/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170424.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, April 24, 2017, Vol. 18, No. 80 Headlines A R G E N T I N A PETROBRAS ARGENTINA: Moody's Withdraws B3 CFR on Reorganization PVCRED SERIE: Moody's Rates ARS49.85MM Certs 'Caa2(sf)' B A H A M A S CL FIN'L: CLICO Policyholders to Finally Get Their Money B R A Z I L TEGMA GESTAO: Moody's Affirms B2 Corporate Family Ratings VM HOLDING: Moody's Assigns Ba2 CFR; Outlook Stable C A Y M A N I S L A N D S CAMARES CAPITAL: Creditors' Proofs of Debt Due May 10 CAMARES EUROPEAN: Creditors' Proofs of Debt Due May 10 CASTLE POINTE: Creditors' Proofs of Debt Due May 1 CROWLEY INTERNATIONAL: Creditors' Proofs of Debt Due May 1 DIAMOND EQUITIES: Creditors' Proofs of Debt Due May 11 ENBRIDGE PACIFIC: Creditors' Proofs of Debt Due May 8 JADELAND INVESTMENT: Creditors' Proofs of Debt Due May 1 LIONGATE EXTENDED: Creditors' Proofs of Debt Due May 1 LMSF-A: Creditors' Proofs of Debt Due May 1 NEW CHINA: Commences Liquidation Proceedings PLATINUM PARTNERS: Court Appoints Official Liquidators E L S A L V A D O R AES EL SALVADOR: Moody's Lowers Corporate Family Rating to B3 BANCO DE DESARROLLO: Moody's Lowers LT Issuer Rating to Caa1 G U A T E M A L A GUATEMALA: Fitch Affirms BB Long-Term LC IDR; Outlook Stable J A M A I C A C2W MUSIC: Suffering 'Serious' Accumulated Losses JAMAICA: Nutraceuticals Will Not Generate Much Wealth M E X I C O MEXICO: Jobless Rate at Multiyear Low V E N E Z U E L A VENEZUELA: Riots, Looting Claim a Dozen Lives X X X X X X X X X * BOND PRICING: For the Week From April 17 to April 21, 2017 - - - - - ================= A R G E N T I N A ================= PETROBRAS ARGENTINA: Moody's Withdraws B3 CFR on Reorganization --------------------------------------------------------------- Moody's Investors Service has withdrawn Petrobras Argentina S.A. (PESA)'s B3 Corporate Family Rating. The rating action reflects the completion of the acquisition of PESA by Pampa Energia S.A. (Pampa, B3 stable). On February 16, 2017, PESA was merged into Pampa, which is now the obligor of PESA's $500 million global notes. RATINGS RATIONALE Moody's has withdrawn the rating due to reorganization reasons. The following ratings were withdrawn: Corporate Family Rating, B3 Prior to the withdrawal, the outlook on the rating was developing. PESA was an integrated energy company with operations focused on petroleum exploration and production but with refining and product distribution, and petrochemicals business. It also had interests in electric generation, and in gas pipelines and NGLs production through Transportadora de Gas del Sur S.A. (B3 positive). Pampa, in turn, is engaged in generation, distribution and transmission of electric power in Argentina as well as on oil and gas production, refining, petrochemicals and hydrocarbon commercialization and transportation in Argentina and, to a lesser extent, in Venezuela. The company is the fourth oil and gas producer in the country, with an equity oil and gas production of over 58.3 thousands of barrels of oil equivalent per day. PVCRED SERIE: Moody's Rates ARS49.85MM Certs 'Caa2(sf)' ------------------------------------------------------- Moody's Latin America Agente de Calificacion de Riesgo has rated Fideicomiso Financiero Pvcred Serie XXXII. This transaction will be issued by TMF Trust Company (Argentina) S.A., acting solely in its capacity as issuer and trustee. The securities for this transaction have not been placed in the market yet. The transaction is pending approval from the Comision Nacional de Valores, if any assumption or factor Moody's considers when assigning the ratings change before closing, the ratings may also change. - ARS128,189,000 in Class A Floating Rate Debt Securities (VRDA TV) of "Fideicomiso Financiero Pvcred Serie XXXII", rated Aaa.ar (sf) (Argentine National Scale) and Ba3 (sf) (Global Scale) - ARS49,851,000 in Certificates (CP) of "Fideicomiso Financiero Pvcred Serie XXXII", rated Caa2.ar (sf) (Argentine National Scale) and Caa3 (sf) (Global Scale). RATINGS RATIONALE The rated securities are payable from the cash flow coming from the assets of the trust, which is an amortizing pool of approximately 7,220 eligible personal loans denominated in Argentine pesos, bearing fixed interest rate, originated by Pvcred, a financial company owned by Comafi's Group in Argentina. Only the installments due after June 30, 2017 will be assigned to the trust. The VRDA TV will bear a floating interest rate (BADLAR plus 300bps) from the issue date with first coupon payment date in August 2017. The VRDA TV's interest rate will never be higher than 31% or lower than 20%. Overall credit enhancement is comprised of subordination, various reserve funds and excess spread. The transaction has initial subordination level of 24.9% for the VRDA TV, calculated over the pool's principal balance as of June 30, 2017. The subordination level will increase overtime due to the turbo sequential payment structure. The transaction will have a grace period for principal and interest payment until August 10, 2017. The transaction also benefits from an estimated 49.1% annual excess spread, before considering losses, taxes or prepayments and calculated at the caps of 31% for the VRDA TV. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may lead to a downgrade of the ratings include an increase in delinquency levels beyond the level Moody's assumed when rating this transaction. Although Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred, the actual performance of the securitized pool may be affected, among others, by the economic activity, high inflation rates compared with nominal salaries increases and the unemployment rate in Argentina. Factors that may lead to an upgrade of the ratings include the building of credit enhancement over time due to the turbo sequential payment structure, when compared with the level of projected losses in the securitized pool. Loss and Cash Flow Analysis: Moody's considered the credit enhancement provided in this transaction through the initial subordination levels for each rated class, as well as the historical performance of Pvcred portfolio. In addition, Moody's considered factors common to consumer loans securitizations such as delinquencies, prepayments and losses; as well as specific factors related to the Argentine market, such as the probability of an increase in losses if there are changes in the macroeconomic scenario in Argentina. These factors were incorporated in a cash flow model that takes into account all the relevant features of the transaction's assets and liabilities. Monte Carlo simulations were run, which determines the expected loss for the rated securities. Moody's analyzed the historical performance data of previous transactions and similar receivables originated by Pvcred, ranging from July 2014 to December 2016. Moody's has observed a weaker performance of Refis loans compared to Unregulated Pvcred Loans. In addition, Moody's has observed a weaker performance of Open Market Loans compared to Existing Loans. Moody's notes that there is uncertainty around key macroeconomic variables in Argentina, including inflation rates, salary increases compared to inflation, and economic activity, which have an impact on future performance of this transaction. In assigning the rating to this deal, Moody's assumed a lognormal distribution of losses for each one of the different securitized sub-pools: for the loans of Existing Clients, a mean of 15%; for loans of Open Market, a mean of 35% and for the "Refinanciados" loans, a mean of 45% with a coefficient of variation of 60% for each of the three sub-pools. Also, Moody's assumed a lognormal distribution for prepayments with a mean of 50% and a coefficient of variation of 70%. Servicer default was modeled by simulating the default of Banco Comafi S.A. as the servicer consistent with its current rating of B3/Baa1.ar. In the scenarios where the servicer defaults, Moody's assumed that the defaults on the pool would increase by 20 percentage points. The model results showed 1.2% expected loss for Class A Floating Rate Debt Securities and 26.8% for the Certificates. Moody's also evaluated the back-up servicing arrangements in the transaction. If Pvcred is removed as collection agent, Banco Comafi will be appointed as the back-up collection agent. Stress Scenarios: Moody's ran several stress scenarios, including increases in the default rate assumptions. If default rates were increased by 4% from the base case scenario, the ratings of the Class A Floating Rate Securities would likely be downgraded to B1 (sf), while that of the Certificates would remain unchanged. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in September 2015. ============= B A H A M A S ============= CL FIN'L: CLICO Policyholders to Finally Get Their Money -------------------------------------------------------- Caribbean360.com reports that starting today, April 24, CLICO policyholders in the Bahamas are set to receive long overdue payments. After failing to deliver monies as promised back in January, the Government issued a statement assuring that qualified policyholders will receive three tranches of payments this year in April, July and November, according to Caribbean360.com. The Perry Christie administration had initially planned to finance the second phase of CLICO (Bahamas) payouts through a $45 million bond issue, with the monies raised designed to compensate former Executive Flexible Premium Annuity (EFPA) holders and those who had surrendered their pension policies, the report relays. The payments will total $5,000 per policyholder and be enough to payout 70 per cent or 1,595 claims from surrendered policyholders, the report notes. The 30 per cent not fully paid out will receive promissory notes (bonds) carrying a 4.25 per cent interest rate, equivalent to Bahamian Prime, which will distribute the balance owed over a four-year period, the report discloses. In March 2016, the Government made the first payout totaling just over $11 million. The Bahamas Tribune reported that the second phase payout to former CLICO (Bahamas) clients was initially supposed to be triggered by the creation of a new insurance entity, a special purpose vehicle (SPV) to be called Coral Insurance Company, the report notes. This will hold CLICO (Bahamas) insurance policies that remain in effect, the report discloses. The SPV, which will be licensed and regulated by the Insurance Commission of the Bahamas (ICB), was supposed to be created by the second week of November 2016, and hold the remaining insurance portfolio until it is purchased by another insurer, the report adds. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 6, 2015, Trinidad Express reports that the Constitution Reform Forum (CRF) has called on Finance Minister Larry Howai to refrain from embarking on an "unnecessary drain on the Treasury" by appealing the decision of a High Court judge, who ordered that the Minister fulfil a request by president of the Joint Consultative Council (JCC) Afra Raymond for financial details relating to the bailout of CL Financial Limited. The CRF issued a release stating that if the decision is appealed, not only will it be a waste of finance but such a course of action will also demonstrate a "lack of commitment by the Government to the spirit and intent of the Freedom of Information Act FOIA", under which the request was made, according to Trinidad Express. On July 7, 2014, Trinidad Express said that the Central Bank has placed the responsibility of voluntary separation package (VSEP) negotiations for workers at insurance giant Colonial Life Insurance Company Ltd. (CLICO) with the company's board, after which it will review accordingly, the bank said in a statement. The bank's statement follows protest action by CLICO workers, supported by their union, the Banking, Insurance and General Workers' Union (BIGWU), outside the Central Bank in Port of Spain, according to Trinidad Express. In a separate TCRLA report on June 26, 2014, Caribbean360.com said that the Trinidad and Tobago government has welcomed an Appeal Court ruling that the Attorney General Anand Ramlogan said saves the country from paying out more than TT$1 billion (TT$1 = US$0.16 cents) to policyholders of the cash-strapped CLICO. The Appeal Court overturned the ruling of a High Court that ruled members of the United Policyholders Group (UPG) were entitled to be paid the full sums of their polices. CLICO financially caved in on itself at the end of 2008 after the investment instruments of major policyholders matured and they wanted hundreds of millions of dollars they were owed. On Aug. 6, 2013, the TCR-LA, citing Caribbean360.com, said that over TT$8 billion worth of CLICO's profitable business will be transferred to Atruis, a new company that will be owned by the state. The Trinidad Express said that the Cabinet approved the transfer as the Finance and General Purposes Committee continues to discuss a letter of intent hammered out by the Ministry of Finance and CL Financial's 400 shareholders, which envisions taxpayers will recover the more than TT$20 billion Government has injected since 2009 to keep CL subsidiary CLICO and other companies afloat. At its annual general meeting in Sept. 2013, CL Financial shareholders voted to extend the agreement with Government until August 25, 2014, while Cabinet decides on a new framework accord to recover the debt owed to Government through divestment of CL subsidiaries, including Methanol Holdings, Republic Bank, Angostura Holdings, CL World Brands and Home Construction Ltd., Caribbean360.com related. Proceeds from the divestment of these assets will go toward Government's recovery of the billions it pumped into CLICO. TCRLA reported on Sep 22, 2011, Caribbean News Now, citing Reuters, said that the cost of the Trinidad and Tobago government bailout of CL Financial Limited is likely to rise to more than TT$3 billion. =========== B R A Z I L =========== TEGMA GESTAO: Moody's Affirms B2 Corporate Family Ratings --------------------------------------------------------- Moody's America Latina Ltda. affirmed Tegma Gestao Logistica S.A.'s B2 global scale ratings and upgraded the Brazilian national scale ratings to Ba1.br from Ba2.br. At the same time, Moody's changed the outlook for the ratings to stable from negative. Ratings affirmed: Issuer: Tegma Gestao Logistica S.A. - Corporate Family Ratings: B2 (global scale) - BRL 200 million senior unsecured debentures due in 2018 and 2019: B2 (global scale) Ratings upgraded: - Corporate Family Ratings: to Ba1.br from Ba2.br (national scale); - BRL 200 million senior unsecured debentures due in 2018 and 2019: to Ba1.br from Ba2.br (national scale) Outlook: changed to stable from negative RATINGS RATIONALE Tegma's B2/Ba1.br ratings reflect its leading position as the largest logistics company for the automotive industry in Brazil, supported by medium and long-term contracts and longstanding relationships with its client base. The ratings also consider the company's "asset-light" business model, which entails relatively stable cash flows and more flexible operations in face of market downturns, and the company's adequate credit metrics. On the other hand, Tegma's high revenue concentration in the cyclical automotive industry, challenges related to still weak market conditions and track record of high dividend distributions constrain the ratings. Furthermore, although the current liquidity profile is adequate, additional improvements are limited due to the short tenor of debt maturities. The stabilization of the ratings outlook reflects Tegma's improved credit metrics resulted from the company's efforts to reduce costs and from debt amortizations made during 2016. As well, it considers Moody's expectations that the deterioration in Tegma's business environment has likely bottomed and should start to improve slowly and gradually, although Moody's don't expects material improvements at least until the end of 2017. After three years of consecutive contraction, Brazil's economy is showing signs of recovery with falling inflation and interest rates, which limits downside risks to the automotive industry and to Tegma's credit metrics. A more stable economic outlook will support a gradual pick-up of consumer confidence and increase consumer financing availability in the medium to long term, which will translate into increased auto sales. After an accumulated contraction of 44% since 2013, auto sales increased by 5.5% in March 2017 for the first time since December of 2014, and ANFAVEA (Brazil's auto manufacturers association) forecasts a 4% increase in sales for 2017. As a consequence, Moody's expects Tegma to post stable revenues in 2017, after a 41% contraction from 2013 through 2016, while profitability should improve thanks to cost saving initiatives including reduced labor, sale of non-profitable units and focus on higher capacity utilization rates. In addition, leverage and interest coverage improved with the amortization of BRL 71 million in debt during 2016, providing the company more financial flexibility to whether the industry's downcycle. At the end of 2016, Tegma's adjusted leverage declined to 2.6 times from 3.4 times in 2015, while interest coverage (measured by adjusted EBIT/interest expense) increased to 1.4 times from 1.1 times. Tegma has an adequate liquidity profile with BRL 193 million in cash and equivalents and BRL 128 million in short term debt at the end of 2016. Even after a debt amortization of BRL 67 million made in February 2017, Moody's expects Tegma's cash balance to remain relatively stable given its positive free cash flow generation. Nevertheless, further improvements in the company's liquidity profile are limited due to the short tenor of debt maturities. As such, Moody's expects the company to seek liability management initiatives or other alternatives to reduce future liquidity risks. The stable outlook reflects Moody's expectations that Tegma will maintain leverage and profitability near current levels, while prudently managing debt amortizations, capex and dividends to preserve its adequate liquidity. The rating could be upgraded if operating margins increase to its historical levels of 10% and if leverage decreases to below 3.0x on a sustained basis. An improvement in the company's debt amortization profile is also required for a rating upgrade. Tegma is expected to maintain its leadership position, ensure healthy operating margins and debt protection metrics even during the down cycle. The ratings could be downgraded if the outlook for Brazil's economy and for the automotive industry worsens or if the company is not able to generate positive FCF, increasing its overall credit risk. Quantitatively, the ratings could be downgraded if FCF turns negative or if total adjusted debt to EBITDA increases to above 4.0x. Further downgrade pressure may arise in case Tegma cannot sustain its leading market position. Also, a significant increase in the level of secured debt could cause a downgrade of the rated unsecured debentures. Tegma is a logistics company, primarily focused on supply chain management and products for the automotive industry mainly in Brazil. In 2016, Tegma transported approximately 681 thousand vehicles representing approximately 29.1% of Brazil's light vehicle sales. Tegma also provides delivery services, warehousing, inventory management and control and other logistic solutions to the consumer product segment. In 2016, Tegma reported consolidated net revenues of BRL 924 million (USD 300 million) with adjusted EBITDA margin of 18%. VM HOLDING: Moody's Assigns Ba2 CFR; Outlook Stable --------------------------------------------------- Moody's Investors Service has assigned a Ba2 corporate family rating to VM Holding S.A. (VMH). The outlook is stable. Ratings assigned: Issuer: VM Holding S.A. Corporate Family Rating: Ba2 Outlook Actions: Issuer: VM Holding S.A. Outlook: Stable RATINGS RATIONALE VM Holding's Ba2 corporate family rating reflects the company's strong presence in zinc's global markets (4th largest concentrate producer and 5th largest in smelting production) and its competitive cost profile. The integration of mining operations with smelters, both in Brazil and Peru, has translated into steady EBITDA margins over the last few years and is an additional credit positive. The Ba2 rating is also supported by adequate leverage and interest coverage metrics, and Moody's expectations that leverage will remain between 2x-2.3x until 2019. In this sense, Moody's does not anticipates that the company will raise additional debt to execute its upcoming expansion projects, but will rather accommodate them within its own cash flow generation. The Ba2 ratings also consider VMH's strong liquidity position, with cash balance covering 80% of total debt at the end of 2016. Constraining the rating is VMH's exposure to commodity prices volatility, in particular zinc and copper, and its high concentration in zinc (66% of total mining production in FY 2016) and in one mine (Cerro Lindo responds for 42% of total mine output for zinc). The execution of planned greenfield projects in Brazil and in Peru in the coming years would be seen as a positive development to the extent it leads to further diversification. VMH's relatively modest revenue size (USD1.8 billion at the end of 2016), as compared to global peers, is a further constraint. The rating does not incorporate any expected support from VMH's controlling shareholder, Votorantim S.A. (Ba2 negative), one of the largest industrial groups in Brazil, which has a 89.35% share in the company. Votorantim S.A. does not provide guarantees to VMH's debt (only to BNDES debt, which represents 8% of the total), and there are no cross acceleration or cross-default provisions between the two entities. Still, VMH is included as a material subsidiary in Votorantim S.A.'s financial statements. On the other hand, the provisions in VM Holding S.A's Shareholders Agreement., including conservative Corporate Governance standards and limitation on dividend distribution, as a mitigating factor to the risk of cash upstreaming to the parent in case there is a deterioration in Votorantim S.A.'s credit risk. The stable outlook reflects Moody's expectations that VMH will maintain its competitive cost position and will continue to invest to increase integration and production levels. At the same time, Moody's expects that the company will maintain adequate liquidity position and leverage within the target set by its financial policies while carrying out its greenfield projects. An upward rating or outlook movement would require the company to maintain its competitive cost position and complete planned expansions, further diversifying its metal revenue base and enhancing its production profile, without an increase in leverage or a deterioration in interest coverage metrics. Besides, to the extent that VMH is able to achieve and maintain a sound liquidity profile, interest coverage (measured by EBIT to interest expense) above 4x and a (CFO-dividends)/debt ratio higher than 25%, the outlook or ratings could be positively impacted. Ratings could be negatively impacted if profitability and cash generation capacity materially deteriorate, as a consequence of decline in metals prices, increase in production costs significantly exceeding Moody's expectations, or higher than anticipated capital expenditures, with negative impact on liquidity, leverage and interest coverage metrics. Specifically, if EBIT margin falls below 8% with cash generation being negative on a sustained basis, ratings could be downgraded. Negative pressure on the rating could result from consistently higher dividend payout, jeopardizing its liquidity position and leading to a CFO-dividends/Debt ratio lower than 20% on a consistent basis. Negative pressure could also result from increase in debt levels leading to leverage ratios trending towards 3.5x or above, and interest coverage below 3.0x on a consistent basis. The principal methodology used in this ratings was Global Mining Industry published in August 2014. VM Holding S.A. (VMH) is a subsidiary of Votorantim S.A., with integrated operations (mines and smelters) in Brazil and Peru, mostly concentrated in zinc, but also with exposure to copper and lead. VMH is the 4th largest zinc concentrate producer in the world. In June 2016, there was a business spin-off of the aluminum, nickel, and US zinc assets/operations, previously managed under Votorantim Metais brand. These businesses are fully owned subsidiaries of Votorantim S.A.. In FY 2016, VMH reported revenues of USD 1.8 billion. ========================== C A Y M A N I S L A N D S ========================== CAMARES CAPITAL: Creditors' Proofs of Debt Due May 10 ----------------------------------------------------- The creditors of Camares Capital Management L.P. are required to file their proofs of debt by May 10, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 8, 2017. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands Telephone: (345) 640 2279 Facsimile: (345) 943 2294 CAMARES EUROPEAN: Creditors' Proofs of Debt Due May 10 ------------------------------------------------------ The creditors of Camares European Credit Fund GP Inc. are required to file their proofs of debt by May 10, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 8, 2017. The company's liquidator is: Highwater Limited c/o Nicole Gagliano Grand Pavilion Commercial Centre, 1st Floor 802 West Bay Road P.O. Box 31855 Grand Cayman KY1-1207 Cayman Islands Telephone: (345) 640 2279 Facsimile: (345) 943 2294 CASTLE POINTE: Creditors' Proofs of Debt Due May 1 -------------------------------------------------- The creditors of Castle Pointe Shipping Co. LLC are required to file their proofs of debt by May 1, 2017, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 22, 2017. The company's liquidator is: Peter A. De Vere Campbells Secretaries Limited Willow House, Floor 4 Cricket Square, Elgin Avenue, George Town Grand Cayman KY1-9010 Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 CROWLEY INTERNATIONAL: Creditors' Proofs of Debt Due May 1 ---------------------------------------------------------- The creditors of Crowley International Maritime Services, Ltd. are required to file their proofs of debt by May 1, 2017, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 22, 2017. The company's liquidator is: Allen Todd Busch 9487 Regency Square Blvd. Jacksonville, FL 32225 United States of America Telephone: +1 (904) 727-2200 Facsimile: +1 (904) 805-1652 DIAMOND EQUITIES: Creditors' Proofs of Debt Due May 11 ------------------------------------------------------ The creditors of Diamond Equities Limited are required to file their proofs of debt by May 11, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 21, 2017. The company's liquidator is: Kent Limited c/o Michelle R. Bodden-Moxam St. George's International Limited The Grand Pavilion Commercial Centre Oleander Way, 802 West Bay Road P.O. Box 32052 Grand Cayman KY1-1208 Cayman Islands Telephone: (345) 946-6145 Facsimile: (345) 946-6146 ENBRIDGE PACIFIC: Creditors' Proofs of Debt Due May 8 ----------------------------------------------------- The creditors of Enbridge Pacific (Caymans) Inc. are required to file their proofs of debt by May 8, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Feb. 23, 2017. The company's liquidator is: James Macfee Estera Trust (Cayman) Limited c/o Andre Slabbert 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 640 0540 JADELAND INVESTMENT: Creditors' Proofs of Debt Due May 1 -------------------------------------------------------- The creditors of Jadeland Investment Ltd. are required to file their proofs of debt by May 1, 2017, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 22, 2017. The company's liquidators are: Desmond Campbell Stuart Brankin Circumference FS (Cayman) Ltd. P.O. Box 32322 Grand Cayman KY1-1209 Cayman Islands Telephone: (345) 814 0711 LIONGATE EXTENDED: Creditors' Proofs of Debt Due May 1 ------------------------------------------------------ The creditors of Liongate Extended Opportunities Fund are required to file their proofs of debt by May 1, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 22, 2017. The company's liquidator is: Mourant Ozannes Tim Stumpff Corey Stokes Mourant Ozannes, Attorneys-at-law 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 814-9277 Facsimile: (345) 949-4647 LMSF-A: Creditors' Proofs of Debt Due May 1 ------------------------------------------- The creditors of LMSF-A are required to file their proofs of debt by May 1, 2017, to be included in the company's dividend distribution. The company commenced liquidation proceedings on March 23, 2017. The company's liquidator is: Mourant Ozannes Tim Stumpff Corey Stokes Mourant Ozannes, Attorneys-at-law 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 814-9277 Facsimile: (345) 949-4647 NEW CHINA: Commences Liquidation Proceedings -------------------------------------------- The sole shareholder of New China Holdco, Limited, on March 23, 2017, passed a resolution to 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: Walkers Liquidations Limited Cayman Corporate Centre 27 Hospital Road, George Town Grand Cayman KY1-9008 Cayman Islands Telephone: +1 (345) 949 0100 PLATINUM PARTNERS: Court Appoints Official Liquidators ------------------------------------------------------ The Grand Court of Cayman Islands, on Dec. 16, 2016, entered an order appointing Margot MacInnis and Nilani Perera as official liquidators of Platinum Partners Value Arbitrage Fund (International) Limited, replacing Matthew Wright and Christopher Kennedy. The Liquidators can be reached at: Margot MacInnis Borrelli Walsh (Cayman) Limited Harbour Place, Ground floor 103 South Church Street Grand Cayman Cayman Islands; and Nilani Perera Borrelli Walsh (BVI) Limited Palm Grove House, 4th Floor Road Town, Tortola British Virgin Islands ===================== E L S A L V A D O R ===================== AES EL SALVADOR: Moody's Lowers Corporate Family Rating to B3 ------------------------------------------------------------- Moody's Investors Service downgraded the senior unsecured long- term debt rating and Corporate Family Rating (CFR) of AES El Salvador Trust II bis (Trustco II) to B3 from B2. Concurrently, Moody's changed the rating outlook to stable from negative. Trustco II issued the 10-year $310 million senior global notes due in 2023 for the benefit of four affiliated electric distribution companies in El Salvador: Compania de Alumbrado Electrico de San Salvador (CAESS), Empresa Electrica de Oriente (EEO), AES Clesa y Compania (CLESA) and Distribuidora Electrica de Usulutan (DEUSEM). These four distribution utilities which are majority owned by AES Corporation (AES; Ba3 positive) unconditionally and severally guarantee the debt of Trust II bis, collectively the guarantors. RATINGS RATIONALE The downgrade of the ratings of Trustco II to B3 and stable outlook is prompted by the April 13 downgrade of El Salvador government bond rating to Caa1 from B3 with stable outlook (see related Press Release). The guarantors' B3 rating factors in some uncertainty regarding their ability to fully collect the electric subsidies despite the material reduction (by 50%) implemented effective March 2017. The uncertainty to collect the subsidies results from challenges faced by the sovereign and the government-owned hydroelectric power generation company, Comision Ejecutiva Hidroelectrica (CEL; unrated) which has historically funded the electric subsidies except for the June-December 2016 period. However, the B3 ratings and stable outlook acknowledge that the reduced subsidies of around $2.5 million per month or US$30 million p.a. equals to around 5% of the guarantors' combined revenues recorded for the last twelve month (LTM) period ended September 2016. Importantly, the B3 ratings also factor in that the guarantors' combined cash balance at the end of March 2017 aggregated to US$22 million. The company has also committed not to declare any dividends (2016: US$23 million) until gaining clarity on whether they will face material delays in the collection of the subsidies. Therefore, the B3 rating and stable outlook anticipate that the guarantors will be able to service their debt including the next principal payments due in 2017 and 2018 under the US$18 million loan maturing in 2018 with US$10.5 million currently outstanding. The B3 further factors in the growing refinancing risk of the bullet Global Notes; however, this will only mature in March 2023. The B3 rating also acknowledges that, under the terms of the Global Notes, the structure has a six month interest only debt service reserve account and the incurrence of long-term debt is restricted to reporting a maximum debt to capitalization of 65%. Moody's notes that the guarantors have not extended yet the US$16.5 million committed credit facility with Banco Agricola (B2 stable) which expired in February 2017, a material credit negative. However, Moody's understands that the delay in its extension is largely due to ongoing negotiations of the terms and conditions. Moody's also note that although this facility includes a Material Adverse Change (MAC) clause, which has not been enforced, the guarantors have borrowings of US$9 million outstanding under this facility. Moody's also understands that according to the terms of the US$18 million loan due in 2018 the guarantors could borrow all the repaid amounts again (around US$7.5 million). Moody's liquidity analysis assigns limited value to non-committed facilities but Moody's acknowledge that end of March 2017, the guarantors had an additional US$6.4 million available under its three non-committed credit facilities (total amount: US$23.5 million). In addition, they have recently secured a new non-committed credit facility for up to US$17 million with a subsidiary of BAC Internacional Bank Panama (Baa3 stable) with a borrowing period of 1 year; however, it will also include the possibility that up to US$10 million under this new facility could be borrowed for up to seven years. FACTORS THAT COULD LEAD TO AN UPGRADE The prospects of an upgrade of Trustco II's B3 ratings are limited given the Caa1 sovereign rating for El Salvador. FACTORS THAT COULD LEAD TO AN DOWNGRADE A downgrade of Trustco's B3 ratings is likely to follow a downgrade of the sovereign rating. Negative momentum is likely if Moody's concludes that the guarantors' financial and/or liquidity profiles are no longer appropriate to maintain the one-notch difference between Trustco II's ratings and the sovereign rating. Factors that could drive this view include the deterioration of the guarantors' liquidity profile following the failure to extend the US$16.5 million committed credit facility, if they fully use all the committed and not-committed revolving credit facilities and/or if they decide to reduce their cash balance significantly and upstream cash to the shareholders before they gain certainty of no material delays in the electricity subsidies collection. Negative momentum is likely if the government's fiscal challenges, and/or CEL's financial challenges and/or country's tense political situation impacts negatively the countries' power markets for example if they result in power prices spikes which also affect the guarantors' liquidity situation. In addition, downward pressure on the ratings is likely to occur, if Moody's perceives a deterioration in the regulatory framework that reduces the predictability and consistency in which the regulation is applied and/or an outcome of the next tariff review (due in December 2017) that is not credit supportive. Negative momentum is also likely if the consolidated key credit metrics deteriorate significantly; specifically, if the consolidated interest coverage ratio and the CFO pre-W/C to debt fell below 2x and 5%, respectively, for an extended period. An aggressive distribution policy particularly amid the current delays to collect the subsidy payments, would also likely result in a downgrade. The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in December 2013. The guarantors' ultimate parent company is AES which holds indirect ownership stakes that range in between 80.08% (CLESA), 75.11% (CAESS) and 89.11% (EEO), averaging 80% overall. For the Last Twelve Month period ended September 2016, the guarantors reported Cash of Operations of around US$57 million (excluding net interest) and consolidated assets of $709 million. BANCO DE DESARROLLO: Moody's Lowers LT Issuer Rating to Caa1 ------------------------------------------------------------ Moody's Investors Service has downgraded to Caa1, from B3, the long-term foreign currency issuer rating of Banco de Desarrollo de El Salvador (Bandesal). At the same time, Moody's downgraded the long-term foreign currency deposit rating of Banco Agricola, S.A. and the long-term foreign currency senior unsecured debt rating of Agricola Senior Trust (AST) to B2 from B1. AST is a Cayman Islands-based trust unconditionally and irrevocably guaranteed by Banco Agricola. Banco Agricola's long-term counterparty risk assessment was also downgraded to B2(cr) from B1(cr). The deposit and issuer ratings carry stable outlooks. In addition, both banks' standalone Baseline Credit Assessments (BCA) were downgraded to caa1 from b3. These rating actions follow Moody's downgrade of El Salvador's government bond rating to Caa1, from B3, with the outlook changed to stable from negative. For details on the rating action on El Salvador please refer to Moody's press release "Moody's downgrades El Salvador's issuer rating to Caa1 from B3 and changes outlook to stable from negative" published on April 13, 2017. The following ratings and assessments were downgraded: Issuer: Banco de Desarrollo de El Salvador -- Outlook, changed to stable from negative -- Long-term foreign currency issuer rating, to Caa1 stable outlook, from B3 negative outlook -- Baseline credit assessment, to caa1 from b3 -- Adjusted baseline credit assessment, to caa1 from b3 Issuer: Banco Agricola, S.A. -- Outlook, changed to stable from negative -- Baseline credit assessment, to caa1 from b3 -- Adjusted baseline credit assessment, to b2 from b1 -- Long-term foreign currency deposit rating, to B2 stable outlook, from B1 negative outlook -- Long-term counterparty risk assessment, to B2(cr) from B1(cr) Issuer: Agricola Senior Trust -- Outlook, changed to stable from negative -- BACKED Long-term foreign currency senior unsecured debt rating, to B2 stable outlook from B1 negative outlook RATINGS RATIONALE The bank rating downgrades result from the downgrade to Caa1, from B3, of El Salvador's government bond rating, which considered the recent missed payments on pension-related bonds, which signal a higher risk that the political impasse in the Legislative Assembly could lead to missed payments on government debt obligations. It also captured the failure to reach an agreement to issue long-term debt that raises government liquidity risks, and that will test local banks' capacity to absorb additional short-term debt. The lower BCAs on the banks reflect Moody's view that the creditworthiness of both banks is intrinsically linked with that of the Salvadoran government. In downgrading the BCA of Bandesal, a local development bank, Moody's also took into account that its funding, liquidity, and market access are closely tied to the government's own liquidity position. While Banco Agricola maintains adequate capital, consistent profitability and ample liquidity, its financial strength remains constrained by the creditworthiness of the Salvadoran government, particularly in light of its significant holdings of government debt as a proportion of its tangible common equity. Banco Agricola's B2 foreign currency deposit rating continues to incorporate two notches of uplift from its caa1 BCA, based on Moody's assessment of a high probability of support from its parent, Bancolombia, S.A. (deposits Baa2 stable, BCA ba1), owing to the importance of this subsidiary to Bancolombia's Central American banking franchise. The change in the outlooks to stable from negative on Bandesal's and Banco Agricola's ratings is in line with the change in the outlook on El Salvador's government bond rating. WHAT COULD CAUSE THE RATINGS TO MOVE UP OR DOWN If El Salvador's government bond rating is downgraded further, Bandesal's and Banco Agricola's BCAs and their respective supported ratings are likely to be downgraded again as well. The banks' ratings are unlikely to face upward pressure in the near- to-medium term, in light of the still weak operating environment from banks. The last rating action on Bandesal was on November 9, 2016. The last rating action Banco Agricola was on November 9, 2016. The last rating action on Agricola Senior Trust was on November 9, 2016. The principal methodology used in these ratings was Banks published in January 2016. Bandesal is El Salvador's development bank, originally established as Banco Multisectorial de Inversiones by special legislative act in 1994 and transformed into Banco de Desarrollo de El Salvador by law in 2012. The bank supports private sector economic development and investment largely by lending through the financial system. Bandesal reported total assets of about $591 million as of December 2016. Banco Agricola is domiciled in San Salvador, El Salvador, and is the largest bank in the country with market shares of 26% and 27% in loans and deposits. As of December 2016, Banco Agricola reported consolidated assets of $4.3 billion. Agricola Senior Trust is a Cayman Islands special purpose trust governed by the laws of the Cayman Islands and is unconditionally and irrevocably guaranteed by Banco Agricola. ================= G U A T E M A L A ================= GUATEMALA: Fitch Affirms BB Long-Term LC IDR; Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Guatemala's sovereign ratings as follows: -- Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB', Stable Outlook; -- Senior unsecured Foreign- and Local-Currency bonds at 'BB'; -- Country Ceiling at 'BB+'; -- Short-Term Foreign-and Local-Currency IDRs at 'B'. KEY RATING DRIVERS Guatemala's ratings are supported by its track record of macroeconomic stability and disciplined policies, low public debt to GDP and sound external liquidity. These strengths are counterbalanced by a narrow tax base that constrains policy flexibility and limits debt tolerance, as well as weak governance and human development indicators. Economic growth slowed to 3.1% in 2016, a level below potential yet still resilient in comparison to median growth rates across the region and among Guatemala's rating peers. Fiscal retrenchment was the main drag on headline growth in early 2016. Uncertainty lingering from the 2015 political crisis and surrounding the subsequent political transition weighed on investment spending. With higher budget execution and improving confidence spurring investment and strong remittances inflows supporting private consumption, real GDP is forecast to accelerate to 3.4% in 2017 and 3.7% in 2018. Inflation expectations remain anchored within the Central Bank's target range of 3%-5%. Investment and growth are constrained by a low domestic savings rate, narrow revenue base, shallow credit penetration, and governance problems. Investment to GDP has fallen steadily since 2007 and was only 12.5% in 2016. The government plans to boost fixed capital spending and promote public-private partnerships (PPP) in infrastructure. The PPP projects currently in the pipeline are still in the evaluation and tendering phases and construction is only scheduled to begin from 2018 onwards, delaying any potential growth impulse. Guatemala's external indicators are strong compared to peers in the 'BB' category. The current account balance flipped into surplus in 2016 mainly because of a smaller energy import bill and strong remittance inflows. These drivers are expected to become less supportive during the forecast period, and the current account is forecast to revert to a small deficit by 2018. External financing needs are adequately covered by broad-based foreign direct investment and external borrowing from multilaterals. Modest external debt and ample FX reserves - Guatemala's liquidity ratio is more than double the BB median - mitigate external liquidity risks. FX reserves rose by 18% in 2016 to USD9.2 billion or 5.3 months of CXP. Guatemala's central government fiscal deficit is low relative to peers. In 2016, it shrank to the lowest level in over a decade (1.1% of GDP). Institutional strengthening of the tax administration office (SAT) plus large payments of back-taxes and fines for tax evasion helped to arrest the slide in revenue-to-GDP underway since 2013. Better tax collection in conjunction with a pick-up in economic growth could deliver additional revenues of around 1 percentage point of GDP by 2018. However, at only 11% of GDP, the revenue take is still one of the lowest of all rated sovereigns. Raising it to a level that is closer to the BB or Central American medians of 32% and 20% of GDP respectively would require deeper structural fiscal reform. A fragmented legislature and the executive's limited political capital suggest to Fitch that this is unlikely in the near term. A primary surplus in 2016 kept central government debt stable while enabling the government to cure arrears and rebuild its cash position. The primary balance is forecast to turn negative again in 2017, in line with higher budgeted outlays on education, public health, and security and on the assumption of improved budget execution. Even so, Fitch expects fiscal deficits to remain modest over the forecast period, which combined with faster economic growth will keep the debt-to-GDP ratio relatively stable. At 22% of GDP (net of public debt holdings by the social security fund IGSS), the government debt ratio is the lowest in the 'BB' category, although the strength this confers to the credit profile is limited by the low revenue take. Debt- and interest-to-revenue ratios are higher than the 'BB' median and represent a weakness in terms of debt tolerance and fiscal flexibility. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Guatemala a score equivalent to a rating of 'BB' on the Long-term FC IDR scale. Fitch's sovereign rating committee did not adjust the output from the SRM to arrive at the final LT FC IDR. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within Fitch criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The Stable Outlook reflects Fitch's view that upside and downside risks to the rating are broadly balanced. The main risk factors that, individually or collectively, could trigger a rating action are: Positive: -- Sustained improvements in tax collection and the budget process that enhance fiscal policy flexibility; -- Higher investment and growth prospects; -- Improvements in governance and human development indicators relative to peers. Negative: -- Continued erosion of the revenue base that undermines fiscal flexibility; -- Political gridlock that constrains government financing flexibility and/or leads to interruptions in external financing; -- Social unrest and governability challenges leading to macroeconomic and policy uncertainty. KEY ASSUMPTIONS -- Fitch forecasts that Guatemala's economy and balance of payments will continue to benefit from relatively low oil prices (USD52.5/bl in 2017 and USD55.0/bl in 2018) and supportive U.S. economic growth rates (2.3% in 2017 and 2.6% in 2018) ============= J A M A I C A ============= C2W MUSIC: Suffering 'Serious' Accumulated Losses ------------------------------------------------- RJR News reports that C2W Music Limited made a profit of US$42,500 in the financial year ending December. However, despite the turnaround in its fortunes, auditors have flagged the company's accumulated losses as a serious issue, according to RJR News. C2W Music has accumulated losses of US$1.219 million at December 31, 2016, the report notes. Its current liabilities exceeded its current assets by US$145,922, the report adds. JAMAICA: Nutraceuticals Will Not Generate Much Wealth ----------------------------------------------------- RJR News reports that an organization dedicated to exploring the economic benefits of a regional ganja industry, says pursuing nutraceuticals alone from ganja, will not generate much wealth for the country. Dr. K'adamawe Knife, Coordinator for Enterprise Development and Strategic Planning at Scarce Commodity, says more money can be made by extracting certain active ingredients in ganja and putting them in functional foods, according to RJR News. Meanwhile, there are plans to list at least three companies dealing in ganja products on the Jamaica Stock Exchange, the report notes. Dr. Andre Haughton, Coordinator for International Finance at Scarce Commodity, says he is working with the Jamaica Stock Exchange to develop a nano stock exchange, the report relays. He said the ganja companies will be listed through that nano stock exchange, the report discloses. The nano stock exchange, which is scheduled to be launched later this year, will allow consumers to purchase stocks and bonds using a mobile device, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Jamaica's senior unsecured Foreign and Local Currency bonds are also affirmed at 'B'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'B' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'. =========== M E X I C O =========== MEXICO: Jobless Rate at Multiyear Low ------------------------------------- Anthony Harrup at The Wall Street Journal reports that Mexico's unemployment rate held steady in March at a multiyear low amid solid job creation in the private sector, which continued to support consumption growth. Unemployment among Mexico's 54 million workforce was 3.5% seasonally adjusted last month, practically unchanged from February even as more people sought work, the National Statistics Institute said, the WSJ. Underemployment and informal employment both fell from the previous month, the report relays. The March job numbers were "unambiguously good," suggesting the economy has strengthened in early 2017, against expectations, PNC's economist Bill Adams said in a note, the report notes. "In January, Mexico had seemed at risk of a recession in early 2017, even if Mexico's trade relations with the United States remained status quo, because of large increases in energy prices and interest rates, as well as sharp drops in business and consumer sentiment," the report quoted Mr. Adams as saying. Employment growth has lowered the jobless rate to pre-2008 crisis levels, supporting household spending, although a recent uptick in inflation has led to declines in real wages as consumer prices outpaced average contract wage raises in the first three months of the year, the report relays. Annual inflation was 5.4% in March compared with 3.4% at the end of last year, and is expected to accelerate further in following months, the report notes. "Among the most important determinants of consumption, only job creation remains supportive, with the unemployment rate still decreasing," Bank of America Merrill Lynch's chief Mexico economist Carlos Capistran said in a recent report, the WSJ discloses. "But, in our view, that also will decelerate and be insufficient to sustain consumption growth above 3%," the report relays. The number of workers registered at the Mexican Social Security Institute -- a measure of formal private-sector employment -- rose by 140,000 in March to 19 million, and was up 4.6% from a year earlier, according to the Labor Ministry, the report relays. A separate survey published by the statistics institute showed factory employment up 3.6% in February from a year before, with solid gains in manufacturing of transport equipment and computers, the report notes. ================= V E N E Z U E L A ================= VENEZUELA: Riots, Looting Claim a Dozen Lives --------------------------------------------- Kejal Vyas at The Wall Street Journal reports that a dozen people were killed in a string of riots and looting in Venezuela's capital overnight as antigovernment demonstrations led to clashes between protesters and state security forces, authorities said. The attorney general's office said it was investigating 11 deaths from accidental electrocution and gunshots and in the western Caracas district of El Valle, a working-class enclave and traditional stronghold of the ruling Socialist Party, according to WSJ. Another demonstrator was shot to death in the east Caracas slum of Petare, that district's mayor said, the report notes. Eight of those killed were electrocuted by an exposed power cable while attempting to steal a refrigerator from a bakery, authorities said, the report relays. More than a dozen other businesses were also looted of everything from liquor to meat to television sets, the report notes. Not including the men who died from electrocution, the latest bout of violence brings to 12 the number of people killed during three weeks of protests seeking an end to 18 years of Socialist Party rule and elections to replace President Nicolas Maduro, who has overseen the country's deepest economic crisis in its history, the report discloses. Mr. Maduro's detractors have planned more protests in the coming days, including a silent march to honor those killed to keep the pressure on the president's increasingly authoritarian rule, the report relays. For more than five hours beginning, Venezuelans bombarded social media with videos of National Guardsmen firing tear gas from armored vehicles into working class neighborhoods where hooded protesters had blocked roads with trash and burning tires, the report discloses. The report relays that the growing unrest in the barrios that surround Caracas and other major cities could be a major problem for Mr. Maduro, as the poor have long been the bedrock of the government's support. Until now, most of the unrest has been limited to lower-middle-class enclaves, the report notes. But that could change. Residents in the videos could be heard screaming and banging on pots, a common form of protest here called a cacerolazo, ther eport says. Faced with crippling shortages of food and medicine, polls show 80% of the country wants Mr. Maduro out of office, and the leftist leader's support has also withered among the two-thirds of Venezuelans who live in slums, the report notes. But Mr. Maduro has scuttled efforts for a recall referendum and has indefinitely postponed elections that his detractors have called for, holding on to power with help of the military and armed paramilitary forces on motorbikes, the report relays. The opposition has blamed the latter for a series of deaths during the protests, the report discloses. Amid the civil unrest, Socialist Party leader Freddy Bernal tried to calm the country through a video address broadcast on Twitter in which he accused the opposition of generating the violence, the report notes. "They're trying to make it seem as if we're in a civil war," Mr. Bernal said, alleging a coup plot led by his opponents and the U.S. government. "It's the same manual they used in Libya, Syria, Iraq. Everyone, remain calm. Sleep tight. President Nicolas Maduro is still in charge." But with the government using the armed forces to crush nationwide demonstrations, opposition lawmaker Julio Borges said only one side has the weapons and is to blame for the violence, the report notes. "This government calls out its people, arms them and then says they're not the authors of the violence," Mr. Borges said. "The author of the violence has one name: Nicolas Maduro," he added. As reported by The Troubled Company Reporter-Latin America S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela. The outlook on both long-term ratings remains negative. S&P also affirmed its 'C' short-term foreign and local currency sovereign ratings. In addition, S&P affirmed its 'CCC' transfer and convertibility assessment on the sovereign. ================= X X X X X X X X X ================= * BOND PRICING: For the Week From April 17 to April 21, 2017 ------------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- BA-CA Finance Cayman Lt 0.518 62.07 KY EUR CSN Islands XII Corp 7 68 BR USD CSN Islands XII Corp 7 67.75 BR USD Decimo Primer Fideicomi 4.54 52.63 10/25/2041 PA USD Decimo Primer Fideicomi 6 63.5 10/25/2041 PA USD Dolomite Capital Ltd 13.26 67.2 12/20/2019 CN ZAR Empresa de Telecomunica 7 73.14 1/17/2023 CO COP Empresa de Telecomunica 7 73.14 1/17/2023 CO COP ESFG International Ltd 5.75 0.66 KY EUR General Shopping Financ 10 72.5 KY USD General Shopping Financ 10 71.7 KY USD Global A&T Electronics 10 74 2/1/2019 SG USD Global A&T Electronics 10 74.5 2/1/2019 SG USD Global A&T Electronics 10 65.5 2/1/2019 SG USD Global A&T Electronics 10 65 2/1/2019 SG USD Gol Finance 8.75 63 BR USD Gol Finance 8.75 63.88 BR USD Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD Gol Linhas Aereas SA 10.75 34.63 2/12/2023 BR USD Inversora Electrica de 6.5 55 9/26/2017 AR USD Inversora Electrica de 6.5 55 9/26/2017 AR USD MIE Holdings Corp 7.5 75.16 4/25/2019 HK USD MIE Holdings Corp 7.5 75.26 4/25/2019 HK USD NB Finance Ltd/Cayman I 3.88 58.01 2/7/2035 KY EUR Newland International P 9.5 19.88 7/3/2017 PA USD Newland International P 9.5 19.88 7/3/2017 PA USD Noble Holding Internati 5.25 72.98 3/15/2042 KY USD Ocean Rig UDW Inc 7.25 39 4/1/2019 CY USD Ocean Rig UDW Inc 7.25 38 4/1/2019 CY USD Odebrecht Drilling Norb 6.35 48.5 6/30/2021 KY USD Odebrecht Drilling Norb 6.35 47.25 6/30/2021 KY USD Odebrecht Finance Ltd 7.5 49 KY USD Odebrecht Finance Ltd 4.3 48.29 4/25/2025 KY USD Odebrecht Finance Ltd 7.12 48.2 6/26/2042 KY USD Odebrecht Finance Ltd 5.25 46.15 6/27/2029 KY USD Odebrecht Finance Ltd 7 57.02 4/21/2020 KY USD Odebrecht Finance Ltd 5.12 53.51 6/26/2022 KY USD Odebrecht Finance Ltd 8.25 70.88 4/25/2018 KY BRL Odebrecht Finance Ltd 6 51.47 4/5/2023 KY USD Odebrecht Finance Ltd 5.25 45.92 6/27/2029 KY USD Odebrecht Finance Ltd 7.1 47.82 6/26/2042 KY USD Odebrecht Finance Ltd 7.5 49.25 KY USD Odebrecht Finance Ltd 4.3 48.39 4/25/2025 KY USD Odebrecht Finance Ltd 6 51.77 4/5/2023 KY USD Odebrecht Finance Ltd 8.2 70.88 4/25/2018 KY BRL Odebrecht Finance Ltd 7 56.85 4/21/2020 KY USD Odebrecht Finance Ltd 5.1 52.99 6/26/2022 KY USD Odebrecht Offshore Dril 6.6 39.64 10/1/2022 KY USD Odebrecht Offshore Dril 6.7 36.44 10/1/2022 KY USD Odebrecht Offshore Dril 6.6 38.79 10/1/2022 KY USD Odebrecht Offshore Dril 6.7 38.75 10/1/2022 KY USD Petroleos de Venezuela 12.75 67.19 2/17/2022 VE USD Petroleos de Venezuela 9 58.28 11/17/2021 VE USD Petroleos de Venezuela 6 40.32 5/16/2024 VE USD Petroleos de Venezuela 9.75 50.15 5/17/2035 VE USD Petroleos de Venezuela 6 38.22 11/15/2026 VE USD Petroleos de Venezuela 5.37 37.39 4/12/2027 VE USD Petroleos de Venezuela 5.5 37.1 4/12/2037 VE USD Petroleos de Venezuela 6 41.25 10/28/2022 VE USD Petroleos de Venezuela 6 40.01 5/16/2024 VE USD Petroleos de Venezuela 9 58.11 11/17/2021 VE USD Petroleos de Venezuela 6 38.13 11/15/2026 VE USD Petroleos de Venezuela 12.75 67.2 2/17/2022 VE USD Petroleos de Venezuela 9.75 49.94 5/17/2035 VE USD Polarcus Ltd 5.6 60 3/30/2022 AE USD Siem Offshore Inc 5.8 49.75 1/30/2018 NO NOK Siem Offshore Inc 5.59 50.25 3/28/2019 NO NOK STB Finance Cayman Ltd 2.04 58.35 KY JPY Sylph Ltd 2.36 50.93 9/25/2036 KY USD Uruguay Notas del Tesor 5.25 68.02 12/29/2021 UY UYU US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD US Capital Funding IV L 1.25 51.35 12/1/2039 KY USD USJ Acucar e Alcool SA 9.87 67.5 11/9/2019 BR USD USJ Acucar e Alcool SA 9.87 65.75 11/9/2019 BR USD Venezuela Government In 9.25 48.75 5/7/2028 VE USD Venezuela Government In 13.63 82.58 8/15/2018 VE USD Venezuela Government In 9 51.75 5/7/2023 VE USD Venezuela Government In 9.37 49 1/13/2034 VE USD Venezuela Government In 7 71.88 12/1/2018 VE USD Venezuela Government In 9.25 52 9/15/2027 VE USD Venezuela Government In 7.65 46.38 4/21/2025 VE USD Venezuela Government In 13.63 82.58 8/15/2018 VE USD Venezuela Government In 7.75 61.75 10/13/2019 VE USD Venezuela Government In 11.95 58.13 8/5/2031 VE USD Venezuela Government In 6 53.75 12/9/2020 VE USD Venezuela Government In 12.75 67 8/23/2022 VE USD Venezuela Government In 7 44 3/31/2038 VE USD Venezuela Government In 6.5 36.53 12/29/2036 VE USD Venezuela Government In 8.25 47.75 10/13/2024 VE USD Venezuela Government In 11.75 57.75 10/21/2026 VE USD Venezuela Government TI 5.25 69.59 3/21/2019 VE USD *********** 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, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2017. 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 * * *