/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150519.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, May 19, 2015, Vol. 16, No. 097 Headlines A R G E N T I N A BANCO HIPOTECARIO: S&P Affirms 'CCC+' Local Currency Rating B R A Z I L TONON BIOENERGIA: Fitch Lowers Issuer Default Rating to 'C' C A Y M A N I S L A N D S ARKADY COMPANY: Creditors' Proofs of Debt Due June 10 BAROSSA VALLEY: Creditors' Proofs of Debt Due June 10 BASELL CAYMAN: Creditors' Proofs of Debt Due June 1 CALEDONIAN BANK: Commences Liquidation Proceedings COLUMBUS PARK: Creditors' Proofs of Debt Due June 12 CONCORDE INVESTMENT: Creditors' Proofs of Debt Due June 12 ELMWOOD HOLDINGS: Creditors' Proofs of Debt Due June 10 EQUIPMENT ASSURANCE: Commences Liquidation Proceedings PISCES FINANCE 2006-C2: S&P Affirms BB+ Rating; Removes Neg. Watch STAMFORD INSURANCE: Commences Liquidation Proceedings T1 GLOBAL: Creditors' Proofs of Debt Due June 11 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Farmers Hurl Hot Peppers to Protest US Ban G U A T E M A L A BANCO AGROMERCANTIL: Fitch Affirms 'BB' Issuer Default Rating BANCO DE DESARROLLO: Fitch Affirms 'BB' IDR; Outlook Stable BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB-' IDR; Outlook Stable BANCO G&T: Fitch Affirms 'BB' IDR; Outlook Remains Stable BANCO INDUSTRIAL: Fitch Affirms 'BB' IDR; Outlook Stable J A M A I C A JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on USD125MM Notes * JAMAICA: Business Leaders Bracing for Higher Operating Expenses M E X I C O MEXICANA AIRLINES: Former Owner Seeking Asylum in U.S. OFFSHORE DRILLING: S&P Lowers CCR to 'BB-'; Outlook Negative P E R U SOUTHERN COPPER: Discloses 60-day "Pause" in Controversial Project T R I N I D A D & T O B A G O TRINIDAD CEMENT: Repays All Previous Loans TRINIDAD CEMENT: Names Jose Seijo as New Chief Executive Officer X X X X X X X X X * Large Companies With Insolvent Balance Sheets - - - - - ================= A R G E N T I N A ================= BANCO HIPOTECARIO: S&P Affirms 'CCC+' Local Currency Rating ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'CCC+' local and 'CCC-' foreign currency ratings on Banco Hipotecario S.A. The outlook remains negative. The sovereign local currency ratings limit the local currency rating on Banco Hipotecario reflect. S&P rarely rates financial institutions above ratings on the countries where they operate because S&P considers it unlikely that these institutions would remain unaffected by developments in their domestic economy. The 'CCC-' transfer & convertibility (T&C) assessment on Argentina (foreign currency: SD; local currency: CCC+/Negative/C) limits the foreign currency ratings on the bank. This assessment reflects S&P's view of the likelihood of a sovereign restricting access to foreign exchange that a nonsovereign needs to satisfy debt service obligations. Still, S&P considers that Banco Hipotecario has an "adequate" business position, capital and earnings, and risk position, "below-average" funding, and "adequate" liquidity. The bank's stand-alone credit profile (SACP) remains at 'b+'. =========== B R A Z I L =========== TONON BIOENERGIA: Fitch Lowers Issuer Default Rating to 'C' ----------------------------------------------------------- Fitch Ratings has downgraded Tonon Bioenergia S.A's (Tonon) foreign and local currency Issuer Default Ratings (IDRs) to 'C' from 'CCC'. Fitch has also downgraded to 'C/RR4' from 'CCC/RR4' the ratings on the company's USD300 million senior unsecured notes due 2020 and the USD230 million senior secured notes due 2024 issued by Tonon's fully-owned subsidiary Tonon Luxembourg S.A. The downgrade follows the missed payment by Tonon Luxembourg S.A of the coupon relating to the USD230 million senior secured notes due 2024 in the amount of USD12 million, thus entering a 30-day cure period. The coupon was due May 14 and the issuance is guaranteed by Tonon. The next coupon payment, in the amount of USD14 million, is due on July 24 and relates to the USD300 million senior unsecured notes due 2020. The company has not reported any improvement of its capital structure in the past month. Tonon's short-term liquidity position is deteriorating fast and refinancing risks are rising due to escalating concentration of short-term debt and its inability to generate positive free cash flow (FCF). Tonon has been finding it difficult to roll over its maturing obligations with new long-term loans as bank lending activity in the sector has been focused on short-term borrowings. The company does not own land properties against which to borrow new medium- or long- term loans, which makes the company dependent on the availability of short-term credit lines. As of Dec. 31 2014, Tonon's cash position of BRL159 million compared unfavorably with short-term debt of BRL257 million to yield a 0.62x coverage ratio. In the last 12 months ended Dec. 31 2014, the company posted FCF of negative BRL147 million. Fitch expects Tonon's FCF to remain negative in the next two years. KEY ASSUMPTIONS -- Increased systemic risk and scarce availability of medium and long-term finance; -- Average sugar prices at USD14 cents/pound in 2015/2016, USD16 cents/pound in 2016/2017 and flat at USD17 cents/pound from 2017/2018 on; -- Domestic ethanol prices keeping the historical correlation with international sugar prices. RATING SENSITIVITIES The company's ratings could be downgraded if the company defaults on its scheduled amortization/interest payments and/or formally files for bankruptcy protection. An upgrade is unlikely at this time given the company's difficulties meeting its payment obligations. A large equity injection or the takeover of the company by a peer would be viewed positively. ========================== C A Y M A N I S L A N D S ========================== ARKADY COMPANY: Creditors' Proofs of Debt Due June 10 ----------------------------------------------------- The creditors of Arkady Company Limited are required to file their proofs of debt by June 10, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2015. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands BAROSSA VALLEY: Creditors' Proofs of Debt Due June 10 ----------------------------------------------------- The creditors of Barossa Valley Investments Limited are required to file their proofs of debt by June 10, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 20, 2015. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands BASELL CAYMAN: Creditors' Proofs of Debt Due June 1 --------------------------------------------------- The creditors of Basell Cayman Corporation are required to file their proofs of debt by June 1, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2015. The company's liquidator is: Scott E. Beech 1221 McKinney Suite 700, Houston Texas Telephone: (713) 309-3151 Facsimile: (713) 309-4631 CALEDONIAN BANK: Commences Liquidation Proceedings -------------------------------------------------- On April 14, 2015, the High Court of Ireland entered an order to liquidate the business of Caledonian Bank Limited. The company's liquidators are: Claire Loebell Keiran Hutchison Ernst & Young Ltd. 62 Forum Lane, Camana Bay P.O. Box 510 Grand Cayman KY1-1106 Cayman Islands COLUMBUS PARK: Creditors' Proofs of Debt Due June 12 ---------------------------------------------------- The creditors of Columbus Park CDO Ltd. are required to file their proofs of debt by June 12, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 20, 2015. 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 CONCORDE INVESTMENT: Creditors' Proofs of Debt Due June 12 ---------------------------------------------------------- The creditors of Concorde Investment Corporation are required to file their proofs of debt by June 12, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 22, 2015. 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 ELMWOOD HOLDINGS: Creditors' Proofs of Debt Due June 10 ------------------------------------------------------- The creditors of Elmwood Holdings Limited are required to file their proofs of debt by June 10, 2015, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 24, 2015. The company's liquidator is: Buchanan Limited c/o Allison Kelly Telephone: (345) 949-0355 Facsimile: (345)949-0360 P.O. Box 1170, George Town Grand Cayman KY1-1102 Cayman Islands EQUIPMENT ASSURANCE: Commences Liquidation Proceedings ------------------------------------------------------ At an extraordinary meeting held on April 21, 2015, the shareholders of Equipment Assurance Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Stuart Jessop Windward 3, 5th Floor Regatta Office Park West Bay Road, Grand Cayman KY1-1105 Cayman Islands PISCES FINANCE 2006-C2: S&P Affirms BB+ Rating; Removes Neg. Watch ------------------------------------------------------------------ Standard & Poor's Ratings Services affirmed and removed from CreditWatch negative its 'BB+' credit rating on Pisces Finance Ltd.'s series 2006-02. The rating action follows S&P's May 7, 2015 affirmation and removal from CreditWatch negative of its 'BB+' long-term issuer credit rating (ICR) on CAP S.A. CAP acts as the underlying obligor in series 2006-02. "We placed our rating on Pisces Finance's series 2006-02 on CreditWatch negative on April 24, 2015 (see "Various Rating Actions Taken On Five European Synthetic CDO And Repack Tranches Following Actions On Dependent Entities"). "Under our repack criteria, our rating on Pisces Finance's series 2006-02 is linked to our long-term ICR on CAP (see "Global Methodology For Rating Repackaged Securities," published on Oct. 16, 2012). Therefore, following our recent rating action on CAP, we have affirmed and removed from CreditWatch negative our 'BB+' rating on Pisces Finance's series 2006-02." Pisces Finance's series 2006-02 is a repack transaction that closed in October 2006. STAMFORD INSURANCE: Commences Liquidation Proceedings ----------------------------------------------------- At an extraordinary meeting held on April 7, 2015, the shareholders of Stamford Insurance Company, Ltd. resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company's dividend distribution. The company's liquidator is: Stuart Jessop Windward 3, 5th Floor Regatta Office Park West Bay Road, Grand Cayman KY1-1105 Cayman Islands Telephone: 949-1599 T1 GLOBAL: Creditors' Proofs of Debt Due June 11 ------------------------------------------------ The creditors of T1 Global Fund Ltd are required to file their proofs of debt by June 11, 2015, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 21, 2015. The company's liquidators are: Mr. Matteo Zannier Mr. Thomas Zara Reset Group SA Via Vanoni 4a 6900 Lugano Switzerland Telephone: +41 91 921 01 15 e-mail: matteo.zannier@reset-group.com; Thomas.zara@reset-group.com =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Farmers Hurl Hot Peppers to Protest US Ban -------------------------------------------------------------- http://www.dominicantoday.com/dr/economy/2015/5/15/55103/Dominican -farmers-hurl-hot-peppers-on-street-to-protest-US-ban (rousel/revise) Dominican Today reports that farmers from Villa Trina in northern Espaillat province dumped hundreds pounds of their hot pepper crop onto the streets to demand the lifting of the US ban that prevents them from exporting and a lack of a local market. The protest staged in front of the Farmers Plaza, where president Danilo Medina is slated to head activities to mark Farmer's Day, according to Dominican Today. The report notes that the protesters said the US ban on Dominican farm products, in effect since the fruit fly was detected, has pushed to the brink of bankruptcy. The around 300 farmers gathered in the town's main street demanded fulfillment of the Dominican government's promises have made during the electoral campaign and in president Medina's surprise visits as well, the report relays. ================= G U A T E M A L A ================= BANCO AGROMERCANTIL: Fitch Affirms 'BB' Issuer Default Rating ------------------------------------------------------------- Fitch Ratings has affirmed Banco Agromercantil de Guatemala's (BAM) Long-term Issuer Default Rating (IDR) at 'BB'; Short-term IDR at 'B' and Viability Rating (VR) at 'bb'; all following Fitch's peer review of Guatemala's largest banks. Fitch also affirmed BAM's and Mercom Bank Limited's (Mercom) national ratings. The Rating Outlook is Stable. KEY RATING DRIVERS - BAM's IDRs & VR The bank's intrinsic credit profile, as indicated by its Viability Rating (VR), drives the IDR and national ratings. BAM's operating environment and sound loss-absorption buffers highly influence its ratings. The bank's stable liquidity and funding, narrower franchise relative to larger domestic banks, aggressive credit growth, material borrower concentration and pressured earnings also weigh on the ratings. Like all major local banks, BAM has a significant exposure (2.0x Fitch core capital [FCC]) to the Guatemalan sovereign (local- currency and foreign-currency IDRs of 'BB') through the holding of large securities portfolios. Fitch does not expect this to change due to limited investment options in the country. BAM's capital buffers, together with strong loan-loss reserves, are a strength that enables it to compete with local banks of a significantly larger size. Capitalization remains above industry averages, but it has declined as lending volumes increased. Fitch expects that the bank will be able to maintain a sound equity position (FCC above 13% of risk-weighted assets) over the medium term. The bank's management expects a moderation in loan growth to levels more commensurate with internal capital generation rates. In the agency's opinion, maintaining a sound loss- absorption cushion is necessary for the bank to offset concentration risks and sustain business growth. BAM's funding profile consists of a diversified and stable base of short-term household deposits. To reduce liquidity gaps, the bank has increased the use of wholesale funds to extend the maturity of its liabilities. The bank successfully accessed international debt markets through the issuance of a senior unsecured loan participation note. Additionally, the bank had 19 credit lines approved from correspondent banks. Fitch views BAM's liquidity buffers, which consist of cash due from banks and Guatemalan sovereign securities, as adequate. The expansion of borrowed funds drove an increase in the bank's loan to deposit ratio, but this should decrease to acceptable levels as credit growth slows down. Tighter underwriting criteria and a stricter collection process will continue driving BAM's sound loan quality. The agency anticipates some credit quality deterioration as the loan portfolio seasons, but this will be easily manageable for the bank. BAM employs provisioning policies that are more conservative than those required by local regulations. This has significantly increased coverage of impaired loans. BAM's corporate orientation explains the material obligor concentration, which is the largest source of credit risk. Fitch does not expect a material decline in concentration levels due to the relatively limited corporate market in Guatemala, dominated by conglomerates and family-owned groups. The top 20 loans accounted for 23% of gross loans and 1.71x FCC; all of these exposures were performing well and of very high credit quality. Margin compression, due to increased funding costs and heightened competition in BAM's target segments, led to lower profitability indicators in 2014. Fitch expects that improving operating efficiency may provide a modest upside potential to improve core earnings in the short term, but convergence with peers is no longer the agency's base case. Although ratings do not factor in explicit support, Fitch views Bancolombia's ('BBB'/Outlook Positive) 40% shareholding stake positively. Bancolombia, together with domestic shareholders, has supported BAM's capitalization and is now in the process of integrating key risk management functions. Fitch believes Bancolombia has the financial capacity to support BAM if required; however, potential mechanisms of support require approval from BAM's current majority shareholders. KEY RATING DRIVERS - MERCOM's NATIONAL RATINGS In Fitch's opinion, the institutional support from BAM underpins Mercom's ratings. Mercom is totally integrated with BAM and operates in complementary market segments enhancing its business model. As a result its national scale ratings are equalized with BAM's credit profile. RATINGS SENSITIVITIES - BAM's IDR, VR AND NATIONAL RATINGS The Stable Outlook reflects Fitch's expectation of no substantial changes in BAM's risk profile in the foreseeable future. Downward pressure to the ratings would occur if the bank increases its risk appetite to pursue more aggressive loan growth, which leads to a significant deterioration of asset quality and/or capitalization (FCC ratio below 11.5%). BAM's IDRs and VR are at the same level as Guatemala's sovereign rating. Given the operating environment's high influence on BAM's VR, negative changes in the sovereign's ratings may result in a similar action on BAM's VR and IDRs. Potential for positive rating action in the VR is limited given the bank's moderate franchise which can limit pricing power and access to funding in periods of market stress relative to larger domestic banks. However, the IDRs could be upgraded if Bancolombia becomes the majority shareholder. Conversely, a material breach in the shareholding agreement with Bancolombia that weakens capital could result in a downgrade of BAM's ratings. KEY RATING DRIVERS - AGROMERCANTIL SENIOR TRUST (AST) Agromercantil Senior Trust's (AST) rating is in line with BAM's VR reflecting that the senior unsecured obligations rank equally to the bank's unsecured and unsubordinated obligations. AST'S RATINGS SENSITIVITIES Changes in the notes' rating would move in tandem with BAM's VR. KEY RATING DRIVERS & RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating of '5' and Support Rating Floor of 'No Floor' reflect Fitch's view that while support from the authorities is possible, it cannot be relied upon given BAM's limited systemic importance. The Support Rating and Support Rating Floor are sensitive to any change in assumptions around the propensity or ability of the Guatemalan government to provide timely support to the bank. Fitch has affirmed these ratings: Banco Agromercantil de Guatemala, S.A. -- Long-term foreign currency IDR at 'BB'; Outlook Stable; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BB'; Outlook Stable; -- Short-term local currency IDR at 'B'; -- Viability rating at 'bb'; -- Support at '5'; -- Support Rating Floor at 'NF'; -- National scale long-term rating at 'A+(gtm)'; Outlook Stable; -- National scale short-term rating at 'F1(gtm)'. Agromercantil Senior Trust -- Long-term foreign currency loan participation notes at 'BB'. Mercom -- National scale long-term rating at 'A+(gtm)'; Outlook Stable; -- National scale short-term rating at 'F1(gtm)'. BANCO DE DESARROLLO: Fitch Affirms 'BB' IDR; Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Banco de Desarrollo Rural's (Banrural) Issuer Default Rating (IDR) at 'BB', short-term IDR at 'B', and Viability Rating (VR) at 'bb', following a peer review of Guatemala's largest banks. The National Ratings of Banrural and its subsidiary Financiera Rural, S.A. (Finrural) were also affirmed. The Rating Outlook is Stable. KEY RATING DRIVERS - VR, IDRs, AND NATIONAL RATINGS - BANRURAL Banrural's VR drives its IDR and National Ratings. The operating environment has a great deal of influence on its performance. Banrural's VR also considers the bank's solid credit quality metrics, high profitability and good capitalization. Banrural's VR is closely linked to the sovereign, as it maintains a moderate exposure to public sector deposits (22% of total deposits), and significant concentration in government bonds (54% of total investments). The Guatemalan Government also holds a 17.2% stake in Banrural. Banrural maintains good credit quality. The consistency of its delinquency levels reflects the bank's adequate underwriting practices; effective collection process and employee incentive programs to support low delinquency levels. Banrural's profitability levels, above similarly rated peers, reflect the high net interest margin characteristic of its microfinance orientation. Banrural's moderate efficiency and relatively limited income diversification are partially compensated for by sustainably low credit costs. Banrural's profitability and moderate dividend payments contribute to its good capital levels. The bank's Fitch Core Capital-to risk-weighted assets stood at 15.7%, comparing positively with peers'. Banrural's growth is dynamic and often exceeds market growth; however, it is in line with the bank's internal capital generation. Banrural has a strong local franchise. It is the second largest bank in Guatemala, with a market share of 20% of assets and the widest geographic coverage. The bank's strong market position in rural areas and its unique ability to address the needs of this population grant it access to diversified and low-cost deposits. Banrural consolidates Aseguradora Rural, an insurance company and Financiera Rural. RATING SENSITIVITIES - IDRS, VR AND NATIONAL RATINGS The Stable Outlook reflects Fitch's expectation of no material changes in the bank's overall financial profile over the rating horizon. Banrural's IDRs and VR are at the same level as Guatemala's sovereign rating. Given the operating environment's high influence on Banrural's VR as well as concentrations with the government, changes in the sovereign's ratings may result in a similar action on Banrural's ratings. Banrural's national ratings reflect the bank's relative strength in the local market. Ratings would be downgraded in the unlikely scenario of a sharp decline in capitalization (below 10%), and a period of sustained low earnings (operating ROAA close to 1%). These changes may result in a VR downgrade which would also imply a downgrade in its IDR. KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR Banrural's support rating (SR) of '3' reflects Fitch's opinion that there is a moderate probability of support from the state, given Banrural's systemic importance in the banking system. This probability is limited by Guatemala's sovereign rating of 'BB'/Outlook Stable. The bank's Support Rating Floor (SRF) is one notch below the sovereign rating at 'BB-'. The bank's SRF reflects the moderate financial flexibility of the government to provide support to systemically important banks in the country and the significant presence of foreign currency funding. RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR Banrural's support SR and SRF are sensitive to changes in the sovereign rating. KEY RATING DRIVERS - NATIONAL RATINGS FINRURAL Finrural's ratings are driven by the support it would receive from Banrural, if required. In the agency's view, Finrural is highly integrated into Banrural's network of operations and organization. This is also reflected in the standardization of the brand, common service network, strategic alignment and operations in segments complementary to the bank market. RATING SENSITIVITIES - NATIONAL RATINGS - FINRURAL Changes in Finrural's ratings are contingent on changes in Banrural's capacity and/or propensity to provide support. Fitch affirms these ratings: Banco de Desarrollo Rural: -- Long-term Issuer Default Rating (IDR) at 'BB'; Outlook Stable; -- Short-term IDR at 'B'; -- Local currency long-term IDR at 'BB'; Outlook Stable; -- Local currency short-term IDR at 'B'; -- Viability Rating at 'bb'; -- Support Rating at '3'; -- Support Rating Floor at 'BB-'; -- National long-term rating at 'AA+(gtm)'; Outlook Stable; -- National short-term rating at 'F1+(gtm)'. Financiera Rural, S.A. -- National long-term rating at 'AA+(gtm)'; Outlook Stable; -- National short-term rating at 'F1+(gtm)'. BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB-' IDR; Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab) long-term Issuer Default Rating (IDR) at 'BB-' following Fitch's peer review of Guatemala's largest banks. The Rating Outlook is Stable. BANTRAB'S KEY RATING DRIVERS - IDRs, VR, SUPPORT, SUPPORT RATING FLOOR, AND NATIONAL RATINGS Bantrab's long-term IDR and national ratings are driven by its intrinsic creditworthiness, as reflected in its Viability Rating (VR). Bantrab's VR is highly influenced by its moderate capitalization. The rating also factors in the bank's moderate franchise, sound and recurring profitability, driven by ample margins and good asset quality, as well as its concentration in the public sector and rapid loan growth. Bantrab's Support Rating and Support Rating Floor of '5' and 'NF', respectively, indicate that, although possible, external support cannot be relied upon, given the current low state ownership and limited systemic importance. Bantrab's capital position has been stable over the last year following a five-year negative trend. Although rapid asset growth has continued, capital-generation capability has strengthened significantly. Fitch's base scenario is that the bank will strengthen Fitch Core Capital metrics over the medium term as credit growth moderates. In the agency's opinion, maintaining an adequate loss-absorption cushion is necessary given high loan growth and concentration risks. Bantrab's profitability metrics are good and above the Guatemalan banking system average. Continuous improvements in efficiency, combined with higher recoveries of previously written-off loans, have benefitted the bank's financial performance. Net interest income (NII) continued to represent the most important source of operating revenue and its structure is unlikely to change given the bank's business model, which is focused primarily on lending rates. The bank's loan book has a high exposure to low- and middle-income employees, mainly from the public sector (YE2014: 97.7% of loan book); however, collection processes are effective as they rely on payroll deduction. Credit risk in the investment portfolio is mainly associated with the government (Guatemala: 'BB'/Stable Outlook by Fitch). The bank's loan book quality is good and has improved consistently over the last six years. Non-performing loans (NPLs; 90+ days overdue) to total loans declined from its peak of 8.4% at YE2009 to 1.2% at YE2014. Delinquency levels benefit from the bank's reliance on payroll deduction for collection of 92% of total loans and on sound performance of the Guatemalan economy. BANTRAB SENIOR TRUST'S LOAN PARTICIPATION NOTES' KEY RATING DRIVERS Bantrab Senior Tust's (BST) seven-year USD loan participation notes rating is in line with Bantrab's VR reflecting that the senior unsecured obligations rank equally with the bank's unsecured and unsubordinated obligations. BANTRAB CAPITAL NOTES TRUST'S LOAN PARTICIPATION NOTES' KEY RATING DRIVERS Bantrab Capital Notes Trust's (BCNT) upcoming 10-year USD subordinated loan participation notes are rated one notch below Bantrab's VR. The notching for loss severity reflects the notes' subordinated status, and the fact that they effectively rank junior to all Bantrab's present and future senior indebtedness, pari passu with all other unsecured subordinated debt, and senior to Bantrab's capital. BANTRAB'S RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS The Stable Outlook reflects Fitch's expectation of no substantial changes in Bantrab's risk profile in the foreseeable future. However, the bank's ratings are sensitive to a change in Fitch's assumptions around asset quality, profitability and capital position. A significant and unexpected reduction of the bank's capital ratios (Fitch Core Capital less than 11%), a period of sustained low earnings (ROAA < less than 1%) or an important deterioration in its asset quality would trigger a negative rating action. Bantrab's upside potential is considered limited by its relatively narrow business model that results in concentrations on its revenue sources. However, Bantrab's rating could be upgraded should it successfully grow with greater revenue diversification and further consolidation of its franchise, while sustaining an adequate capital position. BANTRAB SENIOR TRUST'S AND BANTRAB CAPITAL NOTES TRUST'S LOAN PARTICIPATION NOTES' RATINGS SENSITIVITIES Changes in the notes' rating are contingent on rating actions for Bantrab. Fitch has affirmed these ratings: Banco de los Trabajadores -- Long-term foreign currency IDR at 'BB-'; Outlook Stable; -- Short-term foreign currency IDR at 'B'; -- Long-term local currency IDR at 'BB-'; Outlook Stable; -- Short-term local currency IDR at 'B'; -- Viability rating at 'bb-'; -- Support at '5'; -- Support Rating Floor at 'NF'; -- Long-term national rating at 'A(gtm)', Outlook Stable; -- Short-term national rating at 'F1(gtm)'. Financiera de los Trabajdores -- Long-term national rating at 'A(gtm)', Outlook Stable; -- Short-term national rating at 'F1(gtm)'. Bantrab Senior Trust -- Long-term foreign currency loan participation notes at 'BB-'. Bantrab Capital Notes Trust -- Long-term foreign currency loan participation notes at 'B+(EXP)'. BANCO G&T: Fitch Affirms 'BB' IDR; Outlook Remains Stable --------------------------------------------------------- Fitch Ratings has affirmed Banco G&T Continental's (G&TC) long- term Issuer Default Rating (IDR) at 'BB' and Viability Rating (VR) at 'bb' following Fitch's peer review of Guatemala's largest banks. The Rating Outlook on the long-term IDR remains Stable. G&TC'S KEY RATING DRIVERS - IDRs, VR, NATIONAL RATINGS AND SUPPORT G&TC's IDRs and VR are highly influenced by its sound loan portfolio quality, and high exposure to sovereign risk. The bank's ratings also factor in its good domestic franchise, low risk appetite, modest profitability, moderate capitalization ratios and stable deposit base. The Support Rating of '3' reflects Fitch's opinion that the bank maintains a moderate probability of support from the state, given its systemic importance in the banking system. The current Support Rating Floor ('BB-'), one notch below the sovereign rating, is explained by the moderate financial flexibility of the government to provide support to systemically important banks in the country and the significant presence of foreign currency funding. G&TC's national ratings were also affirmed with a Stable Outlook as the bank's relative strength in the local market remains unchanged. G&TC's loan portfolio quality is moderately better than most of its competitors, given the bank's target customer segments. Although the portfolio is well-diversified by economic sector, it has a relatively high debtor concentration and moderate exposure to dollar-denominated loans. The bank has high exposure to the Guatemalan sovereign ('BB'/Outlook Stable). As of December 2014, sovereign securities and central bank reserves accounted for 37.1% of G&TC's total assets or 4.7x of its Fitch Core Capital. G&TC has a lower risk appetite relative to peers, given its corporate customer base and conservative underwriting standards and risk controls. Its corporate segment, high proportion of securities holdings and dollar-denominated loans, as well as its high funding costs result in lower profitability than that of its main competitors. Fitch expects that the bank's profitability and internal capital generation will remain low in the short term, although it may improve at a slow pace. One of G&TC's strengths is its broad and stable base of depositors as well as the high proportion of liquid assets in relation to deposits (61.1% as of December 2014). In addition, the bank has a relatively well-balanced mix of deposits. Deposit stability, together with an adequate level of liquid assets, supports G&TC's liquidity profile. G&TC's RATING SENSITIVITIES - IDRs, VR AND NATIONAL RATINGS G&TC IDRs, VR and National Ratings' upside potential is considered limited given the bank's high exposure to the sovereign. G&TC's ratings could be pressured downward if the bank reduces its profitability metrics and reaches a Fitch Core Capital level below 10%. Fitch has affirmed these ratings: G&TC: -- Long-term foreign currency IDR at 'BB'; Outlook Stable; -- Short-term foreign currency IDR at 'B'; -- Long-term local-currency IDR at 'BB'; Outlook Stable; -- Short-term local-currency IDR at 'B'; -- Viability Rating at 'bb'; -- Support at '3'; -- Support Rating Floor at 'BB-'; -- National scale long-term rating at 'AA-(gtm)'; Outlook Stable; -- National scale short-term rating at 'F1+(gtm)'. BANCO INDUSTRIAL: Fitch Affirms 'BB' IDR; Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed Banco Industrial's (Industrial) long- term Issuer Default Rating (IDR) at 'BB', short term IDR at 'B' and Viability Rating (VR) at 'bb', following a peer review of Guatemala's largest banks. The Rating Outlook is Stable. Fitch has also upgraded the bank's long-term national rating. Similar rating actions were taken on the national ratings of Industrial's subsidiaries. INDUSTRIAL'S KEY RATING DRIVERS - IDRs, VR, National Ratings, Support and Support Rating Floor Industrial's VR drives its IDR. The operating environment has a great deal of influence on Industrial's performance. Deterioration of the operating environment may result in pressures on the bank's financial profile. Industrial's company profile, reflected in its strong franchise and stable business model, also highly influences the ratings. These factors, together with its sound asset quality and good profitability, balance the bank's moderate capitalization and high loan concentrations. The support rating of '3' reflects Fitch's opinion that the bank maintains a moderate probability of support from the state, given its systemic importance. The support rating floor of 'BB-', one notch below the sovereign rating, is explained by the moderate financial flexibility of the government to provide support to systemically important banks in the country and the significant presence of foreign currency funding. Industrial's long-term national rating was upgraded as the consistency of the bank's financial profile which enhances the bank's creditworthiness relative to its domestic peers. Industrial maintains a dominant market position (28% of market share in terms of assets) with strong pricing power in the corporate sector. This also helps Industrial's capacity to sustain an ample and diversified deposit base and to complement it with funding from local and international markets. BI has a comfortable liquidity cushion. Industrial's asset quality is sound, benefitted by its conservative underwriting standards and effective collection process. Industrial's non-performing loans (NPLs; +90 days) have remained below 0.8% since 2009 while reserves adequately covered its NPLs in the same years. However, Industrial faces challenges managing its high concentration of largest borrowers, although they represent well-diversified local conglomerates. The bank's good operating profitability improved slightly to 1.7% of average assets in 2014 boosted by slight enhancements in its net interest margin (NIM), good efficiency and low loan impairment charges. Further improvements in profitability will be limited by its corporate orientation and high dollarization. In Fitch's opinion, the bank's return on assets will be around 1.4% in 2015. Industrial's capitalization is moderate (Fitch Core Capital [FCC] around 10%). The bank's internal capital generation is complemented by fresh capital injections when required. A potential fresh capital injection to Industrial, expected for 2015 would strengthen the bank's capital position. CONTECNICA, FINANCIERA INDUSTRIAL AND WESTRUST BANK'S KEY RATING DRIVERS - National Ratings Contecnica, Financiera Industrial and Westrust Bank's national ratings were upgraded following similar action on Industrial's national long-term rating. The national ratings of these subsidiaries are equalized with those of Industrial. These entities are important subsidiaries for Industrial given the high degree of integration with the group and operate in complementary market segments enhancing BI's business model. INDUSTRIAL'S SUBORDINATED TIER 1 CAPITAL NOTES, SUBORDINATED AND SENIOR TRUSTS KEY RATING DRIVERS Industrial's subordinated Tier I capital notes (IST-I) debt is four notches below the bank's long-term IDR given its deep subordination status and discretionary coupon omission. Industrial Subordinated Trust's Notes (ISbT) are one notch below Industrial's long-term IDR reflecting the subordinated status, ranking junior to all Industrial's present and future senior indebtedness, pari passu with all other unsecured subordinated debt and senior to Industrial's capital and tier I hybrid securities. Industrial Senior Trust's Notes' (ISnT) ratings are in line with Industrial's long-term IDR, reflecting that the senior unsecured obligations rank equally to Industrial's unsecured and unsubordinated obligations. INDUSTRIAL'S RATING SENSITIVITIES - IDR, VR, National Ratings and Support Industrial's VR and IDR upside potential is limited as the operating environment highly influences the bank's ratings. On the other hand, a sustained reduction of Industrial's FCC below 10% and/or its return on average assets (ROAA) consistently below 1% may trigger a negative review of the bank's VR and IDR. In Fitch's view, the Stable Outlook on Industrial's national ratings reflects that the bank's relative strength in the local market should remain unchanged for the foreseeable future. CONTECNICA, FINANCIERA INDUSTRIAL AND WESTRUST BANK'S KEY RATING DRIVERS AND SENSITIVITIES - National Ratings Changes in Contecnica, Financiera Industrial and Westrust Bank's ratings are contingent on changes in Industrial's capacity and propensity to provide support. INDUSTRIAL'S SUBORDINATED TIER 1 CAPITAL NOTES, SUBORDINATED AND SENIOR TRUSTS RATING SENSITIVITIES Industrial's subordinated Tier I capital notes debt, ISnT and ISbT's ratings downgrade potential will be derived from changes in the same direction in Industrial's IDR. Fitch has affirmed these ratings: Industrial: -- Long-term foreign currency IDR at 'BB'; Outlook Stable; -- Short-term foreign currency IDR at 'B'; -- Long-term local-currency IDR at 'BB'; Outlook Stable; -- Short-term local-currency IDR at 'B'; -- Viability Rating at 'bb'; -- Support at '3'; -- Subordinated Tier I Capital Notes debt at 'B-'; -- Support Rating Floor at 'BB-'; -- National scale long-term rating upgraded to 'AA(gtm)' from 'AA-(gtm)'; Outlook Stable; -- National scale short-term rating at 'F1+(gtm)'. Industrial Subordinated Trust: -- Industrial Subordinated Trust Tier II Debt at 'BB-'. Industrial Senior Trust: -- Long-term Senior Unsecured Debt at 'BB'. Contecnica: -- National scale long-term rating upgraded to 'AA(gtm)' from 'AA-(gtm)'; Outlook Stable; -- National scale short-term rating at 'F1+(gtm)'. Financiera Industrial: -- National scale long-term rating upgraded to 'AA(gtm)' from 'AA-(gtm)'; Outlook Stable; -- National scale short-term rating affirmed at 'F1+(gtm)'. Westrust Bank: -- National scale long-term rating published at 'AA(gtm)'; Outlook Stable; -- National scale short-term rating published at 'F1+(gtm)' ============= J A M A I C A ============= JAMAICA DIVERSIFIED: Fitch Affirms 'BB' Rating on USD125MM Notes ---------------------------------------------------------------- Fitch Ratings has affirmed the ratings assigned to the series 2013-1 notes issued by Jamaica Diversified Payment Rights Company as: -- USD125 million series 2013-1 notes at 'BB', Outlook Stable. The issuance is backed by existing and future USD-denominated diversified payment rights (DPRs) originated by National Commercial Bank Jamaica Ltd. (NCBJ). DPRs are defined as electronic or other messages utilized by financial institutions to instruct NCBJ to make a payment to a beneficiary. Fitch's rating addresses timely payment of interest and principal on a quarterly basis. On April 27, 2015, pursuant to the series 2013-1 Indenture Supplement, the noteholders holding more than 50% of the series 2013-1 balance (controlling party) opted to defer the repayment of principal by 12 months, extending the first expected quarterly amortization payment to September 2016 and the expected final payment date to March 2020. The series controlling party has the option to defer the principal payments by 12 months once more over the life of the transaction. KEY RATING DRIVERS Optional Repayment Deferral Exercised: In its initial rating analysis, Fitch considered the potential deferral of principal payments by 12 months up to three times over the life of the transaction. In the agency's view, the controlling party's opting to extend the first expected quarterly amortization payment to September 2016 and the expected final payment date to March 2020 does not impact the credit quality of the transaction. Originator Credit Quality: Fitch rates NCBJ's local currency (LC) Issuer Default Rating (IDR) 'B-'/Positive Outlook, and rates the bank's Viability rating (VR) 'b-'. NCBJ's recent financial performance has been resilient under sovereign stress; however, Jamaica's small and weak economy limits the bank's overall financial profile relative to higher rated emerging market peers. Fitch also assigns a going concern assessment (GCA) score of 'GC1' to NCBJ, reflecting the bank's position as a systemically important top-tier bank in Jamaica. The bank has demonstrated its ability to continue performing in high-stress environments. Volatility of DPR Flows: Total DPR flows grew approximately 6.8% in 2014. Still, a large portion of DPRs continues to be government-related and/or capital flows, which Fitch considers more volatile than export-related payments and family remittances. Moderate Debt Service Coverage: The quarterly debt service coverage (DSCR), which considers quarterly flows through DDBs (excluding 65% of flows from certain entities) and maximum quarterly debt service for the life of the transaction, averaged 36.6x during the last four quarters. Level of Future Flow Debt: Future flow debt, which includes the outstanding balance of the DPR program plus the new issuance out of the international merchant voucher program, represents 9.95% of total consolidated liabilities and 100% of long-term funding. This level of future flow debt acts as a limiting factor to the transaction rating. Low Sovereign Risk: The contemplated structure mitigates certain sovereign risks by keeping cash flows offshore until investors are paid, allowing the transaction to be rated over the sovereign country ceiling. RATING SENSITIVITIES The rating is sensitive to changes in the credit quality of NCBJ and the ability of the DPR business to continue operating, as reflected in the GCA score. Although the future flow rating is sensitive to changes in the bank's LC IDR, a one-notch movement in the bank's IDR may not lead to a similar rating action on the notes. In addition, severe reductions in coverage levels could result in rating downgrades. * JAMAICA: Business Leaders Bracing for Higher Operating Expenses ----------------------------------------------------------------- RJR News reports that a Bank of Jamaica survey shows that the country's business leaders are bracing for higher operating expenses over the next twelve month The Survey of Businesses' Inflation Expectations for February shows the respondents indicated they expect the largest increase in production expenses to come from higher cost for stock replacement, according to RJR News. The report notes that the cost of utilities was expected to be the second largest contributor to higher production costs, followed by raw materials. Wages and salaries continued to be the input cost least expected to increase over the next 12 months, the report relays. The Survey captures the perceptions of chief executive officers, managing directors and financial controllers about the future movement of prices, current and future business conditions as well as the expected rate of increase in wages, the report notes. Business Conditions The survey also shows a moderation in the perception of present and future business conditions, among respondents, relative to the previous survey, the report says. The index of present business conditions moderated to 162.6, relative to the previous survey outturn of 164.9, which was the highest level since December 2011, the report relays. Similarly, the index of future business conditions moderated to 152.2, relative to 157.0 in the previous survey, the report discloses. Notwithstanding, the perceptions of present and future business conditions continue to display upward trends, which have been evident since April 2013, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B-'. The issue ratings on Jamaica's senior unsecured foreign and local currency bonds are also affirmed at 'B-'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The Country Ceiling is affirmed at 'B' and the short-term foreign currency IDR at 'B'. =========== M E X I C O =========== MEXICANA AIRLINES: Former Owner Seeking Asylum in U.S. ------------------------------------------------------ Fox News Latino reports that the fugitive businessman who controlled Mexicana airlines before it went bankrupt and was recently charged with illegal use of the airline's funds has asked for asylum in the United States, a federal official said. Assistant Attorney General Mariana Benitez said that Gaston Azcarraga is in the United States and has applied for asylum following the expiration of his visa, according to Fox News Latino. The report relates that U.S. officials notified Mexico that Mr. Azcarraga is in their country a few days ago, Benitez said. She added that Mexico requested that he be extradited but U.S. authorities must first rule on his asylum request. Mexicana declared bankruptcy in April, almost four years after it stopped flying because of financial problems, the report says. The federal government promoted a restructuring process but of the investors that showed interest none demonstrated they had the money or a business plan to rescue the carrier, the report discloses. Before it stopped flying in 2010 because of financial problems, the privately operated Mexicana was among the world's oldest continually operating airlines, the report notes. It began flying in 1921, after Australia's Qantas and Colombia's Avianca, the report relates. The company had about 8,500 employees when it stopped flying to its more than 65 domestic and international routes that included the United States, Canada, South America and Europe, the report discloses. About Mexicana Airlines Compania Mexicana de Aviacion or Mexicana Airlines -- http://www.mexicana.com/--Mexico's largest airline, is a privately held airline and a subsidiary of Nuevo Grupo Aeronautico. Founded in 1921, Mexicana is the oldest commercial carrier in North America. Charles Lindbergh piloted the first trip for Mexicana between Brownsville, Texas, and Mexico City. Grupo Mexicana de Aviacion is the parent of Compania Mexicana. Two other units are Aerovias Caribe S.A. de C.V. (Mexicana Click) and Mexicana Inter S.A. de C.V. (Mexicana Link). The Mexicana group of airlines includes MexicanaClick (Click), formerly Click Mexicana, and MexicanaLink (Link). Click is Mexicana's regional operator while Link operated as a feeder airline for both Mexicana and Click. Compania Mexicana de Aviacion or Mexicana Airlines filed for bankruptcy in the U.S. and Mexico on Aug. 2, 2010. In the U.S., the company filed in the U.S. Bankruptcy Court in Manhattan for Chapter 15 bankruptcy protection (case no. 10-14182), and in Mexico, it filed for the equivalent of Chapter 11. Maru E. Johansen, foreign representative of Compania Mexicana, estimated in the Chapter 15 petition that the company has assets of US$500 million to US$1 billion and debts of more than US$1 billion. William C. Heuer, Esq., at Duane Morris LLP, serves as counsel to Ms. Johansen. Mexicana de Aviacion stated that despite its bankruptcy filing, it expects to continue to operate normally, and that such filings did not affect the operations of Click Mexicana and Mexicana Link, which are independent companies from Mexicana de Aviacion. OFFSHORE DRILLING: S&P Lowers CCR to 'BB-'; Outlook Negative ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its corporate credit rating on Offshore Drilling Holding S.A. (ODH) to 'BB-' from 'BB'. S&P also lowered its issue-level rating on the company's $950 million senior secured notes due 2020 to 'BB-' from 'BB'. In addition, S&P kept its '3' recovery rating on the notes, indicating its expectation that noteholders will receive meaningful recovery (50%-70%; high-end of the range) in a payment default scenario, unchanged. The outlook is negative. The downgrade reflects S&P's expectations of ODH's weaker financial performance, given that its new day rates are below S&P's previous expectation. The new day rates of $365,000 for two of the company's two oil rigs -- Centenario and Bicentenario -- during the next 12 months will result in weaker interest coverage ratios and a slower cash build-up for the notes' bullet payment. In S&P's view, the company's cash flow won't be sufficient to build up the $950 million principal payment in 2020. The new rating on the notes incorporates refinancing risk. As S&P expected, charter agreements with Petroleos Mexicanos (Pemex; BBB+/Stable/--), ODH's only client, are now of a shorter term. Although this can result in a potential revision of day rates if oil prices rebound, it also leads to lesser cash flow predictability and higher recontracting risk. Under S&P's updated base-case assumptions, it expects ODH's annual revenue and EBITDA to fall to $296 million and $222 million, respectively, in 2016, when the full effect of lower tariffs will be reflected. S&P now expects the company to accumulate cash flow by 2020 that will account for 65%-70% of the $950 million bullet payment. S&P assumes ODH would refinance the remainder. Due to the lower day rates, S&P's expectations for ODH's key ratios are now weaker than its previous base case. These ratios are no longer in line with S&P's original 'BB' rating and could worsen if the $365,000 day rates persist for more than one year or if ODH fails to renew its contracts until its debt matures in 2020. ======= P E R U ======= SOUTHERN COPPER: Discloses 60-day "Pause" in Controversial Project ------------------------------------------------------------------ EFE News reports that Southern Copper Corp. disclosed a 60-day "pause" in its protest-racked Tia Maria mining project after Peruvian President Ollanta Humala called on the company to do more to win over popular support. Southern Copper Chief Executive Officer Oscar Gonzalez Rocha said the pause would allow all parties involved to "present their concerns and fears, identify solutions . . . and define the responsibilities that all must assume in a reasonable timeframe," according to EFE News. The report notes that the announcement came shortly after Mr. Humala ruled out unilaterally suspending the project, noting that such a move could prompt a lawsuit and saying that any decision must be taken by the company. Residents of Islay, a province in the southern Peruvian region of Arequipa, have held 55 days of protests against Tia Maria, saying it will contaminate crops and the Tambo River and put pressure on water supplies, the report relates. The company has tried to allay those concerns by pledging to operate the mine using desalinated seawater, the report discloses. Southern Copper, a unit of Mexican mining giant Grupo Mexico, plans to invest some $1.4 billion in the construction of Tia Maria, which is projected to produce 120,000 metric tons of copper cathodes annually from the start of operations, the report notes. Peruvian authorities arrested one of the leaders of the protests against Tia Maria, Pepe Julio Gutierrez, who is accused of soliciting a bribe in exchange for ending the protests, which have left three dead and more than 200 injured, the report relates. Mr. Humala's administration also has said it may initiate legal action against Southern if it finds evidence that it covered up the alleged crime, the report adds. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD CEMENT: Repays All Previous Loans ------------------------------------------ Kim Boodram at Daily Express reports that Claxton Bay producer Trinidad Cement Ltd has repaid all its previous lenders. The announcement was made at a press conference led by TCL chairman Wilfred Espinet and supported by director Nigel Edwards and new chief executive Jose Luis Seijo at the Hilton Trinidad, St Ann's, according to Daily Express. The report notes that Mr. Espinet said shareholders were updated at a February meeting on some of the board's plans to reorganize the capital structure of TCL and were, at that time, advised that the board had agreed to a set of restructuring terms with lenders, with two significant preconditions-the removal of the 20 per cent restriction on shareholding and the injection of new equity of at least US$50 million. The board also negotiated discounts between five and 20 per cent of the outstanding loans if lenders were repaid within a maximum period of 90 days, with a facility to maximize the discount if the repayment took place within 45 days, the report relates. The report discloses that the preconditions to the restructuring have since been achieved and the company was able to finalize the restructure loans with its 2014 lenders on March 30, 2015. "That, therefore allowed 45 days, until May 14, 2015 to prepay total debts of US$292 million in order to fully benefit from the prepayment discounts to lenders," Mr. Espinet said, the report relays. "TCL has been able to secure the funds to repay those lenders from short term loans in the amount of US$245 million, together with cash from its recent Rights Issue and cash generated from operations," the report quoted Mr. Espinet as saying. The company has also secured a nine-month loan facility from international banks Citibank and Credit Suisse, at an initial rate of LIBOR plus 6.25 per cent (a current effective interest rate of 6.53 per cent), subject to a quarterly increase of one per cent if it is still in issue, the report says. In the coming weeks, TCL, along with Credit Suisse and Citibank intend to approach local and international markets to secure longer-term financing that will bring the company to the final stage of the reorganization of the capital structure, the report relays. Some of the expected immediate benefits from the refinancing are a debt reduction from prepayment of previous lenders of US$31 million, a reduction in financing costs in the form of quarterly interest savings of up to US$1.7 million, and a stronger balance sheet, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad Cement Limited (TCL) has recorded major losses for financial year 2014. TCL's profit before tax position fell by TT$136 million compared with 2013, chief executive officer of the cash-strapped company, Alejandro Ramirez, said at a press conference at the Queen's Park Oval, Woodbrook. Mr. Ramirez noted that in 2013, pre-tax profit stood at TT$39 million while in 2014, TCL recorded a loss of TT$97 million. Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement Limited, the parent company for Jamaica's Caribbean Cement Limited, was sacked, the TCRLA, citing RJR News, reported on Oct. 6, 2014. The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and four other directors, tendered their resignations minutes before a group of shareholders met to have them removed at an August 19 special meeting. Although he resigned as director at that meeting, Dr. Bertrand retained his position as Chief Executive Officer at that time. On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Limited Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due Sept. 30, 2014. On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded Trinidad Cement Limited Group's (TCL) foreign and local Currency Issuer Default Ratings (IDRs) to 'D' from 'B-'. Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. TRINIDAD CEMENT: Names Jose Seijo as New Chief Executive Officer ---------------------------------------------------------------- Trinidad Express reports that Trinidad Cement Ltd Group has named Jose Luis Seijo as its new chief executive officer. Mr. Seijo has worked with Mexican cement conglomerate CEMEX, according to Trinidad Express. Mr. Seijo's appointment at TCL is effective May 4. With TCL financial restructuring near completion, Mr. Seijo's focus will be on value creation for the company and its stakeholders, TCL said in a statement obtained by the news agency. The report relays that Mr. Seijo recently said, "The TCL Group has huge potential. My immediate job is to tap into all our resources- essentially to mobilise the skills of our workforce against a backdrop of improved operational efficiencies and prudent investments to ensure a sustainable future." He holds a BSc in Mechanical Engineering with a Master's in Finance from the University of Bath, UK. Former TCL Chief Executive Officer Dr. Rollin Bertrand was dismissed by the Wilfred Espinet-led TCL board last September. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 25, 2015, Leah Sorias at Trinidad Express said that Trinidad Cement Limited (TCL) has recorded major losses for financial year 2014. TCL's profit before tax position fell by TT$136 million compared with 2013, chief executive officer of the cash-strapped company, Alejandro Ramirez, said at a press conference at the Queen's Park Oval, Woodbrook. Mr. Ramirez noted that in 2013, pre-tax profit stood at TT$39 million while in 2014, TCL recorded a loss of TT$97 million. Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement Limited, the parent company for Jamaica's Caribbean Cement Limited, was sacked, the TCRLA, citing RJR News, reported on Oct. 6, 2014. The report noted that Dr. Bertrand, TCL Chairman Andy Bhajan, and four other directors, tendered their resignations minutes before a group of shareholders met to have them removed at an August 19 special meeting. Although he resigned as director at that meeting, Dr. Bertrand retained his position as Chief Executive Officer at that time. On Oct. 8, 2014, the TCRLA said that Standard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Limited Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due Sept. 30, 2014. On Oct. 9, 2014, the TCRLA reported that Fitch Ratings downgraded Trinidad Cement Limited Group's (TCL) foreign and local Currency Issuer Default Ratings (IDRs) to 'D' from 'B-'. Trinidad Cement Limited is a cement company and is the parent company of Caribbean Cement Company Limited. ================= X X X X X X X X X ================= * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ --------- ------------ FABRICA TECID-RT FTRX1 BZ 66603695.4 -76419246.3 METROGAS SA-A 153255Z AR 331403741 -24462400.6 METROGAS SA-C 153263Z AR 331403741 -24462400.6 LA POLAR SA NUEVAPOL CI 571550458 -31565432.3 TECTOY-PF-RTS5/6 TOYB11 BZ 27114628.6 -8215580.95 TEKA-ADR TEKAY US 313948165 -395261073 GOL-PREF GOLL4 BZ 3769323901 -125802483 GOL-ADR GOL US 3769323901 -125802483 GOL GOLL3 BZ 3769323901 -125802483 METROGAS-B MGSBF US 331403741 -24462400.6 BOMBRIL BMBBF US 323685704 -31241748 KARSTEN CTKCF US 174656858 -10482924.6 KARSTEN-PREF CTKPF US 174656858 -10482924.6 MANGELS INDL-PRF MGIRF US 176399866 -61689625.2 TEKA TKTQF US 313948165 -395261073 TEKA-PREF TKTPF US 313948165 -395261073 SNIAFA SA-B SDAGF US 11229696.2 -2670544.86 TEC TOY SA-PREF TOYDF US 27114628.6 -8215580.95 PUYEHUE RIGHT PUYEHUOS CI 17878064 -7344408.97 BATTISTELLA-RIGH BTTL1 BZ 120474772 -21271905.1 BATTISTELLA-RI P BTTL2 BZ 120474772 -21271905.1 BATTISTELLA-RECE BTTL9 BZ 120474772 -21271905.1 BATTISTELLA-RECP BTTL10 BZ 120474772 -21271905.1 AGRENCO LTD-BDR AGEN33 BZ 285996574 -543142756 GOL-ADR GOQ GR 3769323901 -125802483 PET MANG-RIGHTS 3678565Q BZ 140957879 -410925540 PET MANG-RIGHTS 3678569Q BZ 140957879 -410925540 PET MANG-RECEIPT 0229292Q BZ 140957879 -410925540 PET MANG-RECEIPT 0229296Q BZ 140957879 -410925540 MMX MINERACAO TRES3 BZ 1223308090 -312940530 INEPAR-RT ORD 3697782Q BZ 1191789041 -214360998 INEPAR-RT PREF 3697786Q BZ 1191789041 -214360998 INEPAR-RCT ORD 3697790Q BZ 1191789041 -214360998 INEPAR-RCT PREF 3697794Q BZ 1191789041 -214360998 RB CAPITAL RBCS3B BZ 13996658.5 -815.062365 MMX MINERACA-GDR MMXMY US 1223308090 -312940530 BOMBRIL HOLDING FPXE3 BZ 19416013.9 -489914853 BOMBRIL FPXE4 BZ 19416013.9 -489914853 SANESALTO SNST3 BZ 21339668.9 -6954061.77 BOMBRIL-RGTS PRE BOBR2 BZ 323685704 -31241748 BOMBRIL-RIGHTS BOBR1 BZ 323685704 -31241748 MMX MINERACA-GDR 0567931D CN 1223308090 -312940530 MMX MINERACA-GDR 3M11 GR 1223308090 -312940530 LAEP-BDR MILK33 BZ 222902269 -255311026 AGRENCO LTD AGRE LX 285996574 -543142756 LAEP INVESTMENTS LEAP LX 222902269 -255311026 INVERS ELEC BUEN IEBAA AR 239575758 -28902145.8 INVERS ELEC BUEN IEBAB AR 239575758 -28902145.8 OSX BRASIL SA OSXB3 BZ 2592199410 -291661108 MMX MINERACAO MMXCF US 1223308090 -312940530 CELGPAR GPAR3 BZ 233784351 -1156798479 RECRUSUL - RT 4529781Q BZ 25757600.8 -21626049.7 RECRUSUL - RT 4529785Q BZ 25757600.8 -21626049.7 RECRUSUL - RCT 4529789Q BZ 25757600.8 -21626049.7 RECRUSUL - RCT 4529793Q BZ 25757600.8 -21626049.7 RECRUSUL-BON RT RCSL11 BZ 25757600.8 -21626049.7 RECRUSUL-BON RT RCSL12 BZ 25757600.8 -21626049.7 BALADARE BLDR3 BZ 159449535 -52990723.7 TEXTEIS RENAU-RT TXRX1 BZ 48951015.5 -73535330.8 TEXTEIS RENAU-RT TXRX2 BZ 48951015.5 -73535330.8 TEXTEIS RENA-RCT TXRX9 BZ 48951015.5 -73535330.8 TEXTEIS RENA-RCT TXRX10 BZ 48951015.5 -73535330.8 CIA PETROLIF-PRF MRLM4 BZ 377592596 -3014215.1 CIA PETROLIFERA MRLM3 BZ 377592596 -3014215.1 NEWTEL PARTICIPA NEWT3 BZ 10517157.2 -10542831.7 NOVA AMERICA SA NOVA3 BZ 21287488.9 -183535526 NOVA AMERICA-PRF NOVA4 BZ 21287488.9 -183535526 EBX BRASIL SA CTMN3 BZ 2592199410 -291661108 GOL-ADR GOLN MM 3769323901 -125802483 OSX BRASIL SA EBXB3 BZ 2592199410 -291661108 LA POLAR-RT LAPOLARO CI 571550458 -31565432.3 ELECTRICIDAD ARG 3447811Z AR 948261051 -148983927 TEC TOY-RT 7335610Q BZ 27114628.6 -8215580.95 TEC TOY-RT 7335614Q BZ 27114628.6 -8215580.95 TEC TOY-RCT 7335626Q BZ 27114628.6 -8215580.95 TEC TOY-RCT 7335630Q BZ 27114628.6 -8215580.95 MMX MINERACAO-RT 4111484Q BZ 1223308090 -312940530 MMX MINERACA-RCT 4111488Q BZ 1223308090 -312940530 GOL-RT 0113333D BZ 3769323901 -125802483 GOL-RT 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NEWT3B BZ 10517157.2 -10542831.7 NEWTEL PARTICIPA 1NEWON BZ 10517157.2 -10542831.7 MMX MINERACAO MMXM3 BZ 1223308090 -312940530 TRESSEM PART SA 1TSSON BZ 1223308090 -312940530 CIA PETROLIFERA MRLM3B BZ 377592596 -3014215.1 CIA PETROLIF-PRF MRLM4B BZ 377592596 -3014215.1 CIA PETROLIFERA 1CPMON BZ 377592596 -3014215.1 CIA PETROLIF-PRF 1CPMPN BZ 377592596 -3014215.1 PUYEHUE PUYEH CI 17878064 -7344408.97 IMPSAT FIBER NET IMPTQ US 535007008 -17164978 IMPSAT FIBER NET 330902Q GR 535007008 -17164978 IMPSAT FIBER NET XIMPT SM 535007008 -17164978 IMPSAT FIBER-CED IMPT AR 535007008 -17164978 IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978 IMPSAT FIBER-$US IMPTD AR 535007008 -17164978 IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978 VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357 VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357 VARIG PART EM SE VPSC3 BZ 83017828 -495721697 VARIG PART EM-PR VPSC4 BZ 83017828 -495721697 *********** 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 * * *