/raid1/www/Hosts/bankrupt/TCRLA_Public/150413.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, April 13, 2015, Vol. 16, No. 071
Headlines
A R G E N T I N A
ARGENTINA: Arbitration Ruling a Defeat for Suez Despite Award
B A R B A D O S
* BARBADOS: Central Bank to Stop Setting Minimum Savings Rate
COLUMBUS INTERNATIONAL: FLOW Merger Could Result in More Jobs
COLUMBUS INTERNATIONAL: Moody's Ups $1.25B Sr. Notes Rating to Ba3
C A Y M A N I S L A N D S
CONSISTENT RETURN: Shareholders' Final Meeting Set for April 20
ICEBERG ALTERNATIVE I: Members' Final Meeting Set for April 30
ICEBERG ALTERNATIVE II: Members' Final Meeting Set for April 30
ICEBERG ALTERNATIVE MASTER: Members' Meeting Set for April 30
MASK SPONSOR: Shareholders' Final Meeting Set for April 24
PICTET TRUST: Members' Final Meeting Set for May 14
PLATINUM DYNASTY: Shareholder to Hear Wind-Up Report on April 24
THE EDDYSTONE: Shareholders' Final Meeting Set for May 6
TWO SIGMA: Shareholder to Hear Wind-Up Report on April 23
TWO SIGMA MASTER: Shareholder to Hear Wind-Up Report on April 23
TWO SIGMA U.S.: Shareholder to Hear Wind-Up Report on April 23
WATERFORD GP: Shareholder to Hear Wind-Up Report on April 21
WHITEFISH AVIATION: Shareholder to Hear Wind-Up Report on May 15
C H I L E
AUTOMOTORES GILDEMEISTER: Fitch Cuts Local Currency IDR to 'C'
D O M I N I C A N R E P U B L I C
* DOMINICAN REPUBLIC: Prices Climb 0.14% in March
DOMINICAN REPUBLIC: US Halts Termite-Tainted Pineapples
J A M A I C A
* JAMAICA: Minister Gives Details on Revenue Appeals Division
P A N A M A
MULTIBANK: S&P Raises Issuer Credit Rating from BB+/B
U R U G U A Y
ACI AIRPORT: S&P Give Prelim. BB+ Rating to $200MM Sr. Notes
X X X X X X X X X
* BOND PRICING: For the Week From March 30 to April 3, 2015
- - - - -
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A R G E N T I N A
=================
ARGENTINA: Arbitration Ruling a Defeat for Suez Despite Award
-------------------------------------------------------------
EFE News reports that Argentine Economy Minister Axel Kicillof
said that an international arbitration ruling ordering Argentina
to pay $405 million in compensation to French utility Suez was in
fact a "defeat" for the company, though he added that Buenos Aires
would still appeal the decision.
The ruling by the Washington-based International Center for
Settlement of Investment Disputes, a member of the World Bank
Group, is adverse for Suez because the arbitral award fell far
short of the $1.2 billion the company was demanding, Mr. Kicillof
said in a press conference, according to EFE News.
Mr. Kicillof added that Suez had been seeking that amount for
moral damages, as well as compensation for the termination of its
contract and for the money the company invested in the South
American country, notes the report.
But the ICSID only recognized the company's claim pertaining to
its investments in Argentina, an amount of $400 million, the
minister said, the report relates.
"The ICSID did not recognize the moral damage, it didn't recognize
compensation (for breach of contract), it just recognized the
investment. It's an adverse ruling for the company. It's a
defeat. They only recognized one-third of what (Suez was)
claiming," EFE News quoted Mr. Kicillof as saying.
The ruling is not final and Argentina will appeal it to challenge
the investment reimbursement decision, according to Mr. Kicillof,
who said the amount Suez invested was "a pittance," the report
says.
"The ruling, as it stands, proves us right. That company had to
go. Its contract needed to be terminated. That's why (the
arbitration body) recognized one-third, which we're now going to
discuss," Mr. Kicillof added, notes the report.
Aguas Argentinas, a unit of Suez, was awarded a concession in 1993
to provide potable water and drainage services in Buenos Aires,
but the Argentine government canceled that contract unilaterally
in 2006, according to the French utility, adds the report.
* * *
The Troubled Company Reporter-Latin America, on Aug. 1, 2014,
reported that Argentina defaulted on some of its debt late July 30
after expiration of a 30-day grace period on a US$539 million
interest payment. Earlier that day, talks with a court- appointed
mediator ended without resolving a standoff between the country
and a group of hedge funds seeking full payment on bonds that the
country had defaulted on in 2001. A U.S. judge had ruled that the
interest payment couldn't be made unless the hedge funds led by
Elliott Management Corp., got the US$1.5 billion they claimed.
The country hasn't been able to access international credit
markets since its US$95 billion default 13 years ago.
As a result, reported the TCR-LA on Aug. 1, Standard & Poor's
Ratings Services lowered its unsolicited long-and short-term
foreign currency sovereign credit ratings on the Republic of
Argentina to selective default ('SD') from 'CCC-/C'.
The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings
downgraded Argentina's Foreign Currency Issuer Default Rating
(IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency
Issuer Default Rating to 'RD' from 'C'.
Meanwhile, Moody's Investors Service affirmed Argentina's Caa1
issuer rating, which also applies to domestic law bonds, confirmed
the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook, reported the TCR-LA on Aug.
5, 2014.
On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America
Agente de Calificacion de Riesgo affirmed the deposit, debt,
issuer and corporate family ratings on Argentina's banks and
financial institutions, both on the global and national scales.
The outlook on these ratings has been changed to negative from
stable. At the same time, the rating agency has affirmed the
banks' Caa2 foreign-currency deposit ratings and Not-
Prime short-term ratings. The banks' standalone E financial
strength ratings corresponding to caa1 baseline credit assessments
(BCA) have also been affirmed.
The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has
downgraded Argentina's long-term foreign currency issuer rating
from CC to Selective Default (SD). The short-term foreign
currency rating has been downgraded to Default (D), from R-5. The
long-term and short-term local currency issuer ratings have been
confirmed at B (low) and R-5, respectively. The trend on the
long-term local currency rating is Negative, and the trend on the
short-term local currency rating is Stable.
On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded
Argentina's rating on Par Bonds issued under Foreign Law to 'D'
from 'C' as Argentina has not been able to cure the missed coupon
payments on its par bonds issued under foreign law after the
expiration of the 30-day grace period on Oct. 30. According to
Fitch's criteria, this constitutes an event of default and Fitch
has downgraded the affected securities to 'D'. In addition, Fitch
has affirmed:
-- Foreign Currency Issuer Default Rating (IDR) at 'RD';
-- Local Currency IDR at 'CCC';
-- Short-term Foreign Currency IDR at 'RD';
-- Country Ceiling at 'CCC'.
-- Performing Foreign Law Exchanged Securities (Global 17) at
'C';
-- Local Currency exchanged bonds under Argentine Law at 'CCC';
-- Foreign and Local Currency non-exchanged securities under
Argentine Law at 'CCC';
-- Discount Bonds issued under Foreign Law at 'D'.
===============
B A R B A D O S
===============
* BARBADOS: Central Bank to Stop Setting Minimum Savings Rate
-------------------------------------------------------------
Caribbean360.com reports that the Central Bank of Barbados (CBB)
will no longer set the minimum savings rate on deposits and that
each commercial bank and deposit-taking institution will be
responsible for setting its own interest rate.
The CBB said the new policy goes into effect from April 21,
according to Caribbean360.com.
According to the report, the Central Bank said notice of the new
measure has been published in the Official Gazette "and commercial
banks are obliged to provide customers one month's notice before
they may alter the existing rate".
It said that the decision to allow the market to determine the
rate was reached after careful consideration of the performance of
the domestic financial markets, the report relates.
Barbados now joins at least two other Caribbean countries, Jamaica
and Trinidad and Tobago, that have deregulated interest rates for
savings accounts, the report adds.
COLUMBUS INTERNATIONAL: FLOW Merger Could Result in More Jobs
-------------------------------------------------------------
RJR News reports that Chief Executive Officer of Cable and
Wireless Communications, CWC, Phil Bentley, said the impending
merger with FLOW's parent Columbus International could create more
jobs than previously estimated.
Mr. Bentley said previous estimates of 500 jobs being created were
probably on the conservative side, according to RJR News. Mr.
Bentley however said he could not promise there will be no
redundancies but added that most of the reductions will take place
in Florida where both CWC and Columbus had their headquarters.
Mr. Bentley said jobs will go where two people are doing the same
thing, but how many jobs are created or eliminated will depend on
the speed of the merged entities investments, the report relates.
CWC and Columbus recently received approval for their proposed
US$3 billion merger of their LIME and Flow brands in the region.
The merger was formally announced on April 1.
About Columbus International
Columbus International Inc. is a privately held diversified
telecommunications company based in Bahamas. The Company provides
digital cable television, broadband Internet and digital landline
telephony in Trinidad, Jamaica, Barbados, Grenada, St. Vincent &
the Grenadines, St. Lucia and Curacao under the brand name Flow
and in Antigua under the brand name Karib Cable.
COLUMBUS INTERNATIONAL: Moody's Ups $1.25B Sr. Notes Rating to Ba3
------------------------------------------------------------------
Moody's Investors Service upgraded to Ba3 from B2 the rating of
Columbus International Inc. ("Columbus")'s USD 1.25 billion senior
unsecured notes due in 2021. At the same time, Moody's has
withdrawn the B2 corporate family rating (CFR) of Columbus. The
actions follow the announcement made on March 31, 2015 by Cable &
Wireless Communications Plc. (CWC, Ba2 negative) that it completed
the acquisition of the entire issued share capital of Columbus.
This concludes the review for upgrade initiated by Moody's on
November 6, 2014. The outlook on the rating is negative.
RATINGS RATIONALE
"The upgrade reflects our view that, following the completion of
the transaction, there is a close financial and operating
relationship between CWC and Columbus" said Sandra Beltr n, an
Analyst at Moody's Investors Service. Therefore, the ratings of
the latter are directly linked to its parent CFR and there is a
high correlation between Columbus and CWC's probability of
default. Main drivers behind our assessment are: 1) CWC's
intention to manage both operations on a combined basis, in line
with global trends of convergence of fixed and mobile networks, 2)
the fact that Columbus and CWC will share the same management
team, and 3) CWC's overall business strategy of becoming a leading
integrated telecom provider in the Caribbean and surrounding
markets, which is highly dependent on Columbus' pay TV
capabilities and state-of-the-art fiber networks.
The Ba3 rating on the notes is one notch below CWC's Ba2 CFR due
to structural subordination considerations. In our view Columbus'
notes rank below the debt at Sable International Finance Limited
("SIFL"), which includes USD 400 million senior secured bonds due
2020, a USD 390 million secured bridge loan tranche and a USD 570
million secured revolving credit facility. SIFL's instruments are
secured by first ranking share pledges over all of the shares of
SIFL, CWC Cayman Finance Limited and the pledgor guarantors (Sable
Holding Limited, CWI Group Limited and Cable & Wireless (West
Indies) Limited) and benefit from guarantees from these pledgor
guarantors as well as intermediate holding company Cable &
Wireless Limited and the ultimate parent, Cable & Wireless
Communications plc. On the other hand, Columbus' bonds are rated
one notch above the B1 rating for the GBP 200 million senior
unsecured notes due 2019 at Cable & Wireless International Finance
BV. These notes, along with the USD 300 million unsecured bridge
loan tranche at SIFL, would have secondary access to Columbus cash
flows in case of need and benefit only from a subordinated
guarantee from the intermediate holding company Cable & Wireless
Limited, being, therefore, ranked last in priority in the
waterfall.
The withdrawal of Columbus' B2 CFR also takes into consideration
that, as a wholly owned and controlled subsidiary, Columbus'
ratings will be primarily driven by the CFR of CWC. Under Moody's
definitions, a CFR normally apply to all affiliates under the
management control of the entity to which it is assigned. Thus, we
expect any future changes to Columbus' ratings to mirror changes
to CWC's Corporate Family Rating.
CWC's Ba2 CFR reflects the company's leading market positions
throughout the Caribbean and Panama, its effective business model
and improved credit metrics. The rating remains constrained by
operating challenges and exposure to the emerging economies where
the company operates, the competitive nature of the telecom
industry and the uncertainties and execution risk surrounding the
success of CWC's strategic realignment efforts, as well as
potential liquidity pressure under the proposed transaction
structure.
The negative rating outlook reflects execution risks surrounding
the acquisition, potential liquidity pressures under the current
transaction structure, and ongoing uncertainty surrounding the
realignment of CWC's business model to a new regional and
operational strategy. Execution and event risks taken into
consideration are associated with a sizeable acquisition that will
pose challenges, such as the integration of the new business,
unforeseen legal or regulatory issues, inability to retain
customers, difficulties deploying acquired networks and a new
management team with little track record under CWC. In addition,
the outlook assumes ongoing negative free cash flow coupled with
increased indebtedness resulting in higher leverage over the next
eighteen to twenty four months.
Downward pressure on CWC's rating could develop if post
transaction adjusted EBITDA margins stay below 35% on a sustained
basis or if gross debt to EBITDA as adjusted by Moody's surpasses
3.75 times. Also, if interest coverage as measured by FFO +
interest expense/interest expense stays below 3.0 times on a
sustained basis, the rating would come under pressure.
Deteriorating operating performance that impacts cash flow or
liquidity such that the company is unable to carryout planned
investments would also pressure the rating.
Given the transitional state of CWC following its portfolio
reshuffling, upwards rating pressure is currently limited. However
the rating could experience upward pressure once the company
returns to meaningful positive free cash flow at a group level
(after dividend payments) on a sustained basis, if the company's
gross debt to EBITDA ratio (as adjusted by Moody's) stays below
2.0 times.
Columbus International Inc. is a diversified telecommunications
company based in Barbados. The Company provides digital cable
television, broadband Internet and digital landline telephony in
Trinidad, Jamaica, Barbados, Grenada, Curacao, St. Lucia and St.
Vincent and the Grenadines under the brand name FLOW and in
Antigua under the brand name Karib Cable. Columbus also provides
next generation connectivity and IT solutions, managed networking
and cloud-based services under the brand Columbus Business
Solutions. Through its wholly owned subsidiary, Columbus Networks,
the Company provides capacity and IP services, corporate data
solutions and data center hosting throughout 42 countries in the
greater Caribbean, Central American and Andean region. Through its
fully protected, ringed submarine fiber optic network spanning
more than 42,300 km and its 34,300 km terrestrial fibre and
coaxial network, Columbus' 3,000 plus professionals provide
advanced telecom services to a diverse residential and corporate
client base approaching 700,000 customers. During the LTM ended in
September 2014, Columbus' revenues and adjusted EBITDA margin
amounted to USD 574 million and 45%, respectively. Since March 31,
2015, Columbus is a wholly-owned subsidiary of Cable & Wireless
Communications Plc.
Cable & Wireless Communications Plc (CWC) is an integrated
telecommunications provider offering mobile, broadband, fixed-
line, business and IT services throughout the Caribbean, Panama
and Seychelles. As of September 2014, CWC attended to over 5.5
million customers, of which around 70% consisted of mobile users,
20% of fixed line clients, and the remainder of broadband and TV
customers. For the last twelve months ended in September 2014, the
company reported revenues of USD1,880 million with an EBITDA
margin as adjusted by Moody's of 34%.
==========================
C A Y M A N I S L A N D S
==========================
CONSISTENT RETURN: Shareholders' Final Meeting Set for April 20
---------------------------------------------------------------
The shareholders of Consistent Return 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:
Geoff Varga
c/o Kinetic Partners (Cayman) Limited
The Harbour Centre
42 North Church Street
P.O. Box 10387 Grand Cayman KY1-1004
Cayman Islands
Telephone: (345) 623 9900
Facsimile: (345) 943 9900
ICEBERG ALTERNATIVE I: Members' Final Meeting Set for April 30
--------------------------------------------------------------
The members of Iceberg Alternative Real Estate I Fund Limited will
hold their final meeting on April 30, 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:
Andrew Childe
c/o Trudy-Ann Scott
Fund Solution Services Limited
Telephone: +1 (345) 947 5855
ICEBERG ALTERNATIVE II: Members' Final Meeting Set for April 30
---------------------------------------------------------------
The members of Iceberg Alternative Real Estate II Fund Limited
will hold their final meeting on April 30, 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:
Andrew Childe
c/o Trudy-Ann Scott
Fund Solution Services Limited
Telephone: +1 (345) 947 5855
ICEBERG ALTERNATIVE MASTER: Members' Meeting Set for April 30
-------------------------------------------------------------
The members of Iceberg Alternative Real Estate Master Fund Limited
will hold their final meeting on April 30, 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:
Andrew Childe
c/o Trudy-Ann Scott
Fund Solution Services Limited
Telephone: +1 (345) 947 5855
MASK SPONSOR: Shareholders' Final Meeting Set for April 24
----------------------------------------------------------
The shareholders of Mask Sponsor Services Ltd. will hold their
final meeting on April 24, 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:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
PICTET TRUST: Members' Final Meeting Set for May 14
---------------------------------------------------
The members of Pictet Trust (Cayman) Ltd will hold their final
meeting on May 14, 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:
Ian D. Stokoe
c/o Sarah Moxam
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 914 8634
Facsimile: (345) 945 4237
PLATINUM DYNASTY: Shareholder to Hear Wind-Up Report on April 24
----------------------------------------------------------------
The shareholder of Platinum Dynasty Fund Limited will hear on
April 24, 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:
Platinum Trading Management Ltd.
c/o Piers Dryden
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
THE EDDYSTONE: Shareholders' Final Meeting Set for May 6
--------------------------------------------------------
The shareholders of The Eddystone Offshore Fund, Ltd will hold
their final meeting on May 6, 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:
Maricorp Services Ltd.
c/o J. Andrew Murray
Telephone: (345) 949-9710
P.O. Box 2075 Grand Cayman, KY1-1105
Cayman Islands
TWO SIGMA: Shareholder to Hear Wind-Up Report on April 23
---------------------------------------------------------
The shareholder of Two Sigma Horizon Cayman Fund, Ltd. will hear
on April 23, 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:
Ogier
c/o Jody Powery-Gilbert
Telephone: (345) 815-1763
Facsimile: (345) 949-9877
TWO SIGMA MASTER: Shareholder to Hear Wind-Up Report on April 23
----------------------------------------------------------------
The shareholder of Two Sigma Horizon Master Fund, Ltd. will hear
on April 23, 2015, at 10:05 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Telephone: (345) 815-1763
Facsimile: (345) 949-9877
TWO SIGMA U.S.: Shareholder to Hear Wind-Up Report on April 23
--------------------------------------------------------------
The shareholder of Two Sigma U.S. Equity Variable Exposure Master
Fund, Ltd. will hear on April 23, 2015, at 10:10 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Ogier
c/o Jody Powery-Gilbert
Telephone: (345) 815-1763
Facsimile: (345) 949-9877
WATERFORD GP: Shareholder to Hear Wind-Up Report on April 21
------------------------------------------------------------
The shareholder of Waterford GP will hear on April 21, 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:
Philip Moross
c/o Justin Savage
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
WHITEFISH AVIATION: Shareholder to Hear Wind-Up Report on May 15
----------------------------------------------------------------
The shareholder of Whitefish Aviation Limited will hear on May 15,
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:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 943-3100
=========
C H I L E
=========
AUTOMOTORES GILDEMEISTER: Fitch Cuts Local Currency IDR to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Automotores
Gildemeister S.A.'s (AG) as follows:
-- Foreign currency Issuer Default Rating (IDR) to 'C' from
'CCC';
-- Local currency IDR to 'C' from 'CCC';
-- USD400 million unsecured senior notes due in 2021 to 'C/RR4'
from 'CCC/RR4';
-- USD300 million unsecured senior notes due in 2023 to 'C/RR4'
from 'CCC/RR4'.
The ratings downgrade follows AG proposed exchange offering.
According to Fitch's methodology, the proposed offering imposes a
material reduction in terms vis-a-vis the original terms of the
2021 and 2023 notes. The successful completion of the exchange
would result in the IDRs being downgraded to Restricted Default
'RD'. Shortly after the distressed debt exchange is completed, the
IDRs would be re-rated and raised to a performing level, which
usually is still in the low speculative grade.
The offering proposes to voluntarily exchange the 2021 notes and
the 2023 notes for up to US$359.5 million of senior secured 9%
notes due in 2020 and the Unidad de Fomento equivalent of up to
US$330 million of subordinated unsecured payment certificates due
in 2035. The Chilean peso denominated subordinated certificates
will not bear interest.
The offering is contingent upon the consent of more than 50% of
the holders of each note. The exchange offer and solicitation
expires on May 1, 2015. If successful, the holders of the notes
that do not participate in the exchange will be subordinated to
the new notes and certain covenants will be removed.
The 'C' ratings reflect extreme cash flow pressure that AG remains
under due to weakness in its key markets. The exchange offer would
reduce the company's interest expense to approximately US$44
million from US$65 million per year. If the company's exchange is
unsuccessful, debt service would be contingent upon extraordinary
measures, as Fitch believes the company's cash flow will continue
to remain weak in 2015.
KEY RATING DRIVERS
The exchange offer launched on April 6, 2015, constitutes a
distressed debt exchange under Fitch's criteria, because investors
face a reduction in terms and the restructuring is conducted in
order to avoid a traditional payment default. Fitch considers
alternative options to be limited.
RATING SENSITIVITIES
The completion of the proposed exchange offer will lead to a
downgrade of the Long-term IDRs to 'RD'. A Positive rating action
may follow the implementation of an alternative capital structure
arising out of the restructuring process.
===================================
D O M I N I C A N R E P U B L I C
===================================
* DOMINICAN REPUBLIC: Prices Climb 0.14% in March
-------------------------------------------------
Dominican Today reports that Dominican Republic prices climbed
0.14% in March compared with February, placing accumulated
inflation in the first quarter at 0.16%, nearly one percentage
point lower than the 1.10% posted in the same period a year ago.
The Central Bank said inflation from March 2014 to March 2015
continues its downward trend at 0.64%, "significantly lower than
the annualized rate of 2.99% registered in March last year, with a
decline observed since the October 2009 level," according to
Dominican Today.
It said the climb in inflation resulted mostly from higher prices
on transport and housing, the report relates.
DOMINICAN REPUBLIC: US Halts Termite-Tainted Pineapples
-------------------------------------------------------
Dominican Today reports that U.S. authorities seized a shipment of
pineapples from Dominican Republic in February, after inspectors
in the Port of Philadelphia allegedly detected termites in the
fruits.
The incident comes just weeks after the US banned the entry of
fruits from Dominican Republic, where the presence of the med-fly
was detected in the East region, according to Dominican Today.
The report notes that the shipment arrived at the terminal Feb.
10, when customs and agriculture inspectors supposedly found the
insects.
The US Agriculture Dept. told a local TV network that termites
infest dry wood, on which several states sustained losses of
around US$1.5 billion in damages to structures, mostly in
Southeastern US, the report relates.
Similar termites were also found in other fruits and vegetables
from Dominican Republic on February 5, officials said, the report
discloses.
All products were returned to the Caribbean country, where the
government has yet to comment on the incident, the report adds.
=============
J A M A I C A
=============
* JAMAICA: Minister Gives Details on Revenue Appeals Division
-------------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Peter Phillips
has provided details on plans to establish a Revenue Appeals
Division. Dr. Phillips says the new entity, which will replace the
Taxpayer Appeals Department, will be headed by a Chief Technical
Director, who will be known as the Commissioner.
There will be at least two Deputy Commissioners, Assistant
Commissioners, a head of legal services and other officers as
deemed fit for the efficient operation of the division, according
to RJR News. Dr. Phillips said the creation of the division will
avoid lengthy delays arising from litigations in the Revenue
Court, the report relates.
Debate on the Bill to establish the Revenue Appeals Division began
in the House of Representatives, the report adds.
===========
P A N A M A
===========
MULTIBANK: S&P Raises Issuer Credit Rating from BB+/B
-----------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit rating
(ICR) on Multibank to 'BBB-/A-3' from 'BB+/B'. Its stand-alone
credit profile (SACP) is 'bbb-'. The outlook is stable.
The rating action reflects the continuous improvements in S&P's
RAC ratio for Multibank. The improvement supports and led S&P to
revise its capital and earnings assessment on the bank to "strong"
from "adequate." The ratings on Multibank also reflect its
"moderate" business position, "adequate" risk positions, "average"
funding within the Panamanian banking industry and
"adequate" liquidity. The bank's stand-alone credit profile (SACP)
is 'bbb-'.
Standard & Poor's Ratings Services classifies the banking sector
of Panama (BBB/ Stable/A-2) in group '5' under its Banking
Industry Country Risk Assessment (BICRA). Other countries in group
'5' include Brazil, China, Colombia, India, and Poland. Our bank
criteria use our 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 Panama is 'bbb-'.
"Our economic risk assessment on Panama reflects the country's low
per capita GDP which, combined with already high household debt
levels, limits individuals' ability to take on more debt. At the
same time, the country's fast-paced economic growth has increased
its economic diversification. However, our economic risk
assessment also considers Panama's small domestic market, which
makes it highly reliant on global and regional economic activity
to drive its growth. In our view, the fast pace of credit growth
alone doesn't worsen economic imbalances because it has taken
place amid vibrant economic activity in the past several years.
However, the challenges that the CRE sector faces given the still
growing vacancy rates in the country continue to add imbalances in
the economy, in our view. Other factors, such as CRE price
volatility and the country's external debt position, increase risk
in our economic imbalances assessment," said S&P.
"Our industry risk assessment recognizes that Panama's regulatory
framework lags behind some international standards, but the
regulator's adequate track record and the banks' competitive
dynamics provide stability to the financial system. Nevertheless,
our industry risk assessment remains limited by the absence of a
lender of last resort in the country. Although the government
offered liquidity support to all banks in 2008, we are uncertain
about the timeliness and efficiency of this type of support in the
event of an adverse economic or liquidity scenario. Our assessment
also incorporates the long history of low loan loss ratios and
banks' high profitability," said S&P.
=============
U R U G U A Y
=============
ACI AIRPORT: S&P Give Prelim. BB+ Rating to $200MM Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' preliminary
rating to ACI Airport Sudamerica S.A.'s (ACI or the project)
approximately $200 million senior secured notes due in 2032. The
outlook is stable.
"The final ratings depend on our receipt and satisfactory review
of all final transaction documentation, including the guarantee.
Accordingly, the preliminary ratings should not be construed as
evidence of final ratings. If we do not receive the final
documentation within a reasonable timeframe, or if the
documentation departs from the materials we have already reviewed,
we reserve the right to withdraw or change the ratings," said S&P.
RATIONALE
Cerealsur, the guarantor of the notes, is a nonoperating holding
company that controls 100% of Puerta del Sur S.A's (PdS) shares,
which in turn is the concessionaire of the city of Montevideo's
Carrasco International Airport (AIC). The concession was awarded
in 2003 for 20-years, and in September 2014 it was extended for
another 10. Carrasco International Airport is located 18
kilometers east of the City of Montevideo, Uruguay's (BBB-
/Stable/A-3) capital city.
The airport, operating since 1947, is the main gateway to the
country and handles almost 98% of international air passenger
traffic (around 1.7 million passengers in 2014) and 100% of the
country's air cargo. The airport's terminal can serve up to 4.5
million passengers and currently handles 450 flights per week.
America Corporation International S.A.R.L (not rated) ultimately
controls Cerealsur. Corporacion America (CA) operats more than 50
airports globally, mostly in South America.
"ACI Airport Sudamerica S.A. is a special purpose vehicle that
will issue the proposed guaranteed $200 million senior secured
notes," said Standard & Poor's credit analyst Candela Macchi.
Proceeds from the issuance will be used to cancel bank loans at
PdS that were used to finance the extension of the concession
contract (of approximately $14 million); pay transaction fees and
expenses; and make a one-time dividend payment to Cerealsur's
parent company. Cerealsur will use dividends from PdS to pay off
most of the proposed notes. Therefore, S&P views the debt as a
holding issuance. In this sense, for the purpose of analyzing the
issuance's debt metrics, S&P combined both senior debt allocated
at PdS' level (that reached about $60.9 million at the end of
December 2014) and the proposed notes. S&P calculated debt service
coverage, as cash flow available for debt service (CFADS) divided
by the principal and interest of the senior debt at PdS and all
other debt at Cerealsur.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From March 30 to April 3, 2015
-----------------------------------------------------------
Issuer Name Cpn Bid Price Maturity Date Country Curr
----------- --- --------- ------------- ------- ----
PDVSA 8.5 56.25 11/2/2017 VE USD
PDVSA 8.5 66.7 11/2/2017 VE USD
PDVSA 5.25 42.09 4/12/2017 VE USD
Venezuela
Int'l Bond 12.75 44.7 8/23/2022 VE USD
Transocean Inc 6.8 73.8 3/15/2038 KY USD
PDVSA 12.75 47.52 2/17/2022 VE USD
Venezuela
Int'l Bond 11.95 41.95 8/5/2031 VE USD
CSN Islands
XII Corp 7 70.25 BR USD
Banco Mercantil
do Brasil SA 9.62 45.5 7/16/2020 BR USD
Banco do
Brasil SA/Cayman 6.25 68.5 KY USD
Transocean Inc 3.8 73.8 10/15/2022 KY USD
MIE Holdings
Corp 7.5 60.12 4/25/2019 HK USD
PDVSA 9 39.5 11/17/2021 VE USD
Anton Oilfield 7.5 68.85 11/6/2018 CN USD
PDVSA 5.37 31.84 4/12/2027 VE USD
PDVSA 6 33.15 5/16/2024 VE USD
PDVSA 6 32.24 11/15/2026 VE USD
PDVSA 9.75 38.25 5/17/2035 VE USD
Schahin II
Finance Co
SPV Ltd 5.87 60.5 9/25/2022 KY USD
Odebrecht Oil
& Gas
Finance Ltd 7 54.5 KY USD
Kaisa Group
Holdings Ltd 10.25 57 1/8/2020 CN USD
Venezuela
Int'l Bond 11.75 41.75 10/21/2026 VE USD
Offshore Group
Investment Ltd 7.5 57.27 11/1/2019 KY USD
PDVSA 5.5 31.5 4/12/2037 VE USD
PDVSA 5.12 60.25 10/28/2016 VE USD
Kaisa Group
Holdings Ltd 9 51.5 6/6/2019 CN USD
Cimento Tupi SA 9.75 40 5/11/2018 BR USD
Kaisa Group
Holdings Ltd 6.87 52.12 4/22/2016 CN CNY
Honghua
Group Ltd 7.45 53.75 9/25/2019 CN USD
Venezuela
Int'l Bond 7.75 36.75 10/13/2019 VE USD
Venezuela
Int'l Bond 9.37 37.9 1/13/2034 VE USD
Venezuela
Int'l Bond 6 34.75 12/9/2020 VE USD
Automotores
Gildemeister SA 8.25 40.25 5/24/2021 CL USD
Tonon
Bioenergia SA 9.25 29.75 1/24/2020 BR USD
Gol Finance 8.75 68.4 BR USD
MIE Holdings
Corp 6.87 68 2/6/2018 HK USD
Venezuela
Int'l Bond 9 37.1 5/7/2023 VE USD
Venezuela
Int'l Bond 7 40.95 12/1/2018 VE USD
Mongolian
Mining Corp 8.87 70 3/29/2017 MN USD
USJ Acucar
e Alcool SA 9.875 45 11/9/2019 BR USD
Venezuela
Int'l Bond 9.25 37.4 5/7/2028 VE USD
Automotores
Gildemeister SA 6.75 34 1/15/2023 CL USD
Offshore Group
Investment Ltd 7.12 53.95 4/1/2023 KY USD
CA La
Electricidad
de Caracas 8.5 37 4/10/2018 VE USD
Kaisa Group
Holdings Ltd 8 66.2 12/20/2015 CN CNY
Venezuela
Int'l Bond 13.62 68 8/15/2018 VE USD
Inversiones
Alsacia SA 8 67.03 12/31/2018 CL USD
Polarcus Ltd 2.87 51.40 4/27/2016 AE USD
China Precious
Metal Resources
Holdings 7.25 49.83 2/4/2018 HK HKD
SMU SA 7.75 71.8 2/8/2020 CL USD
NQ Mobile Inc 4 65 10/15/2018 CN USD
Glorious
Property
Holdings Ltd 13.25 63.37 3/4/2018 HK USD
Schahin II
Finance Co
SPV Ltd 5.87 60.715 9/25/2022 KY USD
BA-CA Finance
Cayman Ltd 1.21 61.625 KY EUR
Odebrecht
Finance Ltd 8.25 74.35 4/25/2018 KY BRL
BCP Finance Co 2.10 56.375 KY EUR
Polarcus Ltd 8 25.5 6/7/2018 AE USD
Newland
International
Properties Corp 9.5 38.5 7/3/2017 PA USD
PSOS Finance
Ltd 11.75 73.25 4/23/2018 KY USD
BA-CA Finance
Cayman 2 Ltd 0.69 60.5 KY EUR
Polarcus Ltd 8.73 25 7/8/2019 AE NOK
Inversora de
Electrica
de Buenos
Aires SA IEBA 6.5 44.5 9/26/2017 AR USD
Tonon
Bioenergia SA 9.25 30.35 1/24/2020 BR USD
PDVSA 8.5 66.6 11/2/2017 VE USD
MIE Holdings
Corp 7.5 69.5 4/25/2019 HK USD
Banco do Brasil
SA/Cayman 6.25 67.25 KY USD
General
Exploration
Partners Inc 11.5 73.5 11/13/2018 CA USD
PDVSA 6 32 5/16/2024 VE USD
ESFG
International Ltd 5.75 0.326 KY EUR
USJ Acucar
e Alcool SA 9.87 46 11/9/2019 BR USD
Odebrecht Oil
& Gas Finance
Ltd 7 54 KY USD
PDVSA 12.75 53.25 2/17/2022 VE USD
Automotores
Gildemeister SA 6.75 34.5 1/15/2023 CL USD
Mongolian
Mining Corp 8.87 70.25 3/29/2017 MN USD
Automotores
Gildemeister SA 8.25 36.31 5/24/2021 CL USD
PDVSA 9 37.12 11/17/2021 VE USD
Venezuela
Government
Int'l Bond 13.62 61.88 8/15/2018 VE USD
Anton Oilfield
Services
Group/Hong Kong 7.5 70 11/6/2018 CN USD
EDNAR 10.5 84.5 10/9/2017 AR USD
Cimento Tupi SA 9.75 48 5/11/2018 BR USD
Honghua Group Ltd 7.45 54.75 9/25/2019 CN USD
Banco Mercantil
do Brasil SA 9.625 42.625 7/16/2020 BR USD
PDVSA 9.75 38.7 5/17/2035 VE USD
EDNAR 9.75 74 10/25/2022 AR USD
Greenfields
Petroleum Corp 9 25.05 5/31/2017 US CAD
CSN Islands
XII Corp 7 70.47 BR USD
Gol Finance 8.75 65.875 BR USD
Argentina Bocon 21.875 73.73 1/4/2016 AR ARS
Newland
International
Properties Corp 9.5 37.75 7/3/2017 PA USD
Venezuela
Government
TICC Bond 5.25 55.36 3/21/2019 VE USD
SMU SA 7.75 72.44 2/8/2020 CL USD
Provincia
de Tucuman
Argentina 0.40 42.7 9/5/2015 AR USD
Ruta del Bosque
Sociedad
Concesionaria
SA 6.3 65.67 3/15/2021 CL CLP
Cia Cervecerias
Unidas SA 4 53.32 12/1/2024 CL CLP
Cia Sud
Americana
de Vapores SA 6.4 54.31 10/1/2022 CL CLP
Provincia
del Chaco 4 68.01 12/4/2026 AR USD
Talca Chillan
Sociedad
Concesionaria SA 2.75 48.77 12/15/2019 CL CLP
Venezuela
Government
Int'l Bond 7.65 34.5 4/21/2025 VE USD
Venezuela
Government
Int'l Bond 7 35 3/31/2038 VE USD
Decimo Primer
Fideicomiso
de Bonos de
Pres 4.54 66.5 10/25/2041 PA USD
Venezuela
Government
Int'l Bond 13.62 66.12 8/15/2018 VE USD
Venezuela
Government
Int'l Bond 8.25 35.4 10/13/2024 VE USD
Venezuela
Government
Int'l Bond 9.25 40.25 9/15/2027 VE USD
Empresa de
los Ferrocarriles
del Estado 6.5 71.4 1/1/2026 CL CLP
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
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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
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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
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***********
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
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of the same firm for the term of the initial subscription or
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contact Peter A. Chapman at 215-945-7000 or Nina Novak at
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* * * End of Transmission * * *