/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150216.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, February 16, 2015, Vol. 16, No. 032 Headlines A R G E N T I N A ARGENTINA: To Allay Private Sector Concerns About Pacts With China B A H A M A S ULTRAPETROL LIMITED: Moody's Puts B3 CFR on Review for Downgrade B R A Z I L COSAN SA: CADE's Decision on Merger is Neutral, Fitch Says C A Y M A N I S L A N D S 55 NORTH: Shareholders Receive Wind-Up Report ALPHA SELECT: Shareholders Receive Wind-Up Report ALTO CREDIT: Shareholders Receive Wind-Up Report ARTIS CLEAN: Shareholders Receive Wind-Up Report BANKERSRE INSURANCE: Shareholders Receive Wind-Up Report BROADSTREET LIMITED: Shareholders Receive Wind-Up Report CATALYST DISTRESSED: Shareholders Receive Wind-Up Report CATALYST DISTRESSED FUND: Shareholders Receive Wind-Up Report CENTURION CDO III: Shareholders Receive Wind-Up Report CRAFT 2011-4: Shareholders Receive Wind-Up Report CRAFT CLO 2008-1: Shareholders Receive Wind-Up Report DB RIVINGTON: Shareholders Receive Wind-Up Report DB WARREN: Shareholders Receive Wind-Up Report DBAS CAYMAN: Shareholders Receive Wind-Up Report EARLS LIMITED: Shareholders Receive Wind-Up Report GOLDMAN SACHS: Shareholders Receive Wind-Up Report GOLUB CAPITAL: Shareholders Receive Wind-Up Report GSC PARTNERS: Shareholders Receive Wind-Up Report HERODOTUS LIMITED: Shareholders Receive Wind-Up Report LAFAYETTE CLO I: Shareholders Receive Wind-Up Report NOUVELAIR TUNISIE: Shareholders Receive Wind-Up Report RIMROCK LVMF: Shareholders Receive Wind-Up Report SPLENDOR ABSOLUTE: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Most Fuel Prices Jump a Second Straight Week DOMINICAN REP: Lower Fuel Prices Pace Negative Inflation in Jan J A M A I C A CABLE & WIRELESS: Records Significant Financial Loss CARRERAS: Has Dismal Outlook Amid Changes in Tobacco Regulation P U E R T O R I C O GOVERNMENT DEVELOPMENT BANK: S&P Lowers ICR to 'B-'; Outlook Neg. PUERTO RICO: S&P Lowers GO Rating to 'B'; Outlook Negative T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Adds More Flights to Tobago for Carnival TRINIDAD AND TOBAGO POSTAL: Workers Threaten 'Ole Mas' X X X X X X X X X * BOND PRICING: For the Week From Feb. 2 to Feb. 6, 2015 - - - - - ================= A R G E N T I N A ================= ARGENTINA: To Allay Private Sector Concerns About Pacts With China ------------------------------------------------------------------ EFE News reports that the Argentine government met with authorities of the Argentine Industrial Union, or UIA, to explain the extent of the accords signed by President Cristina Fernandez on her trip to China, which had caused concern among the largest employers' association in the country. The head of the UIA, Hector Mendez, told a press conference that he was "extremely satisfied" because the meeting with the government allowed business owners and executives to "clear up their doubts," according to EFE News. * * * The Troubled Company Reporter-Latin America, on Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. ============= B A H A M A S ============= ULTRAPETROL LIMITED: Moody's Puts B3 CFR on Review for Downgrade ---------------------------------------------------------------- Moody's Investors Service placed the ratings of Ultrapetrol (Bahamas) Limited ("Ultrapetrol") under review for downgrade. The review was prompted by Moody's recent downgrade of Petrobras' ratings given the significant exposure of Ultrapetrol's offshore supply business to Petrobras, as well as recent weaker-than- anticipated operating performance in Ultrapetrol's river segment. In a related action, Ultrapetrol's speculative grade liquidity rating was lowered to SGL-3 denoting an adequate liquidity profile. Moody's has taken the following rating actions: On Review for Downgrade: Corporate Family Rating, Placed on Review for Downgrade, currently B3 $200 million Ship Mortgage Notes due 2021, Placed on Review for Downgrade, currently B3 $25 million Sr Secured Notes due 2021, Placed on Review for Downgrade, currently B3 Ratings Lowered: Speculative Grade Liquidity rating to SGL-3 from SGL-2 Outlook Actions: Outlook, Changed To Rating Under Review from Stable Ratings Rationale Moody's views the concentration of business in Ultrapetrol's offshore supply segment with Petrobras as a credit risk. Concerns about corruption investigations and liquidity pressures at Petrobras that might result from delays in delivering audited financial statements led to Moody's recent downgrade of Petrobras' senior unsecured debt rating to Baa3 from Baa2 (with ratings remaining under review for further downgrade). Moody's is concerned about the risk that payments from Petrobras to Ultrapetrol could be delayed or reduced. The offshore supply business generates well over half of Ultrapetrol's EBITDA. Lower than expected earnings generated in the company's River business, including higher than expected maintenance costs and lower third party barge sales, resulted in a decline in consolidated operating performance during the quarter ended September 30, 2014. Uncertainty surrounding the degree to which the current drought in part of the Hidrovia region of South America could negatively impact the company's business is also a ratings consideration. Weaker operating performance has increased debt/EBITDA (including Moody's standard adjustments) to above 7.0x for the last twelve months ended September 30, 2014 from 5.5x for the same period ended June 30, 2014, and interest coverage has fallen well below 1.0x. In its review of Ultrapetrol's ratings Moody's will assess the company's fourth quarter 2014 and full year results as well as management's operating plan for 2015 through 2016. Moody's will also continue to monitor developments at Petrobras including whether the company is able to resolve issues surrounding the corruption investigation, timely delivery of audited financials and any liquidity-related concerns. Moody's lowered Ultrapetrol's speculative grade liquidity rating to SGL-3 from SGL-2 primarily due to lower than expected free cash flow generation and decreasing availability under the company's $40 million reducing revolver that expires in May 2016. The largest component of the company's debt, its $225 million notes, do not mature until 2021. The company has $32.3 million of short- term debt maturities but is likely to have sufficient sources to address these maturities over the next year. Of note, although the last twelve month period free cash flow totaled negative $125 million, approximately $100 million was attributable to the acquisition of three PSVs (the UP Agate, UP Coral, and UP Opal) that were added to the company's Offshore Supply fleet. The company is expected to have adequate room under its financial covenants over the next twelve to eighteen months. Ultrapetrol possesses alternate sources of liquidity via a meaningful amount of unencumbered assets, primarily in its River Business. The principal methodology used in these ratings was Global Shipping Industry published in February 2014. Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas, is a diverse international marine transportation company. The company operates in three segments: River, Offshore Supply, and Ocean. Last twelve months ended September 30, 2014 revenues totaled $384 million. =========== B R A Z I L =========== COSAN SA: CADE's Decision on Merger is Neutral, Fitch Says ---------------------------------------------------------- Fitch Ratings considers the decision by Brazil's anti-trust regulator CADE to approve the merger of shares issued by America Latina Logistica SA (ALL) into Rumo Logistica Operadora Multimodal S.A (Rumo) to be credit neutral to Cosan Limited (Cosan Limited)'s and to Cosan S.A. Industria e Comercio's (Cosan)'s ratings. Cosan Limited ratings already incorporated the likelihood of this transaction being approved and given the full segregation between the energy and logistics segments within Cosan Limited's group, the ratings of Cosan are not affected. Brazil's anti-trust regulator CADE approved on Feb. 11 2015, by unanimous decision, the merger of ALL into Rumo. CADE has not imposed any financial restrictions or required asset sales upon the approval, but required certain behaviors, in order to eliminate competition-related issues. This refers to concerns of traders and sugar and grain producers over a likely monopoly on railway access to the port of Santos. Per CADE's restriction, the new company should guarantee third-party access to Cosan's two dry bulk terminals at the Santos Port, ensure equal service to rail freight transportation users, transparent pricing and limit the use of rail freight transportation services by related parties. The deal has been discussed since February 2014 when Cosan submitted a binding proposal to ALL's shareholders for the incorporation of ALL by Rumo. The merger is strategically positive for the Cosan Group, as it contributes to broader business diversification and should help to further lessen its cash flow volatility derived from the sugar and ethanol business. This transaction also enhances the Group's presence in the logistic segment, which currently is one of its main focus. While it does not affect Cosan Limited's ratings, Fitch will be monitoring both ALL and Rumo and a negative rating action could arise depending on the realization of a potential sizeable capex program at ALL. Following CADE's approval, Cosan Logistica S.A (Cosan Logistica) will hold 27.38% of Rumo's shares, which will own the totality of ALL's shares. Cosan Logistica was created in October 2014 with the floating of its shares on the BM&FBOVESPA exchange. The creation of Cosan Logistica followed the spin-off of Cosan's logistic assets and full segregation between its energy and logistics businesses. Fitch Ratings considers Cosan Limited's leverage to be manageable on both a consolidated and stand-alone basis. Cosan Limited reported consolidated net adjusted debt/EBITDAR of 4.0x for the LTM ended Sept. 30, 2014. Fitch incorporates the dividends received from joint ventures Raizen Energia S.A. and Raizen Combustiveis S.A., as well as tax financing and intercompany loans. At the holding company level, Cosan Limited's leverage measured as net debt-to-EBITDA plus dividends received was 3.7x. Fitch currently rates Cosan, its related debt and Cosan Limited as follows: Cosan S.A. Industria e Comercio -- Foreign and local currency IDRs at 'BB+'; -- National scale rating at 'AA(bra)'. Cosan Overseas LTD: -- Perpetual notes at 'BB+'. Cosan Luxembourg S.A: -- Senior Unsecured Notes due in 2018 and 2023 at 'BB+'. Cosan Limited -- Foreign and local currency IDRs at 'BB'; The Outlook for the corporate ratings is Stable. ========================== C A Y M A N I S L A N D S ========================== 55 NORTH: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of 55 North Holdings Ltd. received on Jan 29, 2015, 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 ALPHA SELECT: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Alpha Select Liquidity Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands ALTO CREDIT: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Alto Credit Products Co Ltd received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands ARTIS CLEAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of Artis Clean Tech Partners Ltd. received on Jan 5, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert Riemer Walkers 190 Elgin Avenue, George Town Grand Cayman KY1-9001 Cayman Islands Telephone: (345) 914 6386 BANKERSRE INSURANCE: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Bankersre Insurance Group, SPC received on Jan 14, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Hank Straub c/o Global Captive Management Ltd. Building 3, 2nd Floor, Governors Square 23 Lime Tree bay Avenue P.O. Box 1363 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 7966 Facsimile: +1 (345) 949 8068 BROADSTREET LIMITED: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Broadstreet Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CATALYST DISTRESSED: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of The Catalyst Distressed Mortgage Holdings, Ltd. received on Jan 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P. O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands CATALYST DISTRESSED FUND: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of The Catalyst Distressed Mortgage Fund Offshore, Ltd. received on Jan 23, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Matthew Wright c/o Omar Grant Telephone: (345) 949-7576 Facsimile: (345) 949-8295 P. O. Box 897 Windward 1, Regatta Office Park Grand Cayman KY1-1103 Cayman Islands CENTURION CDO III: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Centurion CDO III, Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CRAFT 2011-4: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Craft 2011-4, Ltd received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands CRAFT CLO 2008-1: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Craft CLO 2008-1, Ltd received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands DB RIVINGTON: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of DB Rivington Investments Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands DB WARREN: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of DB Warren Investments Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands DBAS CAYMAN: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of DBAS Cayman Holdings 2 Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands EARLS LIMITED: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Earls Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GOLDMAN SACHS: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Goldman Sachs Customised Multi-Asset Trend Traditional Strategy Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GOLUB CAPITAL: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Golub Capital Funding Clo-8-2, Ltd received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands GSC PARTNERS: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of GSC Partners CDO Fund II, Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands HERODOTUS LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Herodotus Limited received on Jan 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: David Dyer Telephone: (345)949-8244 Facsimile: (345)949-5223 P.O. Box 1984 Grand Cayman KY1-1104 Cayman Islands LAFAYETTE CLO I: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Lafayette CLO I Ltd. received on Jan 6, 2015, 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 Richard Gordon Telephone: +1 (345) 949 4900 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands NOUVELAIR TUNISIE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Nouvelair Tunisie (Cayman) 2 Limited received on Jan 15, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Ellen J. Christian BNP Paribas Bank & Trust Cayman Limited P.O. Box 10632, 3rd Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1006 Cayman Islands e-mail: ellen.christian@bnpparibas.ky RIMROCK LVMF: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Rimrock LVMF, Ltd. received on Jan 8, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mourant Ozannes c/o Jo-Anne Maher Telephone: (345) 814 9255 Facsimile: (345) 949 4647 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands SPLENDOR ABSOLUTE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Splendor Absolute Return Fund received on Jan 8, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Peter Goulden c/o Mourant Ozannes Cayman Liquidators Limited 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Most Fuel Prices Jump a Second Straight Week ---------------------------------------------------------------- Dominican Today reports that the Industry and Commerce Ministry on Feb. 13, posted higher prices on most fuels for the week from February 14 to 20, when premium gasoline will cost RD$200.70, or RD$4.00 more and regular gasoline will cost RD$178.30, or RD$4.10 more per gallon. Premium diesel will cost RD$163.30, regular diesel RD$155.20, or RD$3.20 on both, while optimal diesel will cost RD$167.60, an increase of RD$3.70 per gallon, according to Dominican Today. The report relays that Avtur will cost RD$108.50, an increase of RD$7.60; kerosene will cost RD$142.50, or RD$8.70 higher and fuel oil will cost RD$94.76, an increase of RD$8.80. Propane gas (LPG) will cost RD$86.60, or RD$2.10 more per gallon, while natural gas remains unchanged at RD$31.44 per cubic meter, the report notes. The Central Bank's posted average exchange rate of RD$44.94 per dollar was used to calculate all fuel prices, the report adds. DOMINICAN REP: Lower Fuel Prices Pace Negative Inflation in Jan --------------------------------------------------------------- Dominican Today reports that Dominican Republic Central Bank said January prices were -0.19% lower than December, the fourth consecutive month with negative inflation in the general price index. It said inflation during the 12 months from January 2014 to January 2015 stood at 1.16%, the lowest annual inflation in the first month of the year since 1984, according to Dominican Today. The report relates that the Central Bank said lower prices on fuels, services and transport most contributed to the negative inflation. ============= J A M A I C A ============= CABLE & WIRELESS: Records Significant Financial Loss ---------------------------------------------------- RJR News reports that restructuring and legal costs during the October to December quarter resulted in Cable & Wireless Jamaica racking up a huge financial loss. The company incurred J$1.5 billion in operating exceptional items during the three months, according to RJR News. As a result, it ended the period with a J$1.89 billion loss, the report relates. Revenues increased by 14 per cent to J$5.6 billion. Customer Base In the meantime, Cable & Wireless Jamaica has announced that its customer base continues to increase, notes the report. It grew by 18% to 813,000 subscribers, while mobile revenue was up 34%, the report relays. The company says mobile data adoption rates by existing and new pre-paid subscribers are encouraging, while its fixed voice market share at the end of December maintained a near three per cent increase, the report discloses. CARRERAS: Has Dismal Outlook Amid Changes in Tobacco Regulation --------------------------------------------------------------- RJR News reports that cigarette distributor, Carreras, is bracing for further changes to tobacco regulations in Jamaica. This prompted the company, in its third quarter results for the period ended December 31, to state that it expects volume growth to continue to be challenged for the rest of the financial year, according to RJR News. The report notes that Carreras, in the report, said total operating income for April to December declined 14 per cent to J$8.5 billion. Net income was down 38 per cent, at $1.9 billion, the report relays. ===================== P U E R T O R I C O ===================== GOVERNMENT DEVELOPMENT BANK: S&P Lowers ICR to 'B-'; Outlook Neg. ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term issuer credit rating on the Government Development Bank for Puerto Rico (GDB) to 'B-' from 'BB-'. The outlook is negative. S&P also lowered its short-term issuer credit rating on GDB to 'C' from 'B'. S&P revised its stand-alone credit profile (SACP) on GDB to 'b' from 'b+'. "The downgrade reflects our view that GDB faces persistent economic weakness in Puerto Rico and increased liquidity risk resulting from a recent decision invalidating its debt restructuring law, which threatens GDB's ability to access capital markets under reasonable terms," said Standard & Poor's credit analyst Sunsierre Newsome. Additionally, S&P's downgrade reflects the potential that GDB will suffer material losses given its substantial outstanding loans to three public corporations with weak creditworthiness. The rating action on GDB is in conjunction with S&P's downgrade of the Commonwealth of Puerto Rico's general obligation debt to 'B' from 'BB'. S&P believes that GDB has a limited ability to cover its liquidity needs, which includes nearly $900 million of notes due in fiscal 2016, over the next 12 months without accessing the debt markets. Currently available funding options are limited and will likely be significantly more expensive that what GDB has been able to obtain in the past. Given this increased near-term liquidity risk, S&P lowered its liquidity assessment on GDB to "weak" from "adequate," which resulted in lowering S&P's SACP one notch to 'b' from 'b+'. Additionally, GDB has loans aggregating more than $2 billion to three public corporations. The Highways and Transportation Authority (HTA) is GDB's largest borrower and has about $2 billion outstanding as of Sept. 30, 2014. This is quite substantial relative to GDB's equity capital of $2.3 billion. These exposures also include loans to the Puerto Rico Electric Power Authority (PREPA), which has $35 million outstanding to GDB, and Puerto Rico Aqueduct and Sewer Authority (PRASA), which has $99 million outstanding to GDB. Given GDB's heavy lending concentration to the Commonwealth and to Puerto Rico's public entities, whose creditworthiness is weak, S&P believes there is uncertainty of the degree to which GDB's capital and financial condition could decline. S&P considers GDB a government-related entity (GRE) based on its view that the link between GDB and the Commonwealth is very strong and GDB plays a very important role for the government. GDB provides funding to the Commonwealth and other Puerto Rican public corporations and is a fiscal agent to the Commonwealth and its instrumentalities. Because S&P lowered the rating on the Commonwealth's general obligation debt to 'B', it no longer incorporate one notch of uplift from S&P's SACP to arrive at its issuer credit rating on GDB, based on S&P's GRE criteria. S&P also believes that GDB is structurally subordinated to the Commonwealth, so S&P continues to include a one-notch distinction between the ratings on the entities. The outlook is negative, reflecting the potential that GDB will be unable to raise sufficient capital to meet debt maturities or other funding needs of the Commonwealth over the next several quarters, as well as its substantial lending exposure to three public corporations with weak creditworthiness. S&P could lower its ratings on GDB if it is unable to raise capital well ahead of upcoming debt maturities or if S&P expects material losses to occur at its largest borrower, the HTA, to a degree that it would weaken GDB's capital or financial profile. S&P could also lower its ratings on GDB if it downgrades the Commonwealth's general obligation debt further. In S&P's view, GDB remains vulnerable given its high lending concentration and interconnectedness to the Commonwealth. Alternatively, S&P could revise the outlook to stable if GDB is successful in accessing the capital markets on reasonable terms to raise capital to meet its liquidity needs over the next couple of years. PUERTO RICO: S&P Lowers GO Rating to 'B'; Outlook Negative ---------------------------------------------------------- Standard & Poor's Ratings Services has lowered its general obligation (GO) rating on the Commonwealth of Puerto Rico to 'B' from 'BB'. The outlook is negative. In addition, Standard & Poor's has lowered its ratings on: -- Puerto Rico Sales Tax Financing Corp.'s (COFINA) first-lien sales tax bonds to 'B' from 'BBB'; -- COFINA's second-lien sales tax bonds to 'B' from 'BBB-'; -- Puerto Rico Municipal Finance Agency's, the Puerto Rico Employees Retirement System's, and the commonwealth's general fund-supported appropriation and moral obligation bonds to 'B' from 'BB-'; and -- Puerto Rico Infrastructure Financing Authority's (rum tax) and the Puerto Rico Convention Center District Authority's (hotel tax) debt to 'B' from 'BB'. Standard & Poor's rating on the Puerto Rico Highways and Transportation Authority (HTA) is unchanged at 'B'. The outlook on all ratings is negative. S&P believes Puerto Rico's current economic and financial trajectory is now more susceptible to adverse financial, economic, and market conditions that could ultimately impair the commonwealth's ability to fund services and its debt commitments. Persistent economic weakness over many years has contributed to declining revenue and fiscal imbalance. Under revolving leadership, the government's response to the situation has vacillated between rounds of spending austerity and tax cuts, or increased taxes and limited layoffs, but in either case it has relied on debt issuance to cover operating deficits. Over time, this has led to high debt levels, which have become harder to sustain because of continued economic weakness has reduced tax resources. In S&P's view, Puerto Rico's focus more recently has turned to new rounds of financing to simply maintain critical levels of operating cash, while paying a steep price for acquiring new financing. All of this poses a threat, in S&P's view, to the commonwealth's ability to continue providing basic governmental services. S&P has observed in other jurisdictions that such an environment can easily give way to political and policy instability. The GO and associated downgrades follow what S&P views as significantly increased near-term liquidity risks for the commonwealth. At this rating level and due to the relatively low proportion of appropriation-supported debt to total GO debt, S&P believes appropriation and GO debt share similar risk. S&P has also lowered the COFINA ratings based on its view that introduction of the new value added tax (VAT) will create increased uncertainty as to the timing of receipts of pledged revenues and whether bond covenants separating the tax revenue from that of the commonwealth may be maintained. The HTA debt is affirmed, whose rating continues to reflect uncertainties relating to the Puerto Rico Public Corporation Debt Enforcement and Recovery Act debt restructuring law. The outlook on all bonds remains negative, reflecting liquidity, budget, and economic uncertainty over the next year that could further erode credit quality. LIQUIDITY RISK "We believe Puerto Rico has experienced and will continue to face a major reduction in its ability to obtain external liquidity at a reasonable cost, as evidenced by GO bond yields topping 10%, following a lower court decision invalidating its debt restructuring law. As a result, Puerto Rico's access to cash flow financing necessary for the next fiscal year could be severely constrained in our opinion. For the current fiscal year ending June 30, 2015, Puerto Rico has arranged for more than $1 billion in total of cash flow financing, which we expect to provide sufficient liquidity through the end of the current fiscal year based on current cash flow estimates provided by the commonwealth. We note that economic trends continue to weaken, which could widen the current year budget gap and further weaken liquidity. Revenues through December 2014 were already $96.5 million, or 2.5%, below budget forecast. We believe liquidity pressures will mount early in fiscal 2016 because of the Government Development Bank's (GDB) ability to provide liquidity may be constrained, and budget risks may be amplified if a new tax structure in the form of a VAT is implemented while at the same time negative economic trends persist. It is also unclear what effect the imposition of a VAT, if approved, might have on the island's economy," S&P said. The court decision on the restructuring law may also pose a threat to the GDB's liquidity by reducing investor appetite for its plan to refinance $2.2 billion of an unrated subordinate HTA loan. In S&P's view, refinancing the HTA loan is needed to recapitalize the GDB and in turn provide for central government liquidity. IMPLEMENTATION OF VALUE ADDED TAX S&P also believes that budget risk is high for the next fiscal year due to the government's announced plan to implement a new VAT, expected to be imposed at 16%. Puerto Rico's intention in imposing a VAT is to significantly raise overall revenues and create a more equitable tax system that reduces tax evasion, compared with the sales tax it would replace. S&P believes there is implementation risk in the near term, if the new tax structure is approved, due to the lack of collection history and the uncertainty of collection mechanics. S&P also believes that it could increase forecasting volatility. While on a long-term basis, higher taxes could improve the budget balance, S&P has concerns for the potential negative economic implications that could result from the new tax. When the current sales tax went into effect, the commonwealth expected to increase revenues and reduce tax evasion. However, actual sales tax growth fell short of original projections and compliance remains an issue. S&P is concerned that similar unexpected consequences could arise from implementation of the VAT. If approved, it would be the first time a VAT was implemented within the U.S. governmental system. There appears to be no consensus between the two main political parties on imposition of the tax, suggesting the new tax could be modified if the main opposition party gains office in the future. Introduction of VAT legislation has negative implications for COFINA's sales tax-secured bonds in S&P's view due to the uncertainty over the amount of pledged revenues that would replace the sales tax, and whether the new structure maintains the separation of pledged revenue from what is pledged to the GO bondholders. COFINA bond covenants allow replacement of sales taxes pledged to bonds by a "substitute like or comparable security," but only if it does not impair an obligation of COFINA. In addition, bond covenants prohibit substitution unless the bond trustee shall have been provided with written confirmation of all bond ratings outstanding from rating agencies maintaining a rating on the bonds, taking such substitution into account. If approved, S&P will evaluate the new VAT implementation plan and its impact on credit quality. ECONOMY The current developments occur against the backdrop of continued economic weakness in the past year. Although employment has stabilized in the past three months, it remains down slightly year-over-year. The GDB leading economic index released December 2014 showed a 1.4% year-over-year decline, and census data for 2014 show the island's population continues to decline. S&P still believes economic growth is necessary for the commonwealth to pay growing debt service, pension, and health care costs and, in S&P's view, the prospects for this have declined in recent months. CAPITAL MARKET ACCESS "As a result of what we believe is constrained capital market access we have used an override factor within our state rating methodology to limit our GO rating on Puerto Rico to the 'B' category. We believe the commonwealth will require access to external debt markets for substantial cash flow financing in early fiscal 2016, or potentially before that if budget forecasts prove weaker than current forecasts. In our opinion, Puerto Rico could potentially find itself without market access at affordable cost if GDB's liquidity falls or the private high-risk investors who currently invest in Puerto Rico and its public corporations abandon this high-yield lending strategy. Recent GO bond yields above 10% are, in our view, an expression of external market risk. The central government's access to loans may also be affected by a recent lower court decision that invalidated Puerto Rico's recent debt restructuring law for public corporations, which investors might perceive as limiting the commonwealth's efforts to isolate or "ring fence" the GO debt from the credit problems affecting its public agencies. Although other overrides apply to our rating on Puerto Rico, such as a high level of expected future long-term liabilities for debt and pension systems, and weak financial management, our downgrade reflects our assessment of the capital market access risk override," S&P said. As liquidity becomes more constrained, if the economy continues to weaken, and budget gaps increase, S&P believes Puerto Rico's access to the capital markets could deteriorate. Proposed changes to the current tax structure could also exacerbate this uncertainty. Although HTA, COFINA, rum, and hotel tax-secured debt appears to have adequate pledged revenues on a strict legal coverage basis, S&P is concerned that these revenue streams may not be adequately separated from the commonwealth's credit quality in the event of severe general fund credit and/or liquidity stress. OUTLOOK S&P's outlook on Puerto Rico is negative. To the extent the commonwealth's liquidity situation deteriorates in the next year, possibly due to an inability to place cash flow notes, or a widening fiscal 2015 deficit, S&P could lower its GO and associated ratings on Puerto Rico. Should liquidity also become further constrained during the phase-in period of the proposed VAT, S&P could also lower the ratings. Should Puerto Rico's liquidity situation improve and the commonwealth regain affordable market access, which S&P do not expect in the near term, it could revise the outlook to stable. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Adds More Flights to Tobago for Carnival ------------------------------------------------------------ Trinidad Express reports that Caribbean Airlines Limited is adding more seats to Tobago for Carnival. "In addition to the annual eight per cent increase in passenger capacity on the Trinidad and Tobago airbridge, Caribbean Airlines confirms even further capacity increases for the 2015 Carnival period," the airline said, according to Trinidad Express. The report notes that for the 13 days of operation between February 12 and February 23, CAL has scheduled 530 flights (265 round trips) and is offering a total of 36,384 seats. "We're pleased to add an additional 34 flights (17 round trips) during this period," the report quoted George Reeleder, VP, Commercial Operations and Customer Service, as saying. "That's 3,860 extra seats in a combination of ATR and 737 aircraft. We know how important this route is to the economy and citizens of Tobago, as well as the many tourists that visit during this period," Mr. Reeleder added. The report notes that although this is the capacity plan at this time, Caribbean Airlines will monitor loads in detail and, if required, add additional 737 frequencies, the airline said in a statement. "As always, we stand by to add additional capacity as required on the day of the flight. In the early period of February, for example, CAL experienced light loads on certain mid-week flights and in advance cancelled approximately six return flights to save on costs and fuel," Mr. Reeleder added, notes the report. For the holiday period, passengers are encouraged to utilise the airline's online check-in facility and arrive early to ensure that the airport experience is as smooth as possible, the report relays. Stand-by capacity during this period will be limited, the airline said, the report adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on July 11, 2014, Trinidad and Tobago Newsday said that Caribbean Airlines is facing another loss. However, Finance Minister Larry Howai is hopeful the loss could be narrowed down to less than TT$100 million, according to Trinidad and Tobago Newsday. Mr. Howai noted the airline industry is not the easiest and many airlines have gone bankrupt at some point. Citing Caribbean360.com, the TCRLA on May 20, 2013, said Minister Howai said Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million. TRINIDAD AND TOBAGO POSTAL: Workers Threaten 'Ole Mas' ------------------------------------------------------ Trinidad Express reports that Trinidad and Tobago postal workers have threatened to make "ole mas" if wage negotiations for the bargaining period 2011-2013 do not begin by the month's end. The employees, represented by the Trinidad and Tobago Postal Workers Union, say the management of the Trinidad and Tobago Postal Corporation (TTPost) has failed to meet with the chief personnel officer (CPO) to get wage talks going, according to Trinidad Express. The report notes that the union is proposing a TT$18.50 monthly increase for workers over the period, which it says will bring their salaries in line with international standards. At a press conference at the union's office in El Dorado general secretary Reginald Crichlow said the last time workers' wages were increased was in 2010, the report relays. The report discloses that Mr. Crichlow said despite working in unfavourable conditions and without the proper tools, employees have done everything possible to ensure that mail is delivered. "We would have submitted our proposals for the period 2011, 2012, and 2013 sometime back in last year August. To date we have had no instructions or advisory from the management, coming from the CPO, who normally would advise the management to engage the union in discussions," Mr. Crichlow said, the report relays. "It is unfair that to this date the management would not have received any direction from the CPO with regard to the situation. We are not bound to meet and negotiate with the CPO. Our corporation is headed by a board, our corporation has a management and under the Postal Corporation Act it directs negotiations to go about between the management and board and the union," Mr. Crichlow added. The report relays that Mr. Crichlow said the only interaction the union has had with the management was with regard to clarifying its wage proposal. "We stand firm that today Carnival Thursday we not making no 'ole mas', we want pretty mas. We want George Bailey mas, but we wish to guide the powers-that-be that all these kinds of mas could end up to be 'ole mas'. We expect by the end of February the negotiations between the management and the workers' representatives should be on full flow, failing to so do then the actions of the workers will indeed state their readiness or unreadiness to participate and seek what is their just due," said Mr. Crichlow, the report notes. Out of the 1,100 Postal Corporation workers, 800 are represented by the union. The starting salary of a delivery officer is $4,000, Mr. Crichlow said, the report adds. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Feb. 2 to Feb. 6, 2015 -------------------------------------------------------- Issuer Name Cpn Bid Price Maturity Date Country Curr ----------- --- --------- ------------- ------- ---- PDVSA 8.5 56.25 11/2/2017 VE USD PDVSA 12.75 53.5 2/17/2022 VE USD Kaisa Group Holdings Ltd 8.87 65.5 3/19/2018 CN USD Venezuela 12.75 52.5 8/23/2022 VE USD PDVSA 5.25 47.5 4/12/2017 VE USD PDVSA 5.37 34.65 4/12/2027 VE USD PDVSA 6 6.5 11/15/2026 VE USD Venezuela 5.75 61.5 2/26/2016 VE USD PDVSA 9.75 46 5/17/2035 VE USD Venezuela 11.95 49 8/5/2031 VE USD PDVSA 6 37.5 5/16/2024 VE USD Kaisa Group Holdings Ltd 9 82 6/6/2019 CN USD PDVSA 9 43.5 11/17/2021 VE USD PDVSA 5.5 36.9 4/12/2037 VE USD Venezuela 13.62 56 8/15/2018 VE USD Kaisa Group Holdings Ltd 10.25 69 1/8/2020 CN USD Kaisa Group Holdings Ltd 12.87 108 9/18/2017 CN USD Odebrecht Oil & Gas Finance Ltd 7 68 KY USD CSN Islands XII Corp 7 74.5 BR USD Venezuela 8.25 44 10/13/2024 VE USD Honghua Group Ltd 7.45 58.5 9/25/2019 CN USD PDVSA 5.12 53.48 10/28/2016 VE USD Venezuela 7.75 42.5 10/13/2019 VE USD Banco do Brasil SA/Cayman 6.25 75 KY USD Venezuela 7 44.5 12/1/2018 VE USD Venezuela 9 44.5 5/7/2023 VE USD Kaisa Group Holdings Ltd 6.87 74.423 4/22/2016 CN CNY Venezuela 9.37 44.5 1/13/2034 VE USD Venezuela 6 39 12/9/2020 VE USD Venezuela 7 40.5 3/31/2038 VE USD CA La Electricidad de Caracas 8.5 40 4/10/2018 VE USD Venezuela 9.25 44.5 5/7/2028 VE USD Offshore Group Investment Ltd 7.5 74.87 11/1/2019 KY USD Venezuela 7.65 35.5 4/21/2025 VE USD Automotores Gildemeister SA 8.25 45.87 5/24/2021 CL USD Kaisa Group Holdings Ltd 8 70 12/20/2015 CN CNY Venezuela 13.625 48 8/15/2018 VE USD Agile Property Holdings Ltd 8.25 75.05 CN USD McDermott International Inc 8 70.5 5/1/2021 US USD USJ Acucar e Alcool SA 9.875 73 11/9/2019 BR USD Tonon Bioenergia SA 9.25 62.3 1/24/2020 BR USD Offshore Group Investment Ltd 7.125 68.06 4/1/2023 KY USD Automotores Gildemeister SA 6.75 44.75 1/15/2023 CL USD SMU SA 7.75 76.5 2/8/2020 CL USD Mongolian Mining Corp 8.87 66.5 3/29/2017 MN USD Polarcus Ltd 8 40.08 6/7/2018 AE USD PSOS Finance Ltd 11.75 75 4/23/2018 KY USD PDVSA 8.5 57.45 11/2/2017 VE USD Herbalife Ltd 2 73.7 8/15/2019 US USD Cia Energetica de Sao Paulo 9.75 72.87 1/15/2015 BR BRL BA-CA Finance Cayman Ltd 1.21 63.249 KY EUR Hidili Industry International Development Ltd 8.625 76 11/4/2015 CN USD China Precious Metal Resources Holdings Co Ltd 7.25 52.067 2/4/2018 HK HKD Inversora de Electrica de Buenos Aires SA 6.5 28.5 9/26/2017 AR USD NQ Mobile Inc 4 70.448 10/15/2018 CN USD Glorious Property Holdings Ltd 13.25 71.971 3/4/2018 HK USD Kaisa Group Holdings Ltd 8.875 93.5 3/19/2018 CN USD PDVSA 6 37.63 11/15/2026 VE USD PDVSA 12.75 51.83 2/17/2022 VE USD Polarcus Ltd 8.9 39.854 7/8/2019 AE NOK Polarcus Ltd 2.87 68.7 4/27/2016 AE USD Empresa Distribuidora Y Comercializadora Norte 9.75 72.42 10/25/2022 AR USD PDVSA 6 39.65 5/16/2024 VE USD Argentina Bond 1.18 8.12 12/31/2038 AR ARS Venezuela Bond 13.625 50.941 8/15/2018 VE USD McDermott International Inc 8 84.5 5/1/2021 US USD Tonon Bioenergia SA 9.25 71 1/24/2020 BR USD Argentina Bonar Bonds 23.00 5.5 9/10/2015 AR ARS BCP Finance Co 2.15 61.25 KY EUR Newland International Properties Corp 9.5 32 7/3/2017 PA USD BA-CA Finance Cayman 2 Ltd 2.03 62.31 KY EUR Odebrecht Oil & Gas Finance Ltd 7 69 KY USD PDVSA 9 44 11/17/2021 VE USD Honghua Group Ltd 7.45 58.5 9/25/2019 CN USD Argentine Bonad Bonds 2.4 68 3/18/2018 AR USD Automotores Gildemeister SA 8.25 60 5/24/2021 CL USD PDVSA 9.75 43 5/17/2035 VE USD Automotores Gildemeister SA 6.75 59.5 1/15/2023 CL USD ESFG International Ltd 5.753 0.68 KY EUR Greenfields Petroleum Corp 9 20 5/31/2017 US CAD USJ Acucar e Alcool SA 9.87 73 11/9/2019 BR USD CSN Islands XII Corp 7 73.99 BR USD SMU SA 7.75 75.25 2/8/2020 CL USD Mongolian Mining Corp 8.875 66.5 3/29/2017 MN USD Banco do Brasil SA/Cayman 6.25 74 KY USD Argentina Bocon 2 42.288 1/3/2016 AR ARS Venezuela TICC Bond 6.25 73.195 4/6/2017 VE USD Hidili Industry International Development Ltd 8.625 75 11/4/2015 CN USD Cia Energetica de Sao Paulo 9.75 72.87 1/15/2015 BR BRL Venezuela TICC Bond 5.25 52.627 3/21/2019 VE USD Newland International Properties Corp 9.5 47 7/3/2017 PA USD Empresa Distribuidora Y Comercializadora Norte 9.75 72 10/25/2022 AR USD Banif Finance Ltd 1.449 KY EUR BPI Capital Finance Ltd 2.63 39.5 KY EUR Cia Cervecerias Unidas SA 4 51.90 12/1/2024 CL CLP Banco BPI SA/Cayman Islands 4.15 71.37 11/14/2035 KY EUR Argentina Bond 5.83 14 12/31/2033 AR ARS Cia Sud Americana de Vapores SA 6.4 58.45 10/1/2022 CL CLP Venezuela TICC Bond 9.12 74.29 9/15/2017 VE USD Venezuela Bond 9.25 48 9/15/2027 VE USD Ruta del Bosque Sociedad Concesionaria SA 6.3 69.2 3/15/2021 CL CLP Talca Chillan Sociedad Concesionaria SA 2.75 47.78 12/15/2019 CL CLP Venezuela Bond 11.75 50.5 10/21/2026 VE USD Provincia de Rio Negro 1.6716 72 5/4/2024 AR ARS Provincia Corrientes 0.0204 8 1/1/2016 AR ARS Provincia del Chaco 4 61.25 12/4/2026 AR USD Decimo Primer Fideicomiso de Bonos de Prestamos Hipotecar 4.54 59 10/25/2041 PA USD Decimo Primer Fideicomiso de Bonos de Prestamos Hipotecar 6 70.8 10/25/2041 PA USD Empresa de los Ferrocarriles del Estado 6.5 69.91 1/1/2026 CL CLP *********** 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 2015. 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 * * *