TCRLA_Public/130802.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, August 2, 2013, Vol. 14, No. 152


                            Headlines



A R G E N T I N A

* Moody's Assigns B3 Debt Ratings to Buenos Aires


B R A Z I L

JBS SA: Oppenheimerfunds Sues Firm Over Unpaid Loan
MINERVA SA: Fitch Affirms 'B+' LC Issuer Default Rating
* BRAZIL: Belo Horizonte Will Get US$55MM Loan for Sanitation


C A Y M A N  I S L A N D S

47 DEGREES: Creditors' Proofs of Debt Due Aug. 19
BIRMINGHAM HOLDINGS: Creditors' Proofs of Debt Due Aug. 19
CHASE PRIVATE: Placed Under Voluntary Wind-Up
MAXIMUM AFRICA: Creditors' Proofs of Debt Due Aug. 19
PENDRAGON RESEARCH: Creditors' Proofs of Debt Due Aug. 19

ZAIS MATRIX V-A: Creditors' Proofs of Debt Due Aug. 19
ZAIS MATRIX V-C: Creditors' Proofs of Debt Due Aug. 19
ZAIS MATRIX VI-A: Creditors' Proofs of Debt Due Aug. 19
ZAIS MATRIX VI-C: Creditors' Proofs of Debt Due Aug. 19
ZAIS MATRIX VI-F: Creditors' Proofs of Debt Due Aug. 19


P E R U

CORPORACION PESQUERA: S&P Revises Creditwatch on 'B+' CCR to Neg.
INTERCORP PERU: S&P Raises CCR to 'BB'; Outlook Stable


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Inflation Rises to 6.8%




                            - - - - -


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


* Moody's Assigns B3 Debt Ratings to Buenos Aires
-------------------------------------------------
Moody's Latin America has assigned ratings of B3 (global local
currency scale) and Baa3.ar (Argentina National Scale) to the
Province of Buenos Aires's first Series up to $200 million to be
issued under the 2013 Local Market Bonds Program for up to $800
million. In the same rating action Moody's assigned (P)B3 (global
local currency scale) and Baa3.ar (on Argentina National Scale) to
this program. The bonds to be issued under the program will be
payable in Argentine pesos and sold in the local capital market.
The ratings are in line with the province's long term local
currency issuer ratings, which carry negative outlook.

Ratings Rationale:

The 2013 Local Market Bonds Program has been authorized by the
provincial Decree 164/2013 and the Resolution 89/2013 of the
province's Ministry of Economy, under the provisions of the 2013
Budget Law. The notes to be issued under the program constitute
direct, general, unconditional, secured and unsubordinated
obligations of the province. The maximum authorized amount to be
issued under the program is $800 million, or its equivalent in
other currency, which represents 6% of the province's net direct
and indirect debt as of March 2013, and 3.2% of total revenues
budgeted for 2013.

The province will offer a first Series of up to $200 million, that
will be payable in Argentine pesos, carry fixed interest rate and
amortize principal at maturity, which is planned to be in eighteen
months.

The assigned ratings reflect the ongoing deterioration in
Argentina's operating environment, including a decelerating
economy and rising fiscal and foreign exchange pressures. "Despite
the intrinsic financial characteristics of the Province of Buenos
Aires, the lack of consistent and predictable policies at the
national level affects the institutional framework under which the
province operates and ultimately anchors its credit quality to
that of the Sovereign", said Moody's analyst Alejandro Pavlov.

"The Province of Buenos Aires's intrinsic creditworthiness is
characterized not only by a large and diversified economy that
represents roughly 33% of national output, but also by financial
deficits that averaged 8% of the province's total revenues", said
Moody's analyst Alejandro Pavlov. The ratings also take into
account the still high dependence on the federal government --
though declining-, which is its main creditor with 47% of the
provincial outstanding debt as of March 31, 2013 and has been an
important source for short term liquidity. This last consideration
links Buenos Aires' credit quality to that of the federal
government.

Due to the province's past imbalances and planned capital
expenditures, Moody's expects that it will continue to borrow from
the local capital markets. According to the 2013 fiscal year
budget, the province has been authorized to contract debt in the
amount of almost ARS13.7 billion (equivalent to approximately 19%
of total debt as of March 31, 2013), part of which will be used to
amortize ARS8.3 billion of outstanding debts.

"The province's negative outlook follows the negative outlook
assigned to Argentina's B3 local and foreign currency government
bond ratings, reflecting the ongoing deterioration in Argentina's
operating environment", added Pavlov. In

Moody's view, the lack of consistent and predictable policies at
the national level affects the institutional framework under which
provinces and municipalities operate.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the Province of Buenos
Aires' ratings in the near to medium term. Notwithstanding, a
change of the sovereign outlook back to stable could lead to a
change in the outlook back to stable.

The province could be further downgraded if the negative outlook
on the sovereign rating materializes into a rating downgrade.
Furthermore, any action taken by the central government that would
negatively impact the ability of the province to repay its
financial obligations could lead to a further downgrade. Any such
actions would be viewed by Moody's as further illustration of a
deteriorating institutional framework and an unstable policy
environment.

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.


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


JBS SA: Oppenheimerfunds Sues Firm Over Unpaid Loan
---------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that U.S.-
based OppenheimerFunds Inc.'s Brazilian lawyer said the firm is
suing JBS SA over an unpaid loan originally signed in 2008 by
French poultry producer Doux SA.

Oppenheimer, with more than $208 billion in assets under
management, is the major creditor on a $100 million loan given to
the Brazilian unit of French-based Doux SA, Frangosul, which in
2012 leased its local units to the Brazilian meatpacker for 10
years with an option to buy, said Fernando Bilotti Ferreira, a
lawyer at Santos Neto Advogados, which represents Oppenheimer in
Brazil, according to WSJ.

WSJ notes that the lease includes a plant based in Passo Fundo, in
the south of Brazil, which serves as collateral for the loan.

"OppenheimerFunds and its legal advisers believe that the lease
agreement between JBS S.A. and Doux Frangosul on the Passo Fundo
plant clearly breaches the 'Alienacao Fiduciaria' [mortgage]
granted over it," OppenheimerFunds said in an email obtained by
the news agency.

WSJ relates that Mr. Ferreira said Doux halted the payments on the
loan much before the leasing was signed and currently owes around
$75 million on it, including principal and interest.

WSJ notes Mr. Ferreira said that JBS leased all the plants and
took on former employees from Frangosul, the Brazilian company
controlled by Doux, disguising the fact that it was, in essence,
"incorporating" the company.

WSJ relays that under the lease agreement signed in 2012, JBS said
that it wouldn't take on any of Frangosul's liabilities.

However, it would take on such liabilities in the event of an
outright purchase, notes WSJ.

WSJ relays that JBS also said, at the time, that it would invest
BRL300 million ($133 million) in Frangosul's operations and that
it would create a new business unit named JBS Chicken Brazil.

WSJ notes that the meatpacker noted then that it planned to
continue employing all of the 6,000 workers at Doux's Frangosul
unit in Brazil and that it would maintain existing contracts with
third-party service providers.

WSJ relates that Oppenheimer and its lawyer said, however, that
creditors were provided with no details on the lease agreement and
that it was signed after Doux was already in default.

WSJ says that the U.S. company noted that Brazil's government-run
development bank, the BNDES, is a JBS shareholder.

"The fact that JBS is partially owned indirectly by the Brazilian
government further exacerbates OppenheimerFunds' concern and
frustration, as it is unclear to us whether the government has
notice of and supports such questionable legal practices,"
Oppenheimer said in the statement, WSJ notes.

WSJ adds that BNDES owns 19.85% of JBS while another government-
run bank, Caixa Economica Federal, has a 10% stake in the company,
according to information provided by the meatpacker on its
website.

                        *     *     *

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


MINERVA SA: Fitch Affirms 'B+' LC Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of Minerva S.A. (Minerva)
with a Stable Outlook.

KEY RATING DRIVERS

Minerva's 'B+' ratings are supported by the company's strong
business position as the second-largest Brazilian exporter of
fresh beef. Fitch acknowledges the credit-friendly measures taken
by the company through its decision to issue equity to support its
operations during the challenging operating environment in the
past few years, and an issuance at the end of 2012 that is being
used to fund growth. Together these actions have given the company
a strong liquidity position. As of March 31, 2013, Minerva had BRL
774 million in cash and marketable securities, which covers BRL352
million of short-term debt obligations by a ratio of more than 2x.

In Fitch's opinion, Minerva's elevated investment program during a
positive cycle for the Brazilian beef sector is both well-timed
and will improve the company's business profile. Minerva's
investments will lead to growth in the Brazilian state of Mato
Grosso. The company also plans to expand in Uruguay, Paraguay and
Colombia. Together, these investments should increase the revenue
contribution of processed foods to about 10% of revenues by 2015,
while revenue generated outside of Brazil should increase to
between 20% - 25%.

Minerva's ratings are constrained by its risky business profile,
with high product and production concentration in Brazil. This
high degree of concentration limits the company's flexibility to
respond to regional bans on exports. Similar to other Brazilian
protein processors, Minerva is exposed to the risks of unfavorable
currency fluctuations and potential disease outbreaks. The company
is more susceptible to these risks than other leading competitors
in the Brazilian industry as exports account for a higher
percentage of its revenue.

Positive Operating Performance Expected to Continue

The positive beef cycle in Brazil continued during the first
quarter of 2013 (1Q'13) and Minerva reported improving volumes,
revenues, EBITDA and EBITDA margins. For the LTM ending March 31,
2013, Minerva's EBITDA increased to BRL493 million from BRL328
million during 2011, while its EBITDA margins increased to 10.6%
from 8.2% in 2011. CFFO was BRL308 million during the LTM ended
March 31, 2013, compared to negative BRL 11 million in 2011.

Fitch anticipates that Minerva will continue to generate robust
cash flow from operations through 2013 due to favorable herd
conditions in Brazil, which has increased cattle availability, and
high beef prices internationally. The company's expansion program,
however, will result in investments that will lead to neutral-to-
slightly negative free cash flow generation in 2013.

Stable Leverage in 2013

For the LTM ended March 31, 2013, leverage as measured by Net Debt
to EBITDA increased to 3.6x from 3.2 as of Dec. 31, 2012, as a
result of high investments in working capital in 1Q'13. This
measure is higher than previously expected by Fitch, but is still
within the boundaries for the rating category. As of March 31,
2013, Minerva's Total Debt was BRL 2.6 billion, while its Net Debt
was BRL 1.8 billion. Minerva's ability to further deleverage will
be constrained by its increased investment program and its
sensitivity to the BRL/USD exchange rate, as over 70% of the
company's debt as of March 31, 2013 is dollar denominated and not
hedged. Weakening of the Brazilian real may lead to a temporary
increase in Minerva's leverage ratios.

RATING SENSITIVITIES

The ratings are likely to remain stable unless cash flow
generation and leverage ratios trend differently than Fitch's
expectations. A positive rating action could be triggered by
additional decreases in leverage to about 2.0x mid-cycle. This
level of debt reduction is unlikely to be achieved in the short-
to medium-term.

A negative rating action could occur if net leverage increases to
4.0x on a normalized basis. This could be as a result of either a
large debt-financed acquisition or asset purchases, or as a result
of operational deterioration due to disruptions in exports.

Fitch affirms the following ratings as indicated:

Minerva:
-- Local currency Issuer Default Rating (IDR) at 'B+';
-- Foreign currency IDR at 'B+';
-- National scale rating at 'BBB+(bra) ';
-- BRL200 million outstanding debentures due 2015 at 'BBB+(bra)'.

Minerva Luxembourg S.A.:
-- Local currency IDR at 'B+';
-- Foreign currency IDR at 'B+';
-- Senior unsecured notes due in 2017, 2019, 2022 and 2023 at
   'B+/RR4'.

The corporate Rating Outlook is Stable.


* BRAZIL: Belo Horizonte Will Get US$55MM Loan for Sanitation
-------------------------------------------------------------
More than 42,000 inhabitants of the Bonsucesso watershed area in
the municipality of Belo Horizonte in Brazil will enjoy better
health indices and access to cleaner water and reduced risks to
flooding with a $55 million loan from the Inter-American
Development Bank.

This project will enable Belo Horizonte to complete the Bonsucesso
watershed project by focusing on reducing flood risk, restoring
the quality of waterways and by improving drainage systems and
urban environmental management, among other actions.

The first stage of The Belo Horizonte environmental restoration
program (DRENURBS) was approved in June, 2004.

"It is a privilege to contribute to the improvement of the quality
of lifein Belo Horizonte, through infrastructure investment and
planning instruments in partnership with the city", said Yvon
Mellinger, IDB project team leader.

The project's main objectives are to implement approximately 5.7-
kilometernetwork of micro and macro drainage, as well as 11.2 km
of sewerage network and 8.7 km of wastewater interceptors that
will connect to the Arrudas Wastewater Treatment Plant thus
reducing the watershed's organic pollution.

Belo Horizonte, capital of the state of Minas Gerais in Brazil's
Southeast region, has an area of 330 square kilometers and a
population of about 2.4 million.

The IDB loan consists of $55 million for a 25-year term, with a
5.5 year grace period and an interest rate based on LIBOR.  Local
counterpart funds total $55 million.


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


47 DEGREES: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------
The creditors of 47 Degrees North New Generation Fund Ltd. are
required to file their proofs of debt by Aug. 19, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 15, 2013.

The company's liquidator is:

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


BIRMINGHAM HOLDINGS: Creditors' Proofs of Debt Due Aug. 19
----------------------------------------------------------
The creditors of Birmingham Holdings, Ltd. are required to file
their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2012.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


CHASE PRIVATE: Placed Under Voluntary Wind-Up
---------------------------------------------
On July 15, 2013, the shareholders of Chase Private Equity
Partners Select, Ltd. passed a resolution that voluntarily winds
up the company's operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          c/o Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands


MAXIMUM AFRICA: Creditors' Proofs of Debt Due Aug. 19
-----------------------------------------------------
The creditors of Maximum Africa Alpha are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 12, 2013.

The company's liquidator is:

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


PENDRAGON RESEARCH: Creditors' Proofs of Debt Due Aug. 19
---------------------------------------------------------
The creditors of Pendragon Research Limited are required to file
their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 12, 2013.

The company's liquidator is:

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


ZAIS MATRIX V-A: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------------
The creditors of Zais Matrix V-A Cayman Limited are required to
file their proofs of debt by Aug. 19, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 12, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ZAIS MATRIX V-C: Creditors' Proofs of Debt Due Aug. 19
------------------------------------------------------
The creditors of Zais Matrix V-C Ltd. are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 12, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ZAIS MATRIX VI-A: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------------
The creditors of Zais Matrix VI-A Ltd are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 12, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ZAIS MATRIX VI-C: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------------
The creditors of Zais Matrix VI-C Ltd. are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 12, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ZAIS MATRIX VI-F: Creditors' Proofs of Debt Due Aug. 19
-------------------------------------------------------
The creditors of Zais Matrix VI-F Ltd. are required to file their
proofs of debt by Aug. 19, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 12, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


========
P E R U
========


CORPORACION PESQUERA: S&P Revises Creditwatch on 'B+' CCR to Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications on its ratings, including the 'B+' corporate credit
rating, on Corporacion Pesquera Inca S.A.C. (Copeinca), to
negative from developing.

The CreditWatch listing follows Copeinca shareholders' preliminary
acceptance of China Fishery Group Ltd.'s (B+/Negative/--) new cash
tender offer of about $800 million to acquire the company, which
is higher than that of Cermaq A.S.A.'s recent voluntary offer.
The ratings on China Fishery currently have a negative outlook,
reflecting the company's more aggressive acquisitive growth
strategy and expected higher debt to fund Copeinca's acquisition.
If the transaction is completed and depending on the degree of
integration, S&P expects the ratings on Copeinca to move in tandem
with those on China Fishery.  S&P could also lower the ratings if
the transaction results in a weaker financial risk profile of
either Copeinca or the combined company, or if liquidity worsens
if change-of-control acceleration clause in Copeinca's
$250 million outstanding bonds is triggered.

Standard & Poor's will seek to resolve or update the CreditWatch
listing within 90 days.  S&P will monitor developments relating to
this transaction and will resolve the CreditWatch listing
following a review of the acquisition and its approval by
Copeinca's shareholders and the corresponding regulatory bodies,
and the developments regarding the change of control acceleration
covenant.  S&P will also evaluate management's business
strategies, new capital structure, and gain an additional
understanding of the company's financial policy objectives and
egree of integration with China Fishery.


INTERCORP PERU: S&P Raises CCR to 'BB'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Bahamas-
incorporated investment holding company Intercorp Peru Ltd.
(Intercorp; previously known as IFH Peru Ltd.), including its
corporate credit rating to 'BB' from 'BB-'.  The outlook remains
stable.

The upgrade is primarily based on the company's improved business
and financial prospects, due to the growth and higher
diversification of its asset portfolio.  The upgrade also reflects
S&P's expectations that Intercorp will continue to receive
sufficient dividends in the next two-three years to cover its debt
service, which is about $22 million in annual interest expense on
its $250 million bond due 2019.

"We assess the company's business risk profile as "fair" and its
financial risk profile as "significant."  Our ratings on Intercorp
still continue to reflect a significant dividend distribution from
the following assets:  Banco Internacional del Peru-Interbank
(BBB/Stable/--), Interseguro (NR), and Inteligo (NR).  The ratings
also reflect the company's lack of liquid investments and
inherently volatile cash flow.  Interbank's good credit quality,
Intercorp's comfortable debt maturity schedule, and its majority
stake in all of its subsidiaries, which gives it control over
their cash and financial policies, partly offset these factors.
We are revising our business risk profile assessment to "fair"
from "weak" on increased diversification and value of the
company's portfolio, following several recent investments and the
October 2012 IPO of the group's retail subsidiary, InRetail, and
synergies generated between Intercorp's financial arm, Intercorp
Financial Services (IFS) and InRetail. Interbank is IFS' main
asset," S&P said.


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


* TRINIDAD & TOBAGO: Inflation Rises to 6.8%
--------------------------------------------
Trinidad & Tobago NewsDay reports that headline inflation, which
is driven by increases in food prices, in Trinidad and Tobago
increased from 5.6 percent in May to 6.8 percent in June.

This information was contained in the latest repo rate
announcement from the Central Bank which was released, according
to Trinidad & Tobago NewsDay.

The report notes that in terms of headline inflation, the bank
noted increases in food and alcoholic beverages (9.6 to 12.6
percent); fish (3.8 to 5.1 percent); vegetables (10.6 to 11.1
percent) and fruits (11.8 to 19.4 percent) over the period May to
June.

The report relates that core inflation, which excludes food
prices, slowed to 2.2 percent in June from 2.4 percent in May.
The bank also noted that so far this year, indications are that
economic recovery appears to be heavily dependent on the slow but
steady performance of the non-energy sector, the report says.

The report discloses that while inflationary pressures are well
contained, the bank said business lending contracted for the sixth
consecutive month in May, suggesting that the low interest rate
environment is yet to encourage a strong enough revival in private
sector investment.

The report notes that the bank's quarterly real GDP index,
suggests the economic grew by 1.6 percent in the first quarter of
this year.  This represented the third consecutive quarter of
economic growth, which was driven mainly by the non-energy sector
where activity increased 2.5 percent, the report relates.

The report relays that the bank said it was likely the non-energy
sector further consolidated its performance in the second quarter
of 2013.

Production of mined aggregates, local sales of cement and new
motor sales all registered strong growth in April to June, the
report says.

However, the report notes supply constraints arising from ongoing
maintenance and security upgraded at energy companies, especially
works planned for September, continue to weigh heavily on the
overall speed of the economic recovery for this year.  The energy
sector recorded only a marginal increase of 0.5 percent in the
first three months of this year, the report discloses.

The report relates that financial system liquidity, while still
elevated has fallen from highs observed earlier in the year. Over
the period July 1 to 22, commercial banks' excess reserves reached
a daily average of $5.3 billion, down from a daily average of $6.2
billion in June.  The issue of a $1 billion Central Government
bond in May, the proceeds of which were sterilized at the bank, as
well as the impact of tax payments in late June/early July, helped
to remove some of the excess liquidity, the report says.

The report discloses that to further contain liquidity, the bank
has opened for auction, another Central Government bond whose
proceeds will be sterilized at the bank.  This Treasury bond will
be issued on August 6 and is expected to withdraw approximately $1
billion from the system, the report relays.

Newsday adds that against this background, the bank has decided to
maintain the repo rate at 2.75 percent.  The next repo rate
announcement will be on August 27.


                            ***********


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 * * *