR BAUMPN BZ 20444000 -3589000
PETRO MANGUIN-PF MANGPN BZ 183988992 -66954004
CHIARELLI SA CCHON BZ 42853000 -85685000
CAMBUCI SA-PREF CAMBPN BZ 177378992 -42495000
ARTHUR LANG-RC P ARLA10 BZ 34053000 -26011000
CAMBUCI SA-PREF CAMB4 BZ 177378992 -42495000
EXCELSIOR-RCT BAUH10 BZ 20444000 -3589000
TEXTEIS RENAU-PF TXRX4 BZ 86140000 -135343008
CTM CITRUS- PR R CTPC2 BZ 79728000 -1381000
BOTUCATU-PREF STRP4 BZ 66833000 -3164000
TECTOY-PF-RTS5/6 TOYB11 BZ 41457000 -10455000
ARTHUR LAN-DVD C ARLA11 BZ 34053000 -26011000
ARTHUR LAN-DVD P ARLA12 BZ 34053000 -26011000
EXCELSIOR-RCT BAUH9 BZ 20444000 -3589000
GAZOLA SA GAZON BZ 27266214 -73665296
ARTHUR LANGE-PRF ARLA4 BZ 34053000 -26011000
ARTHUR LANG-RC C ARLA9 BZ 34053000 -26011000
ARTHUR LANG-RT P ARLA2 BZ 34053000 -26011000
FABRICA RENAUX FTRX3 BZ 125797000 -64182000
GASCOIGNE EMP-PF 1GASPN BZ 1586146944 -1048602048
VARIG SA VAGV3 BZ 2094450944 -10176870400
DTC DIRECT CO-RT 1DTCONR BZ 11902000 -16264999
GASCOIGNE EMPREE 1GASON BZ 1586146944 -1048602048
HERCULES-PREF HETA4 BZ 25126000 -273456000
ARTHUR LANGE SA ALICON BZ 34053000 -26011000
NOVA AMERICA-PRF 1NOVPN BZ 40955000 -353104000
TRESSEM PART SA 1TSSON BZ 2328652032 -101079000
EXCELSIOR-RT BAUH2 BZ 20444000 -3589000
EXCELSIOR ALIMEN BAUH3 BZ 20444000 -3589000
EXCELSIOR-RT BAUH1 BZ 20444000 -3589000
CHIARELLI SA CCHI3 BZ 42853000 -85685000
BAUMHARDT IRMAOS BAUMON BZ 20444000 -3589000
BOMBRIL BMBBF US 460744992 -485765024
EXCELSIOR-PREF BAUH4 BZ 20444000 -3589000
ARTHUR LANGE-PRF ALICPN BZ 34053000 -26011000
ARTEX SA ARTXON BZ 11856000 -33570000
ARTEX SA-PREF ARTXPN BZ 11856000 -33570000
DOCAS SA DOCAON BZ 428661984 -53866000
HAGA HAGA3 BZ 24512548 -113844104
AZEVEDO E TRAVAS AZEVON BZ 116398000 -10976000
AZEVEDO E TRA-PR AZEVPN BZ 116398000 -10976000
AZEVEDO AZEV3 BZ 116398000 -10976000
BUETTNER SA BUETON BZ 148186992 -54926000
MARAMBAIA CTPC3 BZ 79728000 -1381000
CTM CITRUS-ADR CTMMY US 79728000 -1381000
FABRICA RENAUX FRNXON BZ 125797000 -64182000
F GUIMARAES-PREF FGUI4 BZ 24631000 -224564000
FERREIRA GUIMARA FGUION BZ 24631000 -224564000
MARAMBAIA-PREF CTPC4 BZ 79728000 -1381000
FABRICA RENAUX-P FTRX4 BZ 125797000 -64182000
CORREA RIBEIRO CORION BZ 10835000 -154000
FABRICA TECID-RT FTRX1 BZ 125797000 -64182000
BOMBRIL CIRIO SA BOBRON BZ 460744992 -485765024
ESTRELA SA ESTR3 BZ 153186000 -80125000
MARAMBAIA-PREF CTMMF US 79728000 -1381000
ACO ALTONA-PREF EALT4 BZ 180308000 -22762000
TECEL S JOSE FTSJON BZ 42233000 -41080000
F GUIMARAES FGUI3 BZ 24631000 -224564000
ESTRELA SA-PREF ESTR4 BZ 153186000 -80125000
ESTRELA SA ESTRON BZ 153186000 -80125000
PARQUE TEM-DV PF PQT6 BZ 152268000 -388872000
GAZOLA GAZO3 BZ 27266214 -73665296
GAZOLA-RCPT PREF GAZO10 BZ 27266214 -73665296
GAZOLA SA-DVD CM GAZO11 BZ 27266214 -73665296
ARTHUR LANG-RT C ARLA1 BZ 34053000 -26011000
GAZOLA SA-PREF GAZPN BZ 27266214 -73665296
GAZOLA-PREF GAZO4 BZ 27266214 -73665296
CTM CITRUS-RCT P CTP6 BZ 79728000 -1381000
SCHLOSSER SCLO3 BZ 21962000 -118044000
CIMOB PARTIC SA GAFP3 BZ 90471752 -77366408
ESTRELA SA-PREF ESTRPN BZ 153186000 -80125000
TECEL S JOSE-PRF FTSJPN BZ 42233000 -41080000
VARIG SA-PREF VARGPN BZ 2094450944 -10176870400
GASCOIGNE EMP-PF GASC4 BZ 1586146944 -1048602048
CIMOB PART-PREF GAFP4 BZ 90471752 -77366408
CORREA RIBEIR-PR CORR4 BZ 10835000 -154000
CTM CITRUS-RCT P CTPC10 BZ 79728000 -1381000
ACO ALTONA-PREF EAAPN BZ 180308000 -22762000
GAZOLA-RCPTS CMN GAZO9 BZ 27266214 -73665296
CTM CITRUS-COM R CTPC1 BZ 79728000 -1381000
CAMBUCI SA CAMB3 BZ 177378992 -42495000
D H B DHBI3 BZ 221336000 -588646016
ARTHUR LANGE ARLA3 BZ 34053000 -26011000
TECTOY SA TOYBON BZ 41457000 -10455000
CENT AMAPA CTAP3 BZ 15000 -11996000
ACO ALTONA EALT3 BZ 180308000 -22762000
DOCA INVESTIMENT DOCA3 BZ 428661984 -53866000
CAFE BRASILIA-PR CSBRPN BZ 38244000 -1042639040
CTM CITRUS-PREF CTMPN BZ 79728000 -1381000
CTM CITRUS-RCT C CTP5 BZ 79728000 -1381000
MINUPAR SA-PREF MNPRPN BZ 179201008 -34191000
SANSUY-PREF A SNSY5 BZ 232096000 -106033000
DHB IND E COM-PR DHBPN BZ 221336000 -588646016
DTCOM-RT DTCY1 BZ 11902000 -16264999
DTCOM- DIR TO CO DTCY3 BZ 11902000 -16264999
SCHLOSSER-PREF SCLO4 BZ 21962000 -118044000
DOCAS SA-PREF DOCAPN BZ 428661984 -53866000
ACO ALTONA SA EAAON BZ 180308000 -22762000
CIMOB PART-PREF GAFPN BZ 90471752 -77366408
STAROUP SA-PREF STARPN BZ 66833000 -3164000
BUETTNER SA-RTS BUET1 BZ 148186992 -54926000
DOCA INVESTI-PFD DOCA4 BZ 428661984 -53866000
DHB IND E COM DHBON BZ 221336000 -588646016
D H B-PREF DHBI4 BZ 221336000 -588646016
N.A. DTCY9 BZ 11902000 -16264999
CAFE BRASILIA SA CSBRON BZ 38244000 -1042639040
COLOMBIA
ENACAR ENACAR CI 2869195008 -36472102912
ENACAR-RT ENACARO CI 2869195008 -36472102912
CARVILE CARVILE CI 1265678976 -34953248768
ENACAR EMPOF US 2869195008 -36472102912
N.A. CARVILEO CI 1265678976 -34953248768
***********
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.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. 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., Frederick,
Maryland USA. Marie Therese V. Profetana, Marites O. Claro, Joy
A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda,
Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman,
Editors.
Copyright 2009. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *