TCRLA_Public/130712.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

           Friday, July 12, 2013, Vol. 14, No. 137


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Redeems Its 9% First Preferred 2014 Notes


B R A Z I L

CONCESSIONARIA RODOVIAS: Moody's Rates Senior Debentures 'Ba2'
JBS SA: Seeks to Improve Credit Conditions for Seara-Linked Debt
JBS SA: Expands Poultry Push With Marfrig Deal


C A Y M A N  I S L A N D S

ASIA PACIFIC: Shareholders to Hold Final Meeting on July 29
BURRATOR CAPITAL: Shareholders to Hold Final Meeting on July 24
CENTRAL SPV: Shareholder to Hear Wind-Up Report on Aug. 2
EUROMAX III MBS: S&P Lowers Rating on Class A-1 Notes to B-
M & D INC: Shareholder to Hear Wind-Up Report on July 31

ODIN CDO I NO.2: Shareholder to Hear Wind-Up Report on Aug. 2
ODIN CDO I NO.3: Shareholder to Hear Wind-Up Report on Aug. 2
PK JAPAN: Shareholder to Hear Wind-Up Report on Aug. 9
PK JAPAN MASTER: Shareholder to Hear Wind-Up Report on Aug. 9
PROGRESSIVE RETURNS: Shareholders to Hold Final Meeting on July 31

REVERIO CAPITAL: Shareholder to Hear Wind-Up Report on July 31
VENTURE CITY: Shareholder to Hear Wind-Up Report on July 31


D O M I N I C A N   R E P U B L I C

AES ANDRES: Fitch Affirms 'B' Foreign Currency IDR
EMPRESA GENERADORA: Fitch Affirms 'B' Issuer Default Ratings
ITABO DOMINICANA: Fitch Affirms 'B' Issuer Default Ratings


G U A T E M A L A

* Moody's Rating for Guatemala Stays at Ba1; Outlook is Stable


M E X I C O

PATRIMONIO SA: S&P Affirms BB Rating to Series PATRICB 07U Notes


T R I N I D A D  &  T O B A G O

CARIBBEAN CEMENT: Workers Get Pay Increase


                            - - - - -


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Redeems Its 9% First Preferred 2014 Notes
----------------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed that the Company was to
redeem all $180 million of its outstanding 9% First Preferred Ship
Mortgage Notes due 2014 last July 10, 2013.

The Depository Trust Company ("DTC") was advised of the redemption
on June 10, 2013.

Ultrapetrol -- http://www.ultrapetrol.net-- is an industrial
transportation company serving the marine transportation needs of
its clients in the markets on which it focuses.  It serves the
shipping markets for containers, grain and soya bean products,
forest products, minerals, crude oil, petroleum, and refined
petroleum products, as well as the offshore oil platform supply
market with its extensive and diverse fleet of vessels.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 17, 2013, Moody's Investors Service upgraded Ultrapetrol
(Bahamas) Limited's corporate family rating to B3 and assigned a
B3 rating to Ultrapetrol's $200 million 8.875% senior secured ship
mortgage notes due 2021, removing the (P) designation.


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


CONCESSIONARIA RODOVIAS: Moody's Rates Senior Debentures 'Ba2'
--------------------------------------------------------------
Moody's America Latina Ltda. assigned a final Ba2 rating on the
global scale and a Aa2.br rating on the Brazilian National scale
to Concessionaria Rodovias do Tiete S.A.'s (Rodovias do Tiete or
the concessionaire) BRL1,065 million senior secured amortizing
debentures with a final maturity in 15 years. The outlook is
stable.

Ratings Rationale:

On May 9, 2013 Moody's had assigned a (P) Ba2/Aa2 rating to the
15-year BRL 1,065 MM senior secured debentures that were to be
issued by Concessionaria Rodovias do Tiete (CRT). Assignment of
the final rating was predicated on a review of final documents and
verification of the final financing structure and debt amount.
Moody's has reviewed executed transaction documents and is now
assigning the final Ba2 and Aa2.br ratings with a stable outlook.

Recent Developments:

- The debentures were priced on Jun 19th, 2013 and issued on June
15, 2013.

- The following change is noted from previously reviewed
documents. Mandatory Amortization -- Previously, in the event DSCR
was below 1.3x over 3 consecutive semesters, debt would
automatically have to be amortized with trapped cash. Now the cash
is required to be trapped but amortization will occur only at the
option of 2/3 of the debenture holders. Any trapped cash not
utilized towards amortization payments will be released once DSCR
is over 1.3x over 2 consecutive semesters.

- One of the 50% shareholders of Rodovias do Tiete, Atlantia-
Bertin Participacoes is being incorporated by Atlantia Bertin
Concessoes, with 50% + 1 share controlled by Atlantia and 50% - 1
share controlled by the Bertin group. Atlantia-Bertin Concessoes
will assume all of Atlantia-Bertin's responsibilities under the
concession and other agreements. This shareholder structure has
already been approved by Artesp.

The principal methodology used in this rating was Operational Toll
Roads published in December 2006.

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.


JBS SA: Seeks to Improve Credit Conditions for Seara-Linked Debt
----------------------------------------------------------------
The Wall Street Journal reports JBS SA is in talks with Brazilian
banks to try to improve the conditions for debt it will take on as
part of its takeover of poultry and pork producer Seara Brasil.

JBS will assume about US$$2.7 billion in debt to buy Seara from
Marfrig Alimentos SA, according to The Wall Street Journal.

"We're renegotiating the conditions of the debt. . . . We have a
better rating (than Marfrig), so it's natural to associate better
interest rates" with JBS, Jerry O'Callaghan, JBS' head of investor
relations, said, the report notes.

The report relates that Mr. O'Callaghan pointed out that the
takeover has yet to be approved by Brazilian anti-trust
authorities, so contacts with banks are non-binding for now.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Fitch Ratings has placed JBS S.A.'s (JBS) ratings
on Negative Watch following the announcement that it will acquire
certain assets from Marfrig Alimentos S.A.'s (Marfrig), including
Marfrig's Seara Brazil (Seara) business through the assumption of
BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with
maturities between 2013 and 2017. The completion of the
transaction would require the approval of CADE, the Brazilian
antitrust authority.


JBS SA: Expands Poultry Push With Marfrig Deal
----------------------------------------------
Fabiola Gomes at Reuters reports that Brazil's JBS SA will acquire
Marfrig Alimentos SA's local poultry and pork unit for US$2.75
billion in assumed debt, further extending its reach beyond its
core beef business in a deal that throws a lifeline to its
financially strapped rival.

The takeover of Marfrig's Seara-branded Brazilian processed foods
business should vault JBS, already the world's largest beef
producer, to the global top spot in poultry as well, Chief
Executive Office Wesley Batista said, according to Reuters.

Reuters notes that the deal, which also gives JBS SA a Uruguay-
based leather operation, follows a period of aggressive
consolidation in Brazil's meat industry.

Reuters relates that state development bank BNDES has been
providing cheap credit to buyers in a government effort to create
"national champions" that can compete on a global scale.

The report notes that while both JBS and Marfrig borrowed heavily
to finance a string of acquisitions, the latter has faced more
difficulty in reducing its debt load, which currently stands at
US$6.1 billion.

"The deal puts the company in its best debt position in recent
years," Sergio Rial, president of Seara Brasil, said at the same
news conference.

The report says that Mr. Rial, who is slated to become chief
executive officer of Marfrig in 2014, said the sale would help the
company cut its debt load by about 60 per cent and "practically
eliminate" its bank debt.

The report discloses that Marfrig shares, which had fallen about
12 per cent this year on concerns over its debt, were up 9.3 per
cent at BRL8.14, while JBS fell seven per cent to BRL6.63.

"The reduction of Marfrig's debt is positive, but JBS SA on the
other hand became more indebted," the report quoted Luis Gustavo
Pereira, a strategist with Futura Corretora, a Sao Paulo
brokerage, as saying. But JBS is not at "critical" levels of
indebtedness the way Marfrig was, he added.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 14, 2013, Fitch Ratings has placed JBS S.A.'s (JBS) ratings
on Negative Watch following the announcement that it will acquire
certain assets from Marfrig Alimentos S.A.'s (Marfrig), including
Marfrig's Seara Brazil (Seara) business through the assumption of
BRL5.85 billion (USD2.9 billion) of Marfrig's bank debt with
maturities between 2013 and 2017. The completion of the
transaction would require the approval of CADE, the Brazilian
antitrust authority.


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


ASIA PACIFIC: Shareholders to Hold Final Meeting on July 29
-----------------------------------------------------------
The shareholders of Asia Pacific Haven Master Fund will hold their
final meeting on July 29, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106
          Grand Cayman KY1-1205
          Cayman Islands


BURRATOR CAPITAL: Shareholders to Hold Final Meeting on July 24
---------------------------------------------------------------
The shareholders of Burrator Capital Limited will hold their final
meeting on July 24, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The meeting will be held at the 3rd Floor of Leisure Island
Business Centre in Ocean Village, Gibraltar.


CENTRAL SPV: Shareholder to Hear Wind-Up Report on Aug. 2
---------------------------------------------------------
The shareholder of Central SPV Company Limited will receive on
Aug. 2, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

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


EUROMAX III MBS: S&P Lowers Rating on Class A-1 Notes to B-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EUROMAX III MBS Ltd.'s class A-1 and A-2 notes.  At the same time,
S&P has affirmed its rating on the class B notes.

The rating actions follows S&P's assessment of the transaction's
performance using data from the latest available trustee report,
dated May 10, 2013.

S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class of
notes at each rating level.  In S&P's analysis, it used the
reported portfolio balance that it considers to be performing
(EUR73,820,245), the current weighted-average spread (1.09%), and
the weighted-average recovery rates that S&P calculated in
accordance with its 2012 criteria for rating collateralized debt
obligations (CDOs) of structured finance assets.

S&P applied various cash flow stress scenarios, using nine
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"From our analysis, we have observed that the aggregate collateral
balance has decreased by EUR4.59 million (to EUR73.82 million from
EUR78.41 million) since our last review on June 7, 2012.  In our
opinion, the reduced collateral balance is due to the amortization
of the class A-1 notes which, has increased the credit enhancement
for all classes of notes," S&P said.

S&P has also observed that the result of the overcollateralization
ratio test has worsened to 98.52% from 108.94%, since its last
review, and has fallen below the required trigger of 105.00%.

Since S&P's last review, it has noted a significant decrease, to
9.24% from 34.32%, in the proportion of assets that S&P considers
to be rated in a 'BBB' category ('BBB+', 'BBB', and 'BBB-') and an
increase to 21.5% from 17.82%, in the proportion of the assets in
a 'CCC' category ('CCC+', 'CCC', and 'CCC-').  Furthermore,
defaulted assets make up 15.53% of the entire asset pool.  In
S&P's view, the negative rating migration has worsened the
scenario default rates.

In S&P's opinion, taking into account the results of its credit
and cash flow analysis, the available credit enhancement for the
class B notes is commensurate with the currently assigned rating.
S&P has therefore affirmed its 'CCC- (sf)' rating on the class B
notes.

"Our credit and cash flow analysis of the class A-1 and A-2 notes
indicated that the available credit enhancement is commensurate
with lower ratings than previously assigned.  We have therefore
lowered to 'B- (sf)' from 'BB+ (sf)' our rating on the class A-1
notes and to 'CCC (sf)' from 'B (sf)' our rating on the class A-2
notes," S&P added.

EUROMAX III MBS is a cash flow mezzanine structured finance CDO of
a portfolio that comprises predominantly residential mortgage-
backed securities as well as commercial mortgage-backed
securities, and, to a lesser extent, CDOs of corporates and CDOs
of asset-backed securities.  The transaction closed in December
2002 and is managed by CIBC World Markets Inc.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class              Rating
            To                From

EUROMAX III MBS Ltd.
EUR195.24 Million Asset-Backed Floating-Rate Notes

Ratings Lowered

A-1         B- (sf)           BB+ (sf)
A-2         CCC (sf)          B (sf)

Rating Affirmed

B           CCC- (sf)


M & D INC: Shareholder to Hear Wind-Up Report on July 31
--------------------------------------------------------
The shareholder of M & D Inc. Ltd. will receive on July 31, 2013,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Wendy Cutri
          280 Soledad Place
          Coronado, CA 92118
          USA
          Telephone: +1 (619) 4358 2602


ODIN CDO I NO.2: Shareholder to Hear Wind-Up Report on Aug. 2
-------------------------------------------------------------
The shareholder of Odin CDO I (Cayman Islands No.2) Limited will
receive on Aug. 2, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

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


ODIN CDO I NO.3: Shareholder to Hear Wind-Up Report on Aug. 2
-------------------------------------------------------------
The shareholder of Odin CDO I (Cayman Islands No.3) Limited will
receive on Aug. 2, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

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


PK JAPAN: Shareholder to Hear Wind-Up Report on Aug. 9
------------------------------------------------------
The shareholder of PK Japan Long will receive on Aug. 9, 2013, at
8:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


PK JAPAN MASTER: Shareholder to Hear Wind-Up Report on Aug. 9
-------------------------------------------------------------
The shareholder of PK Japan Master will receive on Aug. 9, 2013,
at 8:45 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

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


PROGRESSIVE RETURNS: Shareholders to Hold Final Meeting on July 31
------------------------------------------------------------------
The shareholders of Progressive Returns Fund Ltd will hold their
final meeting on July 31, 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:

          Michael Penner
          c/o Marcin Czarnocki
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Telephone: +1 (345) 814 2228


REVERIO CAPITAL: Shareholder to Hear Wind-Up Report on July 31
--------------------------------------------------------------
The shareholder of Reverio Capital Limited will receive on
July 31, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Wendy Cutri
          280 Soledad Place
          Coronado, CA 92118
          USA
          Telephone: +1 (619) 4358 2602


VENTURE CITY: Shareholder to Hear Wind-Up Report on July 31
-----------------------------------------------------------
The shareholder of Venture City Limited will receive on July 31,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Zhang, Su
          Zhongdian Development Building, Room 301-303, 3rd Floor
          No.9, Xiaguang LI, Chaoyang District
          Beijing, PRC
          Telephone: +010 (868) 468 1562
          Facsimile: +010 (868) 468 1662 ext 8034


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


AES ANDRES: Fitch Affirms 'B' Foreign Currency IDR
--------------------------------------------------
Fitch Ratings has affirmed AES Andres Dominicana SPV's (AES
Dominicana) Foreign Currency Issuer Default Rating (IDR) at 'B',
with a Stable Outlook.

KEY RATING DRIVERS

AES Dominicana's ratings reflect the Dominican Republic's (DR)
electricity sector's high dependency on transfers from the central
government to service its financial obligations, a condition that
links the credit quality of the distribution companies (EDEs) and
generation companies in the country to that of the sovereign. Low
collections from end-users and high electricity losses have
undermined distribution companies' cash generation capacity,
exacerbating generation companies' dependence on public funds to
cover the gap produced by insufficient payments received from
distribution companies.

Fitch expects the effects of recent policy changes to allow EDEs
to reach breakeven cash flow generation in the medium term. Yet,
the absence of a new stand-by arrangement (SBA) with the
International Monetary Fund (IMF; the last SBA expired on Feb. 28,
2012) holds the potential to derail the modest progress achieved
by the sector so far. AES Dominicana's ratings also consider its
solid asset portfolio, strong balance sheet, and well-structured
purchase power agreements (PPAs), which contribute to strong cash
flow generation and bolster liquidity.

High Losses Lead to High Risk

The electricity sector registered energy losses of 31.6% and an
average collection rate of 91.1% by November 2012, rendering the
cash generation capacity of the distribution companies very weak
as evidenced by a Cash Recovery Index of 62.3%, still below the
target established in conjunction with the IMF of 70%. This
situation reinforces the sector's dependency on public transfers
and makes it a high risk sector, especially at a time of rising
fiscal vulnerabilities affecting the Central Government's
finances.

High-Quality Asset Base

AES Dominicana's ratings reflect its high-quality generation
assets, which consist of Andres and DPP with an aggregate
effective generating capacity of 540 MW. Andres is the company's
newest and most efficient power plant, and ranks among the lowest-
cost electricity generators in the country. Andres' combined-cycle
plant burns natural gas and is expected to be fully dispatched as
a base-load unit as long as the liquefied natural gas (LNG) price
is not more than 15% higher than the price of imported fuel oil
No. 6.

Strong Credit Metrics

The company continued to post strong credit metrics during the LTM
period ended March 2013, with strong annualized EBITDA at USD177
million by the end of the first quarter of 2013. This performance
translated into leverage and coverage indicators with respect to
EBITDA of 0.9x and 10.2x during this period, metrics considered to
be conservative for the rating category.

Cash Flow Volatility Persists

Government delays in transferring funds to cover the sector's
deficit continue to pressure the company's cash flow. For the LTM
March 2013, AES Dominicana generated USD104 million of cash flow
from operations (CFFO), above the USD45 million posted in FY2012.
However; days of sales (DOS) outstanding totaled 85 days for
Andres and 88 for DPP, above the targeted average DOS objective of
60 days. Fitch expects the continuation of arrears accumulation to
add further volatility to AES Dominicana's cash flow generation in
the future.

Debt Structure Adds Flexibility

The company's debt structure with a single maturity in 2020
provides ample financial flexibility and eliminates liquidity
risk. As of March 30, 2013, AES Dominicana had cash and marketable
security holdings of USD135 million and USD27.5 million in
available lines of credit, providing an ample liquidity cushion to
meet operational and financial needs.

Rating Sensitivities

A positive rating action could follow if the DR's sovereign
ratings are upgraded or if the electricity sector achieves
financial sustainability through proper policy implementation.

A negative rating action would follow if the DR's sovereign
ratings are downgraded, if further deterioration of the sector's
key performance indicators reinforces the dependence on government
transfers or if the company's operational and financial
performance deteriorates to the point of increasing the ratio of
Debt-to-EBITDA to 5x for a sustained amount of time.

Fitch has affirmed the following ratings:

-- AES Andres Dominicana
-- LT FC IDR at 'B', Outlook Stable;
-- LT bond rating at 'B/RR4'.

Fitch also affirmed:

AES Andres B.V.
-- LT National rating at 'A-(dom)', Outlook Stable.


EMPRESA GENERADORA: Fitch Affirms 'B' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
HAINA, S.A.'s (HAINA) ratings, including its Foreign Currency and
Local Currency Issuer Default Ratings (IDRs) at 'B'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

HAINA's ratings reflect the electricity sector's high dependency
on transfers from the Dominican Republic central government to
service its financial obligations, a condition that links the
credit quality of the distribution (EDEs) and generation companies
in the country to that of the sovereign. Low collections from end-
users and high electricity losses have undermined distribution
companies' cash generation capacity, exacerbating generation
companies' dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies.

Fitch expects the continuation of recent policy changes to allow
EDEs to reach breakeven cash flow generation in the medium term.
However, the last stand-by arrangement (SBA) with the
International Monetary Fund (IMF) expired on Feb. 28, 2012, and
the absence of a new agreement could potentially derail the modest
progress achieved by the sector so far. HAINA's ratings also
consider its well diversified generation portfolio, strong balance
sheet and well-structured PPAs, which contribute to strong cash
flow generation and bolster liquidity.

High Losses Lead to High Risk

The electricity sector registered energy losses of 31.6% and an
average collection rate of 91.1% both by November 2012, rendering
the cash generation capacity of the distribution companies very
weak as evidenced by a Cash Recovery Index of 62.3%, still below
the 70% target established under the recently expired IMF SBA.
This situation reinforces the sector's dependency on public
transfers and makes it a high risk sector, especially at a time of
rising fiscal vulnerabilities affecting the Central Government's
fiscal stance.

Diversified Asset Portfolio

HAINA's ratings are supported by its diversified portfolio of
generation assets, the use of various sources of fuel in its
plants, its strong market position and operational efficiency.
HAINA'S generation assets comprise plants that use fuel oil,
diesel, coal and wind located throughout the country. This
provides the company with different positions on the dispatch
merit list, reinforcing the company's operational results.

Strong Financial Profile

HAINA continues to post a strengthening EBITDA in support of a
relatively stable Funds From Operations (FFO) and strong credit
metrics for the rating category. For the LTM period ended March
2013, the company reported EBITDA of USD 137 million, an increase
from USD132 million registered in fiscal year 2012, while its FFO
stood at USD 87 million. Its interest coverage and net leverage
stood at 5.8x and 3.1x both with respect to EBITDA.

Cash Flow Volatility Persists

HAINA had a poor collections performance in the first quarter of
2013 as the government did not make any payments toward reducing
the company's overdue accounts receivable during this period. By
the end of March 2013 the company's collection rate stood at a
merely 56%. This had a negative impact on cash flow generation
which stood low at USD10 million by the LTM March 2013, down from
USD 87 million reported during 2012. Fitch expects the
continuation of arrears accumulation to add further volatility to
HAINA's cash flow generation in the future.

Debt Maturities Adds Flexibility

HAINA's debt structure with staggered maturities and a three-year
average life contributes to lowering liquidity risk. As of March
31, 2013 HAINA had total debt of 474 USD million of which USD68
million was short-term debt. The company's cash and marketable
securities balance stood at USD55 million. Available lines of
credit totaled USD44 million, providing liquidity to meet
operational and financial needs.

Fitch has affirmed HAINA's ratings as follows:

-- Foreign Currency IDR at 'B', Outlook to Stable;
-- Local Currency IDR at 'B', Outlook Stable;
-- National Long-term rating at 'A-(dom)'; Outlook Stable;
-- USD175 million notes due 2017 at 'B/RR4';
-- Senior unsecured notes 2016 at 'A-(dom)'.

Factors that could lead to rating changes:

A positive rating action could follow if the Dominican Republic
sovereign's ratings are upgraded or if the sector achieves
financial sustainability through properly policy implementation.

A negative rating action would follow if the Dominican Republic
sovereign's ratings are downgraded, if further deterioration of
the sector's key performance indicators reinforces the dependence
on government transfers or if the company's operational and
financial performance deteriorates to the point of increasing the
ratio of Debt to Ebitda to 5x in a sustained fashion.


ITABO DOMINICANA: Fitch Affirms 'B' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed ITABO Dominicana SPV's (ITABO) foreign
currency and local currency Issuer Default Ratings (IDRs) at 'B'.
The Rating Outlook is Stable.

KEY RATING DRIVERS

ITABO's ratings reflect the electricity sector's high dependency
on transfers from the central government to service its financial
obligations, a condition that links the credit quality of the
distribution companies (EDEs) and generation companies in the
country to that of the sovereign. Low collections from end-users
and high electricity losses have undermined distribution
companies' cash generation capacity, exacerbating generation
companies' dependence on public funds to cover the gap produced by
insufficient payments received from distribution companies.

Fitch expects the continuation of recent policy changes to allow
EDEs to reach breakeven cash flow generation in the medium term.
Yet, the absence of a new stand by arrangement (SBA) with the
International Monetary Fund (IMF) (the last stand by expired on
Feb. 28, 2012) holds the potential to derail the modest progress
achieved by the sector so far. ITABO's ratings also consider its
low cost generation portfolio, strong balance sheet and well
structured PPAs, which contribute to strong cash flow generation
and bolster liquidity.

High Losses Lead to High Risk

The electricity sector registered energy losses of 31.6% and an
average collection rate of 91.1% both by November 2012, rendering
the cash generation capacity of the distribution companies very
weak as evidenced by a Cash Recovery Index of 62.3%, still below
the target established in conjunction with the IMF of 70%. This
situation reinforces the sector's dependency on public transfers
and makes it a high risk sector, especially at a time of rising
fiscal vulnerabilities affecting the Central Government's
finances.

Low Cost Asset Portfolio

ITABO's ratings incorporate its strong competitive position as one
of the lower cost thermoelectric generators in the country,
ensuring the company's consistent dispatch of its generation
units. The company operates two low cost coal fired thermal
generating units and a third peaking plant that runs on Fuel Oil
#2 and sells electricity to three distribution companies in the
country through well structured long term U.S. dollar denominated
PPAs.

Operational Profitability Falls

ITABO registered a 10.4% fall in its EBITDA by the end of the
latest 12 months (LTM) March 2013; as it stood at USD48 million,
below the USD54 million posted in fiscal year (FY) 2012. This
reduction was due to: i) a major maintenance stop in Itabo's
generation unit II that led to lower physical energy sales in the
spot market and ii) lower coal prices used for indexing PPA
contract sales; all of which translated into an 8.4% fall in
annualized revenues during this period. However, going forward,
Fitch expects the company to continue strengthening its operation
and financial results based on the implementation of its coal
purchasing strategy that leverages the support of the AES Corp. to
optimize contractual terms and ensure increasing operational
returns.

Adequate Credit Metrics

This EBITDA generation translated into adequate credit metrics as
evidenced by net leverage and coverage indicators with respect to
this aggregate of 1x and 1.8x respectively by March 2013. Fitch
expects the coverage ratio to continue improving as the company
succeeds in its cost optimization strategy aimed at reducing
average coal prices and, consequently, generation costs.

Temporary CFFO improvement

For the LTM March 2013, ITABO generated USD85 million of CFFO,
above the USD33 million posted in FY2012. This improvement was due
to lower fuel inventories, higher accounts payables and to a lower
buildup of account receivables in arrears, all of which reduced
working capital requirements. However, like other generators in
the country, the company struggles to collect receivables from
distribution companies. At the end of first quarter 2013, days of
sale (DOS) stood at 139 days, above the 102 DOS registered by
December 2012. Fitch expects the continuation of arrears
accumulation to add further volatility to ITABO's cash flow
generation in the future.

Debt Structure Adds Flexibility

The company's debt structure is quite manageable with a seven year
average life which properly contributes to the reduction of
liquidity risk. As of March 31, 2013, ITABO's cash and marketable
security holdings stood at of USD80 million providing ample
liquidity cushion to meet operational and financial needs.

RATING SENSITIVITIES

Factors that could lead to a change in the assigned ratings:

A positive rating action could follow if the Dominican Republic's
sovereign ratings are upgraded or if the sector achieves financial
sustainability through properly policy implementation.

A negative rating action would follow if the Dominican Republic's
sovereign ratings are downgraded, if further deterioration of the
sector's key performance indicators reinforces the dependence on
government transfers or if the company's operational and financial
performance deteriorates to the point of increasing the ratio of
Debt to EBITDA to 5x in a sustained fashion.

Fitch has affirmed the following ratings:

-- ITABO Dominicana SPV's foreign currency IDR at 'B', Stable
   Outlook;

-- Empresa Generadora de Electricidad Itabo, S.A.'s foreign
   currency and local currency IDRs at 'B', Stable Outlook;

-- ITABO Dominicana SPV's bond issuance maturing in 2020 at
   'B/RR4';

-- Empresa Generadora de Electricidad Itabo, S.A.'s national
   long-term issuer rating at 'A-(dom)'; Stable Outlook;

-- ITABO's local bond rating at 'A-(dom)'.


==================
G U A T E M A L A
==================


* Moody's Rating for Guatemala Stays at Ba1; Outlook is Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the Republic of Guatemala's Ba1
bond rating, and maintained the stable outlook. The affirmation is
based upon the following rating support factors:

1. Its expectation that the government's long track record of
prudent fiscal management will continue;

2. Proven resiliency to domestic and external shocks.

The rating is constrained by the following factors:

1. Low income per capita and limited economic growth outlook
relative to peers;

2. Weak institutions, including rule of law and overall government
effectiveness.

As part of this rating action, Guatemala's long-term foreign
currency bond ceiling remained unchanged at Baa3, while the short-
term foreign currency bond ceiling changed to P-3 from NP. The
foreign currency deposit ceiling remained unchanged at Ba2, while
the local currency bond and deposit ceilings changed to Baa1 from
A3.

Ratings Rationale:

Guatemala's $50 billion economy is the largest in Central America,
coming above the 'Ba' median of $46 billion. The country's per
capita GDP (PPP basis) of $4,900 in 2011 (most recent) is lower
than the 'Ba' median of $5,900. Limited growth potential and weak
development indicators continue to be key constraints on
Guatemala's sovereign rating.

Moderate growth and a high degree of informality have led to a
historically low tax revenue base with government revenues of 12%
of GDP on average over the past decade, among the lowest in
Moody's sovereign rating universe. However, the current
administration secured passage of a tax reform in 2012 which, if
fully implemented, Moody's expects will boost government revenues
by 0.5-1.0% of GDP over the time horizon spanning 2013-2016.

Despite weak revenues, the government has a long track record of
maintaining moderate fiscal deficits. An average budget deficit of
2.1% of GDP since 1997, never exceeding 3.3% of GDP during that
time frame, is evidence of prudent fiscal management. The
government debt-to-GDP ratio is currently 24% of GDP and has not
exceeded the 25% of GDP mark since 1997.

Guatemala ranks low in the World Bank's governance indicators,
which are used by Moody's as proxies for institutional strength.
Key weaknesses are in the areas of rule of law and overall
government effectiveness. Despite this, positive aspects to
highlight include a long track record of prudent fiscal and
monetary policies, data transparency, and a solid relationship
with the IMF and other multilaterals.

While Guatemala is exposed to shocks, both domestic and external,
Moody's assesses its susceptibility to event risk as low. This is
primarily a reflection of its demonstrated resiliency to multiple
adverse shocks since Moody's has rated the country, including
recovery from a 36-year civil war, the 2008/2009 US financial
crisis, and multiple natural disasters. Throughout the last 16
years, government finances and the country's external position
have remained relatively stable, highlighting various different
administrations' ability to manage adverse conditions without
compromising macroeconomic stability.

What Could Change The Rating Up

An upgrade to Guatemala's rating is unlikely in the near to medium
term. Upward pressure on the rating would require both (i)
improvement in economic conditions that lead to higher GDP growth
on a sustained basis, and (ii) material improvement of the
country's institutional framework in general, governance
indicators in particular.

What Could Change The Rating Down

The rating could experience downward pressure if (i) there is an
erosion of the country's longstanding commitment to conservative
fiscal management, (ii) worse-than-expected economic performance
results in persistently higher debt ratios, or (iii) weak social
development indicators and domestic security challenges begin to
pose a threat to political stability.

The principal methodology used in this rating was "Sovereign Bond
Ratings Methodology" published in September 2008.

The weighting of rating factors is described in the methodology
used in this rating action, if applicable.

GDP per capita (PPP basis, US$): 4,928 (2011 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3% (2012 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.4% (2012 Actual)

Gen. Gov. Financial Balance/GDP: -2.4% (2012 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -2.9% (2012 Actual) (also known as
External Balance)

External debt/GDP: 26.9% (2012 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On July 3, 2013, a rating committee was called to discuss the
rating of the Guatemala, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/framework, have materially
decreased. The issuer's governance and/or management, have
materially decreased. The issuer's fiscal or financial strength,
including its debt profile, has not materially changed. The
issuer's susceptibility to event risks has not materially changed.


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


PATRIMONIO SA: S&P Affirms BB Rating to Series PATRICB 07U Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
rating to 'mxAA+ (sf)' from 'mxAA (sf)' on the senior series
PATRICB 07 from one Mexican RMBS transaction originated and
serviced by Patrimonio S.A. de C.V., SOFOM, E.N.R. (Patrimonio),
and affirmed the series' global scale 'BBB (sf)' rating.  At the
same time, S&P affirmed the global and national scale ratings on
the series PATRICB 06U and PATRICB 07U from two other Patrimonio
transactions, and affirmed the 'mxA (sf)' rating on the
subordinated series PATRICB 07-2.

The raised rating on the PATRICB 07 notes reflects that the
current credit enhancement levels, in the form of excess spread,
subordination, overcollateralization, and cash reserves, are
sufficient to withstand a 'mxAA+ (sf)' rating stress scenario.
Given that the underlying portfolio has shown stable delinquency
levels and nonperforming ratios measured over the initial loan
balance, the deal has been able to build up credit protection
since S&P's last review.  As of May 2013, the credit enhancement
level was 16.60% (calculated as one minus the liabilities divided
by the current assets plus the percentage of subordinated series).

The affirmations reflect S&P's opinion that credit enhancement
levels are sufficient to support the current ratings under
observed and projected performance scenarios.  Delinquencies and
nonperforming ratios are currently in line with S&P's
expectations; however, if their performance within the underlying
portfolios weakens to exceed its projections, S&P will review the
transactions again.

S&P's 'mxA (sf)' rating on PATRICB 07-2 addresses the likelihood
of accrued interest and principal payment at maturity.  S&P's
ratings on the other series address the likelihood of monthly
interest payments and principal payments at maturity.

NONPERFOMING RATIOS AND CREDIT ENHANCEMENT LEVELS

Series            +90 days DQ(%)   +90 days DQ(%)      C/E (%)
                             (i)             (ii)        (iii)
PATRICB 06U               31.53             13.58         5.52
PATRICB 07U               38.26             18.84       (8.85)
PATRICB 07                13.85              6.80        16.60
PATRICB 07-2              13.85              6.80         6.82

(i)Measured over the outstanding amount of the loans. (ii)
Measured over initial balance of the loans.  (iii)Calculated as
(one minus the liabilities divided by the current assets plus the
percentage of subordinate series, if any). DQ--Delinquent. C/E--
Credit enhancement.

"We estimated the transactions' delinquency, defaults, and current
credit enhancement levels using our current RMBS methodology and
assumptions, and analyzed the transactions using LEVELS Mexico to
determine updated foreclosure frequency and loss severity levels.
We then used our Mexican RMBS cash flow model to determine our
rating on each deal based on its financial position, projected
performance, and structure.  We modeled each deal's expected
recovery using asset liquidations that are consistent with the
output of LEVELS Mexico," S&P noted.

FORECLOSURE FREQUENCY AND LOSS SEVERITY LEVELS MODELLED

Series          FF (%)         LS (%)
PATRICB 06U     24.19          84.11
PATRICB 07U     18.83          75.40
PATRICB 07      19.52          32.83
PATRICB 07-2    13.35          22.78

FF--Foreclosure frequency. LS--Loss severity.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of
similar securities.  The Rule applies to in-scope securities
initially rated (including preliminary ratings) on or after
Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED

Patrimonio - Bursatilizaciones de Hipotecas Residenciales
Series             Rating                  Amount
              To           From            (mil.)
PATRICB 07    mxAA+ (sf)   mxAA (sf)    MXN360.40

RATINGS AFFIRMED

Patrimonio - Bursatilizaciones de Hipotecas Residenciales
Series            Rating              Amount
                                      (mil.)
PATRICB 06U       BBB- (sf)       74.39 UDIs
PATRICB 06U       mxAA- (sf)      74.39 UDIs
PATRICB 07U       BB (sf)         75.74 UDIs
PATRICB 07U       mxA (sf)        75.74 UDIs
PATRICB 07        BBB (sf)         MXN360.40
PATRICB 07-2      mxA (sf)          MXN41.78

UDIS--Mexican inflation-linked units.


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


CARIBBEAN CEMENT: Workers Get Pay Increase
------------------------------------------
RJR News reports that hourly paid workers at Caribbean Cement
Company Limited are to get a pay increase.

The company and the National Workers Union have entered into a
two-year Collective Labor Agreement which took effect on July 1,
according to RJR News.

The report relates that the highlight of the agreement is a 12 per
cent wage increase over the two years.  It also includes
allowances, the report notes.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 18, 2011, Caribbean Cement Company Limited has incurred a
JM$608.08 million loss in the three months ended April to June
2011 from JM$217.95 million loss in the same period last year.
The company incurred JM$857.56 million loss in the six months
ended January to June 2011 from a JM$213.40 million in the same
period 2010.  Caribbean Cement posted a JM$1.58 billion loss in
the year ended 2010.


                            ***********


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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