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

            Friday, August 9, 2013, Vol. 14, No. 157


                            Headlines



A R G E N T I N A

* Moody's Rates Two Bond Funds From Capital Markets Argentina


B R A Z I L

AGRENCO LIMITED: Says Sao Paulo Judge Ruled In Favor of Bankruptcy
BANCO BVA: Brazil Liquidated Bank in June
CENTRAIS ELETRICAS: S&P Ups Rating to 'CCC+' From 'D'
GOL LINHAS: Sought Approval in July to Implement Codeshare Pact


C A Y M A N  I S L A N D S

BLOSSY INVESTMENT: Members' Final Meeting Set for Aug. 30
CAMEL 1 LIMITED: Shareholder to Receive Wind-Up Report on Sept. 6
GTAM SPECIAL: Shareholders' Final Meeting Set for Sept. 6
HAWK CAPITAL SPC: Members' Final Meeting Set for Sept. 3
LEATHER AND KINS: Shareholders' Final Meeting Set for Aug. 30

LIM ASIA: Shareholders' Final Meeting Set for Aug. 20
MARINO INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 30
RAS ABU: Shareholder to Receive Wind-Up Report on Sept. 6
TEMPEST PE: Shareholder to Receive Wind-Up Report on Aug. 19
TOP ALLIANCE: Shareholders' Final Meeting Set for Aug. 20

TROPICAL EXPRESSIONS: Members' Final Meeting Set for Aug. 30
WHITE MOUNTAIN: Members' Final Meeting Set for Sept. 3
ZAIS MATRIX V-C: Shareholder to Receive Wind-Up Report on Sept. 3
ZAIS MATRIX VI-A: Shareholder to Receive Wind-Up Report on Sept. 3
ZAIS MATRIX VI-F: Shareholder to Receive Wind-Up Report on Sept. 3


C H I L E

INVERSIONES ALSACIA: Fitch Lowers US$464MM Bond Rating to 'B'


H O N D U R A S

* REPUBLIC OF HONDURAS: S&P Cuts Long-Term Currency Ratings to 'B'


M E X I C O

GRUPO FERTINAL: Moody's Lowers CFR to Caa1; Outlook is Negative
SUNTECH POWER: Supplying Solar Modules for Plant in Mexico


P E R U

TERMINALES PORTUARIOS: Fitch Affirms Secured Note Rating at 'BB-'


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Republic Bank Responds to Firm's 'Threats'


                            - - - - -


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

* Moody's Rates Two Bond Funds From Capital Markets Argentina
-------------------------------------------------------------
Moody's Investors Services has assigned initial global and
national scale bond fund ratings to two fixed-income funds managed
by Capital Markets Argentina SGFCISA in Argentina. The global
scale and national scale ratings assigned are:

- CMA Proteccion FCI; rating B-bf/A-bf.ar.

- CMA Argentina FCI; rating B-bf/A-bf.ar.

Rating Rationale:

"The fund ratings are based on Moody's evaluation of each of the
fund's historical composition which are consistent with their
assigned ratings and the expectation that Capital Markets
Argentina SGFCISA will continue to maintain maturity-adjusted
weighted average credit quality profiles in a similar manner,"
said Moody's lead analyst Carlos de Nevares.

Capital Markets Argentina SGFCISA, part of a well known local and
independent financial group, is a middle size asset manager in the
Argentinean mutual fund Industry with 0.8% of market share. As of
June 2013. Capital Market Argentina SGFCISA manages approximately
AR$475,0 million in Assets under Management (AUM) or approximately
$90 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.



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

AGRENCO LIMITED: Says Sao Paulo Judge Ruled In Favor of Bankruptcy
------------------------------------------------------------------
Agrenco Ltd announced that, due to lack of approval of the General
Judicial Recovery Plan, Deputy Judge of the Bankruptcy and
Judicial Recovery Court in Sao Paulo declared bankruptcy of the
Company's subsidiaries on August 2, 2013, Reuters reports.

Karen Eeuwens, writing for Bloomberg News, reports that a
regulatory filing said the recovery plan wasn't approved by the
judge.  Bloomberg News notes that the company said it will obey
the ruling and take all possible measures to reverse the decision.

As reported in the Troubled Company Reporter-Latin America on
June 13, 2012, Agrenco Ltd. said it is negotiating partnerships in
order to find a way to resume its industrial activities and
fulfill its recovery plan.  Agrenco Limited decided to suspend its
production and cut jobs after creditors rejected a proposal to
contribute to a mutual fund that formed part of its new
reorganization plan.  Agrenco Limited plans to use the money
raised from the fund to restart operations at its Alto Araguaia
and Caarapo processing plants.  Without the needed contribution
for the mutual fund, operations will be suspended.

Headquartered in Sao Paulo, Brazil, Agrenco Ltd. is a provider of
integrated and customized solutions for agribusiness, with global
operations.


BANCO BVA: Brazil Liquidated Bank in June
-----------------------------------------
Banco BVA SA, which specializes in loans to mid-size companies,
was liquidated in June after efforts to find a buyer failed.  The
bank, with seven branches, accounts for about 0.17 percent of
assets in Brazil's financial system and 0.24 percent of deposits,
the central bank had said in a statement, according to Cristiane
Lucchesi of Bloomberg News.

Investors own about $45 million of international bonds issued by
the Rio de Janeiro-based lender that would have matured in
February 2014, according to data compiled by Bloomberg.

BVA is the seventh bank in Brazil to be seized or bailed out since
2010.  Brazil's central bank took control of BVA in Oct. 19, 2012.

                           *     *     *

As reported in the Troubled Company Reporter - Latin America on
June 25, 2013, Moody's Investors Service lowered Banco BVA S.A.'s
baseline credit assessment (BCA) to c, from ca, and downgraded the
bank's long-term global local and foreign currency deposit ratings
to C, from Ca.

CENTRAIS ELETRICAS: S&P Ups Rating to 'CCC+' From 'D'
-----------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on Centrais
Eletricas do Par  S.A. (Celpa) to 'CCC+' from 'D'.  The outlook is
stable.

The rating on Celpa recognizes that the company now has a clearer
turnover plan for the next few years, while it remains under
judicial reorganization (this means that the company defaulted in
its debt and has already restructured it and will be operating
under court's supervision for a period of two years) through
September 2014. In February 2012, the company filed for judicial
reorganization after defaulting on its debt obligations.

In 2012, its creditors approved a debt restructuring. On Nov. 1,
2012, Rede Energia S.A. (not rated) sold its controlling share in
Celpa to Equatorial Energia S.A.(not rated) for R$1. Since the
purchase, Equatorial has injected R$406 million into Celpa and now
holds 96.18% of the company's shares.

The stable outlook on Celpa reflects our expectation that the
company will continue operating in compliance with its legal
reorganization plan for the next two years.

"We could upgrade Celpa if it improves the service quality in its
concession area, resulting in improved cash generation, leading to
a debt-to-EBITDA consistently less than 5.0x in the next two to
three years.  On the other hand, we could downgrade the company if
it is unable to comply with its debt restructuring," S&P said.


GOL LINHAS: Sought Approval in July to Implement Codeshare Pact
---------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. requested authorization in
late July from the Italian and Brazilian governments to implement
codeshare procedures (flight sharing) with Alitalia.

The agreement will ensure improved access to connections between
Brazil and Europe for clients of both companies.

Initially, the agreement will allow Alitalia, an Italian airline
with more than 14 flights per week from Rome to Sao Paulo and Rio
de Janeiro, to include its codes on GOL flights, permitting
connections with various other Brazilian destinations.

"We actively seek codeshare agreements that generate even more
benefits for our clients, and the alliance with Alitalia will do
precisely that," declared Paulo Kakinoff, GOL's CEO. "We are
extremely pleased to be joining forces with one of Europe's
biggest airlines."

The companies also plan to offer members of GOL's SMILES and
Alitalia's MilleMiglia relationship programs the possibility of
accumulating and redeeming miles on all eligible flights operated
by the two airlines.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes.  Fitch also assigns a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.



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


BLOSSY INVESTMENT: Members' Final Meeting Set for Aug. 30
---------------------------------------------------------
The members of Blossy Investment Ltd. will hold their final
meeting on Aug. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CAMEL 1 LIMITED: Shareholder to Receive Wind-Up Report on Sept. 6
-----------------------------------------------------------------
The shareholder of Camel 1 Limited will receive on Sept. 6, 2013,
at 9:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GTAM SPECIAL: Shareholders' Final Meeting Set for Sept. 6
---------------------------------------------------------
The shareholders of GTAM Special Realty Limited will hold their
final meeting on Sept. 6, 2013, at 8:45 a.m., to receive 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


HAWK CAPITAL SPC: Members' Final Meeting Set for Sept. 3
--------------------------------------------------------
The members of Hawk Capital SPC will hold their final meeting on
Sept. 3, 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:

          Khalij Fiduciaire SA
          Telephone: +4 (121) 961 2511


LEATHER AND KINS: Shareholders' Final Meeting Set for Aug. 30
-------------------------------------------------------------
The shareholders of Leather and Kins Trading Ltd will hold their
final meeting on Aug. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


LIM ASIA: Shareholders' Final Meeting Set for Aug. 20
-----------------------------------------------------
The shareholders of Lim Asia Alternative Real Estate Fund SPC will
hold their final meeting on Aug. 20, 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:

          Oscar Wan
          Lim Advisors Limited
          Ruttonjee House, 20th Floor
          11 Duddell Street, Central
          Hong Kong


MARINO INTERNATIONAL: Shareholders' Final Meeting Set for Aug. 30
-----------------------------------------------------------------
The shareholders of Marino International Ltd. will hold their
final meeting on Aug. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


RAS ABU: Shareholder to Receive Wind-Up Report on Sept. 6
---------------------------------------------------------
The shareholder of RAS Abu Abboud Leasing Limited will receive on
Sept. 6, 2013, at 9:15 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TEMPEST PE: Shareholder to Receive Wind-Up Report on Aug. 19
------------------------------------------------------------
The shareholder of Tempest Pe Fund 1 will receive on Aug. 19,
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:

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


TOP ALLIANCE: Shareholders' Final Meeting Set for Aug. 20
---------------------------------------------------------
The shareholders of Top Alliance International, Ltd. will hold
their final meeting on Aug. 20, 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:

          Angela Lin
          8th Floor-2, 351, Yang Guang Street
          Nei-Hu District
          Taipei 114
          Taiwan


TROPICAL EXPRESSIONS: Members' Final Meeting Set for Aug. 30
------------------------------------------------------------
The members of Tropical Expressions Ltd. will hold their final
meeting on Aug. 30, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


WHITE MOUNTAIN: Members' Final Meeting Set for Sept. 3
------------------------------------------------------
The members of White Mountain Venture Capital SPC will hold their
final meeting on Sept. 3, 2013, at 1:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Khalij Fiduciaire SA
          Telephone: +4 (121) 961 2511


ZAIS MATRIX V-C: Shareholder to Receive Wind-Up Report on Sept. 3
-----------------------------------------------------------------
The shareholder of Zais Matrix V-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


ZAIS MATRIX VI-A: Shareholder to Receive Wind-Up Report on Sept. 3
------------------------------------------------------------------
The shareholder of Zais Matrix VI-A 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


ZAIS MATRIX VI-F: Shareholder to Receive Wind-Up Report on Sept. 3
------------------------------------------------------------------
The shareholder of Zais Matrix VI-F 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



=========
C H I L E
=========


INVERSIONES ALSACIA: Fitch Lowers US$464MM Bond Rating to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded to 'B' from 'BB' the rating for
Inversiones Alsacia, S.A.'s USD464 million senior secured bonds
due in 2018. The rating remains on Negative Watch. Currently,
USD405 million is outstanding.

The rating downgrade reflects heightened transaction risks due, to
a great extent, to the structure of the new concession contract of
May 2012, which substantially differs from that of the original
2005 agreement by being much more linked to a contracted passenger
demand and by requiring higher operational standards. This model
has resulted in large investments and cost escalations that have
not been adequately compensated, resulting in increased pressure
over cash flow and debt coverage ratio.

The Negative Watch reflects the uncertainty with respect to the
following: i) the company's future performance, given the lack of
updated information that would allow Fitch to fully assess its
financial position; ii) the waiver concession requested by the
issuer recently and which resolution is expected in the next few
days; and iii) the outcome of the ongoing negotiations to amend
the concession contract and its potential impact on future
performance. Fitch should resolve the rating watch status upon the
receipt of information regarding the aforementioned.

KEY RATING DRIVERS

INCREASED DEPENDENCE ON DEMAND: The Operating Contract amendment
of May 2012 heightened the project's risk profile by significantly
increasing the linkage between passenger demand and revenue
levels. In the last two years demand has performed below
expectations. The contractual amendment includes a restated
economic equilibrium mechanism that partially mitigates such risk
by compensating to some extent, demand declines over 3%, among
others. However, compensation payments are received several months
after the occurrence of a negative impact in revenue, stressing
the project's liquidity.

HIGHER OPERATIONAL COMPLEXITY: Compared to other availability-
based projects, bus operations are logistically complex. The
incorporation of additional bus routes has heightened operational
complexity. Synergies coming from Alsacia and Express' operational
merger have taken longer than expected to materialize. Cost has
largely increased due to a series of recurring and non-recurring
items. The risk of a continued escalation in the coming years is
partially mitigated by the indexed pass-through of major cost
items that is present in the formula to calculate revenues.

ADEQUATE DEBT STRUCTURE: Tight covenants for equity distribution
and additional leverage, fixed interest rate, a cross-currency
swap contracted with highly-rated institutions, and a 6-month debt
service reserve account. Currently, such reserve is partially
funded at almost 60% of its target balance.

WEAKENING COVERAGES: Although coverage for the first three
payments surpassed Fitch's base projection, the amended formula to
calculate revenues, paired with the cost increase during 2012 and
first quarter of 2013 tightened financial coverage ratios to the
point that the use of reserve funds again is imminent.

CAPEX RESERVES ARE BELOW INDUSTRY STANDARDS: In 2012, Alsacia made
important investments in overhauling a portion of its bus fleet.
However, given such investment and the fact that current fleet has
a remaining life of 10 years average, Fitch does not foresee
infrastructure renewal risk as material.

RATING SENSITIVITIES

-- Obtaining of the waiver requested to holders and note hedge
   counterparties in connection with the early amortization event
   recently triggered.

-- New contractual terms following the current negotiations with
   the Chilean Ministry of Transportation and Telecommunications
   (MTT) that could lead to a positive impact on the company's
   operations and cash available for debt service.

-- Depletion of the funds in the Debt Service Reserve Account
   (DSRA) and/or inability to replenish it.

-- End of governmental subsidy could negatively impact the
   system's and the company's financial position.

SECURITY

The notes are secured by a first lien interest of total revenues
and contract rights, as well as all assets owned by Alsacia and
Express, excluding a bus terminal located in Huachuraba.

CREDIT UPDATE

Albeit Alsacia's improvement in some operational indexes and in
passenger evasion control, a series of events during 2012 and 2013
have resulted in a contraction of the liquidity and profitability
ratios. The two with higher impact were the signature of new
concession contracts in May 2012, and the need for making a
significant investment in bus overhaul to comply with higher
service standards upon the recently amended concessions.

Expense has grown faster than revenue. In 2012, Ebitda dropped to
14.3% from 23.5% in the previous year. The last information
available as of the first quarter of 2013 reflects the
deterioration in Ebitda, down to 11.2%. From 2008 to 2011, Alsacia
and Express combined margin averaged 22.0%.

It is Fitch belief that the company's financial performance has
been largely affected by the new revenue structure of the
concession, which is now much more linked and sensitive to a
declining passenger demand level, and that includes partial
compensation mechanisms that are delivered once each twelve
months. The last obligates operators to absorb and finance the
demand decrease for a whole year, causing a mismatch between
revenue reception and debt service payments. In addition, the
contractual amendments also include that those transfers across
the services of a single operator will now account as one
passenger only.

According to the issuer, to a great extent, demand contraction
seems to be the result of better financing conditions that have
incentivized the acquisition and use of automobiles instead of
public transportation, and a limited bus availability coming from
the intensive maintenance program that is ongoing for its fleet.

On the expense side, in 2012 Alsacia and Express faced some extra
costs that were expected to be extraordinary and non-recurring.
However, some of them have been present again in the first quarter
of 2013, and the lack of further information prevents Fitch from
assessing whether it has been normalized.

Currently, the operators are in negotiations with the authorities
to adjust some of the existing concession terms in order to make
them less hurtful. The timing and result of such discussions are
still unknown but the outcome would likely impact Alsacia's
financial performance in a positive manner.

Fitch believes that, if the current terms of the concession are
kept unchanged and demand does not recover in the short term,
Alsacia will face increasing difficulties to reach at least the
22% Ebitda margins averaged in 2008-2011. This in turn would
severely hamper its ability to meet its increasing debt service
burden.

The next debt service payment is scheduled Aug. 18, 2013 for about
USD38.8 million. No data about the cash available for this
disbursement has been provided by Alsacia, but Fitch estimates it
will be partially covered with funds from the Debt Service Reserve
Account (DSRA). The current balance of that account is close to
USD19.0 million after USD14.0 million was taken to complete the
last debt service payment in Feb. 18, 2013.

The weakened financial position of the company has derived in a
failure to maintain a minimum DSCR of 1.10x and to reach the
target balance of the O&M account, which constitutes an early
amortization event upon the indenture. On Aug. 5, 2013, Alsacia
communicated its intention to seek a waiver from holders and note
hedge counterparties to solve this matter. The company's intention
is to obtain the waiver for the reporting periods until Jan. 31,
2015. The failure in obtaining such waiver could lead to a further
downgrade of current rating.

Regarding the system's subsidy that ends in 2014, the Government
is still in the process to obtain an annual subsidy of USD750
million until 2022. The final approval is at a very advanced
stage, and expected to be resolved soon in 2013. While the subsidy
termination is a potential risk, Fitch considers it is very unlike
to occur, given the Transantiago system is a top-priority project
for the country, as has been demonstrated in the past.

Fitch Base Case assumed demand stays at current (2012) level while
cost increases 3% over budget to reach 22% Ebitda average over the
2013-2018 projected horizon. DSCR results in 1.03x minimum and
1.10x average.

Fitch Stress Case considered demand contracts 5% in 2013 and then
stays stable, while cost increases 5% over budget to reach 20%
Ebitda average. DSCR results in 0.93x minimum and 1.02x average.
Under this scenario, funds from the DSRA have to be called several
times.

Alsacia and Express are two bus concessionaires of the
Transantiago System, which provides mass urban bus/metro
transportation services to the City of Santiago, in Chile since
2005, and is regulated by the MTT. The transaction consisted of
the acquisition by Alsacia of the remaining shares of Express, and
the refinancing of all the existing debt of both concessionaires.



===============
H O N D U R A S
===============


* REPUBLIC OF HONDURAS: S&P Cuts Long-Term Currency Ratings to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term foreign and local currency sovereign credit ratings on the
Republic of Honduras to 'B' from 'B+'.

"At the same time, we affirmed our 'B' short-term foreign and
local currency ratings. The ratings outlook is stable. We lowered
the transfer and convertibility assessment to 'B+' from 'BB," S&P
said.

"The downgrade reflects the government's diminished fiscal
flexibility and rising debt burden, which increases Honduras'
vulnerability to external shocks or negative political
developments," said Standard & Poor's credit analyst Kelli
Bissett-Tom.

The central government is likely to run a deficit of 6% of GDP in
2013 for the second consecutive year, largely because of spending
overruns.

"As a result, we project net general government debt will reach
27% of GDP in 2013, up from 21% in 2012. We project that general
government interest expenses will exceed 14% of revenues this
year, nearly double the level in 2011.  Honduras' shallow domestic
capital markets limit the government's ability to fund fiscal
deficits," S&P said.

A large current account deficit--which Standard & Poor's estimates
at 10% of GDP this year--has weakened external liquidity.

"We expect that usable foreign exchange reserves will decline
modestly to cover 1.8 months of current account payments at the
end of this year, despite the government's issuance of its first
$500 million global bond in March 2013. (Our definition of foreign
exchange reserve coverage includes net international reserves
minus foreign currency required reserves of commercial banks
divided by current account payments.)," S&P said.

Heightened political uncertainty due to national elections in late
November of this year constrains the government's ability to make
policy adjustments.

"We expect that per capita GDP growth will be only 1% in 2013 and
likely lower next year," S&P said.

"The stable outlook reflects our expectation that political
uncertainty will diminish after the elections and that foreign
exchange reserves will stabilize near their current levels. We
also expect that the new Administration will take steps to contain
fiscal deficits and stabilize the rising government debt burden,"
S&P said.

"We could lower the ratings if political uncertainty persists for
a prolonged period of time, undermining investment and economic
growth.  The resulting rise in the debt burden would make it
harder for the government to fund its deficits in the local
markets and likely lead to declining external liquidity," S&P
said.

Increased vulnerability would also lead to a downgrade.

"In accordance with our 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," S&P said.

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 rationale and outlook.



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


GRUPO FERTINAL: Moody's Lowers CFR to Caa1; Outlook is Negative
---------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family Rating of
Grupo Fertinal, S.A. de C.V. to Caa1 from B2. The downgrade
reflects the company's lower profitability and limited liquidity.
The rating outlook is negative. The following summarizes the
ratings.

Grupo Fertinal, S.A. de C.V.

Ratings downgraded:

Corporate Family Rating -- Caa1 from B2

Outlook - Negative

Ratings Rationale:

Fertinal's Caa1 CFR reflects its low profitability as well as
Moody's expectations that the company's gross margins will not
improve materially in 2013, which will constrain liquidity. The
gross profit margins have been under pressure in 2012 and 2013 due
to operational issues as well as higher ammonia and sulfur raw
material feedstock costs that have not been fully compensated for
by higher product selling prices. However, Moody's notes that
industry prices for key products DAP and MAP have allowed
Fertinal's competitors to successful generate healthy earnings,
exceeding those of Fertinal. The firm's 2012 financial results
suffered from an operational issue at the fertilizer plant that
curtailed production volumes and added to maintenance costs. That
has since been resolved, but all units of the plant are not
operating at nameplate capacity and operating costs remain
elevated.

The company has poor liquidity as a result of the decline in its
cash flow from operations, which it relies on (along with cash
balances) to fund is operations. Fertinal does have a $20 million
committed revolving credit facility due 2017, but it is fully
drawn. It does not have meaningful amounts of uncommitted bank
credit lines. The firm expects that its existing cash balances, an
expansion of its credit facility sought from the existing lender
and an equity infusion will support its cash needs through the end
of 2014.

The CFR also reflects the elevated leverage, the narrow and
commodity nature of its product line, single site production
facilities, and a limited operating history since restarting
operations in 2007. The ratings are supported by the company's
backward integration into phosphate rock production and Moody's
positive view of the agricultural sector because of anticipated
strong global demand for food and focus on crop yields. Fertinal
does enjoy significant market shares in certain markets where it
has an advantage based on the price of its products, but in the
global markets, it also competes with larger competitors with
significantly greater distribution capabilities and financial
resources.

The negative outlook reflect the poor profit margins and
liquidity. The ratings could be downgraded further if Fertinal's
liquidity does not improve. Moody's would consider an upgrade once
the company improves it liquidity, profit margins and cash flows
such that leverage was below 5.0x for a sustained period.

The principal methodology used in this rating was the Global
Chemical Industry Methodology published in December 2009.

Grupo Fertinal, S.A. de C.V. produces various phosphate and
nitrogen-based fertilizers and related industrial products (LDAN,
phosphoric acid, sulfuric acid, nitric acid). The company has a
fertilizer production complex in an industrial complex at the port
of Lazaro Cardenas, Michoacan (west coast of Mexico) and a
phosphate mine in San Juan de la Costa, Baja California Sur that
supplies all of its needs. Fertinal had revenues of approximately
$565 million) for the twelve months ended June 30, 2013.


SUNTECH POWER: Supplying Solar Modules for Plant in Mexico
----------------------------------------------------------
Justin Doom at Bloomberg News reported in July that Suntech Power
Holdings Co. is supplying panels for a 30-megawatt power plant in
Mexico.

Martifer SGPS SA's solar unit expects to complete the Aura Solar
plant, according to a statement today from Wuxi, China-based
Suntech, according to Bloomberg News.

Construction began in March.

Bloomberg News notes that Gauss Energia, based in Mexico City, is
developing the solar farm near La Paz, at the southern end of Baja
California.

"With Mexico's excellent sunlight and strong renewable-energy
demand, we expect to see excellent growth of PV in the region,"
E.L. McDaniel, managing director of Suntech America, said in the
statement, Bloomberg News discloses.

Bloomberg News relays that Suntech extended a forbearance
agreement last month with holders of bonds that went unpaid
earlier in March.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3% Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.



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


TERMINALES PORTUARIOS: Fitch Affirms Secured Note Rating at 'BB-'
-----------------------------------------------------------------
Fitch Ratings has affirmed Terminales Portuarios Euroandinos (TPE)
USD110 million senior secured notes at 'BB-'. The Rating Outlook
is Stable.

Key Rating Drivers

-- Completion risk: the Port of Paita is to undertake a four-stage
expansion throughout the life of the concession. Phase I, which
includes the construction of a mooring point and a dock, as well
as dredging and the installation of three gantry cranes, is the
most extensive of the four and expected to be completed in June
2014. According to the concession agreement, Phase I must be
completed within 24 months after reaching financial closing (with
a maximum six-month delay), which is considered attainable in the
independent engineer's view.

-- Material exposure to cargo volatility: the Port of Paita is a
second port of call with considerable concentration in cargo type,
business lines, and customers. Distant to major economic centers,
the port is exposed to cargo volatility, with limited multimodal
capabilities and access to infrastructure. The port's container
activity has grown in each of the last three years and is expected
to improve going forward, reflecting Peru's economic growth
projections.

-- Elevated exposure to volume risk: the port is significantly
exposed to merchant risk and economic cycles, as contractual
agreements with shipping lines are limited. A minimum revenue
guarantee granted by the government is insufficient to cover for
debt service payments. Tariffs and fees that are initially
established in the concession agreement may be subject to
regulatory modifications beginning 2019.

-- Reliable facilities renovation program: the project has well-
defined capital improvement planning and funding in place, and
lower required investment by the operator in the future.
Additional investments to infrastructure facilities and
maintenance are mandatory, included in the concession agreement
and budgeted in the financial projections.

-- Adequate structural protections: the project's financial
flexibility is mainly sustained by the existence of adequate
liquidity reserves available for debt service and/or for
construction costs of Phase II and III. The structure
additionally, provides a five-year grace period, incorporates a
strong provision to trap cash to prefund construction costs of
Phase II and III, and includes a dividend distribution test.

-- Considerable level of debt: the financing presents a sizable
debt burden with dependence on cash flow growth to maintain
healthy financial ratios. Concession agreement allows for an
adequate cash flow generation term. However, required investments
for phases II, III, and IV (additional investments), significantly
reduce the project's financial flexibility.

Rating Sensitivities

Completion delays: a delay in completion beyond the established
construction period of 30 months from financial closing, could
result in a termination of concession.

Substantial decrease in revenues: limited contractual agreements
and weaker customer diversification elevates merchant risk,
subjecting prices to market volatility.

Replacement of performance security: failure to replace the stand-
by letter of credit with a financial institution of similar credit
quality by September 17, 2013.

CREDIT UPDATE

Phase I, which includes the construction of a 300 meter mooring
point, a 12-acre dock, dredging to 13 meters, the installation of
a gantry crane for dock and two for yards, among other handling
equipment, has advanced in line with the initial schedule. As of
end of June 2013, construction progress represents 47.5% of the
project. According to the independent engineer, the construction
is on schedule, and expected to be completed in June 2014 as
initially projected. In Fitch's view, current construction
progress and an adequate performance security in place to offset
liquidated damages resulting from possible delays and/or cost
overruns, partially mitigate completion risk.

In 2012, the port operated 165 thousand of twenty-foot equivalent
units (TEUs), 0.4% below our base case projections and primarily
driven by a slower demand observed from China. The port's
revenues, however, grew 20% in 2012 when compared to the previous
year, and surpassed our base case projections by 7%. Revenue
growth at the port reflects an increase of activities in energy-
related services and on-board reefers, which generate a large
portion of the special services revenues. Operating expenses
compared with the previous year, remained constant at USD13
million in 2012 and resulted in USD10.2 million EBITDA as
projected in our base case.

During the first half of 2013 (1H13), the port has operated nearly
77 thousand TEUs, an increase of 3% over the same period in 2012.
Revenues are estimated at USD12.6 million in 1H13, representing a
20% increase over the revenues generated within the same period in
2012. Similarly, operating costs and general expenses are
estimated 24% and 13% higher in 1H13 year-over-year, respectively,
reflecting adjustments to insurance policies, and payroll
expenses. Consistent with Peru's economic growth prospects and our
base case scenario, Fitch expects TPE to gradually improve its
revenue generation and to maintain a stable cost profile
commensurate with its debt burden and contractual investment
obligations.

In 2012, the Port of Paita exceeded the 160 thousand TEU
milestone, and as established in the concession contract, Phase II
Account has begun to be funded accordingly. Construction of Phase
II is to commence when 180 thousand TEUs are handled.

For the annual credit surveillance of TPE, Fitch created a base
and rating case which assume the construction works of Phase I,
II, III, and IV (or additional investments) and calculates the X-
factor at 2.0% in 2019 and 1.0% thereafter. Annual transshipment
growth is estimated to be constant at 4.0%, no IMAG utilization is
considered under either scenario, and a 3.0% return on additional
investments with a two-year delay is also assumed. Importantly,
Fitch's analysis hinges on the use of the structure's reserves.
Absent these, credit quality would be significantly diminished.

Fitch's base case assumes a compounded annual growth rate (CAGR)
of TEUs at 4.0% for the 2013-2037 period. TEU growth projections
incorporate a decline of 11% and 10% in 2020 and 2030,
respectively, with a full recovery the following year. TEU growth
adjustments are applied to assess the port's resilience to adverse
macroeconomic/severe weather conditions. Additionally, for tariff
adjustment calculations, Fitch includes 3.0% for the U.S. CPI
during the life of the notes. O&M expenses are escalated by 4.0%
in real terms once every 10-year period. Under this scenario, the
minimum natural DSCR is 0.67x which occurs in 2014, the average
DSCR is 1.20x over the 2013-2020 period (no distributions), and
the loan life coverage ratio (LLCR) is projected at 1.71x. Minimum
natural DSCR is affected by the prefunding of Phase III.

Given that mandatory investments are required by the concession
agreement the structure mainly relies on the liquidity reserve
accounts to meet debt service payments in a timely manner. Fitch
incorporated the liquidity reserves, which are available for both
construction costs and debt service, into the financial ratio
calculations to determine the additional flexibility this
liquidity provides. Under these calculations, the minimum DSCR is
1.83x in 2014, the average DSCR over the 2012-2020 period (no
distributions) is 2.61x.

Fitch's rating case assumes a CAGR of TEUs at 3.5% during the
2013-2037 period. TEU growth projections incorporate a decline of
9.2% and 4.5% in the years of 2016 and 2033 respectively, followed
by a gradual recovery of 4.9% and 3.1% in the immediate years
after the decline. Additionally, Fitch includes 2.20% for the U.S.
CPI during the life of the notes. O&M is increased by 8.0% in real
terms once every 10-year period. Under the rating case scenario,
the minimum natural DSCR is 0.19x in 2026, the average DSCR is
calculated at 0.95x during the 2013-2027 period (no
distributions), and the LLCR is projected to be 1.27x. These
coverage ratios assume the prefunding of the reserves for Phases
II and III prior to debt service and exclude any financial
flexibility derived from liquidity reserves.
Fitch's rating case also incorporates the reserved liquidity into
the financial calculations. Under these projections, the minimum
DSCR is 1.12x in 2027, the average DSCR over the 2013-2027 period
(no distributions) is 2.08, and the LLCR is computed at 1.46x.
Under this rating scenario, no deficit in accumulated cash and
reserves is shown.

The notes are secured by the pledge of all the issuer's capital
stock, the mortgage between the issuer and sub-collateral agent,
and a perfected security interest in all of the issuer's assets.



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


TRINIDAD CEMENT: Republic Bank Responds to Firm's 'Threats'
-----------------------------------------------------------
Trinidad Express reports that Republic Bank is getting legal
advice on statements by Claxton Bay producer Trinidad Cement Ltd
which the bank is alleging are threats against it and its
officers.

The bank was responding to TCL's complaint to the Securities and
Exchange Commission and the Central Bank against Republic Bank,
bank executive Ian De Souza and Wilfred Espinet of Wilnet Holdings
asking the SEC to investigate whether or not De Souza and Espinet
have contravened insider trading provisions of the Securities Act,
according to Trinidad Express.

On June 14, the report notes that TCL received a Shareholders'
Proposal from a group of 11 shareholders holding 5.68 per cent of
the company which included Wilnet Holdings Ltd.  On July 12,
Justice David Harris granted an injunction restraining the holding
of TCL's annual general meeting scheduled for 4.30 p.m. on that
same day and adjourned the matter to July 19.

The report relates TCL immediately filed a notice of appeal
challenging the granting of the injunction and requested an
expedited hearing of its appeal.  That hearing in the Court of
Appeal is fixed for September 30.

When the matter came up before Justice Harris on July 19,
attorneys for the shareholders requested that it be fast tracked
towards a trial even before the matter is heard before the Court
of Appeal on September 30, Trinidad Express reports.  The request
was denied and the case has been adjourned to October 4.

Trinidad Express notes that Republic Bank said in a statement that
a copy of a media release from Kathryna Baptiste, group
legal/company secretary of Trinidad Cement Ltd, dated August 5 had
come to its attention.

"Republic Bank Ltd has been reliably advised that this media
release similar to other previous releases from Trinidad Cement
Ltd has failed to provide a complete and accurate factual report.
. . . There is currently a matter before the High Court and Court
of Appeal between certain shareholders of Trinidad Cement Ltd and
Trinidad Cement Ltd. Republic Bank Ltd is not a party to this
litigation.  As a matter of principle, the bank does not comment
on matters that are before the courts, and in particular those in
which it is not involved," the statement said, the report notes.

But the bank added: "Republic Bank Ltd is in the process of taking
advice with respect to the actions of Trinidad Cement Ltd's
management, including, but not limited to, its continued media
releases and its threats against the bank and its officers. . . .
Dependent upon the advice received, the bank will then give mature
consideration to what action it will take," the report relays.

                       About Trinidad Cement

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2011, RJR News reports that Trinidad Cement Limited
reached an agreement with its debtors on the terms and conditions
attached to the repayment of its debt.  The agreement will convert
most of the company's debt into an 8-year facility, to be paid,
quarterly, from March 2013, according to RJR News.  The report
related that deal also includes certain performance criteria for
repaying the debt and if those are not met, the company will be
penalized.


                            ***********


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.


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