TCRLA_Public/130401.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 1, 2013, Vol. 14, No. 63


                            Headlines



A N T I G U A  &  B A R B U D A

* ANTIGUA & BARBUDA: Government to Pay Antigua Public Workers


A R G E N T I N A

EDENOR SA: Shareholders' Meeting Scheduled for April 25
* Argentina's Bid for 2nd Cir. En Banc Review in Bond Case Denied


B R A Z I L

VALID S.A.: Moody's Assigns Ba2 Rating to BRL250MM of Debentures
* BRAZIL: Fitch Sees Prolonged Economic Slowdown


C A Y M A N  I S L A N D S

ALTAIR STARS: Creditors' Proofs of Debt Due April 25
BRAVO HOLDCO: Creditors' Proofs of Debt Due April 25
CONNAUGHT OFFSHORE: Creditors' Proofs of Debt Due April 25
DRAGONTECH VENTURES: Creditors' Proofs of Debt Due April 15
HALBIS GLOBAL: Creditors' Proofs of Debt Due April 15

HALBIS GLOBAL MASTER: Creditors' Proofs of Debt Due April 15
HONICOS LTD: Creditors' Proofs of Debt Due April 15
MAGNETAR-GRF: Creditors' Proofs of Debt Due April 15
MARUBENI POWER: Creditors' Proofs of Debt Due April 15
RAB EUROPE: Placed Under Voluntary Wind-Up

SOLA SPV: Creditors' Proofs of Debt Due April 15
VAHINE LTD: Creditors' Proofs of Debt Due April 15
WELLS FARGO: Creditors' Proofs of Debt Due April 25


P U E R T O   R I C O

CONSTRUCTORA DE HATO: Has Until April 26 to File Plan
PUERTO RICO AQUEDUCT: S&P Lowers Rating on Revenue Bonds to 'BB+'


T R I N I D A D  &  T O B A G O

PETROTRIN: Silent on US$2.5 Billion Shutdown, Senator Says
TRINIDAD CEMENT: Incurs US$383 Million Loss in 2012


V E N E N Z U E L A

PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' IDRs; Outlook Neg.
* VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating


X X X X X X X X

* BOND PRICING: For the Week March 25 to March 29, 2013




                            - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


* ANTIGUA & BARBUDA: Government to Pay Antigua Public Workers
--------------------------------------------------------------
Jamaica Observer reports that public servants, including teachers,
who have been staging industrial action over the non-payment of
salaries, have been given an assurance that they will be paid
early next month.

A government statement said that the assurance has come from
Accountant General, Cleopatra Gittens and that at a meeting
between Finance Minister Harold Lovell and trade union
representatives "it was revealed that all government employees
will be paid by April 5", according to Jamaica Observer.

The report notes that the statement said that at the meeting which
was attended by representatives of Antigua and Barbuda Union of
Teachers (A&BUT), Antigua and Barbuda Workers' Union, Guild of
Antigua and Barbuda Air Traffic Controllers, Police Welfare
Association, and the Nurses Association, "those present were
reassured that where their membership incurs penalties at
financial institutions due to the late payment of wages and
salaries, the government will cover the costs".

The statement said that Mr. Lovell has proposed monthly meetings
with the stakeholders "to keep them abreast of the government's
monthly cash flow," Jamaica Observer says.

Earlier in March, the government apologized "for the tardiness in
payments" to teachers who warned they would continue their
industrial action over the non-payment of salaries, Jamaica
Observer discloses.

Jamaica Observer says that the government had said the actions by
the teachers were also affecting the operations of the National
School Meals Service.


=================
A R G E N T I N A
=================


EDENOR SA: Shareholders' Meeting Scheduled for April 25
-------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. ("EDENOR"),
will hold a general ordinary and extraordinary shareholders'
meeting on April 25, 2013, at 10:00 a.m. at Avenida del Libertador
6363, First Floor, in the Autonomous City of Buenos Aires.

Included as a specific item on the agenda for that Meeting is the
consideration of a mandatory capital stock reduction pursuant to
the terms of Section 206 of Law No. 19,550, which became
applicable upon the issuance of the Financial Statements of EDENOR
as of, and for the year ended, Dec. 31, 2012.

A copy of the Notice is available for free at http://is.gd/KykMUH

                           About EDENOR

Based in Buenos Aires, Argentina, Edenor S.A. is the largest
electricity distribution company in Argentina in terms of number
of customers and electricity sold (both in GWh and Pesos).
Through a concession, Edenor distributes electricity exclusively
to the northwestern zone of the greater Buenos Aires metropolitan
area and the northern part of the city of Buenos Aires, which has
a population of approximately 7 million people and an area of
4,637 sq. km.  In 2011, Edenor sold 20,077 GWh of energy and
purchased 23,004 GWh of energy, with net sales of approximately
Ps. 2.3 billion and net loss of Ps. 435.4 million.

Price Waterhouse & Co. S.R.L., in Buenos Aires, said that the
delay in obtaining tariff increases, the cost adjustments
recognition ("MMC"), requested in the presentations made until now
by the Company in accordance with the terms of the Adjustment
Agreement ("Acta Acuerdo") and the continuous increase in
operating expenses significantly affected the economic and
financial position of the Company and raise substantial doubt
about its ability to continue as a going concern.

The Company reported a net loss of ARS435.40 million on net sales
of ARS3.565 billion for 2011, compared with a net loss of
ARS49.05 million on ARS2.174 billion for 2010.

The Company's balance sheet at Dec. 31, 2011, showed
ARS5.744 billion in total assets, ARS4.373 billion in total
liabilities, ARS56.87 million of minority interest, and
stockholders equity of ARS1.314 billion.

                           *     *     *

As reported by the TCR on Sept. 12, 2012, Moody's Latin America
has downgraded Edenor's corporate family and senior unsecured
ratings to Caa1 from B3 and its national scale rating to Ba3.ar
from Baa2.ar. The downgrade has been prompted by Edenor's
continued poor operating performance in 2012 and the ongoing issue
of frozen tariffs.  The downgrade also reflects the liquidity
constraints the company will face over coming quarters should the
frozen tariff position of the company not change.


* Argentina's Bid for 2nd Cir. En Banc Review in Bond Case Denied
-----------------------------------------------------------------
Juan Carlos Rodriguez of BankruptcyLaw360 reported that the U.S.
Second Circuit shot down Argentina's request for an en banc
rehearing of a panel's finding that it owes $1.4 billion to
bondholders after a 2001 default on its sovereign debt and should
be barred from paying off other debt first.

The report said Argentina had argued that the panel's Oct. 26
ruling, which ordered it to pay private equity firm NML Capital
Ltd. and other investors who opted out of restructuring offers
Argentina extended in 2005 and 2010, will make voluntary debt
restructuring by sovereign nations.


===========
B R A Z I L
===========


VALID S.A.: Moody's Assigns Ba2 Rating to BRL250MM of Debentures
----------------------------------------------------------------
Moody's America Latina assigned a Ba2 and Aa3.br ratings on the
global scale and on the Brazilian National Scale Rating,
respectively, to the BRL250 million senior unsecured debentures to
be issued by Valid S.A.

At the same time, Valid's corporate family rating and its senior
unsecured rating remains unchanged at Ba2/Aa3.br. The outlook for
all ratings is stable.

Rating Assigned:

- Proposed BRL 250 million senior unsecured debentures: Ba2
(global scale); Aa3.br (national scale).

Ratings unchanged:

- Corporate Family Rating: Ba2 (global scale).

- BRL 100 million senior unsecured debentures: Ba2 (global scale);
Aa3.br (national scale).

- BRL 147 million senior unsecured debentures: Ba2 (global scale);
Aa3.br (national scale).

The outlook for all ratings is stable.

Ratings Rationale:

"Valid's Ba2/Aa3.br ratings reflect the company's market position
as one of Brazil's major suppliers of plastic cards for payment
transactions and ID systems, SIM cards, and printing services,"
said Moody's Vice-President and Senior Credit Officer Soummo
Mukherjee." The rating is also supported by the company's long-
term client relationships with financial institutions, state
governments, and telecommunications companies; the growth of
value-added products in its product portfolio; and its prudent
financial management, which has contributed to stable margins,
strong liquidity and relatively low gearing," added Mukherjee.

On the other hand, the rating is constrained by Valid's relatively
small size in comparison to global peers, the regional nature of
its operations, its reliance on a small group of large clients in
banking and telecom, the growth of competition, and the relatively
low barriers to the entry of other entities in the plastic and SIM
cards sector - although the ID system sector has high entry
barriers. Risks associated with the development of new
technologies and the company's acquisitiveness are additional
constraining factors, although Valid continues its efforts to
develop new technologies and has a history of successfully
integrating its acquisitions.

The company has recently acquired Chicago-based Vmark, a provider
of financial plastic cards, gift cards, and printing services,
which was operating under bankruptcy protection. Moody's sees the
acquisition as positive as it can significantly increase Valid's
market position in the US and increase its geographic
diversification while increasing leverage only modestly.

Valid has historically practiced prudent financial management,
maintaining low leverage and good liquidity. Moody's expects
leverage to be maintained below 1.5 times net debt to EBITDA
despite the company's ongoing appetite for acquisitions and the
potential for gradual increases in the dividend pay-out ratio, if
no appealing acquisition opportunities occur.

Proceeds from the proposed BRL250 million debentures will be used
to pay down the 3rd debenture issuance occurred in December 2012,
refinance the company's outstanding debt and strengthen Valid's
liquidity position.

The stable outlook reflects Moody's expectation that Valid will
maintain its market position and stable margins. Moody's also
expects the company to continue to prudently manage capex and
dividends, to exercise discipline with regard to acquisitions, and
to maintain its healthy liquidity.

The rating would experience upwards pressure if the company were
to expand its scale and further diversify its geographic and
client base while maintaining Free Cash Flow to Total Adjusted
Debt above 16%, EBITDA less Capex to Interest Expenses above 4.0x,
and healthy liquidity.

The rating would experience downwards pressure if the company's
market position were to deteriorate, causing revenue growth to
stagnate and its debt metrics to weaken, with negative Free Cash
Flow to Total Adjusted Debt for a prolonged period and EBITDA less
Capex to Interest Expense declining to below 2.5x. Any sizable
debt-financed acquisitions would also affect the rating
negatively.

The principal methodology used in rating Valid was the Global
Business and Consumer Services Industry Methodology, published in
October, 2010.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

Valid is a local supplier of solutions for Means of Payment, ID
systems and Telecom Services in Brazil. Main clients are financial
institutions, state and federal governments and telephony
operators. Valid posted net revenues of BRL 937 million in 2012
(USD481 million) and EBITDA of BRL221 million (USD113 million).


* BRAZIL: Fitch Sees Prolonged Economic Slowdown
------------------------------------------------
A continued and more prolonged economic slowdown combined with an
expansionary fiscal stance could detract from fiscal consolidation
and hinder government debt reduction in Brazil, according to a new
Fitch Ratings report published on March 27. With General
Government Debt/GDP and Interest Payments/Revenue remaining above
the 'BBB' median, this could delay an improvement in Brazil's
relative standing within its rating category.

'Brazil's economic underperformance over the last two years has
been driven by both cyclical and structural factors,' said Shelly
Shetty, Head of Fitch's Latin America Sovereign Group.

The cyclical component of the slowdown responded to internal
factors including tighter macroeconomic policies and currency
appreciation in 2011, and external conditions including a sluggish
global economy and falling commodity prices.

'On the other hand, structural factors such as a difficult
business environment, a heavy tax burden, labor market
inflexibility and infrastructure bottlenecks have led to a drop in
Total Factor Productivity and investment growth, reducing Brazil's
trend growth,' added Shetty.

The lower economic growth, evidenced by real GDP growth of 0.9% in
2012, and loosening of fiscal policy have had a negative impact on
government finances, bringing the reported primary surplus,
including PAC-related capital spending, down to 2.4% in 2012, from
3.1% in 2011. However, Brazil's overall fiscal position has not
been compromised, as interest payments went from 5.7% in 2011 to
4.9% in 2012.

A sensitivity analysis conducted to assess the effect of lower
primary surpluses and real GDP growth on general government debt
highlights the need for healthy growth rates and fiscal caution.
The analysis suggests that a primary surplus target below 2% of
GDP, including the use of PAC deductions, combined with real GDP
growth sustainably at 3% during 2013-16, would lead to an increase
in the government's debt path.

Thus, further structural reforms and improvements in growth
dynamics would be positive rating drivers, while a weakening in
macroeconomic stability and deterioration in fiscal credit metrics
would be negative for Brazil's rating.

Fitch's special report 'Brazil's Growth and Fiscal Challenges:
Cyclical and Structural Factors Underlie Slowdown' is available at
'www.fitchratings.com'.


==========================
C A Y M A N  I S L A N D S
==========================


ALTAIR STARS: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
The creditors of Altair Stars LP Holdings Ltd. are required to
file their proofs of debt by April 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 4, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KYI1-9005
          Cayman Islands
          Jennifer Chailler
          Telephone: (345) 914 3115


BRAVO HOLDCO: Creditors' Proofs of Debt Due April 25
----------------------------------------------------
The creditors of Bravo Holdco are required to file their proofs of
debt by April 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 28, 2013.

The company's liquidator is:

          Roy Kelvin
          One Market Street
          Steuart Tower, 23rd Floor
          San Francisco
          CA 94105
          Telephone: +1 (415) 293 5000


CONNAUGHT OFFSHORE: Creditors' Proofs of Debt Due April 25
----------------------------------------------------------
The creditors of Connaught Offshore Mezzanine Fund, Ltd are
required to file their proofs of debt by April 25, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 28, 2013.

The company's liquidator is:

          Connaught Real Estate Finance LLC
          Daniel Fowler
          222 N. LaSalle Street, Suite 100
          Chicago, IL 6060
          Telephone: (312) 621 3300


DRAGONTECH VENTURES: Creditors' Proofs of Debt Due April 15
-----------------------------------------------------------
The creditors of Dragontech Ventures Limited are required to file
their proofs of debt by April 15, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2008.

The company's liquidator is:

          Zhang Shenglan
          Maples and Calder, Attorneys-at-law
          The Center, 53rd Floor
          99 Queen's Road Central
          Hong Kong


HALBIS GLOBAL: Creditors' Proofs of Debt Due April 15
-----------------------------------------------------
The creditors of Halbis Global Opportunistic Alpha Fund, Ltd are
required to file their proofs of debt by April 15, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 7, 2011.

The company's liquidator is:

          Ogier Fiduciary Services (Cayman Limited)
          89 Nexus Way, Camana Bay
          Grand Cayman KYI-9007
          Cayman Islands
          c/o Jennifer Collins
          Telephone: +1 (345) 815 1446
          Facsimile: (345) 945 6265


HALBIS GLOBAL MASTER: Creditors' Proofs of Debt Due April 15
------------------------------------------------------------
The creditors of Halbis Global Opportunistic Alpha Master Fund,
Ltd are required to file their proofs of debt by April 15, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 7, 2011.

The company's liquidator is:

          Ogier Fiduciary Services (Cayman Limited)
          89 Nexus Way, Camana Bay
          Grand Cayman KYI-9007
          Cayman Islands
          c/o Jennifer Collins
          Telephone: +1 (345) 815 1446
          Facsimile: (345) 945 6265


HONICOS LTD: Creditors' Proofs of Debt Due April 15
---------------------------------------------------
The creditors of Honicos Ltd. are required to file their proofs of
debt by April 15, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 1, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KYI1-1205
          Cayman Islands


MAGNETAR-GRF: Creditors' Proofs of Debt Due April 15
----------------------------------------------------
The creditors of Magnetar-GRF Fund (Cayman), Ltd are required to
file their proofs of debt by April 15, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 1, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KYI1-1205
          Cayman Islands


MARUBENI POWER: Creditors' Proofs of Debt Due April 15
------------------------------------------------------
The creditors of Marubeni Power (Cayman Islands) Finance Limited
are required to file their proofs of debt by April 15, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 1, 2013.

The company's liquidator is:

          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KYI-9007
          Cayman Islands
          c/o Rachel Smyth
          Telephone: (345) 815 1840
          Facsimile: (345) 949-9877


RAB EUROPE: Placed Under Voluntary Wind-Up
------------------------------------------
On March 1, 2013, the sole shareholder of RAB Europe Fund Limited
resolved to voluntarily wind up the company's operations.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Landmark Square, 1st Floor
          64 Earth Close West Bay Beach
          PO Box 715, George Town
          Grand Cayman KYI-1107
          Cayman Islands
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351


SOLA SPV: Creditors' Proofs of Debt Due April 15
------------------------------------------------
The creditors of Sola SPV 1 are required to file their proofs of
debt by April 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 4, 2013.

The company's liquidator is:

          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KYI-9007
          Cayman Islands
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


VAHINE LTD: Creditors' Proofs of Debt Due April 15
--------------------------------------------------
The creditors of Vahine Ltd. are required to file their proofs of
debt by April 15, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 1, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KYI1-1205
          Cayman Islands


WELLS FARGO: Creditors' Proofs of Debt Due April 25
---------------------------------------------------
The creditors of Wells Fargo Multi-Strategy 50 Offshore Hedge
Fund, Ltd. are required to file their proofs of debt by April 25,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 26, 2013.

The company's liquidator is:

          Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KYI1-9005
          Cayman Islands
          Jennifer Chailler
          Telephone: (345) 914 3115


=====================
P U E R T O   R I C O
=====================


CONSTRUCTORA DE HATO: Has Until April 26 to File Plan
-----------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has extended, at the behest of
Constructora De Hato, the deadline to file a plan of
reorganization and disclosure statement until April 26, 2013.

As reported by the Troubled Company Reporter on Feb. 26, 2013, the
Debtor sought a 60-day extension of the deadline to file a plan
and disclosure statement, saying that it is imperative that asset
sales be conducted prior to the filing of a Chapter 11 plan as the
proceeds of the sales will be funding the plan.  The Debtor has
received an offer from Aramis Rivera, president of Dey Drilling
Equipment, for the purchase of the Debtor's 2011 Volvo.  The
Debtor also received an offer from Drey for the purchase of the
Debtor's 1998 Tesmec Model 110 for $50,000.

                    About Constructora De Hato

San Juan, Puerto Rico-based Constructora De Hato owns parcels of
land in Puerto Rico with an aggregate value of $1.82 million.  It
filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-02876-11)
in Old San Juan, Puerto Rico, on April 13, 2012.  The petition was
signed by Waldemar Carmona Gonzalez, president.  The Debtor is
represented by Charles Alfred Cuprill, Esq., at Charles A.
Curpill, PSC Law Office, in San Juan.  Luis R. Carrasquillo & Co.,
PSC, serves as financial consultant.  In its schedules, as
amended, the Debtor disclosed $10,701,724 in assets and $6,847,693
in liabilities.


PUERTO RICO AQUEDUCT: S&P Lowers Rating on Revenue Bonds to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered by one notch,
to 'BB+', its rating on Puerto Rico Aqueduct & Sewer Authority's
(PRASA) senior-lien revenue bonds.

S&P also lowered by one notch, to 'BBB-' the rating on the
authority's bonds guaranteed by the full faith and credit pledge
of the commonwealth of Puerto Rico.

The downgrades reflect Standard & Poor's lowering of its rating on
the commonwealth's general obligation (GO) debt on March 13, 2013.
S&P lowered that rating by one notch, based primarily on a larger-
than-expected budgetary gap and the potential difficulty for the
general government to achieve structural fiscal stability in the
near term.

"The negative outlook on PRASA's guaranteed bonds reflects the
outlook on Puerto Rico's GO debt, indicating our view that we
could lower the rating within our two-year outlook horizon," said
Standard & Poor's credit analyst Theodore Chapman.

PRASA's stand-alone credit profile (SACP) is unchanged at 'bb+,'
reflecting S&P's view of the authority's general creditworthiness
solely on its own credit characteristics.  The ratings on PRASA's
senior-lien bonds had previously received a one-notch uplift from
the authority's SACP of 'bb+', based on the application of S&P's
criteria for government-related entities (GREs).  S&P considers
PRASA a GRE of the general government, given the history of
support by the Government Development Bank of Puerto Rico (BBB-
/Negative/A-3) in guaranteeing or, in some cases, at least
supporting certain financing obligations of PRASA.  In S&P's view,
there is a high likelihood of extraordinary government support
given what S&P deems an important role and very strong link to the
general government, given PRASA's function as the drinking water
and sanitary sewer provider of the commonwealth.


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T R I N I D A D  &  T O B A G O
===============================


PETROTRIN: Silent on US$2.5 Billion Shutdown, Senator Says
----------------------------------------------------------
Julien Neaves at Trinidad Express reports that Trinidad and Tobago
opposition Senator Terrence Deyalsingh has questioned why it has
taken close to two years to get Petroleum Company of Trinidad and
Tobago's fluid catalytic cracking unit back up and running, with a
net loss to date of US$2.5 billion.

Senator Deyalsingh was contributing to a Senate debate on a motion
by Opposition Senator Fitzgerald Hinds, calling on the Government
to reaffirm its commitment to democracy, according to Trinidad
Express.

Senator Deyalsingh, the report notes, said the project was
determined "ready to go" by the People's Partnership
administration in April 2011, with a projected contract time of
four months.

Senator Deyalsingh noted in June 2011, there was a promise of
start-up in September 2011, and then in February 2012 that it
would be completed in one month, the report discloses.

Senator Deyalsingh, the report relays, also recalled in October
2012, in response to his queries during the national budget
debate, both Energy Minister Kevin Ramnarine and Finance Minister
Larry Howai gave a tentative date of November or December 2012.

Senator Deyalsingh said it was close to two years after the
original shutdown, the report notes.

Senator Deyalsingh also asked Mr. Ramnarine and Petrotrin about
the "silence" on the project and the cause for the delay, Senator
Deyalsingh says.

Mr. Ramnarine responded, saying they had some "serious challenges"
in getting the cat cracker completed, Senator Deyalsingh relates.

The report relays that Mr. Ramnarine noted the main challenge was
that the original contractors had been dismissed.
Senator Deyalsingh, the report discloses, said he heard other
reasons, including: welding could not be done because of rain,
accidents, industrial action, as well as the firing of the
contractor.

Senator Deyalsingh said Mr. Ramnarine needed to make "more than
that statement" and described the Petrotrin board as "incompetent
and inefficient" and one that had "mucked up the project," the
report adds.

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


TRINIDAD CEMENT: Incurs US$383 Million Loss in 2012
---------------------------------------------------
RJR News reports that Trinidad Cement Limited, TCL, has released
financial results which show it continues to rack up losses.

Trinidad Cement Limited, TCL, suffered a US$383 million loss for
2012, according to RJR News.  The report relates that the losses
were at the same level in the previous year.

RJR News notes that TCL said it remains challenged by the markets
in Jamaica, Barbados and other selected export countries which are
flat to declining.

The Trinidad and Tobago market is experiencing resurgence in
demand and TCL's cement and concrete operations stand to benefit
from continued buoyancy this year, the report relates.

RJR News notes that the Guyana and Suriname markets are also
recording strong demand.

The Group continues to pursue cost control and cost reduction
initiatives as well as new markets, the report adds.

                     About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited has
now reached an agreement with its debtors on the terms and
conditions attached to the repayment of its debt.  The agreement
will convert most of the company's debt into an 8-year facility,
to be paid, quarterly, from March 2013, according to RJR News.
The report related that deal also includes certain performance
criteria for repaying the debt and if those are not met, the
company will be penalized.


===================
V E N E N Z U E L A
===================


PETROLEOS DE VENEZUELA: Fitch Affirms 'B+' IDRs; Outlook Neg.
-------------------------------------------------------------
Fitch Ratings has affirmed Petroleos de Venezuela, S.A.'s local
and foreign currency issuer default ratings (IDRs) at 'B+'. Fitch
has also affirmed the rating of approximately USD22.5 billion of
senior unsecured debt outstanding at 'B+/RR4'. The rating Outlook
for all ratings is negative. Concurrently, Fitch has affirmed
PDVSA's national long-term rating at 'AAA(ven)'.

PDVSA's credit quality reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and internal
resources. This underscores the close link between the company's
credit profile and that of the sovereign. PDVSA's ratings also
consider the company's strong balance sheet, sizeable proven
hydrocarbon reserves, and strategic interests in international
downstream assets.

LINKAGE TO SOVEREIGN

PDVSA credit quality is inextricably linked to the Venezuelan
government. It is a state-owned entity whose royalties and tax
payments have historically represented more than 50% of the
government's revenues, and it is of strategic importance to the
economic and social policies of the country. In 2008, the
government changed PDVSA's charter and mission statement to allow
it to participate in industries that contribute to the country's
social development, including health care, education, and
agriculture.

LIMITED TRANSPARENCY OF SOVEREIGN

The Venezuelan government displays limited transparency in the
administration and use of government-managed funds, and in fiscal
operations, which poses challenges to accurately assess the stance
of fiscal policy and the full financial strength of the sovereign.
As a direct by-product of being a state-owned entity, PDVSA
displays similar characteristics, which reinforces the linkage of
the company's ratings to those of the sovereign.

STAND-ALONE CREDIT PROFILE SOLID FOR RATING CATEGORY

PDVSA continues to be an important player in the global energy
sector. The company's competitive position is strong and supported
by its reported sizeable proven hydrocarbon reserves, strategic
interests in international downstream assets and private
participation in upstream operations. The company also benefits
from a strong balance sheet, which is in line with many of its
competitors. These strong credit attributes are consistent with a
higher rating category although sovereign related risks offset the
strength of the financial profile and constrain the rating to that
of the sovereign.

LOW LEVERAGE EXPECTED TO MODERATELY RISE

PDVSA reported an EBITDA (after royalties and social expenditure
which include most oil bartering agreements) and FFO of
approximately USD18.7 billion and USD30.9 billion, respectively,
as of year-end 2011. Total financial debt as of Dec. 31, 2012
increased to USD40.0 billion from USD34.9 billion as of 2011. The
company's estimated leverage level of approximately 2.0x is low
for the rating category, which is limited by the credit quality of
the Venezuelan government. Capital expenditures which have totaled
approximately USD85.0 billion over the past five years are
expected to increase significantly as the company intensifies its
exploration and production efforts on the Orinoco Oil Belt.

Under Fitch's base case, PDVSA's credit quality is expected to
remain strong for the rating category despite an expected
deterioration in the company's financial profile due to large
capital expenditures of approximately USD236 billion through 2018
and increasing debt levels. Fitch expects capital expenditures to
be lower than those projected by the company as they seem
unrealistic compared with current levels. Under Fitch's stress
case scenario, with declining production levels, same capital
expenditure levels and increasing debt, PDVSA's underling credit
quality could deteriorate to levels in line with the assigned
rating category.

LARGE HYDROCARBON RESERVES

PDVSA's reported hydrocarbon reserves continue to increase with
proved hydrocarbon reserves of 331 billion barrels of oil
equivalent (boe) (approximately 89% oil and 11% natural gas) and
proved developed hydrocarbon reserves of 20 billion boe as of
December 2011, representing a 15-year proved developed reserve
life. All reserves are property of the Bolivarian Republic of
Venezuela and not the company.

Venezuela reported oil production of approximately 2.99 million
barrels per day (bpd) and total production of approximately 3.86
boed during 2011. The company is yet to publish 2012 production
numbers and financial statements. Reported crude production has
declined by approximately 2% per annum on average over the last
four years. Various independent reports have estimated production
levels are lower than reported by the company, which adds to risk
and is incorporated into the ratings.


* VENEZUELA: Fitch Affirms 'B+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed Venezuela's ratings as:

-- Long-term foreign currency (FC) and local currency (LC) Issuer
    Default Ratings (IDRs) at 'B+';

-- Short-term FC IDR at 'B';

-- Country Ceiling at 'B+'

The Rating Outlook is Negative.

KEY RATING DRIVERS

The Negative Outlook reflects these factors:

Policy choices related primarily to the exchange rate regime and
the administration of the country's oil revenues have weighed on
Venezuela's external and fiscal metrics as well as increased the
sovereign's vulnerability to swings in international commodity
prices.

External liquidity and the sovereign's external net position have
deteriorated in comparison to the 'B' median due to the transfer
of oil exports' and bilateral loan proceeds to off-budget funds.
Moreover, in recent years, the sovereign has issued FX-denominated
debt in the domestic market in order to address strong demand for
FX assets due to a weak exchange rate regime.

In addition, political and policy uncertainty persists due to the
magnitude of the current political transition in Venezuela. In the
absence of President Hugo Chavez, the central figure in politics
and policymaking over the past 14 years, the next government will
face the challenges of consolidating its political position while
at the same time rebalancing the Venezuelan economy.

The rating affirmation reflects the following factors:

Venezuela's ratings are currently underpinned by the sovereign's
relative strong financing flexibility, favourable maturity
profile, record of willingness to service debt and a favourable
international oil price environment. A weak and volatile
macroeconomic performance, a poor business environment, heightened
commodity dependence, limited transparency in the administration
and use of government-managed off-budget funds and relative weak
institutional framework constitute key credit weaknesses.

After 5.5% growth in 2012, the economy is likely to slow down
markedly over the forecast period because of the comparatively
lower fiscal stimulus, devaluation of the official exchange rate,
continued high inflation, and bottlenecks in the provision of FX
to the private sector. A markedly expansionary policy mix,
domestic supply constraints and continued devaluation and high
inflation expectations are likely to maintain inflation at high
levels. Negative real interest rates have helped credit expand at
a brisk pace, which could create a source of macroeconomic
vulnerability.

The central government deficit reportedly reached 4.9% of GDP in
2012. The February devaluation and still favourable oil prices
could support a moderate fiscal consolidation to a deficit of 3%
of GDP in 2013. After rising to 27.5% of GDP, central government
debt could further increase to 29.6% in 2013, though still below
'B' rated peers. Nevertheless, the rapid growth of government debt
in recent years has pushed the sovereign's interest burden to
11.4% of government revenues, above the 'B' median of 7.7%.


The recent changes in Venezuela's FX system could reduce the need
for the sovereign to issue FX debt for exchange rate policy
purposes. Nevertheless, in the absence of tighter fiscal and
monetary policies with efficiency improvements in the allocation
of FX to the private sector, the new system is not likely to
improve macroeconomic stability.

Venezuela has generated continued current account surpluses since
1999, but these have failed to strengthen the sovereign's external
balance sheet. In recent years, the authorities have channelled a
significant portion of the country's oil-derived revenues to
opaque off-budget funds such as the National Development Fund
(FONDEN) in order to finance the government's policy priorities.
The limited information regarding cash flows, quality of
investments and outstanding balances increases the challenge to
accurately assess the financial strength of the sovereign.

Commodity dependence continues to deepen, as oil represented 96%
of total exports and 42% of total central government revenues in
2012. In addition, 62% of international reserves were held in gold
at the end of 2012. As a result, Venezuela's balance of payments,
fiscal accounts and external liquidity cushions are vulnerable to
a decline in international commodity prices

Under current international oil prices, balance of payments and
fiscal risks are manageable. Venezuela's amortization profile
remains manageable at 1.7% and 1.2% of GDP in 2013 and 2014,
respectively. In addition, government deposits at the end of 2012
equalled 7.8% of GDP. Further reducing roll-over risks, about 50%
of domestic debt is held by public sector institutions.

RATING SENSITIVITIES

The Negative Outlook reflects the following risk factors that may,
individually or collectively, result in a downgrade of the ratings
by up to one notch:

-- Further deterioration in the already weak policy environment
   that exacerbates the weakening of the sovereign's external and
   fiscal credit metrics vis-a-vis rating peers;

-- Increased governability risks that undermine the potential for
   policy adjustments.

The current Rating Outlook is Negative. Consequently, Fitch's
sensitivity analysis does not currently anticipate developments
with a material likelihood, individually or collectively, leading
to a rating upgrade. However, future developments that may,
individually or collectively, lead to a stabilisation of the
Outlook include:

-- Policy adjustments that lead to reduced macroeconomic
   distortions and external and fiscal vulnerabilities;

-- Strengthening and greater transparency of fiscal and external
   accounts.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of assumptions.

Fitch assumes that international oil prices will remain above
USD100 (Brent) over the forecast period. A sustained decline in
international oil prices would exacerbate pressures on Venezuela's
balance of payments and fiscal accounts and be negative for the
rating.

Notwithstanding the significant political transition underway,
Fitch judges the risk of social and political unrest leading to
disruption in oil-derived revenues to have been materially
reduced.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week March 25 to March 29, 2013
-------------------------------------------------------

Issuer              Coupon    Maturity     Currency   Price
------              ------    --------     --------   -----

ARGENTINA
---------


ARGENT-$DIS          8.28     12/31/2033    USD          57.5
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD            58
ARGENT-$DIS          8.28     12/31/2033    USD        58.491
ARGENT-$DIS          8.28     12/31/2033    USD            60
ARGENT- PAR          1.18     12/31/2038    ARS        45.344
ARGENT- DIS          7.82     12/31/2033    EUR            45
ARGENT- DIS          7.82     12/31/2033    EUR            50
ARGENT- DIS          7.82     12/31/2033    EUR          50.5
ARGENT- DIS          4.33     12/31/2033    JPY          35.5
ARGENT- DIS          4.33     12/31/2033    JPY            36
ARGENT- PAR          0.45     12/31/2038    JPY            15
ARGENT-PAR&GDP       0.45     12/31/2038    JPY             8
ARGENTINA               9     11/29/2018    USD        74.875
ARGNT-BOCON PRE9        2     3/15/2014     ARS         152.5
BANCO MACRO SA       9.75     12/18/2036    USD         71.25
BANCO MACRO SA       9.75     12/18/2036    USD         71.03
BANCO MACRO SA       9.75     12/18/2036    USD          72.1
CAPEX SA               10      3/10/2018    USD          73.9
CAPEX SA               10      3/10/2018    USD        73.375
CIA LATINO AMER       9.5    12/15/2016     USD            66
EMP DISTRIB NORT     9.75    10/25/2022     USD            46
EMP DISTRIB NORT     10.5    10/9/2017      USD        95.001
EMP DISTRIB NORT     9.75    10/25/2022     USD        46.125
METROGAS SA         8.875    12/31/2018     USD        72.875
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.664
PROV BUENOS AIRE    9.625     4/18/2028     USD        61.625
PROV BUENOS AIRE    9.375     9/14/2018     USD         67.25
PROV BUENOS AIRE    9.375     9/14/2018     USD        67.127
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.263
PROV BUENOS AIRE   10.875     1/26/2021     USD        70.245
PROV DE FORMOSA         5     2/27/2022     USD         62.25
PROV DE MENDOZA       5.5     9/4/2018      USD         74.42
PROV DE MENDOZA       5.5     9/4/2018      USD        74.375
PROV DEL CHACO          4    12/4/2026      USD         27.25
PROV DEL CHACO          4    11/4/2023      USD         54.75
TRANSENER            9.75     8/15/2021     USD         46.69
TRANSENER           8.875    12/15/2016     USD            41
TRANSENER            9.75     8/15/2021     USD         42.75



CAYMAN ISLAND
-------------

BANCO BPI (CI)        4.15    11/14/2035    EUR         71.75
BCP FINANCE CO        4.239                             45.917
BCP FINANCE CO        5.543                             45.7
BES FINANCE LTD       4.5                               65
BES FINANCE LTD       5.58                              69.167
CAM GLOBAL FIN        6.08     12/22/2030   EUR         71.25
CHINA FORESTRY       10.25     11/17/2015   USD         52
CHINA FORESTRY       10.25     11/17/2015   USD         52.5
CHINA SUNERGY        4.75      6/15/2013    USD         59.141
ERB HELLAS CAYMA        9      3/8/2019     EUR         16
ESFG INTERNATION    5.753                               56.6
GOL FINANCE          8.75                               77
JINKOSOLAR HOLD         4     5/15/2016     USD         66.899
LDK SOLAR CO LTD       10     2/28/2014     CNY         69.071
LUPATECH FINANCE    9.875                               31
LUPATECH FINANCE    9.875                               30.95
PUBMASTER FIN       6.962     6/30/2028     GBP         63.086
RENHE COMMERCIAL    11.75     5/18/2015     USD         74.5
RENHE COMMERCIAL       13     3/10/2016     USD         78.75
RENHE COMMERCIAL       13     3/10/2016     USD         72.75
RENHE COMMERCIAL    11.75     5/18/2015     USD         75.005
SUNTECH POWER           3     3/15/2013     USD         33
SUNTECH POWER           3     3/15/2013     USD         44.75


CHILE
-----

ALMENDRAL TEL           3.5  12/15/2014     CLP        43.436
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2042      CLP        65.066
CHILE                   3     1/1/2040      CLP        66.564
CHILE                   3     1/1/2040      CLP        66.564
COLBUN SA             3.2     5/1/2013      CLP        25.26
TALCA CHILLAN         2.75   12/15/2019     CLP        65.673


PUERTO RICO
-----------

PUERTO RICO CONS       6.2    5/1/2017      USD        58.5
PUERTO RICO CONS       6.5    4/1/2016      USD        69.48


VENEZUELA
---------

PETROLEOS DE VEN       5.5    4/12/2037     USD        69.75
PETROLEOS DE VEN       5.375  4/12/2027     USD        69.35


                            ***********


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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. 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, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  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
202-241-8200.


                   * * * End of Transmission * * *