TCRLA_Public/130808.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

           Thursday, August 8, 2013, Vol. 14, No. 156


                            Headlines



B R A Z I L

BANCO RURAL: Moody's Downgrades and Withdraws Ratings
HYPERMARCAS SA: Saw Stronger Consumer Demand in July, CEO Says
INDUSTRIAS METALURGICAS: Fitch Affirms 'B+' Issuer Default Rating
WPE International: Fitch Affirms 'B+' Issuer Default Rating


C A Y M A N  I S L A N D S

47 DEGREES: Members Receive Wind-Up Report
BIRMINGHAM HOLDINGS: Shareholder to Hear Wind-Up Report on Aug. 22
CHIA IAM: Shareholders' Final Meeting Set for Oct. 21
EMERSON CAPITAL: Shareholder to Receive Wind-Up Report on Aug. 28
INVESTCORP SPECIAL: Shareholders' Final Meeting Set for Oct. 21

INVESTCORP SPECIAL ONSHORE: Shareholders' Meeting Set for Oct. 21
KOREA FIRST: Shareholder to Receive Wind-Up Report on Sept. 6
MAXIMUM AFRICA: Members' Final Meeting Set for Aug. 26
MEDLEY CREDIT: Shareholders' Final Meeting Set for Aug. 30
MSR ASIA: Members' Final Meeting Set for Aug. 26

PENDRAGON RESEARCH: Members' Final Meeting Set for Aug. 26
UPTI CAYMAN: Shareholders' Final Meeting Set for Aug. 20
ZAIS MATRIX V-A: Shareholder to Hear Wind-Up Report on Sept. 3
ZAIS MATRIX VI-C: Shareholder to Hear Wind-Up Report on Sept. 3


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Leaders Fear Going Broke From Haiti Trade Spat
* DOMINICAN REP: Mogul OKs Wage Hike, Sees Small Firm Bankruptcies


E C U A D O R

REPUBLIC OF ECUADOR: S&P Revises Outlook to Positive


M E X I C O

CEMEX SAB: Announces Pricing of US$1BB in Senior Secured Notes
CEMEX SAB: S&P Assigns 'B' Rating on $1BB Senior Secured Notes


P U E R T O   R I C O

AES PUERTO RICO: Fitch Affirms 'BB' Rating on $161.87MM Bonds


T R I N I D A D  &  T O B A G O

PETROTRIN: Industrial Unrest Cuts Trinmar Output


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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B R A Z I L
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BANCO RURAL: Moody's Downgrades and Withdraws Ratings
-----------------------------------------------------
Moody's Investors Service has lowered Banco Rural S.A.'s baseline
credit assessment (BCA) to c, from caa1, and downgraded the bank's
long-term global local and foreign currency deposit ratings to C,
from Caa1. At the same time, Moody's downgraded Rural's long-term
Brazilian national scale deposit rating to C.br, from Caa1.br.
Concurrently, Moody's affirmed Rural's bank financial strength at
E and Rural's short-term deposit ratings. At their current level
all ratings carry no outlook. At the same time, the rating agency
said that it will withdraw all ratings following the Central Bank
of Brazil's announcement on August 2, 2013 of the liquidation of
Banco Rural.

At the time of withdrawal, Rural's ratings are as follows:

Bank financial strength of E, which maps to a standalone baseline
credit assessment of c

Global local currency deposit ratings of C and Not Prime

Foreign currency deposit ratings of C and Not Prime

Brazilian national scale deposit ratings of C.br and BR-4

Ratings Rationale:

The downgrade and withdrawal of Rural's ratings follow the Central
Bank of Brazil's announcement on August 2, 2013 that it had
liquidated the bank as a result of its insolvency and the lack of
a credible and viable capitalization plan that could revert its
capital shortfall. Moody's noted that Rural's operations had been
affected by the involvement of members of its management team in a
political scandal that led to declining confidence and operations,
with negative effect on its financial and economic conditions. The
last time Rural published audited financial statements was in June
2012.

In downgrading Rural's deposit ratings to C, Moody's highlights
the uncertainty regarding the potential recovery rate of Rural's
uninsured obligations, now that the bank's liquidation has been
decreed. Moody's C global scale rating implies expected losses in
the range of 65% to 100% to creditors.

The last rating action on Rural occurred on June 12, 2013, when
Moody's downgraded Rural's bank financial strength to E, from E+,
and lowered its unsupported baseline credit assessment to caa1,
from b3. Moody's also downgraded Rural's long-term global local
and foreign currency deposit ratings to Caa1, from B3, and long-
term Brazilian national scale deposit rating to Caa1.br, from
B1.br. The short-term local and foreign currency deposit ratings
of Not Prime and the short-term Brazilian national scale deposit
rating of BR-4 remained unchanged. Moody's also maintained the
review for possible downgrade on Rural's supported deposit
ratings.

The principal methodology used in rating this bank was "Global
Banks" published on May 31, 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.

Banco Rural S.A. is headquartered in Belo Horizonte, Brazil. As of
June 2012, the bank had total assets of approximately R$5.63
billion ($2.79 billion) and equity of R$359 million ($178
million).


HYPERMARCAS SA: Saw Stronger Consumer Demand in July, CEO Says
--------------------------------------------------------------
Reuters reports that Hypermarcas SA has seen early signs of
stronger consumer demand in July, Chief Executive Claudio Bergamo
told analysts on a call to discuss second-quarter earnings.

Hypermarcas posted an unexpected quarterly profit as strong sales
and improving profit margins offset the impact of a currency swing
on debt-servicing costs, according to Reuters.

                      *     *     *

As reported in the Troubled Company Reporter on July 3, 2013,
Standard & Poor's Ratings Services affirmed its 'BB-' global scale
ratings on Hypermarcas S.A.  At the same time, S&P raised the
national scale rating to 'brA' from 'brA-'.  The outlook is
stable.


INDUSTRIAS METALURGICAS: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Industrias
Metalurgicas Pescarmona S.A.I.C.y F. (IMPSA):

-- Foreign currency Issuer Default Rating (IDR) at 'B+';
-- Local currency IDR at 'B+';
-- USD225 million senior unsecured notes due 2014 at 'B+/RR4';
-- National scale IDR at 'AA(arg)';
-- USD225 million senior unsecured notes due 2014 at 'AA(arg)';
-- Classes 6,7,8,9,10,and 11 senior unsecured notes at 'AA(arg)'.

The Rating Outlook is Stable.

WPEI is a direct subsidiary of WPE, which in turn is wholly owned
by IMPSA. WPEI notes are irrevocably and unconditionally
guaranteed by IMPSA and WPE (IMPSA's Brazilian subsidiary) on a
senior unsecured basis. WPEI's ratings reflect the
creditworthiness of the guarantors. WPE is a fully owned
subsidiary of IMPSA with strong operating, strategic and financial
ties to its parent company. The 'B+' IDR assumes all WPEI's future
debt issuances would be fully and unconditionally guaranteed by
IMPSA, and will rank pari passu with IMPSA's senior unsecured
debt.

Key Rating Drivers:
IMPSA's 'B+' ratings reflect the positive trend for the company's
long-term business fundamentals which are the result of sustained
global demand for hydro and wind power generating equipment. They
also incorporate the company's growing business presence in Brazil
and its sizeable backlog, which provides some certainty to the
company's cash generation over the medium term. Balanced against
these strengths are the company's high leverage, aggressive
capital expenditure program and its backlog concentration on a few
large projects in developing countries. A sudden downturn in key
markets would negatively impact IMPSA's ability to develop new
projects.

The company's operations have a significant concentration in
Brazil. For the fiscal year ended Dec. 31, 2012, 45% of revenues
came from Brazil. The growth of its business in Brazil has reduced
IMPSA's exposure to more volatile markets such as Argentina and
has increased its access to multiple funding sources. This
increase in funding sources has reduced concerns about IMPSA's
need to finance its working capital needs in Argentina should
trading conditions in that market deteriorate. It has also enabled
the company's foreign currency rating to exceed the 'B-' country
ceiling of Argentina.

At March 31, 2013, IMPSA's backlog was around USD3.8 billion with
72% in wind manufacturing; 83% of manufacturing backlog came from
Brazil. Given the long-term production cycle of IMPSA's
developments (usually in the range of four years for hydro and 12-
18 months for wind farms), this backlog level provides some
certainty to the company's cash generation in the medium term.
Existing purchase power agreements (PPAs) also contribute to the
company's future revenue generating ability.

Backlog concentration for this industry is high, with five
projects representing above 50% at March 31, 2013. The main
project in the hydro equipment business unit is the Belo Monte
hydro project in Brazil, whereas the main projects in the wind
equipment unit are Arauco IV (Argentina) and Ceara III (Brazil).

The company's free cash flow (FCF) is anticipated to remain
negative during 2013 and 2014 due to capital expenditures and
growing working capital needs. Investments for fiscal year-end
2013 are estimated at approximately USD225 million. Much of the
cash deficit will be funded with nonrecourse project financing to
develop wind farm projects in Brazil.

Fitch expects IMPSA's total recourse debt-to-EBITDA ratio to
remain around 4.0x, and decrease in accordance with the successful
execution of the project backlog and the cash flow generation of
the new energy projects in operation. As of March 31, 2013, IMPSA
had USD982 million of total debt and total debt-to-EBITDA of 4.0x.
Since March 2013, the company changed the accounting for its
participation in the wind farms through Energimp, and is no longer
consolidating their results. Non-recourse debt at wind farms is
therefore no longer included at IMPSA's level (approximately
USD418 million at March 31, 2013).

Liquidity is tight. IMPSA had USD33.7 million of cash and
marketable securities at the end of March 2013, covering short-
term debt by 14%. The company is expected to meet its upcoming
debt obligations with a mix of cash from operations and the
rollover of existing debt. IMPSA increased Brazilian short-term
credit lines up to USD200 million and issued notes in the local
capital market.

Rating Sensitivities:
The company's ratings could be downgraded or a Negative Outlook
could be assigned if non-recourse financing increases above levels
anticipated by Fitch. Additionally, any material performance
problems that threaten future projects and cash flow, or a failure
to comply with the terms for the operation of the wind farms (for
which long-term PPAs have been signed with Eletrobras and the CCEE
and are financed by BNDES) could also result in a Negative Outlook
or downgrade.


WPE International: Fitch Affirms 'B+' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the following WPE International
Coorperatief's (WPEI) ratings:

-- Foreign Currency Issuer Default Rating (IDR) at 'B+';
-- Local Currency IDR at 'B+';
-- US$390 million Senior Unsecured Notes due 2020, at 'B+/RR4'.

The Rating Outlook is Stable.

WPE International Coorperatief (WPEI) is a direct subsidiary of
WPE, which in turn is wholly owned by Industrias Metalurgicas
Pescarmona (IMPSA). WPEI notes are irrevocably and unconditionally
guaranteed by IMPSA and WPE (IMPSA's Brazilian subsidiary) on a
senior unsecured basis. The ratings reflect the creditworthiness
of the guarantors.

Fitch rates IMPSA 'B+', while WPE is a fully owned subsidiary of
IMPSA with strong operating, strategic and financial ties to its
parent company. The 'B+' IDR assumes all WPEI's future debt
issuances would be fully and unconditionally guaranteed by IMPSA,
and will rank pari passu with IMPSA's senior unsecured debt.

KEY RATING DRIVERS

IMPSA's 'B+' ratings reflect the positive trend for the company's
long-term business fundamentals due to sustained global demand for
hydro and wind power generating equipment. They also incorporate
the company's growing business presence in Brazil and its sizeable
backlog, which provides some certainty to the company's cash
generation over the medium term. Balanced against these strengths
are the company's high leverage, aggressive capital expenditure
program and its backlog concentration on a few large projects in
developing countries. A sudden downturn in key markets would
negatively impact IMPSA's ability to develop new projects.

The company's operations have a significant concentration in
Brazil. For the fiscal year ended Dec. 31, 2012, 45% of revenues
came from Brazil. The growth of its business in Brazil has reduced
IMPSA's exposure to more volatile markets such as Argentina and
has increased its access to multiple funding sources. This
increase in funding sources has reduced concerns about IMPSA's
need to finance its working capital needs in Argentina should
trading conditions in that market deteriorate. It has also enabled
the company's foreign currency rating to exceed the 'B-' country
ceiling of Argentina.

At March 31, 2013, IMPSA's backlog was around USD 3.8 billion with
72% in wind manufacturing; 83% of manufacturing backlog came from
Brazil. Given the long-term production cycle of IMPSA's
developments (usually in the range of four years for hydro and 12
- 18 months for wind farms), this backlog level provides some
certainty to the company's cash generation in the medium term.
Existing PPAs also contribute to the company's future revenue
generating ability.

Backlog concentration for this industry is high, with five
projects representing above 50% at March 31, 2013. The main
project in the hydro equipment business unit is the Belo Monte
hydro project in Brazil, whereas the main projects in the wind
equipment unit are Arauco IV (Argentina) and Ceara III (Brazil).
The company's free cash flow (FCF) is anticipated to remain
negative during 2013 and 2014 due to capital expenditures and
growing working capital needs. Investments for fiscal year-end
2013 are estimated at approximately USD 225 million. Much of the
cash deficit will be funded with nonrecourse project financing to
develop wind farm projects in Brazil.

Fitch expects IMPSA's total recourse debt to EBITDA ratio to
remain around 4.0x, and decrease in accordance with the successful
execution of the project backlog and the cash flow generation of
the new energy projects in operation. As of March 31, 2013 IMPSA
had USD 982 million of total debt and total debt-to-EBITDA of
4.0x. Since March 2013, the company changed the accounting for its
participation in the wind farms through Energimp, and is no longer
consolidating their results. Non-recourse debt at wind farms is
therefore no longer included at IMPSA's level (approx. USD 418
million at March 31, 2013).

Liquidity is tight. IMPSA had USD 33.7 million of cash and
marketable securities at the end of March 2013, covering short-
term debt by 14%. The company is expected to meet its upcoming
debt obligations with a mix of cash from operations and the
rollover of existing debt. IMPSA increased Brazilian short-term
credit lines up to USD200 million and issued notes in the local
capital market.

RATING SENSITIVITIES

The company's ratings could be downgraded or the Outlook revised
to Negative if non-recourse financing increases above levels
anticipated by Fitch. Additionally, any material performance
problems that threaten future projects and cash flow, or a failure
to comply with the terms for the operation of the wind farms (for
which long term PPAs have been signed with Eletrobras and the CCEE
and are financed by BNDES) could also result in a Negative Outlook
or downgrade.


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


47 DEGREES: Members Receive Wind-Up Report
------------------------------------------
The members of 47 Degrees North New Generation Fund Ltd received
on July 26, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


BIRMINGHAM HOLDINGS: Shareholder to Hear Wind-Up Report on Aug. 22
------------------------------------------------------------------
The shareholder of Birmingham Holdings, Ltd. will receive on
Aug. 22, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


CHIA IAM: Shareholders' Final Meeting Set for Oct. 21
-----------------------------------------------------
The shareholders of Chia IAM SP Limited will hold their final
meeting on Oct. 21, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


EMERSON CAPITAL: Shareholder to Receive Wind-Up Report on Aug. 28
-----------------------------------------------------------------
The shareholder of Emerson Capital Offshore Fund, Ltd. will
receive on Aug. 28, 2013, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Delta FS Limited
          c/o Janeen Aljadir
          Telephone: (345) 743 6626
          PO Box 11820 Grand Cayman KY1-1009
          Cayman Islands


INVESTCORP SPECIAL: Shareholders' Final Meeting Set for Oct. 21
---------------------------------------------------------------
The shareholders of Investcorp Special Opportunities Offshore Fund
Limited will hold their final meeting on Oct. 21, 2013, at
9:30 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


INVESTCORP SPECIAL ONSHORE: Shareholders' Meeting Set for Oct. 21
-----------------------------------------------------------------
The shareholders of Investcorp Special Opportunities Onshore Fund
Limited will hold their final meeting on Oct. 21, 2013, at
10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Paget-Brown Trust Company Ltd.
          c/o Bonnie Willkom
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


KOREA FIRST: Shareholder to Receive Wind-Up Report on Sept. 6
-------------------------------------------------------------
The shareholder of Korea First Mortgage No.5 Limited will receive
on Sept. 6, 2013, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943 3100


MAXIMUM AFRICA: Members' Final Meeting Set for Aug. 26
------------------------------------------------------
The members of Maximum Africa Alpha will hold their final meeting
on Aug. 26, 2013, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


MEDLEY CREDIT: Shareholders' Final Meeting Set for Aug. 30
----------------------------------------------------------
The shareholders of Medley Credit Strategies, Ltd. will hold their
final meeting on Aug. 30, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          PO Box 30116
          Landmark Square, 2nd Floor
          64 Earth Close, Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


MSR ASIA: Members' Final Meeting Set for Aug. 26
------------------------------------------------
The members of MSR Asia Acquisitions VI, Inc. will hold their
final meeting on Aug. 26, 2013, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


PENDRAGON RESEARCH: Members' Final Meeting Set for Aug. 26
----------------------------------------------------------
The members of Pendragon Research Limited will hold their final
meeting on Aug. 26, 2013, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


UPTI CAYMAN: Shareholders' Final Meeting Set for Aug. 20
--------------------------------------------------------
The shareholders of UPTI Cayman Sub, Inc. 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:

          K.D. Blake
          c/o Chris Van de Water
          Telephone: (345) 815 2645/ (345) 949 4800
          Facsimile: (345) 949 7164
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands


ZAIS MATRIX V-A: Shareholder to Hear Wind-Up Report on Sept. 3
--------------------------------------------------------------
The shareholder of Zais Matrix V-A Cayman Limited will receive on
Sept. 3, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


ZAIS MATRIX VI-C: Shareholder to Hear Wind-Up Report on Sept. 3
--------------------------------------------------------------
The shareholder of Zais Matrix VI-C Ltd. will receive on Sept. 3,
2013, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815 1762
          Facsimile: (345) 949 9877


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


* DOMINICAN REP: Leaders Fear Going Broke From Haiti Trade Spat
---------------------------------------------------------------
Dominican Today reports that Santiago Business and Industries
Association (Acis) President Sandy Filpo warned of bankruptcies
stemming from the trade dispute with Haiti, and called on the
Government to strike a free trade deal at once.

The business leader defended the quality of Dominicans products,
calling them competitive, noting that Haiti's ban on local
production has to do with a different entrepreneurial policy,
according to Dominican Today.

"The trade dispute with Haiti affects all Acis members directly or
indirectly, because they have business relationship for the sale
and purchase of goods, services or raw material.  We ask the
Government to come up with a quick solution to the problems faced
by the country's businesses and industries," the report quoted Mr.
Filpo as saying.

The report notes that Mr. Filpo said while the Acis agrees with
the search for new markets for Dominican products, while that's
achieved, a free trade agreement with Haiti must be negotiated to
restore exports.

Mr. Filpo, the report relays, said while the dispute with Haiti
now affects even onions, garlic, beans, plastics, flour, chickens
and eggs, others such as sand and adhesives could also be hurt by
Port-au-Prince's ban.


* DOMINICAN REP: Mogul OKs Wage Hike, Sees Small Firm Bankruptcies
------------------------------------------------------------------
Dominican Today reports that Jose Luis Corripio (Pepin), one of
Dominican Republic's top moguls, said he agrees with a wage hike
for workers as President Danilo Medina proposed, but noted the
collapse of small companies isn't the goal of higher salaries.

Mr. Corripio said the first requisite of having a paycheck is to
have a job and for that you have to have businesses and activity
which generates sources of employment, according to Dominican
Today.

"We cannot increase wages which constrict and confine jobs, but
always maintain growth because there's been little growth in
Dominican Republic's jobs sources in recent years, and that's a
corporate responsibility which is the best source to create jobs,"
the report quoted Mr. Corripio as saying.


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E C U A D O R
=============


REPUBLIC OF ECUADOR: S&P Revises Outlook to Positive
----------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the Republic of Ecuador to positive from stable.  At the same
time, S&P affirmed its 'B/B' sovereign credit ratings on Ecuador.

"Our outlook revision signals the possibility of an upgrade if the
Ecuadorian government successfully increases its tax revenues
(reducing its dependence on volatile oil revenues) or diversifies
its funding options by regaining access to international capital
markets or improving the banking sector's willingness to buy
government debt," said Standard & Poor's credit analyst Richard
Francis.

The ratings on Ecuador reflects the perceived improvement in the
government's willingness and capacity to service its debt because
of better financing options, higher oil production, and healthy
economic growth prospects.  The perceived increase in willingness
to service its debt reflects Ecuador's track record over the past
four years of paying, on a timely basis, interest on its sole
external bond and its bilateral and multilateral debt.  This
follows its repudiation of two other external bonds in 2009.  The
government's improved relations with private-sector investors,
especially in the key oil and mining sectors, have also
contributed to S&P's view that the Ecuadorian government's
economic policymaking has become more pragmatic.

Economic growth prospects and government revenues have risen
because of the government's measures to boost public-sector and
foreign direct investment.  Real GDP per capita growth reached
3.5% in 2012, and S&P expects that it will remain close to 2.5%
over the next three years.  Greater oil production and continued
high oil prices--combined with additional funding from China--have
provided the government with needed financing and allowed for
increased public-sector investment.  In addition, greater legal
transparency surrounding the rules for investing in the oil and
mining sectors has begun to attract more foreign direct
investment.  S&P expects that investment in hydroelectric projects
and in the key oil and mining sectors will nearly double in 2013-
2014, helping keep total investment at about 25% of GDP.  As a
result, S&P expects that general government revenues, which have
risen to 40% of GDP, will remain steady and that the government's
net-debt-to-GDP ratio will remain below 25% during the next three
years.

However, some of the factors that led to Ecuador's 2008-2009 debt
default remain rating constraints:

   -- Willingness to pay remains a concern since the default was a
      result of a lack of willingness, more than ability, to pay.

   -- Net general government debt was only 23% of GDP prior to the
      default.

   -- International capital markets remain closed to Ecuador, in
      light of its treatment of some creditors in 2008-2009.

Monetary policy flexibility is largely nonexistent because of the
use of the U.S. dollar as the local currency.  Because Ecuador
does not have its own currency, Ecuadorian banks have no lender of
last resort.

Ecuador's current account has moved into small deficits from
surpluses as imports connected to expanded foreign direct
investment have risen.  International reserves cover just over a
month of current account payments.

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.


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


CEMEX SAB: Announces Pricing of US$1BB in Senior Secured Notes
--------------------------------------------------------------
Cemex, S.A.B. de C.V. disclosed the pricing of US$1.0 billion of
senior secured notes denominated in U.S. dollars.

The Notes will bear interest at an annual rate of 6.5% and mature
on Dec. 10, 2019.  The Notes will be issued at par and will be
callable commencing on Dec. 10, 2017.  The closing of the offering
is expected to occur on Aug. 12, 2013, subject to satisfaction of
customary closing conditions.

CEMEX intends to use the approximately US$995 million of net
proceeds from the offering to purchase a portion of the 9.50%
Senior Secured Notes due 2016 issued by CEMEX Finance LLC, and the
remainder, if any, for general corporate purposes, including the
repayment of other indebtedness.

CEMEX currently expects to purchase a portion of the 2016 Notes at
a price of approximately US$1,075 for each US$1,000 of 2016 Notes
plus accrued interest.

The Notes will share in the collateral pledged for the benefit of
the lenders under CEMEX's Facilities Agreement, dated as of
Sept. 17, 2012, and other secured obligations having the benefit
of such collateral, and will be guaranteed by CEMEX Mexico, S.A.
de C.V., CEMEX Concretos, S.A. de C.V., Empresas Tolteca de
Mexico, S.A. de C.V., New Sunward Holding B.V., CEMEX Espa¤a,
S.A., Cemex Asia B.V., CEMEX Corp., Cemex Egyptian Investments
B.V., Cemex Egyptian Investments II B.V., CEMEX France Gestion
(S.A.S.), Cemex Research Group AG, Cemex Shipping B.V. and CEMEX
UK.


CEMEX SAB: S&P Assigns 'B' Rating on $1BB Senior Secured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating and a recovery rating of '3' to CEMEX S.A.B. de C.V.'s
(CEMEX; B/Positive/--) up to $1 billion senior secured notes due
2019.  The recovery rating of '3' indicates that bondholders can
expect a meaningful (50% to 70%) recovery in the event of a
payment default.

CEMEX intends to use the net proceeds to purchase a portion of the
9.5% senior secured notes due 2016 issued by CEMEX Finance LLC,
and the remainder for general corporate purposes, including the
repayment of other debt, in accordance with its Facilities
Agreement.  The new notes benefit from a security package,
reflecting the same terms as those of all of the company's other
senior capital market debt.  The security package includes a full
and unconditional guarantee--on a joint and several and on a
general senior basis--by CEMEX Mexico S.A. de C.V., CEMEX Espana,
S.A., CEMEX Corp., New Sunward Holding B.V., and by subsidiaries
that CEMEX owns directly or indirectly.

According to S&P's criteria, this bond issuance is not a
distressed restructuring as CEMEX does not depend on the issuance
to mitigate the risk of a non-payment scenario in the near term.

RATINGS LIST

CEMEX S.A.B. de C.V.
Corporate credit rating                           B/Positive/--

Ratings Assigned

  Up To $1 billion senior secured notes due 2019   B
  Recovery rating                                  3


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


AES PUERTO RICO: Fitch Affirms 'BB' Rating on $161.87MM Bonds
-------------------------------------------------------------
Fitch Ratings affirms the 'BB' rating on AES Puerto Rico L.P.'s
(AES-PR) $161.87 million tax-exempt senior cogeneration facility
revenue bonds due 2026, and $33.1 million taxable senior
cogeneration facility revenue bonds due 2022. The Rating Outlook
is Stable.

KEY RATING DRIVERS:

-- Contracted Revenue Profile: The 25-year tolling-style power
   purchase agreement (PPA) with an investment-grade counterparty
   effectively mitigates capacity price, energy margin, and
   dispatch risks throughout the debt term, subject to project
   availability and heat rates.

Revenue Risk: Midrange

-- Persistent Operational Issues: AES-PR has historically been
   susceptible to forced outages that have reduced availability
   and capacity payments. Management has taken a proactive
   approach to limit future forced outages with encouraging
   initial results. However, it remains unclear whether the
   project can achieve targeted availability levels on a
   consistent basis. Further, project heat rates continue to
   remain above the PPA fuel cost recovery threshold, though
   capital improvements and use of off-spec coal have lessened
   the gap. Consequently, the operating cost profile has
   exceeded original estimates leading to reduced margins and
   lower debt service coverage ratios (DSCRs).

Operating Risk: Weaker

-- Manageable Supply Risk: Fuel supply risk is mitigated by
   a two-year, fixed-price fuel supply agreement sufficient to
   meet the project's expected fuel requirements. Fitch believes
   the term of the supply agreement is not a credit risk given
   the historical precedence for renewal and global, liquid
   market for coal. Fuel price risk is mitigated by the tolling-
   style PPA, subject to heat rates. Ash inventory is actively
   managed by the project via the sale of its AGREMAX product and
   raw, dry ash. Fitch believes that AES-PR's efforts have helped
   to offset near-term ash disposal concerns, but cash flow
   uncertainty is heightened without a permanent solution.

Supply Risk: Midrange

-- Weaker Debt Structure: The project's bonds are fixed-rate and
   mature within the PPA term, but have back-loaded amortization
   profiles. The equity distribution, leverage, and debt service
   reserve provisions are generally consistent with similarly
   rated thermal power projects. AES-PR does not have O&M and
   major maintenance reserves, which increases the importance
   of operational stability and heightens the project's reliance
   on other sources of liquidity. Fitch recognizes that
   approximately 55% of the total debt outstanding, including
   unrated bank loans, is variable rate with over 80%
   synthetically fixed with investment-grade counterparties.

Debt Structure: Weaker

-- Speculative-Grade Financial Profile: The Fitch rating case
   results in average DSCRs of over 1.15x during the next five
   years, consistent with the assigned rating category, based
   on stressed levels of availability, costs, heat rates, and
   interest rates. However, the DSCR profile becomes
   considerably weaker after 2020 when the contractual capacity
   payment is reduced, resulting in coverage of approximately
   1.05x. Fitch notes that this coincides with the principal
   amortization period of the senior bonds and exposes
   bondholders to longer term operational risks.

RATING SENSITIVITIES:

-- Operational Performance: Demonstrated ability or inability
   to improve and sustain equivalent availability factors above
   90% or heat rate excursions for fuel cost recovery that
   changes the long-term DSCR profile could change the rating.

-- Operating Costs: Consistently higher or lower cost profile
   from incremental maintenance, ash management, and fuel
   expenses/savings resulting in a material change in financial
   flexibility.

SECURITY:

All project revenues, controlled bank accounts, and security
interest in the contract rights of AES-PR.

CREDIT SUMMARY:

The 12-month rolling average equivalent availability factor
generally remained slightly below or at the 90% PPA requirement
for full capacity payments since the last review. However, Fitch
recognizes that management's corrective and preventative
maintenance initiatives have borne encouraging results. The
repairs have resulted in a reduction in the AES-PR's year-to-date
forced outage rate to 3.7% from a historical rate in excess of 10%
and a heat rate improvement of approximately 130 Btu/kWh.

The project's 2012 DSCR of 1.2x is generally consistent with the
Fitch rating case. This underperformance is due to availability
below and heat rates above Fitch base case expectations, as well
as higher than anticipated maintenance and interest costs. Fitch
notes that incremental maintenance costs were incurred to replace
at-risk boiler tubes, among other repairs, that should help
mitigate operational issues associated with the original project
design. Fitch expects the impact of operational issues and higher
costs to improve when all preventative and corrective maintenance
is completed.

Fitch needs to observe several years of improved operations, with
a corresponding increase in the Fitch rating case DSCR profile to
at least 1.30x, for a positive rating action. Conversely, an
inability to improve the operating and cost profiles over the next
few years, resulting in Fitch rating case DSCRs remaining below
1.15x, may lead to a negative rating action. Fitch believes that
AES-PR's ability to improve the DSCR profile to a level consistent
with a higher rating will be a challenge, but views the current
and expected future operational improvements as mitigants to
further downgrades.

AES-PR is a special purpose entity that is an indirect wholly
owned facility of AES Corporation (rated 'BB-', Stable Outlook).
The project was formed in 1994 to own and operate a net 454.3
megawatt coal-fired circulating fluidized bed combustion power
plant in Guayama, Puerto Rico. The project's main revenue sources
are capacity and energy sales to Puerto Rico Electric Power
Authority (rated 'BBB-', Stable Outlook) under the terms of a 25-
year PPA, which is a modified tolling agreement that reimburses
fuel, subject to heat rate requirements, and certain other
operating costs.


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


PETROTRIN: Industrial Unrest Cuts Trinmar Output
------------------------------------------------
Trinidad Express reports that production levels at Petroleum
Company of Trinidad and Tobago (Petrotrin)'s Trinmar operations in
Point Fortin have been affected by industrial action involving
employees of the company's marine transport contractors.

Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.

"While the industrial action did not directly involve company
employees, this stand-off has resulted in the unavailability of
marine transport to access offshore locations.  This is impacting
Petrotrin's ability to access offshore locations and hinders the
ability to service marine field installations," Petrotrin said in
a statement obtained by the news agency.

Trinidad Express notes that the company said several installations
in the South West Soldado and North Fields have been shut in and
Petrotrin's Exploration and Production (E&P) operations suffered a
production loss of approximately 1,000 barrels of oil after one
day of the industrial unrest.

"This has impacted Petrotrin's E&P delivery of oil and the quality
and quantity of crude oil delivery to our refinery at this
critical juncture in our operations, further affecting our bottom-
line," the company said, the report notes.

Trinidad Express relays the company said that in an effort to
bring a quick resolution to the situation and protect its own
operations, Petrotrin has written to all its marine contractors
with reference to their contractual obligations.

"At this time, Petrotrin takes note of the efforts of its
employees to improve production and we look forward to the
continued support of all stakeholders as we continue to implement
different measures to improve our profits, maintain our
competitiveness and ensure our long term sustainability. . . .
Further, Petrotrin wishes to assure the general public that all
measures are in place to ensure the continuity of supply to its
customers," the company stated, the report relays.

                          About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 9, 2010, Trinidad Express related that four members of
Petrotrin submitted their resignation letters.  According to the
report, Malcom Jones resigned as chairman of Petrotrin and from
the State boards.  The report related board members Lawford
Dupres, who chaired the National Petroleum board, attorney Kerwin
Garcia and Andrew McIntosh had also resigned.  Prime Minister
Kamla Persad-Bissessar, the report noted, said that Cabinet had
ordered a forensic audit of Petrotrin as there were "grounds for
suspicion of misconduct" at Petrotrin similar to what may have
transpired at special-purpose State enterprise UDeCOTT.  The
report said that the company was experiencing serious financial
difficulties resulting in high cost overruns of its refinery
upgrade.   The situation was exacerbated by a US$12 billion
lawsuit by World GTL Inc. against Petrotrin, the report added.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


                            ***********


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 * * *