/raid1/www/Hosts/bankrupt/TCRLA_Public/140401.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, April 1, 2014, Vol. 15, No. 64
Headlines
A R G E N T I N A
YPF S.A.: Fitch Expects to Rate US$1BB Sr. Unsec. Debt 'B-/RR4'
B R A Z I L
COMPANHIA DE SANEAMENTO: To Double Clients for Discounts
* BRAZIL: To Get MIF Support for Dev't. & Biodiversity Projects
C A Y M A N I S L A N D S
BELVEDERE MALACCA: Shareholders' Final Meeting Set for May 8
CHEYNE EUROPEAN: Shareholders' Final Meeting Set for April 10
CHEYNE RENEWABLE: Shareholders' Final Meeting Set for April 10
DIXIE TOGA: Shareholders' Final Meeting Set for April 8
GELSOMINA FINANCE: Shareholders' Final Meeting Set for June 6
HIGGS CAPITAL: Shareholders' Final Meeting Set for May 10
HIGGS CAPITAL MASTER: Shareholders' Final Meeting Set for May 10
LUISANA LTD: Members' Final Meeting Set for April 2
NEMESIS COMMODITY: Shareholder to Hear Wind-Up Report on April 4
OROX CAPITAL: Shareholders Receive Wind-Up Report
C H I L E
CHILE: Central Bank to Cut its 2014 Growth Forecast, Vergara Says
C O L O M B I A
ISAGEN SA: Colombian Council Suspends US$2.5BB Sale
M E X I C O
BANK OF AMERICA: Moody's Withdraws D+ Bank Fin'l. Strength Rating
V E N E Z U E L A
CORPORACION ELECTRICA: Fitch Lowers IDR to 'B'; Outlook Negative
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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YPF S.A.: Fitch Expects to Rate US$1BB Sr. Unsec. Debt 'B-/RR4'
---------------------------------------------------------------
Fitch Ratings expects to assign a rating of 'B-/RR4' to YPF S.A.'s
(YPF) proposed senior unsecured debt issuance for up to US$1
billion with a 10-year maturity and amortizations in years eight
(30%), nine (30%) and 10 (40%). The offering is expected to be at
a minimum US$500 million but depending on market interest could
climb up to US$1 billion. The proceeds will be used to fund fixed
asset investments in Argentina and working capital requirements.
The notes rank at least pari passu in priority of payment with all
other YPF senior unsecured debt. The notes are rated the same as
all senior unsecured obligations of YPF.
The 'RR4' Recovery Rating (RR) for the company's senior unsecured
notes outstanding reflects an average expected recovery given
default and is in line with the RR soft cap established for
Argentina.
Key Rating Drivers
YPF's ratings reflect its strong linkage with the credit quality
of the Republic of Argentina (Fitch local and foreign currency
Issuer Default Ratings [IDRs] 'B-', Outlook Negative, and 'CC',
respectively) and the company's low reserve life.
LINKAGE TO SOVEREIGN: YPF's ratings reflect the close linkage with
the Republic of Argentina resulting from the company's ownership
structure as well as recent government interventions. The
Republic of Argentina controls the company through its 51%
participation after it nationalized the company on April 2012.
Following this action, the company's strategy and business
decisions are governed by the Republic of Argentina.
LOW HYDROCARBON RESERVE LIFE: The ratings consider the company's
relatively weak operating metrics characterized by low reserve
life and historically declining production levels, though the
latter trend slightly improved during 2013. As of year-end 2013,
YPF reported proved reserves of 1,083 million barrels of oil
equivalent (boe) and average production of 517,000 boe per day.
The company's average production in 2013 is up nearly 8% year-
over-year. Despite the improvement seen in 2013, this translates
into a reserve life of approximately 5.7 years and the company's
reserve replacement ratio was approximately 81%. These figures
are significantly below optimal levels and have the potential to
create significant operational challenges in the medium to long
term.
STRONG BUSINESS POSITION: YPF benefits from a strong business
position supported by its vertically integrated operations and
dominant market presence in the Argentine hydrocarbons' market.
Fitch anticipates that YPF will continue to exercise an active
role in domestic fuel and gas supply. In addition, Fitch expects
the company to continue to solidify its market leadership in
Argentina and also increase its proved reserves via small to
medium-sized acquisitions such as the February 2014 purchase of
Apache Argentina which added 135 million boe in proved reserves.
This acquisition increased the company's proved reserves by 12%.
ADEQUATE CREDIT PROTECTION METRICS: YPF has relatively solid
credit protection metrics, characterized by moderate leverage and
a manageable debt amortization schedule. As of the year ended
Dec. 31, 2013, total financial leverage, as measured by total
debt-to-EBITDA, reached 1.2x, which is considered low for the
assigned rating. As of year-end 2012, YPF's total debt-to-total
proved reserves ratio was average at USD4.5 per boe. Total debt
as of Dec. 31, 2013 amounted to approximately USD4.9 billion, of
which approximately USD1.4 billion was short-term. Total cash and
equivalents amounted to approximately USD1.6 billion as of
Dec. 31, 2013. EBITDA for 2013 was approximately USD4.3 billion,
which is up 24% on a year-on-year basis. During recent years, the
company's leverage has been increasing, mostly as a result of
increases in debt. The company's stated strategy is to maintain
its net leverage below 1.5x, though Fitch expects leverage to
increase beyond this level in the near to medium term given the
company's ambitious 2013-2017 US$33 billion capex program.
Rating Sensitivity
YPF's ratings could be negatively affected by a combination of the
following: a downgrade of the Republic of Argentina's ratings; a
significant deterioration of credit metrics; and/or the adoption
of adverse public policies that can affect the company's business
performance in any of its business segments.
A positive rating action in the short to medium term is considered
unlikely given the linkage with sovereign credit quality and the
Negative Outlook for all foreign and local currency IDRs.
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B R A Z I L
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COMPANHIA DE SANEAMENTO: To Double Clients for Discounts
--------------------------------------------------------
Denyse Godoy at Bloomberg News reports that Cia de Saneamento
Basico do Estado de Sao Paulo will double to 17 million the number
of clients who get a discount on their bills to cut consumption
and avoid an increase in rationing.
A 30 percent discount will be extended to 30 cities that surround
Sao Paulo, the first to participate in a plan announced last month
amid a prolonged drought, the utility known as Sabesp said,
according to Bloomberg News. The program to last through October
requires home and business clients to reduce water use by at least
20 percent of their 12-month average, Bloomberg News relates.
"It depends on many factors, such as the rain, the temperature,
the participation in the discount program and the use of the
reservoirs but we believe that the probability of going through
this period without rationing is pretty reasonable," Bloomberg
News quoted Rui Affonso, Sabesp's investor relations director, as
saying.
Sabesp said March 28 "drastic" measures may be taken if reservoir
levels don't recover from a drought dating to 2012, Bloomberg News
notes. Water levels in the Cantareira basin that supplies almost
half of the 20 million residents of metropolitan Sao Paulo fell
this month to the lowest level since data began in 1982, Bloomberg
News relates.
Sabesp's profit rose 11 percent to BRL1.13 billion (US$500
million) in the fourth quarter of 2013 from a year earlier, the
company said in a regulatory filing.
Spending Cuts
About 37 percent of the 8.5 million residents in Sao Paulo who
were in the pilot program to cut water consumption have received
their discounts, Bloomberg News quoted Mr. Affonso as saying. The
company didn't estimate by how much its revenue in 2014 will be
reduced because of the discounts, Bloomberg News relates.
"It's too premature," Mr. Affonso said, Bloomberg News notes.
To focus on water service investments this year, in case the
company needs to build systems to collect water from other
reservoirs and rivers, Sabesp cut its spending budget by BRL700
million to BRL2.642 billion, according to Mr. Affonso, Bloomberg
News notes. Sabesp plans to extend sewage collection and
treatment to 100 percent of the cities they serve by 2020,
Bloomberg News relays.
Sewage Expansion
"We're working to keep our cash position strong to overcome this
time of water scarcity," Bloomberg News quoted Mr. Affonso as
saying. "And it doesn't mean our goal to expand sewage collection
services by 2020 has changed. There are six years to go, we can
adjust spending over time to reach that goal," Bloomberg News
discloses.
Currently, about 82 percent of cities served by Sabesp have sewage
collection and 75 percent have treatment, Bloomberg News relays.
Sabesp's capital expenditures were BRL2.716 billion in 2013,
according to its quarterly earnings report, Bloomberg News adds.
About Companhia de Saneamento
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)
provides basic and environmental sanitation services; and supplies
treated water on a wholesale basis to residential, commercial,
industrial, and municipal customers in the State of Sao Paulo.
As reported in the Troubled Company Reporter-Latin America on Nov.
14, 2013, Standard & Poor's Ratings Services affirmed its 'BB+'
global scale and 'brAA+' national scale corporate credit ratings
on Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP).
The outlook on both scales remains positive. The company's stand-
alone credit profile (SACP) is 'bb+'.
* BRAZIL: To Get MIF Support for Dev't. & Biodiversity Projects
---------------------------------------------------------------
The Multilateral Investment Fund (MIF), a member of the Inter-
American Development Bank (IDB) Group, disclosed a project to
preserve biodiversity in Brazilian protected areas, as well as an
agreement with Construtora Norberto Odebrecht S.A. to collaborate
on joint initiatives aimed at local economic development and the
environment.
MIF General Manager Nancy Lee said, "We very much welcome the
opportunity to work with the public and private sectors on an
innovative community-based model for managing Brazil's rich
biodiversity in protected areas. This model is a good example of
how the MIF can help Brazil test new kinds of public-private
partnerships that promise large benefits." She added, "The MIF is
also very pleased to enter into a more strategic partnership with
Construtora Norberto Odebrecht so that we can combine our best
efforts and shared interests to achieve greater scale and impact."
The first project agreement, for US$3.2 million, was signed with
the Chico Mendes Institute for Biodiversity Conservation (ICMBio),
and the Brazilian Institute of Municipal Administration (IBAM), to
pilot innovative management models to preserve biodiversity in
Brazilian protected areas. The signing took place during the 2014
Annual Meeting of the Board of Governors of the IDB.
Brazil is one of a small group of countries considered
"megadiverse." In order to promote a balance between economic
growth and sustainable development, the Brazilian government
designates over 2,000 land areas, both public and private, as
Conservation Units to receive special protection.
The new project will develop a public-private partnership model
that will allow local communities, non-profits and the private
sector to participate in and strengthen the sustainable management
of Conservation Units under the care of ICMBio.
In addition, the MIF signed a memorandum of understanding with
Construtora Norberto Odebrecht to collaborate on joint initiatives
in several areas of mutual interest.
Potential topics for partnerships include building opportunities
for small producers to participate in value chains, promoting
local economic development near Odebrecht projects, employment
programs for disadvantaged youth, conservation of biodiversity,
and strategies for assessing the impact of interventions by
Odebrecht's sustainability group.
The MIF and Odebrecht have already partnered on three projects:
one supporting local economic development along the Odebrecht-
built South Interoceanic Road connecting Brazil and Peru, one with
small producers in the sustainable tourism sector in the Dominican
Republic, and the third working with the Odebrecht Foundation to
develop sustainable production and export of hearts of palm in
rural southern Bahia, Brazil.
About the MIF
The Multilateral Investment Fund (MIF), a member of the Inter-
American Development Bank (IDB) Group, is funded by 39 donors and
supports private sector-led development benefitting low-income
populations and the poor-their businesses, their farms, and their
households. A core MIF mission is to act as a development
laboratory in order to build and support successful micro and SME
business models.
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C A Y M A N I S L A N D S
==========================
BELVEDERE MALACCA: Shareholders' Final Meeting Set for May 8
------------------------------------------------------------
The shareholders of Belvedere Malacca Master Fund will hold their
final meeting on May 8, 2014, at 9:30 a.m., to receive 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, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
CHEYNE EUROPEAN: Shareholders' Final Meeting Set for April 10
-------------------------------------------------------------
The shareholders of Cheyne European Opportunities Fund Inc. will
hold their final meeting on April 10, 2014, at 9:30 a.m., to
receive 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, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
CHEYNE RENEWABLE: Shareholders' Final Meeting Set for April 10
--------------------------------------------------------------
The shareholders of Cheyne Renewable Energy Fund Inc will hold
their final meeting on April 10, 2014, at 9:30 a.m., to receive
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, George Town
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
DIXIE TOGA: Shareholders' Final Meeting Set for April 8
-------------------------------------------------------
The shareholders of Dixie Toga International Ltd. will hold their
final meeting on April 8, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Marcos Antonio De Barros
Avenida Mario Haberfeld
555 Terreo Setor A
Parque Novo Mundo
CEP 02145-000
Sao Paulo
Telephone: +55 11 55162106
Facsimile: +55 11 55162118
GELSOMINA FINANCE: Shareholders' Final Meeting Set for June 6
-------------------------------------------------------------
The shareholders of Gelsomina Finance Limited will hold their
final meeting on June 6, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
HIGGS CAPITAL: Shareholders' Final Meeting Set for May 10
---------------------------------------------------------
The shareholders of Higgs Capital Fund Limited will hold their
final meeting on May 10, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Highwater Limited
Nicole Gagliano
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855 Grand Cayman KY1-1207
HIGGS CAPITAL MASTER: Shareholders' Final Meeting Set for May 10
----------------------------------------------------------------
The shareholders of Higgs Capital Master Fund Limited will hold
their final meeting on May 10, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Highwater Limited
Nicole Gagliano
Telephone: (345) 943 2295
Facsimile: (345) 943 2294
Grand Pavilion Commercial Centre
1st Floor, 802 West Bay Road
P.O. Box 31855 Grand Cayman KY1-1207
LUISANA LTD: Members' Final Meeting Set for April 2
---------------------------------------------------
The members of Luisana Ltd. will hold their final meeting on
April 2, 2014, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Wardour Management Services Limited
Telephone: (345) 945-3301
Facsimile: (345) 945-3302
P O Box 10147 Grand Cayman KY1-1002
Cayman Islands
NEMESIS COMMODITY: Shareholder to Hear Wind-Up Report on April 4
----------------------------------------------------------------
The shareholder of Nemesis Commodity Fund Limited will hear on
April 4, 2014, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o Jason Robinson
Telephone: (345) 815-2600/ (345)-949-4800
Facsimile: (345) 949-7164
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
OROX CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Orox Capital Management received on March 31,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Appleby Trust (Cayman) Ltd.
c/o George Bashforth
Telephone: +1 345 949 4900
75 Fort Street
P.O. Box 1350, George Town
Grand Cayman KY1-1108
Cayman Islands
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C H I L E
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CHILE: Central Bank to Cut its 2014 Growth Forecast, Vergara Says
-----------------------------------------------------------------
Raymond Colitt at Bloomberg News reports that Chile will cut its
2014 growth forecast as metal prices drop and investments in the
mining industry slow, central bank President Rodrigo Vergara said.
Policy makers currently predict Chile will expand from 3.75
percent to 4.75 percent this year, according to Bloomberg News.
Analysts surveyed by Bloomberg expect the economy to grow 3.8
percent, its slowest pace in five years.
The central bank reduced the benchmark interest rate by a quarter-
point to 4 percent this month, Bloomberg News notes. This was the
fourth time in six months borrowing costs were trimmed to fuel
growth. Chile's economy expanded 1.4 percent in January from the
year earlier, the slowest pace since the aftermath of a
devastating earthquake in February 2010, Bloomberg News relates.
"Our economy has slowed and despite a sharp currency depreciation
inflation expectations have remained in line with target, allowing
us" to pursue a more expansionary monetary policy, Mr. Vergara
said at an event on the sidelines of the Inter-American
Development Bank annual meeting in the Brazilian northeastern
resort of Costa do Sauipe, Bloomberg News relays. "It should come
as no surprise that our growth outlook for this year is corrected
downward from December," Mr. Vergara added.
While economic growth is slowing, inflation is accelerating.
Consumer prices increased 3.2 percent in February from the year
earlier, the fastest pace in 22 months, as a decline in the peso
pushed up import costs and rents jumped, Bloomberg News notes.
The central bank targets inflation of 2 percent to 4 percent,
Bloomberg News says.
Bloomberg News discloses that the central bank said in the minutes
of their March meeting that faster inflation coupled with slower
growth calls for caution.
While the bank can't dismiss the need for more expansionary
policy, it may need more time to evaluate the impact of the rate
cuts and other events on the outlook for inflation, the bank said
in the minutes released March 28, Bloomberg News adds.
===============
C O L O M B I A
===============
ISAGEN SA: Colombian Council Suspends US$2.5BB Sale
---------------------------------------------------
Oscar Medina and Christine Jenkins at Bloomberg News report that a
Colombian court ordered the temporary suspension of a plan to sell
a majority stake in Isagen SA.
The Council of State's ruling spurred speculation that the
government may have to delay the auction of its 57.6 percent stake
in Isagen SA, which would be worth COP5 trillion ($2.5 billion) at
the minimum price, according to Bloomberg News. The council said
in a statement that it based the decision on Isagen's importance
as the country's third-largest power generator, providing
significant dividends to the government, Bloomberg News relates.
"We're establishing these measures as a way to avoid irreparable
loss that afterward wouldn't be reversible," Magistrate Maria
Claudia Rojas, the president of the Council of State, said in a
phone interview with Bloomberg News. "Realistically, I don't
think we'll have a decision in less than a month and a half,
because we're going to have to ask for evidence for an in-depth
study," Bloomberg News quoted Ms. Rojas as saying.
Suitors on the list included:
-- Charlotte, North Carolina-based Duke Energy Corp.,
-- Tractebel Energia, and
-- Bogota-based Empresa de Energia de Bogota SA.
China Huadian Corp., Gas Natural SDG SA (GAS) and Cia Energetica
de Minas Gerais (CMIG4) in association with Empresas Publicas de
Medellin ESP are also seeking to be prequalified, Bloomberg News
says.
Isagen SA is the operator of Colombia's largest hydropower plant.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 4, 2013, Fitch Ratings has upgraded Isagen S.A. ESP's
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BBB-'
from 'BB+'. The Rating Outlook has been revised to stable from
positive.
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M E X I C O
===========
BANK OF AMERICA: Moody's Withdraws D+ Bank Fin'l. Strength Rating
-----------------------------------------------------------------
Moody's de Mexico has withdrawn all of Bank of America Mexico,
S.A., Institucion de Banca Multiple's (BAMSA) ratings, including
its standalone bank financial strength rating of D+, long-term
local and foreign currency deposit ratings of Baa2, short-term
local and foreign currency deposit ratings of Prime-2, long-term
Mexican National Scale deposit and issuer ratings of Aa1.mx and
short-term Mexican National Scale deposit rating of MX-1. BAMSA's
standalone bank financial strength rating of D+ mapped to a
standalone baseline credit assessment of ba1. The outlook on the
ratings before the withdrawal was stable.
At the same time, Moody's de Mexico has also withdrawn all of
Merrill Lynch Mexico, S.A. de C.V, Casa de Bolsa's (MLM) ratings,
including its long-term Mexican National Scale issuer rating of
Aa2.mx and short-term Mexican National Scale issuer rating of MX-
1. The outlook on the ratings before the withdrawal was stable.
A detailed list of ratings withdrawn is provided further below in
this press release.
Ratings Rationale
Moody's has withdrawn the ratings for its own business reasons.
The long-term Mexican National Scale ratings of Aa.mx indicate
issuers or issues with very strong creditworthiness relative to
other domestic issuers. The short- term Mexican National Scale
ratings of issuers rated MX-1 indicate the strongest ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.
The principal methodologies used in this rating were the Global
Banks published in May 2013 and the Global Securities Industry
Methodology published in May 2013.
The period of time covered in the financial information used to
determine the ratings is between 1 January 2009 and 31 December
2013 (source: Moody's, BAMSA and MLM).
The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's, BAMSA and MLM); year-end 2013 and 2012 audited financial
statements (source: BAMSA and MLM, audited by
PricewaterhouseCoopers, S. C., and Moody's); financial statements
and information on market position (source: CNBV); regulatory
capital information (source: Banxico and CNBV).
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."
The following BAMSA ratings were withdrawn:
Bank financial strength rating of D+
Long-term global local currency deposit rating of Baa2
Short-term global local currency deposit rating of Prime-2
Long-term foreign currency deposit rating of Baa2
Short-term foreign currency deposit rating of Prime-2
Long-term Mexican National Scale deposit rating of Aa1.mx
Short-term Mexican National Scale deposit rating of MX-1
Long-term Mexican National Scale issuer rating of Aa1.mx
The following MLM ratings were withdrawn:
Long-term Mexican National Scale issuer rating of Aa2.mx
Short-term Mexican National Scale issuer rating of MX-1
BAMSA is headquartered in Mexico City, Mexico and as of 31
December 2013 reported total assets of MXN77.2 billion, gross
loans of MXN2.8 billion, and shareholders' equity of MXN5.5
billion.
MLM is headquartered in Mexico City, Mexico and as of 31 December
2013 reported total assets of MXN1.6 billion and shareholders'
equity of MXN1.0 billion.
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V E N E Z U E L A
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CORPORACION ELECTRICA: Fitch Lowers IDR to 'B'; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded the following ratings for Corporacion
Electrica Nacional S.A. (CORPOELEC):
-- Foreign and local currency Issuer Default Ratings (IDRs) to
'B' from 'B+'; Negative Outlook;
-- Approximately USD663 million of senior unsecured debt
outstanding to 'B/RR4' from 'B+/RR4'.
Concurrently, Fitch has affirmed CORPOELEC's national long-term
and short-term ratings at 'AAA(ven)' and 'F1+'.
The rating downgrade follows the downgrade of Venezuela's
sovereign ratings to 'B' from 'B+' with a Negative Rating Outlook.
The downgrade of the sovereign reflects heightened macroeconomic
instability and delays in the implementation of policies to
address rising inflation and distortions in the foreign exchange
(FX) market and the deterioration in Venezuela's external
accounts. The Negative Outlook signals that the lack of sustained
and coherent policy adjustments could lead to further erosion in
external buffers, macroeconomic and financial instability, and
exacerbate the risk of social unrest given the high level of
political polarization.
CORPOELEC's rating reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and internal
resources. This underscores the close link between the company's
credit profile and that of the sovereign.
KEY RATING DRIVERS
CORPOELEC's ratings reflect the strong linkage to the government
of Venezuela (rated 'B', Outlook Negative by Fitch) evidenced in
government ownership, dependence on public funding to: i) carry on
day to day operations, ii) honor financial obligations and iii)
finance capital expenditure, budget control executed by Oficina
Nacional de Presupuesto (ONAPRE) and the General Controller of the
Republic of Venezuela. The ratings also incorporate the company's
monopolistic condition as the sole provider of electricity
services in the country (generation, transmission, distribution
and retail), a role that highlights its strategic importance for
the economy as a whole. The Negative Outlook reflects the
Negative Outlook on Venezuela's 'B' sovereign rating.
Ratings Linked to the Government
CORPOELEC's credit profile reflects its strong credit linkage with
the Republic of Venezuela as the latter is closely integrated
within the public sector. The company's sole shareholder is the
Ministry of Popular Power for Electricity (MPPE), which has a
public mandate to operate the nation's electricity sector
according to its planning directives and heavily depends on public
sector transfers and subsidies for the sustainability of its
operations. The company receives explicit support from both the
Central Government, through operational and capital expenditure
allocations contained in the nation's budget and from PDVSA in the
form of subsidized fuel costs. Since April 2013, the company is
controlled by a special committee ('Junta Interventora') appointed
by the Government.
Operational Results Impacted by Tariff Scheme
The state's control of CORPOELEC renders the entity as a vehicle
for public policy implementation and therefore highly exposes it
to political interference in its day-to-day operations. The
tariff scheme was fixed between 2002 and 2013; tariffs were
recently increased, and the company expects further adjustments.
These changes are intended to make the sector more sustainable,
but subsidies are expected to remain in the near future. The
tariff lag tends to increase CORPOELEC's dependence on public
funding going forward, which will increase the linkage to the
sovereign as its stand-alone credit profile deteriorates over time
due to low tariffs preventing the recovery of operational costs.
Sovereign Support Needed to Fund CAPEX:
CORPOELEC executed a USD3.3 billion CAPEX in FY 2012. Sources of
financing came from FONDEN, Fondo Miranda, Fondo Conjunto Chino
Venezolano (FCCV) and PDVSA. Future capital expenditures will
depend on public funds as the company is expected to continue
posting negative EBITDA generation.
Monopolistic Position
CORPOELEC is a vertically integrated public utility in charge of
the operation of the country's electricity assets and the
provision of electricity services in Venezuela. The entity was
created in 2007 when the reorganization of the electricity sector
took place, reserving the rights to operate the electricity sector
to the State. The entity perfected a merger by absorption of all
generation assets and transmission, distribution and electric
power retail infrastructure in the country by the end of 2011,
affording it an installed capacity of 25,890 MW and a client base
of 6.1 million users by December 2012. CORPOELEC's monopolistic
position conveys the company strategic relevance to the country
given the essential nature of the service provided and the
electricity sector's correlation with GDP growth.
RATING SENSITIVITIES
The key rating triggers that could result in a downgrade include a
downgrade of the sovereign. Also lack of the needed government
support for CORPOELEC's to carry its operations, service its
financial obligations and fund its capex could result on a
negative rating action.
Although unlikely, CORPOELEC's ratings could be positively
affected by an upgrade of the Sovereign.
CORPOELEC is a 100% government owned company created by virtue of
the Decree # 5.330, with rank of Organic Public Law, published on
July 31, 2007. This decree mandates the nationalization and
reorganization of the Venezuelan electricity sector by
centralizing all generation, transmission and distribution assets
in order to improve coordination in the use of primary energy
sources, generation dispatch and general infrastructure use, thus
ensuring the accomplishment of the Government's strategic plans
for the sector and the economy as a whole.
=================
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
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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
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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.
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