/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150305.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 Thursday, March 5, 2015, Vol. 16, No. 045 Headlines B R A Z I L BANCO DO BRASIL: Cuts Outlook for Fee Income on Cielo Partnership ODEBRECHT OFFSHORE: S&P Affirms 'BB' Rating; Outlook Stable USINA CAETE: S&P Puts 'B+' Rating on CreditWatch Negative C A Y M A N I S L A N D S ABSOLUTE INVESTMENT: Creditors' Proofs of Debt Due March 20 AUTOSTRADA INVESTMENT: Commences Liquidation Proceedings CHESTNUT INVESTMENT: Commences Liquidation Proceedings DELTA SPV2: Commences Liquidation Proceedings DREAM INTERACTIVE: Members Receive Wind-Up Report EPSILON ALPHA: Commences Liquidation Proceedings HEDGE FUND: Members Receive Wind-Up Report HORIZON MARINE: Shareholder Receives Wind-Up Report IGT SYNERGY: Shareholders Receive Wind-Up Report INTEGRATED STRATEGIC: Creditors' Proofs of Debt Due March 20 KEA INVESTMENTS: Commences Liquidation Proceedings KIKIN LIMITED: Creditors Hold First Meeting LAUREL LIMITED: Commences Liquidation Proceedings LEBLON VALUE: Shareholder Receives Wind-Up Report LEBLON VALUE MASTER: Shareholder Receives Wind-Up Report MILLENNIUM EUROPEAN: Commences Liquidation Proceedings MILLENNIUM TMT: Commences Liquidation Proceedings MILLENNIUM TMT USA: Commences Liquidation Proceedings OPTIMUS FUND: Commences Liquidation Proceedings OVS CAPITAL: Shareholders Receive Wind-Up Report QI-X HOLDINGS: Commences Liquidation Proceedings TOKIO MARINE: Commences Liquidation Proceedings TOSCANNO LIMITED: Placed Under Voluntary Wind-Up WALNUT LTD: Commences Liquidation Proceedings Y SHMCK COMPANY: Shareholders Receive Wind-Up Report D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Power Firms 'Fully Support' Pact w/ Consumers PERAVIA BANK: Depositors Can Get Their Money Back J A M A I C A JAMAICA: Low Investor Confidence Affects Equities Market M E X I C O BUENAVISTA DEL COBRE: To Pay $1.5MM Fine for Polluting River * MEXICO: Remittances to County Fall 0.70% in January P A N A M A * PANAMA: Growth Rate Slows to 6.2%, says INEC P E R U HOCHSCHILD MINING: Moody's Downgrades CFR to Ba3, Outlook Stable - - - - - =========== B R A Z I L =========== BANCO DO BRASIL: Cuts Outlook for Fee Income on Cielo Partnership ----------------------------------------------------------------- Reuters reports that Brazil's state-controlled commercial bank Banco do Brasil SA said it cut its outlook for fee income as a result of a partnership with Cielo SA, Brazil's largest credit and debt card operator. Banco do Brasil expects fee income to grow 3 percent to 6 percent instead of the 7 percent to 10 percent it suggested in guidance for investors published on Feb. 11, the bank said in a securities filing, according to Reuters. The report notes that the other forecasts published on Feb. 11 remain the same, the bank said. The report relates that Banco do Brazil said it agreed to take a 30 percent stake in a new company to be called Token Gestao de Contas de Pagamento that will be 70 percent owned by Cielo. The pro-forma net income for the joint venture was BRL615 million in 2015 while gross revenue was BRL2.4 billion, Cielo said, the report discloses. Under the deal, Banco do Brazil will realize a BRL3.2 billion boost to its net income as a result of intangible assets stemming from the partnership, the report says. Cielo is paying for its stake in the new venture with BRL3.46 billion of debt sold in the domestic Brazilian market, the report adds. As reported in the Troubled Company Reporter-Latin America on Oct. 1, 2014, Standard & Poor's Ratings Services has raised its rating on Banco do Brasil S.A.'s (BdB) perpetual non-cumulative subordinated bonds to 'BB-' from 'B+'. In addition, S&P affirmed its 'BB' rating on the bank's $500 million 10-year subordinated deferrable notes. In addition, S&P removed its "Under Credit Observation" identifier from the ratings on these instruments. ODEBRECHT OFFSHORE: S&P Affirms 'BB' Rating; Outlook Stable ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' ratings on Odebrecht Offshore Drilling Finance Ltd.'s (OODFL). The outlook on the notes remains stable. The ratings of OODFL are the same as the 'bb' stand-alone credit profile (SACP) of Petroleo Brasileiro S.A. - Petrobras (BBB- /Stable/--) due to S&P's view of notes credit dependency assessment (CDA) to the offtaker of the project's underlying charter contract. Petrobras chartered the four drillships involved in the OODFL transaction under long-term contracts with a tenor of 10 years for the ODN I and II vessels and seven years for Norbe VI and ODN Tay IV vessels. S&P believes these contracts constitute a key project component for the debt rating on OODFL's notes. S&P equalized OODFL's revenue or offtaker CDA to Petrobras' SACP, and not its credit rating because S&P believes the SACP reflects the risk associated to the nature of these contractual obligations. S&P could envision scenarios of stress for Petrobras under which the sovereign provides extraordinary support through, for example, liquidity injections, loans from public banks, or other types of credit facilities. However, S&P believes that this extraordinary support won't necessarily flow on a timely basis to meet the liabilities of drillship suppliers. USINA CAETE: S&P Puts 'B+' Rating on CreditWatch Negative --------------------------------------------------------- Standard & Poor's Ratings Services placed all ratings on Usina Caete S/A (Caete) on CreditWatch with negative implications, including the global scale 'B+' and Brazil national scale 'brBBB-' corporate ratings. The CreditWatch placement reflects the possibility that Caete's creditors could require the acceleration payment of the company's R$185 million debenture amid expected covenant breach according to our calculation for Dec. 31, 2014 verification. This, in S&P's view, would severely hurt the company's liquidity and make new refinancing more difficult. Caete's debt is highly concentrated in the short-term, although it consists mostly of export finance transactions, which are liquidated once the exports are completed. However, S&P believes there are economic incentives for three banks (Caete's creditors) to give a waiver, as they did in the past. However, the risks of not obtaining it have increased because credit for the sector is more expensive and tight due to weak industry fundamentals and recent defaults of Caete's peers. Prior to the CreditWatch placement, the negative outlook already reflected the company's high concentration of short-term debt and exposure to refinance working capital lines amid low global sugar prices and high inflation weakening profitability and cash flow generation. If the company can't gradually improve its capital structure by extending maturities while improving operating cash flows that results in positive free cash flows, a downgrade could occur if S&P believes Caete's liquidity will be pressured consistently. ========================== C A Y M A N I S L A N D S ========================== ABSOLUTE INVESTMENT: Creditors' Proofs of Debt Due March 20 ----------------------------------------------------------- The creditors of Absolute Investment Funds SPC are required to file their proofs of debt by March 20, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 31, 2014. The company's liquidator is: KRYS Global VL Services Limited KRyS Global, Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 Cayman Islands c/o Christopher Smith Telephone (345) 947 4700 AUTOSTRADA INVESTMENT: Commences Liquidation Proceedings -------------------------------------------------------- At an extraordinary meeting held on Jan. 8, 2015, the members of Autostrada Investment Management Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 18, 2015, will be included in the company's dividend distribution. 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 CHESTNUT INVESTMENT: Commences Liquidation Proceedings ------------------------------------------------------ On Jan. 12, 2015, the shareholders of Chestnut Investment Holdings Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 9, 2015, will be included in the company's dividend distribution. The company's liquidator is: Mr. Timothy J. Curt c/o Maples and Calder Attorneys-at-law The Center, 53rd Floor 99 Queen's Road Central Hong Kong DELTA SPV2: Commences Liquidation Proceedings --------------------------------------------- On Jan. 6, 2015, the sole shareholder of Delta SPV2 Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 19, 2015, will be included in the company's dividend distribution. The company's liquidator is: Peter Goulden Mourant Ozannes Cayman Liquidators Limited Mourant Ozannes Attorneys-at-Law for the Company Reference: NDL 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or DREAM INTERACTIVE: Members Receive Wind-Up Report ------------------------------------------------- The members of Dream Interactive Group Limited received on Jan. 26, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. Only creditors who were able to file their proofs of debt by Jan. 26, 2015, will be included in the company's dividend distribution. The company's liquidator is: Xu Bin c/o Michelle R. Bodden-Moxam Telephone: (345) 946-6145 Facsimile: 345-946-6146 Portcullis TrustNet (Cayman) Ltd The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 32052 Grand Cayman KY1-1208 Cayman Islands EPSILON ALPHA: Commences Liquidation Proceedings ------------------------------------------------ At an extraordinary meeting held on Jan. 9, 2015, the members of Epsilon Alpha Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2015, will be included in the company's dividend distribution. 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 HEDGE FUND: Members Receive Wind-Up Report ------------------------------------------ The members of Hedge Fund Ventures Ltd. received on Feb. 16, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands HORIZON MARINE: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Horizon Marine Construction Ltd. received on Feb. 19, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Quinn J. Hebert Cal Dive Offshore Contractors Inc. Telephone: (713) 361-2600 Facsimile: (713) 586-7338 2500 CityWest Blvd. Suite 2200, Houston Texas 77042 USA IGT SYNERGY: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of IGT Synergy Holding Limited received on Feb. 10, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. Only creditors who were able to file their proofs of debt by Feb. 9, 2015, will be included in the company's dividend distribution. The company's liquidator is: Richard Fear c/o Ryan Charles Telephone: (345) 814 7364 Facsimile: (345) 945 3902 P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands INTEGRATED STRATEGIC: Creditors' Proofs of Debt Due March 20 ------------------------------------------------------------ The creditors of Integrated Strategic Funds Limited are required to file their proofs of debt by March 20, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Dec. 19, 2014. The company's liquidator is: Christopher Smith Krys & Associates Cayman Ltd 23 Lime Tree Bay Avenue Governors Square Building 6, 2nd Floor P.O. Box 31237, KY1-1205, Grand Cayman Cayman Islands KEA INVESTMENTS: Commences Liquidation Proceedings -------------------------------------------------- On Dec. 30, 2014, the sole shareholder of KEA Investments SPC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 9, 2015, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith c/o Antoine Powell Telephone: (345) 815 4558 e-mail: apowell@bdo.ky BDO CRI (Cayman) Ltd. Building 3, Floor 2 Governors Square 23 Lime Tree Bay Ave P.O. Box 31229 Grand Cayman, KY1 1205 Cayman Islands KIKIN LIMITED: Creditors Hold First Meeting ------------------------------------------- The creditors of Kikin Limited held their first meeting on Feb. 17, 2015. During the meeting, the creditors were asked to elect a liquidation committee and deal with any other matters or resolutions the company's liquidator thinks fit or the Court may have direct. The company's liquidator is: Alyson Reilly KRyS Global Governors Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 Cayman Islands Telephone: (345) 947-4700 Facsimile: (345) 946-6728 LAUREL LIMITED: Commences Liquidation Proceedings ------------------------------------------------- On Jan. 6, 2015, the sole shareholder of Laurel Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Ian Phillips Telephone: (345) 749-3340 Facsimile: (345) 749-2230 Suite 4210 Canella Court 48 Market Street, Camana Bay P.O. Box 32203 Grand Cayman KY1-1208 Cayman Islands LEBLON VALUE: Shareholder Receives Wind-Up Report ------------------------------------------------- The shareholder of Leblon Value Hedge Fund Ltd. received on Feb. 10, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Leblon Equities Gestao De Recursos Ltda. c/o Jonathan Turnham Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 LEBLON VALUE MASTER: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Leblon Value Hedge Master Fund Ltd. received on Feb. 10, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Leblon Equities Gestao De Recursos Ltda. c/o Jonathan Turnham Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 MILLENNIUM EUROPEAN: Commences Liquidation Proceedings ------------------------------------------------------ At an extraordinary meeting held on Dec. 22, 2014, the members of Millennium European Opportunity GP resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2015, will be included in the company's dividend distribution. The company's liquidator is: KRyS Global VL Services Limited Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Christopher Smith Telephone: (345) 947 4700 MILLENNIUM TMT: Commences Liquidation Proceedings ------------------------------------------------- At an extraordinary meeting held on Dec. 22, 2014, the members of Millennium TMT Fund Turin Networks Investment Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2015, will be included in the company's dividend distribution. The company's liquidator is: KRyS Global VL Services Limited Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Christopher Smith Telephone: (345) 947 4700 MILLENNIUM TMT USA: Commences Liquidation Proceedings ----------------------------------------------------- At an extraordinary meeting held on Dec. 22, 2014, the members of Millennium TMT Fund USA Investments Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 28, 2015, will be included in the company's dividend distribution. The company's liquidator is: KRyS Global VL Services Limited Governors Square Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 31237 Grand Cayman KY1-1205 c/o Christopher Smith Telephone: (345) 947 4700 OPTIMUS FUND: Commences Liquidation Proceedings ----------------------------------------------- On Dec. 20, 2014, the shareholders of Optimus Fund resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 9, 2015, will be included in the company's dividend distribution. The company's liquidator is: Russell Smith c/o Antoine Powell Telephone: (345) 815 4558 e-mail: apowell@bdo.ky BDO CRI (Cayman) Ltd. Floor 2 - Building 3 Governors Square, 23 Lime Tree Bay Ave P.O. Box 31229 Grand Cayman, KY1 1205 Cayman Islands OVS CAPITAL: Shareholders Receive Wind-Up Report ------------------------------------------------ The shareholders of OVS Capital Management (Cayman) Limited received on Feb. 10, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. Only creditors who were able to file their proofs of debt by Feb. 10, 2015, will be included in the company's dividend distribution. The company's liquidator is: Managementplus (Cayman) Limited Buckingham Square, 2nd Floor West Bay Road P.O. Box 11735 Grand Cayman, KY1-1009 Cayman Islands Telephone: (345) 925 5976 e-mail: frank.balderamos@mplgroup.com QI-X HOLDINGS: Commences Liquidation Proceedings ------------------------------------------------ On Jan. 8, 2015, the shareholders of QI-X Holdings LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 17, 2015, will be included in the company's dividend distribution. The company's liquidator is: Intertrust SPV (Cayman) Limited 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 943-3100 TOKIO MARINE: Commences Liquidation Proceedings ----------------------------------------------- On Jan. 5, 2015, the shareholders of Tokio Marine Financial Solutions Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 23, 2015, will be included in the company's dividend distribution. The company's liquidator is: K.D. Blake PO Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Jenna Nicholson Telephone: 345 914 4494/ 345 949 4800 Facsimile: 345 949 7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands TOSCANNO LIMITED: Placed Under Voluntary Wind-Up ------------------------------------------------ On Jan. 2, 2015, the sole shareholder of Toscanno Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Feb. 19, 2015, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Trust Company (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487 Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 WALNUT LTD: Commences Liquidation Proceedings --------------------------------------------- On Jan. 12, 2015, the shareholders of Walnut Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Feb. 9, 2015, will be included in the company's dividend distribution. The company's liquidator is: Mr. Timothy J. Curt c/o Maples and Calder Attorneys-at-law The Center, 53rd Floor 99 Queen's Road Central Hong Kong Y SHMCK COMPANY: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Y SHMCK Company Ltd received on Feb. 9, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: ITA Bank And Trust Company Ltd Suite 4210 Canella Court 48 Market Street, Camana Bay P.O. Box 32203 Grand Cayman KY-1208 Cayman Islands =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Power Firms 'Fully Support' Pact w/ Consumers ----------------------------------------------------------------- Dominican Today reports that high costs, unstable service and other ills have characterized the electricity sector's failures, spurring the major power companies, regulators and consumers to seek a solution to the crisis, via a pact still far from agreement. With no consensus figure thorny issues such as the purchase of energy and a halt to subsidies, whose political cost for the parties includes a challenge to meet the July deadline, according to Dominican Today. In his recent state of the country speech president Danilo Medina said the electricity pact -- whose talks began on January 19 -- is key to a definitive solution to the energy crisis, the report relates. Medina Executive Order 389-14 calls on 59 representatives from government, labor unions and social and business organizations to the bargaining table to forge the pact, the report notes. The report relays that Milton Morrison, executive vice president of Dominican Republic's power companies association (ADIE) have stated support for the talks leading to an electric pact said: "For a while ADIE has stated its willingness and responsibility to actively participate in the process to discuss the electricity pact, to find a solution to this problem that affects us all." Mr. Morrison said they support Medina and fully agrees with his proposal. "We feel that the power pact must be supported responsibly by all sectors convened, and in that sense we're fully prepared to attend the talks with proposals reflecting the collective interest rather than individual interests," the report quoted Mr. Morrison as saying. The report relates that Mr. Morrison added that since the electricity pact was announced, ADIE has publicly stated that the consumer should be at the center, so they can count on uninterrupted, quality service. PERAVIA BANK: Depositors Can Get Their Money Back ------------------------------------------------- Dominican Today reports that the Banks Superintendence announced it will reimburse deposits to 6,751 customers of the collapsed Peravia bank, of up to RD$500,000 each. Superintendent Luis A. Asuncion said 95.28% of depositors would be reimbursed in the first stage, coordinated with the State-owned Reservas Bank, which acquired Peravia's credit portfolio discount at 33.49%, or a 66.51% recovery rate, according to Dominican Today. The report notes that the Banks Superintendent said the Reservas Bank was given an audited electronic list with an ID card, a Tax Registry Number, passport and other information on the amount payable to the 6,721 Peravia depositors. To retrieve their money, depositors must present their ID, and the original validation form for deposits issued by the Banks Superintendence, the report relates. ============= J A M A I C A ============= JAMAICA: Low Investor Confidence Affects Equities Market -------------------------------------------------------- RJR News reports that the Bank of Jamaica has observed that the performance of the local equities market in 2014 reflected continued low investor confidence notwithstanding positive macro- economic developments. During the December quarter, four of the six Jamaica Stock Exchange (JSE) indices recorded declines, ranging from 5.3% to 20.9%, according to RJR News. The report notes that the Central Bank said the outturn at the end of 2014 was in contrast to the marginal annual increase of 0.5%, on average, for the previous five calendar years. Despite the annual decline for 2014, there was a 5.7% increase in the JSE Main Index during the October to December quarter, relative to the previous three months, the report relates. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-'. The issue ratings on Jamaica's senior unsecured foreign and local currency bonds are also affirmed at 'B-'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The Country Ceiling is affirmed at 'B' and the short-term foreign currency IDR at 'B'. =========== M E X I C O =========== BUENAVISTA DEL COBRE: To Pay $1.5MM Fine for Polluting River ------------------------------------------------------------ EFE News reports that Mexican mining company Buenavista del Cobre must pay nearly MXN23 million (about $1.5 million) for polluting the Sonora and Bacanuchi rivers with copper sulphate, among other infractions, officials said. The fine was levied by the PROFEPA environmental protection agency, which found the company guilty of 55 infractions, some of which were associated with the accident last August that left rivers in the northern state of Sonora intensely polluted, according to EFE News. The sanction is "independent of the MXN2 billion ($133.7 million) the company had to place in a trust fund," Profepa Director Guillermo Haro said, the report notes. The effects caused to the rivers "have been duly cleaned up following the measures the company was ordered to carry out," Mr. Haro said, the report relates. There is "no imminent risk to the environment or to the ecological stability of the region," Mr. Haro said, the report discloses. The area the company must repair in the first stage of restoration measures 28,183 sq. meters (302,961 sq. feet), distributed in 14 industrial complexes, while the volume of soil to be removed amounts to some 2,818 cu. meters (99,321 cu. feet), the report discloses. Buenavista del Cobre must also carry out in the presence of Profepa a partial monitoring of the area, and submit a report on the works underway in the first stage of repair to the Environment Secretariat "within a period no more that eight weeks," Mr. Haro said, the report notes. The pollution of the rivers occurred on Aug. 6 when the spill of copper sulphate at the mining company reached the Tinajas stream and the Bacanuchi and Sonora rivers, the report relays. El Molinito Dam remains closed because of the spill, though up to now no evidence of pollution has been detected there, the report adds. * MEXICO: Remittances to County Fall 0.70% in January ----------------------------------------------------- EFE News reports that remittances sent to Mexico by emigrants totaled $1.63 billion in January, down 0.70 percent compared to the same month last year, the Bank of Mexico said. Total remittances came in below the $1.64 billion received in January 2014, ending an upward trend that started in August 2013, the Bank of Mexico said in its monthly report, according to EFE News. The report notes that the average remittance was $279.18 in January, down from the $290.71 average registered in the same month last year. The number of transactions climbed from 5.65 million in January 2014 to 5.84 million in January of this year, with the majority of remittances sent via electronic funds transfers, the central bank said, the report relates. Mexico received $23.64 billion in remittances in 2014, a figure that was up 9.6 percent from 2013, the report says. Remittances sent by Mexicans living abroad, mainly in the United States, are the country's second-largest source of foreign exchange, after oil, and help cover the living expenses of millions of people, the report adds. =========== P A N A M A =========== * PANAMA: Growth Rate Slows to 6.2%, says INEC ---------------------------------------------- EFE News reports that Panama's gross domestic product grew 6.2 percent last year compared with an 8.4 percent increase in 2013, the National Institute for Statistics and Census, or INEC, reported. The major drivers of growth in 2014 were the logistics sector, tourism and agriculture, INEC said, according to EFE News. Panama's GDP grew by 10.2 percent in 2012 and by 10.8 percent in 2011. The report notes that analysts attribute the gradual slowdown to external factors, given the Panamanian economy's heavy dependence on tourism and the logistics sector, whose fortunes are tied to the level of global trade and shipping. INEC reported for 2014 a "slight decrease of trade in the Colon Free Zone," the world's second-largest free-trade area after Hong Kong, the report relays. Zone administrators said activity fell 12.3 percent last year due to the difficult economic situation in Venezuela and tariffs imposed by Colombia on re-exports of Chinese textiles and footwear, the report says. The government of Panama has projected median annual growth of 6.5 percent over the next five years and has plans to support the goal with roughly $19.5 billion in public investment, the report discloses. Nicolas Ardito Barletta, director of the National Competitiveness Center, said in January that annual growth in the range of 6 percent to 7 percent is feasible as long as "the international situation remains more or less stable," the report adds. ======= P E R U ======= HOCHSCHILD MINING: Moody's Downgrades CFR to Ba3, Outlook Stable ---------------------------------------------------------------- Moody's Investors Service downgraded to Ba3 from Ba1 the corporate family rating of Hochschild Mining plc. and its US$350 million senior unsecured notes due in 2021 and issued by Compania Minera Ares S.A.C., but fully and unconditionally guaranteed by Hochschild plc and its main subsidiaries. The outlook is stable. Ratings downgraded: Issuer: Hochschild Mining plc -- Corporate Family Rating: to Ba3 from Ba1 Issuer: Compania Minera Ares S.A.C. -- US$350 million senior unsecured notes due 2021: to Ba3 from Ba1 The outlook for all ratings is stable The downgrade of Hochschild's ratings to Ba3 reflects the deterioration in the company's credit metrics as a result of weak commodity prices (namely silver and gold) coupled with the large capital expenditures for the Advanced Project Inmaculada that will add 12 million ounces of silver equivalent per year. The company's reduced cash generation ability in a period of large expansion capex resulted in a tighter liquidity position and poorer debt metrics, with (CFO-Dividends)/Debt declining to 18.2% (117.6% at the end of 2012), while EBIT to interest expense declined to 1.7x (14.5x at the end of 2012) in the last twelve months ended June 2014, and expectation of further pressure in FY 2014 credit metrics as silver/gold prices weakened in 2H14. The Ba3 rating reflects Hochschild's long history of stable financial performance, good corporate governance standards and good silver cost position, which should help support the company's earnings and credit metrics at a lower price environment for gold and silver. The rating also incorporates Hochschild's acceptable credit metrics through June 2014. However, a prolonged period of lower precious metals prices can bring further downside risk to the ratings. Constraining the company's ratings are its limited size, concentration in two precious metals (66% silver and 34% gold in terms of revenues as of LTM June 2014) and susceptibility to the volatility of its prices, as well as significant exposure of production and cash flows from its San Jose mine in Argentina (Argentina, Gov't of; Caa1 negative). The ratings consider Hochschild's inability to access the Argentine cash flow, as repatriation of dividends in foreign currencies requires specific approval by the Central Bank of Argentina. The stable outlook reflects Moody's expectation that Hochschild will prudently manage its capital expenditures, dividend distributions and debt levels in a conservative manner to maintain adequate liquidity to service its financial obligations. The outlook also incorporates the expectation that the company will make necessary spending and other adjustments in the case of a further contraction in precious metal prices. Although the likelihood of an upgrade is limited in the next 12 to 18 months, given the challenging price environment for precious metals, an upward rating movement would require an improvement in operating results, with adjusted EBIT margins consistently sustained above 8% (9% in LTM ended June 2014), as well as solid liquidity position and a reduction in leverage to levels below 3x (measured by total debt to EBITDA), with interest coverage (measured by EBIT to interest expense) consistently above 4x (1.7x in LTM ended June 2014). To the extent that the company is able to successfully complete planned developments, further diversifying its mine revenue base, and enhancing its overall scale and reserves, the outlook or rating could be positively impacted. Reduced risk exposure to Argentina, combined with evidenced ability to repatriate cash flows from there, will also be necessary for an upgrade. Ratings could be negatively impacted if profitability and cash generation capacity materially deteriorates, for example, due to a combination of a drop in metal prices and increase in production costs significantly exceeding Moody's expectation. Specifically, if EBIT margin falls and is sustained below 5% (9% in the LTM ended June 2014) with cash generation being negative on a sustained basis, ratings could come under downward pressure. Negative pressure could also result from material debt financed acquisitions such that adjusted leverage remains above 4.0x for an extended period (2.6x in the LTM ended June 2014). The principal methodology used in this rating was Global Mining Industry published in August 2014. Hochschild Mining PLC ("Hochschild"), headquartered in Lima, Peru, is primarily a producer and seller of gold and silver, mined from its three core underground mines, with two located in southern Peru and one in southern Argentina. For the last twelve months ended June 30, 2014, Hochschild reported consolidated revenues of US$596 million. *********** 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 * * *