TCRLA_Public/130612.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 12, 2013, Vol. 14, No. 115


                            Headlines



B R A Z I L

BR MALLS: S&P Affirms & Withdraws 'BB' Corp. Credit Rating
JBS SA: Ba3 CFR on Moody's Review for Downgrade After Marfrig Bid
LATAM AIRLINES: S&P Assigns 'BB' CCR; Outlook Positive
OGX PETROLEO: Billionaire Founder Sells Shares for First Time


C A Y M A N  I S L A N D S

ALLFIVE LIMITED: Creditors' Proofs of Debt Due June 21
ASA LEASING 4: Commences Liquidation Proceedings
BLUE ATTRACTION: Creditors' Proofs of Debt Due July 2
BROOKSTONE INVESTMENTS: Creditors' Proofs of Debt Due June 21
CHOLIM CORPORATION: Creditors' Proofs of Debt Due June 21

CRYSTAL VICTORY: Creditors' Proofs of Debt Due July 22
DAINTREE LIMITED: Creditors' Proofs of Debt Due June 21
GALIAM FUND: Creditors' Proofs of Debt Due July 4
GALIAM MASTER: Creditors' Proofs of Debt Due July 4
JANA PIRANHA: Creditors' Proofs of Debt Due June 25

NGBO HOLDING: Creditors' Proofs of Debt Due June 24
NORTHHAVEN LIMITED: Creditors' Proofs of Debt Due June 21
SPRINGTIME LIMITED: Creditors' Proofs of Debt Due June 21
WANDA LIMITED: Creditors' Proofs of Debt Due June 21
ZULIA ONE: Creditors' Proofs of Debt Due July 5


V E N E Z U E L A

HARVEST NATURAL: Reports $46-Mil. Net Income in First Quarter
PETROTRIN: No Word On Losses Following Fishermen's Protest


X X X X X X X X

* Fitch Sees Modest Deterioration in Bank Asset Quality for EMs


                            - - - - -


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


BR MALLS: S&P Affirms & Withdraws 'BB' Corp. Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on BR Malls
Participacoes S.A. to positive from stable.  At the same time, S&P
affirmed its 'BB' global scale and 'brAA' national scale corporate
credit ratings on the company.  Subsequently, S&P withdrew the
ratings at the issuer's request.

The ratings on BR Malls reflected S&P's opinion that the company
has managed its significant growth prudently.  The outlook
revision reflected S&P's expectations that the company will
further improve credit metrics as it concludes important capex and
consolidates new malls.  The company's stable and predictable cash
flows and "adequate" liquidity with a long-term debt profile and
smooth amortization schedule are positive rating factors.
However, the ratings also reflect the risks inherent to the
development of the company's sizable portfolio of projects and
acquisition of new assets, as well as the industry's expected
significant growth and consolidation.


JBS SA: Ba3 CFR on Moody's Review for Downgrade After Marfrig Bid
-----------------------------------------------------------------
Moody's placed under review for possible downgrade the long-term
ratings for JBS S.A and its wholly-owned subsidiaries following
the proposed acquisition of Marfrig's Seara Brasil and Zenda
operations for BRL 5.85 billion.

The following ratings have been place under review for possible
downgrade:

JBS SA:

- CFR / Senior Unsecured Rating: Ba3

Issuer: JBS USA:

- $650 M 7.250% senior notes due 2021, guaranteed by JBS USA
Holdings, JBS SA, JBS Hungary Holdings Kft: Ba3

- $700 M 11.625% senior notes due 2014, guaranteed by JBS USA
Holdings, JBS SA, JBS Hungary Holdings Kft : Ba3

- $475 M senior term loan B due 2018, guaranteed by JBS USA
Holdings, JBS SA, JBS Hungary Holdings Kft : Ba2

- $700 M 8.250% global notes due 2020, co-issued by JBS USA
Finance and guaranteed by JBS USA Holdings, JBS SA, JBS Hungary
Holdings Kft : Ba3

Issuer: JBS Finance II

- $900 M 8.250% global bonds due 2018, guaranteed by JBS Hungary
Holdings Kft and JBS SA : Ba3

Issuer: JBS SA

- $300 M 10.500% global notes due 2016, guaranteed by JBS Hungary
Holdings Kft, JBS USA Holdings, JBS USA LLC and Swift Beef Company
: Ba3

Issuer: Bertin SA

- $350 M 10.250% senior notes due 2016, guaranteed by JBS Hungary
Holdings Kft : Ba3

Ratings Rationale:

The review was triggered by the announcement of the proposed
acquisition of Marfrig's Seara Brasil and Zenda leather operations
for BRL 5.85 billion (approximately $2.8 billion). The purchase
price will be entirely paid through the assumption of Marfrig's
bank debt maturing between 2013 and 2017 and will negatively
impact JBS's short term leverage and cash flow generation.

During the review process Moody's will assess JBS's financial
policies, growth strategy and leverage policy going forward and
specifically its appetite for further acquisitions. Moody's will
also consider the short-term impact on leverage and on the
company's ability to generate positive free cash flow, as well as
the expected timing for the turnaround in Seara's operations.

Seara Brasil's performance has been recently affected by factors
such as the US drought in 2012 and the integration of Brasil Foods
assets. Accordingly, in addition to gross debt level and potential
EBITDA generation, Moody's will examine the increase in capex and
working capital requirements over the next few quarters. Moody's
analysis will also focus on the potential gains to come from the
renegotiation of such debt, including potential interest rate
reduction and improvements in operating profile.

Headquartered in Sao Paulo, Brazil, JBS S.A. ("JBS") is the
world's largest protein producer in terms of revenues, slaughter
capacity and production. It is the leader beef, chicken and
leather player and a leading lamb producer on a global basis,
besides being the third largest pork producer in the USA. The
company has large scale and diversification, with presence in more
than 100 countries.

Consolidated net revenues totaled BRL 75.7 billion for the fiscal
year ended in 2012, with adjusted EBITDA margin of 6.9% in the
same period. JBS USA, represented by beef operations in the US and
Australia, is the company's largest business segment in terms of
revenues, representing 46% of total. Secondly comes JBS Mercosul,
represented by beef and more recently poultry operations mainly in
Brazil, with 24% of revenues. Pilgrim's Pride, the company's 75%-
owned poultry business in the US, accounts for 21% of revenues,
while the US Pork business contributes with the balance of 9%.

The principal methodology used in this rating was the Global
Protein and Agriculture Industry Methodology published in May
2013.


LATAM AIRLINES: S&P Assigns 'BB' CCR; Outlook Positive
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' global scale
corporate credit rating to Latam Airlines Group S.A. (Latam).  S&P
also affirmed its 'BB' rating on its subsidiary, TAM S.A.  The
outlook is positive.

The 'BB' ratings on Latam reflect S&P's opinion of the company's
"satisfactory" business risk profile and "significant" financial
risk profile.

Latam's business risk profile assessment reflects the company's
strong competitive position as the main carrier in Latin America
due to its leadership in several domestic markets in the region,
capillarity, diversified international routes, and a major cargo
business.  Latam was established following the merger of Brazil-
based TAM and Chile-based LAN Airlines S.A. in June 2012.  The
newly formed airline company operates a network that serves more
than 60 million passengers per year to more than 130
interconnected destinations.  S&P has a favorable opinion
regarding the consolidation of Latam's business segments and the
prospects of improving its operating results over the next few
years, as the company will benefit from higher capacity
utilization - load factors - and lower procurement costs.  In
addition, Latam's mature cargo business boosts the company's
revenue diversification, contributing around 15% of total
revenues.  Finally, S&P expects market conditions in Brazil to
improve gradually over the next few quarters, as the airlines
adjust their capacity to a slower demand growth and the recent
consolidation trend in the industry eases the competition in the
domestic market.  The offsetting factors is a less developed
market--that offers growth potential but tends to be more volatile
than that in other parts of the world, and the company's exposure
to risks inherent to the airline business, such as its capital
intensive nature and its exposure to economic cycles.


OGX PETROLEO: Billionaire Founder Sells Shares for First Time
-----------------------------------------------------------
Alex Cuadros at Bloomberg News reports that Brazilian billionaire
Eike Batista sold shares of his flagship oil producer OGX Petroleo
(OGXP3) & Gas Participacoes SA for the first time, after plowing
almost $1 billion of his own cash into the company.

OGX's controlling shareholder sold 70.5 million shares from May 24
to May 29 for BRL121.8 million ($56.7 million), according to a
company regulatory filing obtained by Bloomberg News.

Bloomberg News notes that Eike Batista, chairman and founder of
OGX Petroleo & Gas Participacoes SA, who has seen more than US$28
billion of his net worth evaporate since last year, is selling off
assets that include his Embraer Legacy 600 jet to raise cash as
his startups pile on losses.

"For him to sell at this level, he must really need the cash. . .
. It's not a good sign," said Fabio Cardoso, a partner at Rio de
Janeiro-based equity advisory firm Adinvest Consultoria, in a
telephone interview.

Bloomberg News relates that Mr. Batista, who has seen more than
$28 billion of his net worth evaporate since last year, is selling
off assets that include his Embraer Legacy 600 jet to raise cash
as his startups pile on losses.  Last month, the report recalls,
Mr. Batista raised BRL1.4 billion by selling a stake in power-
generation venture MPX Energia SA to Germany's E.ON SE.
Separately, OGX sold an $850 million stake in a field to
Malaysia's Petroliam Nasional Bhd.

Excluding the options program that allows OGX management to buy
shares from him as part of their compensation, it's the first time
Mr. Batista has sold shares in his most-valuable company since
OGX's 2008 initial public offering, data compiled by Bloomberg
show.  Mr. Batista had previously injected at least BRL2 billion
into OGX since the IPO, the report discloses.

Mr. Batista is worth $6.3 billion, down from a peak of $34.5
billion in March last year, according to the Bloomberg
Billionaires Index.

Bloomberg News discloses that that Mr. Batista's stake in OGX is
worth $1.1 billion after the sale reported June 11.  OGX may need
to raise $1 billion from Mr. Batista through a put option to cover
spending next year, Standard & Poor's said in April after cutting
the company's credit rating.

Under terms of the option, which expires in May 2014, Mr. Batista
would pay BRL6.3 per share, as much as four times the price he
sold at last month, Bloomberg News adds.

Based in Rio de Janeiro, Brazil, OGX is one of the largest
independent exploration and production companies in Latin America.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 21, 2013, Fitch Ratings has downgraded OGX Petroleo e Gas
Participacoes S.A.'s foreign and local currency Issuer Default
Rating (IDR) to 'B-' from 'B' and its long-term National Scale
rating to 'BB+(bra)' from 'BBB-(bra)'.


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


ALLFIVE LIMITED: Creditors' Proofs of Debt Due June 21
------------------------------------------------------
The creditors of Allfive 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 wind-up proceedings on May 23, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


ASA LEASING 4: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on May 23, 2013, the members of
Asa Leasing 4 resolved to voluntarily liquidate the company's
business.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949 8244
          Facsimile: (345) 949 5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


BLUE ATTRACTION: Creditors' Proofs of Debt Due July 2
-----------------------------------------------------
The creditors of Blue Attraction (Cayman) Limited are required to
file their proofs of debt by July 2, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 14, 2013.

The company's liquidator is:

          Roy Angliss
          PO Box 141, La Tonnelle House
          Les Banques, St. Sampson
          Guernsey
          Channel Islands
          Telephone: +44 (1481) 712 374
          Facsimile: +44 (1481) 722 046


BROOKSTONE INVESTMENTS: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------------
The creditors of Brookstone Investments 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 wind-up proceedings on May 23, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


CHOLIM CORPORATION: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Cholim Corporation 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 17, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town
          Grand Cayman
          Cayman Islands KY1-1102
          Cayman Islands


CRYSTAL VICTORY: Creditors' Proofs of Debt Due July 22
------------------------------------------------------
The creditors of Crystal Victory Investment Limited are required
to file their proofs of debt by July 22, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on May 8, 2013.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point, Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299 6482
          Facsimile: (441) 299 6526


DAINTREE LIMITED: Creditors' Proofs of Debt Due June 21
-------------------------------------------------------
The creditors of Daintree 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 wind-up proceedings on May 23, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


GALIAM FUND: Creditors' Proofs of Debt Due July 4
-------------------------------------------------
The creditors of Galiam Fund (Offshore), Ltd. are required to file
their proofs of debt by July 4, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 17, 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/Kim Charaman
          Telephone: (345) 943 3100


GALIAM MASTER: Creditors' Proofs of Debt Due July 4
---------------------------------------------------
The creditors of Galiam Master Fund, Ltd. are required to file
their proofs of debt by July 4, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 17, 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/Kim Charaman
          Telephone: (345) 943 3100


JANA PIRANHA: Creditors' Proofs of Debt Due June 25
---------------------------------------------------
The creditors of Jana Piranha Master Fund, Ltd. are required to
file their proofs of debt by June 25, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2013.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 815 1842
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


NGBO HOLDING: Creditors' Proofs of Debt Due June 24
---------------------------------------------------
The creditors of NGBO Holding International Ltd. are required to
file their proofs of debt by June 24, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 15, 2013.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


NORTHHAVEN LIMITED: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Northhaven 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 wind-up proceedings on May 23, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


SPRINGTIME LIMITED: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
The creditors of Springtime 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 wind-up proceedings on May 23, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


WANDA LIMITED: Creditors' Proofs of Debt Due June 21
----------------------------------------------------
The creditors of Wanda 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 wind-up proceedings on May 23, 2013.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170, George Town Grand Cayman KY1-1102
          Cayman Islands


ZULIA ONE: Creditors' Proofs of Debt Due July 5
-----------------------------------------------
The creditors of Zulia One Ltd. are required to file their proofs
of debt by July 5, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

          BDS Corporate Service Limited
          Banca del Sempione (Overseas) Limited
          George Street, George House
          3rd Floor, P.O. Box N-8159
          Nassau
          Bahamas


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


HARVEST NATURAL: Reports $46-Mil. Net Income in First Quarter
-------------------------------------------------------------
Harvest Natural Resources, Inc., filed its quarterly report on
Form 10-Q, reporting net income of $46.0 million for the three
months ended March 31, 2013, compared with net income of
$2.3 million for the same period last year.

The Company currently does not have any revenue or operating cash
inflow and, historically its main source of cash has been
dividends from Petrodelta, S.A.  The Company indirectly owns a net
32 percent interest in Petrodelta.

For the three months ended March 31, 2013, the Company recorded
net income from unconsolidated equity affiliates of $49.5 million,
compared to net income from unconsolidated equity affiliates of
$16.9 million during the same period in 2011.

The Company's balance sheet at March 31, 2013, showed $629.0
million in total assets, $105.8 million in total liabilities, and
stockholders' equity of $523.2 million.

According to the regulatory filing, while the Company believes the
issuance of additional equity securities, short- or long-term debt
financing, farm-downs, delay of the discretionary portion of its
capital spending to future periods and/or operating cost
reductions could be put into place which would not jeopardize its
operations and future growth plans, these circumstances raise
substantial doubt about our ability to continue to operate as a
going concern.

A copy of the Form 10-Q is available at http://is.gd/Bbilvb

Harvest Natural Resources, Inc., headquartered in Houston, Texas,
is an independent energy company with principal operations in
Venezuela, exploration assets in Indonesia, West Africa, and China
and business development offices in Singapore and the United
Kingdom.


PETROTRIN: No Word On Losses Following Fishermen's Protest
----------------------------------------------------------
Azard Ali at Trinidad and Tobago Newsday reports that officials
from state-owned Petroleum Company of Trinidad and Tobago on
June 9 refused to state exactly how much revenue was lost arising
out of a protest by fishermen at one of its oil rigs in the Gulf
of Paria which prevented the routine 6:00 a.m. changing of shift
for workers on the rig.

President of the Icacos United Fishermen Garry Edwards who
spearheaded the protest on the high seas, told Newsday that during
the protest, the fishermen also succeeded in preventing a boat
with supplies from reaching Rig 110, according to Trinidad and
Tobago Newsday.

The report relates that the fishermen are up in arms against
Petrotrin for failing to meet and treat with them on monetary
compensation for depleted fish stocks in waters where new off
shore drilling exploration is currently underway for new gas finds
in waters off Cedros.

A release, signed by the company's Corporate Communications
Manager Gillian Friday, stated: "During this morning's protest,
efforts were made to tamper with some of the safety equipment
located around the drilling rig.  Petrotrin strongly condemns such
action as it has potential to compromise not only the safety of
the company's employees and its equipment, but more so the safety
of the protestors themselves and other fisherfolk who may
innocently wander into the area," the report discloses.

The report notes that efforts to contact Petrotrin to ascertain
whether the company suffered losses proved futile.

The report adds that in its statement, Petrotrin said that the
fishermen have not provided any conclusive evidence, that the
company's operations in the waters off the Cedros coast, are
adversely affecting fish stock.

                          About Petrotrin

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


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


* Fitch Sees Modest Deterioration in Bank Asset Quality for EMs
---------------------------------------------------------------
Fitch Ratings says in a new special report that it continues to
expect a moderate deterioration in bank asset quality across many
emerging markets (EMs) as loan books season following recent
credit growth. However, in most cases Fitch believes still solid
economic performance will help to limit increases in non-
performing loans (NPLs), and banks' profits and capital should
comfortably absorb impairment charges. The most notable exception
is China, although Negative Outlooks also remain in India,
Slovenia, Argentina and Venezuela.

Asset quality in China remains a concern given the magnitude and
pace of credit growth. A rising share of new credit, particularly
among mid-tier banks, is being booked off-balance sheet,
complicating risk assessments. Loss-absorption capacity is under
pressure, and is likely to be more of an issue as loans season.
Most banks can absorb a rise in delinquencies to mid-single
digits, after which government support may be required.

Fitch expects Indian banks' NPL ratios to increase gradually over
the next few quarters due to the economic slowdown and significant
restructured, but currently performing, infrastructure loans.
However, profits and reserves should absorb credit costs, and the
authorities remain committed to supporting government banks'
capital. Outlooks in other EM Asia banking sectors are stable due
to only a moderate expected increase in credit costs, strong
profit and sound capitalisation.

The sharper-than-expected deceleration of the Brazilian economy,
following recent rapid credit expansion, is causing somewhat
higher impairment in retail/SME portfolios, and the lower policy
rate has put some pressure on margins. However, most banks' still
comfortable capital and liquidity mitigate these concerns.
Elsewhere in LatAm, Outlooks are Stable in Mexico, Chile, Peru and
Colombia, but Negative on Argentine and Venezuelan banks due to
potential macro rebalancing/volatility.

Turkish banks' credit metrics have remained sound after recent
rapid credit growth and the slowdown in 2012. Fitch expects only a
moderate increase in NPLs as loan books season, with economic
growth supporting credit quality. Further erosion of still sound
capital and funding ratios should be limited, given expected loan
growth of 15%-20%.

In Russia, Fitch has concerns about rapid retail loan growth,
legacy corporate asset quality problems, tighter capital and a
slowing economy. Solid performance and capital at some banks
mitigate these risks, while others are more vulnerable. Progress
with loan book clean-ups in Kazakhstan and Ukraine remains
limited.

Slovenian banks need significant recapitalisation due to
increasing, and weakly reserved, NPLs. Elsewhere in central and
eastern Europe, there are signs of NPLs stabilising in some of the
weaker markets, and parent banks remain supportive.

Government stimulus, in particular through infrastructure
spending, should support growth in the GCC, aiding banks'
performance and asset quality, but legacy NPLs are significant in
the UAE and Kuwait. Lower NPLs at South African banks have been
driven in part by low interest rates, but consumer loan growth
creates downside risks.

82% of EM bank IDRs had a Stable Outlook at end-Q113. 15% of
ratings had a Negative Outlook/Watch, with concentrations in
India, Slovenia, Venezuela and Argentina, but this was down from
18% at end-Q312 as South African and Belarusian banks' Outlooks
were revised to Stable following sovereign credit profile changes.


                            ***********


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.


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