/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/140224.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, February 24, 2014, Vol. 15, No. 38 Headlines A R G E N T I N A BANCO CETELEM: Moody's Downgrades Bank Fin'l Strength Rating to E B R A Z I L JBS SA: Says Revenue to Grow 20 Percent in 2014 C A Y M A N I S L A N D S ALESSANDRO M.: Placed Under Voluntary Wind-Up CARNEROS HOLDINGS: Creditors' Proofs of Debt Due Feb. 28 CHARAL LANE: Commences Liquidation Proceedings CHEYNE EUROPEAN: Creditors' Proofs of Debt Due March 3 ENVI PROPERTIES: Placed Under Voluntary Wind-Up FROIDE HOLDING: Placed Under Voluntary Wind-Up INVESTCORP INDUSTRIAL: Commences Liquidation Proceedings ISABELLA CAPITAL: Creditors' Proofs of Debt Due Feb. 27 LINQI SELECT: Placed Under Voluntary Wind-Up LODESTONE INVESTMENT: Commences Liquidation Proceedings MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due Feb. 28 P2 MOZART NAGOYA: Commences Liquidation Proceedings P2 MOZART SAPPORO: Commences Liquidation Proceedings PEPSY INTERNATIONAL: Placed Under Voluntary Wind-Up RAWA HOLDINGS: Commences Liquidation Proceedings SAGUENAY EQUITY: Placed Under Voluntary Wind-Up SHERIDAN ROAD: Commences Liquidation Proceedings SPECIALISED POWER: Creditors' Proofs of Debt Due Today THE COLLECTION: Placed Under Voluntary Wind-Up J A M A I C A JAMAICA: Big Capital Flows Expected From Key Divestments M E X I C O FINCOMUN SERVICIOS: S&P Affirms 'B+' Rating; Outlook Stable QUALITAS COMPANIA: A.M. Best Upgrades FSR to 'B'; Outlook Stable SANTA CATARINA: Fitch Affirms 'BB (mex)' Rating; Outlook Positive X X X X X X X X X BOND PRICING: For the Week From Feb. 17 to Feb. 21, 2014 - - - - - ================= A R G E N T I N A ================= BANCO CETELEM: Moody's Downgrades Bank Fin'l Strength Rating to E ----------------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo downgraded by one notch all the ratings of Banco Saenz S.A.; Caja de Credito Cuenca Coop. Ltda.; Metropolis Compania Financiera; and Banco Finansur S.A., with the exception of the banks' foreign currency deposit ratings, which remains unchanged. Banco Cetelem Argentina S.A.'s bank financial strength rating was downgraded by one notch to E from E+, with all other ratings remaining unchanged. In addition, Moody's downgraded in national scale the local currency deposit ratings of Metropolis and Banco Saenz to Ba2.ar, from A3.ar and A2.ar respectively, and also lowered their foreign currency deposit ratings to Ba2.ar from Ba1.ar. At the same time, Moody's downgraded Caja de Credito Cuenca's local and foreign currency deposit ratings in national scale, to Ba3.ar from Baa2.ar and Ba1.ar. The national scale ratings in local currency for Banco Finansur were lowered to Ba1.ar from A2.ar. These downgrades reflect weakening credit profiles, based on slower growth, shrinking profits and rising delinquencies, coupled with rising funding costs and high inflation. All the deposit and debt ratings carry a negative outlook, with the exception of Banco Cetelem Argentina's local currency deposit and debt ratings that remain on review for possible downgrade, in light of its acquisition by the Group ST, pending regulatory approval. All the BFSRs have stable outlook. In addition, Moody's has placed under review for possible downgrade the standalone bank financial strength ratings, the local currency deposit and debt ratings of Banco de Galicia y Buenos Aires S.A.; Banco Macro S.A.; Banco del Tucuman S.A.; Banco de la Ciudad de Buenos Aires; Banco Comafi S.A.; Banco Credicoop Cooperativo Limitado; Banco Supervielle S.A.; Banco del Chubut S.A.; Banco de Corrientes S.A.; Banco de Santiago del Estero S.A., Nuevo Banco de La Rioja S.A.; Compania Financiera Argentina S.A.; Cordial Compania Financiera S.A.; Banco Piano S.A. and Banco de Servicios y Transacciones S.A. The foreign currency debt ratings for Banco de Servicios y Transacciones were placed under review for possible downgrade. The issuer ratings of Grupo Supervielle S.A. were also placed on review for downgrade. At the same time, Moody's placed under review for possible downgrade the foreign currency subordinated debt ratings of Banco Macro, Banco Supervielle and Banco de Galicia y Buenos Aires. Moody's assigns ratings to 13 other banks in Argentina, but their ratings were unaffected by these actions. Ratings Rationale Downgrade Of Ratings In downgrading the ratings of the aforementioned banks Moody's highlighted the weakening credit profiles of these institutions in the context of Argentina's deteriorating macroeconomic environment characterized by rising inflation and unemployment. Moody's said that weak economic growth will continue to jeopardize household disposable income, shrinking consumer purchasing power and debt service capacity. Coupled with declining business volumes these elements will put further pressure on the banks' profitability. Despite weakening conditions that affect all banks, these financial institutions are particularly vulnerable because of their exposure to the unsecured consumer segment and hence already weakened asset quality and capitalization as well as their more limited financial flexibility given their limited access to low cost funding. Rising interest rates will compress net interest margins and will challenge these institutions that rely heavily on market funding. The negative outlook on these ratings incorporate Moody's views that these challenging operating conditions will continue over the near term. Ratings Under Review The review for possible downgrade of the standalone ratings of above mentioned banks will focus on the credit implications that the challenging operating environment in Argentina will have on their intrinsic fundamentals, particularly asset quality, funding and profitability. The rating actions also incorporate the risks related to increasing regulations that will adversely affect the banks' earnings generation, funding dynamics, and therefore their financial flexibility. The local currency senior debt ratings have been placed under review for possible downgrade in line with the review for possible downgrade of the local currency deposit ratings. Moody's deposit ratings for the Argentinean banks incorporate assumptions about potential external support from a parent institution, or a regional or national government. These assumptions reflect both the capacity and the willingness of such third parties to support a bank in the event of stress. In reviewing the aforementioned banks' ratings, Moody's will reassess the capacity of the Argentinean government to provide systemic support in case of need. The rating agency said that the government's capacity to provide systemic support to its banks has weakened and therefore, an alignment to the sovereign's own rating will more appropriately captures the correlation between their creditworthiness and that of the Argentinean government. Large domestically-owned institutions whose standalone ratings receive uplift due to our assessment of the probability of systemic support are now rated B2 for global local currency deposits. The B3 local currency issuer rating of Grupo Supervielle reflects one notch of subordination from its main operating company, Banco Supervielle. Which Financial Institutions Are Affected Financial Institutions Downgraded Banco Saenz S.A. Caja de Credito Cuenca Coop. Ltda. Metropolis Compania Financiera Banco Cetelem Argentina S.A. Banco Finansur S.A. Financial Institutions Under Review Banco de Galicia y Buenos Aires S.A. Banco Macro S.A. Banco de la Ciudad de Buenos Aires Banco Comafi S.A. Banco Credicoop Cooperativo Limitado Banco Supervielle S.A. Banco del Chubut S.A. Banco de Corrientes S.A. Banco de Santiago del Estero S.A. Banco del Tucuman S.A. Compania Financiera Argentina S.A. Nuevo Banco de La Rioja S.A. Cordial Compania Financiera S.A. Grupo Supervielle S.A. Banco Piano S.A. Banco de Servicios y Transacciones The principal methodology used in these ratings was Global Banks published in May 2013. =========== B R A Z I L =========== JBS SA: Says Revenue to Grow 20 Percent in 2014 ----------------------------------------------- Reuters reports that net revenues for Brazil's JBS SA will likely grow about 20 percent in 2014, in line with recent years, the company's Chief Executive Wesley Batista said. Much of that increase will be driven by Brazil's domestic market despite weaker economic growth, Mr. Batista said at the launch of a marketing campaign for JBS's local Friboi beef brand, according to Reuters. "It's more due to domestic growth, this increase in revenue," the report quoted Mr. Batista as saying, citing better distribution and an expected 15 percent increase in slaughters at its Brazilian operations. The report notes that a weaker Brazilian currency had increased revenue in reais coming in from JBS operations in Australia and the United States, Mr. Batista noted. The weaker currency also makes Brazil's exports more competitive. JBS SA is now focusing on decreasing net debt, the report adds. JBS SA is a multinational food processing company, producing factory processed beef, chicken and pork, and also selling by- products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The company has 150 industrial plants around the world. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2013, Fitch Ratings affirmed the foreign and local currency Issuer Default Ratings (IDRs) of JBS S.A. (JBS) at 'BB-' as well as its 'A-(bra)' national scale rating. Fitch has also affirmed at 'BB-' rating on the notes due in 2016 issued by JBS and the 'A-(bra)' rating of its debentures due in 2015. ========================== C A Y M A N I S L A N D S ========================== ALESSANDRO M.: Placed Under Voluntary Wind-Up --------------------------------------------- On Jan. 6, 2014, the sole shareholder of Alessandro M. Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 30, 2014, will be included in the company's dividend distribution. 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 CARNEROS HOLDINGS: Creditors' Proofs of Debt Due Feb. 28 -------------------------------------------------------- The creditors of Carneros Holdings Limited are required to file their proofs of debt by Feb. 28, 2014, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 15, 2014. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: (345) 949-7128 CHARAL LANE: Commences Liquidation Proceedings ---------------------------------------------- On Jan. 16, 2014, the shareholders of Charal Lane Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Westport Services Ltd. Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands CHEYNE EUROPEAN: Creditors' Proofs of Debt Due March 3 ------------------------------------------------------ The creditors of Cheyne European Opportunities Fund Inc. are required to file their proofs of debt by March 3, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 14, 2014. The company's liquidator is: Mourant Ozannes Cayman Liquidators Limited c/o Mourant Ozannes Attorneys-at-Law for the Company Reference: Tracy Hylton Telephone: +1 (345) 949 4123 Facsimile: +1 (345) 949 4647; or Mourant Ozannes Cayman Liquidators Limited Reference: Peter Goulden 94 Solaris Avenue, Camana Bay P.O. Box 1348, George Town Grand Cayman KY1-1108 Cayman Islands ENVI PROPERTIES: Placed Under Voluntary Wind-Up ----------------------------------------------- On Jan. 6, 2014, the sole shareholder of Envi Properties Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 30, 2014, will be included in the company's dividend distribution. 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 FROIDE HOLDING: Placed Under Voluntary Wind-Up ---------------------------------------------- On Jan. 6, 2014, the sole shareholder of Froide Holding Inc. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 30, 2014, will be included in the company's dividend distribution. 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 INVESTCORP INDUSTRIAL: Commences Liquidation Proceedings -------------------------------------------------------- At an extraordinary meeting held on Jan. 8, 2014, the shareholders of Investcorp Industrial Properties Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 18, 2014, will be included in the company's dividend distribution. The company's liquidators are: Ebrahim H. Ebrahim Ayman Al-Arrayed c/o Patricia Tricarico Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands ISABELLA CAPITAL: Creditors' Proofs of Debt Due Feb. 27 ------------------------------------------------------- The creditors of Isabella Capital Management are required to file their proofs of debt by Feb. 27, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 17, 2014. The company's liquidator is: DMS Corporate Services Ltd. c/o Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands LINQI SELECT: Placed Under Voluntary Wind-Up -------------------------------------------- On Dec. 17, 2013, the sole shareholder of Linqi Select Fund resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 19, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Maggie Kwok / Phoebe Chan Telephone: (852) 3656 6005 / (852) 3656 6063 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands LODESTONE INVESTMENT: Commences Liquidation Proceedings ------------------------------------------------------- On Dec. 17, 2013, the shareholders of Lodestone Investment Management Ltd resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Tim Whyte Lodestone Capital Partners LLP 19 The Mall London SW14 7EN MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due Feb. 28 ------------------------------------------------------- The creditors of Mountain Capital CLO III Ltd. are required to file their proofs of debt by Feb. 28, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Jan. 14, 2014. The company's liquidator is: Ellen J. Christian c/o BNP Paribas Bank & Trust Cayman Limited P.O. Box 10632 3rd Floor Royal Bank House Shedden Road, George Town Grand Cayman KY1-1006 Cayman Islands P2 MOZART NAGOYA: Commences Liquidation Proceedings --------------------------------------------------- On Jan. 14, 2014, the shareholders of P2 Mozart Nagoya Holding KY LP Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 18, 2014, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands P2 MOZART SAPPORO: Commences Liquidation Proceedings ---------------------------------------------------- On Jan. 14, 2014, the shareholders of P2 Mozart Sapporo Investment Holding KY Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 18, 2014, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands PEPSY INTERNATIONAL: Placed Under Voluntary Wind-Up --------------------------------------------------- On Dec. 30, 2013, the sole shareholder of Pepsy International Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 30, 2014, will be included in the company's dividend distribution. The company's liquidator is: MBT Trustees Ltd. Telephone: 949-9808 Facsimile: 949-9793/4 P.O. Box 30622 Grand Cayman KY1-1203 Cayman Islands RAWA HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------ On Jan. 15, 2014, the shareholders of Rawa Holdings Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd 25 Main Street P.O. Box 487, George Town Grand Cayman KY1-1106 Cayman Islands SAGUENAY EQUITY: Placed Under Voluntary Wind-Up ----------------------------------------------- On Dec. 31, 2013, the sole shareholder of Saguenay Equity Offshore Fund, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 18, 2014, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Desiree Jacob Telephone: (345) 949-9876 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands SHERIDAN ROAD: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary general meeting on held on Jan. 16, 2014, the shareholders of Sheridan Road Corp resolved to voluntarily liquidate the company's business. The company's liquidator is: Westport Services Ltd. Boundary Hall, Cricket Square PO Box 1111, Grand Cayman KY1-1102 Cayman Islands SPECIALISED POWER: Creditors' Proofs of Debt Due Today ------------------------------------------------------ The creditors of Specialised Power Investments Limited are required to file their proofs of debt today, Feb. 24, 2014, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 31, 2013. The company's liquidator is: Philip Mosely Cayman Management Ltd. 42 North Church Street Ground Floor, Harbour Centre P.O. Box 1569 Grand Cayman KY1-1110 Cayman Islands Telephone: +1 (345) 949 4018 Facsimile: +1 (345) 949 7891 THE COLLECTION: Placed Under Voluntary Wind-Up ---------------------------------------------- On Jan. 6, 2014, the sole shareholder of The Collection International Trading Co. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 30, 2014, will be included in the company's dividend distribution. 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 ============= J A M A I C A ============= JAMAICA: Big Capital Flows Expected From Key Divestments -------------------------------------------------------- RJR News reports that Jamaica Finance Minister Dr. Peter Phillips said the country could realize more than US$500 million in capital investments from three of the State entities and services short- listed for divestment. They are the Kingston Container Terminal at the Port of Kingston, Norman Manley International Airport, and Port Community Systems. Dr. Phillips said the three entities have the potential to mobilize significant investment and other inflows to the economy through taxes, concession fees, and capital expansion works, according to RJR News. Additionally, the report notes, Dr. Phillips said the administration anticipates increased efficiency in the operations of the entities through the adoption of technology, expertise, experience and economies of scale. =========== M E X I C O =========== FINCOMUN SERVICIOS: S&P Affirms 'B+' Rating; Outlook Stable ----------------------------------------------------------- Standard & Poor's Rating Services affirmed its 'B+' long-term global scale and 'B' short-term global scale issuer credit ratings on FinComun Servicios Financieros Comunitarios S.A. de C.V. Sociedad Financiera Popular (FinComun). S&P also affirmed its national scale 'mxBBB/mxA-3' long- and short-term ratings on the company. The outlook is stable. Standard & Poor's Rating Services' rating on FinComun reflects its "moderate" business position, and capital and earnings, a "weak" risk position, and S&P's view of its "below average" funding and "adequate" liquidity, as S&P's criteria define these terms. S&P's bank criteria uses its Banking Industry Country Risk Assessment (BICRA) economic and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. S&P's anchor for a commercial bank operating only in Mexico is 'bbb'. In S&P's view, the main risk for the banks operating in Mexico is economic risk. This is because of the population's low income level (from a global perspective), and a decrease in payment capacity amid a low level of domestic savings. Mexican banks face challenges associated with lending within a legal framework that is still establishing a track record of creditor rights. However, underwriting standards have improved. Also, S&P do not view any asset bubbles in the Mexican economy. Industry risk is not as high, because of conservative regulation, but supervision still needs to be strengthened. Healthy competitive dynamics drive the lending system. Funding is based on stable deposits, while the domestic debt markets are rapidly expanding. S&P classifies the Mexican government as "supportive" to its banking system based on past experience and S&P's belief that it has the capacity to help banks withstand problems. "The stable outlook reflects our expectation that FinComun will maintain a RAC ratio below 7%, and that more rigorous underwriting management and enhanced collection practices should improve the quality of its loan portfolio over the long term, gradually strengthening its internal capital generation," said Standard & Poor's credit analyst Ricardo Grisi. If the company's RAC falls below 5% or if its business position weakens, S&P could lower the rating. S&P could upgrade the company if it significantly improves its internal capital generation, reaching a RAC ratio above 7%, or if credit losses fall to adequate levels. QUALITAS COMPANIA: A.M. Best Upgrades FSR to 'B'; Outlook Stable ---------------------------------------------------------------- A.M. Best has upgraded the financial strength rating to B (Fair) from B- (Fair) and issuer credit rating to "bb" from "bb-" of Qualitas Compania de Seguros S.A.B. de C.V. (Qualitas) (Mexico). The outlook for both ratings is stable. The rating upgrades reflect Qualitas' leading market position in the increasingly competitive Mexican automobile insurance segment, its formidable distribution network and solid overall profitability in recent years. Qualitas operates through a network of local agents, financial institutions and service offices and has established a formidable distribution capability throughout Mexico. This has enabled the company to maintain its leading market position in the Mexican automobile insurance segment in extremely challenging economic and market conditions. Qualitas reported favorable underwriting net income in 2012, reflecting its highest historical operating performance. Offsetting rating factors include Qualitas' consistently elevated underwriting leverage and trend of underwriting losses. Historically, the company has operated with underwriting leverage considered higher than expected for an automobile insurance provider. Additionally, Qualitas maintains combined ratios just above breakeven due to its high level of loss and loss adjustment expenses recorded each year. Key rating drivers that could lead to positive rating actions for Qualitas include continued favorable trends in revenues and earnings, capital growth and improvement in the underwriting leverage. Key factors that could lead to negative rating actions include unfavorable operating performance or weakened risk- adjusted capital. SANTA CATARINA: Fitch Affirms 'BB (mex)' Rating; Outlook Positive ----------------------------------------------------------------- Fitch Ratings has affirmed its 'BB (mex)' rating on the Municipality of Santa Catarina, NL, and modifies the Rating Outlook to Positive from Stable. Moreover, the rating of bank credit issued by Bank in the amount of interactions MXN50 million, was ratified at 'BBB (mex) vra'. Key Rating Factors The Positive Outlook reflects Fitch's expectation that Santa Catarina will strengthen its financial desempenio and will maintain a conservative debt policy for the remainder of the current administrative period, together with a possible change in the profile of long-term debt, if so , could materialize an increase in the rate of the municipality. However, the unsecured rate Township remains constrained by a history of default on financial obligations in 2012, robust and rigid structure of operational expenditure, the high level of non-bank short-term liabilities and its dependence on the federal and state contributions to cover its operation. After a stress scenario in 2012, the City has implemented restrictive policies mainly on the issue of funding both short and long term. This increase was mainly due to the cadastral reassessment; same that had not taken place for the last 10 Anios's share of revenue, an increase in the levying of property taxes (10.8% compared to anio 2012) was observed. It should also be noted that for the second consecutive anions Municipality primary balance showed a surplus, in addition to presenting an increase of 17.8% in its Ordinary Income Tax (OFR) in 2013. In expenses in 2013 increased the higher operating expenses than in the OFR, derived largely by expenses associated with public safety, social outlook, and superb payment of an administrative judgment ruled against the entity was observed. With this, the operating expenses represented 94.1% of OFR, high and higher than the median Scored by Fitch Group (GMF, 88.5%) Municipalities proportion. In December 2013 the balance of the debt was directly MXN279 million, consisting of three long-term credits with development banks and two commercial credits. Importantly, the Municipality has intention to restructure its entire debt with better terms and conditions with the development banks. Furthermore, since the last quarter of 2012 production and since then have been used chains were liquidated, also will not have resorted to short-term financing. It is important to emphasize that the current administration does not provide additional debt. The non-bank short-term liabilities declined steadily, mainly in the area of suppliers, totaling MXN159.1 million in December 2013. In terms of social security the Municipality of Santa Catarina not have a formal pension system, so that could represent a contingency in the medium or long-term municipal finances, although represented only 0.2% of OFR in 2013. On the other hand, Water Services and Drainage Monterrey [A (mex)] is the state water agency that provides water and wastewater services in Santa Catarina, so in this issue there is no direct contingencies. On the trade credit contracted with interactions (11 interactions), the ratification of your score is based on satisfactory desempenio that shown in debt service coverage in the period July 2012 to December 2013, being the minimum coverage in this period 2.06-x-times and average 2.35x. Meanwhile, the shares of the municipality they serve as a source of payment of this credit have shown an average annual growth rate (CAGR) of 6.7% in the last 5 yo. Rating Sensitivity Among the factors that could have a positive effect on the rate of the municipality are: to present more balanced balances, greater controls on the growth of operating expenses; observe greater dynamism in the levying of property taxes, and improve their liquidity. This, coupled with maintaining a prudent borrowing policy, both in direct debt and non-bank liabilities. Moreover, the rate of funding is closely linked to the creditworthiness of the Municipality, so that any movement upward or downward on your score, you could see reflected directly in the same direction at the rate of credit. ================= X X X X X X X X X ================= BOND PRICING: For the Week From Feb. 17 to Feb. 21, 2014 -------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- Aguas Andinas SA 4.15 12/1/2026 CLP 72.61 Aguas Andinas SA 4.15 12/1/2026 CLP 69.55 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 22.19 Argentina Bocon 2 1/3/2016 ARS 9.05 Argentina Bocon 2 3/15/2014 ARS 13.8 Argentina Boden Bonds 2 9/30/2014 ARS 55.13 Argentine International Bond 7.82 12/31/2033 EUR 67.75 Argentine International Bond 7.82 12/31/2033 EUR 66.7 Argentine International Bond 8.28 12/31/2033 USD 67.5 Argentine International Bond 1.18 12/31/2038 ARS 42.26 Argentine International Bond 8.28 12/31/2033 USD 70.5 Argentine International Bond 7.82 12/31/2033 EUR 67.63 Argentine International Bond 8.28 12/31/2033 USD 71.5 Argentine International Bond 4.33 12/31/2033 JPY 39.5 Argentine International Bond 4.33 12/31/2033 JPY 39.5 Argentine International Bond 0.45 12/31/2038 JPY 15.5 Argentine International Bond 8.28 12/31/2033 USD 69 Automotores Gildemeister SA 6.75 1/15/2023 USD 72.14 BA-CA Finance Cayman 2 Ltd 1.838 EUR 68.5 BCP Finance Co Ltd 5.543 EUR 50.75 BCP Finance Co Ltd 4.239 EUR 50.42 BES Finance Ltd 4.5 EUR 71.17 Banco BPI SA/Cayman Islands 4.15 11/14/2035 EUR 57.38 Banco BVA SA 9.125 2/7/2014 USD 10.01 Banif Finance Ltd 1.663 EUR 44 Bank Austria Creditanstalt Finance Cayman Ltd 2.156 EUR 68.25 Bolivarian Republic of Venezuela 9.25 9/15/2027 USD 73.68 Bolivarian Republic of Venezuela 7 3/31/2038 USD 60.12 CA La Electricidad de Caracas 8.5 4/10/2018 USD 74.7 Caixa Geral De Depositos Finance 1.064 EUR 41.14 Caixa Geral De Depositos Finance 1.094 EUR 39 China Forestry Holdings Co Ltd 10.25 11/17/2015 USD 38.6 China Forestry Holdings Co Ltd 10.25 11/17/2015 USD 36.5 China Precious Metal Resources Holdings Co Ltd 7.25 2/4/2018 HKD 69.78 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 55.51 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 65.75 Transener S.A 9.75 8/15/2021 USD 68 Transener S.A 9.75 8/15/2021 USD 67.13 City of Buenos Aires Argentina 3.95 5/17/2019 USD 73 ERB Hellas Cayman ERB Hellas Cayman Islands Ltd 9 3/8/2019 EUR 56 ESFG International Ltd 5.753 EUR 59 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 66.5 Empresa Distribuidora Y Comercializadora Norte 10.5 10/9/2017 USD 64.5 Empresa Distribuidora Y Comercializadora Norte 9.75 10/25/2022 USD 63.63 Formosa Province of Argentina 5 2/27/2022 USD 71.25 Gol Finance 8.75 USD 67.5 Gol Finance 8.75 USD 67.38 Hidili Industry International Development Ltd 8.6 11/4/2015 USD 75.63 Inversiones Alsacia SA 8 8/18/2018 USD 72.53 Inversora de Electrica de Buenos Aires SA 6.5 9/26/2017 USD 43.75 MTR Corp Cayman Islands Ltd 3.25 3/12/2043 HKD 73.01 MTR Corp Cayman Islands Ltd 3.25 1/28/2043 HKD 72.13 Petroleos de Venezuela SA 6 11/15/2026 USD 55.75 Petroleos de Venezuela SA 5.37 4/12/2027 USD 53.25 Petroleos de Venezuela SA 5.25 4/12/2017 USD 72 Petroleos de Venezuela SA 9.75 5/17/2035 USD 70 Petroleos de Venezuela SA 9 11/17/2021 USD 73 Petroleos de Venezuela SA 5.5 4/12/2037 USD 50 Petroleos de Venezuela SA 6 11/15/2026 USD 55.16 Petroleos de Venezuela SA 9 11/17/2021 USD 71.46 Petroleos de Venezuela SA 9.75 5/17/2035 USD 68.66 Provincia del Chaco 4 11/4/2023 USD 62.38 Provincia del Chaco 4 12/4/2026 USD 33 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.13 Renhe Commercial Holdings Co Ltd 11.75 5/18/2015 USD 72.38 Renhe Commercial Holdings Co Ltd 13 3/10/2016 USD 69.88 Renhe Commercial Holdings Co Ltd 11.75 5/18/2015 USD 72.38 SMU SA 7.75 2/8/2020 USD 73.03 SMU SA 7.75 2/8/2020 USD 72.63 Sifco SA 11.5 6/6/2016 USD 33.5 Talca Chillan Sociedad Concesionaria SA 2.75 12/15/2019 CLP 55.64 Venezuela International Bond 7.75 10/13/2019 USD 71.75 Venezuela International Bond 9 5/7/2023 USD 70 Venezuela International Bond 9.375 1/13/2034 USD 69.75 Venezuela International Bond 7 12/1/2018 USD 73.75 Venezuela International Bond 9.25 5/7/2028 USD 69 Venezuela International Bond 8.25 10/13/2024 USD 66 Venezuela International Bond 7.65 4/21/2025 USD 64.25 Venezuela International Bond 6 12/9/2020 USD 64.25 Venezuela International Bond 9.25 9/15/2027 USD 72.25 Venezuela International Bond 7 3/31/2038 USD 60.5 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 67 Virgolino de Oliveira Finance Ltd 11.75 2/9/2022 USD 66.45 Virgolino de Oliveira Finance Ltd 10.5 1/28/2018 USD 65 Virgolino de Oliveira Finance Ltd 11.75 2/9/2022 USD 65.13 *********** 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 * * *