/raid1/www/Hosts/bankrupt/TCRLA_Public/150324.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, March 24, 2015, Vol. 16, No. 058
Headlines
B R A Z I L
BRAZIL: Judge Accepts Charges Against 11 Companies
CIMENTO TUPI: Fitch Lowers Issuer Default Rating to 'CCC'
OGX PETROLEO: Owner Fined BRL1.4 Million by Market Regulator
OGX PETROLEO: Suspends Payment to OSX for Oil-Production Ship
PDG REALTY: Moody's Says Equity Funding Plan is Credit Positive
SUZANO PAPEL: Moody's Puts Ba2 Global Scale Rating to BRL74.9M CCI
SUZANO PAPEL: Moody's Alters Outlook to Positive, Affirms Ba2 CFR
USINAS SIDERURGICAS: S&P Lowers Rating to 'BB'; Outlook Negative
C A Y M A N I S L A N D S
CHEMICAL EQUITY: Shareholders' Final Meeting Set for April 20
CHEMICAL HOLDINGS: Shareholders' Final Meeting Set for April 20
CHEMICAL IIP: Shareholders' Final Meeting Set for April 20
CHEMICAL INVESTMENTS: Shareholders' Final Meeting Set for April 20
EQUITY ZSC: Shareholders' Final Meeting Set for April 20
FREMAR INVESTMENTS: Sole Member to Hear Wind-Up Report on March 31
IBIZA BUSINESS: Sole Member to Hear Wind-Up Report on March 31
JOVI INVESTMENTS: Sole Member to Hear Wind-Up Report on March 31
MEME INVESTMENTS: Sole Member to Hear Wind-Up Report on March 31
STRATUS HOLDINGS: Shareholders' Final Meeting Set for April 27
STRATUS INVESTMENTS: Shareholders' Final Meeting Set for April 27
ZS ENTERPRISES: Shareholders' Final Meeting Set for April 20
ZS EQUITY: Shareholders' Final Meeting Set for April 20
ZS HOLDINGS: Shareholders' Final Meeting Set for April 20
ZS INVESTMENTS: Shareholders' Final Meeting Set for April 20
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Director Rejects Enforcing Labor Act
DOMINICAN REPUBLIC: Customs Says RD$2BB Revenue Reveals Efficiency
E C U A D O R
ECUADOR: Fitch Puts 'B' Rating to US$750MM Global Bond Issuance
J A M A I C A
PETROJAM ETHANOL: Wants Reversal of US Tariff Policy
P A R A G U A Y
BANCO CONTINENTAL: S&P Affirms 'BB' ICR; Outlook Remains Stable
BANCO CONTINENTAL: Fitch Ups Local Currency Deposit Rating to Ba1
PARAGUAY: Moody's Upgrades Government Bond Rating to Ba1
P E R U
LOS PORTALES: Fitch Affirms 'B+' IDR & Revises Outlook to Negative
T R I N I D A D & T O B A G O
PETROTRIN: Drilling Restarts in Soldado Field
X X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
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B R A Z I L
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BRAZIL: Judge Accepts Charges Against 11 Companies
--------------------------------------------------
Associated Press reports that a Brazilian judge has accepted
charges filed by state prosecutors against 11 companies accused of
forming a cartel to raise prices on the construction and upkeep of
subway and train systems in the state of Sao Paulo.
A press officer of the prosecutor's office said that Judge Marcos
Pimentel Tamassia accepted the charges that involve contracts
signed between 2000 and 2007, according to Associated Press.
The report notes that among the companies charged are Germany's
Siemens, CAF of Spain, Mitsui of Japan, Bombardier of Canada and
Alstom of France.
None of the companies were available for comment.
Prosecutors have said that the companies were involved in price
fixing, and that those that won bids then contracted the losing
companies to provide services, the report relays.
Brazil's antitrust agency, the Administrative Council for Economic
Defense, has said that the companies used several anticompetitive
strategies, such as the prearrangement of offers tendered in
bidding processes, the report notes. At times, it said, the
cartel would also determine which company would win a bid by
allowing only one to tender an offer, the report discloses.
In 2013, Siemens struck a plea agreement with authorities and
denounced the existence of the price-fixing scheme, the report
adds.
CIMENTO TUPI: Fitch Lowers Issuer Default Rating to 'CCC'
---------------------------------------------------------
Fitch Ratings has downgraded Cimento Tupi S.A.'s (Tupi) ratings
as:
-- Foreign currency Issuer Default Rating (IDR) to 'CCC' from
'B-';
-- Local currency IDR to 'CCC' from 'B-';
-- Senior unsecured notes due 2018 to 'CCC/RR4' from 'B-/RR4';
-- Long-term National Rating to 'CCC(bra)' from 'BB+(bra)'.
The downgrade reflects the company's inability to deleverage or
improve its liquidity position despite solid growth in sales
volumes during 2014. Fitch expects Tupi will have difficulty
managing its debt service over the next 6-12 months due to its
strained cash position, low cash generating ability, and the
weakening operating environment in Brazil that has increased
refinancing risk for all Brazilian corporates. Tupi's 'CCC'
ratings also reflect its small business position, high leverage
and the volatility of its cash flow generation due to the
cyclicality of the cement industry.
KEY RATING DRIVERS
Deteriorating Liquidity:
Tupi's poor liquidity position has been persistent during the last
12 months and prospects are poor for improvement during 2015. The
company is reliant on banks willingness to refinance its short
term maturities due to its low cash reserves. Given the poor
economic conditions in Brazil, Tupi could find itself with
restricted access to additional debt or the ability to refinance
existing loans which would further stress the company's strained
balance sheet. Tupi had cash and equivalents of BRL53 million
which compared unfavorably to short-term debt of BRL129 million as
of Sept. 30, 2014. The levels of short-term debt coverage as
measured by cash plus free cash flow (FCF)/short-term debt was -
0.2x for latest 12 months (LTM) Sept. 30, 2014 compared to 0.0x at
Dec. 31, 2013.
Sustained High Leverage:
Tupi has been unable to decrease its leverage since the completion
of its expansionary capex plan in 2013. Net leverage was 7.2x for
the LTM period ended Sept. 30, 2014, which compared unfavorably to
net leverage of 6.9x at 2013. Fitch believes the company will
have a difficult time deleveraging its business during 2015 as
increasing cement sales volumes will not generate enough cashflow
to significantly change the financial position of the company.
Negative Cash Flow:
Tupi generated cash flow from operations of negative BRL4 million
for LTM ended Sept. 30, 2014 compared to negative BRL130 thousand
for 2013 due to working capital needs and lower net income. FCF
has been negative for the past three years and Fitch does not
expect FCF to turn positive in 2015, hampering Tupi's ability to
restore its liquidity base.
Challenging Operating Environment:
Fitch expects cement fundamentals to weaken in Brazil over the
next 12 months due to the country's deteriorating economic
conditions. While producers with diversified operations are
expected to weather the storm, companies with concentrated
regional sales volumes could suffer the most due to lack of
diversification. Furthermore, potential energy rationing and
water restrictions in Brazil would negatively impact cement
producers that have limited contingency plans in place. The
impact of these restrictions would affect both cement producers
capacity utilization levels and demand from its customers
resulting in deteriorating cash flow generation.
Weak Business Profile:
Tupi's small production scale heightens the risk of its exposure
to the volatility of the cement industry. Tupi had a 2.7% market
share in the domestic market and 5.8% of market share in the
southwest region during 2013. Tupi has a higher cost structure
than the larger integrated Brazilian cement producers due to its
small size. The strong credit profile of these conglomerates may
allow them to pressure prices, which would negatively affect
Tupi's cash flow and ability to service its debt.
No Geographic Diversification:
Tupi's production facilities are concentrated solely in the
southeast region of Brazil, with operations in Minas Gerais, Rio
de Janeiro and Sao Paulo. As a result, revenue is concentrated in
these regions, with 58% of sales derived from retailers and
wholesalers. The lack of geographic diversification limits Tupi's
growth potential and also its ability to absorb market share loss
from bigger cement players.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Low single digit revenue growth;
-- EBITDA margin between 20-22%;
-- Working Capital of need of USD3 million;
-- Capital Expenditures of USD6 million;
-- Net Leverage to remain above 7.0x in 2015;
-- Limited improvement in liquidity position.
RATING SENSITIVITIES
Negative Rating Action:
A downgrade could be triggered by further deterioration of the
company's liquidity position due to persistent negative FCF
generation resulting in lower cash available to pay down its high
level of short-term debt.
Positive Rating Action:
Key considerations for a positive rating action or Outlook would
be a significant deleveraging process, coupled with stronger than
expected volume growth and solid operations over the medium term.
Fitch would consider a rating action if the company is able to
generate substantial improvement in its FCF which could be used to
pay down gross debt levels and improve liquidity.
OGX PETROLEO: Owner Fined BRL1.4 Million by Market Regulator
------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that former
billionaire Eike Batista was fined BRL1.4 million (US$429,000) by
Brazil's market regulator for failing to provide shareholders with
timely information while his industrial empire was collapsing in
2013.
Mr. Batista plans to appeal the fines, one of his attorneys said,
according to The Wall Street Journal.
Once Brazil's richest person, Mr. Batista over the last two years
has sold assets and dismantled his group of companies to pay debt,
the report says. Mr. Batista also is on trial on market-
manipulation and insider-trading charges related to his oil
company, charges he has denied, the report relates.
According to The Journal, the Securities and Exchange Commission
of Brazil, known as CVM, ruled that Mr. Batista broke rules
regarding the dissemination of relevant facts about four of the
companies he created. Such information was related to the sale of
assets or plans to delist companies that leaked to the press or to
the market, causing abrupt share movements, according to CVM
officials.
The report says that Mr. Batista was fined BRL500,000 for
infractions involving LLX Log¡stica SA, a logistics company now
known as Prumo Log¡stica Global SA; BRL300,000 for coal company
CCX Carvao da Colombia SA; BRL300,000 for energy company MPX
Energia SA, currently named Eneva SA; and another BRL300,000 for
the oil firm now called Oleo e Gas Participacoes SA, which was
previously known as OGX.
Some of Mr. Batista's former executives also were fined, notes The
Journal. All the fines can be appealed.
Darwin Correa, one of Mr. Batista's attorneys, after the hearing
defended his client's actions and said the businessman plans to
appeal all of the fines, adding that in his view the amounts of
the fine are excessive, the report relates.
Brazil's market regulator in the future will decide whether to
fine Mr. Batista for other alleged infractions, including insider
trading and market manipulation. Dates for the new rulings haven't
been determined, according to a CVM spokesman, the report adds.
About OGX Petroleo
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds. OGX said Oct. 29, 2013 that the talks
concluded without an agreement.
OGX PETROLEO: Suspends Payment to OSX for Oil-Production Ship
-------------------------------------------------------------
Jeb Blount at Reuters reports that Oleo e Gas Participacoes SA, a
Brazilian oil company under bankruptcy protection, said it
suspended payments for an oil-production vessel to bankrupt ship-
leasing company OSX Brasil SA for six months.
Oleo e Gas, formerly known as OGX Petroleo e Gas Participacoes SA,
said in a statement that it made the decision after being unable
to come to an agreement on March 13, over future payments to OSX
for the OSX-3 floating production, storage and offloading ship
(FPSO) in a hearing before a bankruptcy judge in Rio de Janeiro,
according to Reuters.
The report notes that Oleo e Gas uses the OSX-3 to manage
production at its Tubarao Martelo oil field northeast of Rio de
Janeiro in the offshore Campos Basin.
The report discloses that Oleo e Gas and OSX were both part of
Brazilian tycoon Eike Batista's EBX energy, mining, transportation
and shipbuilding conglomerate, which collapsed in 2013 under debt,
missed oil production targets and project delays.
Oleo e Gas also said it had "amicably" agreed to take over the
operation and maintenance of OSX-3 from OSX, notes the report.
Oleo e Gas will pay OSX an undisclosed amount of compensation for
the company's loss of revenue from a contract to operate and
maintain the FPSO, the report relays.
On Feb. 27, Oleo e Gas said it was reviewing the viability of oil
production at Tubarao Martelo after a sharp drop in world oil
prices cut off funds needed to expand output in the field, the
report notes.
Without new financing, Tubarao Martelo output will fall to about
8,000 barrels of oil a day in 2015, the company said in a
securities filing, the report discloses. The goal was to raise
output to 12,700 barrels a day this year. Production was about
11,280 barrels a day in January, the report adds.
About OGX Petroleo
Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.
OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001. The
bankruptcy filing puts US$3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than US$30 billion of his personal fortune.
The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as US$500
million in new funds. OGX said Oct. 29, 2013 that the talks
concluded without an agreement.
PDG REALTY: Moody's Says Equity Funding Plan is Credit Positive
---------------------------------------------------------------
Moody's America Latina commented that the PDG Realty S.A.
Empreendimentos e Participacoes' (PDG, B3 negative) plan to raise
up to BRL500 million in fresh equity from current shareholders and
new investors, is credit positive because it will materially
improve PDG's cash balance position to address about BRL2.2
billion in corporate debt coming due from now through mid 2016, in
a period of challenging refinancing conditions and weak
fundamentals for the Brazilian homebuilding market.
This publication does not announce a credit rating action.
SUZANO PAPEL: Moody's Puts Ba2 Global Scale Rating to BRL74.9M CCI
------------------------------------------------------------------
Moody's America Latina assigned a Ba2 global scale and Aa2.br
National Scale Rating senior unsecured rating to Suzano Papel e
Celulose S.A. with a positive outlook.
Issuer: Suzano Papel e Celulose S.A.
-- CFR: Aa2.br (national scale rating)
-- BRL 74.9 million CCI due 2024: Ba2 (global scale) / Aa2.br
(national scale)
-- The outlook for all ratings is positive.
The Aa2.br national scale rating reflects the standing of the
company's credit quality relative to its domestic peers.
Suzano's Ba2 ratings incorporate the company's position as a low
cost producer of bleached eucalyptus kraft pulp (BEKP) and paper,
with leading stakes in the global BEKP market and Brazilian
printing and writing paper and paperboard sectors. The company
benefits from a high level of vertical integration with
substantial self-sufficiency in wood fiber and energy, in addition
to the proximity of its pulp mills to its own forests and port
facilities as well as the favorable location of its paper plants
within Brazil's most industrialized region. Furthermore its
diversity towards pulp and paper translates into exposure to
different market dynamics and contributes to strong operating
margins even amid a lower growth outlook for the paper industry in
Brazil.
Additional rating positives are the company's comfortable
liquidity profile, with cash balance at the end of 2014 sufficient
to cover short term debt maturities by 2.0 times and our
expectations that leverage and credit metrics will improve in the
medium term with the additional EBITDA stream coming from the 1.5
million tons hardwood plant in the state of Maranhao, now running
at full-capacity.
Constraining the ratings are the volatile nature of the pulp
industry, which should represent around 60-65% of Suzano's
revenues onwards and the still high leverage related mostly to its
pulp expansion in the state of Maranhao. Furthermore, there is
still new hardwood projects ramping up in the next two years in
Latin America, which will add approximately 2.5 million tons of
capacity in the market, and could pressure pulp prices if Moody's
see a deceleration in demand. To the extent the growth in demand
from China's paper manufacturers and pulp capacity shutdown do not
materialize, pulp prices could decline.
The positive outlook incorporates our expectations that Suzano's
credit metrics will improve in the next 12-18 months thanks to the
improved cash flow generation supported by the additional pulp
capacity in Maranhao and our outlook of flat pulp prices in the
same period, which will contribute to a positive free cash flow
generation from 2015 onwards and gradual deleverage. The
maintenance of a robust liquidity position is also incorporated in
the positive outlook.
The ratings could be upgraded if Suzano's leverage decline while
the company maintains a comfortable liquidity position.
Quantitatively, that would require leverage - as measured by Total
Adjusted Gross Debt to EBITDA -- to approach 3.5x and interest
coverage - expressed by Adjusted EBITDA to Interest Expense - to
remain above 4.0x on a consistent basis.
Negative pressure on the rating could result if adjusted leverage
remains above 4.5x for a prolonged period without prospects for
reduction, or in case the company's liquidity position is
insufficient to cover near term debt service requirements.
Headquartered in Salvador - Brazil, Suzano Papel e Celulose S.A.
is a leading low-cost producer of bleached eucalyptus market pulp,
printing and writing paper and paperboard, having reported
consolidated net revenues of BRL 7.3 billion (about USD 3.2
billion) in 2014. The sales mix (53% pulp and 47% paper) gives the
company cash flow stability due to the different supply-demand and
pricing dynamics for each of the segments. The company benefits
from its vertical integration and 70% self-sufficiency in wood and
100% in energy on a consolidated basis (with excess capacity of
48MW) and also from prudent financial management, solid liquidity
position and good risk management practices.
The principal methodology used in this rating was the Global Paper
and Forest Products Industry Methodology published in October
2013.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in
June 2014 entitled "Mapping Moody's National Scale Ratings to
Global Scale Ratings".
SUZANO PAPEL: Moody's Alters Outlook to Positive, Affirms Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service changed Suzano Papel e Celulose S.A.'s
outlook to positive from stable. At the same time, Moody's
affirmed the company's Ba2 global scale corporate family rating
and the Ba2 senior unsecured rating of the notes issued by Suzano
Trading Ltd.
The change in outlook reflects our expectations of improvement in
credit metrics from 2015 onwards, with higher margins as a
consequence of a relatively high share of pulp in total sales mix,
positive free cash flow generation, debt reduction and enhanced
interest coverage.
Issuer: Suzano Papel e Celulose S.A.
-- CFR: Ba2 (global scale)
Issuer: Suzano Trading Ltd
-- USD 650 million due 2021: Ba2 (global scale)
-- The outlook for all ratings is positive.
Suzano's Ba2 ratings incorporate the company's position as a low
cost producer of bleached eucalyptus kraft pulp (BEKP) and paper,
with leading stakes the global BEKP market and Brazilian printing
and writing paper and paperboard sectors. The company benefits
from a high level of vertical integration with substantial self-
sufficiency in wood fiber and energy, in addition to the proximity
of its pulp mills to its own forests and port facilities, as well
as the favorable location of its paper plants within Brazil's most
industrialized region. Furthermore its diversity towards pulp and
paper translates into exposure to different market dynamics and
contributes to strong operating margins even amid a lower growth
outlook for the paper industry in Brazil.
Additional rating positives are the company's comfortable
liquidity profile, with cash balance at the end of 2014 sufficient
to cover short term debt maturities by 2.0 times and our
expectations that leverage and credit metrics will improve in the
medium term with the additional EBITDA stream coming from the 1.5
million tons hardwood plant in the state of Maranhao, now running
at full-capacity.
Constraining the ratings are the volatile nature of the pulp
industry, which should represent around 60-65% of Suzano's
revenues onwards and the still high leverage related mostly to its
pulp expansion in the state of Maranhao. Furthermore, there is
still new hardwood projects ramping up in the next two years in
Latin America, which will add approximately 2.5 million tons of
capacity in the market, and could pressure pulp prices if Moody's
see a deceleration in demand. To the extent the growth in demand
from China's paper manufacturers and pulp capacity shutdown do not
materialize, pulp prices could decline.
The positive outlook incorporates our expectations that Suzano's
credit metrics will improve in the next 12-18 months thanks to the
improved cash flow generation supported by the additional pulp
capacity in Maranhao and our outlook of flat hardwood pulp prices
in the same period, which will contribute to a positive free cash
flow generation from 2015 onwards and gradual deleverage. The
maintenance of a robust liquidity position is also incorporated in
the positive outlook.
The ratings could be upgraded if Suzano's leverage decline while
the company maintains a comfortable liquidity position.
Quantitatively, that would require leverage - as measured by Total
Adjusted Gross Debt to EBITDA -- to approach 3.5x and interest
coverage - expressed by Adjusted EBITDA to Interest Expense - to
remain above 4.0x on a consistent basis.
Negative pressure on the rating could result if adjusted leverage
remains above 4.5x for a prolonged period without prospects for
reduction, or in case the company's liquidity position is
insufficient to cover near term debt service requirements.
Headquartered in Salvador - Brazil, Suzano Papel e Celulose S.A.
is a leading low-cost producer of bleached eucalyptus market pulp,
printing and writing paper and paperboard, having reported
consolidated net revenues of BRL 7.3 billion (about USD 3.2
billion) in 2014. The sales mix (53% pulp and 47% paper) gives the
company cash flow stability due to the different supply-demand and
pricing dynamics for each of the segments. The company benefits
from its vertical integration and 70% self-sufficiency in wood and
100% in energy on a consolidated basis (with excess capacity of
48MW) and also from prudent financial management, solid liquidity
position and good risk management practices.
The principal methodology used in this rating was the Global Paper
and Forest Products Industry Methodology published in October
2013.
USINAS SIDERURGICAS: S&P Lowers Rating to 'BB'; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services downgraded Usinas Siderurgicas
S.A. (Usiminas) to 'BB' from 'BB+'. The outlook is negative.
The downgrade reflects S&P's view that the Usiminas' credit
metrics will remain weak through 2016, as a result of poorer
demand prospects in Brazil while delays in the start of port
operations at Porto Sudeste will continue to limit output volumes
at the company's iron ore operation. Additionally, low iron ore
prices continue to hamper overall profitability; however the
integration of iron ore into steel production partially offsets
this weakness. As a result, S&P is revising its assessment of
Usiminas' financial risk profile to "significant" from
"intermediate."
S&P has also revised its assessment of Usiminas' liquidity to
"less than adequate" from "adequate" given that S&P believes there
are increasing chances for a covenant breach during 2015. On the
other hand, S&P believes the company will likely obtain a waiver
from debtholders if the breach materializes, given Usiminas'
robust cash position, positive cash generation prospects of about
R$500 million in 2015, and recent history of successfully
acquiring waivers.
The Brazilian steel industry is suffering from a huge drop in
vehicle production levels (negative 22% year over year as of
February 2015) and softer demand from other important end users,
such as construction companies and household appliance
manufacturers. S&P believes the low demand patterns will continue
through 2016 as economic growth in Brazil slows. Additionally,
imported steel remains a threat for domestic producers as
international prices drop, although this has been offset in large
part by the currency depreciation in Brazil (30% in the past six
months).
These negative factors have led S&P to lower its expectations for
Usiminas' volumes in the local market. Furthermore, delays in the
start of Porto Sudeste port operations has prevented the company
from increasing exports of iron ore output. Usiminas has been
unable to reach full capacity in its iron ore production of 12
million tons per year (MTPY), as 2014 production reached 5.6
million tons, most of which were used in the company's steel
production. The inability to increase iron ore exports led
Usiminas to pay take-or-pay clauses to its logistics provider, MRS
Logistica, hurting EBITDA generation in 2014. Although S&P
expects port operations to start in the second quarter of 2015,
further delays can persistently restrict production to levels
similar to those of 2014.
==========================
C A Y M A N I S L A N D S
==========================
CHEMICAL EQUITY: Shareholders' Final Meeting Set for April 20
-------------------------------------------------------------
The shareholders of Chemical Equity Limited will hold their final
meeting on April 20, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
CHEMICAL HOLDINGS: Shareholders' Final Meeting Set for April 20
---------------------------------------------------------------
The shareholders of Chemical Holdings Limited will hold their
final meeting on April 20, 2015, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
CHEMICAL IIP: Shareholders' Final Meeting Set for April 20
----------------------------------------------------------
The shareholders of Chemical IIP Limited will hold their final
meeting on April 20, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
CHEMICAL INVESTMENTS: Shareholders' Final Meeting Set for April 20
------------------------------------------------------------------
The shareholders of Chemical Investments Limited will hold their
final meeting on April 20, 2015, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
EQUITY ZSC: Shareholders' Final Meeting Set for April 20
--------------------------------------------------------
The shareholders of Equity ZSC Limited will hold their final
meeting on April 20, 2015, at 10:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
FREMAR INVESTMENTS: Sole Member to Hear Wind-Up Report on March 31
------------------------------------------------------------------
The sole member of Fremar Investments Limited will hear on
March 31, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town
Tortola VG1110
British Virgin Islands
IBIZA BUSINESS: Sole Member to Hear Wind-Up Report on March 31
--------------------------------------------------------------
The sole member of Ibiza Business Inc. will hear on March 31,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town
Tortola VG1110
British Virgin Islands
JOVI INVESTMENTS: Sole Member to Hear Wind-Up Report on March 31
----------------------------------------------------------------
The sole member of Jovi Investments Limited will hear on March 31,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town
Tortola VG1110
British Virgin Islands
MEME INVESTMENTS: Sole Member to Hear Wind-Up Report on March 31
----------------------------------------------------------------
The sole member of Meme Investments Limited will hear on March 31,
2015, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Lion International Management Limited
Craigmuir Chambers
Road Town
Tortola VG1110
British Virgin Islands
STRATUS HOLDINGS: Shareholders' Final Meeting Set for April 27
--------------------------------------------------------------
The shareholders of Stratus Holdings Limited will hold their final
meeting on April 27, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
STRATUS INVESTMENTS: Shareholders' Final Meeting Set for April 27
-----------------------------------------------------------------
The shareholders of Stratus Investments Limited will hold their
final meeting on April 27, 2015, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
ZS ENTERPRISES: Shareholders' Final Meeting Set for April 20
------------------------------------------------------------
The shareholders of ZS Enterprises Limited will hold their final
meeting on April 20, 2015, at 12:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
ZS EQUITY: Shareholders' Final Meeting Set for April 20
-------------------------------------------------------
The shareholders of ZS Equity Limited will hold their final
meeting on April 20, 2015, at 11:45 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
ZS HOLDINGS: Shareholders' Final Meeting Set for April 20
---------------------------------------------------------
The shareholders of ZS Holdings Limited will hold their final
meeting on April 20, 2015, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
ZS INVESTMENTS: Shareholders' Final Meeting Set for April 20
------------------------------------------------------------
The shareholders of ZS Investments Limited will hold their final
meeting on April 20, 2015, at 11:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Paget-Brown Trust Company Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Director Rejects Enforcing Labor Act
--------------------------------------------------------
Dominican Today reports that Immigration Director Jose Ricardo
Taveras discarded affirmations that compliance with the Migration
Act and other laws that protect local workers would harm the
Dominican economy.
The official responded to Housing Builders and Developers
Association (ACOPROVI) President Fermin Acosta, who warned of the
sector's collapse if all undocumented Haitian construction workers
are repatriated, according to Dominican Today.
The report notes that Mr. Acosta called impractical the
enforcement of the Labor Code's ceiling of 20% foreign labor, and
cautions that it could hobble the economy.
"What we cannot do is continue to play along with the economic
sectors that resist the formalization of their workforce, in
violation of not only the Migration Act, but the Social Security
Act and Labor Code," Mr. Taveras said, quoted by diariolibre.com,
the report relates.
"The hiring of undocumented workers, the sidestepping of Social
Security, as well as all costs associated with formalizing labor
cannot continue, to "finally not pay them, and also benefit from
the shadow of a rule which allows them to submit for tax purposes
expenses payroll consisting of illegal aliens, among other
advantages," the report quoted Mr. Taveras as saying.
DOMINICAN REPUBLIC: Customs Says RD$2BB Revenue Reveals Efficiency
------------------------------------------------------------------
Dominican Today reports that the Dominican Republic Customs Agency
announced revenue of RD$2.0 billion so far this year, which its
director Fernando Fernandez attributes to efficiency.
"Customs collections are above projection at nearly two billion,
and we're pleased with that, meaning that the controls are
working, the efficiency of Customs has far exceeded previous
tenures, so we're satisfied with the work that is being done,
Customs is doing its job," the report quoted Mr. Fernandez as
saying.
Interviewed at the National Palace, Mr. Fernandez said the agency
has focused on solving specific problems with efficiency, citing
the training of staff in ports and airports, making them aware of
their work's importance, the report notes.
The report relates that Mr. Fernandez said he encourages those who
do their job efficiently and without faults are by promoting them.
=============
E C U A D O R
=============
ECUADOR: Fitch Puts 'B' Rating to US$750MM Global Bond Issuance
---------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to Ecuador's USD750
million global bond issuance maturing March 24, 2020. The bonds
have a coupon rate of 10.5%.
The proceeds of the bonds will be used to finance government
programs and infrastructure projects, in accordance with Ecuador's
Public Planning and Finance Code.
KEY RATING DRIVERS
The rating is in line with Ecuador's long-term foreign currency
Issuer Default Rating (IDR) of 'B' with a Stable Outlook.
RATING SENSITIVITIES
The rating would be sensitive to any changes in Ecuador's long-
term foreign currency Issuer Default Rating (IDR). Fitch affirmed
Ecuador's long-term foreign currency IDR at 'B' with a Stable
Outlook on October 16th, 2014.
=============
J A M A I C A
=============
PETROJAM ETHANOL: Wants Reversal of US Tariff Policy
----------------------------------------------------
RJR News reports that Petrojam Ethanol Limited said it will be
pushing for the U.S. Congress to re-instate the recently removed
tariff on ethanol for a minimum period of three years.
Petrojam Ethanol revealed that course of action in its annual
report which was tabled in Parliament, according to RJR News.
The company said, since the removal of the tariff, its investment
in producing ethanol in Jamaica for the U.S. market has been
rendered irrelevant for the most part, the report relates.
The report notes that it said a lobby group made up of ethanol
producers in countries which benefit from the preferential trading
arrangement with the United States, under the Caribbean Basin
Initiative (CBI) will try to influence members of the U.S.
Congress to re-instate the tariff, the report discloses.
===============
P A R A G U A Y
===============
BANCO CONTINENTAL: S&P Affirms 'BB' ICR; Outlook Remains Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
issuer credit and senior unsecured debt ratings on Banco
Continental S.A.E.C.A. (Banco Continental). The outlook remains
stable.
The ratings on Banco Continental reflect S&P's assessment of its
"strong" business position as a leading entity in the Paraguayan
banking system, "moderate" capital and earnings driven by S&P's
RAC ratio, "adequate" risk position incorporating healthy asset
quality profile, "average" funding, and "adequate" liquidity (as
S&P's criteria define these terms). The rating on the bank is at
the same level of the 'bb' stand-alone credit profile (SACP)
because it does not incorporate notching from external support
(neither from the government nor group).
S&P's bank criteria use its BICRA economic risk and industry risk
scores to determine a bank's anchor, the starting point in
assigning an issuer credit rating. The anchor for banks operating
only in Paraguay is 'bb-'.
"We view economic risks in Paraguay to be higher than the global
average, although gradually diminishing. We expect the government
to maintain cautious macroeconomic policies and implement
legislation that is likely to boost investment. Legislation
consists of an ambitious investment plan for the country's
physical infrastructure to bolster long-term GDP growth. We
expect that such growth strategy will set the stage for economic
diversification and lower economic volatility. As a result, we
consider that economic resilience in Paraguay has improved and
economic risks for the banking sector have lessened, consistent
with the recent change in Paraguay's BICRA group to '8' from '9'.
Nevertheless, we believe that Paraguay's low-income levels limit
the private sector's leverage capacity, and the financial system's
high dollarization increases credit risk in the economy. Rising
real estate prices and rapid credit growth -- mostly due to higher
consumer and agribusiness lending -- increase the risks of
economic imbalances of the country," S&P said.
"The banking sector's industry risk reflects our view of
Paraguay's regulatory framework that, although improving, is still
lagging international standards. In our view, the government
doesn't have a track record of effective support to the banking
sector. In terms of competitive dynamics, we believe that high
profitability and rapid credit and asset growth in past few years
are a reflection of an aggressive risk appetite. Furthermore, we
consider that the presence of relatively large unregulated
cooperativas (credit unions) introduce market distortions. The
banks rely mostly on deposits for funding, but they're
increasingly tapping external funding sources due to the rising
demand for longer-maturity and export-oriented loans and the need
to match balance sheets. We believe these factors increase the
banking sector's vulnerability to a potential global liquidity
squeeze," S&P noted.
"We could lower the ratings on the bank if we perceive a
deterioration in its capital and earnings assessment, with a RAC
ratio before diversification below 5%. Rating upside is limited
at this point and is linked to a sovereign upgrade and an
improvement of our view of the banking industry in Paraguay," said
Standard & Poor's credit analyst Sofia Ballester.
BANCO CONTINENTAL: Fitch Ups Local Currency Deposit Rating to Ba1
-----------------------------------------------------------------
Moody's Investors Service upgraded to Ba1 from Ba2, its long-term
global local-currency deposit ratings on Banco Continental
S.A.E.C.A. and Banco Regional S.A.E.C.A. The Not Prime short-term
global foreign currency deposit ratings of the two banks is
unchanged.
Moody's also upgraded to Ba2 from Ba3, its long-term global
foreign-currency deposit ratings on Banco Bilbao Vizcaya
Argentaria Paraguay S.A. (BBVA Paraguay), Banco Continental and
Banco Regional. The Not Prime short-term global foreign currency
deposit ratings on all three banks is unchanged.
In addition, Moody's upgraded to Ba1 from Ba2 its global foreign-
currency debt ratings on Banco Continental and Banco Regional.
The outlook for all of the ratings is stable.
The rating actions follow Moody's upgrade of Paraguay's sovereign
ratings, including the government bond rating and the country
ceilings for bonds and deposits, in both local and foreign
currencies. Please refer to "Moody's upgrades Paraguay's
government bond rating to Ba1 from Ba2, and changes the outlook to
stable from positive," March 20, 2015.
The following ratings were upgraded:
Banco Bilbao Vizcaya Argentaria Paraguay S.A.:
-- Foreign currency deposit rating to Ba2, from Ba3, stable
outlook
Banco Continental S.A.E.C.A.:
-- Local currency deposit rating to Ba1, from Ba2, stable
outlook
-- Foreign currency deposit rating to Ba2, from Ba3, stable
outlook
-- Foreign currency debt rating to Ba1, from Ba2, stable
outlook
Banco Regional S.A.E.C.A.:
-- Local currency deposit rating to Ba1, from Ba2, stable
outlook
-- Foreign currency deposit rating to Ba2, from Ba3, stable
outlook
-- Foreign currency debt rating to Ba1, from Ba2, stable
outlook
The upgrade of the long-term local-currency deposit ratings on
Continental and Regional is the direct result of Moody's raising
Paraguay's local-currency deposits ceiling and the government bond
rating to Ba1 from Ba2. The ratings now incorporate one notch of
systemic support. The upgrade of the long-term foreign-currency
deposit ratings on BBVA Paraguay, Banco Continental and Banco
Regional is the direct result of Moody's raising Paraguay's
foreign-currency deposits ceiling to Ba2 from Ba3, whereas the
upgrade of the long-term foreign-currency debt ratings on
Continental and Regional, is the direct result of Moody's
upgrading Paraguay's foreign-currency debt ceiling to Baa3 from
Ba1.
All three banks are universal franchises with dominant market
shares that support their pricing power and earnings generation.
They have well-defined footprints in the corporate as well as the
small and medium-sized enterprise lending segments, although their
relatively high credit risk concentrations in the agribusiness
sector could lead to volatility in earnings and asset quality.
Banco Regional and Banco Continental have become the largest banks
by loans and deposits in recent years, followed by BBVA Paraguay,
ranked fourth.
These banks will benefit from the country's improving
institutional framework as a result of a reform law passed by the
government in late 2013, including the PPP framework designed to
foster new public-private partnerships. The law will boost
infrastructure investment, creating new financing opportunities
for banks to slowly diversify away from agriculture loans, a trend
that Moody's expects will continue as Paraguay's economy expands
in 2015.
PARAGUAY: Moody's Upgrades Government Bond Rating to Ba1
--------------------------------------------------------
Moody's Investors Service upgraded Paraguay's government bond
rating and issuer rating by one notch to Ba1 from Ba2, and changed
the outlook to stable from positive.
Moody's decision to upgrade Paraguay's rating was driven by the
following factors:
(1) Implementing the package of reforms approved in 2013 is
strengthening the fiscal framework and boosting
infrastructure investment.
(2) Efforts to diversify the economy are producing positive
results.
(3) Improved governance and institutional strength.
As a result of this rating action, the long-term foreign currency
bond ceiling changed to Baa3 from Ba1, while the short-term
foreign currency bond ceiling changed to P-3 from Not Prime. The
long-term foreign currency deposit ceiling changed to Ba2 from
Ba3, while the short-term foreign currency deposit ceiling remains
at Not Prime. The long-term local currency bond and deposit
ceilings remain unchanged at Baa3, and the short-term local
currency bond and deposit ceilings remain at P-3.
FIRST DRIVER -- Successful progress toward implementation of
reforms
The government has made progress towards implementing the reforms
approved in late 2013, including: the fiscal responsibility law
(FRL); income tax reforms; and the PPP framework to boost
infrastructure investment. Despite uneven implementation of the
FRL, the limits on containing current spending and wage increase
were observed in the 2015 budget, which is a significant
improvement over the previous budget process. Tax collection and
revenues have substantially improved with the implementation of
the new laws. While observing the limit on current spending was
important, the actual budget deficit approved by congress was well
above the limit set by the FRL. At the same time, the fiscal
target was met in part by excluding capital expenditure financed
through global bond issuance. While increasing capital spending is
desirable, this approach to meeting the fiscal target indicates
adherence with the FRL is not yet complete. Moody's expect
continued and improved compliance with the FRL to contain current
spending and wage growth, creating fiscal space for growth-
enhancing capital spending. The government's growth strategy is
emphasizing infrastructure investment and also focused on
improving capital spending execution with some tangible success on
both fronts. In 2014, the execution of the capital budget
increased substantially from historical average and Moody's
anticipate a number of key infrastructure projects will be
launched in 2015.
SECOND DRIVER -- Economic diversification is underway
Government-led and private sector initiatives are improving
economic diversification by developing light manufacturing
industries and raising the value-added of agricultural exports.
The government strategy aims to improve Paraguay's integration
into the regional supply chain by encouraging the installation of
maquilas, autopart producers, and other light manufacturers.
Moody's think the expansion of light manufacturing industries is
likely to continue due to Paraguay's competitive advantages vis-…-
vis Brazil, which include low labor and energy costs, and a more
favorable tax environment. In addition, growth volatility
typically has a limited impact on government revenues and banking
sector performance.
THIRD DRIVER- Improving governance and institutional strength
Government effectiveness has improved since the Cartes
administration took office. The government was able to secure
passage of several key reforms including; the FRL, the Law to
Modernize the State's Financial Administration, the PPP Law, and a
revision of the sovereign bond law, among others.
The stable outlook reflects our expectation that the government
will continue to implement the various laws approved in late 2013
and maintain fiscal prudence, while expanding infrastructure
investment over the medium term. Moody's does not anticipate
Paraguay's rating to change in the near to medium term. Further
upgrade would depend on a track-record of improving the
institutional framework, including adherence to the FRL, and
sustained improvement in governance indicators compared to peers.
Upward rating pressure could result from: (i) track-record of
commitment to the fiscal responsibility law as a fiscal anchor;
(2) successful implementation of growth-enhancing infrastructure
investment; (3) sustaining economic diversification efforts; (4)
improvement in institutional strength and governance indicators.
Downward rating pressure could result from: (1) a reversal of the
government's prudent fiscal management (2) a significant and
prolonged commodity shock driven by declining prices or adverse
climate conditions; (3) recurrent political instability.
As a result of this rating action, the long-term foreign currency
bond ceiling changed to Baa3 from Ba1, while the short-term
foreign currency bond ceiling changed to P-3 from Not Prime. The
long-term foreign currency deposit ceiling changed to Ba2 from
Ba3, while the short-term foreign currency deposit ceiling remains
at Not Prime. The long-term local currency bond and deposit
ceilings remain unchanged at Baa3, and the short-term local
currency bond and deposit ceilings remain at P-3.
- GDP per capita (PPP basis, US$): 8,386 (2014 Estimate) (also
known as Per Capita Income)
- Real GDP growth (% change): 4.3% (2014 Estimate) (also known
as GDP Growth)
- Inflation Rate (CPI, % change Dec/Dec): 4.2% (2014 Estimate)
- Gen. Gov. Financial Balance/GDP: -2.3% (2014 Estimate) (also
known as Fiscal Balance)
- Current Account Balance/GDP: -0.4% (2014 Estimate) (also known
as External Balance)
- External debt/GDP: 52.7% (2014 Estimate)
- Level of economic development: Low level of economic
resilience
Default history: At least one default event (on bonds and loans)
has been recorded since 1983.
On March 19, 2015, a rating committee was called to discuss the
rating of the Paraguay, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially increased. The
issuer's institutional strength/framework, have increased. The
issuer's fiscal or financial strength, including its debt profile,
has improved. An analysis of this issuer, relative to its peers,
indicates that a repositioning of its rating would be appropriate.
The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.
=======
P E R U
=======
LOS PORTALES: Fitch Affirms 'B+' IDR & Revises Outlook to Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Los Portales S.A.'s (LP) local and
foreign currency long-term Issuer Default Ratings (IDRs) at 'B+'.
The Rating Outlook has been revised to Negative from Stable.
The Negative Outlook reflects Los Portales weaker than expected
liquidity position, which is a result of the company's inability
to complete its debt refinancing during 2014. Successful
execution of its refinancing plan during the next six to 12 months
would likely result in the outlook being revised to Stable.
The ratings factor in LP's business position, stable margins,
moderate leverage, and weak liquidity position. Further factored
into the ratings are LP's position as the main land developer in
Peru. The company's operations also include parking lots, hotel
management, and mid-income and low-income housing development.
Negatively factored in the ratings is LP's limited business
diversification. The company is highly dependent on its real
estate sales and non-mortgage financing business segments, which
represent 49% and 37%, respectively, of 2014 LP's total adjusted
EBITDA. In addition, through a joint venture with Parque Arauco
S.A., a Chilean shopping malls operator, LP is developing and
planning to operate strip malls and shopping centers in Peru.
KEY RATING DRIVERS
Revenue Growth at Lower Pace:
The company showed significant business growth over the last few
years. LP's total revenues grew from USD164 million in 2012 to
approximately USD206 million in 2013 and USD235 million in 2014.
The company is reducing its working capital needs, as land
reserves are now equivalent to only three years of operations.
Going forward, the company is planning to grow at a more moderate
pace, with expected annual growth rates of approximately 6%-10%,
which should reduce working capital needs.
Low Liquidity:
Fitch views the company's liquidity as weak. LP ended Dec. 31,
2014 with cash and short-term debt positions of USD21 million and
USD67 million, respectively. The company's liquidity relies on
its capacity to continue having credit access. LP is seeking to
improve its financial flexibility through the refinancing of its
debt with a target of having a flexible debt payment schedule with
no major debt due during the next years. LP could temporarily
take short-term debt to finance working capital needs.
Moderate Leverage:
LP's adjusted EBITDA during 2014 was USD55 million, resulting in
an adjusted EBITDA margin of 23.3%. The ratings include the
expectation that LP will maintain stable Adjusted EBITDA margins
of around 23% over the next several years. As of Dec. 31, 2014,
the company's total debt and cash positions were USD169 million
and USD21 million, respectively. Around 46% of the company's
total debt was composed of secured bank debt and local bonds.
LP's gross leverage (total debt/adjusted EBITDA) as of Dec. 31,
2014 was 3.1x. The ratings incorporate the expectation that LP's
gross leverage will be around 3.5x during the 2015-2018 period.
FCF Trend Incorporated:
The company showed negative FCF during the last five years. LP's
FCF margin in 2014 was -4.3% which compares favorably with 2013 (-
24.7%) as the company reached its target of strategic capex to
build a three-year land bank. For 2015, LP's capex levels is
expected to be lower than 2014 (around USD15 million) and half of
it would be invested on parking lots development. More moderate
growth and lower capex levels should result in the company's FCF
levels trending to slightly negative levels.
Adequate Land Reserve:
LP manages its land reserves by only buying land to be developed
in the near future. The company's land acquisition strategy is
balanced against market demand and it is not intended to fit any
government housing policy. Over the last few years, the company
targeted a land bank reserve equivalent to three years of
operations, which was achieved in 2013. The company's land
reserves increased from 206 hectares in 2011 to 396 hectares by
the end of 2014, which is mainly for land development, including a
small portion (around 10%) for homebuilding and commercial use.
Geographically, LP's land reserve is mostly located in the cities
of Lima, Ica and Piura.
Receivable Portfolio, Low NPL levels:
As of Dec. 31, 2014, LP's accounts receivable portfolio amounted
to USD144 million compared to USD126 million in 2013 and USD117
million in 2012. This calculation includes the deferred interest
income to be charged over the installment contracts' collection
period. The credit quality of LP's account receivable portfolio
has remained stable as the level of non-performing loans (NPL)
ratio - as a percentage of the total portfolio - reached average
levels of 0.48% in the last three years. LP's business model for
the installment sales contract financing activities considers the
repossession of the lots when an event of default is declared upon
three unpaid installments. This business characteristic supports
low NPL levels.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- 6-10% revenue growth during 2015;
-- Stable EBITDA margin at 23%;
-- Adjusted debt-to-EBITDA around 3.5x;
-- Low liquidity absent of successful debt refinancing;
-- Low-single negative 2015 FCF.
RATING SENSITIVITIES
A rating downgrade could be triggered by a more pressured
liquidity position due to fail on refinancing and/or decline in
the Peruvian macroeconomic environment affecting the company's
operations and increasing leverage above the levels factored into
the ratings.
A revision of the Outlook back to Stable could result if LP
successfully refinance its debt resulting in improved liquidity
coupled by stable consolidated margins and credit quality for its
portfolio maintaining a consolidated adjusted gross leverage
around 3.5x. Improvement on CFO and FCF generation would also be
viewed positively.
===============================
T R I N I D A D & T O B A G O
===============================
PETROTRIN: Drilling Restarts in Soldado Field
---------------------------------------------
Richardson Dhalai at Trinidad and Tobago Newsday reports that
Petroleum Company of Trinidad and Tobago (Petrotrin) has restarted
exploratory drilling in the Southwest Soldado Field after its
drilling program was curtailed in May 2014 due to maintenance
works on an exploration rig. In a statement, the company provided
an update on its offshore activities, according to Trinidad and
Tobago Newsday.
The report notes that Petrotrin noted that its Trinmar Operations
drilling program had been suspended last May when its contract rig
was "taken out of service for repairs, mandatory inspection,
service and recertification."
However, on February 23, a Well Services Petroleum Company Limited
(WSPCL) Rig V 110 was towed to Trinmar Operations Southwest
Soldado Field and drilling commenced on February 26 on well S-923,
the company stated, adding that well was estimated for completion
in the first week of April 2015, the report relates.
"This is the first of four (4) new wells in Southwest Soldado as
part of the Forward Drilling Program (FDP)," exploration and
production vice president, Jamaludin Khan said, the report
discloses.
Mr. Khan also indicated that in addition to the drilling
activities at Trinmar Operations, production improvement efforts
were also being supported through the use of two contract workover
rigs as well as through continuous debottlenecking, process
improvements, non V rig interventions and production optimisation
initiatives," the report quoted Mr. Khan as saying.
"We are constantly evaluating our production improvement options
and will undertake activities related thereto with strict
adherence to commercial feasibility," Mr. Khan stated, the report
relays.
And at a time when other energy companies have scaled back
operations due to slumping global oil prices, Petrotrin, pointed
out it was also increasing its land exploration activities with
the introduction of two drilling rigs on its land acreage, the
report notes.
On March 20, US benchmark, West Texas Intermediate, (WTI), crude
fell 2.9 percent to $42.21 per barrel while Brent oil futures for
April lost 0.5 percent to settle at $53.44 a barrel, the report
relates. However, Petrotrin stated that the surge in drilling
activity followed its acquisition of the "most extensive 3D
seismic coverage in the history of its operations" in both its
Land North West District and Trinmar/North Marine operations
offshore.
"For the first time since 2007, Petrotrin is experiencing a
watershed period in its exploration and production (E&P)
operations with the introduction of two drilling rigs in its land
acreage," Petrotrin stated, and cited the results from the seismic
surveys for the increased drilling activity, notes the report.
Mr. Khan said Petrotrin's move to increase drilling on land at
this time, while other energy organizations had scaled back
planned activity pending improvement in crude oil prices, was "in
support of Petrotrin's strategic objectives to enhance activities
in its upstream and downstream operations and to strengthen its
position in the energy sector," the report relays.
"We expect that this combination of efforts using the two drilling
rigs in our Land operations will not only offset the marginal
decline in Petrotrin's Land production levels, but will also serve
to increase production levels from April 2015 and to add to the
Company's oil and gas proved reserves base," the report quoted Mr.
Khan as saying. "While Petrotrin shares the concerns of other
energy companies, the state organization is also driven by its
role as the integrated national oil and gas company and, as such,
recognizes the need to maintain a number of commercial growth
initiatives at this time to ensure that its growth portfolio is
sustained and balanced."
Referring to the relationship between Petrotrin's upstream and
downstream operations, Mr. Khan said that the thrust to increase
the production volumes of indigenous crude oil was also an
"opportunity to provide the much needed lower cost/superior margin
feedstock for the upgraded Pointe-a-Pierre refinery," the report
says.
Mr. Khan also noted that taking the current initiative to exploit
existing and new discoveries were also expected to generate the
resources and prospects that would ensure the company's
profitability in the future, the report relates.
Petrotrin stated the company had retained the services of a second
land drilling rig to supplement the output of its own Petrotrin
Rig V 1 which is currently drilling in the Forest Reserve Field,
the report relays. While Petrotrin's Contract Rig, WSPCL Rig V 4
commenced drilling in the company's Barrackpore field at the start
of February 2015, the report notes.
This rig recently completed drilling its second Barrackpore Field
development well, BP 605 since commencement of this new drilling
program, the report relays.
Following the Barrackpore campaign, WSPCL V 4 Drilling Rig has
since started drilling in Petrotrin's Palo Seco Grande Ravine
Field as it undertakes the development of prospects identified
from the Land 3D Seismic program, the report adds.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs. The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on Dec.
2, 2014, Trinidad and Tobago Newsday said that in the face of
falling global oil prices, which is beginning to impact on
Trinidad and Tobago's earnings from its petroleum resources,
Petroleum Company of Trinidad and Tobago has rolled out a plan to
remain viable and to survive in the harsh global oil industry.
Petrotrin said in a media release that it is forging ahead with
objective cost management decisions imperative to secure its
viability, according to Trinidad and Tobago Newsday. The report
said Petrotrin's operations have also been severely impacted due
to unfavorable margins.
The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year. According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.
=================
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
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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
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BATTISTELLA BTTL3 BZ 115297369 -19538107
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BATTISTELLA-RECP BTTL10 BZ 115297369 -19538107
BATTISTELLA-RI P BTTL2 BZ 115297369 -19538107
BATTISTELLA-RIGH BTTL1 BZ 115297369 -19538107
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BOMBRIL FPXE4 BZ 19416013.9 -489914853
BOMBRIL BOBR3 BZ 309951278 -57714449.4
BOMBRIL - RTS BOBR11 BZ 309951278 -57714449.4
BOMBRIL CIRIO SA BOBRON BZ 309951278 -57714449.4
BOMBRIL CIRIO-PF BOBRPN BZ 309951278 -57714449.4
BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853
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F GUIMARAES FGUI3 BZ 11016542.2 -151840378
F GUIMARAES-PREF FGUI4 BZ 11016542.2 -151840378
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FABRICA RENAUX-P FTRX4 BZ 66603695.4 -76419246.3
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FER HAGA-PREF HAGA4 BZ 19848769.9 -38798309.5
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GRADIENTE-PREF C IGBR7 BZ 346216965 -42013205.9
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HOTEIS OTHON SA HOOT3 BZ 238958413 -22929896.5
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IGUACU CAFE IGUCF US 214061113 -63930746.9
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IGUACU CAFE-PR B IGCSBN BZ 214061113 -63930746.9
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
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INVERS ELEC BUEN IEBAA AR 239575758 -28902145.8
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KARSTEN CTKCF US 161482221 -4141092.01
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KARSTEN-PREF CTKPF US 161482221 -4141092.01
KARSTEN-PREF CTKA4 BZ 161482221 -4141092.01
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LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
LAEP INVESTMEN-B 0122427D LX 222902269 -255311026
LAEP INVESTMENTS LEAP LX 222902269 -255311026
LAEP-BDR MILK33 BZ 222902269 -255311026
LAEP-BDR MILK11 BZ 222902269 -255311026
LOJAS ARAPUA LOAR3 BZ 38857516.9 -3355978520
LOJAS ARAPUA LOARON BZ 38857516.9 -3355978520
LOJAS ARAPUA-GDR 3429T US 38857516.9 -3355978520
LOJAS ARAPUA-GDR LJPSF US 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOAR4 BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF LOARPN BZ 38857516.9 -3355978520
LOJAS ARAPUA-PRF 52353Z US 38857516.9 -3355978520
LUPATECH SA LUPA3 BZ 584100366 -304853641
LUPATECH SA LUPTF US 584100366 -304853641
LUPATECH SA LUPAF US 584100366 -304853641
LUPATECH SA LUPTQ US 584100366 -304853641
LUPATECH SA -RCT LUPA9 BZ 584100366 -304853641
LUPATECH SA-ADR LUPAY US 584100366 -304853641
LUPATECH SA-ADR LUPAQ US 584100366 -304853641
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MANGELS INDL MGEL3 BZ 186096273 -50186882
MANGELS INDL SA MISAON BZ 186096273 -50186882
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MANGELS INDL-PRF MISAPN BZ 186096273 -50186882
MINUPAR MNPR3 BZ 90210352.5 -117166643
MINUPAR SA MNPRON BZ 90210352.5 -117166643
MINUPAR SA-PREF MNPRPN BZ 90210352.5 -117166643
MINUPAR-PREF MNPR4 BZ 90210352.5 -117166643
MINUPAR-RCT 9314634Q BZ 90210352.5 -117166643
MINUPAR-RCT 0599564D BZ 90210352.5 -117166643
MINUPAR-RCT MNPR9 BZ 90210352.5 -117166643
MINUPAR-RT 9314542Q BZ 90210352.5 -117166643
MINUPAR-RT 0599562D BZ 90210352.5 -117166643
MINUPAR-RTS MNPR1 BZ 90210352.5 -117166643
NORDON MET NORD3 BZ 10859129.2 -33570700.5
NORDON METAL NORDON BZ 10859129.2 -33570700.5
NORDON MET-RTS NORD1 BZ 10859129.2 -33570700.5
NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526
NOVA AMERICA SA NOVA3B BZ 21287488.9 -183535526
NOVA AMERICA SA NOVAON BZ 21287488.9 -183535526
NOVA AMERICA SA 1NOVON BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVA4B BZ 21287488.9 -183535526
NOVA AMERICA-PRF NOVAPN BZ 21287488.9 -183535526
NOVA AMERICA-PRF 1NOVPN BZ 21287488.9 -183535526
OGX PETROLEO CTCO3 BZ 2104841243 -4244633894
OLEO E GAS P-ADR OGXPY US 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EO 2104841243 -4244633894
OLEO E GAS P-ADR OGXPYEUR EU 2104841243 -4244633894
OLEO E GAS P-ADR 8OGB GR 2104841243 -4244633894
OLEO E GAS PART OGXP3 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP5 BZ 2104841243 -4244633894
OLEO E GAS PART OGXP6 BZ 2104841243 -4244633894
OLEO E GAS PART OGXPF US 2104841243 -4244633894
OSX BRASIL - RTS 0701756D BZ 2670745328 -202996314
OSX BRASIL - RTS 0701757D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812903D BZ 2670745328 -202996314
OSX BRASIL - RTS 0812904D BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB1 BZ 2670745328 -202996314
OSX BRASIL - RTS OSXB9 BZ 2670745328 -202996314
OSX BRASIL SA OSXB3 BZ 2670745328 -202996314
OSX BRASIL SA EBXB3 BZ 2670745328 -202996314
OSX BRASIL SA OSXRF US 2670745328 -202996314
OSX BRASIL S-GDR OSXRY US 2670745328 -202996314
PADMA INDUSTRIA LCSA4 BZ 388720096 -213641152
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
PETROLERA DEL CO PSUR AR 70120174.9 -27864484
PILMAIQUEN PILMAIQ CI 200140666 -20597929.7
PORTX OPERACOES PRTX3 BZ 976769385 -9407990.18
PORTX OPERA-GDR PXTPY US 976769385 -9407990.18
PUYEHUE PUYEH CI 21553021.9 -5145184.07
PUYEHUE RIGHT PUYEHUOS CI 21553021.9 -5145184.07
RECRUSUL RCSL3 BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529789Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 4529793Q BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163582D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0163583D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614675D BZ 41395863.2 -21007926.7
RECRUSUL - RCT 0614676D BZ 41395863.2 -21007926.7
RECRUSUL - RCT RCSL10 BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529781Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 4529785Q BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163579D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0163580D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614673D BZ 41395863.2 -21007926.7
RECRUSUL - RT 0614674D BZ 41395863.2 -21007926.7
RECRUSUL SA RESLON BZ 41395863.2 -21007926.7
RECRUSUL SA-PREF RESLPN BZ 41395863.2 -21007926.7
RECRUSUL SA-RCT RCSL9 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL1 BZ 41395863.2 -21007926.7
RECRUSUL SA-RTS RCSL2 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL11 BZ 41395863.2 -21007926.7
RECRUSUL-BON RT RCSL12 BZ 41395863.2 -21007926.7
RECRUSUL-PREF RCSL4 BZ 41395863.2 -21007926.7
REDE EMP ENE ELE ELCA4 BZ 1029019993 -128321599
REDE EMP ENE ELE ELCA3 BZ 1029019993 -128321599
REDE EMPRESAS-PR REDE4 BZ 1029019993 -128321599
REDE ENERGIA SA REDE3 BZ 1029019993 -128321599
REDE ENERGIA SA- REDE2 BZ 1029019993 -128321599
REDE ENERGIA-RTS REDE1 BZ 1029019993 -128321599
REDE ENERG-UNIT REDE11 BZ 1029019993 -128321599
REDE ENER-RCT 3907731Q BZ 1029019993 -128321599
REDE ENER-RCT REDE9 BZ 1029019993 -128321599
REDE ENER-RCT REDE10 BZ 1029019993 -128321599
REDE ENER-RT 3907727Q BZ 1029019993 -128321599
REDE ENER-RT 1011624D BZ 1029019993 -128321599
REDE ENER-RT 1011625D BZ 1029019993 -128321599
RENAUXVIEW SA TXRX3 BZ 54394844.4 -90675345.2
RENAUXVIEW SA-PF TXRX4 BZ 54394844.4 -90675345.2
RIMET REEM3 BZ 103098359 -185417651
RIMET REEMON BZ 103098359 -185417651
RIMET-PREF REEM4 BZ 103098359 -185417651
RIMET-PREF REEMPN BZ 103098359 -185417651
SANESALTO SNST3 BZ 20127540.6 -7418183.32
SANSUY SNSY3 BZ 188091749 -164364290
SANSUY SA SNSYON BZ 188091749 -164364290
SANSUY SA-PREF A SNSYAN BZ 188091749 -164364290
SANSUY SA-PREF B SNSYBN BZ 188091749 -164364290
SANSUY-PREF A SNSY5 BZ 188091749 -164364290
SANSUY-PREF B SNSY6 BZ 188091749 -164364290
SCHLOSSER SCLO3 BZ 51334306.9 -58463309
SCHLOSSER SA SCHON BZ 51334306.9 -58463309
SCHLOSSER SA-PRF SCHPN BZ 51334306.9 -58463309
SCHLOSSER-PREF SCLO4 BZ 51334306.9 -58463309
SNIAFA SA SNIA AR 11229696.2 -2670544.86
SNIAFA SA-B SDAGF US 11229696.2 -2670544.86
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.86
STAROUP SA STARON BZ 27663605.3 -7174512.12
STAROUP SA-PREF STARPN BZ 27663605.3 -7174512.12
TEC TOY SA-PF B TOYB6 BZ 33401974.6 -468978.338
TEC TOY SA-PREF TOYDF US 33401974.6 -468978.338
TEC TOY SA-PREF TOYB5 BZ 33401974.6 -468978.338
TEC TOY-RCT 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 * * *