/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160307.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, March 7, 2016, Vol. 17, No. 46 Headlines B E R M U D A FLOATEL INTERNATIONAL: S&P Lowers Corp. Credit Rating to 'B-' B R A Z I L BRAZIL: Economy Contracts 3.8% in 2015 C A Y M A N I S L A N D S 1903 OFFSHORE: Shareholders Receive Wind-Up Report 1903 OFFSHORE SPV: Shareholders Receive Wind-Up Report AES BRAZILIAN: Shareholders Receive Wind-Up Report BB OPERATIONS: Shareholder Receives Wind-Up Report BB YACHTIN: Shareholder Receives Wind-Up Report EXCALIBUR INVESTMENTS: Sole Shareholder Receives Wind-Up Report ICS CAYCO: Shareholders Receive Wind-Up Report LOOK'S HOLDING: Shareholder Receives Wind-Up Report OCEAN DIAL: Shareholders Receive Wind-Up Report PD STAR: Shareholders Receive Wind-Up Report PRINCETON ASSET: Sole Shareholder Receives Wind-Up Report PRINCETON ASSET MASTER: Sole Shareholder Receives Wind-Up Report PURPLE SHIELD: Shareholders Receive Wind-Up Report SECUTRUST SHIPPING: Shareholder Receives Wind-Up Report THURLASTON FINANCE: Shareholders Receive Wind-Up Report UFG RUSSIA: Sole Shareholder Receives Wind-Up Report UFG RUSSIA MASTER: Sole Shareholder Receives Wind-Up Report UFG RUSSIA PARTNERS: Sole Shareholder Receives Wind-Up Report YARRA FINANCE: Shareholders Receive Wind-Up Report ZEBEDEE TRADING: Shareholders Receive Wind-Up Report C O L O M B I A EMPRESA DE TELECOMUNICACIONES: Fitch Lowers IDR to BB+' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Calls For Tenders on a Southern City's Beltway J A M A I C A JAMAICA: Oversight of Economy Will Continue, Holness Says * JAMAICA: IMF Appreciates Economic Reform Program Continuation M E X I C O GRUPO KUO: Fitch Affirms 'BB' IDR; Outlook Stable P A R A G U A Y VISION BANCO: S&P Lowers ICR to 'B+'; Outlook Remains Negative P U E R T O R I C O ADELPHIA COMMUNICATIONS: ACC Commences Exchange Offers for Claims SPORTS AUTHORITY: $595MM DIP Loan Requires Sale by April 28 SPORTS AUTHORITY: Retains A&G to Manage Sale of Store Leases SPORTS AUTHORITY: Bankruptcy Part of Larger Wave T R I N I D A D & T O B A G O METHANOL HOLDING: S&P Affirms $290M Loan 'BB' Issue-Level Rating TRINIDAD & TOBAGO: Dollar Hits New Low Against US Dollar X X X X X X X X X * BOND PRICING: For the Week From Feb. 29 to March 4, 2016 - - - - - ============= B E R M U D A ============= FLOATEL INTERNATIONAL: S&P Lowers Corp. Credit Rating to 'B-' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Bermuda-based accommodation rig owner Floatel International Ltd. to 'B-' from 'B'. S&P also lowered the issue rating on Floatel's $650 million term loan B to 'B-' from 'B'. The recovery rating on this loan is unchanged at '3', indicating S&P's expectation of meaningful recovery prospects at the higher end of the 50%-70% range in the event of a payment default. All ratings remain on CreditWatch with negative implications, where they were originally placed on Nov. 26, 2015, due to difficult market conditions. The downgrade reflects S&P's forecast that Floatel's credit measures will be weaker than S&P previously expected, with debt to EBITDA of above 6x in the next two to three years. Floatel's current operating environment is very weak, in S&P's view, because companies globally are delaying and cancelling projects in the oil and gas segment to adjust to the lower oil price environment. S&P therefore expects that demand for accommodation rigs will remain low and result in increased supply and pressure on day rates and on securing contracts, therefore putting pressure on profitability. S&P also anticipates the low demand will result in increasingly more rigs being unemployed and idled. As a result, S&P now views the company's financial risk profile as weaker within the highly leveraged category than previously, and S&P no longer consider it has relative strengths to support a 'B' rating. S&P nevertheless believes there is a reasonable likelihood the company will be successful in obtaining important new liquidity sources by April 2016 to pay for its new vessel, the Floatel Triumph, that is due for delivery by the end of April 2016. The vessel is to be delivered by its 50% owner, Singapore-based Keppel Shipyards. Given the company's track record of parental help, S&P thinks it likely that Keppel would provide funding. These factors underpin S&P's revision of the anchor to 'b-' from 'b'. The CreditWatch continues to reflect heightened risks to liquidity because Floatel is currently negotiating the funding of its fifth vessel, which is due for delivery from its part-owner Keppel Offshore Marine Ltd. in late April 2016. However, S&P understands that no agreement has yet been reached and the potential implications if financing is not finalized in a timely manner remain uncertain. As Keppel owns just less than 50% of Floatel, S&P currently assumes it may provide vendor financing in the form of preferred shares or other lending. S&P could therefore lower the ratings by one or more notches if Floatel suffers severe liquidity issues from not finalizing the funding for its fifth vessel if there is a financial covenant breach. S&P wants to clarify the implications of financing not being finalized in a timely manner, given that the shipyard is also a part owner of Floatel. S&P will continue to monitor the finalization of funding for this vessel, and plan to resolve the CreditWatch within 90 days, but ideally before the vessel's delivery due date of April 29. =========== B R A Z I L =========== BRAZIL: Economy Contracts 3.8% in 2015 -------------------------------------- EFE News reports that Brazil's economy contracted 3.8 percent in 2015, marking the worst economic downturn in the past 25 years, the Brazilian Institute of Geography and Statistics, or IBGE, said. Latin America's largest economy, mired in a deep recession, had expanded by just 0.10 percent in 2014, according to EFE News. The report notes that the contraction in the gross domestic product (GDP) was worse than projected by analysts, who estimated that Brazil's economy had declined by 3.71 percent. Analysts surveyed on a weekly basis by the Central Bank expect Brazil's economy to contract by 3.45 percent this year, the report relays. Production of goods and services, in current terms, totaled BRL5.9 trillion ($1.51 trillion at the current exchange rate) last year, the report notes. Brazil's per capita GDP fell 4.6 percent to BRL28,876 ($7,425) in 2015, compared to the prior year, the report relays. The economy contracted 1.4 percent in the fourth quarter, compared to the previous quarter, when Brazil's economy had contracted by 1.7 percent, the report says. GDP, however, fell 5.9 percent in the fourth quarter of 2015, compared to the same period in 2014, the report adds. ========================== C A Y M A N I S L A N D S ========================== 1903 OFFSHORE: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of 1903 Offshore Debt Fund, Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Justin Savage Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 1903 OFFSHORE SPV: Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of 1903 Offshore Loans SPV Limited received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Justin Savage Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 AES BRAZILIAN: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of AES Brazilian Holdings, Ltd. received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: James Kostura c/o Maples and Calder Attorneys-at-law P.O. Box 309, Ugland House Grand Cayman KY1-1104 Cayman Islands BB OPERATIONS: Shareholder Receives Wind-Up Report -------------------------------------------------- The shareholder of BB Operations Ltd. received on Feb. 8, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jacques Levesque c/o Richard Rich Telephone: (345) 945 1830 Facsimile: (345) 945 1835 Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands BB YACHTIN: Shareholder Receives Wind-Up Report ----------------------------------------------- The shareholder of BB Yachting Ltd. received on Feb. 8, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Jacques Levesque c/o Richard Rich Arcadia Group Ltd. P.O. Box 10300 Grand Cayman KY1-1003 Cayman Islands Telephone: (345) 945 1830 Facsimile: (345) 945 1835 EXCALIBUR INVESTMENTS: Sole Shareholder Receives Wind-Up Report --------------------------------------------------------------- The sole shareholder of The Excalibur Investments Fund received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John S. Sullivan c/o Tim Cone Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 ICS CAYCO: Shareholders Receive Wind-Up Report ---------------------------------------------- The shareholders of ICS Cayco GP Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 LOOK'S HOLDING: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Look's Holding Limited received on Jan. 29, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Andrew Look TG Place, Unit 30D1, 30th Floor 10 Shing Yip Street, Kwun Tong Kowloon, Hong Kong Telephone: +852 2912 5133 Facsimile: +852 2810 4468 OCEAN DIAL: Shareholders Receive Wind-Up Report ----------------------------------------------- The shareholders of Ocean Dial Absolute Return Fund received on Jan. 26, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Fear c/o Ryan Charles P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Telephone: (345) 814 7364 Facsimile: (345) 945 3902 PD STAR: Shareholders Receive Wind-Up Report -------------------------------------------- The shareholders of PD Star Fund received on Jan. 29, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Appleby Trust (Cayman) Ltd. c/o Richard Gordon 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 4900 PRINCETON ASSET: Sole Shareholder Receives Wind-Up Report --------------------------------------------------------- The sole shareholder of Princeton Asset Management Absolute Return Fund, Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Priestleys c/o Martina de Lima Telephone: (345) 946-8577 e-mail: martina.delima@palawcayman.com PRINCETON ASSET MASTER: Sole Shareholder Receives Wind-Up Report ---------------------------------------------------------------- The sole shareholder of Princeton Asset Management Absolute Return Master Fund, Ltd. received on Jan. 28, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Priestleys c/o Martina de Lima Telephone: (345) 946-8577 PURPLE SHIELD: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Purple Shield Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Anthony Beovich The Blackstone Group 345 Park Avenue, 10th Floor New York, New York 10154 United States of America Telephone: +1 (212) 583 5877 SECUTRUST SHIPPING: Shareholder Receives Wind-Up Report ------------------------------------------------------- The shareholder of Secutrust Shipping (Cayman Islands) CFS Limited received on Feb. 5, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mr. Marc Bartels Stockholmer Allee 53 44269 Dortmund Germany Telephone: +49 231 557 1730 THURLASTON FINANCE: Shareholders Receive Wind-Up Report ------------------------------------------------------- The shareholders of Thurlaston Finance Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Anthony Levy 30 Gresham Street London EC2V 7PG UFG RUSSIA: Sole Shareholder Receives Wind-Up Report ---------------------------------------------------- The sole shareholder of UFG Russia Alternative Fund Ltd. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Piers Dryden Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 UFG RUSSIA MASTER: Sole Shareholder Receives Wind-Up Report ----------------------------------------------------------- The sole shareholder of UFG Russia Alternative Master Account Ltd. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Piers Dryden Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 UFG RUSSIA PARTNERS: Sole Shareholder Receives Wind-Up Report ------------------------------------------------------------- The sole shareholder of UFG Russia Alternative Fund Partners Ltd. received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Elian Fiduciary Services (Cayman) Limited c/o Piers Dryden Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 YARRA FINANCE: Shareholders Receive Wind-Up Report -------------------------------------------------- The shareholders of Yarra Finance Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Anthony Levy 30 Gresham Street London EC2V 7PG ZEBEDEE TRADING: Shareholders Receive Wind-Up Report ---------------------------------------------------- The shareholders of Zebedee Trading Fund Limited received on Jan. 27, 2016, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Avalon Ltd. Landmark Square, 1st Floor, 64 Earth Close P.O. Box 715 Grand Cayman KY1-1107 Cayman Islands Facsimile: +1 (345) 769-9351 =============== C O L O M B I A =============== EMPRESA DE TELECOMUNICACIONES: Fitch Lowers IDR to BB+' ------------------------------------------------------- Fitch Ratings has downgraded Empresa de Telecomunicaciones de Bogota S.A. E.S.P.'s (ETB) ratings as: -- Long-term foreign and local currency Issuer Default Ratings to BB+ from 'BBB-'; -- COP530 billion senior notes due 2023 to BB+ from 'BBB-'; -- National long-term rating to AA+(col) from 'AAA(col)'. The Rating Outlook is revised to Negative from Stable. KEY RATING DRIVERS The downgrade reflects ETB's continued struggle to curb its ongoing EBITDA erosion, which fell by 35.5% in 2015 compared to a year ago, due to intense price-based competition, falling average revenue per user (ARPU), and weak demand for its main fixed-voice service. The company has generated negative FCF since 2013 which led to a steep increase in its leverage ratio, which is no longer deemed in line with its previous investment grade category rating. The Negative Outlook also reflects Fitch's view that a tough operational environment could hinder any meaningful turnaround in ETB's cash flow generation. A lack of indication for resumed EBITDA growth and positive FCF generation in the short to medium term will result in a further ratings downgrade. Increasing Leverage Fitch expects continued increase in ETB's leverage ratio due to a persistent negative FCF generation despite reduced capex. Given tough competitive landscape, Fitch does not foresee any material improvement in the company's EBITDA generation, which is expected to be around COP323,790 million - 341,859 million in 2016 and 2017. As such, the company's net leverage, measured by total adjusted net debt to EBITDAR, is forecast to increase to 3.5x by end-2017, which unfavourably compares to just 0.3x at end-2014 and 2.8x at end-2015, respectively. ETB expects to increase its operational revenues by 16.8% in 2016 and achieve an average growth rate of 14.3% in 2016-2020. Given the recent track record and operational challenges, Fitch remains cautious that the goal would not be achievable. Fitch's base case projection indicates an average revenue growth of mid-single- digits during this period, which is substantially lower than the company's target. Negative FCF ETB plans to cut its capex budget during 2016-2019 to USD700 million from the original USD1.2 billion in order to optimize its cash flow usage. Instead of continued network coverage expansion for fiber-to-the-home (FTTH), the company plans to focus on boosting the proportion of connected homes on the network, which was just 9% of its total homes passed at end-2015, to increase revenues. ETB will continue its effort to expand its fiber-to- the-cabinet (FTTC) coverage to secure future revenue growth sources. Negatively, the trimmed capex amount would still not be covered by the projected EBITDA generation during the period. In addition, ETB's strategy to grow its 4G mobile service should result in increasing network rental expenses, estimated to be about 8% of its revenues in the short to medium term, which Fitch reflects as off-balance sheet debt. Including this, the company's total adjusted debt is expected to increase to above COP1,834 billion by end-2017 from COP 1,390 billion at end-2015. Pressured ARPU and Margin ARPU and profitability deterioration is unlikely to reverse over the medium term as competition remains centered on price. ETB would need to implement aggressive tariff policies to rapidly boost penetration of its fixed-line bundled services, including pay-TV on the FTTH networks. While the competitive landscape in the fixed-line segment in Bogota remains intense, the company is also entering the already mature mobile market that is dominated by well-established national operators. Should ETB pursue aggressive marketing policies to improve its market share, coupled with falling ARPU, a downward pressure on profitability and operational cash flow generation would continue over the medium term. The company's EBITDA margin slid to 21.5% in 2015 from 34.5% in 2014 amid slow revenue growth. ETB's core service sales grew by just 1.8% in 2015 mainly due to the continued contraction its local fixed-voice and long distance revenues, which fell by 7% and 14%, respectively, during the period. These service segments represented 41% of its total revenues in 2015. Fitch expects continued revenue erosion from these main services. Positively, this revenue loss will continue to be modestly offset by steady growth in internet, pay-TV, and mobile revenues. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for ETB include: -- Revenues growth at a 4.3% average in 2016 - 2020 -- Slow network penetration and price competition pressuring ARPU, resulting in EBITDA margins below historic levels at 21% - 22% in 2016 and 2017 -- Operating lease expenses estimated to be 8% of revenues -- Capex to sales ratio to fall to 30% by end-2017 -- Dividends payments of COP58 billion and COP 83 billion in 2016 and 2017, respectively -- Recovery of account receivables from Claro is not included. RATING SENSITIVITIES A negative rating action would be considered if ETB fails to show any signs of improving FCF generation in the short to medium term. In addition, the ratings will be pressured if the company's ongoing EBITDA erosion continues, resulting in its net leverage sustained over 3.5x over the medium term. A positive rating action is unlikely at the current juncture given the company's weakened financial profile compared to its solid historical level and an unfavourable operational outlook. LIQUIDITY ETB's liquidity profile weakened during 2015 following increased CAPEX and dividend payments amid EBITDA deterioration which depleted its readily-available-cash balance by over COP 500 billion. Cash balances at the end of 2015 stood at COP 613 billion, a substantial decline from COP 1.0 trillion a year ago. Given Fitch's expectation for continued negative FCF generation going forward, it is highly unlikely that the company can restore its liquidity profile to a level that is in line with its strong historical level in the short to medium term. Positively, ETB does not face any material debt maturity until 2023 when its COP530 billion notes become due. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Calls For Tenders on a Southern City's Beltway ------------------------------------------------------------------ Dominican Today reports that the Government announced a call for tenders to design and build the Ban¡ Beltway, southern Peravia province, as pledged by President Danilo Medina and demanded by inhabitants. Potential bidders can obtain the specifications and conditions at the Public Works Ministry, according to Dominican Today. The report notes that the technical and economic proposals of participants will be received until 10 a.m. on April 19 and both must be deposited in the main salon of the Public Works Culture and Recreation Center, in sealed separate envelopes. Newspaper Listin Diario has been demanding the work both through reports and publications stressing the importance of the Beltway's construction, the report relays. As reported in the Troubled Company Reporter-Latin America on Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlooks on the long-term IDRs are revised to Positive from Stable. The issue ratings on the Dominican Republic's senior unsecured foreign and local currency bonds are affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the short-term foreign currency IDR at 'B'. ============= J A M A I C A ============= JAMAICA: Oversight of Economy Will Continue, Holness Says --------------------------------------------------------- RJR News reports that Prime Minister Andrew Holness has declared that joint oversight of Jamaica's economic performance will continue. It is unclear, however, if this will continue to be carried out by the Economic Program Oversight Committee (EPOC), according to RJR News. Mr. Holness commented on the issue during his inaugural address after being sworn-in as Prime Minister. "We are not naive about the challenges we face regarding the debt and the need to maintain fiscal discipline; which is why we will continue with the principle of joint oversight of our economic programme and performance," the report quoted Mr. Holness as saying. EPOC is tasked with monitoring the country's economic reforms and to ensure the government sticks to its commitments, the report notes. Richard Byles, Co-Chair of the monitoring committee, said, while the committee could be dismantled when the IMF program ends next year, he was uncertain if the new government would ask it to continue working, the report notes. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. * JAMAICA: IMF Appreciates Economic Reform Program Continuation --------------------------------------------------------------- An IMF staff team led by Nigel Chalk, Deputy Director of the Western Hemisphere Department, and Ms. Uma Ramakrishnan, Mission Chief for Jamaica, is in Kingston for a brief post-election staff visit. After meeting The Most Honorable Prime Minister Andrew Holness and his economic team, the team issued the following statement: "We would like to congratulate Mr. Holness and the Jamaica Labour Party (JLP) on their election results. The IMF looks forward to continuing to support Jamaica under its new leadership. "The meeting with Prime Minister Holness and his economic team provided a good opportunity to exchange views on the economic challenges and opportunities that Jamaica faces at this juncture, and on the policy proposals that have been put forward by the JLP in its election manifesto. "We are appreciative of the JLP's intention to continue to implement Jamaica's economic reform program supported by a four- year IMF Extended Fund Facility (EFF), which was approved by the IMF Executive Board in May 2013. The reform program has thus far been successful in restoring macroeconomic stability and reducing public debt. "We have agreed to continue a close and open dialogue with the Jamaican authorities on designing the policies needed to remove obstacles to strong and sustained growth, focusing on job creation, tackling poverty, reducing the public debt, and advancing public sector efficiency. There was also agreement on the importance of achieving the fiscal targets in the current program. In that context, fiscal measures should be designed to be consistent with a primary surplus target of 7 percent of GDP in 2016/17 and tax policy reforms should continue to contribute to a fair, equitable, and efficient tax system. "We are conscious that continued strong social support for the economic reform program remains critical for achieving success. We welcome the Prime Minister's commitment to transparency and joint public-private oversight and monitoring of the economic program. "An IMF review mission team to conduct the 11th and 12th reviews under the EFF-supported program is expected to visit Kingston in May. These two reviews have been combined to enable the Jamaican authorities to focus on setting up a new administration following the national elections." * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. =========== M E X I C O =========== GRUPO KUO: Fitch Affirms 'BB' IDR; Outlook Stable ------------------------------------------------- Fitch Ratings has affirmed Grupo KUO, S.A.B. de C.V.'s ratings as: -- Long-term foreign currency Issuer Default Rating (IDR) at 'BB'; -- Long-term local currency IDR at 'BB'; -- Long-term national scale rating at 'A(mex)'; -- USD325 million senior notes due 2022 at 'BB'; -- MXN700 million Certificados Bursatiles due in 2019 at 'A(mex)'. The Rating Outlook is Stable. The ratings reflect KUO's diversified business portfolio in the chemical, consumer and automotive industries which allow the company to mitigate the volatility across the business cycle, in addition the ratings consider its solid market positions and stable financial profile. The ratings also incorporate its diversified revenue stream with around 48% of its total revenues coming from exports and subsidiaries located outside of Mexico, as well as its joint ventures (JVs) with international industry leaders. The ratings consider the company's strategy oriented toward developing high value-added products with attractive returns. KUO's ratings are limited by negative free cash flow generation (FCF), mainly due to its capex growth, and exposure to volatility of demand and input costs across its business lines. For analytical purposes Fitch incorporates the financial information of KUO under the proportional consolidation of its JVs (Herdez del Fuerte and Dynasol). In addition, Fitch considers the consolidated figures reported under IFRS which account for the JVs under the equity method. KEY RATING DRIVERS Diversified Business Portfolio Fitch believes that KUO's diversified revenue and cash flow generation from its business portfolio mitigates the overall risks associated with the volatile industries in which it participates. KUO's relatively less cyclical consumer business (pork meat and Herdez del Fuerte JV) has contributed to counterbalancing the exposure to the volatile business cycle of its chemical (synthetic rubber and plastics) and automotive (transmissions and aftermarket) businesses. In 2015, expected lower cash flow generation from its pork meat business was more than compensated by the transmission businesses. Improved Operating Results: Fitch expects KUO's operating performance to improve in 2016 supported mainly by higher revenues and EBITDA growth from its consumer and automotive business. Higher production capacity in the pork meat business and opening of new Maxicarne's stores are expected to deliver in 2016 revenue growth above 20% in this segment, while a stronger consumer demand in Mexico should impulse the revenues of its Herdez del Fuerte JV. Additionally, KUO's transmissions revenues are projected to grow in the mid-teens range from higher customer requirements. These improvements should contribute to offset negative pressures on revenues and cash flow generation from its synthetic rubber business as lower oil prices and oversupply conditions decrease raw material costs and impact the company's average sales prices. Considering the proportional consolidation of its JVs, Fitch forecast a revenue growth for KUO in the high single digits range in 2016. Fitch projects for 2016 that KUO will have an EBITDA growth in the low double digits range with an EBITDA margin of approximately 10.5%, considering the proportional consolidation of its JVs. Higher EBITDA and profitability should be mainly driven by higher revenues in the transmission, pork meat and Herdez del Fuerte JV businesses, combined with a better sales mix, internal operating efficiencies and low raw material prices. During 2015 KUO's EBITDA, considering the proportional consolidation of its JVs, increased 21% to USD222 million compared to 2014, as it included an extraordinary gain of USD40 million coming from the combination with Repsol of its emulsion rubber business. Excluding this effect the EBITDA had a slight decline of 1% to USD182 million. Stable Leverage Fitch forecasts that KUO's leverage will remain relatively stable during the next 12 months. Considering the proportional consolidation of its JVs Fitch projects that the company's total debt-to-EBITDA and net debt-to-EBITDA will be around 2.6x and 2.4x, respectively, in 2016. As of Dec. 31, 2015, KUO's total debt-to-EBITDA, excluding the extraordinary income in EBITDA from the sale to Repsol, increased slightly to 3.0x, compared to 2.7x at year-end 2014, while net debt-to-EBITDA had a minor improvement to 2.1x from 2.2x. On a consolidated basis, accounting its JVs by the equity method, these ratios were 3.5x and 3.1x, respectively, at year end 2015. Negative FCF The ratings incorporate KUO's expected negative FCF in 2016, considering the proportional consolidation of its JVs, after covering capex and dividends of approximately USD146 million and USD11 million, respectively. In 2015, the company's negative FCF of around USD36 million was supported by USD70 million cash inflow received in October 2015 after closing the transaction with Repsol. Fitch also estimated a consolidated negative FCF of approximately USD35 million, accounting the company's JVs by the equity method. Sustained high negative FCF in the coming years could pressure the ratings. KEY ASSUMPTIONS Fitch's key assumptions within the rating case include: -- Proportional consolidation of its JVs; -- 2016 revenue growth in high single digits; -- 2016 EBITDA growth in low double digits and EBITDA margin at around 10.5%; -- Total debt-to-EBITDA and net debt-to-EBITDA approximate 2.6x and 2.4x in the next 12 months. RATING SENSITIVITIES Positive rating actions could result from the combination of these factors: -- Lower volatility in cash flow generation across the company's businesses leading to neutral to positive FCF through the cycle; -- Sustained lower leverage ratios (total debt-to-EBITDA and net debt-to-EBITDA around 2x and 1.5x, respectively, under the proportional consolidation of its JVs); -- Maintain a strong liquidity position. Negative rating actions could result from the combination of these factors: -- Sustained deterioration in operating performance across the company's businesses leading to total debt-to-EBITDA and net debt-to-EBITDA consistently above 3x and 2.5x, respectively (under the proportional consolidation of its JVs); -- High than expected negative FCF over the next 2-3 years; -- Weak liquidity position. LIQUIDITY Low Liquidity Risk KUO's liquidity position is adequate and debt profile is manageable. Considering the proportional consolidation of its JVs, the company's cash balance as of Dec. 31, 2015, was USD156 million, while on a consolidated basis, accounting its JVs by the equity method was USD127 million. KUO's debt profile including the revolving credit facility with Repsol is manageable with maturities of USD28 million in 2016, USD32 million in 2017, USD12 million in 2018, USD52 million in 2019, USD73 million in 2020, USD16 million in 2021 and USD327 million in 2022. In 2015, the company's liquidity position was further strengthened after the debt refinancing of USD45 million related to local issuances maturing in November 2015 with a credit facility of USD65 million due in 2020. The ratings incorporate KUO's financial strategy, which historically has funded its indebtedness requirements at the holding company level and then has distributed the funds to its subsidiaries through intercompany loans or equity injections. At the holding company, KUO services its debt mainly from the cash inflows of its subsidiaries in the form of interest payments from intercompany loans, dividends, and management fees. =============== P A R A G U A Y =============== VISION BANCO: S&P Lowers ICR to 'B+'; Outlook Remains Negative -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term issuer credit on Vision Banco S.A.E.C.A. to 'B+' from 'BB-' and lowered the SACP to 'b+' from 'bb-' following the revision of S&P's assessment of Vision Banco's capital and earning to weak from moderate. The outlook remains negative. The rating actions follow the revision of S&P's assessment of the bank's capital and earnings from weak to moderate, which led S&P to revise the SACP to 'b+' from 'bb-'. Accordingly, S&P lowered the issuer credit ratings to 'B+' from 'BB-'. The ratings on Vision Banco reflects its adequate business position, weak capital and earnings (based on S&P's forecasted RAC ratio), adequate risk position (as S&P expects asset quality metrics to improve in the next few quarters), above average funding, and adequate liquidity. The rating on the bank is the same as the SACP, 'b+', because S&P do not incorporate notching for external support (from the government or the group). S&P has revised its assessment of the bank's capital and earning position to weak from moderate, based on S&P's expectation that the RAC ratio will average 4.2% during the next 12-18 months, which is less than S&P's original projections. As of December 2015, Vision's RAC ratio was 4.1% (compared to 4.8% as of December 2014). Significantly lower results in 2015, due to higher credit losses and loan loss provisions, mainly explain the change in S&P's projections. Further, losses and loss provisions partly resulted from regulatory changes and higher economic risk in the country. The negative outlook reflects the possibility of a negative rating action in the next six to12 months if improvements in assets quality metrics do not materialize as expected or if they continue to weaken. Also, to reflect that deterioration could be higher than traditional banks, given its focus on typically higher-risk segment that tends to be more susceptible to soft economic conditions. S&P could revise the outlook to stable if assets quality metrics improve as expected, with NPLs below 4.5%, net charge-offs over average customer loans below 3%, and loan loss reserves over NPLs above 100%, and if all other credit factors remain stable. ====================== P U E R T O R I C O ====================== ADELPHIA COMMUNICATIONS: ACC Commences Exchange Offers for Claims ----------------------------------------------------------------- ACC Claims Holdings, LLC on March 3 announced the commencement of offers to Eligible Holders to exchange (i) class A limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Senior Notes Claims (Class ACC 3) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the expiration date of the offers (the "Senior Claims"), against Adelphia Communications Corporation, and (ii) class B limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Trade Claims (Class ACC 4) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the expiration date of the offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class ACC 5) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the expiration date of the offers (the "ACC 5 Claims" and, together with the ACC 4 Claims, the "Other Claims"; the Senior Claims and the Other Claims, together, the "Claims"), against Adelphia Communications Corporation. The exchange offers are being made pursuant to the offers to exchange and the related letter of transmittal, each dated as of March 3, 2016. The exchange offers will expire at 5:00 p.m., New York City time, on March 31, 2016, unless extended (the "Expiration Date"). Eligible Holders of Senior Claims that are validly tendered and not withdrawn on or prior to the Expiration Date and accepted for exchange will receive consideration in the form of class A limited liability company interests in ACC Claims Holdings, LLC, as described in the offers to exchange. Eligible Holders of Other Claims that are validly tendered and not withdrawn on or prior to the Expiration Date and accepted for exchange will receive consideration in the form of class B limited liability company interests in ACC Claims Holdings, LLC, as described in the offers to exchange. The exchange offers are contingent upon, among other things, satisfaction, or waiver by ACC Claims Holdings, LLC, of (i) a minimum tender on the Expiration Date of 90% of the Claims held by Eligible Holders outstanding and (ii) the bankruptcy court having granted and not modified or revoked a motion to waive the notice requirement of Bankruptcy Rule 3001(e) with respect to the transfers of Other Claims from holders of such Other Claims to ACC Claims Holdings, LLC. ACC Claims Holdings, LLC may amend, extend or terminate the exchange offers, in its sole discretion. Any Claim tendered may be validly withdrawn at any time prior to the Expiration Date. The exchange offers will only be made, and the offers to exchange and the related letter of transmittal will only be distributed to, holders who complete, execute and return an eligibility form confirming that they are qualified purchasers ("Qualified Purchasers") as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (except to the extent waived by the managing member of ACC Claims Holdings, LLC), excluding Benefit Plan Investors (as defined below), each of which is (x) a qualified institutional buyer within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), (y) an institutional investor that qualifies as an "accredited investor" pursuant to Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (z) not a U.S. person in an offshore transaction, in each case as defined in Regulation S under the Securities Act (such persons, "Eligible Holders"). "Benefit Plan Investor" means a benefit plan investor, as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and includes (a) an employee benefit plan (as defined in Section 3(3) of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) a plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or (c) any entity whose underlying assets include, or are deemed for purposes of ERISA or the Code to include, "plan assets" by reason of any such employee benefit plan's or plan's investment in the entity. Holders who desire to obtain and complete an eligibility form should either visit the website for this purpose at www.dfking.com/adelphia or call D.F. King & Co., Inc., the information agent and exchange agent for the exchange offers, at (800) 761-6523 (toll-free) or (212) 269-5550 (collect for banks and brokers only). ACC Claims Holdings, LLC is a Delaware limited liability company formed on November 18, 2015. ACC Claims Holdings, LLC exists solely for the purpose of liquidating the claims and distributing the proceeds thereof to the holders of its limited liability company interests. ACC Claims Holdings, LLC does not conduct a trade or business or engage in any transactions other than transactions merely incidental to (i) liquidation of claims, whether by sale, transfer or other disposition by ACC Claims Holdings, LLC or the claims held thereby, or be merger, consolidation or other reorganization of ACC Claims Holdings, LLC, or otherwise, and (ii) its dissolution. About Adelphia Communications Based in Coudersport, Pennsylvania, Adelphia Communications Corporation was once the fifth-biggest cable company. Adelphia served customers in 30 states and Puerto Rico, and offered analog and digital video services, Internet access and other advanced services over its broadband networks. Adelphia collapsed in 2002 after disclosing that founder John Rigas and his family owed $2.3 billion in off-balance-sheet debt on bank loans taken jointly with the company. Mr. Rigas was sentenced to 12 years in prison, while son Timothy 15 years. Adelphia Communications and its more than 200 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on June 25, 2002. Willkie Farr & Gallagher represented the Debtors in their restructuring effort. PricewaterhouseCoopers served as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas-Managed Entities, were entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision LLC. The RME Debtors filed for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31, 2006. Their cases were jointly administered under Adelphia Communications and its debtor-affiliates' Chapter 11 cases. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. The Plan became effective on Feb. 13, 2007. The Adelphia Recovery Trust, a Delaware Statutory Trust, was formed pursuant to the Plan. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. Lawyers at Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the Adelphia Recovery Trust. SPORTS AUTHORITY: $595MM DIP Loan Requires Sale by April 28 ----------------------------------------------------------- Sports Authority Inc., the 463-store sporting goods retailer, filed for Chapter 11 bankruptcy with a $595 million financing in place to fund its restructuring but lenders are keeping the company on a short lease. After accumulating substantial losses and with substantial debt obligations, the Debtors have decided to pursue a comprehensive restructuring of their business operations and their debt obligations under the auspices of the Bankruptcy Code. The Debtors will run a dual-track process. The Debtors have initiated and will run an expedited sale process. At the same time, the Debtors will negotiate with their creditors regarding a plan of reorganization. As of the Petition Date, the Debtors owe a total of approximately $1.1 billion in principal plus accrued interest on their secured debt obligations, which include (i) $345.5 million in principal and $25.7 million in letters of credit under an asset-based revolving credit facility (the "ABL" Loan") provided by lenders led by Bank of America, N.A., as administrative agent, (ii) $95.3 million owed under a first-in, last-out term loan ("FILO Loan") provided by lenders led by BofA, as administrative agent, and Wells Fargo Bank, N.A., as FILO Agent, (iii) $276.7 million on a term loan provided by lenders led by Wilmington Savings Fund Society, FSB, as administrative agent, and (iv) $369.3 million in principal outstanding under mezzanine notes. In consultation with their advisors, the Debtors negotiated with certain of their lenders regarding potential debtor-in-possession postpetition financing to support the Debtors' efforts in the Chapter 11 cases. Certain ABL Lenders and FILO Lenders jointly agreed to provide the Debtors with postpetition financing in the form of a senior secured, super-priority asset based revolving credit facility of up to $500 million (the "Revolving DIP Loan") and a senior secured, super-priority first in last out term loan credit facility of up to $95,285,000 in aggregate principal amount the financing provided by the DIP Loans is critical to obtaining ongoing vendor support, which is necessary for the Debtors to continue their operations pending the Debtors' proposed sale of their business operations (the "Proposed Sale Transaction") or the Debtors' confirmation of a chapter 11 plan of reorganization. Concurrently with the efforts to obtain DIP financing, the Debtors and Rothschild began a process to pursue a chapter 11 exit strategy through a sale of the Debtors' businesses. Accordingly, the Debtors said they will file a motion seeking to establish bidding procedures for the sale of substantially all of the Debtors' assets pursuant to Section 363 of the Bankruptcy Code (the "Proposed Sale Transaction"). Following extensive, arms'-length negotiations, the Debtors and the DIP Lenders reached agreement on a case timeline that adequately balances the Debtors' need to execute a robust marketing process for their business with the need of all stakeholders to realize asset value on an expeditious basis. In order to satisfy the requirements set forth in the DIP Credit Agreement, the Debtors request, pursuant to a motion filed concurrently herewith a hearing to be held on regular notice for the approval of the Debtors' proposed bid procedures in connection with a sale. The DIP Credit Agreement is conditioned on the following case milestones: * Petition Date: Debtors must file (i) the Bid Procedures Motion, (ii) a motion seeking authority to close and liquidate up to 180 stores operated by the Debtors and to engage a liquidator in respect thereof (the "Store Closing Motion"), and (iii) a motion seeking to extend the time period to assume or reject leases to not less than 210 days from the Petition Date (the "Lease Designation Extension Motion"); * March 16, 2016: Debtors must have obtained an order approving the Store Closing Motion on an interim basis; * April 1, 2016: Debtors must have obtained an order approving the Lease Designation Extension Motion; * April 11, 2016: To the extent not previously delivered, the Debtors must deliver bid packages to any potential bidders for the Debtors' businesses or assets that are identified by the DIP Agent (as defined below) (provided such potential bidders have entered into confidentiality agreements reasonably acceptable to the Debtors; * April 21, 2016: Deadline to receive/submit binding bids with respect to the Proposed Sale Transaction; * April 25, 2016: Auction (if necessary); * April 27, 2016: Hearing for the Proposed Sale Transaction; and * April 28, 2016: Deadline to close Proposed Sale Transaction. The obligations arising under the DIP Credit Agreement are scheduled to mature no later than June 30, 2016. Accordingly, the Debtors intend to -- and the Final Order will provide the Debtors with authority to -- utilize the proceeds of the Proposed Sale Transaction to pay-off, in full, the DIP Facility at or prior to its scheduled maturity. About Sports Authority Sports Authority Holdings is a privately held company incorporated in Delaware and headquartered in Englewood, Colorado. Sports Authority is one of the nation's largest full-line sporting goods retailers, with roots dating back to 1928. Sports Authority currently operates 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. Sports Authority is among the top five sporting goods retailers. On March 2, 2016, Sports Authority Holdings Inc. and six other related entities filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The cases are jointly administered under Case No. 16-10527 before the Honorable Mary F. Walrath in the United States Bankruptcy Court for the District of Delaware. SPORTS AUTHORITY: Retains A&G to Manage Sale of Store Leases ------------------------------------------------------------ A&G Realty Partners, a commercial real estate, advisory and investment group, on March 2 disclosed that it has been retained by The Sports Authority to manage the sale of retail store leases and assist in reducing the Company's occupancy costs following its' recent Chapter 11 bankruptcy filing. A&G Realty is currently accepting bids on the leases, which range from 10,000 to 75,000 square feet located in many of the major retail markets in the country including prestigious locations in California, Florida, Puerto Rico and in addition, the company is exiting the Texas market. For a complete list of stores please visit www.agrealtypartners.com The auction will take place in mid-April. "The company has many attractive below market rate leases that are well positioned in key retail strip centers. By taking assignment of leases, retailers have the opportunity to enter new markets and gain access to projects they may have previously been unable to penetrate. The availability of these leases is expected to attract interest from many national and local retailers," said Emilio Amendola, A&G Co-President. About A&G Realty Partners A&G Realty Partners -- http://www.agrealtypartners.com-- specializes in real estate dispositions, lease restructurings, facilitating growth opportunities, valuations and acquisitions. A&G Realty clients include some of the nation's most recognizable retail brands in healthy and distressed situations. A&G Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value. A&G Realty was founded in 2012 and headquartered in New York with offices in Chicago and Los Angeles. About Sports Authority Headquartered in Englewood, CO, Sports Authority -- http://www.sportsauthority.com-- is one of the largest full-line sporting goods retailers, with 463 locations across 41 states and Puerto Rico. Sports Authority offers a broad range of sporting goods from leading brands and is the active family's destination for footwear, apparel, fitness, team sports and outdoor recreation. The League by Sports Authority, a free and easy rewards program, offers members 5% back after they earn 100 points or more during a quarterly period. SPORTS AUTHORITY: Bankruptcy Part of Larger Wave ------------------------------------------------ Liz Moyer, writing for The New York Times' DealBook, reported that the sporting goods retailer Sports Authority's bankruptcy can add itself to the pile of losers from the pre-crisis leveraged buyout boom. According to the report, citing Thomson Reuters, private equity firm Leonard Green & Partners in Los Angeles bought Sports Authority in 2006 for $1.3 billion, which would make it 188 out of the top 200 deals from that era. Many of those companies languished in the portfolios of private equity firms while the markets tried to recover from the 2008 financial crisis, but some of those companies are struggling, the report noted. The DealBook pointed out that the biggest deal that went bust was the $44.3 billion purchase of the Dallas-based TXU Corporation by the Texas Pacific Group, Kohlberg Kravis Roberts and Goldman Sachs in 2007. The company has since changed its name to Energy Future Holdings, and it filed for bankruptcy in 2014 with nearly $50 billion in debt, the report added. ================================ T R I N I D A D & T O B A G O ================================ METHANOL HOLDING: S&P Affirms $290M Loan 'BB' Issue-Level Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' global scale, long-term corporate credit rating and its 'BB-' issue-level rating on Consolidated Energy Limited's (CEL) senior unsecured notes for $1.05 billion due 2019 and $200 million due 2019. The senior unsecured notes remain rated one notch below the corporate credit rating, reflecting the subordination to Methanol Holding (Trinidad) Ltd.'s (MHTL's) secured debt of about $300 million. Based on the company's Sept. 30, 2015 financials, CEL's ratio of priority obligations to net tangible assets is about 24%, well above S&P's 15% threshold, creating a potential material disadvantage to noteholders under a bankruptcy or liquidation scenario. The mitigating factor is MHTL's upstream guarantee for the issuances. The outlook remains stable. At the same time, S&P affirmed its 'BB' issue-level rating on MHTL's $290 million seven-year secured term loan, which CEL guarantees. In December 2015, the company announced that it intends to acquire a controlling interest in G2X Energy Inc. (G2X), which is a U.S. company (with operating facilities in Texas and Lousiana) with natural gas assets, an existing methanol plant. G2X is currently building a worldscale 1.4 million metric ton methanol plant (Big Lake Fuels), expected to be completed in 2019 (about 3.5 years). In S&P's opinion, once the plant is completed, CEL will diversify its assets base, but it will continue to have asset concentration in Trinidad & Tobago and in methanol. The construction of the 1.4 million metric ton methanol plant in Big Lake Fuels is still subject to finalization of the external equity financing and a final decision by CEL. The stable outlook reflects S&P's expectation that CEL's interest coverage ratio will be between 3.0x and 4.0x for the next two years, up from about 2.8x in 2015 due to higher EBITDA as a result of operating efficiencies, low natural gas prices, and a recovery of methanol prices in 2017. It also reflects S&P's expectation that the company will fund a significant portion of the Big Lake Fuels' construction with equity contributions from its shareholders and a strategic partner. S&P could lower the ratings if adverse industry conditions, such as slower-than-expected economic growth, commodity price volatility, lower operating performance, or the incurrence of additional debt weaken the company's operating margins and key credit ratios. EBITDA interest coverage below 3.0x and/or debt to EBITDA above 5.0x, and FFO to debt below 12% will also lead to a downgrade. S&P could upgrade CEL if debt to EBITDA, FFO to debt, and EBITDA interest coverage improve and remain consistently below 4.0x, above 20%, and above 6.0x, respectively. TRINIDAD & TOBAGO: Dollar Hits New Low Against US Dollar -------------------------------------------------------- Aleem Khan at Trinidad Express reports that a depreciated Trinidad and Tobago dollar makes it more expensive to purchase United States currency to import foreign commodities and "this will do more harm than good, especially in the short and medium term", The University of the West Indies financial economics lecturer Vaalmikki Arjoon has said. The TT dollar (TTD) hit a new low against the US dollar on March 3 at three of the country's four largest retail banks, according to Trinidad Express. At Republic Bank Ltd (RBL), RBC Royal Bank and First Citizens, greenbacks sold for TT$6.5948 each, breaking the February-set record high of TT$6.5190 per US dollar on average, according to Central Bank of Trinidad and Tobago (CBTT) data, Trinidad Express notes. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From Feb. 29 to March 4, 2016 ---------------------------------------------------------- Issuer Name Cpn Bid Price Maturity Date Country Curr ----------- --- --------- ------------- ------- ---- PDVSA 8.5 56.25 11/2/2017 VE USD PDVSA 12.75 53.5 2/17/2022 VE USD Kaisa Group Holdings Ltd 8.87 65.5 3/19/2018 CN USD Venezuela 12.75 52.5 8/23/2022 VE USD PDVSA 5.25 47.5 4/12/2017 VE USD PDVSA 5.37 34.65 4/12/2027 VE USD PDVSA 6 6.5 11/15/2026 VE USD Venezuela 5.75 61.5 2/26/2016 VE USD PDVSA 9.75 46 5/17/2035 VE USD Venezuela 11.95 49 8/5/2031 VE USD PDVSA 6 37.5 5/16/2024 VE USD Kaisa Group Holdings Ltd 9 82 6/6/2019 CN USD PDVSA 9 43.5 11/17/2021 VE USD PDVSA 5.5 36.9 4/12/2037 VE USD Venezuela 13.62 56 8/15/2018 VE USD Kaisa Group Holdings Ltd 10.25 69 1/8/2020 CN USD Kaisa Group Holdings Ltd 12.87 108 9/18/2017 CN USD Odebrecht Oil & Gas Finance Ltd 7 68 KY USD CSN Islands XII Corp 7 74.5 BR USD Venezuela 8.25 44 10/13/2024 VE USD Honghua Group Ltd 7.45 58.5 9/25/2019 CN USD PDVSA 5.12 53.48 10/28/2016 VE USD Venezuela 7.75 42.5 10/13/2019 VE USD Banco do Brasil SA/Cayman 6.25 75 KY USD Venezuela 7 44.5 12/1/2018 VE USD Venezuela 9 44.5 5/7/2023 VE USD Kaisa Group Holdings Ltd 6.87 74.423 4/22/2016 CN CNY Venezuela 9.37 44.5 1/13/2034 VE USD Venezuela 6 39 12/9/2020 VE USD Venezuela 7 40.5 3/31/2038 VE USD CA La Electricidad de Caracas 8.5 40 4/10/2018 VE USD Venezuela 9.25 44.5 5/7/2028 VE USD Offshore Group Investment Ltd 7.5 74.87 11/1/2019 KY USD Venezuela 7.65 35.5 4/21/2025 VE USD Automotores Gildemeister SA 8.25 45.87 5/24/2021 CL USD Kaisa Group Holdings Ltd 8 70 12/20/2015 CN CNY Venezuela 13.625 48 8/15/2018 VE USD Agile Property Holdings Ltd 8.25 75.05 CN USD McDermott International Inc 8 70.5 5/1/2021 US USD USJ Acucar e Alcool SA 9.875 73 11/9/2019 BR USD Tonon Bioenergia SA 9.25 62.3 1/24/2020 BR USD Offshore Group Investment Ltd 7.125 68.06 4/1/2023 KY USD Automotores Gildemeister SA 6.75 44.75 1/15/2023 CL USD SMU SA 7.75 76.5 2/8/2020 CL USD Mongolian Mining Corp 8.87 66.5 3/29/2017 MN USD Polarcus Ltd 8 40.08 6/7/2018 AE USD PSOS Finance Ltd 11.75 75 4/23/2018 KY USD PDVSA 8.5 57.45 11/2/2017 VE USD Herbalife Ltd 2 73.7 8/15/2019 US USD Cia Energetica de Sao Paulo 9.75 72.87 1/15/2015 BR BRL BA-CA Finance Cayman Ltd 1.21 63.249 KY EUR Hidili Industry International Development Ltd 8.625 76 11/4/2015 CN USD China Precious Metal Resources Holdings Co Ltd 7.25 52.067 2/4/2018 HK HKD Inversora de Electrica de Buenos Aires SA 6.5 28.5 9/26/2017 AR USD NQ Mobile Inc 4 70.448 10/15/2018 CN USD Glorious Property Holdings Ltd 13.25 71.971 3/4/2018 HK USD Kaisa Group Holdings Ltd 8.875 93.5 3/19/2018 CN USD PDVSA 6 37.63 11/15/2026 VE USD PDVSA 12.75 51.83 2/17/2022 VE USD Polarcus Ltd 8.9 39.854 7/8/2019 AE NOK Polarcus Ltd 2.87 68.7 4/27/2016 AE USD Empresa Distribuidora Y Comercializadora Norte 9.75 72.42 10/25/2022 AR USD PDVSA 6 39.65 5/16/2024 VE USD Argentina Bond 1.18 8.12 12/31/2038 AR ARS Venezuela Bond 13.625 50.941 8/15/2018 VE USD McDermott International Inc 8 84.5 5/1/2021 US USD Tonon Bioenergia SA 9.25 71 1/24/2020 BR USD Argentina Bonar Bonds 23.00 5.5 9/10/2015 AR ARS BCP Finance Co 2.15 61.25 KY EUR Newland International Properties Corp 9.5 32 7/3/2017 PA USD BA-CA Finance Cayman 2 Ltd 2.03 62.31 KY EUR Odebrecht Oil & Gas Finance Ltd 7 69 KY USD PDVSA 9 44 11/17/2021 VE USD Honghua Group Ltd 7.45 58.5 9/25/2019 CN USD Argentine Bonad Bonds 2.4 68 3/18/2018 AR USD Automotores Gildemeister SA 8.25 60 5/24/2021 CL USD PDVSA 9.75 43 5/17/2035 VE USD Automotores Gildemeister SA 6.75 59.5 1/15/2023 CL USD ESFG International Ltd 5.753 0.68 KY EUR Greenfields Petroleum Corp 9 20 5/31/2017 US CAD USJ Acucar e Alcool SA 9.87 73 11/9/2019 BR USD CSN Islands XII Corp 7 73.99 BR USD SMU SA 7.75 75.25 2/8/2020 CL USD Mongolian Mining Corp 8.875 66.5 3/29/2017 MN USD Banco do Brasil SA/Cayman 6.25 74 KY USD Argentina Bocon 2 42.288 1/3/2016 AR ARS Venezuela TICC Bond 6.25 73.195 4/6/2017 VE USD Hidili Industry International Development Ltd 8.625 75 11/4/2015 CN USD Cia Energetica de Sao Paulo 9.75 72.87 1/15/2015 BR BRL Venezuela TICC Bond 5.25 52.627 3/21/2019 VE USD Newland International Properties Corp 9.5 47 7/3/2017 PA USD Empresa Distribuidora Y Comercializadora Norte 9.75 72 10/25/2022 AR USD Banif Finance Ltd 1.449 KY EUR BPI Capital Finance Ltd 2.63 39.5 KY EUR Cia Cervecerias Unidas SA 4 51.90 12/1/2024 CL CLP Banco BPI SA/Cayman Islands 4.15 71.37 11/14/2035 KY EUR Argentina Bond 5.83 14 12/31/2033 AR ARS Cia Sud Americana de Vapores SA 6.4 58.45 10/1/2022 CL CLP Venezuela TICC Bond 9.12 74.29 9/15/2017 VE USD Venezuela Bond 9.25 48 9/15/2027 VE USD Ruta del Bosque Sociedad Concesionaria SA 6.3 69.2 3/15/2021 CL CLP Talca Chillan Sociedad Concesionaria SA 2.75 47.78 12/15/2019 CL CLP Venezuela Bond 11.75 50.5 10/21/2026 VE USD Provincia de Rio Negro 1.6716 72 5/4/2024 AR ARS Provincia Corrientes 0.0204 8 1/1/2016 AR ARS Provincia del Chaco 4 61.25 12/4/2026 AR USD Decimo Primer Fideicomiso de Bonos de Prestamos Hipotecar 4.54 59 10/25/2041 PA USD Decimo Primer Fideicomiso de Bonos de Prestamos Hipotecar 6 70.8 10/25/2041 PA USD Empresa de los Ferrocarriles del Estado 6.5 69.91 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 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 2016. All rights reserved. ISSN 1529-2746. This material is copyrighted and any comillionercial 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 * * *