TCRLA_Public/130605.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

           Wednesday, June 5, 2013, Vol. 14, No. 110


                            Headlines



B R A Z I L

BANCO FIBRA: S&P Affirms 'BB-' Rating; Outlook Negative
SUZANO PAPEL: S&P Affirms 'BB' Rating; Outlook Negative


C A Y M A N  I S L A N D S

ARBROK FUND: Creditors' Proofs of Debt Due June 11
CASTLE AIRCRAFT: Commences Liquidation Proceedings
CONVERSUS CAYMAN A: Creditors' Proofs of Debt Due June 21
CONVERSUS CAYMAN B: Creditors' Proofs of Debt Due June 21
CONVERSUS CAYMAN C: Creditors' Proofs of Debt Due June 21

DKR FUSION: Creditors' Proofs of Debt Due June 18
DKR FUSION 2x: Creditors' Proofs of Debt Due June 18
DKR FUSION HFT: Creditors' Proofs of Debt Due June 18
DKR QUANTITATIVE: Creditors' Proofs of Debt Due June 18
FIRST DYNASTY: Creditors' Proofs of Debt Due June 20

HAV2 (IV): Creditors' Proofs of Debt Due June 20
ISUPPLI INC: Creditors' Proofs of Debt Due June 19
LSP PENN: Creditors' Proofs of Debt Due June 20
LSP PENN II: Creditors' Proofs of Debt Due June 20
MA SELECT I: Creditors' Proofs of Debt Due June 21

MARIAH RE: Court Appoints Varga and Shakespeare as Liquidators
STAN LIMITED: Commences Liquidation Proceedings
SURF'S UP: Commences Liquidation Proceedings
TEXAS DE BRAZIL: Creditors' Proofs of Debt Due June 21


D O M I N I C A N   R E P U B L I C

BANCO MULTIPLE: Fitch Affirms 'B-' LT Issuer Default Rating


M E X I C O

AXTEL SAB: Signs Contract With Banamex
AXTEL SAB: Fitch Affirms 'B-' Ratings on Two Note Classes
MUNICIPALITY OF COATZACOALCOS: Moody's Affirms Ba2 Issuer Rating
STATE OF SONORA: Moody's Cuts Local Currency Rating to 'Ba2'


V I R G I N   I S L A N D S

VIRGIN ISLANDS WAPA: Fitch Affirms 'BB' Rating on $156.55MM Bonds


V E N E N Z U E L A

PDVSA: Signs US$4 Billion China Loan to Boost Orinoco Field Output


X X X X X X X X

* EMEA Bldg Materials Sector to Remain Stable Thru 2014


                            - - - - -


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B R A Z I L
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BANCO FIBRA: S&P Affirms 'BB-' Rating; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' global
scale and 'brA/brA-2' national scale issuer credit ratings on
Banco Fibra S.A. (Fibra).  The bank's stand-alone credit profile
(SACP) is 'bb-'.  The outlook is negative.

S&P based its ratings on Fibra on its "moderate" business
position, capital and earnings, and risk position, "below average"
funding and "moderate" liquidity, as S&P's criteria define these
terms.

"Under our bank criteria, we use our Banking Industry Country Risk
Assessment's economic risk and industry risk scores to determine a
bank's anchor, the starting point in assigning an issuer credit
rating.  Our anchor is based on the country's economic risk score
of '5' and an industry risk score of '4'.  Brazil's economic risk
reflects low GDP per capita, which limits its ability to withstand
economic downturns, and household credit capacity.  It also
considers our view that economic imbalances have increased as a
result of rapid credit expansion.  As this trend in lending
continues amid a slowly growing economy, we are concerned about
increasing household debt burden.  Conversely, Brazil's
improvement in payment culture and rule of law, in addition to
moderate leverage in the corporate sector, and the absence of
high-risk loans in banks, somewhat mitigate the higher risk
factors of our economic risk assessment.  We assess the current
trend of economic risk as negative.  Despite the slowdown in
credit expansion during 2012, we believe that the current
administration's policies could lead to a new period of rapid
credit expansion.  Further lending would increase an already hefty
debt burden on households, subjecting the system to incremental
credit risk," S&P said.

S&P revised its industry risk score to '4' from '3' as it believes
the industry risks in Brazil's banking sector have increased.  In
S&P's view, there are growing market distortions due to the
increased market share of loans from publicly owned banks during
2012 and a growing spread differential between public and private
banks.  S&P's industry risk assessment still reflects extensive
coverage and effective supervision of the financial system and its
assessment of system wide funding, sustained by an adequate and
stable deposit base.


SUZANO PAPEL: S&P Affirms 'BB' Rating; Outlook Negative
-------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' ratings on
Suzano Papel e Celulose S.A. (Suzano).  The outlook remains
negative.

Suzano's leverage is high for the rating category.  However, over
the past two quarters, the company has improved its debt profile.
Suzano sold its 18% share in the hydropower plant Capim Branco for
R$311 million (about $150 million) and redeemed its third issue,
first series debentures for R$594.2 million ($300 million),
eliminating a constricting covenant package.  In addition, the
company's EBITDA generation improved to $657 million in the 12
months ended March 31, 2013, compared to $558 million a year
before, thanks to higher pulp prices and a 12% depreciation in the
Brazilian Real.

"As pulp prices have gradually risen to $850 per ton in the first
five months of 2013 (compared to our projection of $750 per ton
CFR, Europe), we believe there is greater likelihood that the
company will improve its leverage patterns, and therefore we are
affirming the rating," said Standard & Poor's credit analyst Diego
Ocampo.  Still, the outlook remains negative, reflecting the
company's high leverage and substantial reliance on price
increases to return to credit metrics commensurate with its
"aggressive" financial risk profile.  S&P could lower the ratings
by one notch if it believes the company is unable to reduce
adjusted net debt to EBITDA to well below 5.0x by 2014.


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


ARBROK FUND: Creditors' Proofs of Debt Due June 11
--------------------------------------------------
The creditors of Arbrok Fund are required to file their proofs of
debt by June 11, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 2, 2013.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Clifton House, 75 Fort Street
          PO Box 1350 Grand Cayman   KY1-1108
          Cayman Islands


CASTLE AIRCRAFT: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Castle Aircraft Finance (No.1) Limited resolved to voluntarily
liquidate the company's business.

David Dyer is the company's liquidator.


CONVERSUS CAYMAN A: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Conversus Cayman Blocker A, Limited are required
to file their proofs of debt by June 21, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2013.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


CONVERSUS CAYMAN B: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Conversus Cayman Blocker B, Limited are required
to file their proofs of debt by June 21, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2013.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


CONVERSUS CAYMAN C: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Conversus Cayman Blocker C, Limited are required
to file their proofs of debt by June 21, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 30, 2013.

The company's liquidator is:

          Ian D. Stokoe
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


DKR FUSION: Creditors' Proofs of Debt Due June 18
-------------------------------------------------
The creditors of DKR Fusion Quantitative Strategies Fund Ltd. are
required to file their proofs of debt by June 18, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2013.

The company's liquidator is:

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


DKR FUSION 2x: Creditors' Proofs of Debt Due June 18
----------------------------------------------------
The creditors of DKR Fusion Quantitative Strategies 2x Fund Ltd.
are required to file their proofs of debt by June 18, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2013.

The company's liquidator is:

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


DKR FUSION HFT: Creditors' Proofs of Debt Due June 18
-----------------------------------------------------
The creditors of DKR Fusion HFT Ltd. are required to file their
proofs of debt by June 18, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2013.

The company's liquidator is:

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


DKR QUANTITATIVE: Creditors' Proofs of Debt Due June 18
-------------------------------------------------------
The creditors of DKR Quantitative Strategies 2x Holding Fund Ltd
are required to file their proofs of debt by June 18, 2013, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2013.

The company's liquidator is:

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


FIRST DYNASTY: Creditors' Proofs of Debt Due June 20
----------------------------------------------------
The creditors of First Dynasty Mines Armenia Limited are required
to file their proofs of debt by June 20, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 3, 2013.

The company's liquidator is:

          David Kaye
          Mourant Ozannes
          Reference: Tracy Hylton
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 George Town
          Grand Cayman KY1-1108
          Cayman Islands


HAV2 (IV): Creditors' Proofs of Debt Due June 20
------------------------------------------------
The creditors of HAV2 (IV) Limited are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 9, 2013.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943 3100


ISUPPLI INC: Creditors' Proofs of Debt Due June 19
--------------------------------------------------
The creditors of Isuppli Inc. are required to file their proofs of
debt by June 19, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on May 8, 2013.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 914 3115


LSP PENN: Creditors' Proofs of Debt Due June 20
-----------------------------------------------
The creditors of LSP Penn EB I, Ltd are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 8, 2013.

The company's liquidator is:

          James Bartlett
          1700 Broadway, 35th Floor
          New York, NY 10019
          United States


LSP PENN II: Creditors' Proofs of Debt Due June 20
--------------------------------------------------
The creditors of LSP Penn EB II, Ltd. are required to file their
proofs of debt by June 20, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 8, 2013.

The company's liquidator is:

          James Bartlett
          1700 Broadway, 35th Floor
          New York, NY 10019
          United States


MA SELECT I: Creditors' Proofs of Debt Due June 21
--------------------------------------------------
The creditors of MA Select I Limited are required to file their
proofs of debt by June 21, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 10, 2013.

The company's liquidator is:

          Mark Longbottom
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


MARIAH RE: Court Appoints Varga and Shakespeare as Liquidators
--------------------------------------------------------------
On May 3, 2013, it was resolved that Messrs. Andrew Johnson and
Carl Gosselin of Wilmington Trust (Cayman), Ltd. will resign as
liquidators of Mariah Re Ltd.

Messrs. Geoffrey Varga and Jess Shakespeare of Kinetic Partners
were appointed as new liquidators.

The Liquidators can be reached at:

          Geoffrey Varga
          Jess Shakespeare
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387, Grand Cayman KY1-1004
          Cayman Islands


STAN LIMITED: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Stan Limited resolved to voluntarily liquidate the company's
business.

David Dyer is the company's liquidator.


SURF'S UP: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on May 9, 2013, the members of
Surf's Up Ltd resolved to voluntarily liquidate the company's
business.

David Dyer is the company's liquidator.


TEXAS DE BRAZIL: Creditors' Proofs of Debt Due June 21
------------------------------------------------------
The creditors of Texas De Brazil International Inc. are required
to file their proofs of debt by June 21, 2013, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 9, 2013.

The company's liquidator is:

          Company Secretaries Ltd.
          P.O. Box 1350 Clifton House, 75 Fort Street
          Grand Cayman KY1-1108
          Cayman Islands
          c/o Reisan Moiten


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D O M I N I C A N   R E P U B L I C
===================================


BANCO MULTIPLE: Fitch Affirms 'B-' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has upgraded the National ratings of Banco Multiple
Leon SA (BML) and its related entity Valores Leon, S.A. The Rating
Outlook is Stable.

KEY RATING DRIVERS BML - NATIONAL RATINGS

The upgrade of the Long-term National rating reflects the
strengthening of BML's capitalization and the consistent
improvement in asset quality ratios, which enhance the entity's
overall credit profile. The action also considers that BML has a
greater credit risk diversification and wider presence within the
local entities with National ratings in the 'BBB' category.

BML's subordinated debt National rating is one notch below the
issuer's national Issuer Default Rating (IDR), given its
subordination to all senior creditors. The bank's regulatory
capital ratios benefit from subordinated debt; nevertheless,
according to Fitch's methodology, the debt does not receive equity
credit, as there is no interest deferral in case of stress and the
debt is relatively short term. However, Fitch recognizes the
benefits of such issuances in better management of structural
maturity mismatches, which are also common to other banks in the
region.

KEY RATING DRIVERS BML - IDRs, VRs AND SUPPORT

BML's Viability rating (VR) drives its long-term IDR. Despite
adequate capitalization and sound liquidity management, the bank's
VR reflects BML's still weak asset quality and profitability
ratios relative to similarly rated international peers (emerging
market commercial banks with VRs of 'b-', 'b', and 'b+').

Even though the bank has improved its credit risk controls and
asset quality metrics have shown a positive trend, they still lag
those of similarly rated peers. At YE2012, impaired loans declined
to 3.1% of total loans (2011: 3.5%), reflecting significant
charge-offs, while at 116%, loan-loss reserve coverage of these
loans is low in light of a still high past-due loans ratio. Fitch
expects asset quality ratios to consistently continue to improve,
and compare favorably to domestic peers in the near term.

BML's net interest margin is high and resilient. However,
provisioning expenses and high overhead costs continue to weigh on
its net income-to-average assets ratio of 1.5% at the end of
December 2012, which remained weak relative to the Dominican
market and peers. In Fitch's view, it is likely that profitability
ratios will decline slightly in 2013, given lower asset growth,
and the bank's target of maintaining more conservative loan loss
reserve coverage.

BML's capital ratios are adequate, based on moderate cash dividend
payouts and prudent growth. As of December 2012, the Fitch core
capital (FCC)-to-risk-weighted assets ratio increased to 14.9%,
still lower than the local market average. Furthermore, Fitch
views this level as necessary in light of the still weak asset
quality, and the comparably lower loan loss reserves.

BML has been able to retain and increase a diversified funding
base, as well as reduce its reliance on institutional funding,
with a successful expansion into the retail market. At February
2013, cash and marketable securities represented an adequate 49%
of total deposits, and money market and short-term funding.

In the event the bank experiences difficulties, support, while
possible, cannot be relied upon given the Dominican Republic's low
credit ratings.

KEY RATING DRIVERS - Valores Leon- NATIONAL RATING

Valores Leon's ratings reflect the operational and financial
support provided by BML. In Fitch's view, the entity is core for
Grupo Leon, as it is a key and integral part of its business, and
provides some financial products to core clients. Furthermore, the
clear commercial identification of this entity with BML, and the
reputation risk to which it would be exposed in the case of
eventual troubles at Valores Leon results in a high probability of
direct or indirect support by BML, should it be required. As such,
any changes in BML's creditworthiness would have a direct impact
on the ratings of Valores Leon.

RATING SENSITIVITIES - BML

Sustained improvements in asset quality metrics and profitability
could be positive for creditworthiness. An unexpected
deterioration in asset quality or profitability that pressures the
bank's capital ratios could negatively affect its ratings.

RATING SENSITIVITIES - Valores Leon

Changes in BML's ratings would affect Valores Leon's National
ratings. A negative change in the propensity of BML to provide
support could pressure creditworthiness, but it is not Fitch's
base case scenario.

PROFILE

As of December 2012, BML ranked fifth out of 15 commercial banks
in the Dominican Republic, with a 6% market share by total assets.
At the same date, the Leon family controlled 86.58% of BML, Darby
Probanco Holding L.P. (a subsidiary of Darby Overseas Investment
Inc.) 11.03%, while the remaining 2.39% was hold by other minor
shareholders.

Valores Leon initiated operations in 2002. The institution is a
broker-dealer subsidiary of Grupo Financiero Leon (GFL), led by
the Leon family.

Considering the aforementioned factors, Fitch has taken the
following rating actions:

Banco Multiple Leon SA:

-- Foreign and local currency long-term IDR affirmed at 'B-';
   Stable Outlook;

-- Foreign and local currency short-term IDR affirmed at 'B'';

-- Viability Rating affirmed at 'b-';

-- Support Rating affirmed at '5';

-- Support Floor Rating affirmed at 'NF';

-- Long-term National rating upgraded to 'A-(dom)' from
   'BBB+(dom)'; Stable Outlook;

-- Short-term National Rating affirmed at 'F2(dom)';

-- Long-term National subordinated debt upgraded to 'BBB+(dom)'
   from 'BBB(dom)'.

Valores Leon, S.A:
-- Long-term National rating upgraded to 'A-(dom)' from
   'BBB+(dom)'; Stable Outlook;

-- Short-term National rating affirmed at 'F2(dom)';

-- Long-term National senior unsecured debt rating upgraded to
   'A-(dom)' from 'BBB+(dom)';


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M E X I C O
===========


AXTEL SAB: Signs Contract With Banamex
--------------------------------------
Axtel, S.A.B. de C.V. signed a contract with Banamex to become
their nationwide provider of telephony managed services and
collaboration applications.

The five-year contract signed in May requires AXTEL to provide
cloud-based telecommunication and collaboration services to
Banamex.

AXTEL is the first company in Mexico that offers collaboration
managed services from end to end, which include all of the
customer's infrastructure and network and telecommunication
services, with the adequate technology platform to serve the 1,700
Banamex branches and offices throughout Mexico.

In addition to providing the voice infrastructure, AXTEL will also
develop and operate advanced voice traffic monitoring systems and
collaboration applications, such as Unified Messaging, Web
Conference, Tele-presence, as well as Video and Audio Conferencing
services on any device.

Jose Maria Zubiria Maqueo, Corporate Director of Administration of
Grupo Financiero Banamex, stated, "We identified AXTEL as a
business partner that has the technological and service
capabilities demanded by our nationwide communication and
collaboration operations.  AXTEL's contribution is an important
element to our permanent modernization and innovation program
oriented to support our growth across all segments in the market".

Tomas Milmo Santos, AXTEL's CEO, said, "The confidence placed by
Banamex in AXTEL's capabilities is supported by the quality of the
services that we have provided for over 15 years. This new
contract will allow us to provide cloud-based managed
telecommunication and information technology services.  We
appreciate the opportunity provided by Banamex and reiterate our
commitment to continue offering the best service and technology
solutions of the market."

                      About Grupo Financiero

Grupo Financiero Banamex is the leading financial group in Mexico.
Following a universal banking strategy, the Group offers a variety
of financial services to corporations and individuals, which
include commercial and investment banking, insurance and
investment management.  Banamex, founded in 1884, has an extensive
distribution network of 1,678 branches, serving over 21 million
customers, making 17.5 million daily transactions through its
infrastructure consisting of 6,318 ATMs, over 92,500 Points of
Sale Terminals (POS) and more than 18,000 correspondents around
the country.

AXTEL is a Mexican telecommunications company with significant
growth in the broadband segment, and one of the leading companies
in information and communication technologies solutions in the
corporate, financial and government sectors. The Company serves
all market segments - corporate, financial, government, wholesale
and residential with the most robust offering of integrated
communications services in Mexico. Its world-class network
consists of different access technologies like fiber optic, fixed
wireless access, point to point and point to multipoint links, in
order to offer solutions tailored to the needs of its customers.


AXTEL SAB: Fitch Affirms 'B-' Ratings on Two Note Classes
---------------------------------------------------------
Fitch Ratings has affirmed Axtel S.A.B. de C.V's local and foreign
currency Issuer Default Ratings (IDR) at 'B' and affirmed the
Long-term National Scale Rating at 'BB-(mex)'. The Rating Outlook
is Stable.

Fitch has also affirmed the following ratings:

-- Senior secured notes due 2020 at 'B+/RR3';
-- Senior secured convertible notes due 2020 at 'B+/RR3'.
-- Senior unsecured notes due 2019 at 'B-/RR5';
-- Senior unsecured notes due 2017 at 'B-/RR5'.

KEY RATING DRIVERS

The rating actions reflects a better liquidity position after the
debt exchange which resulted in lower leverage and a capital
structure with more flexibility to service debt and an extended
maturity profile. In addition, the liquidity position was enhanced
by the sale and lease back of 883 of towers which proceeds,
approximately US$250 million, were used to cover the costs of debt
exchange, prepayment of the syndicated loan and company's cash
balance. While the sale and leaseback of towers improved the
liquidity position, leverage adjusted for off-balance sheet
liabilities remains relatively the same.

Axtel ratings are limited by the company's weak operational
performance, demanding investment plans which, while it should
contribute to strengthen its service portfolio and address the
strong competitive environment, limits FCF generation as the
company will fund its investments from internal generation. Fitch
is not expecting the company to deleverage in the next few years
and sees refinancing risk from the maturity in 2017.

The stability of the rating depends on the ability of the company
to sustain its EBITDA, which is tied to how quickly the company is
able retain both residential and corporate customers and achieve
further data and internet revenues that could offset declining
voice revenues and prices pressures. Also a negative rating action
could be triggered by an adverse ruling of contingent liabilities
estimated at US$270 million. Fitch views the passage of a new
telecommunications law in Mexico to have some positive effects to
Axtel's operation in the medium term.

Improved Liquidity Position:
The company's liquidity position was strengthened by debt exchange
and sale and lease back of towers. These two transactions helped
Axtel reduce its debt service, extended its maturity profile and
improved its financial flexibility. Previous to this, the
syndicated loan covenants were putting pressure on the company's
financial profile. As of March 31, 2013 Axtel's indebtedness
amounted to US$577 million, mainly composed of US$249 million of
senior secured notes due 2020, US$22 million of senior secured
convertible dollar-indexed notes due 2020 and the outstanding
balance of the 2017 and 2019 unsecured notes of US$133 million and
US$135 million, respectively. The company received US$249 million
from the sale and lease back of towers. Proceeds were used for the
cash payment associated with the debt exchange, to prepay a
secured syndicated loan and to increase cash balances.

Weak Operational Performance

The company seeks to strengthen the profitability of its operation
with an ambitious expense savings program, a more aggressive
customer retention strategy for the residential segment, and
higher EBITDA generation from the corporate segment which will
partially compensate intense competition in the residential
market. During the first quarter of 2013, revenues continued to
decline due to lower prices and lines in service; however, gross
margins improved to 76% and EBITDA margin reached 29% (excluding
non-recurring profits from asset sales). For the next two years
EBITDA generation will be tied to the company's ability to retain
customers and to offer a more competitive service offering to both
residential and corporate customers.

Axtel continues to strengthen its service portfolio with the
recent launch of a video offer for the residential segment and the
deployment of fiber to the home (FTTH) in new cities. This enables
Axtel to provide a bundle triple play offering to high-end
residential customers. Fitch anticipates that Axtel will focus on
regaining commercial agreements with corporate customers as well
as providing information and telecommunications technology (ICT)
services.

Relatively Stable Leverage

The capital structured is expected to remain stable as the company
has limited FCF generation capability due to its demanding
investment plan. Any improvement in leverage should come from
increased EBITDA generation as indebtedness is expected to remain
stable. The debt exchange reduced debt but did not materially
change off-balance sheet leverage ratios as the company has to
make annual lease payments for towers of approximately US$20
million. For the LTM ended in March 31, 2013 total debt to EBITDA
ratio should improve to 2.7x from 4.2x, while its net debt to
EBITDA ratio will decline to approximate to 2.4x. Including lease
adjusted debt, Axtel's total adjusted debt to EBITDAR was 3.6x
from 4.7x. Fitch believes that, in the next few years, Axtel's
total debt should remain relatively stable, as the company will
fund its capital expenditures with internal generation, resulting
in minimal FCF generation. Fitch expects the adjusted debt to
EBITDAR ratio to remain around 3.5x during the next three to four
years.

The new secured notes rated at 'B+/RR3' reflect good recovery
prospects given default. These notes are secured by first priority
liens on all capital stock of subsidiary guarantors and
substantially all assets. Securities rated 'RR3' are considered
good recovery prospects given default and have characteristics
consistent with securities historically recovering 51% - 70% of
current principal and related interest. Conversely, the remaining
old notes rated 'B-/RR5' are structurally subordinated to senior
debt and most of the covenants have been removed. 'RR5' rated
securities have characteristics consistent with securities
historically recovering 11% - 30% of current principal and related
interest.

RATING SENSITIVITY

A positive rating action is unlikely in the short term given the
recent distressed debt exchange. But positive factors to credit
quality include a sustained improvement in the operating
performance, margins, FCF generation, competitive environment and
competitive position. A negative rating action could be triggered
by poor liquidity or weak operating results as a consequence of
tougher competition or higher leverage related to an adverse
ruling of contingent liabilities.


MUNICIPALITY OF COATZACOALCOS: Moody's Affirms Ba2 Issuer Rating
----------------------------------------------------------------
Moody's de Mexico affirms the issuer ratings of A2.mx/Ba2 of the
municipality of Coatzacoalcos. The outlook remains negative.

Ratings Rationale

The affirmation of the Ba2/A2.mx ratings reflects the positive
gross operating balances posted by Coatzacoalcos during the last
three years in conjunction with a growing trend in own source
revenue collection.

Positive gross operating balances declined in the last three years
closing at 7% of operating revenues in 2012. The declining trend
in operating balances reflects increasing costs for salaries and
general services. The average growth rate of operating
expenditures during 2010-12 was 16%. Moody's considers that going
back to registered solid levels of gross operating surpluses will
represent a challenge for the municipality in 2013 and going
forward.

Coatzacoalcos has recorded cash financing requirements since 2009,
equivalent on average to -19% of total revenues. As a result, the
municipality's borrowing needs remained as a constant driving
gross debt levels to increase to around 39% of total revenues in
2012 from 30% in 2011.

The negative outlook continue to reflect Moody's view that there
is a likelihood that the weakening trend of the gross operating
margins could continue in 2013, which could place further pressure
on the ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

Although we do not anticipate upward pressure over the near term,
the control over the operating expenditures growth that help
improve the gross operating balances and maintain balanced cash
financing results, leading to a progressive reduction in borrowing
needs could exert upward pressure on the ratings.

Given the current debt levels, failure to increase own source
revenues and cut operating expenditures along with a weakening of
the liquidity position could exert downward pressure on the
ratings.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013.

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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


STATE OF SONORA: Moody's Cuts Local Currency Rating to 'Ba2'
------------------------------------------------------------
Moody's de Mexico downgraded the issuer ratings of the State of
Sonora to A2.mx (Mexico National Scale) and Ba2 (Global Scale,
local currency) from A1.mx and Ba1 respectively. The ratings'
outlook is stable.

At the same time, Moody's downgraded the debt ratings of the MXN
4.4 billion enhanced loan with Banorte to Aa3.mx and Baa3 from
Aa2.mx and Baa2, respectively.

Ratings Rationale

The downgrade to Ba2/A2.mx from Ba1/A1.mx reflects a persistent
trend of cash financing requirements during the last four years
and a deterioration in Sonora's liquidity position. The stable
outlook reflects Moody's expectations that Sonora will record low
cash financing deficits in the near term which will not materially
alter the forecasted increases to net direct and indirect debt
levels. It also reflects the expected improvement in the debt
profile arising from the refinancement of the short-term debt with
long-term debt.

Sonora posted cash financing deficits during the last four years,
averaging -4.8% of total revenues. These deficits reflect a higher
growth of total expenditures compared to total revenues. The
Compound Annual Growth Rate (CAGR) of total revenues for the 2008-
2012 period was equivalent to 8.3%, compared to a CAGR of 9.1% for
total expenditures. The growth in total expenditures was mainly
driven by current expenditures, principally by an increase in
social spending.

As a result of the cash financing requirements posted during the
2009 - 2012 period, Sonora's liquidity position has deteriorated.
In 2012, net working capital (current assets minus current
liabilities) declined to -7.1% of total expenditures from -1.5% in
2010. This negative liquidity level represents a credit challenge
for the State of Sonora since it limits its capacity to absorb
unforeseen shocks.

While net direct and indirect debt levels have been stable during
the last five years, equivalent to 28% of total revenues at the
end of 2012, Sonora's debt profile changed in 2011. The State of
Sonora began contracting short term debt and continued with this
practice during 2012, exposing the city to refinancing risks.
Short term direct debt represented 2.3% of total revenues at the
end of 2012. We expect debt levels to increase during 2013 to
roughly 32%, as the state announced that it is going to acquire an
additional MXN 1.7 billion, although some of this will be used to
refinance existing short term debt.

The ratings downgrade of the enhanced loan reflects the downgrade
of Sonora's issuer ratings. While the loan's enhancements continue
to provide a notch uplift from the Global Scale issuer ratings,
per our methodology on rating enhanced loans, the loan ratings are
directly linked to the credit quality of the issuer, which ensures
that underlying contract enforcement risks, economic risks and
credit culture risks (for which the issuer rating acts as a proxy)
are embedded in the enhanced loans ratings.

WHAT COULD CHANGE THE RATINGS UP/DOWN

If Sonora redresses its financial deterioration, resulting in a
stabilization of annual borrowing requirements and an improvement
in liquidity, Sonora's issuer ratings could potentially have
upward pressure. If Sonora continues to record cash financing
requirements leading to a further weakening of liquidity and / or
higher debt levels a downgrade on the state's ratings could take
place. Moreover, the ratings are likely to face downward pressure
if the state continues to acquire short term debt to cover
liquidity pressures.

Given the links between the loan and the credit quality of the
obligor, an upgrade of the State of Sonora's issuer ratings would
likely result in an upgrade of the ratings on the enhanced loan.
Conversely, a further downgrade of Sonora's issuer ratings could
exert downward pressure on the debt ratings of the loan. In
addition, the ratings could face downward pressure if debt service
coverage levels fall materially below our expectations.

The principal methodologies used in this rating were Regional and
Local Governments published on 18-Jan-2013, and Enhanced Municipal
and State Loans in Mexico published on 27-Jan-2011.

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. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


===========================
V I R G I N   I S L A N D S
===========================


VIRGIN ISLANDS WAPA: Fitch Affirms 'BB' Rating on $156.55MM Bonds
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings for the Virgin
Islands Water and Power Authority (WAPA):

-- $156,550,000 electric system revenue bonds, series 2003, 2010A,
   2010B, 2010C, 2012A at 'BB';

-- $109,340,000 electric system subordinated revenue bonds, series
   2007A, 2012B, 2012C at 'BB-'.

The Rating Outlook on all bonds is Negative.

SECURITY

The electric system revenue bonds are secured by a pledge of net
electric revenues and certain other funds established under the
bond resolution. The electric system subordinated revenue bonds
are secured by a pledge of net revenues that are subordinate to
the pledge securing the electric system revenue bonds.

KEY RATING DRIVERS

WEAKENED FINANCIAL METRICS: WAPA's financial metrics have
deteriorated in recent years to speculative-grade levels
reflecting escalating fuel prices, delays in cost recovery, higher
receivables and increased reliance on short-term debt financing.
Fitch-calculated debt service coverage has remained below 1.0x
since fiscal 2010 and the ability to meet financial targets
remains uncertain.

INADEQUATE AND REGULATED COST RECOVERY MECHANISMS: The authority's
electric rates are regulated by the Virgin Islands Public Service
Commission (PSC), which has authorized cost recovery through both
base rates and a levelized energy adjustment clause (LEAC) for
fuel and other related costs. Although the PSC been reasonably
responsive to requests for cost recovery in recent years, delays
inherent in both the regulatory process and the recovery mechanism
impair liquidity and limit financial flexibility.

EXPOSURE TO FLUCTUATING OIL PRICES: All of WAPA's generating
capacity is currently oil-fired, exposing the authority to fuel
price volatility and procurement risk. Steadily rising fuel costs
in recent years have exacerbated the challenges related to cost
recovery and created significant deferrals. Positively, other fuel
and transmission options are actively being pursued and could,
over time, provide a more diversified fuel mix.

RELIANCE ON SHORT-TERM BORROWINGS: The authority has relied on
short-term bank lines of credit from Banco Popular of Puerto Rico
(rated 'BB-' by Fitch) and FirstBank of Puerto Rico to fund
working capital needs and fuel purchases as a result of reduced
cash flow from operations. The weak financial profile of the
liquidity providers, the short tenor of recent arrangements and
historically low cash balances all contribute to Fitch's concern
about the authority's liquidity.

WEAK LOCAL GOVERNMENT CREDIT QUALITY: Fitch's 'BB' rating on the
U.S. Virgin Islands' implied general obligations reflects
significantly strained fiscal operations, despite recent
initiatives to structurally balance the operating budget, and the
intractability of longer-term fiscal challenges that are now
compounded by severe economic difficulties from the closure of the
Hovensa LLC refinery on St. Croix. The government is WAPA's
largest customer and accounts for a lower, but still sizable
portion of the authority's delinquent accounts.

RATING SENSITIVITIES

IMPROVE CASH FLOW AND LIQUIDITY: Additional rate increases, the
more timely recovery of fuel costs, and long-term access to bank
credit could all improve enterprise liquidity and stabilize the
Outlook.

FAILURE TO IMPROVE UTILITY AND FINANCIAL FUNDAMENTALS: A further
weakening of the fundamental business and financial operations of
WAPA that further impairs liquidity and cost recovery could result
in a rating downgrade.

CREDIT PROFILE

WAPA is the primary provider of electric and water service to the
U.S. Virgin Islands (St. Thomas, St. Croix and St. John). The
electric system generates, transmits and sells electric power and
energy to more than 55,000 residential, commercial and large power
customers, including the government. Despite steady customer
growth, system energy requirements declined 11% for the period
2008 through 2012, largely due to retail conservation efforts
driven by the increasingly high cost of electricity, and a
meaningful reduction in line losses and unaccounted for energy.

WAPA also owns and operates a water utility system. The authority
maintains separate financial statements for the two systems, and
the debt of each system is separately secured. The two systems,
however, share common administrative and operating personnel, and
certain operating expenses.

ADEQUATE, BUT ISOLATED OPERATIONS
The utility owns and operates two principal generating facilities,
one located on St. Thomas, and the other on St. Croix. In
addition, it has a smaller generating facility on St. John.
Because of the topography of the ocean floor, the islands of St.
Thomas and St. Croix are not interconnected electrically.
Collectively, the authority's generators have an installed
capacity of 307.7 megawatts (MW) that is well above peak demand
requirements (130 MW).

All of the authority's current generating units are fueled by oil.
WAPA has been exploring a number of alternative energy sources
including wind, solar and waste to energy for many years to reduce
its dependence on fossil fuels both for generating electricity and
for production of potable water. The authority has broadly set a
goal of reducing its use of oil by 60% by 2025.

Energy production from these alternative energy initiatives is
very limited to date. However, the authority appears to be making
considerable progress on several initiatives, including three
executed solar power purchase agreements expected to come on line
in early 2014 and a proposal to enable the use of liquefied
petroleum gas for electric production, which could reasonably be
expected to provide long-term benefits.

EXTREMELY HIGH COSTS AND RATES
The authority's cost structure has historically been dominated by
fuel costs, particularly since 2007 as WAPA's average fuel costs
have risen 72% from $67.21/barrel to $116.21/barrel, and now
account for approximately 75% of total operating expenses. Since
2009, the authority has filed two base-rate cases, both of which
were approved by the PSC, providing roughly $15.6 million in
additional revenue annually. More recently, in November 2012, WAPA
filed for an additional base rate increase of approximately $18
million effective July 1, 2013. A decision is currently pending.

Despite the constructive increases in base rates, rising fuel
costs and deferred recovery of these costs continue to more than
offset the improved base rate cash flow. Approved increases in the
LEAC are notable - from $0.21/kwh in January 2009 to $0.41/kWh -
but have continued to lag rising costs, pushing deferred fuel
balances to $55 million at March 31, 2013 and straining liquidity.
Base rates, by comparison, are currently $0.093/kWh, bringing
total rates to approximately $0.50/kWh.

FINANCIAL PERFORMANCE
WAPA's overall financial profile has weakened in recent years,
reflecting much higher fuel costs, a lackluster economy and the
continued financial strain of weak results of the water system and
overdue receivables from the government. Consequently, Fitch-
calculated debt service coverage has fallen below 1.0x each year
since 2010. Although there was a slight improvement in fiscal
2012, Fitch-calculated debt service coverage amounted to only
0.89x. The authority's internally calculated debt service coverage
ratio, which excludes expenses related to bad debt, post-
employment benefits and payments in lieu of taxes, was slightly
higher at 1.02x.

The impact of declining energy sales has been partially offset by
increases in base rates and the LEAC; however, increases in fuel
and other operating expenses have continued to outpace revenue
growth, resulting in operating losses in both fiscal 2011 and
2012. Net losses after interest expense, non-operating income and
capital grants were $11 million and $15 million in 2011 and 2012,
respectively.

Leverage metrics have also deteriorated steadily since 2008, when
the authority reported total debt/FADS of 7.9x and
equity/capitalization of 32.4%. At year-end 2012, total debt/FADS
had increased to 11.9x and equity/capitalization had weakened to
17.9%, reflecting both an erosion in net assets from $107 million
to $66 million, and an increase in total debt from $223 million to
$305 million.

WAPA has relied on short-term borrowings in recent years to fund
the shortfall in operating cash flow, deferred fuel costs and
overdue receivables, and Fitch expects this trend to continue,
absent higher rate collections and improved cost recovery.
Proceeds from the authority's 2012 debt issuance were used, in
part, to repay outstanding balances, which restored borrowing
capacity.


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


PDVSA: Signs US$4 Billion China Loan to Boost Orinoco Field Output
------------------------------------------------------------------
Pietro D. Pitts at Bloomberg News reports that Petroleos de
Venezuela SA said it signed a US$4.02 billion loan agreement with
China's Development Bank Corp. to increase production at the
Sinovensa heavy oil joint venture in the country's Orinoco belt.

According to the report, the accord was signed in Beijing by PDVSA
President Rafael Ramirez, Sinovensa President Erwin Hernandez and
CDBC Vice President Wang Yongshen, the Caracas-based company known
as PDVSA said in a statement in its website.

Bloomberg News notes that Chinese companies, including China
National Petroleum Corp., have agreements with PDVSA that aim to
increase their portion of Venezuela's production to as much as 1
million barrels a day by the end of 2019.

Bloomberg News relates that proceeds from the China development
bank loan will be used to almost triple oil production at
Sinovensa to 330,000 barrels a day from 140,000 barrels per day,
PDVSA said.

Bloomberg News says that the company holds a majority 64.25
percent stake in Sinovensa while CNPC owns the remaining 35.75
percent stake.

                        Production Concerns

Bloomberg News relays that PDVSA's business plan for 2013-2019
calls for the company to increase total Venezuelan production to 6
million barrels a day by the end of 2019, up from 2.910 million
barrels at the end of 2012.

"PDVSA has committed to using these resources exclusively towards
meeting production goals, and the Maduro administration is clearly
concerned about stagnant production," Kerner said.

The report discloses that PDVSA will allow joint ventures with
CNPC and Chevron Corp. (CVX) to manage $6 billion in loans
designed to boost output, a PDVSA official said May 17, Bloomberg
News notes.  The transactions will be signed by the end of June,
said the person, who isn't authorized to speak publicly, Bloomberg
News adds.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 24, 2013, Standard & Poor's Ratings Services revised its
outlook on Petroleos de Venezuela S.A. (PDVSA) to negative from
stable.  At the same time, S&P affirmed its 'B+' foreign and local
currency ratings on PDVSA.


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


* EMEA Bldg Materials Sector to Remain Stable Thru 2014
-------------------------------------------------------
The outlook for the EMEA building materials sector will remain
stable over the next 12-18 months as aggregate EBITDA growth is
likely to remain flat to slightly positive, says Moody's in its
latest Industry Outlook report on the sector published. The EMEA
building materials sector's outlook has been stable since April
2011.

The new report, entitled "EMEA Building Materials: Cement Volume
Growth in Emerging Markets, North America Underpin Stable
Outlook", is now available on www.moodys.com.

Moody's forecasts that aggregate EBITDA growth in the EMEA
building materials sector will be between -4% and +4% over the
next 12-18 months, and more towards the upper end of that range,
between flat and 4% growth, in 2013, with large discrepancies
between European-focused producers and more geographically
diversified companies.

Over the next 12-18 months, Moody's expects most EMEA buildings
materials companies to focus on deleveraging to restore stronger
credit metrics and regain investment-grade ratings. This could
result in very little M&A activity.

"We expect to see good volume growth in Asia-Pacific and Latin
America as well as mid-single-digit increases in cement volumes in
North America, which will compensate for a mid-single-digit
decline in cement volumes in Western Europe in 2013. Demand will
remain very heterogeneous across Europe," says Stanislas
Duquesnoy, a Vice President - Senior Credit Officer in Moody's
Corporate Finance Group and author of the report.

In addition, Moody's expects energy costs to be more benign than
they were in 2012. Cement producers with more exposure to emerging
markets should continue to see higher cost inflation than more
European-focused peers because of inflation-related payroll and
logistics costs.

Moody's also notes that, due to new accounting changes in 2014,
issuers will no longer be able to account for joint ventures using
the proportional consolidation method and will have to switch to
equity consolidation. Lafarge SA (Ba1 stable), HeidelbergCement AG
(Ba1 stable) and CRH (Baa2 stable) will be affected the most
because more than 5% of their revenues are generated from joint
ventures.

Moody's could change its outlook for this industry to positive if
it believes that aggregated EBITDA growth is likely to exceed 4%
over the coming 12-18 months. This is unlikely at present, but
could occur if the European market recovers faster than
anticipated or if there is sustained growth in the US private
residential and commercial construction sectors, coupled with
continued growth in emerging markets. Moody's would consider
changing the outlook to negative if EBITDA growth declines by more
than 4% due to a fall in volumes resulting from more pronounced
macroeconomic pressure or a spike in inflation, both of which
would exert pressure on margins.


                            ***********


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 * * *