TCRLA_Public/130520.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, May 20, 2013, Vol. 14, No. 98


A N T I G U A  &  B A R B U D A

LIAT: To Present Legal Opinion Summary to Trinidad Prime Minister


EDENOR: Moody's Eyes Possible Downgrades for Caa1/ Ratings

C A Y M A N  I S L A N D S

BALISPUR LIMITED: Shareholders Receive Wind-Up Report
BEYOND LIMITS: Shareholders Receive Wind-Up Report
CDH LIMITED: Shareholders Receive Wind-Up Report
CURLEW LIMITED: Shareholders Receive Wind-Up Report
DDL LIMITED: Shareholders Receive Wind-Up Report

F.V.E. ASSOCIATES: Shareholders' Final Meeting Set for May 28
GARNET LIMITED: Shareholders Receive Wind-Up Report
HARBER LIMITED: Shareholders Receive Wind-Up Report
INTERNATIONAL TRADING: Shareholders Receive Wind-Up Report
PANTHERA PARDUS: Shareholders Receive Wind-Up Report

PEARL LIMITED: Shareholders Receive Wind-Up Report
SOUTH AMERICAN: Shareholders Receive Wind-Up Report
TRITAN INVESTMENTS: Shareholders Receive Wind-Up Report
ZAM SPECIALIST: Shareholders' Final Meeting Set for May 23


ABC CAPITAL: Moody's Reviews Impact of Loan Modification Program
GRUPO SENDA: Fitch Affirms 'B' FC Issuer Default Rating
NII HOLDINGS: Moody's Cuts CFR to B3 on Declining Performance
SU CASITA: Fitch Downgrades Rating on Class A Notes to 'CCC'


BANCO BHD: Fitch Affirms Viability Rating at 'b'


* PARAGUAY: IDB Approves US$122 Million Loan

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Records Estimated Losses of US$70 Mil. in 2012


* BOND PRICING: For the Week May 13 to May 17, 2013

                            - - - - -

A N T I G U A  &  B A R B U D A

LIAT: To Present Legal Opinion Summary to Trinidad Prime Minister
----------------------------------------------------------------- reports that shareholder governments of the
regional airline, Leeward Islands Air Transport, known as LIAT,
have agreed to provide a summary of a legal opinion to Trinidad
and Tobago Prime Minister Kamla Persad Bissessar regarding the
"unfair" subsidy given to the state-owned Caribbean Airlines
Limited, Prime Minister Dr. Ralph Gonsalves said.

Mr. Gonsalves told a news conference that while Barbados, Antigua
and Barbuda, Dominica and his country, the main shareholders of
the Antigua-based airline do not want a fight with Port-of-Spain
on the issue, they were nonetheless confident of their position
ahead of talks with the Trinidad and Tobago leader later this
month, according to

The report relates that the shareholder governments have
complained that the Port of Spain subsidy to CAL is a violation of
the Revised Treaty of Charguaramas that governs the regional
integration movement as well as a violation of the Common Air
Services Agreement among Caribbean Community (CARICOM) member
countries, resulting in substantial losses to LIAT.

Mr. Gonsalves told reporters as a result of the legal opinion
given to LIAT, the shareholder governments had various options
including taking the matter to arbitration, going before the
tribunal of the Trinidad-based Caribbean Court of Justice (CCJ) as
well as citing "rules of impermissible subsidies" under the
articles of the CARICOM treaty, the report discloses.

The report notes that Mr. Gonsalves said the governments were also
open to going before the CARICOM Anti Competition.

Mr. Gonsalves, the report relates, said that the delegation to
meet with Prime Minister Persad Bissessar would also include the
Aviation Ministers from Antigua and Barbuda and Barbados.

The report discloses that at the end of the LIAT shareholder's
meeting in Barbados last weekend, Mr. Gonsalves said that for the
period 2008 to 2012, LIAT expended on fuel US$106.1 million while
CAL paid US$43.64 million as a result of the subsidies.

Mr. Gonsalves said that the airline paid an average US$127 for a
barrel of jet fuel over the five year period while CAL for the
same period paid an average price of US$53, the report says.

"That is on the fuel subsidy side. It is estimated by the
management that during that five year period we loss 78, 000
passengers to CAL because of their subsidy and the revenues which
we would have lost as a result of that unfair competition would
have been  US$10.2 million," the report quoted Mr. Gonsalves as

"If Caribbean Airlines were to stop flying, it will not be missed
in the same way as if LIAT were grounded," Mr. Gonsalves said,
adding that the airline would use the acquisition of its new
planes to fly to destinations like Haiti and Jamaica, the report

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


EDENOR: Moody's Eyes Possible Downgrades for Caa1/ Ratings
Moody's Latin America placed EDENOR Caa1/ ratings on review
for possible downgrade.

Ratings Rationale:

The review is mainly prompted by the company's reported
accumulated losses that, as of March 31, have consumed its net
worth completely. Furthermore, Edenor's cash generation continued
to be weak and only through the cutting of its payments to Cammesa
the company was able to sustain its other day to day cash needs,
including interest on its debt.

The company reported its first quarter results that recorded a net
loss of ARS 510 million which, when added to the accumulated
losses of ARS 885 million at year end 2012, translated into a
negative net worth (of ARS 92.253) at the end of the first

The review will specifically focus on Edenor's expected cash
generation capability in relation to its debt burden in the
context of a continued lack of any adjustment to its distribution
tariffs which have effectively been frozen since 2008 . In
addition, the review will consider what alternatives or plans the
company has to sustain sufficient liquidity to continue to operate
and/or rebuild its net worth. In particular Moody's will assess:
1) the expected future cash flow impact of the additional fixed
charge introduced to Edenor's clients by Resolution 347/12 ENRE
(Electricity Regulator) and 2) the implications of Resolution
250/13 S.E. (Energy Secretariat) for the company and how this
compensation mechanism will impact Edenor's balance sheet and

Empresa Distribuidora y Comercializadora Norte S.A (Edenor),
headquartered in Buenos Aires, Argentina, is the country's largest
electricity distribution company in terms of the number of
customers and amount of electricity sold.

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in August 2009, and Mapping Moody's
National Scale Ratings to Global Scale Ratings published in
October 2012.

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.

C A Y M A N  I S L A N D S

BALISPUR LIMITED: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of Balispur Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

BEYOND LIMITS: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of Beyond Limits Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

CDH LIMITED: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of CDH Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

CURLEW LIMITED: Shareholders Receive Wind-Up Report
On May 14, 2013, the shareholders of Curlew Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Charles Gary Hepburn
          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands

DDL LIMITED: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of DDL Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

F.V.E. ASSOCIATES: Shareholders' Final Meeting Set for May 28
The shareholders of F.V.E. Associates (Cayman) will hold their
final meeting on May 28, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Weerhaan Investments II Limited
          c/o Eric T. Converse
          6893 Sladek Road
          New Hope
          Pennsylvania 18938
          United States of America
          Telephone: +1 (215) 297 8415

GARNET LIMITED: Shareholders Receive Wind-Up Report
On May 14, 2013, the shareholders of Garnet Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Charles Gary Hepburn
          Wardour Management Services Limited
          Telephone: (345) 945 3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands

HARBER LIMITED: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of Harber Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

INTERNATIONAL TRADING: Shareholders Receive Wind-Up Report
On May 13, 2013, the shareholders of International Trading and
Chartering Limited received the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: 945 4777
          Facsimile: 945 4799
          P O Box 707 Grand Cayman KY1-1107
          Cayman Islands

PANTHERA PARDUS: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of Panthera Pardus Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

PEARL LIMITED: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of Pearl Limited received the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

SOUTH AMERICAN: Shareholders Receive Wind-Up Report
On May 14, 2013, the shareholders of South American Hotel
Corporation of Israel Limited received the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Rob Mcmahon
          c/o Ms. Aisling Clarke
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          PO Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone +1 (345) 814 8986

TRITAN INVESTMENTS: Shareholders Receive Wind-Up Report
On May 15, 2013, the shareholders of Tritan Investments Limited
received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

ZAM SPECIALIST: Shareholders' Final Meeting Set for May 23
The shareholders of Zam Specialist Opportunity Fund, Ltd. will
hold their final meeting on May 23, 2013, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Glen Cremer
          c/o Maree Martin
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ABC CAPITAL: Moody's Reviews Impact of Loan Modification Program
Moody's de Mexico S.A. de C.V. announced that the loan
modification program to be implemented by ABC Capital, S.A.
Institucion de Banca Multiple (ABC) in connection with the CREYCB
06 and 06-2U certificates could have a credit positive impact on
the transaction, because it could turn highly delinquent loans
into performing, cash flowing collateral.

However, depending on how the servicer implements the program and
on the future performance of the modified loans, the effect on the
transaction could be negative, increasing severity of the loss.

Moody's will continue to monitor the transaction's performance to
assess impact of the loan modification program once implemented.

Currently, Moody's rates the senior certificate (CREYC 06U) B3
(sf) (Global Scale, Local Currency) and (sf) (National
Rating Scale), and the subordinated certificate (CREYCB 06-2U) Ca
(sf) (Global Scale, Local Currency) and (sf) (National
Rating Scale). The ratings were placed on review for possible
downgrade based on rising concerns about the potential for high
severity of loss on defaulted loans.

Investors in this transaction have approved the loan modification
program to be implemented by the servicer, ABC. This program
intends to have some of the loans start cash flowing again by
providing loan modifications that may entail principal haircuts of
up to 30%. Given that 43% of the current pool was more than 180
days past due as of February 2013, and the timing of the
foreclosure process and sale in Mexico is anticipated to be
protracted, the implementation of the loan modification program is
expected to improve the credit profile of the transaction.
However, if the program is not implemented judiciously, or if the
re-default rate of modified loans is high, loan severities could
increase above the severities currently expected if the loan goes
through the judicial process, and above the current severity used
by Moody's to rate this transaction. This would be credit-negative
for the transaction, and may lead to a downgrade.

Moody's based its analysis on preliminary information that the
servicer provided about this future modification program. Moody's
notes that the transaction agreements are not yet finalized to
reflect these loan modification guidelines.

Based on information provided by the servicer, Moody's identified
credit-positive aspects that include:

The servicer cannot modify current loans. In order to qualify for
a loan modification, the borrower has to be delinquent (at least
12 installments past due in the case of the two products that
offer more significant haircuts, while for the third product the
servicer can offer a loan modification to a borrower with a lower
delinquency but subject to detailed analysis). As of February
2013, 39% of the current pool was 360+ days past due. In addition,
the servicer must perform sufficient and effective collecting
actions before offering a modification product.

Although the loan modification may entail a principal haircut,
this haircut cannot be higher than 30% of the outstanding balance
of the loan. This limits the servicer's discretion when
negotiating the haircuts. In general, principal and interest are
forgiven if the borrower continues to be current on the loan
during a certain period of time.

Recoveries on the modified loan must be higher than recoveries
through the judicial foreclosure process. The servicer must
perform a net present value analysis to satisfy this condition on
a case by case basis in order to maximize collections from

Modifications must be negotiated on an individual basis, rather
than as part of a general program. This is positive because it
means that the servicer should understand the borrower's financial
situation and evaluate causes of default and the borrower's
willingness to pay, which in turn would determine the modification
product to be offered.

When granting a modification, the servicer must first obtain from
the borrower a pre-consent to either a died-in-lieu of
foreclosure, or an expedited foreclosure process, both expected to
reduce the time of repossession of the collateral if the borrower
re-defaults under the modified terms.

The servicer cannot provide more than one modification to a

Modified loans will only be considered "current" for purposes of
overcollateralization (OC) calculation if they have been current
for at least 3 consecutive months after being modified, and should
be current for the same number of months to be considered as
"current" for purposes of servicer fee calculation.

However, from an industry perspective, loan modification programs
generally also entail risks:

The servicing fee structure may not fully align the interests of
investors with those of the servicer in some cases. By charging a
higher fee for current loans, the servicer may be tempted to
provide modifications to borrowers who do not deserve them, or to
extend another modification to an already modified loan.

The servicer may offer a loan modification without pursuing
adequate collection actions against the borrower, or may offer
loan modifications to a large number of obligors, increasing the
risk of moral hazard.

If the loan modifications are not documented properly, the
servicer may not be able to repossess the collateral as fast as

General discretion of the servicer to implement the loan
modification program within the guidelines. For example, the
servicer will have discretion in determining the key assumptions
to calculate the net present value of the loss of a modified loan,
when compared to the severity of the loss of a foreclosure

Lack of transparent and complete reporting of loan modifications,
which may make it difficult to assess the full impact of the loan
modification program on the credit quality of the pool.

Before any implementation of the loan modification program,
Moody's assumed a loan severity of 50% of the pool's outstanding
balance. Moody's notes that it is reviewing this assumption as
part of the actions taken over the ratings of this transaction
announced on February 22, 2013.

Moody's analyzed what would be the potential severity of the loss
if the servicer implements the proposed modification program. In
performing this calculation, Moody's considered a principal
forgiveness of 30% of the loan's outstanding balance (the maximum
that can be provided to a borrower), a re-default rate of 55%
(which indicates the proportion of loans that re-default after
being modified), and loss given default of 50%. Under those
assumptions, the severity of the loss after implementing the
modification products would be 49%, which is very similar to the
severity of the loss Moody's currently assumes for the pool (50%).
As a result, the risks of a negative impact on the transaction
seem mitigated. However, if Moody's assumes a loan re-default rate
of 58%, the severity associated with the loan modification
programs would be slightly higher than the current assumption,
which would be credit negative.

Moody's notes that the assumptions regarding modifications are
subject to high volatility due to the limited reliable data
available on loan severities and re-defaults. There is a limited
number of cases that have gone through the judicial foreclosure
process, with the corresponding sale of the guarantee. In
addition, there is very limited historical data on actual
performance of modified loans and modified loans' re-default
rates. As a result, these assumptions could change as more data
points become available.

Moody's does not express an opinion as to whether the proposed
modification products could have other, non-credit-related
effects. Moody's opinion was based in part on the servicer's
description of how it expects to implement these loan modification
products. Further, Moody's opinion does not preclude the possible
future downgrade or withdrawal of the current ratings for any
reason, including Moody's opinion with respect to the
implementation and effectiveness of these loan modification
products and any adverse effect they may have on the credit
quality and performance of the affected transaction.

The modification products to be implemented over the collateral,
consist mainly of: i) the deferral of a percentage of past due
installments, with the possibility of forgiving a portion of this
amount, ii) a discount applied to the outstanding balance of a
delinquent loan, reducing the monthly payment permanently, and
iii) a discount on the outstanding balance, if the loan is
liquidated in full. According to the product implementation
guidelines, the maximum discount to be granted over a loan's
balance can be of up to 30% of the outstanding principal amount of
the loan. In the first two loan modification products described,
principal will only be forgiven if the borrower continues to be
current after the loan is modified.

GRUPO SENDA: Fitch Affirms 'B' FC Issuer Default Rating
Fitch Ratings has affirmed Grupo Senda Autotransporte, S.A., de
C.V.'s (Grupo Senda) local and foreign currency Issuer Default
Ratings (IDRs) and its USD150 million senior secured guaranteed
notes due in 2015 as follows:

-- Foreign currency Issuer Default Rating (IDR) at 'B';
-- Local currency IDR at 'B';
-- USD150 million secured guaranteed notes due in 2015 at 'B/RR4'.

The Rating Outlook is Stable.

The Stable Outlook incorporates the expectation that Grupo Senda
will close 2013 with an EBITDA margin around 24% and gross
leverage ratio, as measured by total debt/EBITDA, of around 3x.
Grupo Senda's 2013 free cash flow (FCF) generation is anticipated
to be slightly positive during 2013; capital expenditures are
expected to be funded with cash flow, not additional debt.
Liquidity is expected to remain weak due to significant levels of
debt repayment due during 2013 and 2014 relative to the company's
cash position.

Grupo Senda's 'B' ratings reflect the company's leading market
position in the highly competitive and fragmented intercity bus
passenger transportation sector in Mexico, moderate leverage, high
financing cost, limited FCF generation, and weak liquidity, which
leads the company to heavily relying upon banks to fund debt
maturities during the next couple of years. Grupo Senda's ratings
also incorporate the company's exposure to foreign exchange risk,
as 90% of its revenues are in Mexican pesos and approximately 70%
of its debt is denominated in U.S. dollars. The 'B/RR4' ratings on
the company's public debt reflect average recovery prospects given

The ratings also incorporate industry-related risks such as
seasonal fluctuations in passengers, cyclicality risk affecting
the personnel segment, and volatile fuel costs. Positively, the
company benefits from the importance of bus transportation within
Mexico, which results from income constraints that limit the
ability of many people to use more expensive alternative means of
transportation, such as automobiles or airlines.


Stable Operational Results, EBITDA Margin at 24%:

Grupo Senda has maintained stable operating performance for the
past three years due to its management of bus capacity levels.
Positively, this stability has occurred against the wave of
violence affecting several Mexican states. On a consolidated
basis, Grupo Senda's total bus kilometers (247 thousand bus
kilometers) declined 2.1% during the last 12 month (LTM) period
ended on March 31, 2013, compared with the same period ended in
March 2012 (252 thousand bus kilometers). As of March 31, 2013,
the company's total fleet was composed of 2,283 units, which
represents a decline of 16% versus the company's total units as of
March 31, 2012.

Grupo Senda's cash flow generation, measured by EBITDA, totaled
MXN813 million, MXN919 million and MXN924 million during 2011,
2012 and the LTM ended March 31, 2013, respectively. Margins
during this period remained relatively stable at 22.2% in 2011,
23.8% in 2012 and 23.7% in 2013, respectively. The company has two
main business units, the passenger and the personnel business
units. These units have EBIT margins of around 15%. The former
unit represents 75% of the company's total revenues. The company's
revenue structure is not anticipated to materially change during

Gross Leverage Expected Around 3.0x:

Grupo Senda's gross leverage, measured by total debt/EBITDA ratio,
continued improving during the LTM ended March 31, 2013. The
company's gross leverage was 3.0x as of March 31, 2013, which
represents a decline from 3.4x and 3.6x during the prior
comparable periods. The ratings factor in the expectation that the
company will maintain a stable gross leverage ratio of around 3.0x
during 2013.

The company maintained a similar debt structure during the last
few years. Total debt was MXN2,786 million (USD232 million) as of
March 31, 2013. Grupo Senda's debt is primarily composed of
corporate bonds (USD150 million), financial leases (MXN700
million), and short-term facilities with local banks (MXN133
million); and short-term papers (MXN110 million). The company'
cost of funding remains high at 12.4% during the LTM. Grupo
Senda's USD150 million corporate bonds, which represent
approximately 67% of the company's total debt, have an interest
rate of 10.5%.

Weak Liquidity Remains a Rating Constrain:

Grupo Senda's cash position remains weak and the company continues
to remain highly dependent upon its banks to rollover its short-
term debt obligations. As of March 31, 2013, Grupo Senda had
MXN213 million of consolidated cash and marketable securities and
MXN489 million of debt due in 2013 and MXN160 million of debt due
in 2014. The company's cash position represents 5.5% of its LTM
revenues. In addition, the company faces the maturity of its
USD150 million bond issuance due September 2015.

The company is expected to complete a major refinancing in the
short term to improve its debt payment schedule. A capital
increase is not considered at this time in the company's base
scenario. The execution of a major refinancing would be viewed in
general as a positive credit factor; its impact on the company's
IDRs and debt ratings would also depend upon an improvement in its
liquidity position and debt structure.

Limited FCF Generation:

The company's FCF generation remains low relative to its upcoming
debt obligations. During the LTM ended March 31, 2013, Grupo
Senda's FCF after capex was slightly positive at MXN58 million.
This level of FCF represents 27% and 2% of the company's short-
term and total debt obligations as of March 31, 2013. The
company's FCF calculation for the LTM ended March 31, 2013,
considers cash flow from operations - after interest paid - of
MXN289 million less capital expenditures of MXN231 million.

Factors that limited the company's FCF generation during the LTM
ended March 31, 2013 were the increase in working capital needs by
MXN174 million, as a result of an increase in account receivables
by MXN136 million, and an increase in capital expenditures. During
2013, the company's FCF generation is expected to remain limited
due to high capital expenditures related to fleet renewal. The
company's capex during 2012 was MXN157 million and it is expected
to increase to around MXN430 million in 2013. The company's FCF
margin (FCF/revenues) is expected to be slightly positive (low
single digit margin).


Considerations that could lead to a positive rating action (Rating
or Outlook)

Fitch would view as a positive to credit quality some combination
of the following factors: improvement in FCF generation, lower
financing costs, significant reduction in short-term debt levels -
above expectations incorporated in the ratings - coupled with
solid liquidity.

Considerations that could lead to a negative rating action (Rating
or Outlook)

A negative rating action could be triggered by a deterioration of
the company's credit protection measures due to sizeable negative
FCF driven by poor operational results and/or unexpected capex
levels funded with short-term debt. Expectations by Fitch of total
debt to EBITDA being consistently at or beyond 4.5x would likely
result in downgrade. Increasing competition followed by the return
to discounted-price practices, as a key component of the company's
business strategy to gain market share, would also likely result
in a negative rating action.

NII HOLDINGS: Moody's Cuts CFR to B3 on Declining Performance
Moody's Investors Service downgraded the corporate family rating
of NII Holdings Inc. to B3 from B2. The downgrade reflects the
company's heightened leverage, declining operating performance,
and the high execution risk related to the company's ongoing 3G
network investment cycle. Operating performance will likely remain
weak as the company invests heavily into its 3G network upgrade.
Also, increasing price competition and depreciating local
currencies are exacerbating NII's challenges.

Moody's has assigned a B2 rating to NII International Telecom
S.C.A.'s proposed senior unsecured notes. The proposed notes will
be used to fund the repayment of the company's Mexico bank loan
(unrated) and the remaining net proceeds to repay a portion of one
of its Brazil bank loans (unrated). Moody's has also downgraded
all senior unsecured notes held at NII Capital Corp. to Caa2 from
Caa1. NII's speculative grade liquidity (SGL) rating was affirmed
at SGL-1. The outlook is stable.

Moody's has taken the following rating actions:

NII Holdings, Inc.

Corporate Family Rating, downgraded to B3 from B2

Probability of Default Rating, downgraded to B3-PD from B2-PD

Outlook, changed to Stable from Negative

NII International Telecom S.C.A.

Proposed Senior Unsecured Notes, assigned B2 (LGD3, 43%)

$900 Million Senior Unsecured Notes due 2019, B2 (LGD3, 43%) from
B2 (LGD3, 49%)

NII Capital Corp.

$800 Million Senior Unsecured Notes due 2016, Caa2 (LGD5, 80%)
from Caa1 (LGD5, 79%)

$500 Million Senior Unsecured Notes due 2019, Caa2 (LGD5, 80%)
from Caa1 (LGD5, 79%)

$1,450 Million Senior Unsecured Notes due 2021, Caa2 (LGD5, 80%)
from Caa1 (LGD5, 79%)

Ratings Rationale:

The downgrade of NII's corporate family rating to B3 from B2
reflects Moody's view that leverage will remain well above 6.0
times for the foreseeable future and consolidated EBITDA will
continue to decline through at least the first half of the year,
due primarily to continuing subscriber losses in Brazil, NII's
largest market. Increasing price competition and weak local
currencies will further pressure margins and operating cash flow.
Finally, significant capital spending on broadband deployment (3G)
designed to improve the company's product offerings will lead to a
fairly significant drain of the company's cash balances during
2013. Cash balances could continue to decline beyond the first
half of 2014 if execution of the new business plan is less than
flawless. A tower sale, which is expected to occur in 2013, would
improve the company's liquidity but would increase debt due to the
resulting tower leases. Without considering the impact of a tower
sale and leaseback, Moody's expects NII's leverage (Debt to
EBITDA, Moody's adjusted) will increase to 7.5 times in 2013 from
6.5 times LTM to March 31, 2013.

NII Holding's B3 corporate family rating reflects its small scale,
heightened leverage, the increasingly competitive environment in
which it operates as well as the capital intensity of the wireless
industry. The presence of substantially larger, better funded
competitors capable of disrupting NII's niche market position
together with the sovereign, financial, operating and event risk
inherent in NII's Latin American markets also constrain the
rating. The rating is supported by NII's still good liquidity and
its base of recurring revenues.

Operational missteps and delays in deploying the critical 3G
network, combined with weaker local currencies and competitive
pressure on service pricing have led to margin compression and
dramatically higher leverage. Nevertheless, exposure to the large
and expanding markets in Mexico and Brazil offer an opportunity
for healthy earnings and cash flow growth if the company is able
to successfully transition to a premium wireless broadband
provider. Moody's believes that NII has addressed the network
deployment delays it encountered in 2012 and is making solid
progress with its network deployment plans in Brazil and Mexico.

Under Moody's Loss Given Default Methodology, the Caa2 rating on
NII Capital Corp.'s senior unsecured notes reflects both the
overall probability of default of NII, to which Moody's assigns a
probability of default rating of B3-PD, and the senior structured
ranking of NII International Telecom S.C.A.'s B2 rated senior
unsecured notes. The assessment also reflects the significant
liabilities, both debt and non-debt, held at NII's operating
companies and Moody's expectation that these liabilities will not
increase materially (other than the tower sale-leaseback) in the
future even though they provide a currency hedge in addition to
offering attractive economics. Moody's does note that Moody's
expects NII will continue to draw down on its equipment financing
facilities located at Nextel Brazil, Nextel Mexico and Nextel

NII's SGL-1 liquidity rating primarily reflects the company's
large cash balances. NII had approximately $1.9 billion in cash
and short-term investments as of March 31, 2013 (about 85% is in
$$) which exceeds the level required to fund 2013 operations and
meet upcoming maturities. Included in Moody's SGL analysis is the
sale of the company's Nextel Peru operations to Entel for about
$400 million. The company expects this transaction to close later
this year and to provide NII with additional liquidity for its
capital program. The company is also in the process of executing a
tower sale leaseback transaction related to select towers in
Brazil and Mexico, which would also boost liquidity. NII is
targeting to reach an agreement by the end of 2Q'13. NII does not
maintain a revolving credit facility, but does utilize a wide
array of local funding in the markets in which it operates,
including about $480 million available through equipment financing
facilities in Brazil, Mexico and Chile. There are no significant
debt maturities scheduled until 2016, when $800 million of NII
Capital Corp senior unsecured notes mature.

The stable outlook reflects the company's current strong liquidity
position, which will further be supported by its expected sale of
Nextel Peru and its anticipated tower sale leaseback transaction.

While an upgrade is unlikely in the near-term, positive rating
pressure could develop if NII executes flawlessly and is likely to
sustain Debt to EBITDA below 6.0 times while generating positive
free cash flow. Moody's could lower the company's ratings if
subscriber growth stalls, if there are further operational
missteps such as delays in 3G network deployment, if churn
increases materially or if EBITDA margin erosion is likely to
persist throughout 2014. These developments, or a deterioration in
liquidity, which could be caused by a failure to realize the
Nextel Peru sale and/or the tower sale leaseback transaction,
would put additional pressure on the rating.

The principal methodology used in this rating was the Global
Telecommunications Industry Methodology published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

SU CASITA: Fitch Downgrades Rating on Class A Notes to 'CCC'
Fitch Ratings has taken the following rating actions on Su Casita
Trust's two residential mortgage back securities (RMBS) sponsored
by Hipotecaria Su Casita, S.A. de C.V., SOFOM, E.N.R. (Su Casita):

Class A Floating Rate Notes due 2035

-- Long-term rating downgraded to 'CCCsf' from 'B-sf' and to
   'CCC(mex)vra' from 'B+(mex)vra';

-- Unenhanced long-term rating downgraded to 'CCCsf' from 'B-sf'
   and simultaneously withdrawn.

Class B UDI-Indexed Notes due 2035

-- National long-term rating affirmed at 'D(mex)'.


The rating actions on the class A notes reflect the transaction's
intrinsic performance, reduced organic credit protection,
deteriorated asset quality metrics, consistent exposure to
liquidity risk and expected compression on recoveries for non-
performing loans and Real Estate Owned Assets (REOs).

The rating affirmation of the class B notes considers the
tranche's structural subordination to class A and its intermittent
default on interest payments which Fitch attributes to high
liquidity risk related to the transaction's dual waterfall.

As of the April 2013 distribution date, class A
overcollateralization (excluding +90 days delinquent loans) stands
at -45% and -36% when excluding +180 days delinquent loans. Both
levels negatively compare with those observed 12 months ago which
were -36% and -27%, respectively.

Loans delinquency ratios are high albeit stabilizing. As of the
April 2013 distribution date, +90 days delinquent loans represent
24% of their original loan balance and 46% of their aggregate
outstanding balance.


Class A's ratings could be upgraded if organic credit protection
recovers and liquidity risk is mitigated to reduce exposure to
short-lived defaults. Ratings could be downgraded further if loan
collateral continues deteriorating or recoveries are weaker than
expected. When stressing its cashflow model by higher default
probabilities, Fitch could expect the exposure to intermittent
defaults on interest payments on the class A and class B notes to
increase; however, recovery estimates under these scenarios and as
of this date, are deemed to be in excess of 95%.

Current assigned ratings reflect the intrinsic performance of the
securitized mortgage loan portfolio, which is, the main payment
source for both rated notes. Fitch's ratings do not address any
external credit protection provided by a third party not rated by
Fitch. Therefore, the agency is withdrawing the unenhanced class A


BANCO BHD: Fitch Affirms Viability Rating at 'b'
Fitch Ratings has affirmed Banco BHD (BHD) and its related
entities' BHD Valores Puesto de Bolsa (BHD Valores) and BHD
International Bank (Panama) - BHDIB ratings. The Rating Outlook is


BHD viability rating (VR) drives its long-term Issuer Default
Rating (IDR). The bank's VR reflects its reliable strategy,
resilient profitability, healthy asset quality, adequate
capitalization and low liquidity risk. The ratings also consider
BHD's weak efficiency ratios and a less diversified income
structure compared to regional peers. Furthermore, BHD's ratings
are constrained by the sovereign's ratings. In Fitch's view, an
improvement in the Dominican operating environment could enhance
the bank's financial profile.

Like other banks in Dominican Republic, BHD's profitability
declined slightly as sizable trading gains and a resilient net
interest margin did not cover higher operational costs affected by
the earning assets tax of 1%. Nevertheless, the bank's annualized
ROAA reached 2.95% in 2012, comparing favorably with domestic
peers. Economic deceleration, in part due to the negative effects
of the recently approved fiscal reform, is a challenge to
preserving the bank's good financial performance.

In Fitch's view, BHD's business mix, resilient interest margin,
moderate credit growth and continued efforts to improve efficiency
levels, will underpin the bank's resilient profitability ratios
over the medium term, based on the strength of its balance and the
management experience.

BHD's loan quality metrics have remained relatively stable and
better than local market averages, based on the bank's customer
knowledge and enhanced credit risk tools and policies. Although
loan quality metrics slightly deteriorated in 2012 reflecting the
deterioration of the small and medium enterprise (SME) portfolio,
Fitch expects asset quality ratios to continue comparing favorably
to domestic peers. In Fitch's opinion, the bank has pursued very
conservative provisioning policies, allowing it to post
consistently ample loan loss reserve coverage.

BHD's capital ratios remain adequate in light of the bank's risk
profile, based on sound profitability and moderate cash dividend
payouts. In Fitch's opinion, the Fitch core capital to risk-
weighted assets ratio should stabilize around 16%, in line with
the bank's average level over the past few years. Additionally,
this ratio is higher than the market average and comparable with
the median of similarly rated (VR of 'b-/b/b+') international
peers. Furthermore, Fitch views this level as conservative
considering the bank's comparably higher loan loss reserve

Fitch expects BHD to preserve its good liquidity levels shown over
recent years, backed by a diversified funding base and a liquid
investment portfolio. While BHD's liquidity profile is sufficient
for its market, Fitch cautions that the majority of the bank's
liquid holdings are in Dominican public sector instruments.

BHD is one of the main players in the Dominican banking system.
However, in the event the bank experiences difficulties, support,
although possible, cannot be relied on given the Dominican
Republic's low credit ratings.


BHD Valores and BHDIB ratings reflect the operational and
financial support provided by BHD and its sole shareholder Centro
Financiero BHD (CFBHD). In Fitch's view, both entities are core
for CFBHD, as they are key and integral part of its business and
provide some financial products to core clients. Furthermore, a
clear commercial identification among these entities with BHD and
CFBHD, and the reputation risk at which they would be exposed in
the case of eventual troubles at these entities results in a high
probability of direct or indirect support by BHD and CFBHD, should
it be required.


An upgrade of the sovereign's ratings could lead to an upgrade of
BHD's ratings, if the bank sustains its current strong financial
performance and adequate capitalization. Deterioration in the
bank's capital metrics - such as Fitch core capital to risk-
weighted assets ratio below 8% - together with asset quality
deterioration could pressure creditworthiness.


An upgrade in BHD's ratings could lead to an upgrade of BHD
Valores and BHDIB. A negative change in the capacity or propensity
of CFBHD to provide support could pressure creditworthiness.


BHD is the third largest commercial bank in the Dominican
Republic, with a 12.5% market share of total system assets as of
December 2012. BHD is 98% owned by CFBHD and is its largest
subsidiary. Other subsidiaries of CFBHD are BHD Valores, a
brokerage company with a growing investment banking business in
the Dominican market; BHDIB, a bank which operates under an
international license in Panama and offers USD denominated
financial services to Dominicans; and other minor financial
entities. PyME BHD, a bank specializing in small business loans in
the Dominican Republic, was merged with BHD during 2012.

Considering the aforementioned factors, Fitch has affirmed the
following ratings:

Banco BHD:
-- Foreign and local currency long-term IDR at 'B'; Stable
-- Foreign and local currency short term IDR at 'B';
-- Viability Rating at 'b';
-- Support at '5';
-- Support Floor at 'NF';
-- Long-term National rating at 'AA-(dom)'; Stable Outlook;
-- Short-term National rating at 'F1+(dom)'.

BHD Valores Puesto de Bolsa:
-- Long-term National rating at 'AA-(dom)'; Stable Outlook;
-- Short-term National rating at 'F1+(dom)';
-- Long-term National senior unsecured debt rating at 'AA-(dom)';
-- Short-term National senior unsecured debt rating at 'F1+(dom)'.

BHD International Bank (Panama):
-- Long-term National rating at 'AA-(dom)'; Stable Outlook;
-- Short-term National rating at 'F1+(dom)'.

Following BHD's merger with its related entity Pyme BHD, Fitch has
affirmed and withdrawn the following ratings:

Banco de Ahorro y Credito PyME BHD:
-- Long-term National rating at 'AA-(dom)', rating withdrawn;
-- Short-term National rating at 'F1+(dom)', rating withdrawn.


* PARAGUAY: IDB Approves US$122 Million Loan
The Inter-American Development Bank (IDB) approved a $122 million
loan to Paraguay to finance the second phase of a program to pave
integration corridors and rehabilitate and maintain road network.
This will help improve the competitiveness of the productive
sector and the country's economic and social integration.

"Paraguay is a landlocked country whose economic and productive
structure is sustained by the agricultural and agribusiness
sectors, and where foreign trade must travel considerable
distances," said IDB project team leader Vera Lucia Vicentini.
"This program will help reduce transport distances and costs,
strengthen internal communication and territorial integration,
therefore increasing the country's competitiveness.

The program aims to pave, rehabilitate and maintain several major
corridors in the national road network in the eastern region of
the country, with the specific objectives to reduce transport
costs and improve accessibility, walkability and safety, while
preserving the country's highway assets.

Funding for the first phase of the program was approved by the
Bank in December 2006 and in the second phase, the goal is that
the road rehabilitation and paving will help reduce travel times
by more than 65 percent. This lowers vehicle operating costs by 50
percent, improves mobility and decreases the Accident Severity
Index by 10 percent.

The program has among its components, civil works projects that
include the paving of 130 kilometers of Route 8 and 13,
rehabilitation and maintenance of 1,193 kilometers of the national
primary road network (Routes 3, 5, 6 and 10), and the maintenance
of 150 kilometers of roads that were rehabilitated in the first
phase of works on Route 8, 10 and 13, as well as road safety work
at critical points.

Another component includes resources for socio-environmental
compensation including expropriations and management support and
titling, support to local governments, environmental and road
safety education and the protection of natural resources. It also
allocates resources to support productive farmers' organizations
and indigenous communities and their organizations, land
acquisition, consolidation of infrastructure and agricultural
production support.

The $122 million IDB loan consists of $107.8 million from the
ordinary capital and $14.2 million from the Fund for Special
Operations. Of the $107.8 million from the ordinary capital, $51.2
million has a 23-year term with a grace period of 7.5 years and an
interest rate based on LIBOR. The remaining $56.6 million has a
30-year term with a grace period of 6 years with a fixed interest

The $14.2 million from the FSO have a 40-year term with a 40-year
grace period and an interest rate of 0.25 percent. The program has
$78 million in local counterpart financing.

T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Records Estimated Losses of US$70 Mil. in 2012
------------------------------------------------------------------ reports that Trinidad and Tobago Finance Minister
Larry Howai said Caribbean Airlines Limited recorded losses
estimated at US$70 million in 2012.

Mr. Howai told the Senate that the figure does not include the
US$40 million in fuel subsidy to the airline even though he
insists that the airline remains solvent, according to

"Government has made certain provisions for the airline to
restructure its balance sheet.  One of the things they have done
is to use a lot of their cash to actually do acquisitions of the
planes and I have instructed a new restructuring of the balance
sheet where you would need to borrow and replace the cash which
was being used. . . . It's better to leverage the assets rather
than leave it unencumbered but having the company incurring
significant debt obligations," the report quoted Mr. Howai as

However, the report notes that opposition legislator Dr. Lester
Henry said he was "astounded that the minister could describe as
solvent a company which cannot cover its costs and no money in the

The report points out the Mr. Howai insisted that while the
company may be cash-strapped but it had assets.  The report relays
that Mr. Howai said the preliminary unaudited figures showed US$32
million of the $70 million loss was incurred by the Air Jamaica
route, with the London route also accounting for a major part of
the losses.

Caribbean Airlines, which began operations in 2007, acquired Air
Jamaica in 2011.  The Jamaican Government has a 16% stake in the
Trinidadian air carrier.

"On the Jamaica route, it has cut flights to Jamaica and on the
London route, it has terminated the wet-leasing arrangement," Mr.
Howai said, adding he expects to "significantly reduce the losses
of the airline during this year," the report relays.

Mr. Howai, the report relates, said the airline used a lot of its
cash in the acquisition of planes and that he had instructed that
a new restructuring of the balance sheet be done where the airline
would have to borrow and replace the cash which had previously
been used.

The report discloses that Mr. Howai said the US$40 million fuel
subsidy applies to Air Jamaica and CAL.  Mr. Howai said it was the
same as last year and would end in 2015, the report says.

The report relates that Mr. Howai said government had received
from CAL a restructuring outline to deal with the losses, adding
"we also intend to introduce significant restructuring of a lot of
the routes and we have started that process with Air Jamaica and
the Jamaican route.  Mr. Howai incurred a loss of $32 million on
those routes, the report says.

A second major area of cost for the airline was the London route,
the report relays.

The report adds that Mr. Howai said CAL was leasing two sets of
aircraft which contributed significantly to the losses and those
losses have been terminated.  This will significantly reduce the
overall loss, he added.

In 2011, CAL had recorded losses of US43.7 million.

                     About Caribbean Airlines

Caribbean Airlines Limited -- http://http://www.caribbean- -- provides passenger airline services.  It also
specializes in the shipment of fresh cut flowers and packaged
meats, hatching eggs, chocolates, fruits and vegetables, frozen
and chilled fish, vaccines, newspapers, and magazines within the
Caribbean, as well as to North America and Europe.

In 2010, Port of Spain and Kingston agreed to a deal that allowed
the Jamaica government to own 16% of CAL as part of the conditions
for CAL taking over the lucrative routes of Air Jamaica.  The deal
also allows for Trinidad and Tobago agreeing to a US$300 million
transition plan for CAL to acquire and operate six Air Jamaica
aircraft and eight of its routes.

                         *     *     *

As reported in the Troubled Company Reporter on March 21, 2012,
RJR News said that Caribbean Airlines Limited owes nearly
US$30 million to Trinidad and Tobago's fuel provider National
Petroleum.  Trinidad Express said CAL enjoys a seven-day credit
facility for aviation fuel from the company, according to RJR
News.  However, the report related that the airline has not been
able to pay the full amount when invoiced and instead has been
issuing partial payments to sustain the account.  RJR News noted
that Trinidad Express reported that the arrears were built up
as no payments have been made despite an attractive fuel subsidy
which the airline has enjoyed since it began operations in


* BOND PRICING: For the Week May 13 to May 17, 2013

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


ARGENT-$DIS          8.28   12/31/2033   USD         56.5
ARGENT-$DIS          8.28   12/31/2033   USD         57.9
ARGENT-$DIS          8.28   12/31/2033   USD         57.9
ARGENT-$DIS          8.28   12/31/2033   USD         58.5
ARGENT-$DIS          8.28   12/31/2033   USD         58.1
ARGENT-PAR           1.18   12/31/2038   ARS         50.4
ARGENT-DIS           7.82   12/31/2033   EUR           45
ARGENT-DIS           7.82   12/31/2033   EUR         57.6
ARGENT-DIS           7.82   12/31/2033   EUR         57.3
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
ARGNT-BOCON PRE9        2   3/15/2014    ARS         41.8
BANCO MACRO SA       9.75   12/18/2036   USD         73.8
BANCO MACRO SA       9.75   12/18/2036   USD           71
BANCO MACRO SA       9.75   12/18/2036   USD         74.1
CAPEX SA               10   3/10/2018    USD         74.4
CAPEX SA               10   3/10/2018    USD         74.5
CIA LATINO AMER       9.5   12/15/2016   USD           64
CITY OF BUENOS       3.98   3/15/2018    USD         68.6
EMP DISTRIB NORT     9.75   10/25/2022   USD         49.5
EMP DISTRIB NORT     10.5   10/9/2017    USD           95
EMP DISTRIB NORT     9.75   10/25/2022   USD         46.1
METROGAS SA         8.875   12/31/2018   USD         66.8
METROGAS SA         8.875   12/31/2018   USD         68.1
PROV BUENOS AIRE    9.625   4/18/2028    USD         65.1
PROV BUENOS AIRE    9.625   4/18/2028    USD         65.3
PROV BUENOS AIRE    9.375   9/14/2018    USD         69.8
PROV BUENOS AIRE    9.375   9/14/2018    USD         69.8
PROV BUENOS AIRE    10.88   1/26/2021    USD         71.4
PROV BUENOS AIRE    10.88   1/26/2021    USD         71.5
PROV DE FORMOSA         5   2/27/2022    USD         63.6
PROV DE MENDOZA       5.5   9/4/2018     USD         74.3
PROV DE MENDOZA       5.5   9/4/2018     USD         74.6
PROV DEL CHACO          4   12/4/2026    USD         27.8
PROV DEL CHACO          4   11/4/2023    USD         55.3
TRANSENER            9.75   8/15/2021    USD           48
TRANSENER            9.75   8/15/2021    USD         45.1
TRANSENER           8.875   12/15/2016   USD         47.5


BANCO BONSUCESSO     9.25   11/3/2020    USD         70.6
BANCO BONSUCESSO     9.25   11/3/2020    USD           70


BCP FINANCE CO      4.239                EUR         46.7
BCP FINANCE CO      5.543                EUR         44.7
BES FINANCE LTD       4.5                EUR         63.2
BES FINANCE LTD      5.58                EUR         69.2
CHINA FORESTRY      10.25   11/17/2015   USD           53
CHINA FORESTRY      10.25   11/17/2015   USD         47.4
EMER PLANT HLD          6   1/30/2020    USD         67.5
ERB HELLAS CAYMA        9   3/8/2019     EUR           22
ESFG INTERNATION    5.753                EUR         57.3
GOL FINANCE          8.75                USD         70.5
GOL FINANCE          8.75                USD         69.5
HIDILI INDUSTRY     8.625   11/4/2015    USD         75.8
HIDILI INDUSTRY     8.625   11/4/2015    USD         75.6
JINKOSOLAR HOLD         4   5/15/2016    USD         57.5
RENHE COMMERCIAL       13   3/10/2016    USD           60
RENHE COMMERCIAL    11.75   5/18/2015    USD         66.5
RENHE COMMERCIAL    11.75   5/18/2015    USD         66.5
RENHE COMMERCIAL       13   3/10/2016    USD         61.9


ALMENDRAL TEL         3.5   12/15/2014   CLP         43.9
EMPRESA METRO         5.5   7/15/2027    CLP         3.39
TALCA CHILLAN        2.75   12/15/2019   CLP           66


BANCO SANTANDER       6.1   6/1/2032     USD         34.8
BANCO SANTANDER       6.3   6/1/2032     USD           36
PUERTO RICO CONS      6.5   4/1/2016     USD         67.6


PETROLEOS DE VEN      5.5   4/12/2037    USD         68.4
PETROLEOS DE VEN    5.375   4/12/2027    USD         70.2


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


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
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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,
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