/raid1/www/Hosts/bankrupt/TCRLA_Public/140128.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, January 28, 2014, Vol. 15, No. 19
Headlines
B A R B A D O S
* BARBADOS: Can Reverse Current Economic Slump, Minister Says
B E R M U D A
BW GROUP: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
B R A Z I L
OGX PETROLEO: Bondholders Extend Deadline for Restructuring Plan
C A Y M A N I S L A N D S
BATTERY PARK: Shareholders Receive Wind-Up Report
BLACKSTONE PACIFIC: Shareholders Receive Wind-Up Report
BLACKSTONE PARK COMPASS: Shareholders Receive Wind-Up Report
COMCEL TRUST: Fitch Expects to Rate $500M Sr. Notes at 'BB+(EXP)'
EIFFEL CDO: Shareholders Receive Wind-Up Report
FLAGSTICK ENHANCED: Shareholder Receives Wind-Up Report
HOLLY POND: Shareholders Receive Wind-Up Report
KARSCH CAPITAL: Shareholders Receive Wind-Up Report
KARSCH CAPITAL II: Shareholders Receive Wind-Up Report
KCM LONG: Shareholder Receives Wind-Up Report
KCM PLUS: Shareholder Receives Wind-Up Report
NANOSOLAR: Shareholders Receive Wind-Up Report
NOMAR INVESTMENT: Shareholders Receive Wind-Up Report
NORMAN INDUSTRIES: Shareholder Receives Wind-Up Report
PACIFIC STAR: Shareholders Receive Wind-Up Report
PLANECO: Shareholders Receive Wind-Up Report
SIB MANAGEMENT: Shareholders Receive Wind-Up Report
TEIP (CAYMAN): Shareholders Receive Wind-Up Report
TEIP ENVIRONMENTAL: Shareholders Receive Wind-Up Report
VIETNAM VALUE: Shareholders Receive Wind-Up Report
VINTAGE ARGONAUT: Shareholders Receive Wind-Up Report
C O L O M B I A
BANCO DAVIVIENDA: Fitch Affirms 'BB+' Subordinated Debt Rating
G U A T E M A L A
CENTRAL AMERICA BOTTLING: Fitch Affirms IDR at 'BB+'
J A M A I C A
NATIONAL COMMERCIAL BANK: Pledges to Improve Data Security
UC RUSAL: Reportedly in Huge Debt Restructuring Talks
* JAMAICA: Businesses & Consumers More Confident in the Economy
P U E R T O R I C O
OGF BANCORP: S&P's Puts 'BB+' ICR on CreditWatch Negative
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
===============
B A R B A D O S
===============
* BARBADOS: Can Reverse Current Economic Slump, Minister Says
-------------------------------------------------------------
Caribbean360.com reports that Barbados Prime Minister Freundel
Stuart has reiterated his conviction that the country will get out
of the economic slump it has fallen into over the past few months.
"This is not the first occasion on which we've had to traverse
this treacherous terrain. Between 1973 and 1975 on the occasion
of the first oil crisis, Errol Barrow was Prime Minister and we
faced one of these same economic downturns-unemployment in
Barbados was 22.5 per cent in 1975 and inflation was running at 40
per cent," the report quoted Prime Minister Stuart as saying.
The government has already indicated that it would retrench as
many as 3,000 public servants as it seeks to reverse the ailing
economy and Prime Minister Stuart recalled that in the 1980s the
International Monetary Fund (IMF) had to be called in with the
country facing a fiscal deficit of nine per cent of the gross
domestic product (GDP) and a five-fold increase in the current
account, according to Caribbean360.com.
"Thousands of people had to be laid off, but Barbadians got out of
that. If we got out of that, we are going to get out of this,"
Prime Minister Stuart said, the report notes.
Prime Minister Stuart, the report relays, said the IMF also had to
lend support to Barbados in the early 1990s when the island had to
deal with the global recession, recalling that the country held
only two weeks of foreign reserves cover. The report relates that
Prime Minister Stuart said the standard for countries like
Barbados is 12 weeks, and that at present the country has
approximately 15 to 16 weeks of foreign reserve coverage.
"The difference between those three recessions and this one is
that whereas each of those recessions lasted for about two years
almost, this one is five years and counting," Prime Minister
Stuart added, the report says.
=============
B E R M U D A
=============
BW GROUP: S&P Affirms 'BB' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on BW Group Ltd. (BWG), a
Bermuda-based oil and gas shipping company. The outlook is
stable. At the same time, S&P affirmed its 'axBBB-' long-term
ASEAN regional scale rating on the company. S&P also affirmed its
'BB' long-term issue rating on BWG's senior secured notes.
"We affirmed the rating because we expect BWG to maintain firm
financial performance over the next 12-24 months," said Standard &
Poor's credit analyst Katsuyuki Nakai. "BWG's tender offer to
purchase its US$500 million bonds due 2017 supports such a view."
The rating affirmation also reflects S&P's "fair" business risk
profile and "significant" financial risk profile assessments for
the company, as defined in S&P's revised corporate criteria
published on Nov. 19, 2013.
BWG's business risk profile reflects the cyclicality and capital
intensity in the shipping industry, particularly in the very large
crude carrier and very large gas carrier segments. S&P assess the
shipping industry as having "high risk." However, BWG's
"satisfactory" competitive position offsets the high industry
risk, in S&P's view. S&P's assessment of BWG's competitive
position is primarily based on the BWG group's leading market
position in the mainstay gas shipping business, its well-
diversified geographical operations, and its stable earnings from
fixed-price contracts.
BWG's financial risk profile reflects S&P's expectation that the
BWG group's key financial ratios will remain steady over the next
12-24 months. A revised lease adjustment under S&P's new
criteria, in which S&P adds depreciation expenses to EBITDA,
underpins these metrics. Although the BWG group recently
announced a high level of capital spending for gas carriers, S&P
believes that the company is likely to balance its strategic
spending to maintain its firm financial standing. The tender
offer supports S&P's view. S&P takes a consolidated view of BWG
in assessing the financial risk profile.
"The stable outlook on BWG reflects our expectation that the
company's strong market position in its core business and high
share of fixed-rate contracts will support the group's earnings
over the next 12 months," said Mr. Nakai. S&P assumes that the
shipping industry will not significantly recover during this time.
S&P also expects the company to maintain its strong liquidity,
given its limited near-term debt repayments and steady earnings
from fixed-price contracts.
S&P may lower the rating if BWG's operating performance is weaker
than it expects or the company undertakes large capital
expenditure, such that the ratio of operating-lease-adjusted funds
from operations (FFO) to debt weakens to below 12% for an extended
period. Downward rating pressure will also arise if BWG's EBITDA
interest coverage falls below 3x because of weaker earnings.
S&P could upgrade BWG if the company generates healthy cash flows
and strengthens its balance sheet, such that its ratio of
operating-lease-adjusted FFO to debt is above 30%. However, S&P
sees a low likelihood of this happening, given the slow recovery
in the shipping industry.
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B R A Z I L
===========
OGX PETROLEO: Bondholders Extend Deadline for Restructuring Plan
----------------------------------------------------------------
Jeff Fick, writing for Daily Bankruptcy Review, reports that Eike
Batista's bankrupt Oleo e Gas Participacoes SA -- formerly known
as OGX Petroleo e Gas Participacoes SA -- said bondholders had
agreed to extend a deadline to finalize a restructuring deal until
Jan. 31.
OGP and bondholders had originally set a Friday deadline to reach
a deal on additional financing to maintain the firm's operations,
according to Daily Bankruptcy Review. The report relates that OGP
was then expected to submit its restructuring plan to a Rio de
Janeiro bankruptcy court.
The Troubled Company Reporter, citing Luciana Magalhaes of The
Wall Street Journal, reported on Jan. 24, 2014, that a crucial
deadline for the restructuring agreement of Oleo e Gas
Participacoes SA might not be met. In one of Latin America's
largest bankruptcy cases, OGP filed for protection from creditors
in late October. In December, the company formerly known as OGX
Petroleo e Gas Participacoes SA announced a deal with creditors to
exchange debts valued at some $5.8 billion for shares, and to give
bondholders an option to invest an additional $200 million to $215
million in the company.
OGP had said it aimed to present the restructuring plan to the
bankruptcy court in Rio de Janeiro on or before Jan. 24, when it
was to receive the fresh funding from current bondholders, the
report said.
The financing agreement hadn't been completed as of the afternoon
of Jan. 23 because documents are still being drawn up, according
to one of the people, the report related. There is a good chance
the restructuring plan won't be finished, according to one of the
people. Both, however, said OGP will likely still be able to
receive an injection of capital of around $200 million, including
a $50 million bridge loan, announced earlier this month, as a part
of the restructuring plan.
A longer delay in arranging the financing could cause more
problems for OGP, which in January announced the first monthly
output figures for its only producing oil field, Tubarao Martelo,
off the coast of Rio de Janeiro, the report noted.
About OGX Petroleo
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.
==========================
C A Y M A N I S L A N D S
==========================
BATTERY PARK: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Battery Park High Yield Opportunity Strategic
Fund, Ltd received on Jan. 27, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Robin Lee Mcmahon
c/o Barry MacManus
Telephone: (345) 814 8997
Facsimile: (345) 814 8529
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
BLACKSTONE PACIFIC: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Blackstone Pacific Opportunities Offshore Fund
Ltd. received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Grant Jackson
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
BLACKSTONE PARK COMPASS: Shareholders Receive Wind-Up Report
------------------------------------------------------------
The shareholders of Blackstone Park Compass Fund Ltd. received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Grant Jackson
Walkers
190 Elgin Avenue, George Town
Grand Cayman KY1-9001
Cayman Islands
Telephone: (345) 914 6365
COMCEL TRUST: Fitch Expects to Rate $500M Sr. Notes at 'BB+(EXP)'
-----------------------------------------------------------------
Fitch Ratings expects to rate Comcel Trust's (Comcel) proposed
USD500 million senior unsecured notes 'BB+(EXP)'. Fitch has also
assigned a Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDRs) of 'BB+' to Comcel. The Rating Outlook on
the IDRs is Stable.
Comcel Trust is a special-purpose vehicle (SPV) created in the
Cayman Islands to issue the notes on behalf of Tigo Guatemala
Group (Tigo Guatemala), a group of several legal entities
providing primarily mobile telecommunication services under the
Tigo brand. The ratings of the trust are based on the combined
credit profile of Tigo Guatemala, which entities joint and
severally guaranteesthe note on a senior unsecured basis. The
proceeds from the notes will primarily be used for a full
repayment of Tigo Guatemala's outstanding debt, which amounted to
USD425 million as of Sept. 30, 2013, and the remainder will be
used for a shareholder payout.
Key Rating Drivers
Leading Market Position
Tigo Guatemala, 55% owned by Millicom International Cellular S.A
(MIC; rated 'BB+' with a Stable Outlook), is the largest mobile
service provider in Guatemala, with a 53.7% of subscriber market
share as of Sept. 30, 2013. As the first mobile service operator
in Guatemala since 1990, the company has established an entrenched
market position backed by its extensive network and distribution
coverage, stable quality of service, as well as strong brand
recognition of the 'Tigo' name. In addition, the company's
customized promotion strategy, especially for high-end
subscribers, has enabled its EBITDA market share to account for
over 60% of the industry, well above its subscriber market share.
Fitch believes that Tigo Guatemala's competitive advantage, partly
supported by MIC's industry expertise, will remain intact and help
ward off price-driven competition from its peers to a certain
extent over the medium- to long-term.
Slow Revenue Growth
Fitch forecasts that Tigo Guatemala's top-line growth will be
slow, in the low- to mid-single digits in 2014 and 2015, given the
maturity of the Guatemalan mobile industry with an over-100%
penetration rate. Fitch believes that the continued decline in
traditional voice revenues will be somewhat offset by the positive
impact from increasing data revenues, which are being driven by
higher smartphone usage and data plan adoption rates, estimated at
11% and 30% at the end of third-quarter 2013, respectively. The
revenue contribution from non-mobile business is growing but the
overall proportion will remain small, below 10%over the short- to
medium-term as these business segments remain under-penetrated.
Margins Falling but Still Strong
Tigo Guatemala boasts one of the highest operating margins among
the telecom operators in the region with its EBITDA margin of
51.5% in the first nine months of 2013. This margin is a decline
from an average of around 60% between 2008 through 2012. However,
Fitch forecasts that the company's EBITDA margin will continue to
trend down toward 45% over the medium term due to persistent high
levels of competition. In addition, the revenue mix will become
more unfavourable as the contribution from the most profitable
prepaid mobile service gradually declines while revenue from
postpaid subscribers, mostly supported by handset subsidies, and
revenues from lower margin fixed-line and solution businesses
grow. Fitch forecasts EBITDA margin of 45%-50% in 2014-2016,
which still compares quite favorably to its regional peers.
Moderately Low Leverage
Fitch expects that the company will maintain moderately low
financial leverage for the rating category, measured by total
adjusted net debt to EBITDAR of below 2.0x over the medium term
(2012 and LTM September 2013: 1.0x). The company's pre-dividend
free cash flow (FCF) should remain strong in 2014 and 2015 as cash
flow from operations (CFO), projected to be around USD520 million
in that period, should comfortably cover its annual capex
requirement of USD250 million. Although Fitch forecasts leverage
will slightly increase to 1.3x due to the proposed bond issue and
Tigo Guatemala's continued aggressive dividend policy, leverage
will remain commensurate with the proposed rating level over the
medium term.
Aggressive Shareholder Payout Policy
The company has an aggressive shareholder payout policy in place
and Fitch believes this will continue to weigh on its financial
profile, as Fitch expects the company will maintain this policy
for the foreseeable future, which will lead to slightly negative
FCF generation. Therefore, Fitch does not foresee any meaningful
change in the company's financial profile over the long term
despite its stable performance.
Benign Regulatory Environment
The Guatemalan telecom industry has limited regulation, as
evidenced by the absence of material intervention in market
competition, and/or asymmetrical regulation imposed by the
regulatory body. Tariff policies are not subject to the
regulatory review, and the interconnection rates are set by
private contracts, all of which benefit the incumbent operator.
In addition, there is no regulation on number portability. Fitch
sees no indication of an adverse change in the regulatory stance
that could materially affect operational landscape of Tigo
Guatemala in the near term given the high level of competition,
quality of service, and consumer affordability. In such an
environment, the company should be able to continue to develop
business strategies utilizing its largest-scale benefit to
maintain its market position.
Limited Geographical Diversification
Tigo Guatemala's credit profile is tempered by its lack of
geographical diversification. The company operates only in
Guatemala and is significantly exposed to overall macroeconomic
and political conditions of the country; GDP per capita was
estimated to be USD3,500 in 2013. Although the company generates
over 20% of its total revenue in USD primarily through
international roaming/interconnection fees and calling cards, this
revenue portion is also based on the operation in Guatemala. In
Fitch's view, the company has limited room for growth and its
scale of cash generation will remain relatively small compared to
regional and global peers.
Rating Sensitivities
Negative rating action could be considered in the case of an
increase in net debt-to-EBITDAR above 2.0x-2.5x without a clear
path to deleveraging due to any one or combination of the
following: deterioration in MIC's financial profile leading to
more aggressive shareholder distributions, weaker cash generation
due to competitive or regulatory pressures on its operations, and
M&A activity.
Positive rating action could be considered if financial leverage
improves towards 1x on a sustained basis due to improvement in its
operational competitiveness and resultant stronger cash
generation, less aggressive shareholder returns, or a higher level
of operational or geographical diversification.
EIFFEL CDO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Eiffel CDO Limited received on Dec. 27, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
FLAGSTICK ENHANCED: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Flagstick Enhanced Credit Offshore Fund, Ltd.
received on Dec. 23, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815 1759
Facsimile: (345) 949-9877
HOLLY POND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Holly Pond Partners received on Dec. 24, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Gene Dacosta
c/o Ben Hart
Telephone: (345) 814 7770
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
KARSCH CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Karsch Capital, Ltd. received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815 1759
Facsimile: (345) 949-9877
KARSCH CAPITAL II: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Karsch Capital II, Ltd. received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815 1759
Facsimile: (345) 949-9877
KCM LONG: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of KCM Long Only Fund Ltd. received on Dec. 23,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815 1759
Facsimile: (345) 949-9877
KCM PLUS: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of KCM Plus, Ltd. received on Dec. 23, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Jacqueline Haynes
Telephone: (345) 815 1759
Facsimile: (345) 949-9877
NANOSOLAR: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Nanosolar received on Dec. 23, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.
Russell Homer is the company's liquidator.
NOMAR INVESTMENT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Nomar Investment Ltd. received on Dec. 20,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
NORMAN INDUSTRIES: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Norman Industries Ltd received on Jan. 20,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
Telephone: 949 8666
Facsimile: 949 0626
P.O. Box 694 Grand Cayman
Telephone: 949 8666
Facsimile: 949 0626
PACIFIC STAR: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pacific Star Growth Opportunities Fund SPC Ltd
received on Dec. 24, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Keong Wen Hui
3 Church Street #20-00 Samsung Hub
Singapore 049483
PLANECO: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Planeco received on Dec. 23, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Avalon Management Limited
Calle 49 # 63 - 146 Piso 8
Medellin
Colombia
SIB MANAGEMENT: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Sib Management Holding (Cayman) Limited
received on Dec. 31, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Jorge A. Kininsberg
c/o Maples and Calder, Attorneys-at-law
P.O. Box 309, Ugland House
Grand Cayman KY1-1104
Cayman Islands
TEIP (CAYMAN): Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Teip (Cayman) Limited received on Dec. 27,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
TEIP ENVIRONMENTAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Teip Environmental Investments received on
Dec. 27, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
MBT Trustees Ltd.
Telephone: 945-8859
Facsimile: 949-9793/4
P.O. Box 30622 Grand Cayman KY1-1203
Cayman Islands
VIETNAM VALUE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Vietnam Value Fund received on Dec. 23, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
VINTAGE ARGONAUT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Vintage Argonaut Offshore Holdings Ltd
received on Dec. 23, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd
Clifton House, 75 Fort Street
P.O. Box 1350 Grand Cayman KY1-1108
Cayman Islands
===============
C O L O M B I A
===============
BANCO DAVIVIENDA: Fitch Affirms 'BB+' Subordinated Debt Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda S.A.'s (Davivienda)
viability rating (VR) at 'bbb-' and Issuer Default Ratings (IDRs)
at 'BBB-'. Fitch has also upgraded the bank's Support Rating (SR)
to '2' and revised its Support Rating Floor to 'BBB-'.
Key Rating Drivers:
Viability and Issuer Default Ratings
Davivienda's VR and IDRs reflect its consistent performance,
stable capital, strong asset quality and risk management, and its
clear long-term strategy. Fitch's view of Davivienda's
creditworthiness is tempered by the bank's moderate efficiency and
ongoing execution risk related to its acquisitions.
Davivienda's expansion abroad has so far been uneventful. The
newly acquired subsidiaries have shown an improvement in their
performance; they have resumed asset growth and re-balanced their
funding while they gained in efficiency and stabilized/ improved
asset quality. As expected, Davivienda's consolidated capital and
profitability have declined after the acquisition but the trend is
in the right direction. These metrics are expected to revert to
pre-acquisition levels within the next 12-18 months.
Sound loan growth at home and abroad has driven the bank's
performance which in spite of the lower profitability of the new
subsidiaries remains healthy. ROAA stood at about 1.57% at
September 2013, below the 1.96% of the previous year and poised to
improve gradually in line with the performance of the new
subsidiaries.
As expected, capital ratios declined after the acquisition as risk
weighted assets (RWA) increased while goodwill and other
adjustments eroded the capital base. Sustained growth and lower
yet positive profitability helped stabilize capital along with a
conservative dividend payout policy. Davivienda's capital
includes preference shares (previously not counted as Fitch Core
Capital) that cannot be redeemed and were subscribed for a low,
nominal amount but generated a significant surplus. These shares
receive a preferred dividend only when the bank is profitable,
subject to regulatory approval. As of September 2013, Davivienda's
Fitch Core Capital ratio was 9.4%; the ratio was 10.9% before the
aforementioned acquisition.
Given the still sound economic prospects at home and sustained
growth and profitability in its core market, Davivienda should
gradually replenish its capital.
Owing to its sound risk management policies and mature
organization, the bank kept asset quality under control while
bolstering reserves under increasingly stringent regulation.
Davivienda's asset quality ratios (90-day NPLs: 1.6% at Sept.
2013, unchanged from a year earlier but improving in Central
America) compare well to those of its peers even though its loan
portfolio has a slightly riskier profile.
Davivienda has a proven ability to devise and execute a clear
long-term strategy. Building patiently around its core mortgage
business, Davivienda became a universal bank, a regional player
and diversified its target market, revenue sources, funding base,
and loan portfolio.
Davivienda's funding remains stable at home and has somewhat
changed its mix abroad - deposit growth in Central America was
mainly driven by time deposits - but remains adequate to its
growth needs. The bank tapped global markets for senior and
subordinated debt and remains an attractive name for investors at
home and abroad.
Support and Support Rating Floor
Given Davivienda's size, systemic importance and historic support
policy, Fitch believes there is a high probability of support from
Colombia's central bank, whose ability to provide support reflects
the country's financial and fiscal standing. The revision of
Davivienda's Support Rating Floor (SRF) to 'BBB-' from 'BB+' and
the upgrade of its Support Rating (SR) to '2' from '3' are
explained by the recent upgrade of the foreign currency sovereign
to 'BBB' late last year.
Rating Sensitivities
Davivienda's VR and IDRs could benefit from the continued
strengthening of its capital base (Fitch Core Capital Ratio
consolidating above 10.5%) and/or a sustainable increase of its
profitability (ROAA above 2%), while maintaining reasonable asset
quality and sound reserves.
A significant decline in its performance and or weaker asset
quality that would erode the core capital/reserve cushion (below
8.5% or 100%, respectively) and/ or a dismal management of the new
subsidiaries would negatively affect the bank's VR. Davivienda's
IDRs would be underpinned by the SRF.
Support and Support Rating Floor
Changes in the support rating and support rating floor are
contingent on changes in Colombia's sovereign ratings or Fitch's
view of Colombia's willingness to support this bank.
Fitch has taken the following rating actions on Davivienda:
-- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
Stable;
-- Long-term local currency IDR affirmed at 'BBB-'; Outlook
Stable;
-- Short-term foreign currency IDR affirmed at 'F3';
-- Short-term local currency IDR affirmed at 'F3';
-- Viability rating affirmed at 'bbb-';
-- Support Rating upgraded to '2' from '3';
-- Support Rating Floor revised to 'BBB-' from 'BB+';
-- Senior unsecured debt affirmed at 'BBB-';
-- Subordinated debt affirmed at 'BB+';
-- National long term rating affirmed at 'AAA(Col)';
-- National Short term rating affirmed at 'F1+(Col)'.
=================
G U A T E M A L A
=================
CENTRAL AMERICA BOTTLING: Fitch Affirms IDR at 'BB+'
----------------------------------------------------
Fitch Ratings has affirmed The Central America Bottling
Corporation's (CBC) ratings as follows:
-- Foreign currency long-term Issuer Default Rating (IDR) at
'BB+';
-- Local currency long-term IDR at 'BB+';
-- USD300 million Senior Unsecured Notes due in 2022 at 'BB+'.
The Rating Outlook is Stable.
Key Rating Drivers
CBC's ratings are supported by the company's long track record of
operations as an anchor bottler of the PepsiCo system in Central
America, the Caribbean and Ecuador, diversified product portfolio
of leading beverage brands across its franchised territories, and
broad distribution network. The ratings also benefit from the
company's good operating performance, characterized by stable cash
flow generation, and solid credit metrics through the cycle. In
addition, the company has the implied operative and technical
support of PepsiCo which owns 18% of its equity.
CBC's ratings are constrained by the company's higher than
historical debt levels as a result of its acquisitions and
investment projects, which have been incorporated into the
ratings. Additionally, the ratings are limited by the strong
competition within the beverage industry, the volatility in the
cost of its main raw materials and the exposure of cash flow
generation to low-rated countries.
Relevant Position in Core Markets
The company has a relevant market share position in the carbonated
soft drink category, which accounts around 63% of its total sales
volume, while in other categories such as isotonic, fruit juices,
energy drinks and tea, holds the leading position in most of its
markets. These market share positions are mainly based on a
recognized brand portfolio, and an extensive distribution network,
that covers around 431 thousand points of sale and works as an
important entry barrier to new competitors. Fitch considers that
these elements combined with the management's abilities to design
and execute commercial strategies contribute to maintain its
business position in the long term.
Exposure to Low-Rated Countries
CBC's ratings reflect the risks associated to the economic and
political environment where the company has operations. Its
operations in Central America represent around 65% of consolidated
sales, where Guatemala (Country ceiling 'BBB-') is the most
important operation contributing with around 34% of its total
revenues, while the rest of the revenues come from of El Salvador
(Country ceiling 'BB+'), Honduras and Nicaragua. The company's
Caribbean operations represent around 21% of total revenues being
Puerto Rico its most important market with a contribution of
around 10% of the total revenues. Jamaica (Country ceiling 'B-'),
and Trinidad and Tobago, integrate the other countries in the
region. In addition, Ecuador (Country ceiling 'B') contributes
with around 15% of the company's total revenues.
Positive Operating Performance
CBC's operating performance has followed a positive trend
supported by organic growth and acquisitions despite the
challenging market conditions of its operations in Puerto Rico.
During the first nine months ended Sept. 30, 2013, the company's
net revenues increased 14% to USD894 million when compared to the
same period of last year. Excluding the effect of last year
acquisition in Ecuador, net revenues increased 5%. Consolidated
EBITDA margin improved to 11% for the first nine months as of
Sept. 30, 2013 when compared to 10% for last year same figures.
Higher price increases and better product mix towards water
categories, as well as higher volume across the portfolio
contribute mainly to this improvement. Operating results from
Puerto Rico, which is a market dominated by modern channel and
strong competition, continue showing low profitability levels
affecting the consolidating margin of CBC.
Expected Deleverage
Fitch expects that CBC's adjusted gross leverage measured as total
adjusted debt to EBITDA will be close to 2.9x at year end 2013 and
will gradually decrease to levels around 2.5x in the following
years mainly through higher EBITDA generation and modest debt
reduction. CBC's total adjusted debt calculated by Fitch reached
as of Sept. 30, 2013 USD491 million, out of which USD2.5 million
was related to preferred capital. For the last 12 months as of
Sept. 30, 2013 the company's total adjusted debt to EBITDA and
total adjusted net debt to EBITDA calculated by Fitch were 3.6x
and 2.3x, respectively.
Negative Free Cash Flow Generation (FCF)
Fitch expects that CBC's planned capital expenditures of around
USD96 million in 2014, would limit its FCF generation ( defined as
cash flow from operations less capital expenditures and
dividends). Fitch estimates that CBC will continue generating
stable cash flow from operations (CFO) of approximately USD94
million during 2014. For 2013, Fitch incorporates a negative FCF
generation as a result of higher capital expenditures of around
USD83 million and USD23 million of dividends.
Strong Liquidity
CBC liquidity position is strong with USD40 million of short-term
debt and USD49 million of cash balance and USD132 million of held
to maturity investments. In addition, CBC's debt maturity profile
is manageable with no significant debt maturities in the next few
years. In addition, Fitch expects that CBC will continue
evaluating investments or acquisitions in order to strengthen its
business portfolio without changing significantly its capital
structure and liquidity position in the long term.
Rating Sensitivities
The ratings could be negatively pressured by a downgrade in the
sovereign ratings where the company operates, sustained
deterioration of its operating results in Puerto Rico, significant
debt financed acquisitions, as well as higher debt and leverage
ratios due to a decline in its operating results. Factors
considered positive to credit quality include a combination of
better operating performance, turnaround of the operations in
Puerto Rico, positive cash flow generation from higher-rated
countries and solid credits metrics on a sustained basis.
=============
J A M A I C A
=============
NATIONAL COMMERCIAL BANK: Pledges to Improve Data Security
----------------------------------------------------------
RJR News reports that Jamaica's National Commercial Bank said it
is improving its electronic security arrangements, after seeing a
mass breach of consumer credit card information at U.S. store,
Target.
Nadeen Mathews, senior assistant general manager for strategy,
group Marketing & communications, said that while the bank has
always had security provisions, it is adding enhancements to those
arrangements, in light of the recent development, according to RJR
News.
The breaches at Target, Ms. Matthews said, was a global concern,
and accordingly, "it is something that our operations and
technology unit continually looks at so that we can ensure that
our customers are protected," RJR News discloses.
Headquartered Kingston, Jamaica, in National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- together with its
subsidiaries, provides various banking and financial products and
services primarily in Jamaica.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2013, Standard & Poor's Ratings Services raised its issuer
credit ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to
'B-/B' from 'CCC+/C'. The upgrade follows Jamaica's entrance into
an IMF (International Monetary Fund) program, which along with
additional external funding from other multilateral lenders,
improved the country's external liquidity and bolstered investor
confidence. S&P removed the ratings on the bank from the
CreditWatch negative and assigned a stable outlook. NCBJ's 'b'
stand-alone credit profile (SACP) remains unchanged.
UC RUSAL: Reportedly in Huge Debt Restructuring Talks
-----------------------------------------------------
RJR News reports that UC Rusal is reportedly in negotiations with
Russian state lender Sberbank on a debt restructuring deal. The
report relates that this move is intended help the company weather
low aluminum prices.
Loss-making UC Rusal has been hit by weak aluminum prices as well
as nearly US$10 billion in debt, according to RJR News.
The report notes that a source told Reuters that the model of the
debt restructuring has been broadly agreed.
The unnamed source said UC Rusal cannot be allowed to fail, RJR
News discloses.
UC Rusal declined to comment on the discussions with Sberbank.
The company controls 65 per cent of Jamaica's alumina production
capacity and operates three of the island's four alumina
refineries.
UC Rusal is an aluminum producer. It has a major stake in
Jamaica's mining sector.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News said UC Rusal disclosed its financial
losses for 2012 were bigger than initially reported. The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.
* JAMAICA: Businesses & Consumers More Confident in the Economy
---------------------------------------------------------------
RJR News reports that Jamaican businesses and consumers are
exhibiting more confidence in the economy.
The finding is revealed in the latest business and consumer
confidence indices, released by Head of the Survey Research Centre
at the University of Michigan, Professor Richard Curtin, according
to RJR News.
The report relates that there was optimism among Jamaicans and
businesses that the economy could improve.
Professor Curtin attributed this to expectations from current
economic policies, the report notes.
====================
P U E R T O R I C O
====================
OGF BANCORP: S&P's Puts 'BB+' ICR on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB-/A-3' long- and
short-term issuer credit ratings on the Government Development
Bank for Puerto Rico (GDB) and its 'BB+' long-term issuer credit
rating on OFG Bancorp on CreditWatch with negative implications.
S&P also revised its outlook on FirstBank Puerto Rico to negative
from stable and affirmed the 'B+' long-term issuer credit rating,
and S&P revised its outlook on Santander BanCorp to negative from
stable and affirmed the 'BBB-/A-3' ratings. In addition, S&P
affirmed its 'B+/C' long- and short-term ratings on Popular Inc.,
and the outlook remains stable. And S&P affirmed its 'CCC-' long-
term rating on Doral Financial Corp., and the outlook remains
negative.
In a related action, S&P placed the Commonwealth of Puerto Rico's
general obligation (GO) and appropriation debt ratings on
CreditWatch negative.
RATIONALE
The Commonwealth of Puerto Rico has experienced prolonged economic
weakness with very high unemployment, a continued decline in
opulation, and high levels of debt and retirement liabilities.
The economy has contracted every year since 2006 (except for
2012), and despite the efforts of new leadership, S&P expects
economic challenges to persist over the next two years. The
unemployment rate is double the national average, at 14.7% as of
November 2013, and there has been a departure of residents,
particularly young professionals, in recent years. S&P believes
the decline in the population could shrink the Commonwealth's tax
base, lower demand for goods and services, and reduce capital
investment. In addition, S&P believes funding challenges for the
Commonwealth of Puerto Rico and GDB could hurt the local banking
sector through increased loan exposures and reduced deposits from
public agencies and local municipalities. The island's weak
economy makes it more difficult for Puerto Rico to manage its
budget deficit, in S&P's view, as well as its high debt load and
retirement liabilities.
In S&P's opinion, GDB's ability to provide debt market access and
liquidity to the Commonwealth has become constrained. The
Commonwealth relies heavily on GDB for its liquidity needs, in
S&P's view. S&P believes that GDB could have a limited ability to
cover its liquidity needs over the next 12 months without
accessing the debt markets. Currently available funding options
are limited and will likely be significantly more expensive than
what GDB has been able to obtain in the past.
GDB's currently limited access to funding sources and the pressure
from Puerto Rico's weak economy weigh on the ratings. S&P
anticipates GDB's potential liquidity required to, in turn,
support the liquidity needs of both the Commonwealth and various
public agencies could be as high as $1 billion over the next six
months, depending on the size of the operating deficit in fiscal
2014, GDB's ability to sell bonds externally, variable-rate demand
obligations liquidity renegotiations, and potential interest rate
swap agreement collateral postings or termination costs.
S&P will be reviewing GDB's funding plans and contingent liquidity
in the context of such liquidity needs, as well as its overall
liquidity profile over the next 12-24 months.
S&P placed its rating on OFG Bancorp on CreditWatch negative
because of the weak local economy, the potential for deterioration
in loan portfolio quality, and capital levels that S&P currently
views as only marginally strong. S&P expects that OFG will remain
profitable over the next two years, benefiting from cost savings,
but S&P thinks the weak Puerto Rican economy and the fiscal
deficit of the Commonwealth present some risk, especially given
the substantial increase in loan and credit exposures in Puerto
Rico. S&P could lower the rating if it expects asset quality to
weaken materially, if S&P no longer views capital as strong, or if
S&P lowers its rating on the Commonwealth of Puerto Rico.
"We view favorably management's strategy of limiting loan growth
in Puerto Rico in previous years and avoiding commercial real
estate and construction loans. However, the acquisition of Banco
Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) in late 2012
substantially increased loan exposures in Puerto Rico amid
difficult local economic conditions. Furthermore, the company's
commercial, corporate, and other loans include nearly $1 billion
in exposure to the Commonwealth of Puerto Rico and certain public
municipalities as of Sept. 30, 2013. We view these exposures as
very large relative to the size of the company's total loan
portfolio. Finally, the common dividend was increased
substantially in late 2013, and the potential for the resumption
of share buybacks could hamper capital growth. As a result, we
will be reviewing the developing risks of OFG's exposures in the
context of the company's capitalization," S&P added.
The outlook revision on Santander BanCorp largely reflects the
potential for deterioration in loan performance resulting from the
company's exposures to the Commonwealth of Puerto Rico and certain
public municipalities, which S&P thinks could be substantial. S&P
views Santander BanCorp's strategic importance to its parent
company, Banco Santander S.A., as moderate under S&P's bank
criteria and group methodology. S&P currently do not add any
notches of uplift to arrive at the issuer credit rating on
Santander BanCorp, which is one notch below the parent's group
credit profile and equal to the subsidiary's stand-alone credit
profile (SACP). If S&P lowers the company's SACP by one notch,
it's unlikely it would change the issuer credit rating given that
S&P would then likely ascribe one notch of support owing to its
strategic importance to its parent.
The outlook revision on FirstBank Puerto Rico to negative from
stable largely reflects the poor economic conditions in Puerto
Rico, which S&P believes could cause further deterioration in its
asset quality. Despite bulk loan sales over the past few years,
nonperforming assets remain high, at 13.52%, as of Sept. 30, 2013.
The bank has been reporting net losses for three consecutive years
(2009-2011), with the most recent being a year-to-date loss of
$175 million, as of Sept. 30, 2013, mainly because of increased
provisions for loan losses due to additional bulk sales. Charge-
offs rose to 5.01% as of Sept. 30, 2013, from 1.67% at year-end
2012. As a result, S&P believes that FirstBank is in a vulnerable
position because the potentially deteriorating operating
conditions in Puerto Rico are likely to make any meaningful and
sustainable improvement difficult.
S&P is affirming its 'B+/C' ratings on Popular Inc., the largest
bank in Puerto Rico, and maintaining the stable outlook. S&P
thinks Popular's outstanding exposures to the Commonwealth and
certain public municipalities are substantial but are not
excessive relative to the size of the bank's total loan portfolio
and capital base. Furthermore, S&P expects the company to remain
profitable over the next two years and views favorably the
improvement in loan performance in recent quarters and the
potential for a redemption of its outstanding perpetual preferred
stock sold to the U.S. Treasury. However, S&P thinks ongoing
regulatory issues are a rating constraint. Specifically, S&P
would view favorably a lifting by regulators of the Memorandum of
Understanding the bank entered into in July 2011.
S&P is affirming its 'CCC-' rating on Doral Financial and
maintaining the negative outlook. S&P believes the current rating
is appropriate given its view of the loan portfolio's weak credit
quality, the bank's restrained core profitability, the poor local
economic conditions, and capital that is only slightly higher than
the regulatory minimum.
CREDITWATCH
The current pressures on funding access that the Commonwealth is
experiencing heighten S&P's concerns about GDB's liquidity
profile. S&P will be reviewing GDB's funding plans and contingent
liquidity in the context of such liquidity needs, as well as its
overall liquidity profile over the next 12-24 months. S&P expects
to resolve the CreditWatch on GDB in the next several weeks and
anticipate up to a two-notch downgrade.
S&P could lower the rating on OFG Bancorp if it expects loan
performance to weaken materially, if S&P no longer views capital
as strong, or if S&P lowers its rating on the Commonwealth of
Puerto Rico. S&P anticipates no more than a one-notch downgrade
at the bank and a two-notch downgrade at the holding company.
OUTLOOK
S&P's outlooks on FirstBank Puerto Rico, Santander BanCorp, and
Doral Financial are negative. Based on S&P's criteria, a negative
outlook reflects a one-third chance of a downgrade over a two-year
period. S&P could downgrade these banks if capital or asset
quality deteriorates such that they would exceed S&P's current
expectations.
RATINGS LIST
CreditWatch Action
To From
Government Development Bank for Puerto Rico
Issuer Credit Rating BBB-/Watch Neg/A-3 BBB-
/Negative/A-3
Ratings Affirmed
Government Development Bank for Puerto Rico
Senior Unsecured A
Senior Unsecured BBB-
CreditWatch Action
To From
OFG Bancorp
Issuer Credit Rating BB+/Watch Neg/--
BB+/Negative/--
Preferred Stock B+/Watch Neg B+
Ratings Affirmed; Outlook Action
To From
FirstBank Puerto Rico
Issuer Credit Rating B+/Negative/--
B+/Stable/--
Ratings Affirmed; Outlook Action
To From
Santander BanCorp.
Issuer Credit Rating BBB-/Negative/A-3 BBB-
/Stable/A-3
Ratings Affirmed
Santander BanCorp.
Subordinated BB+
Ratings Affirmed
Popular Inc.
Issuer Credit Rating B+/Stable/C
Preferred Stock CCC+
Commercial Paper C
Ratings Affirmed
Doral Financial Corp.
Issuer Credit Rating CCC-/Negative/--
Senior Unsecured CCC-
Preferred Stock D
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
BATTISTELLA BTTL3 BZ 161941587 -30698112.2
BATTISTELLA-PREF BTTL4 BZ 161941587 -30698112.2
BATTISTELLA-RECE BTTL9 BZ 161941587 -30698112.2
BATTISTELLA-RECP BTTL10 BZ 161941587 -30698112.2
BATTISTELLA-RI P BTTL2 BZ 161941587 -30698112.2
BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
BIOMM SA - RCT BIOM9 BZ 14879155 -13567385
BIOMM SA-PREF BIOM4 BZ 14879155 -13567385
BIOMM SA-RT 0905492D BZ 14879155 -13567385
BIOMM SA-RT BIOM2 BZ 14879155 -13567385
BIOMM SA-RTS 0905518D BZ 14879155 -13567385
BIOMM SA-RTS BIOM10 BZ 14879155 -13567385
BIOMM SA-RTS BIOM1 BZ 14879155 -13567385
BOMBRIL BMBBF US 324115454 -16635219.6
BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 324115454 -16635219.6
BOMBRIL CIRIO SA BOBRON BZ 324115454 -16635219.6
BOMBRIL CIRIO-PF BOBRPN BZ 324115454 -16635219.6
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
BOMBRIL SA-ADR BMBPY US 324115454 -16635219.6
BOMBRIL SA-ADR BMBBY US 324115454 -16635219.6
BOMBRIL-PREF BOBR4 BZ 324115454 -16635219.6
BOMBRIL-RGTS PRE BOBR2 BZ 324115454 -16635219.6
BOMBRIL-RIGHTS BOBR1 BZ 324115454 -16635219.6
BOTUCATU TEXTIL STRP3 BZ 27663605.3 -7174512.12
BOTUCATU-PREF STRP4 BZ 27663605.3 -7174512.12
BUETTNER BUET3 BZ 96231802.9 -32473494
BUETTNER SA BUETON BZ 96231802.9 -32473494
BUETTNER SA-PRF BUETPN BZ 96231802.9 -32473494
BUETTNER SA-RT P BUET2 BZ 96231802.9 -32473494
BUETTNER SA-RTS BUET1 BZ 96231802.9 -32473494
BUETTNER-PREF BUET4 BZ 96231802.9 -32473494
CAF BRASILIA CAFE3 BZ 160933830 -149277092
CAF BRASILIA-PRF CAFE4 BZ 160933830 -149277092
CAFE BRASILIA SA CSBRON BZ 160933830 -149277092
CAFE BRASILIA-PR CSBRPN BZ 160933830 -149277092
CAIUA ELEC-C RT ELCA1 BZ 1059986022 -76183286
CAIUA SA ELCON BZ 1059986022 -76183286
CAIUA SA-DVD CMN ELCA11 BZ 1059986022 -76183286
CAIUA SA-DVD COM ELCA12 BZ 1059986022 -76183286
CAIUA SA-PREF ELCPN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCAN BZ 1059986022 -76183286
CAIUA SA-PRF A ELCA5 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCA6 BZ 1059986022 -76183286
CAIUA SA-PRF B ELCBN BZ 1059986022 -76183286
CAIUA SA-RCT PRF ELCA10 BZ 1059986022 -76183286
CAIUA SA-RTS ELCA2 BZ 1059986022 -76183286
CAIVA SERV DE EL 1315Z BZ 1059986022 -76183286
CELGPAR GPAR3 BZ 204382297 -934172491
CENTRAL COST-ADR CCSA LI 319571114 -114350021
CENTRAL COSTAN-B CRCBF US 319571114 -114350021
CENTRAL COSTAN-B CNRBF US 319571114 -114350021
CENTRAL COSTAN-C CECO3 AR 319571114 -114350021
CENTRAL COST-BLK CECOB AR 319571114 -114350021
CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1
CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1
CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1
CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1
CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1
CIMOB PARTIC SA GAFP3 BZ 44047412.2 -45669964.1
CIMOB PARTIC SA GAFON BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFP4 BZ 44047412.2 -45669964.1
CIMOB PART-PREF GAFPN BZ 44047412.2 -45669964.1
COBRASMA CBMA3 BZ 75391731.7 -2212560088
COBRASMA SA COBRON BZ 75391731.7 -2212560088
COBRASMA SA-PREF COBRPN BZ 75391731.7 -2212560088
COBRASMA-PREF CBMA4 BZ 75391731.7 -2212560088
D H B DHBI3 BZ 100548065 -171900717
D H B-PREF DHBI4 BZ 100548065 -171900717
DHB IND E COM DHBON BZ 100548065 -171900717
DHB IND E COM-PR DHBPN BZ 100548065 -171900717
DOCA INVESTIMENT DOCA3 BZ 273120349 -211736213
DOCA INVESTI-PFD DOCA4 BZ 273120349 -211736213
DOCAS SA DOCAON BZ 273120349 -211736213
DOCAS SA-PREF DOCAPN BZ 273120349 -211736213
DOCAS SA-RTS PRF DOCA2 BZ 273120349 -211736213
ELEC ARG SA-PREF EASA6 AR 1395153160 -106158748
ELEC ARGENT-ADR EASA LX 1395153160 -106158748
ELEC DE ARGE-ADR 1262Q US 1395153160 -106158748
ELECTRICIDAD ARG 3447811Z AR 1395153160 -106158748
ENDESA - RTS CECOX AR 319571114 -114350021
ENDESA COST-ADR CRCNY US 319571114 -114350021
ENDESA COSTAN- CECO2 AR 319571114 -114350021
ENDESA COSTAN- CECOD AR 319571114 -114350021
ENDESA COSTAN- CECOC AR 319571114 -114350021
ENDESA COSTAN- EDCFF US 319571114 -114350021
ENDESA COSTAN-A CECO1 AR 319571114 -114350021
ESTRELA SA ESTR3 BZ 71379826.3 -111239817
ESTRELA SA ESTRON BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTR4 BZ 71379826.3 -111239817
ESTRELA SA-PREF ESTRPN BZ 71379826.3 -111239817
F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
FABRICA RENAUX FTRX3 BZ 66603695.4 -76419246.3
FABRICA RENAUX FRNXON BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
FABRICA RENAUX-P FRNXPN BZ 66603695.4 -76419246.3
FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3
FER HAGA-PREF HAGA4 BZ 18439489.1 -40509835.2
FERRAGENS HAGA HAGAON BZ 18439489.1 -40509835.2
FERRAGENS HAGA-P HAGAPN BZ 18439489.1 -40509835.2
FERREIRA GUIMARA FGUION BZ 11016542.2 -151840378
FERREIRA GUIM-PR FGUIPN BZ 11016542.2 -151840378
GRADIENTE ELETR IGBON BZ 381918698 -32078427.7
GRADIENTE EL-PRA IGBAN BZ 381918698 -32078427.7
GRADIENTE EL-PRB IGBBN BZ 381918698 -32078427.7
GRADIENTE EL-PRC IGBCN BZ 381918698 -32078427.7
GRADIENTE-PREF A IGBR5 BZ 381918698 -32078427.7
GRADIENTE-PREF B IGBR6 BZ 381918698 -32078427.7
GRADIENTE-PREF C IGBR7 BZ 381918698 -32078427.7
HAGA HAGA3 BZ 18439489.1 -40509835.2
HOTEIS OTHON SA HOOT3 BZ 227388586 -68129377.9
HOTEIS OTHON SA HOTHON BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOOT4 BZ 227388586 -68129377.9
HOTEIS OTHON-PRF HOTHPN BZ 227388586 -68129377.9
IGB ELETRONICA IGBR3 BZ 381918698 -32078427.7
IGUACU CAFE IGUA3 BZ 224229556 -68866571
IGUACU CAFE IGCSON BZ 224229556 -6886657
IGUACU CAFE IGUCF US 224229556 -68866571
IGUACU CAFE-PR A IGUA5 BZ 224229556 -68866571
IGUACU CAFE-PR A IGCSAN BZ 224229556 -68866571
IGUACU CAFE-PR A IGUAF US 224229556 -68866571
IGUACU CAFE-PR B IGUA6 BZ 224229556 -68866571
IGUACU CAFE-PR B IGCSBN BZ 224229556 -68866571
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
INVERS ELEC BUEN IEBAB AR 260343959 -14950013.8
INVERS ELEC BUEN IEBA AR 260343959 -14950013.8
LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LATTENO FOOD COR LATF US 14423532 -3506007
LOJAS ARAPUA LOAR3 BZ 38302784.1 -3417423475
LOJAS ARAPUA LOARON BZ 38302784.1 -3417423475
LOJAS ARAPUA-GDR 3429T US 38302784.1 -3417423475
LOJAS ARAPUA-GDR LJPSF US 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOAR4 BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF LOARPN BZ 38302784.1 -3417423475
LOJAS ARAPUA-PRF 52353Z US 38302784.1 -3417423475
LUPATECH SA LUPA3 BZ 665993697 -188699451
LUPATECH SA LUPAF US 665993697 -188699451
LUPATECH SA -RCT LUPA9 BZ 665993697 -188699451
LUPATECH SA-ADR LUPAY US 665993697 -188699451
LUPATECH SA-RT LUPA11 BZ 665993697 -188699451
LUPATECH SA-RTS LUPA1 BZ 665993697 -188699451
MANGELS INDL MGEL3 BZ 223698552 -29148696.3
MANGELS INDL SA MISAON BZ 223698552 -29148696.3
MANGELS INDL-PRF MGIRF US 223698552 -29148696.3
MANGELS INDL-PRF MGEL4 BZ 223698552 -29148696.3
MANGELS INDL-PRF MISAPN BZ 223698552 -29148696.3
MINUPAR MNPR3 BZ 115960018 -93783465.1
MINUPAR SA MNPRON BZ 115960018 -93783465.1
MINUPAR SA-PREF MNPRPN BZ 115960018 -93783465.1
MINUPAR-PREF MNPR4 BZ 115960018 -93783465.1
MINUPAR-RCT 9314634Q BZ 115960018 -93783465.1
MINUPAR-RCT 0599564D BZ 115960018 -93783465.1
MINUPAR-RCT MNPR9 BZ 115960018 -93783465.1
MINUPAR-RT 9314542Q BZ 115960018 -93783465.1
MINUPAR-RT 0599562D BZ 115960018 -93783465.1
MINUPAR-RTS MNPR1 BZ 115960018 -93783465.1
NORDON MET NORD3 BZ 11025606.1 -32196764.5
NORDON METAL NORDON BZ 11025606.1 -32196764.5
NORDON MET-RTS NORD1 BZ 11025606.1 -32196764.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PET MANG-RECEIPT 0229292Q BZ 155768607 -254677565
PET MANG-RECEIPT 0229296Q BZ 155768607 -254677565
PET MANG-RECEIPT RPMG9 BZ 155768607 -254677565
PET MANG-RECEIPT RPMG10 BZ 155768607 -254677565
PET MANG-RIGHTS 3678565Q BZ 155768607 -254677565
PET MANG-RIGHTS 3678569Q BZ 155768607 -254677565
PET MANG-RT 4115360Q BZ 155768607 -254677565
PET MANG-RT 4115364Q BZ 155768607 -254677565
PET MANG-RT 0229249Q BZ 155768607 -254677565
PET MANG-RT 0229268Q BZ 155768607 -254677565
PET MANG-RT RPMG2 BZ 155768607 -254677565
PET MANG-RT 0848424D BZ 155768607 -254677565
PET MANG-RTS RPMG1 BZ 155768607 -254677565
PET MANGUINH-PRF RPMG4 BZ 155768607 -254677565
PETRO MANGUINHOS RPMG3 BZ 155768607 -254677565
PETRO MANGUINHOS MANGON BZ 155768607 -254677565
PETRO MANGUIN-PF MANGPN BZ 155768607 -254677565
PETROLERA DEL CO PSUR AR 66017869 -5551136.01
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 23402631.8 -5029378.21
PUYEHUE RIGHT PUYEHUOS CI 23402631.8 -5029378.21
RECRUSUL RCSL3 BZ 42021562 -18866127
RECRUSUL - RCT 4529789Q BZ 42021562 -18866127
RECRUSUL - RCT 4529793Q BZ 42021562 -18866127
RECRUSUL - RCT 0163582D BZ 42021562 -18866127
RECRUSUL - RCT 0163583D BZ 42021562 -18866127
RECRUSUL - RCT 0614675D BZ 42021562 -18866127
RECRUSUL - RCT 0614676D BZ 42021562 -18866127
RECRUSUL - RCT RCSL10 BZ 42021562 -18866127
RECRUSUL - RT 4529781Q BZ 42021562 -18866127
RECRUSUL - RT 4529785Q BZ 42021562 -18866127
RECRUSUL - RT 0163579D BZ 42021562 -18866127
RECRUSUL - RT 0163580D BZ 42021562 -18866127
RECRUSUL - RT 0614673D BZ 42021562 -18866127
RECRUSUL - RT 0614674D BZ 42021562 -18866127
RECRUSUL SA RESLON BZ 42021562 -18866127
RECRUSUL SA-PREF RESLPN BZ 42021562 -18866127
RECRUSUL SA-RCT RCSL9 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL1 BZ 42021562 -18866127
RECRUSUL SA-RTS RCSL2 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL11 BZ 42021562 -18866127
RECRUSUL-BON RT RCSL12 BZ 42021562 -18866127
RECRUSUL-PREF RCSL4 BZ 42021562 -18866127
REDE EMP ENE ELE ELCA4 BZ 1059986022 -76183286
REDE EMP ENE ELE ELCA3 BZ 1059986022 -76183286
REDE EMPRESAS-PR REDE4 BZ 1059986022 -76183286
REDE ENERGIA SA REDE3 BZ 1059986022 -76183286
REDE ENERG-UNIT REDE11 BZ 1059986022 -76183286
REDE ENER-RCT 3907731Q BZ 1059986022 -76183286
REDE ENER-RCT REDE9 BZ 1059986022 -76183286
REDE ENER-RCT REDE10 BZ 1059986022 -76183286
REDE ENER-RT 3907727Q BZ 1059986022 -76183286
REDE ENER-RT REDE1 BZ 1059986022 -76183286
REDE ENER-RT REDE2 BZ 1059986022 -76183286
REII INC REIC US 14423532 -3506007
RENAUXVIEW SA TXRX3 BZ 56213385.5 -85196762.8
RENAUXVIEW SA-PF TXRX4 BZ 56213385.5 -85196762.8
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 21873314.7 -5053458.96
SANSUY SNSY3 BZ 189305928 -145401613
SANSUY SA SNSYON BZ 189305928 -145401613
SANSUY SA-PREF A SNSYAN BZ 189305928 -145401613
SANSUY SA-PREF B SNSYBN BZ 189305928 -145401613
SANSUY-PREF A SNSY5 BZ 189305928 -145401613
SANSUY-PREF B SNSY6 BZ 189305928 -145401613
SAUIPE PSEG3 BZ 14685534.1 -4799640.46
SAUIPE SA PSEGON BZ 14685534.1 -4799640.46
SAUIPE SA-PREF PSEGPN BZ 14685534.1 -4799640.46
SAUIPE-PREF PSEG4 BZ 14685534.1 -4799640.46
SCHLOSSER SCLO3 BZ 51944742.3 -56657680.1
SCHLOSSER SA SCHON BZ 51944742.3 -56657680.1
SCHLOSSER SA-PRF SCHPN BZ 51944742.3 -56657680.1
SCHLOSSER-PREF SCLO4 BZ 51944742.3 -56657680.1
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
STEEL - RCT ORD STLB9 BZ 10519766.1 -18449684.9
STEEL - RT STLB1 BZ 10519766.1 -18449684.9
TEKA TKTQF US 375873311 -389045810
TEKA TEKA3 BZ 375873311 -389045810
TEKA TEKAON BZ 375873311 -389045810
TEKA-ADR TEKAY US 375873311 -389045810
TEKA-ADR TKTPY US 375873311 -389045810
TEKA-ADR TKTQY US 375873311 -389045810
TEKA-PREF TKTPF US 375873311 -389045810
TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. 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
202-241-8200.
* * * End of Transmission * * *