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

           Monday, September 2, 2013, Vol. 14, No. 173


                            Headlines



A R G E N T I N A

* ARGENTINA: DBRS Cuts LT Foreign Currency Issuer Rating to 'B'
* ARGENTINA: Moody's Eyes Downgrades for MAPFRE Seguros and Vida


B E R M U D A

BRITISH AMERICAN: Policyholders Call Meeting to Discuss 'Options'


B R A Z I L

CEAGRO AGRICOLA: Fitch Affirms 'B/RR4' Rating on Sr. Sec. Notes


C A Y M A N  I S L A N D S

AMERICAN PRAX: Commences Liquidation Proceedings
AWASU IAGO: Creditors' Proofs of Debt Due Sept. 25
BRIDGEPORT PRAX: Commences Liquidation Proceedings
CG TAIWAN: Placed Under Voluntary Wind-Up
CLEARWATER CAPITAL: Creditors' Proofs of Debt Due Sept. 25

CPC ASIA: Creditors' Proofs of Debt Due Sept. 25
CPC ASIA MASTER: Creditors' Proofs of Debt Due Sept. 25
CREDIT SUISSE: Creditors' Proofs of Debt Due Sept. 16
KENMAR PRIVATE: Creditors' Proofs of Debt Due Sept. 25
MARIAH RE: Creditors' Proofs of Debt Due Sept. 26

MIRPAN LIMITED: Creditors' Proofs of Debt Due Sept. 26
MULTI BANKING: Placed Under Voluntary Wind-Up
THEOREMA MANAGED: Creditors' Proofs of Debt Due Sept. 25
THEOREMA MANAGED MASTER: Creditors' Proofs of Debt Due Sept. 25
TOWNSEND LIMITED: Creditors' Proofs of Debt Due Sept. 23


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Business Leaders Slam Interest Rate Rise


J A M A I C A

* JAMAICA: Gov't. Slashes Spending by JM$6 Bil. For April-June


M E X I C O

CORPORACION PESQUERA: China Fishery Purchase No Impact on Ratings
INDUSTRIAS UNIDAS: 1H Net Income Drops 9% to Ps.5,508.1 Million
OFFSHORE DRILLING: Fitch to Rate New US$950MM Secured Debt 'BB'
VISION BANCO: S&P Affirms 'BB-' Counterparty Credit Rating


P A N A M A

NEWLAND INT'L: Fitch Rates US$257.6MM Sr. Sec. Notes at 'CC'


T R I N I D A D  &  T O B A G O

CL FIN'L: UK Firms to Help With New Draft Agreement
* TRINIDAD & TOBAGO: TTPostal Workers Demand Backpay


X X X X X X X X

* Risk Ceilings for Chile, Costa Rica and Dominican Rep. Adjusted
BOND PRICING: For the Week From Aug. 26 to Aug. 30, 2013


                            - - - - -


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A R G E N T I N A
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* ARGENTINA: DBRS Cuts LT Foreign Currency Issuer Rating to 'B'
---------------------------------------------------------------
DBRS Inc. has downgraded the Republic of Argentina's long-term
foreign currency issuer rating to B (low), and the short-term
foreign currency rating to R-5. Argentina's long-term local
currency rating has been confirmed at B, and the short-term local
currency rating has been confirmed at R-4.  The long-term foreign
currency issuer rating and all local currency ratings remain Under
Review with Negative implications (URN).  The trend on the short-
term foreign currency rating (which now corresponds to the lowest
rating on DBRS' short-term rating scale) has been revised to
Stable.

On Friday, August 23, the U.S. Court of Appeals affirmed a New
York District Court ruling that seeks to compel Argentina to repay
in full its past due debts to holdout creditor NML Capital Limited
(NML) the next time Argentina makes a payment on its restructured
bonds.

Although the Court of Appeals extended the stay on its ruling
until the U.S. Supreme Court makes a decision on whether to hear
the case, DBRS believes that this ruling materially increases the
risk of a default on Argentina's restructured bonds issued under
New York law, and is a key trigger for the downgrade.  If the
Supreme Court declines to hear the case, or if it hears the case
but upholds the ruling, DBRS is likely to downgrade the foreign
currency rating further, to CCC or lower.  The URN reflects
continued uncertainty regarding the Supreme Court's willingness to
hear the case and the implications this could have for a default
by Argentina.

Both foreign and local currency ratings could come under pressure
if Argentina fails to make needed policy adjustments and restore
the credibility of its macroeconomic framework.  Conversely,
stronger fiscal policies following the upcoming elections in
October and a serious effort to rein in inflation, particularly if
supported by a recovery in Brazil and in advanced economies, could
stabilize Argentina's ratings.

Argentina's strong growth and earlier fiscal performance have
significantly reduced indebtedness, which provides some support to
its credit rating.  The debt maturity profile remains relatively
comfortable, though 2015 is likely to be a challenging year if
market access has not been restored.  DBRS remains concerned about
the continued strains from Argentina's inconsistent mix of fiscal,
monetary, trade and exchange rate policies.  Fiscal performance
continues to deteriorate in the lead up to Congressional elections
on October 27, 2013, reflecting the rise in subsidy costs.
Reserve losses have accelerated, declining by $5 billion since the
start of 2013.  In the context of Argentina's disputes with
external creditors, the risk of a default on foreign currency debt
in particular remains very high.  Local currency financing sources
remain adequate, but reliance on central bank financing is a key
contributor to Argentina's high rate of inflation.

Compounding these challenges, DBRS expects that Argentina could
choose to default on its performing foreign currency denominated
exchange bonds rather than make a payment to NML.  It remains
unclear whether Argentina will be willing to service all of its
local currency denominated debt, particularly if any holders of
peso-denominated bonds are located outside of Argentina.  The
government announced on Monday, August 26 that it would send to
Congress a bill to reopen the 2010 debt exchange.  This would be
unlikely to prevent a default, since the existing holdouts
continue to press for full payment.  In addition, the government
announced plans to launch an exchange of bonds issued under U.S.
law for new securities issued under Argentine law if the U.S.
Supreme Court affirms the ruling against Argentina.

However, even if Argentina is successful in obtaining 100%
participation of exchange bondholders in the new debt exchange,
the terms of this exchange as announced by President Fern ndez de
Kirchner appear likely to reduce the value of bondholder claims,
and could consequently still be considered a default by DBRS.


* ARGENTINA: Moody's Eyes Downgrades for MAPFRE Seguros and Vida
----------------------------------------------------------------
Moody's Latin America placed the insurance financial strength
(IFS) ratings of MAPFRE Argentina Seguros S.A. and MAPFRE
Argentina Seguros de Vida S.A. -- both Ba3 global local-currency
and Aa2.ar Argentine national scale -- under review for downgrade.

Ratings Rationale:

Moody's said the ratings were placed under review for downgrade
because MAPFRE Seguros reported a significant net loss --
equivalent to 50% of the company's statutory capital at the
start of the fiscal year -- and causing the company's non-
compliance with local capital requirements as of June 30, 2013.
The large loss was largely driven by weak underwriting margins.

According to Moody's, the review for possible downgrade will focus
on the company's ability to restore and maintain both
profitability and capital adequacy in the near- and medium-term,
as well as on the ability and willingness of MAPFRE Seguros'
ultimate parent shareholder -- MAPFRE S.A. in Spain -- to provide
further capital contributions, as necessary, to meet and exceed
minimum regulatory capital requirements. The review will also
consider the strategic importance of the 2 Argentine subsidiaries
to their parent company MAPFRE S.A., and whether the current 2
notches of uplift in both companies' ratings from their stand-
alone credit profile (due to MAPFRE S.A.'s ownership and implied
support) is still appropriate, in the context of the parent
company's recent sale of its workers' compensation and health
insurance subsidiaries in Argentina.

MAPFRE Seguros' intrinsic credit profile reflects its leading
position in the Argentine insurance market as a major player in
the local property and casualty segment, although its increasing
penetration in softer segments -- such as auto and commercial
property -- has resulted in greater volatility of earnings and has
pressured capitalization. In the case of MAPFRE Vida, which is a
mid-sized player in the Argentine life and annuity segment,
Moody's commented that the company has sustained solid
profitability and good capital adequacy relative to peers, along
with very strong premium growth over the last five years, although
its market presence is still modest. Both companies' ratings are
uplifted by their ownership, brand sharing, and risk transfer
arrangements achieved through intra-group reinsurance agreements.

Among the factors that could lead to a downgrade of the companies'
ratings are: 1) reduced ownership and/or support from their
ultimate parent company or affiliates outside Argentina, 2) a
downgrade of Argentina's sovereign bond rating and/or the
country's operating environment, 3) persistent impairment of
capital levels, or 4) sustained weak profitability. Conversely,
the following could lead to a confirmation of the companies'
ratings: 1) a significant capital injection to MAPFRE Seguros from
any of MAPFRES.A.'s affiliates outside Argentina, 2) continued
implicit and explicit support from parent to both companies, and
3) actions taken by the company leading to restore capital
adequacy and profitability on a sustained basis.

The principal methodology used in this rating is Moody's Global
Methodology for Property and Casualty Insurers published in May
2010.

Based in Buenos Aires, MAPFRE Seguros and MAPFRE Vida are indirect
wholly-owned subsidiaries of MAPFRE S.A., headquartered in Madrid,
Spain. For the 2012/13 fiscal year, ended June 30th 2013, total
gross premiums for MAPFRE Seguros and MAPFRE Vida amounted to ARS
2 billion and ARS 317 million, respectively. As of that same date,
MAPFRE Seguros and MAPFRE Vida reported a net loss of ARS 141
million and a net profit of 25 million, respectively. On June 30,
2013, total shareholders' equity was ARS 165 million for MAPFRE
Seguros, and ARS 84 million for MAPFRE Vida.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

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.


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B E R M U D A
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BRITISH AMERICAN: Policyholders Call Meeting to Discuss 'Options'
-----------------------------------------------------------------
Marina Mello at The Royal Gazette reports that British American
Insurance Company Limited policyholders are calling a meeting for
this week to discuss their concerns over the handling of the
winding up of the insurance company.

The Official Receiver, in his capacity as Provisional Liquidator
of British American Insurance Company Limited, said they have now
realized all assets available to Bermuda resident creditors of
BAICL, and are in a position to make a final distribution to
creditors under the Scheme of Arrangement, according to The Royal
Gazette.

"The final payment will be a distribution of 2.5% of Scheme
Creditors' claims, as previously estimated. . . . The first
distribution of 35% of Scheme Creditors' claims was paid in
December 2011.  After payment of this second and final
distribution, Scheme Creditors will have received a total of 37.5%
of their claims. . . . In accordance with the terms of the Scheme
of Arrangement, final distribution cheques will be mailed to each
Scheme Creditor's last known address on September 12, 2013. . . .
The Official Receiver is conscious of the fact that in certain
instances there is a cost associated with cashing a cheque in
Bermuda.  Scheme Creditors will therefore be given the opportunity
to return their final distribution cheque and have their
distribution paid by online transfer. . . . Details of what action
is required by Scheme Creditors to take up this option will be
included in the envelope containing the final distribution
cheques," the statement said, the report notes.

Policyholders are asked to e-mail before the end of Aug. 3, 2013.

"It's time for British American policy holders to get together to
discuss our concerns and the way forward -- since we can't seem to
get answers from those who have them," the report quoted a
policyholder as saying.

"We want to know what our options are, what happened, and should
there be further investigation," another policyholder said, notes
the report.  "Even if it means us paying collectively to take
action."

Some policyholders are also not happy that after their final
payout they will have gotten back about 37 cents on the dollar,
the report added.

The report recalls that BAICO, which owned 40 percent of the Front
Street building through its interests in a holding company, was
wound up after its 2009 collapse.  The other 60 percent belongs to
the BAICO Bermuda pension scheme.

The Official Receiver's press release earlier this summer stated
that given the prevailing market conditions, completing a sale of
the building has taken a considerable period of time and for a
price considerably lower than the original valuation of BM$3.8
million, when the liquidation of British American commenced, the
report adds.

                            About BAICO

British American Insurance Company is a Nassau, Bahamas-based
insurance and financial services company.  BAIC is owned by
Trinidad-based parent CL Financial.  BAIC listed debt of $500
million to $1 billion and assets of more than $100 million in its
Chapter 15 petition (Bankr. S.D. Fla. Case No. 09-3588).

By order entered Aug. 4, 2009, the Eastern Caribbean Supreme Court
in the High Court of Justice Saint Vincent and the Grenadines
appointed Brian Glasgow as Judicial Manager for BAICO under
Section 52 of the Insurance Act, No. 45 of 2003 of the Laws of
Saint Vincent and the Grenadines.


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B R A Z I L
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CEAGRO AGRICOLA: Fitch Affirms 'B/RR4' Rating on Sr. Sec. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ceagro Agricola Ltda
(Ceagro) as follows:

-- Foreign and local currency Issuer Default Ratings (IDRs)
   at 'B';

-- National scale rating at 'BBB (bra)';

-- US$100 million senior secured notes due 2016 at 'B/RR4'.

The Rating Outlook is Stable.

The rating affirmation is based on Ceagro's 2012 annual financial
statements and an initial discussion with management. Fitch
intends on updating its analysis in the coming weeks following the
group's publication of its half-year results, which are
anticipated to be in line with expectations. The ratings
affirmations reflect Ceagro's well-established position in the
highly competitive Brazilian agricultural services sector, its
strong operating margins in the high single digits. As this stage,
Fitch anticipates that the group's net leverage will remain below
3.5x at year-end 2013, in line with the current ratings.

Key Rating Drivers

Established Business Position

Ceagro Agricola Ltda. has established long-term relationships with
grain producers, suppliers, and off-takers. The company's profile
has benefited from an increase in its operating scale which has
allowed it to purchase fertilizers at lower prices and increase
the volume of barter originations.

High Ebitda Margin But Cost Pressure

The group's EBITDA margin remains strong at about 7.5% above the
historical levels of between 3% and 5%. Fitch expects the group's
EBITDA margin to remain steady in 2013 despite recurring input
costs inflation (fertilizer and logistics). Fitch's expectation is
based on volume increase (notably for Corn) and the full
consolidation in Ceagro's accounts of Agroextra Insumos Agricola
in 2013. Agroextra is a leading distributor of Syngenta
agricultural products (fertilizers and services) with an EBITDA of
approximately BRL11.0 million as of FYE11. Agroextra was acquired
by Ceagro during 2012 for approximately BRL20 million.

High Commodity Risk and Small Size

Ceagro's small size, lack of geographic and commodity
diversification compared to its large and established competitors
are constraining factors for the rating. The group's export
capacity of soybeans remains constrained by Brazilian port
infrastructures. This could cause execution risks and have a
negative working capital impact on the company's cash flow and
therefore on the group's leverage ratios during the year.

Working Capital Requirements Impediment to Growth:
Trades originated through Ceagro's barter system grew to 52% of
revenue during 2011 from 46% in 2011.The group also implements
some spot transactions. Unlike trades through the barter system,
spot market trades require working capital for short periods of
time and have lower profit margins.

Asset Light Model

Ceagro has a minimal amount of balance sheet assets. It depends on
rentals for transportation and storage. While this has not been a
problem in the past, the cost of renting equipment may rise in the
future and compress operating margins. Fitch understands that the
company will not invest in capex to increase its storage capacity.
Ceagro will arrange new long-term lease agreements with warehouse
owners to accommodate its growth strategy.

Increased Net Leverage

Ceagro's Net Debt to EBITDA increased to 3.4x at FYE12 from 2.2x
at FYE11 because of the group's growth strategy and the
implementation of one time securitization like financing (trial
transaction) with Banco Indusval SA (BBB(bra)). Going forward,
this type of financing will be done off-balance sheet through a
newly created joint venture with Ceagro's shareholder and Banco
Industrial; excluding this onetime on balance sheet financing,
Ceagro's net leverage at 2.5x would have been in line with Fitch's
expectation. Fitch expects Ceagro's Net Debt to EBITDA to remain
below 3.5x at FYE13. Using Fitch RMI (readily marketable
inventories adjustments) the net adjusted leverage was stable 2.2x
at FYE12. Leverage can be negatively impacted during the year due
to changes in working capital caused by any negative external
factors such as weather changes or logistics issues (ports
terminal).

Weaker Liquidity

The liquidity situation of the company has deteriorated as of
FYE12 with a liquidity ratio (cash/short-term debt) at 0.4x at
year-end 2012 vs 1.3x at FYE11. This was due to the group's growth
strategy, export-financing transactions and the trial transaction
(impacting the group's short-term debt by BRL80m of debt).
However, the group's liquidity is supported by the liquidity of
its commodities (corn and soybean). Using Fitch RMI, the group's
liquidity score was at 1.8x which gives Fitch comfort on the
group's liquidity.

Rating Sensitivities

Considerations that could lead to a negative rating action (Rating
or Outlook) include an increase in the company's net debt/ebitda
leverage above the range of 3.5 - 4.0x over a sustained period.
Leverage could increase either by weakening profitability, the
launch of a large debt-financed investment program or sudden drop
in trading volumes. Changes in its risk management, resulting in a
higher exposure to commodity prices and exchange rate volatility,
would also be viewed negatively.

Considerations that could lead to a positive rating action
includes the group's demonstrated ability to maintain EBTIDA
margins in the 8% - 10% level and an increase in trading volumes
without disproportionately increasing leverage or deteriorating
the liquidity profile.


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C A Y M A N  I S L A N D S
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AMERICAN PRAX: Commences Liquidation Proceedings
------------------------------------------------
On Aug. 9, 2013, the members of American Prax Real Estate I, Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          John Sullivan
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


AWASU IAGO: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------
The creditors of Awasu Iago are required to file their proofs of
debt by Sept. 25, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Aug. 13, 2013.

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


BRIDGEPORT PRAX: Commences Liquidation Proceedings
--------------------------------------------------
On Aug. 9, 2013, the members of Bridgeport Prax Real Estate I, Ltd
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          John Sullivan
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


CG TAIWAN: Placed Under Voluntary Wind-Up
-----------------------------------------
On Aug. 14, 2013, the shareholders of CG Taiwan Fund Corporation
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

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


CLEARWATER CAPITAL: Creditors' Proofs of Debt Due Sept. 25
----------------------------------------------------------
The creditors of Clearwater Capital Partners Pacific III Annex,
Ltd. are required to file their proofs of debt by Sept. 25, 2013,
to be included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 9, 2013.

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


CPC ASIA: Creditors' Proofs of Debt Due Sept. 25
------------------------------------------------
The creditors of CPC Asia Opportunities Fund are required to file
their proofs of debt by Sept. 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Aug. 13, 2013.

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


CPC ASIA MASTER: Creditors' Proofs of Debt Due Sept. 25
-------------------------------------------------------
The creditors of CPC Asia Opportunities Master Fund are required
to file their proofs of debt by Sept. 25, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 13, 2013.

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


CREDIT SUISSE: Creditors' Proofs of Debt Due Sept. 16
-----------------------------------------------------
The creditors of Credit Suisse Fund Management (Cayman) Ltd are
required to file their proofs of debt by Sept. 16, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 6, 2013.

The company's liquidator is:

          Michael Saville
          c/o Prudence Pryce
          10 Market Street #765, Camana Bay
          Grand Cayman
          Cayman Islands KY1 9006
          Telephone: +1 (345) 769 7207
          Facsimile: +1 (345) 949 7120


KENMAR PRIVATE: Creditors' Proofs of Debt Due Sept. 25
------------------------------------------------------
The creditors of Kenmar Private Investment Partnership I Ltd are
required to file their proofs of debt by Sept. 25, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 9, 2013.

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


MARIAH RE: Creditors' Proofs of Debt Due Sept. 26
-------------------------------------------------
The creditors of Mariah Re Ltd. are required to file their proofs
of debt by Sept. 26, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          Jess Shakespeare
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre, 42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


MIRPAN LIMITED: Creditors' Proofs of Debt Due Sept. 26
------------------------------------------------------
The creditors of Mirpan Limited are required to file their proofs
of debt by Sept. 26, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 13, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Wright
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


MULTI BANKING: Placed Under Voluntary Wind-Up
---------------------------------------------
On Aug. 12, 2013, the shareholders of Multi Banking Corporation
(Overseas) Limited resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

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


THEOREMA MANAGED: Creditors' Proofs of Debt Due Sept. 25
--------------------------------------------------------
The creditors of Theorema Managed Portfolio Feeder, Ltd. are
required to file their proofs of debt by Sept. 25, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 13, 2013.

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


THEOREMA MANAGED MASTER: Creditors' Proofs of Debt Due Sept. 25
---------------------------------------------------------------
The creditors of Theorema Managed Portfolio Master, Ltd. are
required to file their proofs of debt by Sept. 25, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Aug. 13, 2013.

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


TOWNSEND LIMITED: Creditors' Proofs of Debt Due Sept. 23
--------------------------------------------------------
The creditors of Townsend Limited are required to file their
proofs of debt by Sept. 23, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Aug. 14, 2013.

The company's liquidator is:

          Varun Kumar Bery
          c/o TVG Capital Partners Limited
          World Trust Tower, Unit A, 8th Floor
          50 Stanley Street, Central
          Hong Kong
          Telephone: (852) 2147 2080
          Facsimile: (852) 2147 3320


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D O M I N I C A N   R E P U B L I C
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* DOMINICAN REPUBLIC: Business Leaders Slam Interest Rate Rise
--------------------------------------------------------------
Dominican Today reports that the National Association of Young
Entrepreneurs (ANJE) said the increase in the interest rate from
4.25% to 6.25% will affect credit and public consumption capacity
and will further undermine the low economic growth rate recorded
this year.

The organization described the measure as a "heavy blow" that
limits the positive effects that were expected from the recent
measures implemented by the Government to boost the country's
economic growth, according to Dominican Today.

"In recent months the government announced economic incentive
measures, including the release of RD$20 billion of legal reserves
and increased spending on infrastructural investment.  We
therefore believe that these measures will not have the expected
positive effect for the economy as a result of the announced
interest rate increase," the report quoted ANJE President Frank
Elias Rainieri Kuret as saying.

Dominican Today notes that ANJE expressed its concern about the
slow increase in the GDP, just 1.6% in the first half of the year,
pointing out that it had reached 7% in 2010 and 4% in 2011.

The report relates that the business organization said that the
economic information issued by the Central Bank indicates that the
trade, construction and industrial manufacturing sectors are
showing negative performance in the first semester, leading to the
conclusion that "these inconsistencies and lack of policy
coordination are having a negative impact on a weakened economy
that has shown significant slowdown during this year".


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


* JAMAICA: Gov't. Slashes Spending by JM$6 Bil. For April-June
--------------------------------------------------------------
RJR News reports that there was a near JM$6 billion dollar slash
in Government spending between April and June.

According to data from the Bank of Jamaica, expenditure for the
three months was JM$92.4 billion or JM$5.6 billion lower than
budgeted, according to RJR News.  The report relates that this
reflected containment in recurrent and capital expenditure.

The lower-than-budgeted recurrent spending was domestic interest
payments and programs which were down JM$1.8 billion and JM$930
million, respectively, the report discloses.  Capital expenditure
was JM$2.3 billion lower than anticipated due to delays in the
implementation of projects, the report adds.


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


CORPORACION PESQUERA: China Fishery Purchase No Impact on Ratings
-----------------------------------------------------------------
Moody's does not expect at this time any change in Corporacion
Pesquera Inca, S.A.C.'s B2 senior unsecured ratings or positive
outlook from the announcement that its shareholders accepted China
Fishery Group's tender offer for 20,222 of its shares, which
combined with the current stake already owned by the Chinese
company, would translate into a 99.1% ownership of Copeinca's
shares. The transaction's settlement is expected to take place on
August 30, 2013.

The last rating action was on January 10, 2013 when Moody's rated
Copeinca's $75 million add-on to its $175 million 9% global notes
due 2017.

The principal methodology used in rating Copeinca was the Global
Protein and Agriculture Industry methodology published in May
2013.

Corporacion Pesquera Inca S.A.C., headquartered in Lima, Peru, is
the second largest fishmeal and fish oil producer in Peru and the
third largest globally. The company has vertically integrated
operations, with a fishing fleet it uses to catch anchovies off
the Peruvian coast and plants that process this catch and those
purchased from third parties into fishmeal and fish oil. Copeinca
currently operates 28 vessels and five processing plants along the
Peruvian coast. Over the last twelve months ended June 30, 2013
the company reported revenues of $201 million.


INDUSTRIAS UNIDAS: 1H Net Income Drops 9% to Ps.5,508.1 Million
---------------------------------------------------------------
Industrias Unidas, S.A. de C.V. disclosed its unaudited results
for the first six months ended June 30, 2013.

The Company's net revenues for the first six months ended June 30,
2013 decreased 9% to Ps.5,508.1 million from Ps.6,051.5 million in
the same period of 2012.  This decrease was due to lower volume of
sales driven by market conditions, a decrease of 6.5 % in the
Comex copper value and an appreciation of 5.2% of US dollar versus
Mexican peso (average prices MTD June 30, 2012 and 2013).

A full text copy of the company's financial results is available
free at:

                       http://is.gd/7Xfr18

                       About Industrias Unidas

Industrias Unidas, S.A. de C.V. is a Mexican diversified
industrial group, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S.  As of September 2009, last twelve
month revenues were about US$1.3 billion.

                           *     *     *

The company continues to carry Moody's "Caa3" long-term rating.


OFFSHORE DRILLING: Fitch to Rate New US$950MM Secured Debt 'BB'
---------------------------------------------------------------
Fitch Ratings expects to rate Offshore Drilling Holding S.A.'s
(ODH) proposed USD950 million senior secured debt issuance 'BB'.
Fitch has also assigned foreign and local currency Issuer Default
Ratings (IDRs) of 'BB-' to ODH. The Rating Outlook is Stable.
The company expects to use the proceeds from the issuance to
refinance existing debt at its Centenario and Bicentenario
subsidiaries. The one notch uplift for the proposed debt issuance
reflects the expected above average recovery given default as a
result of the strong collateral provided to the note holders.

Key Ratings Drivers

ODH's ratings reflect the company's solid commercial relationship
with Petroleos Mexicanos SA (Pemex, IDR 'BBB+') as well as the
relatively stable cash flow generation resulting from its
contractual agreements. The ratings also reflect the nascent
nature of ultra-deep water exploration in Mexico as well as the
company's moderately high leverage, partial structural
subordination and contract roll-over risk. The company's expansion
plan is considered aggressive and adds to risk.

Solid Commercial Relationship with Strong Counterparty:
ODH's ratings reflect the company's, as well as its shareholder's,
strong commercial relationship with Pemex. ODH and its shareholder
provide off-shore drilling services, as well as other energy
related maritime services, to Pemex. ODH currently owns three
ultra deep water (UDW) sixth generation dynamic positioning
drilling semisubmersible rigs. The company charters its assets to
three operating affiliates that in turn lease the drilling rigs to
Pemex's exploration and production subsidiary at day rates ranging
from USD489 thousand to USD565 thousand. ODH is part of Grupo R, a
privately held conglomerate of companies that have been providing
drilling and oilfield services to Pemex for over 25 years.

Nascent UDW Exploration Phase in Mexico's Gulf Cost:
Although oil and gas production in Mexico has been concentrated
offshore with approximately 75% of production during recent years,
this has been mainly in shallow waters. Pemex has only recently
focused in deep water and UDW exploration, mainly given the need
to incorporate new reserves to offset declining production from
matured fields. Pemex has drilled only 29 deep-water wells in its
operating history. Development of possible reserves in this sector
might be challenging as Pemex has limited experience in deep water
oil and gas exploration. A shift back to only shallow and mid-
waters exploration at the expense of UDW exploration could
negatively impact demand for the UDW drilling rigs the company
owns.

Moderately High Leverage:
ODH's expected gross leverage ratio for year-end 2013 is
considered moderately high for the rating category at
approximately 5.2 times (x). This is mainly the result of La
Muralla IV only reporting nine months of operations during 2013.
During 2014, leverage is expected to moderately decrease to 4.2x
as EBITDA is expected to increase to approximately USD325 million
from approximately USD227 million reported during 2012 once La
Muralla IV reports a full year of operations. Thereafter, total
consolidated leverage is expected to trend downwards and to range
between 3.5x and 4.5x with the exception of years when the company
adds financial debt to fund expected Jack-up acquisitions and
until the new assets begin generating cash flow.

Partial Structural Subordination:
The proposed senior secured notes will be guaranteed by certain
ODH's restricted subsidiaries, including Rubicon Drilling Services
and Utileduci subsidiaries, which own the Centenario and
Bicentenario drilling rigs, respectively, as well as first
priority security interest, i.e. Ship Mortgages, against these
assests; these two assets will have no debt following the
completion of the refinancing transaction. The notes will also
benefit from a 12 months interest reserve account. The notes will
initially be structurally subordinated to approximately USD515
million of project-finance like bank debt related to La Muralla
IV, which amortizes through 2018 and has a small balloon payment.
Upon repaying all of La Muralla IV related debt, this asset will
also guarantee the proposed debt issuance together with ODH's
other subsidiaries. On a pro forma basis and giving effect to the
proposed transaction, total consolidated debt is expected to be
approximately USD1.5 billion and to be composed by the proposed
notes and La Muralla IV debt. In the future, the company expects
to add approximately USD850 million of debt, which could rank pari
passu with the proposed notes, to acquire five Jack-up rigs to
contract to Pemex.

Contracts Roll-over Risk and Adjustable Day Rates:
The company is exposed to contract renewal risk given that the
three UDW drilling rigs have contracts that expire before the
maturity of the notes. The rating incorporates the expectation
that Pemex will re-contract these drilling rigs shortly before the
contracts expire at average or marginally below average market day
rates for similar assets as these UDW rigs are considered
important assets for exploration of new oil fields in Mexico. The
debt services reserve account mitigates contract roll-over risk as
it would allow ODH time to relocate the assets if required. The
contracts for Centenario and Bicentenario rigs have fixed day
rates for the first two years and are then adjusted annually with
average market rates for the remaining three years. The La Muralla
contract, the third and last UDW drilling rig to enter commercial
operation, has a five-year contract with Pemex at fixed day rates
for the duration of the contract. The company's cash flow
stability and predictability will benefit if contracts were to be
renewed at fixed day rates for periods of five years or longer.

Aggressive Speculative Growth Strategy:
ODH's ratings incorporate the expectation that the company would
continue to add offshore drilling equipment without increasing its
leverage on a sustained basis. Currently, the company has
construction orders for five shallow waters drilling rigs, or
jack-ups, for which ODH is yet to sign contracts with Pemex. The
company expects to sign contracts with Pemex for this equipment
once they are in Mexico. Although the company has been operating
this way in the past, this risk adds to cash flow uncertainty and
high carrying cost should Pemex not contract the rigs and ODH is
forced to find alternative markets for the equipment.

Rating Sensitivity

A negative rating action could be triggered by a combination of
the following factors: ODH's consolidated leverage increases in a
sustained basis to above 5.5x, contracts are not rolled over
within six months after expiration, and/or the company faces
delays of six months or greater contracting new equipment after it
is delivered.

A rating upgrade could be considered under a combination of the
following factors: ODH's leverage decreases below 3.5x in a
sustained basis, and/or the company contracts all its drilling
equipment under long-term contracts of no less than five years
under fixed day rates and with very limited to none out-clauses.


VISION BANCO: S&P Affirms 'BB-' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
counterparty credit rating on Vision Banco S.A.E.C.A. (Vision).
The outlook is stable.

Standard & Poor's bases its 'BB-' rating on Vision on its
"adequate" business position, "weak" capital and earnings,
"adequate" risk position, "above-average" funding, and "strong"
liquidity, as S&P's criteria define these terms.  Vision Banco's
stand-alone credit profile (SACP) is 'bb-'.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  Our anchor for a commercial bank operating
only in the Republic of Paraguay is 'b+'.  We base the economic
risk score on our view that Paraguay's economy is largely
dependent on agriculture and international trade and that its
monetary flexibility is limited.  With regard to industry risk, we
believe the Paraguayan financial system has an aggressive risk
appetite, as demonstrated by rapid credit growth, and is
insufficiently supervised and regulated.  Despite a significant
increase in domestic credit during the past four years, the
economy still has relatively low leverage," S&P said.

"We view Vision's business position as adequate as a result of its
good market position, especially in the microfinance segment where
60% of its portfolio is concentrated," said Standard & Poor's
credit analyst Ivana Recalde.  With the largest network in the
country (90 branches, 105 ATMs and 156 non-banking centers),
Vision is the leading financial institution in the microfinance
segment.  Over the last year, despite harsh competition, the
entity has consolidated its position in the market ranking fifth
in terms of assets, loans and deposits among the 16 banks
operating in the Paraguayan financial system.  As of June 30,
2013, Vision held 6.8% of the system's total loans and almost 6%
of total deposits, from 6.4% and 5.5%, respectively, as of March
2012.


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


NEWLAND INT'L: Fitch Rates US$257.6MM Sr. Sec. Notes at 'CC'
------------------------------------------------------------
Fitch Ratings has assigned a rating to the restructured senior
secured notes issued by Newland International Properties, Corp.
(Newland). In April 2013, Newland, a Panamanian company
established to develop the Trump Ocean Club (TOC) luxury hotel and
condominium, filed for Chapter 11 bankruptcy protection in the
United States. One month later, Newland received approval to
restructure the defaulted $220 million senior secured notes due
November 2014. Newland's principal assets are the real property
and facilities that comprise the TOC.

Newland provided Fitch with updated sales, collections and
defaults information together with the prepackaged plan of
reorganization and amended documentation. Fitch has assigned a
rating and Recovery Estimate (RE) to the restructured notes due
July 2017 as indicated:

-- $257.6 million senior secured notes due July 2017 'CCsf';
   RE60%.

The $257.6 million restructured notes replace the $220 million
defaulted notes and include accrued interest on the defaulted
notes. Fitch's rating addresses timely payment of principal and
interest on a semiannual basis.

The transaction is mainly backed by (i) a first priority mortgage
on the real property owned by Newland; (ii) all cash, installment
payments and unit purchase agreements from property sales; (iii) a
first priority lien on all Newland accounts and all deposits
therein; (iv) the Trump license agreement; (v) Newland's rights to
all other revenues from the operation of the project, including:
(a) revenues from the operation, sale and/or lease of the Casino,
and hotel amenities such as restaurants and spa, and (b) all of
Newland's rights to the Beach Club (BC) and Newland's rights to
the BC Ferry, BC Ferry Payment and the BC Senior Loan, as
applicable; and (vi) 100% of the shares in Newland.

Key Rating Drivers

The rating of the restructured notes is constrained by the
following factors: i) reliance on favorable real estate conditions
to meet timely interest and principal payments during the life of
the notes, ii) significant liquidity constraints in the near term,
iii) additional indebtedness, and iv) limitations related to
priority of payments and use of payments.

The transaction is no longer exposed to construction risk.
Additionally, the noteholders now have a pledge and assignment of
the voting rights of 100% of the shares of Newland. This feature
was not provided under the previous Indenture of the defaulted
notes.

Real Estate Market Risk: Payment on the restructured notes relies
on unit price increases, pace of sales and overall collections.
Break-even scenarios assume sales of 5-15 units per month with
annual unit price increases in the 10%-16% range, and hinge on
strong market demand for the units. Demand could be affected by a
lack of access to mortgage financing for prospective buyers and
global real estate prices for luxury units. During 2011-2012
average prices per square meter for TOC units decreased by 16%-
17%, and they remain volatile. This risk is exacerbated by the
target market of the project, which is foreign buyers who wish to
acquire units in the TOC as a secondary residence.

Liquidity Risk: Adequate liquidity for debt service depends on
consistent collections and down-payment collections from sales.
Sales and collections were greatly affected by the global slowdown
and the recent restructuring. Recent sales remain low, but the
company is attempting to counter this with a new marketing
strategy which focuses on sales and timely collections. Slow sales
and collections and low cash reserves expose the new notes to
significant liquidity pressure in the near term.

As of July 3, 2013, the cash balance of the Trust accounts stood
at $0.45 million down from $16.3 million in June; the money was
used to: i) make the first payment due on the restructured notes
($5.855 million for payment of principal which includes
capitalized interest on the defaulted notes and approximately
$0.535 million interest due on the restructured notes); and ii)
pay legal fees, legal settlement fees and other expenses. The next
debt service payment is due in January 2014 in an amount equal to
$11.4 million in interest and $11.7 million in principal;
therefore, Newland must collect $22.7 million within the next 5-6
months to meet its next debt service payment on a timely basis.

Additional Indebtedness: In addition to the completed hotel and
condominiums, the project includes the implementation, completion
and operation of a beach club on Isla Viveros (the BC), for which
construction is expected to be completed this year, and the
acquisition and operation of a ferry connecting TOC with the BC.
To date, the BC's development has been financed by the
shareholders. The Indenture allows for the development to be
financed through a senior loan granted by Newland. Additionally,
the Indenture allows for Newland to finance the acquisition or
concession of a ferry for transportation between TOC and the BC
(BC Ferry Loan) through a special purpose vehicle (SPV) which will
be 100% owned by Newland. If such loans are drawn, payments on
these loans will be subordinated to payments on the $257.6 million
senior secured notes.

Waterfall and Priority of Payments: Short-term liquidity stress
could arise if cash on hand is not sufficient to cover timely
payment of principal and interest on the notes. This is
exacerbated by the transaction's waterfall which allocates flows
depending on their origin. Proceeds from the sale of a prime unit
such as the casino, spa or penthouse can be used to prepay the
notes; however, the prepayment must be made in reverse
chronological order and cannot be used to make the next
amortization. This exposes the transaction to a possible default
on the notes if there are not enough collections from non-prime
unit sales during such period.

No Exposure to Construction Risk: Construction and finishing work
of TOC were completed in January 2013. Premium units will be sold
as grey space. The project is composed of 630 residential condo
units, 369 'hotel-condo' units, a casino, a pier facility, pool
decks, retail shops, gourmet restaurants, a fitness center and
spa, along with a 1,592-spot parking garage. The only unfinished
work relates to the BC and remains in process.

Rating Sensitivities

Newland's ratings could be negatively affected by any combination
of the following factors: a lack of consistent price increases,
continued slow pace in sales, and lower than expected collections
allocated to the noteholders.

A rating upgrade could be considered under a combination of the
following factors: Newland's marketing strategy proves to be
effective; sales increases result in uninterrupted collections;
real estate market conditions are favorable and unit prices rise;
and the transaction starts to de-lever quickly.


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


CL FIN'L: UK Firms to Help With New Draft Agreement
---------------------------------------------------
Camille Bethel at Trinidad Express reports that Trinidad and
Tobago Minister of Finance Larry Howai said the State has enlisted
United Kingdom firms to assist in its decision on the revised CL
Financial Limited draft agreement.

Speaking with reporters following the National Enterprises Ltd
(NEL) luncheon in celebration of the company's TT$4 billion
shareholder dividend payout in 14 years, Mr. Howai said the draft
agreement was being worked on, according to Trinidad Express.

The report notes that Cabinet did not approve a draft agreement
that is supposed to replace the current shareholders' agreement
which will allow it to manage CL Financial assets.

The current agreement was extended by one month and ended on
Aug. 30, 2012.

The report discloses that the new agreement was supposed to be
approved by Cabinet in time for last month's annual general
meeting of CLF.

"We are being told that there aren't any real issues and so on but
I haven't received the formal document in hand yet. I know they
were actually working on it when I left the office so this will be
an extension (on the deadline). . . . The UK firm of international
attorneys -- Freshfields -- as well as a UK investment adviser has
been hired as an international adviser to assist with the CL
matter.  I think Cabinet just wants to be sure the structure is
one that can stand up to scrutiny from anyone and just wanted to
have it double-checked again before we proceed and to ensure that
there are no risks that we may have overlooked.  To ensure that
the entire thing is well structured and there aren't any gaping
holes where there could be potential loss," the report quoted Mr.
Howai as saying.

The report notes that Mr. Howai said although the UK firms have
been given 45 days to give their report, the State's deadline has
been extended to a bit longer.

The report relays that Mr. Howai said they were moving quickly
with regard to legislation and measures in the financial sector to
regulate the sector, mainly because of the issues coming out of
the CL Financial crisis and also because of the projected
expansion of the financial sector.

"There are a number of things I would like us to do but before we
can get some of the big players to come in we have to ensure that
we have a proper legislative framework, a regulatory structure
that will allow them to be comfortable that we are operating in an
environment that will not create unnecessary risk," Mr. Howai
added, the report notes.

Mr. Howai described NEL's payout of TT$4 billion in dividends over
the past 14 years to its 6,000 shareholders as a landmark
achievement, the report adds.

                       About CL Financial

CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago.  Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
encompasses 65 companies in 32 countries worldwide with total
assets standing at roughly US$100 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


* TRINIDAD & TOBAGO: TTPostal Workers Demand Backpay
----------------------------------------------------
Rachael Espinet at Trinidad and Tobago Newsday reports that Postal
services were disrupted when employees of the TT Postal
Corporation (TTPost) staged a protest at the National Mail Centre,
Piarco, demanding outstanding backpay for January 1, 2008 to
Dec. 31, 2010.

The employees also raised concerns about their health and safety
on the job, according to Trinidad and Tobago Newsday.

"The workers are here to address the situation of health and
safety in the workplace and the arrears of their salaries. We have
come to let the head of the organization know that the workers
have had enough," the report quoted David Forbes, president of the
TT Postal Workers Union, as saying.

The report notes that workers gathered to request their salary
arrears and better working conditions.  Addressing health issues,
Mr. Forbes complained of poor ventilation and air-conditioning at
several TTPost offices, the report relates.

Mr. Forbes said workers have been waiting six years for their back
pay for 2008 to 2010, the report notes.  Mr. Forbes said TTPWU is
yet to negotiate for the period of 2011 to 2013, the report
discloses.

"We have already reached 2013, which makes it six years.  We
haven't started negotiating for the period of 2011 to 2013 as yet,
and 2013 is almost up.  There is no agreement as to when exactly
the workers will receive their arrears," the report quoted Mr.
Forbes as saying.

A media release from TTPost stated, "Management has supplied all
requested information for the payments of these funds to the
relevant parties, and are currently awaiting the disbursement of
funds," the report discloses.  The release said the industrial
action would affect normal business operations, and they
apologized for the inconvenience, the report adds.


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


* Risk Ceilings for Chile, Costa Rica and Dominican Rep. Adjusted
-----------------------------------------------------------------
Moody's Investors Service has adjusted the local currency (LC)
country risk ceilings for Chile, Costa Rica and the Dominican
Republic. The sovereign bond ratings and the foreign currency (FC)
bond and deposit ceilings are not affected by the changes in the
LC ceilings.

Ratings Rationale:

Moody's decision to adjust the LC country ceilings is based on
application of the rating agency's Local Currency Country Risk
Ceiling for Bonds and Other Local Currency Obligations methodology
published earlier this year.

The change in ceilings mean that the highest rating that can be
assigned to a domestic-currency bank deposit or domestic issuer in
these countries, or to a structured finance security backed by
local currency receivables, is now as follows:

Chile

1) The long-term LC bond ceiling was changed to Aa1 from Aaa;

2) The long-term LC deposit ceiling was changed to Aa1 from Aaa;

3) The long-term FC bond ceiling remains at Aa1;

4) The long-term FC deposit ceiling remains at Aa3;

5) The short-term FC bond and deposit ceilings remain unchanged at
P-1.

The adjusted local currency ceilings are consistent with the
methodological framework which positions the ceiling against
Chile's Sovereign Bond rating of Aa3 and Sovereign Bond
Methodology factor scores, three of which are the key drivers of
the ceiling. In Chile's case, these consist of a 'moderate'
assessment of Economic Strength, a 'very high' assessment of
Institutional Strength and a 'low' assessment of susceptibility to
political, economic or financial event risks.

Costa Rica

1) The long-term LC bond ceiling was changed to A3 from Aa2;

2) The long-term LC deposit ceiling was changed to A3 from Aa3;

3) The long-term FC bond ceiling remains at Baa2;

4) The long-term FC deposit ceiling remains at Ba1;

5) The short-term FC bond and deposit ceilings remain unchanged at
P-3.

The adjusted local currency ceilings are consistent with the
methodological framework which positions the ceiling against Costa
Rica's Sovereign Bond rating of Baa3 and Sovereign Bond
Methodology factor scores, three of which are the key drivers of
the ceiling. In Costa Rica's case, these consist of a 'moderate'
assessment of Economic and Institutional Strength and a 'moderate'
assessment of susceptibility to political, economic or financial
event risks.

Dominican Republic

1) The long-term LC bond ceiling was changed to Ba1 from A1;

2) The long-term LC deposit ceiling was changed to Ba1 from A1;

3) The long-term FC bond ceiling remains at Ba2;

4) The long-term FC deposit ceiling remains at B2;

5) The short-term FC bond and deposit ceilings remain unchanged at
NP.

The adjusted local currency ceilings are consistent with the
methodological framework which positions the ceiling against
Dominican Republic's Sovereign Bond rating of B1 and Sovereign
Bond Methodology factor scores, three of which are the key drivers
of the ceiling. In Dominican Republic's case, these consist of a
'low' assessment of Economic and Institutional Strength and a
'moderate' assessment of susceptibility to political, economic or
financial event risks.

Methodology

Moody's country ceilings capture externalities and event risks
that arise unavoidably as a consequence of locating a business in
a particular country and that ultimately constrain domestic
issuers' ability to service their debt obligations. As such, the
ceiling encapsulates elements of the economic, financial,
political, and legal risks in a country, including political
instability, the risk of government intervention, the risk of
systemic economic disruption, severe financial instability risks,
currency redenomination, and natural disasters among other factors
that need to be incorporated into the ratings of even the
strongest domestic issuers. The ceiling caps the credit rating of
all issuers and transactions with material exposure to those risks
-- in other words, it affects all domestic issuers and
transactions other than those whose assets and revenues are
predominantly sourced from or located outside of the country, or
which benefit from an external credit support.

The methodology used in this action is Local-Currency Country Risk
Ceiling for Bonds and Other Local Currency Obligations published
in March 2013.


BOND PRICING: For the Week From Aug. 26 to Aug. 30, 2013
--------------------------------------------------------

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

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

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

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

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

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

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

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

Banco Macro SA                 9.75    12/18/2036   USD      67.8

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

Capex SA                       10      3/10/2018    USD      71

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Banco Macro SA                 9.75    12/18/2036   USD     67.8

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

Capex SA                       10      3/10/2018    USD     67.6

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

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

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

Banco Macro SA                 9.75     12/18/2036   USD    67.8

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

Provincia del Chaco            4        11/4/2023    USD    53.8

Provincia del Chaco            4        12/4/2026    USD    25.5

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

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

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

Gol Finance                    8.75                  USD    60

Banco Bonsucesso SA            9.25     11/3/2020    USD    73.5

Sifco SA                       11.5     6/6/2016     USD    50.3

Gol Finance                    8.75                  USD    58.3

Banco Bonsucesso SA            9.25     11/3/2020    USD    72.5

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

Almendral
Telecomunicaciones SA          3.5      12/15/2014   CLP    33

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

Aguas Andinas SA               4.15     12/1/2026    CLP    72.5

Quinenco SA                    3.5      7/21/2013    CLP    12.9

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

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

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

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

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

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

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

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

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

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

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

BES Finance Ltd                5.58                   EUR    65.5

Bank Austria Creditanstalt
Finance Cayman Ltd             1.61                   EUR    49.7

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

Bank Austria Creditanstalt
Finance Cayman Ltd 2           1.84                   EUR    49.9

BCP Finance Co Ltd             5.54                   EUR    41.7

ESFG International Ltd         5.75                   EUR    50.8

BCP Finance Co Ltd             4.24                   EUR    42.8

BES Finance Ltd                3.03                   EUR    74.3

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

BES Finance Ltd                4.5                    EUR    56.4

Caixa Geral De
Depositos Finance              1.02                   EUR    34.7

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

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

Banif Finance Ltd              1.58                   EUR    44

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

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

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

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

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

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

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

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

                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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