/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/141020.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, October 20, 2014, Vol. 15, No. 207 Headlines A R G E N T I N A TOYOTA COMPANIA: Moody's Rates ARS150MM Sr. Debt Issuance B1 B R A Z I L GRUPO RBS: S&P Affirms 'BB+' CCR; Outlook Remains Stable LUPATECH SA: Moody's Withdraws C Rating on USD275MM Sr. Bond LUPATECH SA: Moody's Withdraws Ca.br Corporate Family Rating MARFRIG GLOBAL: S&P Raises CCR to 'B+' on Improved Liquidity * BRAZIL: City of Fortaleza to Get US$57.9MM-IDB Loan C A Y M A N I S L A N D S ACCELERATED LIFE: Shareholder to Hear Wind-Up Report on Oct. 21 ALPHA SEEKERS: Shareholders Receive Wind-Up Report BCM ALL: Shareholders' Final Meeting Set for Nov. 6 BCM ALL MASTER: Shareholders' Final Meeting Set for Nov. 6 EAS CAYMAN: Shareholders' Final Meeting Set for Oct. 22 HAWKWOOD COMMODITIES: Members' Final Meeting Set for Nov. 6 HAWKWOOD COMMODITIES MASTER: Members' Final Meeting Set for Nov. 6 MEGATRON ENTERPRISE: Members Receive Wind-Up Report WESTERN ASSET: Shareholders Receive Wind-Up Report WESTERN ASSET MASTER: Shareholders Receive Wind-Up Report C H I L E INVERSIONES ALSACIA: Chile Bus Operator Files Bankruptcy in U.S. INVERSIONES ALSACIA: Case Summary & 30 Top Unsecured Creditors E C U A D O R ECUADOR: Fitch Affirms 'B' Long-Term Foreign Currency IDR J A M A I C A JAMAICA: National Debt to Reach J$2.1 Trillion by March JAMAICA: Senate Passes Insolvency Bill JAMAICA: Anxious Days Ahead for Sugar Industry PETROJAM: Experiencing Financial Difficulties M E X I C O MAQUINARIA ESPECIALIZADA: Fitch Affirms C Rating on US$160MM Notes MEXICO: Moody's Assigns (P)Ba2 Rating to MXN1.5BB FEFOM Program TEHUACAN, MEXICO: Moody's Withdraws Ba2 Global Scale Issuer Rating T R I N I D A D & T O B A G O CARIBBEAN CEMENT: Taps Chris Dehring as Chairman TRINIDAD & TOBAGO: Central Bank Sells US$50MM to Banking System X X X X X X X X X * BOND PRICING: For the Week From October 13 to Oct. 17, 2014 - - - - - ================= A R G E N T I N A ================= TOYOTA COMPANIA: Moody's Rates ARS150MM Sr. Debt Issuance B1 ------------------------------------------------------------ Moody's Latin America Agente de Calificacion de Riesgo S.A. assigned a B1 global local currency senior debt rating to Toyota Compania Financiera de Argentina S.A. fourteenth bond expected issuance for an amount up to ARS150 million, which will be due in 24 months. At the same time, on the National Scale, Moody's assigned Aaa.ar local currency debt rating to the expected issuance. The outlook on all ratings is negative. The following ratings were assigned to Toyota Compania Financiera de Argentina: ARS150 million senior unsecured debt issuance: B1 Global Local Currency Debt Rating Aaa.ar Argentina National Scale Local Currency Debt Rating Ratings Rationale Moody's explained that the local currency senior unsecured debt rating derives from Toyota Compania Financiera de Argentina S.A. B1 global local currency deposit rating. Moody's also noted that seniority was taken into consideration in the assignment of the debt ratings. TCFA's deposit rating derives from the entity's caa1 baseline credit assessment and the high probability of parental support to be provided by its ultimate parent, Toyota Motor Corporation (Japan), which is currently rated Aa3 by Moody's. The company is 95% owned by Toyota Financial Services Americas and 5% by Toyota Motor Credit Corporation, both based in California. The standalone rating of caa1 is based mainly on its key role as the financial agent for Toyota Corporation, as well as its strong commercial and strategic importance to the corporation. The ratings also consider the entity's profitability and its good asset quality metrics given its targeted client base. However, the rating captures the company's wholesale funding structure, its small franchise in the Argentine market and its monoline business orientation. The negative outlook on the company's ratings is in line with the negative outlook Caa1 rating for Argentina's government bond rating and incorporates the deteriorating operating environment in the country, including economic deceleration and high inflation, that is negatively affecting the business and earnings prospects of financial companies and banks in Argentina. Toyota Compania Financiera de Argentina S.A. is headquartered in Buenos Aires, Argentina, with assets of ARS1.5 billion and equity of ARS166 million as of June 2014. The principal methodology used in this rating was Global Banks published in July 2014. =========== B R A Z I L =========== GRUPO RBS: S&P Affirms 'BB+' CCR; Outlook Remains Stable -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit and debt ratings on Grupo RBS (RBS). For S&P's analysis, it uses the combined financial statements of RBS TV Comunicacoes S.A. and its subsidiaries and RBS Midia, Digital e Participacoes S.A. and its subsidiaries. The outlook on the corporate credit ratings remains stable. The ratings affirmation reflects S&P's expectation that RBS will improve its EBITDA margin in the next few years, which S&P expects to reach about 20% by 2015 after some weaker results in the past two years. This stems from the company's efforts to adjust its cost structure to cope with slower revenue growth mainly in the newspaper segment, where advertising spending and classifieds are losing volume to other media outlets. Also, RBS's investments in new businesses in its digital segment have been also pressuring margins in the ramp-up period, but S&P expects them to become profitable in a short timeframe. RBS has a smaller scale and limited geographic diversification within Brazil compared to peers with national presence. However, it has a leading position in southern Brazil in television, newspaper, and radio segments due to its region-oriented news production and its affiliation with Brazilian largest media company Globo. On the other hand, the company's revenues are dependent on the advertising market, which is volatile and fluctuates with the performance of the local economy and can pressure RBS's profitability, as seen in the last two years. As a result, S&P sees RBS's business risk profile as "fair." LUPATECH SA: Moody's Withdraws C Rating on USD275MM Sr. Bond ------------------------------------------------------------ Moody's Investors Service upgraded Lupatech S.A.'s ("Lupatech") corporate family rating to Caa2 from Ca and withdrew the C rating of the USD 275 million senior unsecured perpetual bond issued by Lupatech Finance Limited after the conclusion of its debt restructuring. The outlook is stable. Ratings Upgraded: - Lupatech S.A. Corporate Family Rating -- upgraded to Caa2 from Ca (global scale) The outlook for the CFR ratings is stable. Ratings Withdrawn: - Lupatech Finance Limited USD 275 million senior unsecured perpetual bond -- withdrawn from C (global scale) Ratings Rationale The upgrade in Lupatech's CFR to Caa2 reflects the conclusion of its debt restructuring process and the expected assets divestiture in Argentina by the end of October 2014, which, together, will reduce leverage, improve the company's liquidity position and decrease interest expenses. Besides, the improved capital structure could gradually allow Lupatech to have access to credit lines and deliver products and services that are already contracted and reflected in the company's BRL 967 million backlog at the end of June 2014. The withdrawal of the C rating of the USD 275 million senior unsecured perpetual bond issued by Lupatech Finance Limited follows the completion of the company's financial restructuring in which the bond was exchanged for a new debt instrument, with the subsequent redemption of the company's outstanding notes. The Caa2 CFR reflects our belief that, following the conclusion of the debt restructuring and expected conclusion of the asset sale in Argentina, Lupatech will have sufficient liquidity through mid- 2015, even absent any further asset divestiture or new bank loans. However, cash flow generation remains weak and insufficient to fully develop Lupatech's operations and further asset sale will likely be needed. The stable outlook assumes Lupatech's cash flows will gradually improve after the necessary minimum capex is carried out and the company is able to deliver products and services in the backlog. The outlook also incorporates our assumption that Lupatech will continue to pursue liquidity alternatives while it gradually recovers its ability to generate sustainable cash flows from operations. An upgrade would require clear signs of normalization in the company's operations as well as a significant improvement in the company's liquidity profile. A downgrade is likely if liquidity does not improve in the next 3 months or declines significantly after the resources raised with the asset sale in Argentina are used in the company's operations. The principal methodology used in this rating was the Global Oilfield Service Rating Methodology published in December 2009. Headquartered in Nova Odessa, Brazil, Lupatech S.A. ("Lupatech") is a major equipment manufacturer for the oil & gas, industrial valves and casting parts sectors, with net revenues of BRL 539 million (USD 236 million) for the last twelve months ended June 30, 2014. Lupatech's Products division represented some 48% of net sales for the most recent quarter, and includes oil and gas valves, synthetic fiber ropes for platform anchoring and industrial valves. The Services division, focused on oilfield services in Brazil and Colombia, as well as tubular and coating services, represented 52% of net sales. LUPATECH SA: Moody's Withdraws Ca.br Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has withdrawn Lupatech S.A.'s ("Lupatech") Ca.br corporate family rating on the Brazilian national scale for business reasons. Ratings Rationale Moody's Investors Service has withdrawn Lupatech S.A.'s ("Lupatech") corporate family rating on the Brazilian national scale for business reasons. Headquartered in Nova Odessa, Brazil, Lupatech S.A. ("Lupatech") is a major equipment manufacturer for the oil & gas, industrial valves and casting parts sectors, with net revenues of BRL 539 million (USD 236 million) for the last twelve months ended June 30, 2014. Lupatech's Products division represented some 48% of net sales for the most recent quarter, and includes oil and gas valves, synthetic fiber ropes for platform anchoring and industrial valves. The Services division, focused on oilfield services in Brazil and Colombia, as well as tubular and coating services, represented 52% of net sales. Moody's National Scale Credit 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 credit 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 ".za" for South Africa. MARFRIG GLOBAL: S&P Raises CCR to 'B+' on Improved Liquidity ------------------------------------------------------------ Standard & Poor's Ratings Services raised the global scale corporate credit and issue-level ratings on Marfrig Global Foods S.A. (Marfrig) to 'B+' from 'B' and the national scale corporate credit rating to 'brBBB' from 'brBBB-'. The outlook on both scales is stable. "The upgrade reflects the company's improvements in its capital structure, liquidity, and FOCF generation as a result of liability management in its debt structure and higher export volumes and prices in Brazil, and gradual sales growth in its international businesses," said Standard & Poor's credit analyst Flavia Bedran. The company's divestment from Seara's poultry operations in 2013 transferred almost R$6 billion of debt to its competitor JBS, which reduced total debt significantly. This helped lower interest payments, which, combined with more efficient working capital management, lowered interest and short-term debt payments. This in turn, improved Marfrig's operating cash flows and FOCF generation and will allow it to gradually pay down its debt. * BRAZIL: City of Fortaleza to Get US$57.9MM-IDB Loan ----------------------------------------------------- The Inter-American Development Bank (IDB) announced the approval of a US$57.9 million loan for the northeastern Brazilian city of Fortaleza's urban transportation program. With 2.45 million people, Fortaleza is Brazil's fifth largest city. It is also the country's most densely populated urban area. Its public transportation system, which carries 1 million passengers a day, receives poor ratings for its slow and disorderly services. The project will help improve management of the public transportation system as well as upgrade the infrastructure and landscape areas surrounding targeted corridors. A total of 11 kilometers of priority lanes for buses and 22 kilometers of bike lanes will be built. Other goals of the project are to reduce traffic accidents and motor vehicle emissions. The new loan is for 25 years, with a 5.5-year grace period and an interest rate based on LIBOR. Local counterpart funds for the program will total $57.9 million. ========================== C A Y M A N I S L A N D S ========================== ACCELERATED LIFE: Shareholder to Hear Wind-Up Report on Oct. 21 --------------------------------------------------------------- The shareholder of Accelerated Life Settlement Growth Fund PLC will hear on Oct. 21, 2014, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Will Graham 400 Thames Valley Park Drive Reading, RG6 1PT United Kingdom. Telephone: +44 (207) 0795878 Facsimile: +44 (207) 0795852 ALPHA SEEKERS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Alpha Seekers received on Oct. 14, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Daniel Woolston Telephone: (345) 814 7782 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands BCM ALL: Shareholders' Final Meeting Set for Nov. 6 --------------------------------------------------- The shareholders of BCM All Weather Offshore Fund, Ltd. will hold their final meeting on Nov. 6, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 BCM ALL MASTER: Shareholders' Final Meeting Set for Nov. 6 ---------------------------------------------------------- The shareholders of BCM All Weather Master Fund, L.P. will hold their final meeting on Nov. 6, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 EAS CAYMAN: Shareholders' Final Meeting Set for Oct. 22 ------------------------------------------------------- The shareholders of EAS Cayman Islands Ltd. will hold their final meeting on Oct. 22, 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: Victor Murray MG Management Ltd. Landmark Square, 2nd Floor, 64 Earth Close Seven Mile Beach P.O. Box 30116, Grand Cayman KY1-1201 Cayman Islands Telephone: +1 (345) 749 8181 Facsimile: 1 (345) 743 6767 HAWKWOOD COMMODITIES: Members' Final Meeting Set for Nov. 6 ----------------------------------------------------------- The members of Hawkwood Commodities Fund Limited will hold their final meeting on Nov. 6, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 HAWKWOOD COMMODITIES MASTER: Members' Final Meeting Set for Nov. 6 ------------------------------------------------------------------ The members of Hawkwood Commodities Master Fund Limited will hold their final meeting on Nov. 6, 2014, at 4:00 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. 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 MEGATRON ENTERPRISE: Members Receive Wind-Up Report --------------------------------------------------- The members of Megatron Enterprise Limited received on Oct. 15, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Buchanan Limited P.O. Box 1170 George Town, Grand Cayman Cayman Islands KY1-1102 WESTERN ASSET: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Western Asset Global Alpha Opportunities, Ltd received on Oct. 13, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gavin L. James Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Tel: (345) 914 6386 WESTERN ASSET MASTER: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Western Asset Global Alpha Opportunities Master Fund, Ltd. received on Oct. 13, 2014, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Gavin L. James Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Tel: (345) 914 6386 ========= C H I L E ========= INVERSIONES ALSACIA: Chile Bus Operator Files Bankruptcy in U.S. ---------------------------------------------------------------- Tom Corrigan, writing for Daily Bankruptcy Review, reported that the Inversiones Alsacia S.A., the public bus operator in Santiago, Chile, filed for bankruptcy in the U.S. with plans to restructure $368 million in debt. According to the report, the company and several affiliates filed for Chapter 11 protection with a prepackaged plan -- meaning a sufficient number of creditors have already approved its restructuring proposal -- in U.S. Bankruptcy Court in Manhattan. As previously reported by The Troubled Company Reporter-Latin America on Sept. 17, 2014, Alsacia, together with Express de Santiago Uno S.A. and their subsidiaries and affiliates, on Sept. 15 disclosed that it has commenced solicitation of votes for a prepackaged plan of reorganization to be filed under chapter 11 of the United States Bankruptcy Code. The solicitation is being carried out pursuant to a disclosure statement dated September 15, 2014. Under the terms and conditions of the Plan, qualified holders of the Company's 8.0% senior secured notes due 2018 will receive (i) new notes issued by the Company with a principal amount equal to the aggregate of (a) the principal amount of the Existing Notes that they hold plus (b) accrued and unpaid interest thereon at a rate of 8.0% per annum through and including September 30, 2014 and (ii) a cash payment, to be made on the issue date of the New Notes, in an amount equal to the interest accruing on the aggregate of the Old Note Amount and the Capitalized Interest Amount from and including October 1, 2014 through and excluding the Issue Date at a rate of 8.0% per annum. The New Notes will have an initial maturity of December 31, 2018, which may be extended in the event that the Company successfully obtains extensions of its concessions through at least April 22, 2021. The New Notes will bear interest at a rate of 8.0% per annum, which is the same as the interest rate applicable to the Existing Notes, and will have semi-annual mandatory amortizations as set forth in the Plan, as well as mandatory redemptions in the event that the Company generates excess cash. About Alsacia Alsacia, together with its affiliate, Express de Santiago Uno S.A., are collectively the largest operator in the Transantiago Transportation System, transporting approximately 800,000 passengers every day, throughout 35 communities in Santiago, Chile, which accounts for more than 30% of the passengers in Transantiago. Alsacia and Express belong to an international holding company with interests in public passenger transportation, environmental solutions, outsourcing services and real estate development in Chile, Colombia, Panama, Peru and the United States of America. * * * In September 2014, Moody's Investors Service confirmed the senior secured Caa3 rating of Inversiones Alsacia S.A. and changed the rating outlook to negative concluding the rating review that was initiated on August 20. The rating confirmation at Caa3 reflects Moody's current assessment of the expected loss to bondholders following the payment default of required interest and principal that occurred on August 18, and the subsequent announcement that the notes would be restructured. Specifically, the Caa3 rating incorporates the view that based upon Moody's understanding of the restructuring proposal and Moody's belief that the restructuring will be executed as contemplated, recovery prospects for current bond holders should exceed 65%. INVERSIONES ALSACIA: Case Summary & 30 Top Unsecured Creditors -------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Inversiones Alsacia S.A. 14-12896 Avenida Santa Clara 555 Huechuraba, Santiago Express de Santiago Uno S.A. 14-12897 Inversiones Eco Uno S.A. 14-12898 Panamerican Investments Ltd. 14-12899 Type of Business: Operates passenger bus lines of the public transportation system within the Santiago, Chile, metropolitan area. Chapter 11 Petition Date: October 16, 2014 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Martin Glenn Debtors' Counsel: Lisa M. Schweitzer, Esq. CLEARY GOTTLIEB STEEN & HAMILTON, LLP One Liberty Plaza New York, NY 10006 Tel: (212) 225-2000 Fax: (212) 225-3999 Email: lschweitzer@cgsh.com Debtors' FTI CONSULTING Financial TD Waterhouse Tower Advisor: 79 Wellington Street West, Suite 2010 Toronto, Ontario, Canada M5K 1G8 Tel: 416.649.8055 Brock James Edgar Debtors' PRIME CLERK LLC Claims and 830 3rd Ave, 9th Floor Noticing New York, NY 10022 Agent: Tel: 212-257-5450 Estimated Assets: $100 million to $500 million Estimated Liabilities: $500 million to $1 billion The petition was signed by Jose Ferrer Fernandez, chief executive officer. Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ VTF Latin America S.A. Trade Debt $11,233,690 Attn: Marcos Hepp Av. Juscelino K. de Oliveira, 2600, CIC Curitiba, Brazil +55 41 33177725 Compania de Trade Debt $8,954,719 Petroleos de Chile S.A. Attn: Jaime Aburto Agustinas 1382 Santiago, Chile +562 6907228 Compania de Seguros Trade Debt $4,045,753 Generales Penta Security S.A. Attn: Benjamin Lea-Plaza El Bosque Norte 0440 Piso 7 Las Condes, Santiago Chile +562 3390103 Camden Servicios SpA Trade Debt $4,025,374 Attn: Christian Cifuentes Av. Vitacura 2909 Oficina 202 Vitacura, Santiago, Chile +562 33178728 Volvo Vehicles and Constructions Trade Debt $1,624,118 Attn: Laurent Passy Eduardo Frei Montalva 8691, Quilicura, Santiago, Chile +562 2991129 Empresa Nacional de Energia Trade Debt $1,584,519 Enex S.A. Attn: Rodrigo Forno Avenida Del Condor Sur 520, Huechuraba, Santiago, Chile +562 4444801 Scania Chile S.A. Trade Debt $1,142,911 Attn: Jose I. Urcelay Panamericana Norte 9850, Quilicura, Santiago, Chile +562 7386060 Scania Finance Chile S.A. Trade Debt $891,410 Attn: Oscar Mena Panamericana Norte 9850, Quilicura +562 6361818 Sociedad Controladora de Trade Debt $862,574 Evasion S.A. Attn: Jorge Encina Miraflores 130 Piso 12 Santiago, Chile +562 7963801 Alphatrading Ltda. Trade Debt $798,536 Attn: Alicia Prieto 5 de abril 4454 Estacion Central, Santiago, Chile +569 95344291 Arrendamiento Mercantil Trade Debt $685,067 S.A. Attn: Valeska Arancibia Nueva Tajamar 555, Piso 4 Las Condes Santiago, Chile +562 6611500 Mapfre Compania de Trade Debt $633,996 Seguros Generales de Chile S.A. Attn: Rodrigo Morales Isidora Goyenechea 3520, Las Condes, Santiago, Chile +562 6947261 Claro Chile S.A. Trade Debt $593,065 Attn: Alejandro Charme Avenida Del Condor 820, Huechuraba, Santiago, Chile +562 5825401 Liberty Cia. De Seguros Trade Debt $512,506 Generales S.A. Attn: Alejandro Jimenez Hendaya 60, piso 10 Las Condes, Santiago, Chile +562 3972011 Incofin S.A. Trade Debt $506,439 Attn: Maricel Arellano Alameda 949 piso 13 Santiago, Chile +562 4829001 Sociedad Comao Spa Trade Debt $505,713 Attn: Jose Vargas Arturo Prat 1350 Santiago, Chile +562 3635021 Tesorero Municipal Property Tax $462,358 de Maipu Attn: Pedro Herrerra General Ordonez 176, Maiupu Santiago, Chile +562 6776886 Big Services S.P.A. Trade Debt $457,675 Attn: Ernesto Goycoolea El Bosque Norte 0134, Las Condes, Santiago, Chile +562 9434406 Servicios Financieros Trade Debt $436,776 Factor Plus S.A. Attn: Adolfo Pedrero Merced 480 oficina 1200 Santiago, Chile +562 8700600 BCI Factoring S.A. Trade Debt $365,593 Attn: Enrique Oliva Av. El Golf N 125, Las Condes, Santiago, Chile +569 95648917 Transportes Novara Ltda. Trade Debt $352,125 Attn: Andres Panza Vecinal 2725, Pedro Aguirre Cerda, Santiago, Chile +569 92383933 Petrobas Chile Distribucion Trade Debt $304,381 Ltda. Attn: Juan F. Cuevas Avda Cerro Colorado 5240, Torre I, Piso 14, Las Condes, Santiago, Chile +562 3283761 Centralservicing SpA Trade Debt $291,543 Attn: Lucia Duran Vitacura 2909 oficina 205, Vitacura Santiago, Chile +562 4823304 Maria Veronica Marquez Trade Debt $271,580 Attn: Veronica Marquez Fernandez Albano 3260, Cerrillos Santiago, Chile +569 94331261 Concreces Factoring S.A. Trade Debt $240,193 Citymovil SA Trade Debt $205,796 Banco Santander Chile Trade Debt $204,302 Incar Seguridad Ltda. Trade Debt $201,310 Emaserv S.A. Trade Debt $163,591 Sociedad Concesionaria Trade Debt $156,331 Constanera Norte S.A. ============= E C U A D O R ============= ECUADOR: Fitch Affirms 'B' Long-Term Foreign Currency IDR --------------------------------------------------------- Fitch Ratings has affirmed Ecuador's long-term foreign currency Issuer Default Rating (IDR) at 'B'. The issue ratings on Ecuador's senior unsecured foreign bonds are also affirmed at 'B'. The Rating Outlook on the long-term IDR is Stable. The Country Ceiling is affirmed at 'B' and the short-term foreign currency IDR at 'B'. Key Rating Drivers The rating affirmation and Stable Outlook reflects the following factors: Ecuador's five-year average growth of 5% is expected to outperform regional peers and the 'B' median of 4.3% in 2014. However, there are downside risks to economic activity. Uncertainty related to the financial reform has weighed on consumer confidence and private investment. Moreover, softer oil prices and tightening external financing conditions could delay the execution of an ambitious public investment plan in infrastructure, hydropower generation and oil refining totalling 36% of GDP in 2014-2017. Fitch forecasts that growth could ease to 4.1% in 2014-2016. Favourable oil production prospects could cushion the expected correction in commodity prices. Production increased by 20% in 2010-2014 through enhanced recovery in mature fields. The development of the ITT blocks at the Yasuni national park and a recent discovery near the country's capital could boost output by an additional 30% but would require over USD5.5 billion in capital investment in 2015-2020. Bans on production sharing contracts, a high government take and opposition from indigenous and environmental groups to extractive projects have so far deterred the development of new hydrocarbons reserves. Broader access to external borrowing sources has increased fiscal financing flexibility. The central government deficit tripled to 5.8% of GDP in 2013 from 2% in 2012. High public spending on wages, fuel subsidies, pension entitlements and a weak outlook for oil-derived revenue make it difficult to consolidate fiscal accounts before the authorities start unwinding the infrastructure stimulus in 2016. Ecuador raised USD2.4 billion and guaranteed USD1 billion in loans to the state-owned Petroecuador after its return to global capital markets in June 2014. The sovereign expanded its pool of multilateral creditors and benefits from extensive precautionary credit lines, project financing and oil forward sale facilities from China. Ecuador's debt tolerance remains constrained by its weak debt repayment record and high vulnerability to oil shocks and adverse changes in global financing conditions. The public debt burden could climb to 28% of GDP in 2014, still below the 'B' median of 44%. The rapid debt built-up has already reversed the 10pp of GDP reduction achieved after several rounds of domestic and external restructurings in 2009-2010. Official budget projections show interest payments doubling and debt reaching 38.6% of GDP by 2017, just below the legal ceiling of 40%. International reserves management prioritizes development policies over precautionary liquidity. Foreign reserves covered 1.6 months of current external payments in 2013, lower than the 3.1 months of the 'B' median and the 2.8 months of dollarized countries such as El Salvador, limiting the economy's shock absorption capacity. Investments in public banks to stimulate credit totalled USD2.7 billion in August 2014. The central bank swapped over half of its gold holdings as collateral for a USD400 million loan to the government, exposing reserves to commodity price fluctuations and sovereign credit risk. A new monetary and financial code, in force since September 2014, intends to redirect private credit from short-term consumption to long-term productive activities. Provisions that incentivise banks to use their excess reserves to lend to strategic sectors could increase credit and liquidity risks in the financial system. The central bank reassured that new electronic money can only be exchanged for U.S. dollars to assuage convertibility concerns. Risks of inorganic money creation persist, particularly as a newly government-appointed monetary and financial board has discretion to determine the range of liquid assets that could back up the issuance of electronic money. Ecuador's ratings are underpinned by its higher per capita income and human development indicators than peers. The country's scores in the Word Bank's governance indicators have converged to the 'B' median due to steady progress in political stability and government effectiveness since 2007, although they still lag behind in regulatory quality and rule of law. Rating Sensitivities The Stable Outlook reflects Fitch's assessment that upside and downside risks to the rating are currently balanced. The main factors that individually, or collectively, could trigger a rating action are: Positive: -- Sustained growth momentum, for example driven by higher levels of investment in the oil sector, productivity-enhancing reforms and improvements in the business environment; -- A longer track record of servicing external debt and implementing policy adjustments to preserve fiscal sustainability. Negative: -- Oil production shocks or a severe fall in export prices leading to material weakening of external and fiscal finances; -- Emergence of financing constraints or signs of erosion in the sovereign's willingness to service debt; -- Policies that undermine the sustainability of the dollarization regime. Key Assumptions The ratings and outlooks are sensitive to a number of assumptions: -- The growth, fiscal and external forecasts assume that Ecuador maintains oil production at present levels (555,000mbpd). Fitch's latest projections factor in a 15% decline in international oil Brent prices to USD95 per barrel by 2016. Further downward revisions in the oil price forecasts cannot be ruled out given the latest developments in global energy markets; -- Although higher international interest rates could put upward pressure on borrowings costs, Fitch assumes that Ecuador will maintain access to international capital markets, bilateral credit lines from China and multilateral disbursements in 2014-2016; -- Fitch assumes that dollarization will continue to underpin broad monetary and financial stability in Ecuador. ============= J A M A I C A ============= JAMAICA: National Debt to Reach J$2.1 Trillion by March ------------------------------------------------------- RJR News reports that the Government of Jamaica said the national debt will be just under J$2.1 trillion at the end of this fiscal year in March. The debt will be equivalent to 127.9% of Gross Domestic Product (GDP), according to RJR News. That compares to 132% of GDP at the end of March this year, even though the debt was J$1.9 trillion, the report notes. RJR News relates that the reduction in the debt-to-GDP ratio is due to nominal economic expansion being faster than the growth in the debt. Most of the increase in the debt stock is due to the depreciation of the currency, the report discloses. The projection was set out in the Government's latest assessment of its progress so far this fiscal year, the report relays. It was included in the Fiscal Policy Paper tabled in the House of Representatives, the report notes. As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its 'B-' long-term foreign and local currency and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. At the same time, S&P revised the outlook on the long-term sovereign credit ratings to positive from stable. In addition, S&P affirmed its 'B' transfer and convertibility (T&C) assessment. JAMAICA: Senate Passes Insolvency Bill -------------------------------------- RJR News reports that Jamaica's Insolvency Bill was passed in the Senate. There were 43 amendments. The new statute places under one umbrella, laws relating to bankruptcy, insolvency and receivership, according to RJR News. It offers persons who have failed businesses that go into bankruptcy, the opportunity to recover, the report relates. While those who participated in the debate focused on the perspective of the business operator, Opposition Senator Kavan Gayle had a different view, the report discloses. Mr. Kavan said provisions needed to be included in the Bill to protect workers who become jobless, due to a company collapsing, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its 'B-' long-term foreign and local currency and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. At the same time, S&P revised the outlook on the long-term sovereign credit ratings to positive from stable. In addition, S&P affirmed its 'B' transfer and convertibility (T&C) assessment. JAMAICA: Anxious Days Ahead for Sugar Industry ---------------------------------------------- RJR News reports that Jamaica's sugar industry is entering a new phase, as the current pricing arrangement with Tate and Lyle ends next year. Donovan Stanberry, Permanent Secretary in the Ministry of Agriculture & Fisheries, has confirmed that this crop year is the final under the contract with Tate and Lyle, at a significantly higher price than obtains on the world market, according to RJR News. There is anxiety in the sugar industry concerning the pending round of negotiations and some persons are not optimistic in terms of where the price could fall, the report notes. But, according to Mr. Stanberry, the Government remains committed to finding ways to support the local industry, to ensure that it returns to 100 per cent profitability, the report discloses. Luther Buchanan, Minister of State in the Ministry of Agriculture & Fisheries, has also asserted that the viability of the sugar industry is of particular importance to residents of sugar- dependent communities, the report relays. The Government, Mr. Buchanan said, continues to implement strategies geared toward the development and maintenance of a commercially viable sugarcane industry, led by the private sector, the report notes. To that end, Mr. Buchanan said, work is continuing towards the establishment of a national enabling policy environment for the expansion of the industry, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 23, 2014, Standard & Poor's Ratings Services affirmed its 'B-' long-term foreign and local currency and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. At the same time, S&P revised the outlook on the long-term sovereign credit ratings to positive from stable. In addition, S&P affirmed its 'B' transfer and convertibility (T&C) assessment. PETROJAM: Experiencing Financial Difficulties --------------------------------------------- RJR News reports that the Jamaican Government has revealed in the just published Fiscal Policy Paper that the oil refinery, Petrojam, is among four state-owned entities experiencing financial challenges. Petrojam, the Paper details, has encountered difficulties with the timing of its purchases and payments for oil, according to RJR News. The refinery is also facing challenges collecting money for fuel sold to the JPS and Jamaica Energy Partners, the report notes. Other entities facing difficulties are the National Water Commission (NWC), Wigton Wind Farm and Clarendon Alumina Production (CAP), RJR News says. As for Wigton, it says the company's expansion is behind schedule. CAP and NWC are seen as being at a fairly high risk of under performing, RJR News notes. NWC's problems stem mainly from its poor track record in collecting revenues while CAP continues to experience difficulties with high production costs and low prices for alumina, RJR News relays. =========== M E X I C O =========== MAQUINARIA ESPECIALIZADA: Fitch Affirms C Rating on US$160MM Notes ------------------------------------------------------------------ Fitch Ratings has affirmed the following senior secured notes issued by Maquinaria Especializada MXO Trust Agreement No. F/00762 (GeoMaq): -- US$160 million notes at 'C', RE40% Fitch assigns Recovery Estimates (RE) to all classes rated 'CCCsf' or below. REs are forward-looking, taking into account Fitch's expectations for principal repayments on a distressed structured finance security. For the senior secured class notes, the agency revised the RE to RE40% from RE70%. Fitch's RE relates to an estimate of the potential cash flows generated by the underlying asset, including the potential liquidation of the machinery and expected recovery on the unsecured claim against Corporacion Geo S.A.B. de C.V. (Geo Corp.) in an amount equal to $155.2 million. The revision of the RE reflects Fitch's concern related to the potential recoveries on the unsecured claim against Geo Corp. as the company is still going through the bankruptcy process negotiations. An extended period of negotiations with debt holders and the possibility of not including GeoMaq as part of the exit plan increase the uncertainty of potential recovered amounts on the unsecured claim. Fitch's RE does not reflect the possible outcome of a restructuring of the notes. Key Rating Drivers Geo Corp's Default and Restructuring: On May 8, 2013, Fitch downgraded Geo. Corp.'s foreign currency and local currency Issuer Default Ratings to 'RD' from 'C' after the company failed to make an interest payment on its Certificados Bursatiles. One year later, Geo Corp. started a bankruptcy process (concurso mercantil) under Mexican laws including a restructuring plan proposal for its corporate debt. The GeoMaq senior secured notes were not included in this plan. Timely Payment of Debt Service: During the past 18 months, funds from the reserve account have been used to meet timely payment of debt service on the GeoMaq senior secured notes. The last payment was made on Aug. 4, 2014 in an amount equal to $5.25 million. Available Liquidity: As of September 2014, the balance in the reserve accounts was $5.47 million. The next debt service payment is due on November 2014 in an amount equal to $5.2 million. The outstanding balance of the notes is $150 million. Acceleration of the Notes: On June 2014, the noteholders directed the trustee to accelerate GeoMaq's senior secured notes. Upon the declaration of an early amortization of the notes, the noteholders had an unsecured claim against Geo Corp. in an amount equal to $155.2 million and the right to dispose of the trust estate, including the repossession and sale of the machinery serving as collateral for this transaction. Potential Liquidation of the Collateral: The controlling party appointed Hilco Acetec, a Mexican company with expertise on asset valuation and auctions to liquidate the trust estate. Although the liquidation of the machinery may generate additional, cash, the ability to sell the collateral and the expected time to liquidate the machinery are uncertain. Fitch received an Aug. 29, 2014 appraisal report provided by Hilco on the value of the machinery. According to this report, the collateral was comprised of 1080 equipment units with a significantly lower appraised value compared with the appraised value received at closing. Fitch's rating addresses the timely payment of interest and principal according to the original schedule and does not include any potential acceleration amounts. Recovery Estimate Given that the service agreement (SA) was terminated due to Geo Corp.'s failure to make payments under the agreement, Geo Corp. must pay a termination fee equivalent to 100% of the then- outstanding note balance. Considering the approx. $5 million in the reserve accounts, the latest appraised value of the machinery, and the corporate Recovery Rating of 'RR4' applied to the termination fee, Fitch believes the ultimate recovery on these notes is approximately 40%. Rating Sensitivities The transaction is unable to sustain an extended period of negotiations with the note holders to either achieve a successful restructuring of the notes or acceleration of the notes followed by repossession and sale of the construction equipment. Fitch believes default on the notes is imminent. A further rating action will be taken following either failure to make a scheduled payment according to the documents or a restructuring of the original terms of the notes. Transaction Summary The underlying issuance is a securitization of the payment rights related to the leasing of existing and future essential construction machinery pertaining to Geo Corp. Repayment of the notes is supported by quarterly servicer payments paid by Geo Corp. during a 10-year period under the terms of the SA for the operation of the equipment. Upon termination of the SA, the transaction has been relying on the funds deposited in the reserve accounts to make timely debt service payments. MEXICO: Moody's Assigns (P)Ba2 Rating to MXN1.5BB FEFOM Program --------------------------------------------------------------- Moody's de Mexico has assigned provisional ratings of (P)Ba2 (Global Scale, Local Currency) and A2.mx (Mexico National Scale Rating) to the State of Mexico's MXN 1.5 billion FEFOM Program. This program is designed to provide greater reliability of debt service payments for municipalities in the State of Mexico. For those municipalities that wish to participate, lenders will grant individual loans to municipalities which will be serviced primarily by participation revenues that flow directly to a trust (INVEX Bank/1734 as trustee) via irrevocable instructions to the Federal Treasury (TESOFE). Additionally, the municipality will also provide an irrevocable instruction to the State of Mexico (Ba2/A2.mx, stable) to transfer 100% of FEFOM revenues to this trust, which could be used for debt service if participations revenues are insufficient. Furthermore, municipalities that join the program must also commit to a multi-year plan to strengthen its financial performance. The loans under the program will carry a variable interest rate plus a spread, interest rate swaps will be contracted and the maturity of loans is up to 30 years. Ratings Rationale The (P)Ba2/A2.mx ratings assigned to the lending program reflect the following legal and credit enhancements: - Loans undertaken through this program benefit from the presence of FEFOM funds flowing from the State of Mexico, which provides an additional source of revenue for debt repayment. FEFOM transfers will flow through the trust until maturity of the loans in the program. FEFOM transfers must provide at least 1x DSC during eight months of each year over the life of the loan. - The State of Mexico will be strongly involved through the lending process via the FEFOM Technical Committee. Also, the state will provide close oversight over the flow of funds through the trust, and ensure municipalities comply with the agreed fiscal adjustment plans. - The trust structure and the irrevocable instructions to both the TESOFE and the State of Mexico greatly reduce the probability of a municipality disrupting the flow of debt service payments. - While participation transfers are the principal source of payment, and the percentage of participation revenues that are pledged will vary for each municipal loan, the State of Mexico's regulatory framework limits to 30% the share of participation revenues that a municipality can pledge for debt. This ensures that each municipality will have non-pledged participation revenues that could be used to comply with any arrear of payment from a Federal Agreement that could affect the total flow of participation revenues. - Reserves within the trust must represent at least 2.0x debt service coverage under a stress case scenario and provide enough cushion against payment delays. Rating of individual loans will depend on the issuer's rating, the minimum level of participations DSC, and reserves over the life of the loan under Moody's base case and stress case scenarios. What Could Change The Rating Up/Down Given the links between the loan and the credit quality of the sponsor, an upgrade of the State of Mexico's issuer ratings could result in an upgrade of the ratings. Conversely, a downgrade of the State of Mexico's issuer ratings could also exert downward pressure on debt ratings for this program. The methodologies used in this rating were Rating Methodology for Enhanced Municipal and State Loans in Mexico published in June 2014 and Regional and Local Governments published in January 2013. The period of time covered in the financial information used to determine the State of Mexico FEFOM Program's rating is between 1/1/2009 and 12/31/2013. Moody's National Scale Credit 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 credit 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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Credit Ratings to Global Scale Credit Ratings". TEHUACAN, MEXICO: Moody's Withdraws Ba2 Global Scale Issuer Rating ------------------------------------------------------------------ Moody's de Mexico announced that it has withdrawn the issuer ratings of A2.mx (Mexico National Scale) and Ba2 (Global Scale rating), stable outlook, of the municipality of Tehuacan due to insufficient information. Ratings Rationale Moody's has withdrawn the issuer ratings assigned to the municipality of Tehuacan. Moody's has withdrawn the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. Publicly available information, in Moody's view, is not sufficient to allow Moody's to continue to monitor the municipality's creditworthiness. Without detailed information about them, Moody's believes that it is unable to provide the market with an updated and informed assessment of the current credit quality of the issuer. The principal methodology used in this rating was Regional and Local Governments published in January, 2013. The period of time covered in the financial information used to determine municipality of Tehuacan's rating is between 1/1/2009 and 12/31/2012. Moody's National Scale Credit 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 credit 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 ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings". ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN CEMENT: Taps Chris Dehring as Chairman ------------------------------------------------ RJR News reports that confirmation has come that Christopher Dehring, a prominent Jamaican business executive, has been appointed Chairman of Caribbean Cement Company Limited and its subsidiaries. The company has informed the Jamaica Stock Exchange that Mr. Dehring's appointment took effect on October 14, according to Caribbean Cement Company Limited. Mr. Dehring was among seven members appointed to the Board of Carib Cement's parent -- Trinidad Cement Limited (TCL) -- in August, the report notes. They replaced six members of the Board who resigned, the report relates. TCL shareholders had lobbied for the dismissal of the last Board members, as they were unhappy with the way the company was being run, the report says. Caribbean Cement Company Limited manufactures and sells cement. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 18, 2014, RJR News disclosed that company said it racked up a loss of $89 million in the three months to the end of June, compared to a $359 million profit in the corresponding period a year ago. The report noted that Caribbean Cement said the loss was due to the shutdown of a clinker line to facilitate maintenance work. According to a TCRLA report on Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited suffered a consolidated loss of J$137 million for the first six months of 2013 down from J$1.2 billion during the corresponding period last year, according to RJR News. The report related that the loss resulted from J$701 million of non-cash foreign exchange losses compared to J$136 million in 2012. TRINIDAD & TOBAGO: Central Bank Sells US$50MM to Banking System --------------------------------------------------------------- Trinidad Express reports that Trinidad and Tobago Central Bank sold US$50 million to the banking system. This sale is the second in what the bank calls a "series of Central Bank's foreign exchange interventions strategically timed and directed to ensure a reliable supply of foreign exchange to meet demands of the business community as commercial activity for the approaching Christmas season pick up," according to Trinidad Express. In a statement the bank said the first sale of US$50 million occurred on October 8. "With this intervention, the total amount of US funds sold by Central Bank to the financial system for the year so far amounts to US$1,290 million. For the year to date, the bank provided 23 per cent of the total foreign exchange supply to the market," the bank said, the report notes. Trinidad and Tobago's net official reserves currently stand at US$10,125 million, representing approximately one year's import cover, the Bank said, the report discloses. "Central Bank continues to closely monitor the domestic foreign exchange market and assures the business community that in the lead up to Christmas, we will continue to meet any possible shortfalls of supply in the foreign exchange market. The bank acts proactively to ensure market order and stability at all times," it said, the report adds. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From October 13 to Oct. 17, 2014 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- BES Finance Ltd 2.9 EUR 211913000 PDVSA 6 11/15/2026 USD 4500000000 ESFG International Ltd 5.8 EUR 52950000 PDVSA 6 5/16/2024 USD 5000000000 PDVSA 5.4 4/12/2027 USD 3000000000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 PDVSA 5.5 4/12/2037 USD 1500000000 Hindili Industry 8.6 11/4/2015 USD 380000000 BES Finance Ltd 4.5 EUR 95767000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 SMU SA 7.8 2/8/2020 USD 300000000 NQ Mobile Inc 4 10/15/2018 USD 172500000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Venezuela Governement 7.7 4/21/2025 USD 1599817000 Glorious Property Holdings Ltd 13 3/4/2018 USD 400000000 Renhe Commercial 13 3/10/2016 USD 600000000 Bank Austria 1.9 EUR 97608000 China Precisoin 7.3 2/4/2018 HKD 1028000000 BCP Finance Co 2.4 EUR 99063406.25 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BA-CA Finance Cayman 2 Ltd 2 EUR 51481000 Argentina Bonar Bonds 26 9/10/2015 ARS 5424358000 Inversora de Electrica 6.5 9/26/2017 USD 130263886 BCP Finance Co 4.2 EUR 72112000 Mongolian Mining Corp 8.9 3/29/2017 USD 600000000 Argentina Government 4.3 12/31/2033 JPY 5840497000 PDVSA 6 5/16/2024 USD 5000000000 Argentina Boden Bonds 2 9/30/2014 ARS 930445250 PDVSA 6 11/15/2026 USD 4500000000 Greenfields Petroleum Corp 9 5/31/2017 CAD 23750000 Hindili Industry 8.6 11/4/2015 USD 380000000 Argentina Government 4.3 12/31/2033 JPY 2553017000 Argentina Bocon 2 1/3/2016 ARS 1608749924 Argentina Government 0.5 12/31/2038 JPY 21037843000 Automotores Gildemeister SA 8.3 5/24/2021 USD 400000000 Caixa Geral De Depositos Finance 1 EUR 44885000 SMU SA 7.8 USD 300000000 Renhe Commercial 13 3/10/2016 USD 600000000 Caixa Geral De Depositos Finance 2 EUR 65843000 Inversiones Alsacia SA 8 8/18/2018 USD 347300000 Automotores Gildemeister SA 6.8 1/15/2023 USD 300000000 BPI Capital Finance Ltd 2.9 EUR 15290000 Banif Finance Ltd 1.6 EUR 42234000 Banco BPI SA/Cayman Islands 4.2 11/14/2035 EUR 20000000 Empresas La Polar SA 3.8 10/10/2017 CLP 5000000 City of Buenos Aires Argentina 2 1/28/2020 USD 146771000 Aguas Andinas SA 4.2 12/1/2026 CLP 3289471.68 City of Buenos Aires Argentina 2 12/20/2019 USD 113229000 Venezuela Governement 7 3/31/2038 USD 1250003000 Empresa de Transporte 5.5 7/15/2027 CLP 3732799.8 Cia Cervecerias Unidas SA 4 12/1/2024 CLP 1050000 Almendral Telecomunicaciones SA 3.5 12/15/2014 CLP 644441.04 Cia Sud Americana de Vapores SA 6.4 10/1/2022 CLP 607142.76 Decimo Primer 4.5 10/25/2041 USD 37800000 Provincia del Chaco 4 12/4/2026 USD 10111047.85 Ruta de Bosque 6.3 3/15/2021 CLP 5062781.25 Talcan Chillan 2.8 12/15/2019 CLP 2978764.16 EMP Ferrocarriles Estado 6.5 1/1/2026 CLP 788572.14 *********** 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 202-362-8552. * * * End of Transmission * * *