/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150217.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Tuesday, February 17, 2015, Vol. 16, No. 033 Headlines B R A Z I L PETROLEO BRASILEIRO: HSBC Pitches Oil Rig Bonds Nobody Wants SCHAHIN OIL: Fitch Cuts Issuer Default Ratings to 'B-' SETE BRASIL: S&P Lowers Rating to 'BB-'; On CreditWatch Negative C A Y M A N I S L A N D S 12 PERCENT INVESTMENTS: Shareholders Receive Wind-Up Report BLACKHORSE EMERGING: Shareholders Receive Wind-Up Report CHRISPHAELLE LIMITED: Shareholders Receive Wind-Up Report ESG SELECTION: Shareholder Receives Wind-Up Report ESG SELECTION MASTER: Shareholder Receives Wind-Up Report EVERSHINE MELIDA: Members Receive Wind-Up Report ICG EUROPEAN: Shareholders Receive Wind-Up Report JETS INTERNATIONAL: Shareholders Receive Wind-Up Report K&S CAPITAL MANAGEMENT: Shareholders Receive Wind-Up Report MA GOLDMAN SACHS: Shareholders Receive Wind-Up Report MANULIFE ABSOLUTE: Shareholders Receive Wind-Up Report MANULIFE ABSOLUTE MASTER: Shareholders Receive Wind-Up Report NEXSTAR EMERGING: Shareholder Receives Wind-Up Report SB FINANCE LIMITED: Shareholders Receive Wind-Up Report SIGNUM FINANCE: Shareholders Receive Wind-Up Report SIGNUM ROUGE: Shareholders Receive Wind-Up Report SKM-LIBERTYVIEW: Shareholders Receive Wind-Up Report SUFFIELD CLO: Shareholders Receive Wind-Up Report TJ AVILA INVESTMENTS: Shareholders Receive Wind-Up Report ZEUS (CAYMAN) II: Shareholders Receive Wind-Up Report C O L O M B I A COLOMBIA: Coal Production Rises to 88.5 Million Tons in 2014 C U B A CUBA: U.S. Opens Door to Imports From Private Sector D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Petrocaribe Preferential Oil Deal Stays As Is DOMINICAN REPUBLIC: Stock Market to Grow 15% to US$11.1 Billion P U E R T O R I C O FIRSTBANK PUERTO RICO: S&P Puts 'B+' ICR on CreditWatch Negative PUERTO RICO AQUEDUCT: S&P Lowers Rating on Revenue Bonds to 'B' PUERTO RICO: To Appeal Ruling Voiding Bankruptcy Law UNIVERSITY OF PUERTO RICO: S&P Lowers Rev. Bonds' SPUR to 'B' X X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - =========== B R A Z I L =========== PETROLEO BRASILEIRO: HSBC Pitches Oil Rig Bonds Nobody Wants ------------------------------------------------------------ Paula Sambo at Bloomberg News reports that in the months since Brazil's largest bribery scandal broke, bond investors have fled companies tied to the alleged kickbacks. They've been far too hasty, according to HSBC Holdings Plc and Mizuho Securities USA, Bloomberg News relates. Bloomberg News notes that Odebrecht Offshore Drilling and Queiroz Galvao Oil & Gas Constellation are a case in point. Their securities have plunged at least 27 percent since Nov. 13, when federal police said they found "strong evidence" that at least seven builders, including the parent companies of the two oil-rig providers, formed a cartel to win public contracts, according to the report. To Mizuho's John Haugh, the bonds are now a buy because the terms that govern them will likely shield the issuers from any punishment the parent companies may face if they're found guilty of bribing Petroleo Brasileiro SA, Bloomberg News says. Not only is the money to pay these notes set aside in an escrow account, the long-term charter agreements with Petrobras backing the debt can only be terminated in cases where the rigs aren't delivered on time or are defective, Bloomberg News discloses. "These bonds are oversold and present an attractive entry point," Mr. Haugh, a Latin America corporate strategist, told Bloomberg News by telephone from New York. "The charter agreements that back the bonds are not renegotiable prior to expiration," the strategist added. Bloomberg News relays that Odebrecht Offshore Drilling said that its notes have a solid package of guarantees including the drilling rigs, as well as receivables from long-term contracts. Salvador, Brazil-based parent Odebrecht SA referred questions to the unit. In a Dec. 30 statement, Odebrecht said that all of its Petrobras contracts were obtained in competitive processes under established legislation, Bloomberg News relates. Petrobras Bans Bloomberg News discloses that the press office of Rio de Janeiro- based Queiroz Galvao Oil & Gas declined to comment on the allegations and the bond losses. Parent Queiroz Galvao SA, which referred requests for comment to the unit, said in a Nov. 14 statement that all of its contracts are within the law. Since the end of December, Petrobras has banned more than 20 builders including Odebrecht and Queiroz Galvao from bidding on contracts pending the outcome of an investigation that has roiled the nation's financial markets and fueled calls for the impeachment of President Dilma Rousseff, Bloomberg News relays. Bloomberg News notes that Odebrecht Offshore Drilling's $1.275 billion of notes due 2022 have lost 27 percent since Nov. 13 to 74.29 cents on the dollar. The notes are now distressed, yielding 11.53 percentage points over similar-maturity U.S. Treasuries. Brazil's real declined 0.4 percent to 2.8347 per dollar on Friday, Feb. 13, 2015, says Bloomberg News. 'Most Attractive' Bloomberg News says that the $700 million of 2019 notes sold by Queiroz Galvao Oil & Gas have plummeted 46 percent in the same span to 52.51 cents on the dollar. At 23.36 percent, they yield three times the average for junk-rated emerging-market debt, Bloomberg News notes. Bloomberg News relates that the bonds are a bargain because the long-term contracts provide cash-flow visibility and are devoid of clauses that could be exploited by Petrobras to void the charter agreements if the parent companies are found guilty, HSBC analysts led by Sarah Leshner said in a Feb. 4 report. "Secured drill-rig bonds offer the most attractive risk-return for a patient holder," they wrote, Bloomberg News relays. Bloomberg News discloses that the rig companies also benefit from renting strategically critical equipment to Petrobras. Sanjay Ranade, a strategist at Jefferies Group LLC, recommended last month that investors stay away, Bloomberg News notes. 'Volatile Times' "In these volatile times, we cannot rule out the possibility of a renegotiation," Mr. Ranade said in a note to clients Jan. 7, Bloomberg News notes. Mizuho's Haugh said that most of the contracts that back Queiroz Galvao Oil & Gas's bonds expire in 2018, a year before the notes mature and ensuring debt payments are covered for the next several years, Bloomberg News relays. And while declining to provide a fair-value estimate for the rig providers' bonds, Mr. Haugh said investors demand too much in yield relative to Petrobras's notes, Bloomberg News relays. Queiroz Galvao Oil & Gas's 2019 debt yields 15.7 percentage points more than similar-maturity securities from Petrobras, data compiled by Bloomberg show. "There is enough asset value to cover all debt at Queiroz Galvao Oil & Gas and its subsidiaries," Mr. Haugh said, Bloomberg News notes. "These bonds should trade at a closer spread to Petrobras," Mr. Haugh added. Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. -- Petrobras (Brazilian Petroleum Corporation) -- explores for oil and gas and produces, refines, purchases, and transports oil and gas products. The Company has proved reserves of about 14.1 billion barrels of oil equivalent and operates 16 refineries, an extensive pipeline network, and more than 8,000 gas stations. As reported in the Troubled Company Reporter-Latin America on Feb. 9, 2015, EFE News said that scandal-hit Brazilian state- controlled oil company Petroleo Brasileiro S.A. named the chief executive of state-run bank Banco do Brasil as its new chief executive officer. Petrobras, which made the announcement in a securities filing, said its board of directors selected Aldemir Bendine to succeed Maria das Gracas Silva Foster, who resigned amid a deepening crisis at the company, according to EFE News. TCRLA reported on Feb. 3, 2015, that Global Insolvency News, citing Financial Times, said Petrobras has admitted it is so far unable to calculate how much money was stolen from the company in a vast corruption scandal that has shaken confidence in the world' second-largest emerging market. After two months of delays, the state-controlled oil producer finally published its unaudited financial statements for the third quarter of 2014 at just after 4:00 a.m. on Jan. 27, in Brazil to avoid breaking some of its debt covenants, according to Global Insolvency News. Moody's Cut Petroleo Brasileiro's baseline credit assessment to ba1, the TCRLA reported on Dec. 11, 2014. SCHAHIN OIL: Fitch Cuts Issuer Default Ratings to 'B-' ------------------------------------------------------ Fitch Ratings has downgraded Schahin Oil and Gas Ltd.'s (Schahin, or HoldCo) foreign- and local-currency Issuer Default Ratings (IDRs) to 'B-' from 'B+' and placed the ratings on Negative Rating Watch. The downgrade reflects the company's liquidity deterioration and higher levels of refinancing risk as it continues to delay obtaining permanent long-term financing at the holding company level. Schahin currently has a bridge loan with Mizhuo Bank Ltd for approximately USD460 million due in October 2015. The likelihood that the company will be able to refinance this maturity with third parties has significantly deteriorated as a result of the decrease in international oil prices and the uncertainty created by the current investigation into Petrobras' contracting practices. Further pressuring Schahin's liquidity is approximately USD340 million of short-term bank debt at Deep Black Drilling LLC, an intermediate holding company. The Negative Watch reflects the increased uncertainty surrounding the company's ability to refinance its outstanding debt in a timely manner before its October deadline. Schahin's ratings reflect the company's high consolidated leverage and structural subordination to its operating subsidiaries' project finance debt. Consolidated leverage is expected to decline over time as the project finance debt at the operating companies amortizes. The OpCos assets have long-term contracts in place that allow them to better match project debt with the life of the assets, which results in low debt service requirements and greater cash flow distributions to the HoldCo. RATING SENSITIVITIES Factors that could lead to a negative rating action are: Failure to put in place permanent long-term financing at the HoldCo to refinance intermediate subsidiaries' obligations and/or failure to lower leverage to 5x or below in the medium term, or an overly aggressive growth strategy that could pressure credit metrics. Although a positive rating action is not expected in the short- to medium-term, key considerations for a positive rating action would be a faster deleveraging process coupled with a reduction of the Holdo's structural subordination to its operating assets. SETE BRASIL: S&P Lowers Rating to 'BB-'; On CreditWatch Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its global scale ratings on Sete Brasil Participacoes S.A.to 'BB-' from 'BB'. At the same time, S&P lowered the national scale rating on the company to 'brA-' from 'brAA'. S&P also lowered the national scale senior unsecured rating on the company's R$1.85 billion debentures to 'brA-' from 'brAA'. S&P is also placing the ratings on CreditWatch with negative implications. "The downgrade reflects further construction delays for Sete's drilling vessels that have resulted from the weakening creditworthiness of the local shipyards responsible for the works and from Sete's inability to secure long-term financing for its special-purpose entities," said Standard & Poor's credit analyst Renata Lotfi. The long-term financing disbursement has stalled due to operational issues in Sete's gathering all applicable information requested by banks and due to banks' greater scrutiny regarding financing to Petroleo Brasileiro S.A. - Petrobras' (Petrobras; BBB-/Stable/--) suppliers, like Sete, in light of the corruption investigations. Sete's ability to secure this long-term financing is a key rating driver in the next few months because the company's close $3.5 billion in bridge loans will mature in the short-term. Sete's business plan assumed that it would align its debt amortization profile with its construction plan and vessel delivery schedule. Although S&P believes Sete's business fundamentals and ownership structure could enhance its financial flexibility and should allow the company to secure long-term financing, Sete is exposed to a high level of uncertainty and execution risk regarding its early preoperational phase. CREDITWATCH The CreditWatch placement reflects the potential further delays in operating cash flow generation due to a slowdown in construction activity at the Brazilian shipyards because of Sete's inability to secure long-term refinancing to replace its bridge loans. S&P could downgrade the company during the next 30 days if it don't see significant progress toward securing long-term financing for each SPE, which would further weaken the shipyards' creditworthiness and Sete's construction activities. The delays could consume the average six months cushion Sete has set as the difference between the expected delivery of the drilling vessels and the start date of the charter agreements, which could weaken Sete's expected operating cash flow generation. Additionally, any further deterioration in Petrobras''bb' stand- alone credit profile (SACP) could lead to a similar action on Sete, because S&P's rating on the company incorporates Petrobras' contractual foundation. S&P could revise the outlook to stable if Sete secures long-term financing in the next three months. ========================== C A Y M A N I S L A N D S ========================== 12 PERCENT INVESTMENTS: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of 12 Percent Investments Limited 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 BLACKHORSE EMERGING: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of The Blackhorse Emerging Enterprises (US) Fund received on Jan. 7, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Francis Engle 29R Barker Road, 307493 Singapore CHRISPHAELLE LIMITED: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of Chrisphaelle Limited received on Jan. 6, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Leslie Cunliffe Ingrid Bodden Eagle Holdings Limited 25 Main Street P.O. Box 487, George Town, Grand Cayman KY1-1106 Cayman Islands e-mail: robert.steele@barclays.com ESG SELECTION: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of ESG Selection Offshore Fund-S Ltd received on Jan. 28, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Emerging Sovereign Group LLC c/o Joanne Huckle Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 ESG SELECTION MASTER: Shareholder Receives Wind-Up Report --------------------------------------------------------- The shareholder of ESG Selection Master Fund-S Ltd received on Jan. 28, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Emerging Sovereign Group LLC c/o Joanne Huckle Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 EVERSHINE MELIDA: Members Receive Wind-Up Report ------------------------------------------------ The members of Evershine Melida Limited received on Jan. 17, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Eagle Management Services Limited c/o Barclays Trust Company (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands ICG EUROPEAN: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of ICG European Special Credits Fund GP 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 JETS INTERNATIONAL: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Jets International 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 K&S CAPITAL MANAGEMENT: Shareholders Receive Wind-Up Report ----------------------------------------------------------- The shareholders of K&S Capital Management, Inc. received on Jan. 29, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Nicola Cowan Telephone: (345) 946 7665 Facsimile: (345) 949 2877 DMS Corporate Services Ltd. dms House, 2nd Floor P.O. Box 1344 Grand Cayman KY1-1108 Cayman Islands MA GOLDMAN SACHS: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of MA 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 MANULIFE ABSOLUTE: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of Manulife Absolute Return Mortgage Securities Fund 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 MANULIFE ABSOLUTE MASTER: Shareholders Receive Wind-Up Report ------------------------------------------------------------- The shareholders of Manulife Absolute Return Mortgage Securities Master Fund 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 NEXSTAR EMERGING: Shareholder Receives Wind-Up Report ----------------------------------------------------- The shareholder of Nexstar Emerging Markets Opportunity Fund, Ltd. received on Jan. 14, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Robert Taylor c/o Jacqueline Haynes Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949-9877 Ogier 89 Nexus Way Camana Bay Grand Cayman KY1-9007 Cayman Islands SB FINANCE LIMITED: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of SB Finance 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 SIGNUM FINANCE: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of Signum Finance Loan Repack 1 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 SIGNUM ROUGE: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Signum Rouge 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 SKM-LIBERTYVIEW: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of SKM-Libertyview CBO I 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 SUFFIELD CLO: Shareholders Receive Wind-Up Report ------------------------------------------------- The shareholders of Suffield CLO, 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 TJ AVILA INVESTMENTS: Shareholders Receive Wind-Up Report --------------------------------------------------------- The shareholders of TJ Avila Investments Limited received on Jan. 24, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Lashawn Davis Telephone: (345) 914 3195 ZEUS (CAYMAN) II: Shareholders Receive Wind-Up Report ----------------------------------------------------- The shareholders of Zeus (Cayman) II 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 =============== C O L O M B I A =============== COLOMBIA: Coal Production Rises to 88.5 Million Tons in 2014 ------------------------------------------------------------ EFE News reports that a total of 88.5 million tons of coal were produced last year in Colombia, 3.6 percent more than in 2013, the National Mining Agency, or ANM, said. The northern provinces of Cesar and La Guajira accounted for 92 percent of the total, the ANM said in a statement obtained by EFE. The report says a total of 47.3 million tons of coal were produced last year in Cesar, home to the La Jagua open pit mine, one of Colombia's biggest, 2 million more than in 2013. Roughly 34.3 million tons, 1 million more than the previous year, were produced in the neighboring province of La Guajira, where the open pit El Cerrejon mine is located, says EFE News. "These figures confirm once again that coal is our main mining resource and that, because of its strategic importance, we must manage it very responsibly," the report quoted ANM President Natalia Gutierrez as saying. The rest of the country's coal production came from the central provinces of Cundinamarca and Boyaca, 2.3 million tons and 1.7 million tons, respectively; the northern province of Norte de Santander, 2.1 million tons; the northwestern province of Antioquia, 264,708 tons; and the north-central province of Santander, 102,117 tons, the report relays. "Despite the significant drop in prices, Colombia has responded positively to this situation. We expect to increase production even further and that the coal supply in the country's interior can be made visible in market terms," Ms. Gutierrez added, EFE relates. ======= C U B A ======= CUBA: U.S. Opens Door to Imports From Private Sector ---------------------------------------------------- EFE News reports that the United States has taken another step in its rapprochement with Cuba by authorizing imports of certain goods and services produced by independent entrepreneurs on the Communist-ruled island, a measure aimed at boosting that nation's small private sector. In a further easing of the economic embargo imposed on the Caribbean island more than a half century ago, the U.S. State Department said that goods produced by Cuban entrepreneurs who produce documentary evidence of their independence from the state may be imported under Section 515.582 of the Cuban Assets Control Regulations, according to EFE News. However, Americans will not be able to import a range of goods, including animal, vegetable and mineral products; textiles; base metals; machinery and mechanical appliances; vehicles; and arms and ammunition, says the report. President Barack Obama's administration plans to periodically update the regulations to gradually eliminate some of these exceptions and promote increasingly dynamic trade relations between the United States and Cuba, adds EFE News. "This is another measure intended to support the ability of the Cuban people to gain greater control over their own lives and determine their country's future," the State Department said in a statement, according to EFE News. The report says Cuba's incipient private sector is made up of some 480,000 entrepreneurs, known on the island as "cuentapropistas." The State Department cautioned on Feb. 13 that it cannot predict whether Havana will allow Cuban entrepreneurs to export their goods and services to the United States, the report relates. "But we sincerely hope that it makes this and other new opportunities available to Cuba's nascent private sector," the department said, EFE adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Petrocaribe Preferential Oil Deal Stays As Is ----------------------------------------------------------------- Dominican Today reports that Venezuela ambassador Alberto Castellar affirmed that his country's Energy Solidarity Cooperation Agreement (Petrocaribe) with the Dominican Republic and other Latin American nations will remain as is. Mr. Castellar said Petrocaribe emerged to address inequalities for access to energy in Latin American countries, reaffirming that it's a new way of equitable and fair exchange, according to Dominican Today. "This is the dream of the late, unforgettable commander Hugo Rafael Ch vez Fr¡as to foster fair exchange and trade and unity among all Latin America countries," the report quoted Mr. Castellar as saying. The report relates that Mr. Castellar said despite efforts to destroy Petrocaribe, Caracas reaffirms its validity "and even more so for given Venezuela's interest in sharing what it has, not what it has left over, with its America brothers." DOMINICAN REPUBLIC: Stock Market to Grow 15% to US$11.1 Billion --------------------------------------------------------------- Dominican Today reports that Dominican Republic's Stock Market will grow 15% to RD$500.0 billion (US$11.1 billion) in trades this year, Securities Superintendent Gabriel Castro affirmed. The report notes that Mr. Castro said the custody and pay mechanism (Cevaldom) currently has more than RD$600.0 billion. "This amount entails a great challenge and, secondly, speaks volumes about the number of transactions and respectable volumes handled in the market, which tend to be growing more and more every day," Mr. Castro said, after receiving third place on e- government from the Presidency's Office for Information and Communication Technology (OPTIC), which evaluated 96 agencies, the report relates. The report notes that Mr. Castro said the market finances the government as well as other institutions both in pesos and dollars. Mr. Castro said the market will grow because pension funds need diverse instruments and the stock market is ideal to invest and get adequate returns, the report relays. Mr. Castro said last year's trades exceeded RD$400.0 billion, both the primary and the secondary market, the report notes. Mr. Castro said the stock market must be based on principles of transparency and credibility, in addition to financial education, the report adds. ====================== P U E R T O R I C O ====================== FIRSTBANK PUERTO RICO: S&P Puts 'B+' ICR on CreditWatch Negative ---------------------------------------------------------------- Standard & Poor's Ratings Services said it has placed its 'B+' long-term issuer credit rating on FirstBank Puerto Rico, its 'B+' long-term issuer credit rating on OFG Bancorp, its 'B+/C' long- and short-term issuer credit ratings on Popular Inc., and its 'BBB/A-2' long- and short-term issuer credit ratings on Santander BanCorp on CreditWatch with negative implications. "We placed our ratings on these four Puerto Rico-based banks on CreditWatch with negative implications following the downgrade of our ratings on the Commonwealth of Puerto Rico's GO debt on Feb. 12, 2015. While each of these banks has varying levels of exposure to certain public corporations in Puerto Rico (e.g., the Highways and Transportation Authority, Puerto Rico Electric Power Authority, and Puerto Rico Aqueduct and Sewer Authority), we believe that the persistently weak local economy and poor credit quality of the Commonwealth could potentially weigh on the credit quality of these banks' broader loan portfolios over time," said Standard & Poor's credit analyst Sunsierre Newsome. These banks' business profiles lack any meaningful geographic diversification outside of Puerto Rico. This leaves them vulnerable to deterioration in the performance of their loan portfolios, which, in turn, could hurt their capital levels and access to funding if Puerto Rico's credit quality remains strained or weakens further. S&P do recognize, however, that these banks benefit from certain structural benefits, such as access to the Federal Home Loan Bank, the U.S. Federal Reserve's discount window, and deposit insurance from the Federal Deposit Insurance Corp., that could support their funding profiles and stabilize their deposits despite the Commonwealth's persistent economic weakness. To resolve these CreditWatch listings, S&P will review each bank's credit profile, including their loan portfolios, exposures to the Commonwealth and three public corporations, and their liquidity positions. S&P will also consider how its credit assessments of these banks will be affected by the downgrade of S&P's rating on Puerto Rico's GO debt. A CreditWatch listing, however, doesn't mean that a rating change is inevitable. S&P expects to resolve its CreditWatch placements on these four banks within 90 days. PUERTO RICO AQUEDUCT: S&P Lowers Rating on Revenue Bonds to 'B' --------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its ratings on Puerto Rico Aqueduct & Sewer Authority's (PRASA) revenue bonds, guaranteed by the Commonwealth of Puerto Rico, by three notches to 'B' from 'BB'. At the same time, Standard & Poor's lowered its rating on PRASA's revenue bonds to 'B' from 'BB-'. The outlook is negative. "The actions reflect our downgrade of the commonwealth's general obligation debt," said Standard & Poor's credit analyst James Breeding. The negative outlook affects PRASA's series 2008A and 2008B revenue bonds, of which $285 million are outstanding. The authority also has approximately $874.3 million in other commonwealth-backed obligations, mainly U.S. Department of Agriculture's Rural Development loans, as well as the Puerto Rico Infrastructure Financing Authority loans (not rated). Those bonds are first secured by a pledge of net revenues of PRASA's system. Should the net revenues be insufficient, the commonwealth backstops the bonds. The 'B' rating on the senior-lien revenue bonds -- series 2008 and 2012A and B, secured by a gross revenue pledge of the authority, with about $3.4 billion total outstanding -- reflects PRASA's stand-alone credit profile (SACP). The authority is, in S&P's view, a government-sponsored enterprise. By applying S&P's government-related entity criteria, and because of PRASA's important role and strong link with the commonwealth, a further downgrade to Puerto Rico's GO debt could cause a downgrade to the authority's revenue bonds. "We have also lowered PRASA's SACP to 'b' from 'bb-'. The SACP reflects our view of the authority's general creditworthiness based solely on its own fundamentals, absent any uplift or headwinds associated with its relationship with the general government. The lower SACP reflects our view of the current climate surrounding all Puerto Rico obligations as creating adverse business conditions for PRASA. The authority's liquidity has no immediate challenges because of a 2012 bond restructuring that included the injection of temporary working capital, as well as a 60% rate increase in 2013. However, we view the authority's ability to extend its lines of credit (LOCs; expiring in March 2015) or convert them to long-term debt as now being more difficult, though PSASA has indicated the intent to proceed with a sizable bond issue within the next two-to-three months. PRASA has little discretion in its capital improvement program given the large share of regulator-ordered, date-certain mandates as a share of total projects. Although an SACP does not carry an outlook, the outlook on the revenue bonds is negative because S&P believes there is at least a one-in-three chance that the adverse business conditions could worsen for the authority within S&P's two-year outlook horizon. The negative outlook on the commonwealth-backed bond reflects Standard & Poor's outlook on Puerto Rico's GO debt. The negative outlook on PRASA's gross-lien revenue bond reflects the fact that current climate surrounding all commonwealth obligations is furthering the adverse business conditions in which PRASA is operating. PUERTO RICO: To Appeal Ruling Voiding Bankruptcy Law ---------------------------------------------------- Reuters reports that Puerto Rico said it would appeal a U.S. ruling that voided the island's restructuring law, saying it left the U.S. commonwealth in legal limbo. Late on Feb. 6, a U.S. federal judge ruled that Puerto Rico's so- called Recovery Act, which made some of its agencies eligible for court-supervised debt restructuring, violated the U.S. constitution by allowing a state government to modify municipal debt, according to Reuters. "We believe that it is incorrect in law and has the effect of leaving Puerto Rico without a legal framework to allow our public corporations to comply with their obligations in an orderly manner without affecting the continuity of essential services that the citizenry receive," Puerto Rico Justice Secretary Cesar Miranda said in a statement obtained by the news agency. UNIVERSITY OF PUERTO RICO: S&P Lowers Rev. Bonds' SPUR to 'B' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'B' from 'BB' on the University of Puerto Rico's (UPR) existing university system revenue bonds. S&P also lowered the stand-alone credit profile (SACP) on the university to 'b' from 'bb'. Some of these bonds were issued by the Puerto Rico Industrial, Tourism, Educational, Medical, & Environmental Control Facilities Financing Authority. The outlook is negative. The downgrade follows the lowered general obligation rating on the Commonwealth of Puerto Rico to B/Negative. "Pursuant to our 'B' category rating definition, we believe adverse economic conditions could impair the UPR's capacity to meets its financial commitment on a timely basis for its debt obligations," said Standard & Poor's credit analyst Bianca Gaytan-Burrell. "While the university has historically benefited from the commonwealth's support in terms of annual appropriation growth and stability, as the Puerto Rican economy has slowed, it has also pressured the size and stability of appropriations to the university. As such, the rating on the university has moved in tandem with the commonwealth rating given this significant dependence," added Ms. Gaytan-Burrell. Though appropriations are not pledged to the bonds, they make up the largest portion of revenues available for operations. Any delay or reduction in appropriations could have a serious effect on UPR's operations. ================= X X X X X X X X X ================= * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ AGRENCO LTD AGRE LX 339244073 -561405847 AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847 AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847 ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3 ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3 ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3 ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3 ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3 ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3 ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3 ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3 BALADARE BLDR3 BZ 159449535 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7335626Q BZ 33401974.6 -468978.338 TEC TOY-RCT 7335630Q BZ 33401974.6 -468978.338 TEC TOY-RCT TOYB9 BZ 33401974.6 -468978.338 TEC TOY-RCT TOYB10 BZ 33401974.6 -468978.338 TEC TOY-RT 7335610Q BZ 33401974.6 -468978.338 TEC TOY-RT 7335614Q BZ 33401974.6 -468978.338 TEC TOY-RT TOYB1 BZ 33401974.6 -468978.338 TEC TOY-RT TOYB2 BZ 33401974.6 -468978.338 TECTOY TOYB3 BZ 33401974.6 -468978.338 TECTOY TOYB13 BZ 33401974.6 -468978.338 TECTOY SA TOYBON BZ 33401974.6 -468978.338 TECTOY SA-PREF TOYBPN BZ 33401974.6 -468978.338 TECTOY-PF-RTS5/6 TOYB11 BZ 33401974.6 -468978.338 TECTOY-PREF TOYB4 BZ 33401974.6 -468978.338 TECTOY-RCPT PF B TOYB12 BZ 33401974.6 -468978.338 TEKA TKTQF US 367577608 -421708949 TEKA TEKA3 BZ 367577608 -421708949 TEKA TEKAON BZ 367577608 -421708949 TEKA-ADR TEKAY US 367577608 -421708949 TEKA-ADR TKTPY US 367577608 -421708949 TEKA-ADR TKTQY US 367577608 -421708949 TEKA-PREF TKTPF US 367577608 -421708949 TEKA-PREF TEKA4 BZ 367577608 -421708949 TEKA-PREF TEKAPN BZ 367577608 -421708949 TEKA-RCT TEKA9 BZ 367577608 -421708949 TEKA-RCT TEKA10 BZ 367577608 -421708949 TEKA-RTS TEKA1 BZ 367577608 -421708949 TEKA-RTS TEKA2 BZ 367577608 -421708949 TEXTEIS RENA-RCT TXRX9 BZ 54394844.4 -90675345.2 TEXTEIS RENA-RCT TXRX10 BZ 54394844.4 -90675345.2 TEXTEIS RENAU-RT TXRX1 BZ 54394844.4 -90675345.2 TEXTEIS RENAU-RT TXRX2 BZ 54394844.4 -90675345.2 TEXTEIS RENAUX RENXON BZ 54394844.4 -90675345.2 TEXTEIS RENAUX RENXPN BZ 54394844.4 -90675345.2 VARIG PART EM SE VPSC3 BZ 83017828 -495721697 VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357 VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357 VARIG PART EM-PR VPSC4 BZ 83017828 -495721697 VARIG SA VAGV3 BZ 966298048 -4695211008 VARIG SA VARGON BZ 966298048 -4695211008 VARIG SA-PREF VAGV4 BZ 966298048 -4695211008 VARIG SA-PREF VARGPN BZ 966298048 -4695211008 WETZEL SA MWET3 BZ 97509409.1 -4549842.72 WETZEL SA MWELON BZ 97509409.1 -4549842.72 WETZEL SA-PREF MWET4 BZ 97509409.1 -4549842.72 WETZEL SA-PREF MWELPN BZ 97509409.1 -4549842.72 WIEST WISA3 BZ 34107195.1 -126993682 WIEST SA WISAON BZ 34107195.1 -126993682 WIEST SA-PREF WISAPN BZ 34107195.1 -126993682 WIEST-PREF WISA4 BZ 34107195.1 -126993682 *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 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 * * *