TCRLA_Public/130729.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 29, 2013, Vol. 14, No. 148


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Apologises For Cancelled Flights
* Moody's Assigns First-Time B3 Debt Rating to Entre Rios


B R A Z I L

MDL REALTY: BRL100MM Senior Debentures Get Moody's B3 Rating


C A Y M A N  I S L A N D S

ACORN TACTICAL: Shareholders' Final Meeting Set for Aug. 9
AGATE GLOBAL: Shareholders' Final Meeting Set for Aug. 20
ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Aug. 6
GIR FUND: Shareholder to Receive Wind-Up Report on Aug. 23
KLEROS PREFERRED: Shareholder to Receive Wind-Up Report on Aug. 23

LERA LIMITED: Shareholder to Receive Wind-Up Report on Aug. 26
PURRFECT CAT: Shareholder to Receive Wind-Up Report on Aug. 26
RESORT DEVELOPMENT: Shareholder Receives Wind-Up Report
ST. MAARTEN: Shareholder to Receive Wind-Up Report on Aug. 23
TT FINANCIALS: Shareholders' Final Meeting Set for Aug. 15


J A M A I C A

DIGICEL GROUP: Clamps Down On Retailers Who Inflate Card Cost


M E X I C O

CEMEX SAB: Loss Narrows as Accelerating U.S. Rebound Boosts Sales


MBIA MEXICO: S&P Affirms 'B' Counterparty Credit Rating

P A N A M A


BANCO BILBAO: S&P Puts 'BB+' LT ICR on CreditWatch Developing

X X X X X X X X X


* BOND PRICING: For the Week From July 22 to 26, 2013



                            - - - - -


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


LIAT: Apologises For Cancelled Flights
--------------------------------------
Trinidad Express reports that Leeward Islands Air Transport, known
as LIAT, has apologized to customers after it cancelled more than
two dozen flights around the Caribbean over the past couple weeks
because of issues like bad weather, crew shortages and aircraft
maintenance.

In a statement from the company's Antigua offices LIAT Chief
Executive Ian Brunton said the company was taking "urgent and
decisive steps to address a series of challenges which have
resulted in numerous flight delays and cancellations over the past
few weeks," according to Trinidad Express.

The report notes that his message to affected customers was that
every effort was being made to get them to their various
destinations safely and quickly.

The report relates that LIAT is implementing both short and long-
term fixes to alleviate the problems which have resulted in a
severe strain on the airline's operations. . . . "The disruptions
being faced by LIAT at this time are caused by a combination of
factors.  These include, among other things, an increase in
unscheduled maintenance at a time when our schedule calls for
maximum aircraft availability; crew shortages; bad weather;
airport limitations; and delays in obtaining licenses for
operating our new ATR aircraft in some territories," the report
quoted Mr. Brunton as saying.

"As a result of Tropical Storm Chantal we were forced to cancel
30 flights on July 9.  Additionally, strong surface winds have
been affecting our flights into and out of St Vincent while
unfavorable weather conditions have affected flights to and from
Dominica," Mr. Brunton said, the report notes.

According to the report, Mr. Brunton said: "Airport limitations
such as early closure of the VC Bird International Airport in
Antigua due to runway works, the late opening of the airport in
Guadeloupe, and runway lights not working at the airport in St.
Kitts, have all helped to contribute to the current disruptive
situation in our operation."

The report relates that the months of July and August are usually
two of the busiest for LIAT with high volumes of vacationers and
other people making trips during the summer.

But Mr. Brunton said due to the current challenges, the airline
has been unable to transport several customers to their various
destinations in a timely manner, the report notes.

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.


* Moody's Assigns First-Time B3 Debt Rating to Entre Rios
---------------------------------------------------------
Moody's Latin America assigned first time issuer and debt ratings
of B3 (global local currency scale) and Baa2.ar (Argentina
National Scale) to the Province of Entre Rios. The rating outlook
is negative, in line with the outlook assigned to Argentina's B3
government bond ratings.

Rating Rationale:

The B3 issuer and debt ratings assigned to the Province of Entre
Rios reflect its low and declining debt levels as well as a track
record of tight albeit stable operating surpluses. These strengths
are tempered by the province's relatively narrow economy which
limits its potential to increase own source revenues. Entre Rios
has also registered volatile cash financing results in the past
years.

The province's gross operating balance to total revenues has
remained relatively stable over the past five years averaging 3.1%
while its debt to total revenues declined from 49.8% in 2008 to
31.2% in 2012. Moody's notes, however, that the province's debt
profile is weakening because a larger proportion of outstanding
debt is concentrated in shorter maturities. This will exert
additional pressures in Entre Rios' operating results.

Like other provinces, Entre Rios faces spending rigidities --
namely related to personnel- reflected by the increase in the
payroll expense relative to current expenses to 51% as of 2012 FY
from 48% in 2007.

"In addition to the mentioned financial performance, the province
shows GDP per capita levels below some Argentine peers and still
high unemployment rates" said Alejandro Pavlov, VP/Senior Analyst
at Moody's.

The assigned issuer and debt ratings also reflect the weak
operating environment in Argentina. The intrinsic financial
characteristics of the Province of Entre Rios are constrained by
the lack of consistent and predictable policies at the national
level which affect the institutional framework under which the
province operates and, in Moody's view, anchors its credit quality
to that of the Sovereign.

"Accordingly, the province's negative outlook follows the negative
outlook assigned to Argentina's B3 local and foreign currency
government bond ratings", added Pavlov. In such environment, Entre
Rios' financial dependence on the federal government, including
the importance of federal transfers in its revenue stream,
represents a credit weakness.

The assigned debt ratings are in line with the ratings of the
Province, reflecting Moody's view that the willingness and
capacity of the Province of Entre Rios to honor its debt
obligations are in line with the province's long-term credit
quality as captured in the B3/Baa2.ar (local currency) issuer
ratings.

The following debt list was rated as follows (P)B3/Baa2.ar:

- 2013 MTN Program up to ARS900 million,

- 2012 MTN Program up to ARS500 million,

- 2013 Short Term Bills Program up to ARS464.5 million.

The Series I, up to UDS120 million under the MTN Program up to
ARS900 million, is rated B3/Baa2.ar

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.

The Province of Entre Rios is a relatively small province located
in central-eastern Argentina, whose economic activities are mainly
based on agribusiness (soybean, corn, rice, citrus fruits and
cattle raising), commerce and some manufacturing activities
(export and processing proteins).


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


MDL REALTY: BRL100MM Senior Debentures Get Moody's B3 Rating
------------------------------------------------------------
Moody's America Latina assigned first-time Corporate Family
Ratings of B3 on the global scale and Ba3.br on the Brazilian
national scale to MDL Realty Incorporacoes S.A. At the same time,
Moody's assigned B3/ Ba3.br ratings to the company's proposed 5-
year BRL100 million senior secured debentures. The outlook for all
ratings is stable.

Proceeds from these debentures will be used to refinance MDL
Realty's existing debt maturities and to support its near term
expansion plan. The rating of the debentures and the stable
outlook assume that the final transaction documents will not be
materially different from draft legal documentation reviewed by
Moody's to date and assume that these agreements are legally
valid, binding, and enforceable.

Ratings Rationale:

MDL Realty's B3 rating reflects: (i) its relatively small size and
limited diversification when compared to its international peers
and local competitors, (ii) its short track record of operations
as a verticalized homebuilder and the associated execution risks,
and (iii) its evolving corporate governance practices and
management controls. Other factors constraining MDL Realty's
rating include its high leverage and limited internal cash flow
generation that will remain pressured given its significant growth
plan over the next three years to expand its real estate
development businesses.

On the other hand, these risks are partially mitigated by (i) MDL
Realty's attractive operating margins, which are above the
industry average, (ii) the historically strong financial support
provided by the shareholders and (iii) and the expected
improvement in the company's liquidity profile with the proposed
debentures' issuance.

In 2012, MDL Realty launched approximately BRL361 million in
potential sales value (PSV) representing a 39% increase over the
launches in 2011. Historically, the company's launches have been
in the mid-low income housing segment, but the company is now
focused in the mid-high and high income segments and commercial
real estate developments. MDL Realty's growth plan is quite
ambitious, implying an annual average growth rate of approximately
20% in launches over the next three years with a significant
reduction in the number of partnerships supported by its recently
created engineering subsidiary.

In December 31 2012, MDL Realty's adjusted gross debt reached
BRL346 million, which reflects a Debt/Book Capitalization ratio of
55.9% in line with rated peers in Brazil. At the same time, the
company reported an EBIT interest coverage ratio of 2.5x,
calculated according to Moody's standard adjustments, which is
supported by its relatively strong operating margins.
Nevertheless, key credit metrics should moderately deteriorate
while the company expands and consolidates its regional market
share position over the next few years.

The proposed BRL100 million senior secured debentures to be issued
at the holding company level are rated at the same level as MDL
Realty's CFRs given the high proportion of secured debt in the
consolidated capital structure. Moody's rating for the debentures
also consider the adequate number of projects in MDL Realty's
backlog in different stages of construction as well as the limited
recourse nature of most of the project related debt to mitigate
the structural subordination risk.

As a private company, MDL Realty has corporate governance
standards that are evolving but below the average of its Brazilian
rated peers. The company is implementing some initiatives to
improve operational performance and management's oversight, but
Moody's believes there is still room for further improvement in
terms of board independence, financial disclosures, internal
controls, and limitations on related parties' transactions.

The stable rating outlook reflects Moody's view that the company
will balance its growth plans and planned dividend distributions
in order to maintain a minimum cash balance to preserve adequate
liquidity and/or to face an eventual weaker economic environment
with more difficult capital market conditions.

MDL Realty's ratings could experience upward pressure if the
company is able to increase in size in terms of revenues and
tangible net worth and, at the same time, improves its leverage
metrics such as total debt to capitalization below 50% and EBIT to
interest coverage above 3.0 times on a sustainable basis.
Improvement of the company's corporate governance practices and
management controls, could also contribute to ratings upgrade.

MDLRealty's rating would likely be downgraded if Moody's perceives
higher execution risks related to the company's growth plans
and/or if the company faces a significant deterioration in its
leverage and liquidity profile. Quantitatively, the ratings could
be downgraded if total debt to capitalization increases above 65%
or if its EBIT to Interest coverage ratio falls below 1.0x for two
or more consecutive quarters.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

MDL Realty Incorporadora S.A. (MDL Realty) is a private company
headquartered in Rio de Janeiro, Brazil, indirectly controlled by
the major shareholders of Banco Modal (Ba3, stable). The company
is currently focused in the construction of high-rise residential
units for the middle and high income segments and commercial real
estate developments in the states of Rio de Janeiro and Sao Paulo.
In 2012, MDL reported net revenues of BRL209 million ($107
million) and net income of BRL41 million ($20 million).

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.


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


ACORN TACTICAL: Shareholders' Final Meeting Set for Aug. 9
----------------------------------------------------------
The shareholders of Acorn Tactical Trading Fund Ltd will hold
their final meeting on Aug. 9, 2013, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Acorn Advisory Capital, L.P.
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


AGATE GLOBAL: Shareholders' Final Meeting Set for Aug. 20
---------------------------------------------------------
The shareholders of Agate Global Equity Fund will hold their final
meeting on Aug. 20, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345) 926 1688
          Artillery Court
          Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


ANTHRACITE BALANCED: Shareholders' Final Meeting Set for Aug. 6
---------------------------------------------------------------
The shareholders of Anthracite Balanced Company (R-5) Limited will
hold their final meeting on Aug. 6, 2013, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Walker
          c/o Aaron Gardner
          Telephone: (345) 914 8655
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


GIR FUND: Shareholder to Receive Wind-Up Report on Aug. 23
----------------------------------------------------------
The shareholder of GIR Fund Management will receive on Aug. 23,
2013, at 11:15 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


KLEROS PREFERRED: Shareholder to Receive Wind-Up Report on Aug. 23
------------------------------------------------------------------
The shareholder of Kleros Preferred Funding VII, Ltd. will receive
on Aug. 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:

          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


LERA LIMITED: Shareholder to Receive Wind-Up Report on Aug. 26
--------------------------------------------------------------
The shareholder of Lera Limited will receive on Aug. 26, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Cayman Islands


PURRFECT CAT: Shareholder to Receive Wind-Up Report on Aug. 26
--------------------------------------------------------------
The shareholder of Purrfect Cat Ltd will receive on Aug. 26, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Cayman Islands


RESORT DEVELOPMENT: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Resort Development Resources Limited received
on July 17, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Cayman Islands


ST. MAARTEN: Shareholder to Receive Wind-Up Report on Aug. 23
-------------------------------------------------------------
The shareholder of St. Maarten CDO Limited will receive on
Aug. 23, 2013, at 11:30 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


TT FINANCIALS: Shareholders' Final Meeting Set for Aug. 15
----------------------------------------------------------
The shareholders of TT Financials Long Short Alpha Fund Limited
will hold their final meeting on Aug. 15, 2013, at 10:30 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
          Cayman Islands
          Telephone: +1 (345) 814 2228


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


DIGICEL GROUP: Clamps Down On Retailers Who Inflate Card Cost
-------------------------------------------------------------
RJR News reports that Digicel Group is clamping down on retailers
who inflate the cost of phone credit.

Digicel is encouraging customers to only purchase top up from its
more than 6,000 locations across the island, according to RJR
News.

The report notes that the company has launched a campaign, dubbed
'Pay the Right Price' which is designed to raise awareness and
empower customers, as well as encourage vendors to charge the
correct price.

The report relates that Digicel is branding its retail outlets
with a 'Right Price' symbol -- a green tick -- and is encouraging
customers to look out for this symbol when purchasing credit.

RJR News discloses that Digicel's Recharge Manager, Annalise
Harewood said retailers already receive a wholesale discount when
purchasing credit for resale, however some try to earn more by
charging a higher price.

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.



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


CEMEX SAB: Loss Narrows as Accelerating U.S. Rebound Boosts Sales
------------------------------------------------------------------
Brendan Case at Bloomberg News reports that CEMEX, S.A.B. de C.V.
said its second-quarter loss narrowed as the U.S. housing recovery
and a Latin American rebound outside Mexico bolstered sales.

The net loss was $152 million, compared with a $187 million loss a
year earlier, according to Bloomberg News.  Sales rose 3.8 percent
to $4.01 billion, in line with the $3.99 billion average of eight
analyst estimates compiled by Bloomberg, with U.S. revenue jumping
9.2 percent as home starts accelerated from their year-ago level.

Bloomberg News notes that Cemex SAB is benefiting from a U.S.
housing rebound that pushed the company's earnings before
interest, taxes, depreciation and amortization in the country to
$80 million in the second quarter, almost triple the level of a
year earlier.  Bloomberg News relates that sales advanced 6
percent in Central America, South America and the Caribbean after
a first-quarter decline.

"Material margin expansion in the U.S. and strong results in the
South America, Central America and Caribbean region" buoyed Cemex
last quarter. . . . We expect these two regions to continue
supporting operating leverage, which should translate into
positive free cash flow generation," the report quoted Esteban
Polidura, a Deutsche Bank AG analyst in Mexico City who recommends
buying the company's American depositary receipts.

                          Mexico Volumes

Bloomberg News discloses that the company's operating earnings
before interest, taxes, depreciation and amortization, a profit
measure known as Ebitda, rose 4 percent to $730 million, Cemex
said.  That trailed the $744.7 million average of eight analyst
estimates compiled by Bloomberg.

Bloomberg News says that total cement sales volume was little
changed at 17.3 million metric tons and ready-mix concrete volume
added 1.7 percent to 14.5 million cubic meters.  Aggregates such
as sand, gravel and crushed stone advanced 3.6 percent to 42.7
million metric tons, Bloomberg News relays.

Bloomberg News notes that Cemex's U.S. revenue was $868 million as
the annual rate of housing starts in June rose 10 percent from a
year earlier.  The U.S. unit posted an Ebitda profit for the fifth
quarter in a row as cement volume climbed 3 percent and prices
advanced 4 percent, Bloomberg News notes.  Ready-mix concrete
volumes climbed 14 percent with a 5 percent price gain, Cemex
said, Bloomberg News discloses.

Bloomberg News relates that Northern Europe was the company's
largest market by revenue in the second quarter with sales of
$1.09 billion, down 1.1 percent from the same period a year ago.
The region's operating Ebitda slid 11 percent to $108 million.

                               About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.


MBIA MEXICO: S&P Affirms 'B' Counterparty Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
counterparty credit and financial strength ratings on MBIA Mexico
S.A. de C.V. (MBIA Mexico).  In addition, S&P affirmed its 'mxBB+'
national scale financial strength rating on the company.  Outlook
on ratings is stable.

The ratings on MBIA Mexico are based on its core status to its
parent, MBIA Insurance Corp. (MBIA; B/Stable/--), according to
S&P's group rating methodology.  The group status assessment is
based on the parent's support, which consists of a reinsurance
agreement calling for MBIA Mexico to cede 100% of its net
liability and other obligations to MBIA, and a net worth
maintenance agreement in which MBIA agrees to maintain MBIA
Mexico's capital equal to Mexican regulatory requirements or
$10 million, whichever is greater.

The financial strength rating on MBIA reflects S&P's view of its
small capital base relative to the risk of its insured portfolio;
poor operating performance, which S&P expects to continue; and
potential ongoing liquidity stress.  While the possibility of a
liquidity stress exists, the experienced management team's
liquidity and risk mitigation strategy has helped to maintain
solvency.  The extension of a $500 million line credit that was
part of the recent settlement with Bank of America also helps
improve the company's liquidity profile.  The ratings also
reflects MBIA run-off status and S&P's belief that its corporate
profile is unlikely to change in the next year.


===========
P A N A M A
===========


BANCO BILBAO: S&P Puts 'BB+' LT ICR on CreditWatch Developing
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term and
'B' short-term issuer credit ratings (ICR) on Banco Bilbao Vizcaya
Argentaria (Panama) S.A. y Subsidiaria (BBVA Panama) on
CreditWatch developing.

The rating action follows the recent announcement of Banco Bilbao
Vizcaya Argentaria S.A.'s (BBVA; BBB-/Negative/A-3) sale of its
Panamanian subsidiary to Grupo Aval Acciones y Valores S.A. (not
rated).  Grupo Aval is the owner of Banco de Bogota S.A. y
Subsidiarias (BBB-/Stable/A-3) and BAC International Bank Inc.
(BBB-/Stable/A-3).  The transaction is valued at $646 million.
BBVA can collect up to $140 million of the proceeds of the sale
through the distribution of dividends from BBVA Panama.

At the same time, S&P is revising BBVA Panama's group status to
BBVA to "nonstrategic" from "moderately strategic," with no effect
on the ICR, as it's at the same level of bank's stand-alone credit
profile (SACP) of 'bb+'.  S&P will evaluate the strategic
importance of BBVA Panama to Grupo Aval once regulators approve
the transaction.

The issuer credit ratings on BBVA Panama reflect its "moderate"
business position, "adequate" capital and earnings, "adequate"
risk position, "average" funding, and "adequate" liquidity.

If the sale occurs and regulators approve it, S&P could raise or
affirm the ratings on BBVA Panama.  This would depend on S&P's
evaluation of its strategic importance to Grupo Aval and of the
final business and financial strategies.  S&P could downgrade the
bank if the change in ownership results in deterioration of
capital ratios to below adequate levels and/or in more aggressive
business and financial profiles.


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


* BOND PRICING: For the Week From July 22 to 26, 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 * * *