TCRLA_Public/130722.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 22, 2013, Vol. 14, No. 143


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Caribbean Dev't OKs US$65MM Loan for Purchase of Aircraft


A R G E N T I N A

* BUENOS AIRES: Fitch Affirms 'B-' Long-Term Currency Ratings
* ARGENTINA: IMF Should Ask U.S. to Review Case


B A R B A D O S

* BARBADOS: S&P Revises Outlook to Negative & Affirms 'BB+' Rating


B E R M U D A

ARNOLD'S EXPRESS: Closes Central Hamilton Outlet


C A Y M A N  I S L A N D S

ADEIM LIMITED: Creditors' Proofs of Debt Due Aug. 5
CONSOLIDA: Commences Liquidation Proceedings
BMB TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 31
ELMORE AMSA: Creditors' Proofs of Debt Due Aug. 14
HELIUM LIMITED: Creditors' Proofs of Debt Due Aug. 14

INUIT INVESTMENTS: Creditors' Proofs of Debt Due Aug. 15
LOVAT FUNDING: Creditors' Proofs of Debt Due Aug. 12
MARATHON BAJA: Creditors' Proofs of Debt Due Aug. 16
MISERO INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 15
MMIP INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 7

MONASTERY INVESTMENT: Creditors' Proofs of Debt Due Aug. 15
MOUSETRAP INVESTMENT: Creditors' Proofs of Debt Due Aug. 15
THAMES RIVER: Creditors' Proofs of Debt Due Aug. 15
USISSIMO LIMITED: Creditors' Proofs of Debt Due Aug. 30
VINTRY FUNDING: Creditors' Proofs of Debt Due Aug. 12


C O S T A  R I C A

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


J A M A I C A

UC RUSAL: Brady Corp to Manage Risk Management Requirements


V I R G I N  I S L A N D S

PIONEER FREIGHT: Files For Ch. 15 In New York


V E N E Z U E L A

* Venezuela's Foreign Exchange Policy Faces Challenges, Fitch Says


X X X X X X X X

* BOND PRICING: For the Week From July 15 to 19, 2013


                            - - - - -


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


LIAT: Caribbean Dev't OKs US$65MM Loan for Purchase of Aircraft
---------------------------------------------------------------
Caribbean360.com reports that Leeward Islands Air Transport, known
as LIAT, said the Barbados-based Caribbean Development Bank (CDB)
is providing US$65 million in loans to the four shareholder
governments of the company.

LIAT said the loan, approved on July 18, to Antigua and Barbuda,
Barbados, St. Vincent and the Grenadines, and Dominica will assist
with the purchase of aircraft in the context of a fleet
modernization project, according to Caribbean360.com.

The report notes that LIAT said the loan agreements "provide for
the loans to be on lent-to and repaid by LIAT over a 13-year
period following a grace period of two years".

The report relates that it said co-financing for the project is
being provided by shareholder equity contributions and from the
sale of LIAT's existing aircraft.

The report says that the fleet modernization project involves the
replacement of LIAT's aging fleet through a combination of lease
and purchase of aircraft; the transition costs associated with the
changeover; the upgrade of maintenance facilities and other
institutional strengthening activities.

"The project provides LIAT with the most cost-effective means of
improving the reliability of its service and consequently its
contribution to the socio-economic development of the region.  It
will have significant impact on the operational efficiency and
financial performance of the airline.  Realization of these
results will require the involvement of all stakeholders," LIAT
said, the report says.

"This project is consistent with CDB's strategic objective of
supporting regional cooperation and integration and contributes to
CDB's overall mandate of reducing poverty in the region through
social and economic development," the airline said in its
statement obtained by the news agency.

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

                            About LIAT

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



=================
A R G E N T I N A
=================


* BUENOS AIRES: Fitch Affirms 'B-' Long-Term Currency Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings on the City of Buenos Aires
(the CBA) as follows:

-- Long-term foreign and local currency ratings at 'B-';
-- Short-term and local currency short-term ratings at 'B'
-- National long-term rating at 'AA(arg);
-- National short-term rating at 'A1+(arg)'.

The Rating Outlook on the long-term ratings is Negative.

In addition, Fitch has affirmed the outstanding issues of the CBA.

Key Rating Drivers

The fiscal and budgetary performance of the City of Buenos Aires
(CBA) is adequate, with certain stability in the generation of
sound operating margins over the last years. Despite the slowdown
in revenues and a context of prevailing pressures on the operating
expenditures' side, at year-end 2012 the city recorded a good
operating margin of 11%, slightly lower than that reached at year-
end 2011 (12.8%). Fitch expects that this operating margin level
will be sustained in 2013.

The CBA's a high financial flexibility; the 87.3% of total
revenues are collected and administered locally. This shows a low
reliance of the city's revenues on federal transfers, comparing
very favorably with the provincial average (43%), although its
revenue structure is exposed to economic fluctuations.

Regarding debt, the data on CBA shows a low level of indebtedness.
Despite the considerable nominal debt increase over the last
years, leverage and sustainability ratios are still very adequate
compared with peers. In 2012 the consolidated debt accounted for
20.9% of current revenues and 2.1x the current balance. Fitch
expects the city's debt indicators will be adequate, even
considering the use of the credit budgeted for 2013 and the new
debt instruments issued in 2013. It is estimated that debt will
represent 22% of the current revenues forecast for 2013 and 1.7x
the current balance.

The CBA is the country's major economic and financial center. In
2011 the city's contribution to Argentina's GDP reached 24.1%,
mainly driven by the real estate and commerce sectors whose
contributions to the City's GDP are proportionally higher than to
the national GDP. Fitch does not expect significant changes in the
city's production structure and its social and economic
indicators.

The main risk or limitations for CBA is the structure of debt.
Despite the city's low level of indebtedness, its debt structure
is largely composed of debt in foreign currency. In March 2013,
foreign currency debt accounted for 96.5% compared to 95.5% in
2012 and 88.8% in 2011. This constitutes one of the major rating
weaknesses given the high exposure to the foreign exchange rate
risk.

Rating Sensitivities

CBA's Negative Outlook reflects a high correlation between the
credit risk of subnationals and the sovereign. A sovereign
downgrade might lead to negative rating action. In addition, a
sharp deterioration in fiscal and financial indicators along with
an aggressive and unsustainable borrowing policy might have an
adverse impact on ratings.

Fitch affirms the following ratings:

Euro Medium-Term Note Programme (EMTN) up to USD1400 million:

-- Series 7 for USD 50 million: long-term rating at
   'B-'/'AA(arg)';

-- Series 8 for USD 475 million: long-term rating at
   'B-'/'AA(arg)';

-- Series 10 for USD 415 million: long-term rating at
   'B-'/'AA(arg)'.

Financing in Local Market Programme up to USD501 million:

-- Bonds Class 1 for USD 100 million: National Long-term at
   'AA(arg)';

-- Bonds Class 2 for USD 85 million: National Long-term at
   'AA(arg)';

-- Bonds Class 3 for USD 100 million: National Long-term at
   'AA(arg)';

-- Bonds Class 4 for USD 216 million: National Long-term at
   'AA(arg)'.

-- Programme of Short-Term Treasury Bills up to ARP 950 million:
   Short-term rating at 'B'/'A1+(arg)'.

The Outlook for the Long-term ratings is Negative.


* ARGENTINA: IMF Should Ask U.S. to Review Case
-----------------------------------------------
Joshua Goodman and Ryan Chilcote at Bloomberg News report that a
U.S. court ruling against Argentina in a decade-old legal battle
over its defaulted debt could have "detrimental consequences" for
global financial stability, said Christine Lagarde, managing
director of the International Monetary Fund.

Ms. Lagarde said in Moscow that she'll recommend that the IMF's
board ask the U.S. Supreme Court to review a lower court ruling
ordering Argentina to pay investors who refused to exchange bonds
after its 2001 default on $95 billion of debt, according to
Bloomberg News.

Bloomberg News notes that the friend-of-the-court brief to the
high court wouldn't be aimed at helping Argentina, whom the IMF
censured in February for providing inaccurate inflation data,
Lagarde said after a meeting of Group of 20 finance chiefs in the
Russian capital.  It would rather serve to warn of how the ruling
could bolster the power of minority bondholders in future debt
restructurings, she said, Bloomberg News relates.

"We're not supporting one party against the other. . . . We're
simply alerting the court to the detrimental consequence that the
finding would have on our ability to discharge our mandate, which
is intended to maintain financial stability in the world," the
report quoted Ms. Lagarde as saying.

Bloomberg News relates that Argentina, a G-20 member, claims that
a federal appeals court in New York was wrong when it ruled in
October that investors in restructured Argentine debt can't be
paid unless holders of the nation's defaulted bonds, led by
billionaire Paul Singer's Elliott Management Corp. and its NML
Capital Ltd. unit, are also paid.  Last month it asked the U.S.
Supreme Court to review lower court rulings, Bloomberg News says.

                            Complex Case

Bloomberg News discloses that Ms. Lagarde declined to discuss
details of the Argentine case, which she described as complex,
except to say that it's in the interest of creditors as a group to
reach agreement with debtors in a manner that ensures debt
sustainability and fairness among creditors.

"Our concern is that the lower court's decision would undermine
the ability of the debtors and creditors to reach an agreement . .
. . In that respect it could be a threat to financial stability,"
Ms. Legarde said, Bloomberg News relays.



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


* BARBADOS: S&P Revises Outlook to Negative & Affirms 'BB+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its
long-term rating on Barbados to negative from stable.  At the same
time, S&P affirmed its 'BB+' long-term and 'B' short-term
sovereign credit ratings on Barbados.

The outlook revision reflects the potential for a downgrade if the
wider fiscal deficit is not reversed or if external pressures
associated withsaaaaaa persistent current account deficits mount.
The net general government debt burden is expected to rise to
above 70% of GDP in fiscal 2013 from 67% in fiscal 2012 and 60% in
fiscal 2011.  Barbados uses more than 13% of general government
revenues to pay interest on its debt.

Barbados' economic fundamentals continue to weaken, reflecting not
only the tough global economy, but also competitiveness and other
structural shortcomings.  Barbados' narrow and open economy
continues to suffer from the 2008 global financial crisis.
Results for the first half of 2013 show that Barbados has fallen
back into recession after a very weak recovery in 2010-2012, with
average annual real GDP growth of just 0.4% in those years.  S&P
expects a real GDP decline of about 0.5% in 2013 and a slow
recovery in 2014-2015 thanks to tourism and construction (in both
the private and public sectors).  With a slow recovery,
unemployment will likely remain high, after reaching 11.8% in
2012.

The government's large fiscal deficits and high debt burden, as
well as its limited fiscal flexibility and reliance on external
financing, constrain the ratings.  However, the country has a
stable, predictable, and mature political system, which benefits
from consensus on major economic and social issues, including
support from the private sector and trade unions for the
government's ongoing fiscal and structural adjustment program.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed; Outlook Action
                                     Rating          Rating
                                     To              From
Barbados
Sovereign Credit Rating              BB+/Negative/B BB+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                      BBB-
  Senior Unsecured                    BB+



=============
B E R M U D A
=============


ARNOLD'S EXPRESS: Closes Central Hamilton Outlet
------------------------------------------------
Rebecca Zuil at Royal Gazette Online reports that the Arnold's
Express on the corner of Church and Queen Streets has closed.

Arnold's Markets had a total of eight food stores until the
closure of their Central Hamilton premises, according to Royal
Gazette Online.

The report notes that the large pane-glass windows are papered
over, but there are small posters on the glass announcing the
closure, and also advertising for new space.

Arnold's Markets still has three outlets in the Hamilton area.
Arnold's Family Market is located on St John's Road, Arnold's
Discount and Warehouse is on Ewing Street while Arnold's Express
is on Court Street.



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


ADEIM LIMITED: Creditors' Proofs of Debt Due Aug. 5
---------------------------------------------------
The creditors of Adeim Limited are required to file their proofs
of debt by Aug. 5, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 18, 2013.

The company's liquidator is:

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


CONSOLIDA: Commences Liquidation Proceedings
--------------------------------------------
On June 21, 2013, a written resolution was passed to voluntarily
liquidate the business of Consolida.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Mark Z. Chiba
          The Longreach Group Limited
          Suite 1508, Alexandra House
          18 Chater Road
          Central
          Hong Kong


BMB TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 31
-----------------------------------------------------
The creditors of BMB Technology and Telecommunications Investment
Company are required to file their proofs of debt by Aug. 31,
2013, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2013.

The company's liquidators are:

          Michael Pearson
          Christopher Rowland
          Fund Solution Services Limited
          Harbour Centre, 2nd Floor
          42 North Church Street George Town, Grand Cayman
          10 Market Street, #769 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          Telephone: +1 (345) 947 5854


ELMORE AMSA: Creditors' Proofs of Debt Due Aug. 14
--------------------------------------------------
The creditors of Elmore Amsa Fund Limited are required to file
their proofs of debt by Aug. 14, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 2, 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


HELIUM LIMITED: Creditors' Proofs of Debt Due Aug. 14
-----------------------------------------------------
The creditors of Helium Limited are required to file their proofs
of debt by Aug. 14, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 17, 2013.

The company's liquidator is:

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


INUIT INVESTMENTS: Creditors' Proofs of Debt Due Aug. 15
--------------------------------------------------------
The creditors of Inuit Investments Ltd. are required to file their
proofs of debt by Aug. 15, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 4, 2013.

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


LOVAT FUNDING: Creditors' Proofs of Debt Due Aug. 12
----------------------------------------------------
The creditors of Lovat Funding (Cayman) Limited are required to
file their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 15, 2013.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Mr. Barry MacManus
          Telephone +1 (345) 814 8997
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          PO Box 510 Grand Cayman KY1-1106
          Cayman Islands


MARATHON BAJA: Creditors' Proofs of Debt Due Aug. 16
----------------------------------------------------
The creditors of Marathon Baja Limited are required to file their
proofs of debt by Aug. 16, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Y.R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056
          U.S.A.


MISERO INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Misero International Ltd. are required to file
their proofs of debt by Aug. 15, 2013, to be included in the
company's dividend distribution.

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

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


MMIP INTERNATIONAL: Court to Hear Wind-Up Petition on Aug. 7
------------------------------------------------------------
A petition to continue the liquidation of MMIP International Fund
Limited will be heard before the Grand Court of the Cayman Islands
on Aug. 7, 2013, at 10:00 a.m.

The company's liquidator is:

          Stephen Doran
          Doran & Associates
          Crescent House, 4th Floor
          Hartstonge Street, Limerick
          Ireland; and

          Kenneth Krys
          Krys Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          PO Box 31237, Grand Cayman KY1-1205
          Cayman Islands


MONASTERY INVESTMENT: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Monastery Investment Ltd. are required to file
their proofs of debt by Aug. 15, 2013, to be included in the
company's dividend distribution.

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

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


MOUSETRAP INVESTMENT: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Mousetrap Investment Ltd. are required to file
their proofs of debt by Aug. 15, 2013, to be included in the
company's dividend distribution.

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

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


THAMES RIVER: Creditors' Proofs of Debt Due Aug. 15
---------------------------------------------------
The creditors of Thames River Africa Focus Fund Limited are
required to file their proofs of debt by Aug. 15, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on June 26, 2013.

The company's liquidator is:

          David A.K. Walker
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          PO Box 258 Grand Cayman KY1-1104
          Cayman Islands


USISSIMO LIMITED: Creditors' Proofs of Debt Due Aug. 30
-------------------------------------------------------
The creditors of Usissimo Limited are required to file their
proofs of debt by Aug. 30, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 28, 2013.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands


VINTRY FUNDING: Creditors' Proofs of Debt Due Aug. 12
-----------------------------------------------------
The creditors of Vintry Funding (Cayman) Limited are required to
file their proofs of debt by Aug. 12, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 25, 2013.

The company's liquidator is:

          Robin Lee Mcmahon
          c/o Mr. Barry MacManus
          Telephone +1 (345) 814 8997
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay
          PO Box 510 Grand Cayman KY1-1106
          Cayman Islands



==================
C O S T A  R I C A
==================


BANCO NACIONAL: Fitch Affirms 'BB+' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Costa Rica's (BNCR)
Issuer Default Ratings (IDRs) at 'BB+', Outlook Stable. The bank's
Viability Ratings (VR) and National Ratings were also affirmed.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS

BNCR's IDR and National Ratings are aligned with Costa Rica's
Sovereign Ratings (long-term Foreign and Local Currency IDR rated
'BB+', Stable Outlook by Fitch), considering the explicit
sovereign guarantees for all state-owned banks stated in Costa
Rica's Banking Law (Ley Organica del Sistema Bancario Nacional).

The Outlook is Stable as Fitch does not anticipate substantial
changes in BNCR's risk profile over the next two years.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS

As the bank's main shareholder is the Costa Rican government,
changes in the IDRs and National Ratings are contingent on
sovereign rating actions.

KEY RATING DRIVERS - VR

BNCR's VR balances its strong local franchise, ample funding and
adequate capital ratios with its weak loan portfolio quality and
modest performance, relative to similarly Fitch rated
international peers (emerging market commercial banks with a VR
between 'bb-'and 'bb+').

BNCR is the largest bank in the country and holds a dominant
market position in several business lines. The bank also benefits
from wide geographic coverage and a diversified deposits base.

BNCR's profitability ratios are below its international peers'
median, pressured by slower economic activity and lower interest
rates. The bank's ability to adjust to these economic conditions
is limited by its rigid operating expenses and above-average
credit costs. Fitch expects profitability metrics to improve over
2013, driven by adjustments in the bank's funding costs and
stronger credit growth. However, year-end results remain sensitive
to credit costs because increased loan loss and foreclosed assets
provisions could offset the favorable impact of the tax provision
reversal registered during the first six months.

RATING SENSITIVITIES - VR

Upgrades in the bank's VR are unlikely over the next two years. A
downgrade in BNCR's VR could be triggered by a material
deterioration of the bank's asset quality metrics that includes a
significant deterioration in the bank's loan portfolio quality
(Past due loans-to-total loans ratio above the international
peers' median) or an unforeseen increase in loan loss and other
provision expenses that reduces the bank's capacity to sustain
growth while maintaining its current capital ratios.

Fitch has affirmed the following rating:

International ratings
-- Long-term IDR at 'BB+', Outlook Stable;
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB+', Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Viability Rating at 'bb+';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+'.

National ratings:
-- Long-term national rating at 'AA+(cri)', Outlook Stable;
-- Short-term national rating at 'F1+(cri)';
-- Long-term senior unsecured bonds at 'AA+(cri)';
-- Commercial paper at 'F1+(cri)'.



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


UC RUSAL: Brady Corp to Manage Risk Management Requirements
-----------------------------------------------------------
RJR News reports that Russian aluminum giant UC RUSAL which has a
major stake in Jamaica's bauxite sector has contracted Brady
Corporation, the largest European provider of trading and risk
management software.

The firm, which is a major supplier to the global commodity and
energy markets, will manage UC Rusal's risk management
requirements for its aluminum sales, according to RJR News.

RJR News discloses that RUSAL was in search of a solution that
could manage all of the risk resulting from its aluminum sales and
provide its managers with a complete picture of its risk exposure
and financial position in one place.  The report relates that the
company operates the Alpart and Kirkvine alumina refineries in
Jamaica.

UC Rusal has a stake in the Alpart and Kirkvine alumina refineries
in Jamaica.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News reported that UC Rusal said its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.

TCRLA reported on Sept. 28, 2012, that RJR News said UC Rusal
expects to reach a deal with its lenders within six months to
refinance part of an US$11 billion debt burden.  It said it will
agree to new loan conditions by the end of 2012 before its
covenant holiday expires, according to RJR News.



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


PIONEER FREIGHT: Files For Ch. 15 In New York
---------------------------------------------
Lance Duroni of BankruptcyLaw360 reported that Pioneer Freight
Futures Co. Ltd., a defunct British Virgin Islands-based firm that
traded shipping futures, filed for Chapter 15 bankruptcy to help
further its liquidation by tracking down any assets that it may
have in the U.S.

According to the report, in a petition filed in New York
bankruptcy court, Mark Richard Byers and Mark McDonald, the two
liquidators charged with winding down Pioneer Freight, asked the
U.S. court to recognize the company's liquidation proceeding in
the British Virgin Islands, which has been underway for three
years.



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


* Venezuela's Foreign Exchange Policy Faces Challenges, Fitch Says
------------------------------------------------------------------
Venezuela's foreign exchange (FX) policy adjustments in 2013 could
reduce fiscal imbalances and limit the need of continued external
debt issuance. However, the room to stabilize creditworthiness
could be constrained by weaker external buffers, limited upside
for oil revenues and non-debt capital inflows, a rapidly
decelerating economy, and political changes, according to a new
Fitch Ratings report.

As a pillar of economic policy over the past 11 years, Venezuela's
exchange rate regime continues to weigh on the country's
creditworthiness. In March 2013 Fitch affirmed Venezuela's Long-
Term Foreign-Currency IDR at 'B+' with a Negative Outlook, partly
reflecting the debilitating impact of exchange rate policy and the
opaque administration of oil revenues, on the sovereign fiscal and
external credit metrics.

'Exchange and capital controls allow the authorities to prevent
destabilizing balance-of-payment pressures from building and favor
the sovereign's financing flexibility in the face of external
shocks,' said Erich Arispe, Director in Fitch's Latin America
Sovereign Group. 'However, these mechanisms have been costly in
terms of growth and macroeconomic stability as Venezuela appears
to be trapped in the low growth-high inflation environment.
Moreover, the public sector's increased role in the administration
and use of FX receipts has shifted the burden of BOP adjustment to
the private sector.'

The expansionary policy stance heavily influenced by the 2012
electoral cycle and the costs of the two-tier official exchange
rate system have led the government to devalue the bolivar and
revamp the official parallel market in 2013. The changes have been
implemented slowly and have so far failed to improve the
effectiveness and transparency of the government's FX policy.

'Venezuela's reduced level of international reserves, the limited
prospects of further oil price increases or positive production
shocks, and the reduced operational liquidity of international
reserves limit the capacity of the authorities to increase the FX
flow to the economy,' added Arispe.

Politics have delayed and influenced the implementation of
necessary adjustments and constrained policy options. The
effectiveness of the changed FX regime in reducing inflation,
boosting investment and growth prospects is unlikely to be
significant in the near term. Ultimately, a tighter monetary and
fiscal stance consistent with the peg and increased supply of FX
to the economy are necessary to strengthen macroeconomic stability
and improve growth prospects.

Still high oil prices, combined with a manageable debt service
schedule and government liquidity position, reduce imminent
balance of payment and fiscal risks as well as near-term financing
pressures, with this being reflected in Venezuela's current rating
level.



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


* BOND PRICING: For the Week From July 15 to 19, 2013
-----------------------------------------------------

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

Argentine Republic Government  7.82    12/31/2033   EUR      56
International Bond

Argentine Republic Government
International Bond             7.82    12/31/2033   EUR      55.5

Argentine Republic Government
International Bond             8.28    12/31/2033   USD      55

Provincia de Buenos
Aires/Argentina                10.9    1/26/2021    USD      69.8

Argentine Republic Government
International Bond             8.28    12/31/2033   USD      57.5

Provincia de Buenos
Aires/Argentina                9.38    9/14/2018    USD      68.4

Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD      51

Banco Macro SA                 9.75    12/18/2036   USD      67.8

Provincia de Buenos
Aires/Argentina                9.63    4/18/2028    USD      63

Capex SA                       10      3/10/2018    USD      71

Cia Latinoamericana de
Infraestructura & Servicios SA 9.5     12/15/2016   USD      63

Cia de Transporte de
Energia Electrica en Alta      8.88    12/15/2016   USD      47.6
Tension Transe

Provincia de Mendoza
Argentina                      5.5     9/4/2018     USD     74

Argentine Republic Government
International Bond             1.18    12/31/2038   ARS     43.7

Argentine Republic
Government International Bond  8.28    12/31/2033   USD     55

Argentine Republic
Government International Bond  7.82    12/31/2033   EUR     45

Cia de Transporte de
Energia Electrica en           9.75    8/15/2021    USD     50

Alta Tension Transe
Argentina Bocon                2       3/15/2014    ARS     32.5

Empresa Distribuidora Y
Comercializadora Norte         9.75    10/25/2022   USD     50

Argentine Republic
Government International Bond  4.33    12/31/2033   JPY     36.5

Argentine Republic
Government International Bond  8.28    12/31/2033   USD     59.9

Cia de Transporte de
Energia Electrica en           9.75    8/15/2021    USD     45.4

Alta Tension Transe
MetroGas SA                    8.88    12/31/2018   USD     65.5

Provincia de Buenos
Aires/Argentina                10.9    1/26/2021    USD     70

Empresa Distribuidora Y
Comercializadora Norte         10.5    10/9/2017    USD     51.3

Argentine Republic
Government International Bond  4.33    12/31/2033   JPY     36

Banco Macro SA                 9.75    12/18/2036   USD     67.8

City of Buenos
Aires Argentina                3.98    3/15/2018    USD     68.6

Capex SA                       10      3/10/2018    USD     67.6

Provincia de Buenos
Aires/Argentina                9.38    9/14/2018    USD     68.8

Provincia de Buenos
Aires/Argentina                9.63    4/18/2028    USD     63

MetroGas SA                    8.88     12/31/2018   USD    63.4
Argentine Republic
Government International Bond  0.45     12/31/2038   JPY    8

Banco Macro SA                 9.75     12/18/2036   USD    67.8

Provincia de Mendoza Argentina 5.5      9/4/2018     USD    73.5

Provincia del Chaco            4        11/4/2023    USD    53.8

Provincia del Chaco            4        12/4/2026    USD    25.5

Formosa Province of Argentina  5        2/27/2022    USD    61.9

Argentine Republic
Government International Bond  8.28     12/31/2033   USD    61.8

Cia Energetica de Sao Paulo    9.75     1/15/2015    BRL    64.6

Gol Finance                    8.75                  USD    60

Banco Bonsucesso SA            9.25     11/3/2020    USD    73.5

Sifco SA                       11.5     6/6/2016     USD    50.3

Gol Finance                    8.75                  USD    58.3

Banco Bonsucesso SA            9.25     11/3/2020    USD    72.5

Cia Sud Americana de
Vapores SA                     6.4      10/1/2022    CLP    69.8

Almendral
Telecomunicaciones SA          3.5      12/15/2014   CLP    33

Cia Cervecerias Unidas SA      4        12/1/2024    CLP    58.2

Aguas Andinas SA               4.15     12/1/2026    CLP    72.5

Quinenco SA                    3.5      7/21/2013    CLP    12.9

Talca Chillan Sociedad
Concesionaria SA               2.75     12/15/2019   CLP    60.8

Empresa de Transporte de
Pasajeros Metro SA             5.5      7/15/2027    CLP    4.58

Hidili Industry International
Development Ltd                8.63     11/4/2015    USD    71.5

Renhe Commercial
Holdings Co Ltd                13       3/10/2016    USD    62.8

Renhe Commercial
Holdings Co Ltd                11.8     5/18/2015    USD    63.1

China Forestry
Holdings Co Ltd                10.3     11/17/2015    USD    37

JinkoSolar Holding Co Ltd      4        5/15/2016     USD    66.3

Renhe Commercial
Holdings Co Ltd                13       3/10/2016     USD    56

Hidili Industry International
Development Ltd                8.63     11/4/2015     USD    71.8

Renhe Commercial
Holdings Co Ltd                11.8     5/18/2015     USD    63.8

China Forestry
Holdings Co Ltd                10.3     11/17/2015    USD    37

BES Finance Ltd                5.58                   EUR    65.5

Bank Austria Creditanstalt
Finance Cayman Ltd             1.61                   EUR    49.7

ERB Hellas Cayman
Islands Ltd                    1.8      6/8/2017      EUR    55.2

Bank Austria Creditanstalt
Finance Cayman Ltd 2           1.84                   EUR    49.9

BCP Finance Co Ltd             5.54                   EUR    41.7

ESFG International Ltd         5.75                   EUR    50.8

BCP Finance Co Ltd             4.24                   EUR    42.8

BES Finance Ltd                3.03                   EUR    74.3

Banco Finantia
International Ltd              2.46     7/26/2017     EUR    44.1

BES Finance Ltd                4.5                    EUR    56.4

Caixa Geral De
Depositos Finance              1.02                   EUR    34.7

BCP Finance Bank Ltd           5.31    12/10/2023     EUR    66.3

ERB Hellas Cayman
Islands Ltd                    9       3/8/2019       EUR    31.9

Banif Finance Ltd              1.58                   EUR    44

BCP Finance Bank Ltd           5.01    3/31/2024      EUR    63.5

Banco BPI SA/Cayman Islands    4.15    11/14/2035     EUR    41.6

Petroleos de Venezuela SA      5.38    4/12/2027      USD    60.2

Venezuela Government
International Bond             7      3/31/2038      USD     67.3

Petroleos de Venezuela SA      5.5    4/12/2037      USD     58.8

Venezuela Government
International Bond             7.65   4/21/2025      USD     74.6

Venezuela Government
International Bond             6      12/9/2020      USD     74.2

Bolivarian Republic of
Venezuela                      7      3/31/2038      USD     66.8



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                   * * * End of Transmission * * *