TCRLA_Public/130715.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Monday, July 15, 2013, Vol. 14, No. 138


                            Headlines



B A R B A D O S

* BARBADOS: Suffers Declines in All Markets


B R A Z I L

BRENNAND ENERGIA: Moody's Withdraws Ratings on BRL165MM Debentures


C A Y M A N  I S L A N D S

ANCHOR POINT: Shareholder to Receive Wind-Up Report on July 30
ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 23
BEST GROWTH: Members to Receive Wind-Up Report on July 24
CAMULOS PARTNERS: Members to Hear Wind-Up Report on July 29
CAMULOS SPECIAL: Members to Hear Wind-Up Report on July 29

LESMANS INDUSTRIES: Members to Hear Wind-Up Report on Aug. 5
LINCOLN VALE: Members to Receive Wind-Up Report on July 29
LOAN VALUE: Shareholder to Receive Wind-Up Report on Aug. 9
LOAN VALUE MASTER: Shareholder to Receive Wind-Up Report on Aug. 9
MARUENERGY JPS: Shareholder to Receive Wind-Up Report on July 31

SONIC INTERNATIONAL: Members to Receive Wind-Up Report on Aug. 1
STARNOTTO INTERNATIONAL: Members to Hear Wind-Up Report on Aug. 5
TAM ABSOLUTE: Members to Receive Wind-Up Report on Aug. 2


C O L O M B I A

BANCO GNB: Fitch Affirms 'BB+' Issuer Default Ratings


G U A T E M A L A

* GUATEMALA: Fitch Affirms 'BB+' IDRs; Revises Outlook to Negative


J A M A I C A

BANK OF JAMAICA: Continues To Rack Up Huge Losses
DIGICEL GROUP: CEO to Be Relocated to Ireland
* JAMAICA: Drop in Aluminum Prices Worrying NWU


M E X I C O

DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'RD'


P U E R T O   R I C O

HOSPITAL DE DAMAS: Employees' Claim for Christmas Bonus Rejected


X X X X X X X X

* Challenges Remain for Latin American Insurers Says Moody's
* BOND PRICING: For the Week From July 8 to 12, 2013


                            - - - - -


===============
B A R B A D O S
===============


* BARBADOS: Suffers Declines in All Markets
-------------------------------------------
Trinidad Express, citing figures released by the Central Bank of
Barbados, reports that the Barbados economy contracted during the
first six months of the year with the main foreign exchange
sectors also suffering a decline.

The CBB said that the local economy grew by just 0.6 per cent and
among the priorities for the future will be to reduce spending "in
the economy so as to balance the inflows and outflows of foreign
exchange" and also "to revive economic growth led by tourism,
international business, agro processing and alternative energy,"
according to Trinidad Express.

The report relates that the CBB said that the first half of 2013
saw a contraction in the main foreign exchange earners, namely
tourism and international business and financial services.

"At the same time, private foreign capital inflows were less than
a quarter of the figure recorded in the same period last year, the
CBB said, adding "foreign exchange levels were relatively
unchanged for most of the first three months, but weakened
considerably during the second quarter," CBB said, the report
relays.

The report notes that the CBB said as a result, the foreign
reserve cover fell from 19 weeks of imports as at March to 16
weeks at the end of June.

"Overall economic growth is estimated to have contracted by 0.6
per cent in the first half, inflation rate is estimated at 2.7 per
cent to June and the rate of unemployment was 11.5 per cent at
end-March," the CBB added, the report discloses.

It said that long stay visitors decreased by seven per cent for
the first six months of the year with earnings also declining by
three per cent, says the report.

Trinidad Express adds that the Central Bank said the island
recorded declines in all markets including the United Kingdom,
Canada, the United States and the Caribbean.


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


BRENNAND ENERGIA: Moody's Withdraws Ratings on BRL165MM Debentures
------------------------------------------------------------------
Moody's America Latina Ltda. has withdrawn the B1 and Baa1.br
ratings of BESA's BRL165 million senior secured debentures on June
24, 2013 as the company never went to the market.

Moody's last rating action on Brennand Energia S.A. was on July
18, 2012 when Moody's assigned B1 / Baa1.br ratings to BESA's
BRL165 million senior secured debentures. At the same time Moody's
affirmed BESA's Ba3 and A3.br corporate family ratings. The
outlook for all ratings was stable.

The following ratings were withdrawn:

BRL165 million senior secured debentures: B1/Baa1.br

Ratings Rationale:

Moody's has withdrawn the rating for of BESA's BRL165 million
senior secured debentures on June 24, 2013 as there is no debt
outstanding.

The principal methodology used in this rating was Unregulated
Utilities & Power Companies (August 2009).

Brennand Energia S.A. is a holding company controlled by a diverse
number of holding companies that represent the interests of
certain members of the Ricardo Brennand family. BESA was formed in
2006 and currently controls eight small hydro-power plants and
three wind farms with an installed capacity of 270 MW. In 2012,
BESA posted net consolidate sales of BRL230 million ($118 million)
and net profit of BRL103 million ($53 million).


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


ANCHOR POINT: Shareholder to Receive Wind-Up Report on July 30
--------------------------------------------------------------
The shareholder of Anchor Point Capital Global Macro Fund Ltd.
will receive on July 30, 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:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815 1750
          Facsimile: (345) 949 9877


ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 23
---------------------------------------------------------------
The members of Anthracite Balanced Company (R-10) Limited will
receive on July 23, 2013, at 9:30 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ian Stokoe
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


BEST GROWTH: Members to Receive Wind-Up Report on July 24
----------------------------------------------------------
The members of Best Growth Fund SPC will receive on July 24, 2013,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


CAMULOS PARTNERS: Members to Hear Wind-Up Report on July 29
------------------------------------------------------------
The members of Camulos Partners Offshore Ltd will receive on
July 29, 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:

         David A.K. Walker
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


CAMULOS SPECIAL: Members to Hear Wind-Up Report on July 29
-----------------------------------------------------------
The members of Camulos Special Situations Offshore Ltd will
receive on July 29, 2013, at 10:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         David A.K. Walker
         c/o Andrew Nembhard
         Telephone: (345) 914 8779
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


LESMANS INDUSTRIES: Members to Hear Wind-Up Report on Aug. 5
-------------------------------------------------------------
The members of Lesmans Industries Ltd. will receive on Aug. 5,
2013, at 12:00 noon, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


LINCOLN VALE: Members to Receive Wind-Up Report on July 29
-----------------------------------------------------------
The members of Lincoln Vale European Partners Fund will receive on
July 29, 2013, 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


LOAN VALUE: Shareholder to Receive Wind-Up Report on Aug. 9
------------------------------------------------------------
The shareholder of Loan Value OC Fund Ltd. will receive on Aug. 9,
2013, at 9:00 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


LOAN VALUE MASTER: Shareholder to Receive Wind-Up Report on Aug. 9
------------------------------------------------------------------
The shareholder of Loan Value OC Master Fund Ltd. will receive on
Aug. 9, 2013, at 9:15 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


MARUENERGY JPS: Shareholder to Receive Wind-Up Report on July 31
-----------------------------------------------------------------
The shareholder of Maruenergy JPS (Cayman Islands) Finance 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:

          Ogier
          c/o Mark Santangeli
          Telephone: (345) 815 1766
          Facsimile: (345) 949 9877


SONIC INTERNATIONAL: Members to Receive Wind-Up Report on Aug. 1
-----------------------------------------------------------------
The members of Sonic International Cayman Limited will receive on
Aug. 1, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hsu Chuan-Chuan
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946 6145
          Facsimile: (345) 946 6146
          Portcullis TrustNet (Cayman) Ltd.
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


STARNOTTO INTERNATIONAL: Members to Hear Wind-Up Report on Aug. 5
------------------------------------------------------------------
The members of Starnotto International Ltd. will receive on
Aug. 5, 2013, at 12:00 noon, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945 8859
          Facsimile: 949 9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


TAM ABSOLUTE: Members to Receive Wind-Up Report on Aug. 2
----------------------------------------------------------
The members of Tam Absolute Return Fund Limited will receive on
Aug. 2, 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:

          Mike Saville
          c/o Peter Bigwood
          10 Market Street, Box 765, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


===============
C O L O M B I A
===============


BANCO GNB: Fitch Affirms 'BB+' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has affirmed its ratings for Banco GNB Sudameris
S.A. (GNB) including the banks' viability rating (VR) at 'bb+' and
Issuer Default Ratings (IDR) at 'BB+'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

GNB's local and foreign currency IDRs are driven by its VR of
'bb+', which reflects its robust asset quality, sound reserves,
sufficient capital, ample liquidity, operating efficiency, and
moderate yet consistent performance.

The ratings also consider GNB's experienced management and clear
strategy. Fitch's view of GNB's creditworthiness is tempered by
its low margins; concentrated, costlier than average deposits; and
the challenges related to its ambitious expansion plans.

GNB's support rating and support rating floor reflect the bank's
somewhat modest systemic importance and Fitch's perception that
the Colombian government would probably support GNB if needed.

RATING SENSITIVITIES

GNB's ratings could be negatively affected if the capital plan is
not executed as projected and/or if GNB's (or one of its newly
acquired subsidiaries') performance declines more than expected.
In addition, should the financial profile of the acquired
entities, in terms of funding, capital and profitability,
deteriorate beyond the base case projections, GNB's ratings would
be pressured downwards.

On the other hand, given the implementation challenges of the
acquisition and GNB's financial standing, with its adequate
capital but below-average profitability, as well as the highly
competitive environment in Colombia and the new markets GNB
enters, a potential upgrade of GNB's ratings is dependent on its
sustained performance and continued structural strengthening in
terms of capital coupled with an uneventful merger/ acquisition.

GNB's support and support floor ratings are unlikely to change
(absent a severe deterioration of Colombia's sovereign rating) as
Fitch considers that the global trend in regulation points to
clearer resolution rules and less or no government support for
non-systemically important banks.

CREDIT PROFILE

In May 2012, GNB agreed to acquire HSBC's operations in Colombia,
Paraguay, Peru and Uruguay. In Fitch's opinion, the transaction is
strategically positive for GNB, as it will acquire fairly clean
banks with adequate deposit funding that operate in generally
stable economies.

The acquisition - to be closed gradually until 1Q'14 - fits GNB's
growth strategy, and the banks' size and market share allow GNB to
gradually introduce the products that it successfully distributes
in Colombia. Growth potential is important, especially in Peru and
Uruguay while GNB's core market remains sound.

GNB is led by a team of bankers with significant experience in the
industry and a successful track record in turning around troubled
banks and in mergers and acquisitions. GNB is well positioned in
niche markets (such as middle market, payroll lending, ATMs, and
cash management) based on strong relationship management, rapid
decision-making, and adequate use of technology.

GNB's asset quality reflects its conservative risk policies,
adequate structuring, and deep knowledge of its target market.
GNB's past-due loan (PDL) ratios are the lowest in the Colombian
banking system, lower than the average in each market segment, and
adequately covered by reserves. GNB's asset quality ratios compare
well to those of its regional peers and could deteriorate
moderately as the bank expands into retail but should remain
sound.

GNB has a large liquidity position, coupled with a sizable
investment portfolio. As a market maker for government securities,
GNB is very active in the local interbank market and has the
resources, know-how, and access to adequately manage its
liquidity.

GNB has shown consistent performance since its turnover, but its
profitability is moderate versus that of peers, who are making the
most of Colombia's booming economy. This reflects the relatively
low risk of its loan portfolio and the important size of its
investment portfolio.

The bank bolstered its capital in preparation for the acquisition
of HSBC's Subsidiaries in South America. Even with the expected
asset growth and capital dilution due to the creation of goodwill,
GNB's capital ratios should remain in line with that of its peers
and, along with its loan loss reserves, constitute a sizable
cushion against unexpected losses.

Given its relatively low-risk loan and investment portfolio and
higher than average funding costs, GNB has relatively low margins.
Operating revenues are bolstered by non-interest revenues, but the
baseline earnings limit the bank's potential profitability.

Sizable non-interest revenues, wise use of technology, and a cost-
conscious management are positives for efficiency ratios, but the
relatively slow growth of revenues results in a decline in
efficiency ratios, which are now closer to the average of those of
its regional peers.

By acquiring HSBC's subsidiaries, GNB will enter promising markets
that may help it diversify its assets and achieve higher growth.
The strategy is not without risks and will, in the short run,
affect the bank's capital ratios and profitability.

Deposit Cost and Concentration: Deposits comfortably fund the loan
portfolio but have a relatively high cost mix. In addition,
deposits are moderately concentrated given the bank's important
institutional (i.e. government entities) business.

Fitch has affirmed GNB's ratings as follows:

-- Long-term foreign currency IDR at 'BB+'; Outlook Stable;
-- Short-term foreign currency at IDR 'B';
-- Long-term local currency IDR at 'BB+'; Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb+';
-- Support Rating at '4';
-- Support Floor at 'B+';
-- Senior unsecured notes at 'BB+';
-- Subordinated notes at 'BB';
-- National scale long-term rating at 'AA+(col)';
-- National scale short-term rating at 'F1+(col)'.


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


* GUATEMALA: Fitch Affirms 'BB+' IDRs; Revises Outlook to Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Guatemala's long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB+' and revised the
Rating Outlook to Negative from Stable. Fitch has also
simultaneously affirmed Guatemala's Country Ceiling at 'BBB-' and
the short-term foreign currency rating at 'B'.

KEY RATING DRIVERS

The revision of the Outlook to Negative from Stable reflects
Guatemala's slow progress in addressing long standing structural
weaknesses that continue to hinder growth potential and limit per
capita income convergence to similarly rated peers. The
sovereign's main structural weaknesses include low human
development, governance and business indicators and low savings
and investment rates. Despite a track record of macroeconomic
stability buttressed by a culture of conservative policy making,
the country's structural shortcomings are likely to cap
Guatemala's rating to the 'BB' category in the medium term.

President Perez Molina passed a tax enhancing reform at the
start of his term in 2012. However, the administration's
initial reform agenda aiming at addressing the country's
structural shortcomings has waned in congress. Confidence has
plunged and further deterioration of the business climate cannot
be ruled out amidst an increasingly polarized political
environment.

Guatemala has a narrower tax revenue base and more rigid budgetary
framework and expenditure profile than other regional and rating
peers, constraining its ability to address its marked structural
weaknesses and respond to adverse shocks.

Challenges to the tax reform will render tax collection lower than
expected. Deficits are expected to stabilize at 2.1% of GDP,
higher than previously expected as expenditure pressures continue
and the next electoral cycle looms. General elections are
scheduled to take place in September 2015.

The current ratings are supported by Guatemala's lower public debt
to GDP (21.9%) than the 'BB' median (33.3%). Fitch expects that
debt will stabilize below 25% of GDP in the medium term.
Nonetheless, Guatemala's narrow revenue base limits its ability to
sustain higher levels of debt.

Consumption is the main driver of growth (85% of GDP) and is
supported by family remittances primarily coming from the U.S.
Fitch expects growth to average 3.3% in the following three years,
with the biggest downside risk being renewed weakness in the U.S.
Per capita GDP growth is weaker, however, given population growth
estimated at 2.5%.

A balanced macroeconomic stance supports inflation dynamics. While
rapid credit growth is likely to continue over the rating horizon
it is mitigated by low credit penetration. Fitch will monitor the
evolution of credit to gauge the potential emergence of any
imbalance.

Exchange rate stability is buttressed by external accounts.
Guatemala's structural trade deficit tends to be offset by workers
remittances and external financing is supported predominantly by
multilaterals and FDI. Reserve accumulation tends to be gradual,
supporting the country's strong external liquidity ratio.

RATING SENSITIVITIES

The main factors that individually, or collectively, could trigger
negative rating action:

-- Lack of progress in addressing structural factors that have
   contributed to the relative decline of the country's economic
   standing.

-- Absence of material improvements in tax collection and the
   budgeting framework.

The main factors that individually, or collectively, could
stabilize the rating action:

-- Implementation of structural reforms that promote investment
   and provide the basis for economic growth and social
   development.

-- Significant improvement in tax performance.

KEY ASSUMPTIONS

-- The U.S. economy will continue its sluggish recovery and the
   eurozone crisis will remain contained. In addition, commodity
   prices will remain stable and will not be a significant source
   of additional pressure for economic performance and external
   accounts.

-- Fitch believes that broad political and macroeconomic stability
   will be preserved over the next two years.

-- Authorities will continue with their track record of prudent
   monetary and fiscal management.


=============
J A M A I C A
=============


BANK OF JAMAICA: Continues To Rack Up Huge Losses
-------------------------------------------------
RJR News reports that the Bank of Jamaica is continuing to rack up
huge losses. Its latest balance sheet showed that as at June 26,
year to date losses totaled J$15.1 billion.

However, the report relates that this was a J$300 million
reduction from two weeks earlier.


DIGICEL GROUP: CEO to Be Relocated to Ireland
---------------------------------------------
RJR News, citing Irish Times newspaper, reports that Digicel
Group's Chief Executive Officer, Colm Delves, is relocating from
Jamaica back to Ireland.

The newspaper said that Digicel Group is to establish a corporate
base in Dublin from where Mr. Delves and other senior members of
its management team will oversee its operations, which cover 30
markets in the Caribbean, Central America and the Pacific Islands,
according to RJR News.  The report relates that the company is
believed to have already secured a location to house its offices.

RJR News notes that the changes reflect a desire by Mr. Delves to
return home to Ireland with his family.

The report relays that Mr. Delves has been based in Jamaica, which
was Digicel's first market in 2001.  While the company's corporate
base has traditionally been in Jamaica, Digicel Group, the
overarching company for its markets is incorporated in Bermuda,
RHR News notes.

RJR News discloses that among the other executives expected to
relocate back to Ireland are Chief Financial Officer Lawrence
Hickey and Brian Devine, its head of investor relations.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


* JAMAICA: Drop in Aluminum Prices Worrying NWU
-----------------------------------------------
RJR News reports that concern is growing about the drop in
aluminum prices and the implications for Jamaica's bauxite
industry.

Aluminum has fallen to around US$1,720 a ton from a high of
US$2,400 dollars five years ago, according to RJR News.  Concerns
have also been raised that slowing global economic growth will
continue to hurt demand, RJR News relates.

RJR News notes that with some mining companies in Jamaica still
closed, the National Workers' Union (NWU) is worried about the
impact on displaced bauxite employees.

"A considerable number of the work force that was laid off in 2008
is still available, and therefore we are concerned.  We believe
that the bauxite industry in a very important part of the overall
economy. If we are to achieve economic growth, then certainly the
bauxite must play a major role in that scheme of things.  The NWU
is indeed concerned," the report quoted Vincent Morrison,
president of the NWU, as saying.

RJR News discloses that Paulwell, Minister of Science, Technology,
Energy and Mining, said no word had come from Alcoa that it will
scale down operations in Jamaica due to low aluminum prices.

The report notes that the US-based company earlier this week said
it will cut 149,000 of capacity worldwide.

Mr. Paulwell is working on a time line of 2016 to have all alumina
plants that remain closed, up and running again, the report says.


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


DESARROLLADORA HOMEX: Fitch Cuts Issuer Default Rating to 'RD'
--------------------------------------------------------------
Fitch Ratings has downgraded Desarrolladora Homex, S.A.B. de
C.V.'s (Homex) ratings as follows:

-- Foreign currency Issuer Default Rating (IDR) to 'RD' from 'C';
-- Local currency IDR to 'RD' from 'C'.

The company's notes have been affirmed as follows:

-- USD250 million in senior notes due 2015 at 'C/RR4';
-- USD250 million in senior notes due 2019 at 'C/RR4';
-- USD400 million in senior notes due 2020 at 'C/RR4'.

The notes and IDR ratings have been removed from Rating Watch
Negative. The 'C/RR4' rating of the notes reflects non-performing
notes that have anticipated recoveries in the range of between 30%
and 50%.

KEY RATING DRIVERS
The downgrades follow Homex's announcement that it did not make
the interest payment which was due June 11, 2013 on its senior
notes due 2019, during the 30-day grace period.

Homex reports combining financial information as of Dec. 31, 2012,
which raised concerns about the creation of large intercompany
loans/transactions by the company during 2012. Fitch has not been
able to ascertain the exact details of the intercompany
loans/transactions between Homex, its guarantor subsidiaries, and
its non-guarantor subsidiaries. These loans/transactions have the
potential to hurt recoveries of external creditors in the event
they are treated pari passu by a Mexican bankruptcy court, as this
gives Homex's existing shareholders a significant say in a
potential debt restructuring.

Fitch notes that between Dec. 31, 2011 and Dec. 31, 2012, Homex's
non-guarantor subsidiaries reported a MXN17.5 billion increase in
the balance sheet line entitled 'due from related parties' and a
MXN20.6 billion increase in the balance sheet account line 'due to
related parties'. During the same time period, these balance sheet
lines for Homex and its guarantor subsidiaries grew by MXN9.9
billion and MXN7.1 billion, respectively. Upon consolidation,
Homex reports no figure under the category of 'due to related
parties' and only MXN56 million of obligations under the 'due from
related parties' category. As of Dec. 31, 2012, Homex had MXN20.7
billion of consolidated debt.

RATING SENSITIVITY
The company's IDRs and debt ratings will be revised once the
company announces and executes the next steps related to its debt
restructuring process.


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


HOSPITAL DE DAMAS: Employees' Claim for Christmas Bonus Rejected
----------------------------------------------------------------
At the behest of Hospital de Damas, Inc., Bankruptcy Judge Edward
A. Godoy disallowed proofs of claim 95 and 98 seeking payment of
2009 and 2008 Christmas bonuses filed by certain union members who
were or are also employees of the Ponce, Puerto Rico-based
hospital.  A copy of Judge Godoy's July 9, 2013 Opinion and Order
is available at http://is.gd/0yA5lWfrom Leagle.com.

                      About Hospital de Damas

Ponce, Puerto Rico-based Hospital de Damas, Inc., has operated a
general acute care hospital, providing critical care, general
medical and skilled nursing services.  The Debtor is a wholly
owned subsidiary of Fundacion Damas Inc.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
P.R. Case No. 10-08844) on Sept. 24, 2010.  According to its
schedules, the Debtor disclosed US$24,017,166 in total assets and
US$21,267,263 in total liabilities.

Attorneys at Charles A. Cuprill, P.S.C., in San Juan, Puerto
Rico, represent the Debtor as counsel.  Jorge P. Sala Law Offices
serves as the Debtor's labor law special counsel, assisted by
special counsel Fiddler, Gonzalez & Rodriguez, P.S.C.  Attorneys
at Kilpatrick Townsend & Stockton LLP, in Atlanta, Ga., represent
the Official Committee of Unsecured Creditors as counsel.


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


* Challenges Remain for Latin American Insurers Says Moody's
------------------------------------------------------------
The Latin American insurance market is expected to sustain its
positive growth trend, but varied risks remain that include
sovereign credit and operating environment concerns which may
weigh on the industry's future performance, says Moody's Investors
Service in its region-wide special comment "Latin America
Insurance: Key Regional Trends & Credit Drivers."

Moody's new report focuses primarily on key trends and credit
drivers relating to the major insurance markets in Latin America
-- namely Brazil, Mexico, Argentina, Chile, Colombia and, to a
lesser degree, Peru, Bolivia, Uruguay and Venezuela -- which
collectively account for nearly 95% of premiums written throughout
the region.

"The recent industry expansion derives from a combination of
broadly positive macroeconomic drivers in the region as well as
sustained political stability in most major countries, an
expanding middle class, significant infrastructure development and
industrialization initiatives, and a supportive but also
strengthened regulatory framework in most countries," said Moody's
Senior Vice President Alan Murray.

"Supporting the region's insurance development has been a
combination of very substantial and maturing private pensions
systems, particularly in Brazil, Mexico, and Chile, as well as a
decade of broad economic growth and improving sovereign credit
profiles," added Murray.

Moody's notes that the major Latin American insurance markets have
an open-market structure that promotes both competitive efficiency
and customer service, and are well represented by strongly
positioned domestic institutions and major international insurance
groups as well as a well-developed bancassurance model in certain
countries.

However, these positives are mitigated by the notable risks that
constrain the industry in Latin America, which include sovereign
credit and operating environment, in addition to the currently low
penetration of insurance in the economies of various countries
throughout the region, as well as catastrophe exposures for
property-casualty insurers operating along the Pacific and Gulf
coasts, and lower interest rates pressuring annuity and pension
insurers in some countries.


* BOND PRICING: For the Week From July 8 to 12, 2013
----------------------------------------------------

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

ARGENTINA
---------

Argentine International Bond   7.82   12/31/2033    EUR      58.15
Argentine International Bond   7.82   12/31/2033    EUR      57.65
Venezuela International Bond   7       3/31/2038    USD      71.25
Cia Energetica de Sao Paulo    9.75    1/15/2015    BRL      72.5
Petroleos de Venezuela SA      5.5     4/12/2037    USD      60.5
Gol Finance                    8.75                 USD      76.5
Argentine International Bond   8.28   12/31/2033    USD      56
Renhe Commercial Holdings
Co Ltd                         11.75   5/18/2015    USD      66
Renhe Commercial Holdings
Co Ltd                         13      3/10/2016    USD      60
Provincia de Buenos
Aires/Argentina                10.87   1/26/2021    USD      69.92
EDENOR                          9.75   10/25/2022   USD      52
Banco Bonsucesso SA             9.25   11/3/2020    USD      73
Emerald Plantation
Holdings Ltd                    6       1/30/2020   USD      67.5
Bank Austria Creditanstalt
Finance Cayman Ltd              1.61                EUR      49.88
Capex SA                       10       3/10/2018   USD      74
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
CLISA                           9.5    12/15/2016   USD      61.5
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.33
Banco Macro SA                  9.75   12/18/2036   USD      72.7
BES Finance Ltd                 5.58                         69.67
Bank Austria Creditanstalt
Finance Cayman Ltd 2            1.83                EUR      48
Provincia de Buenos
Aires/Argentina                 9.62    4/18/2028   USD      63.28
Argentine International Bond    8.28   12/31/2033   USD      62.13
Sifco SA                       11.5     6/6/2016    USD      57.68
Transer S.                      8.87   12/15/2016   USD      52.5
Renhe Commercial
Holdings Co Ltd                13       3/10/2016   USD      61.13

JinkoSolar Holding
Co Ltd                          4       5/15/2016   USD      58.62
ESFG International Ltd          5.753               EUR      57.48
Provincia de Mendoza
Argentina                       5.5     9/4/2018    USD      74.28
BCP Finance Co Ltd              4.2                 EUR      45.17
Transer S.A                     9.75   8/15/2021    USD      48
Argentine International
Bond                            8.28  12/31/2033    USD      58.13
BCP Finance Co Ltd              5.54                EUR      45
Edenor                         10.5    10/9/2017    USD      51.25
Argentine International
Bond                            1.18   12/31/2038   ARS      45.72
BES Finance Ltd                 3.03                EUR      74.25
MetroGas SA                     8.87   12/31/2018   USD      68.63
Argentina Bocon                        23/15/2014   ARS      38.45
Edenor                          9.75   10/25/2022   USD      49.13
Argentine International
Bond                            7.82   12/31/2033   EUR      45
Transer S.A                     9.75    8/15/2021   USD      46
Banco Finantia
International Ltd               2.45    7/26/2017   EUR      44.05
BES Finance Ltd                 4.5                 EUR      61.5
Punch Taverns Finance
B Ltd                           6.9     6/30/2028   GBP      62.13
Argentine International Bond    4.3    12/31/2033   JPY      36
Bolivarian Republic
of Venezuela                    7       3/31/2038   USD      69.19
Provincia de Buenos
Aires/Argentina                10.8     1/26/2021   USD      70.25
Argentine International Bond    4.3    12/31/2033   JPY      36.5
China Forestry Holdings
Co Ltd                         10.25   11/17/2015   USD      42
Argentine International Bond    8.28   12/31/2033   USD      58.13
Renhe Commercial
Holdings Co Ltd                11.75    5/18/2015   USD      66.38
Puerto Rico Conservation        6.5     4/1/2016    USD      67.61
Capex SA                       10       3/10/2018   USD      71.75
Argentine International
Bond                            9      11/29/2018   USD      74
City of Buenos
Aires Argentina                 3.98    3/15/2018   USD      68.75
Caixa Geral De
Depositos Finance               1.01                EUR      35.45
Banco Macro SA                  9.75   12/18/2036   USD      71
Gol Finance                     8.75                USD      73.13
Provincia de Buenos
Aires/Argentina                 9.37    9/14/2018   USD      68.5
ERB Hellas Cayman
Islands Ltd                     9        3/8/2019   EUR      26.38
MetroGas SA                     8.87    12/31/2018  USD      71.25
Argentine International Bond    8.28    12/31/2033  USD      57.75
Banif Finance Ltd               1.58                EUR      44
Argentine International Bond    0.45    12/31/2038  JPY       8
Banco BPI SA/Cayman Islands     4.15    11/14/2035  EUR      53.5
Provincia de Buenos
Aires/Argentina                 9.62     4/18/2028  USD      63.25
Almendral Telecomunicaciones
SA                              3.51     2/15/2014  CLP      44.24
Banco Bonsucesso SA             9.25    11/3/2020   USD      70.75
Banco Macro SA                  9.75    12/18/2036  USD      71
Provincia del Chaco             4       11/4/2023   USD      54
BCP Finance Bank Ltd            5.0     13/31/2024  EUR      72.63
Formosa Province of Argentina   5        2/27/2022  USD      61.63
CAM Global Finance              6.08    12/22/2030  EUR      69.63
Cia Sud Americana
de Vapores SA                   6.4     10/1/2022   CLP      69.99
Aguas Andinas SA                4.15    12/1/2026   CLP      72.27
Provincia del Chaco             4       12/4/2026   USD      25.88
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP      66.57
Cia Cervecerias Unidas SA       4       12/1/2024   CLP      58.32
Provincia de Mendoza Argentina  5.5      9/4/2018   USD      74.13
Petroleos de Venezuela SA       5.37     4/12/2027  USD      64.15
Quinenco SA                     3.5      7/21/2013  CLP      12.87
Metro S.A.                      5.5      7/15/2027  CLP       3.0


                            ***********


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
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                            ***********


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 * * *