TCRLA_Public/130926.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, September 26, 2013, Vol. 14, No. 191


                            Headlines



A R G E N T I N A

CABLEVISION SA: Moody's Assigns B3 Rating to $522MM Notes


B A H A M A S

ULTRAPETROL (BAHAMAS): B3 CFR Unchanged Over $25MM Add-On Notes


B R A Z I L

BANCO BONSUCESSO: Moody's Downgrades Deposit Ratings to B2
OGX PETROLEO: Owner Pushes for More Asset Sales to Raise Cash
OGX PETROLEO: Hires Lazard Limited as Financial Adviser


C A Y M A N  I S L A N D S

ALCUDIA LEASING: Commences Liquidation Proceedings
AM GEN 1998-1: Commences Liquidation Proceedings
ARADY 1: Creditors' Proofs of Debt Due Oct. 15
ARADY 2: Creditors' Proofs of Debt Due Oct. 15
GULF HEDGE: Commences Liquidation Proceedings

IBA SERVICES: Commences Liquidation Proceedings
KAWAJIMA: Creditors' Proofs of Debt Due Oct. 15
MAISHIMA FOUR: Creditors' Proofs of Debt Due Oct. 15
MYWEATHER CAYMAN: Creditors' Proofs of Debt Due Oct. 15
ODIN CDO I: Commences Liquidation Proceedings

OSAKA TWO: Creditors' Proofs of Debt Due Oct. 15
SUNSHINE ASSETS: Creditors' Proofs of Debt Due Nov. 12
TAKATSUKI TWO: Creditors' Proofs of Debt Due Oct. 15
TOSU FOUR: Creditors' Proofs of Debt Due Oct. 15
ZAMA ONE: Creditors' Proofs of Debt Due Oct. 15


C O S T A  R I C A

BANCO DE COSTA RICA: Moody's Changes Outlook to Negative


J A M A I C A

ALCOA INC: Looks to Sell its France and Spain Operations
SAGICOR LIFE: Launches X Funds
* JAMAICA: S&P Raises Sovereign Rating to 'B-'; Outlook Stable
* JAMAICA: Instability of Currency Blamed for Spike in Gas Rate


M E X I C O

SANLUIS RASSINI: Fitch Affirms 'B' FC Issuer Default Rating


P E R U

* PERU: To Get US$25MM IDB Loan to Advance Climate Change Program


S A I N T  L U C I A

* ST LUCIA: Businesses Call on Government for Vat Reduction


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


CABLEVISION SA: Moody's Assigns B3 Rating to $522MM Notes
---------------------------------------------------------
Moody's Investors Service has assigned a B3 Global Scale rating to
Cablevision S.A.'s $522 million outstanding notes. At the same
time Moody's assigned a first-time Corporate Family Rating of B3
on its Global Scale to Cablevision. The outlook is Negative.

Ratings Rationale:

"The B3 rating principally reflects Cablevision's position as the
major player in the local media industry, with the largest base of
subscribers and an a dominant market position in the Pay TV
industry as well as broadband services" said Moody's VP-Senior
Analyst Veronica Amendola. The ratings also reflect Cablevision's
strong credit metrics for its rating category and the company's
advantage, derived from having presence in the most populated and
profitable areas of the country.

The B3 rating is mainly constrained by Cablevision's highly
changing environment and the high regulatory risk and political
interference in the local media industry, which results in an
ongoing legal struggle that could change the whole regulatory
framework for the Media industry, affecting Cablevision's
interests. In addition, the ratings reflects Cablevision's current
modest liquidity profile and the company's currency mismatch with
most of its debt denominated in foreign currency, while its cash
flows are entirely generated in local currency.

After the consolidation of Multicanal and Cablevision in 2006, the
company has been able to generate significant synergies that
positively impacted its profitability and has had the ability to
strongly position the company among their competition which
includes other local cable companies, DTH service providers and
telcos. Cablevision has improved its credit profile, reducing debt
to EBITDA from 3.3x as of December 2007 to 1.5x as of last twelve
months ended June 2013.

The negative rating outlook for Cablevision is in line with
Moody's negative outlook for the Argentine government's B3 rating.
The negative outlook for Cablevision reflects Moody's view that
the creditworthiness of the company cannot be completely de-linked
from the credit quality of the Argentine government and thus their
ratings need to closely reflect the risk that the company shares
with the sovereign. Moody's believes that a weaker sovereign has
the potential to create a ratings drag on companies operating
within its borders, and therefore it is appropriate to limit the
extent to which these issuers can be rated higher than the
sovereign, according to Moody's Cross Sector Rating Methodology
"How Sovereign Credit Quality May Affect Other Ratings" published
on February 13, 2012.

While unlikely at this juncture, rating could experience upward
pressure if Argentina's environment improves significantly. In
addition, an upgrade of the ratings could result from a continued
strengthening of Cablevision's revenues during 2013 while
improving its operating margins and profitability. Additionally, a
more predictable outlook for economic activity in Argentina would
be important for a ratings upgrade.

Moody's cautions that a rating downgrade of the sovereign would
likely result in negative rating actions for Cablevision in order
to maintain the issuers' current notching gap relative to the
sovereign in the absence of any significant change in their
underlying credit quality. Quantitatively, a downgrade could
result from a drop in Cablevision's EBIT margin to below 8% or a
significant increase in leverage, with debt to EBITDA above 4
times. Indications of a weakening market share in the domestic
cable market could also place pressure on the ratings, especially
if Cablevision is unable to remain among the leader cable and
internet players.

The principal methodology used in this rating was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators,
published in April 2013.

Headquartered in Buenos Aires, Argentina, Cablevision is a leading
provider of Pay TV and Internet Services in Latin America based on
the amount of subscriptions. Mainly focused on the City of Buenos
Aires, cities in Greater Buenos Aires, 12 provinces, and Uruguay,
Cablevision is dedicated to the installation, operation and
broadcasting of data transmission through cable and video. Showing
an ongoing expansion, the company reports total revenues of $ 1.74
billion for the twelve month period ended on June 30, 2013.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): B3 CFR Unchanged Over $25MM Add-On Notes
---------------------------------------------------------------
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013 revenues totaled
$369 million.


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


BANCO BONSUCESSO: Moody's Downgrades Deposit Ratings to B2
----------------------------------------------------------
Moody's Investors Service has lowered Banco Bonsucesso S.A.'s
baseline credit assessment (BCA) to b2, from b1, and downgraded
the bank's long-term global local and foreign currency deposit
ratings to B2, from B1. At the same time, Moody's downgraded the
long-term foreign-currency subordinated debt rating to B3, from
B2, and the Brazilian national scale deposit ratings to Ba1.br and
BR-4, from Baa3.br and BR-3, long- and short-term, respectively.
Moody's affirmed Bonsucesso's bank financial strength at E+, with
a stable outlook, and the short-term global local and foreign
currency deposit ratings at Not Prime. Moody's maintained the
negative outlook on all deposit and debt ratings.

The following ratings of Banco Bonsucesso were downgraded:

Long-term global local-currency deposit rating: to B2 from B1,
negative outlook

Long-term foreign-currency deposit rating: to B2 from B1, negative
outlook

Long-term Brazilian national scale deposit rating: to Ba1.br from
Baa3.br, negative outlook

Short-term Brazilian national scale deposit rating: to BR-4 from
BR-3

Long-term foreign-currency subordinated debt rating: to B3 from
B2, negative outlook

The following ratings of Banco Bonsucesso were affirmed:

Bank financial strength of E+, stable outlook

Short-term global local-currency deposit rating of Not Prime

Short-term foreign-currency deposit rating of Not Prime

Ratings Rationale:

The downgrade of Bonsucesso's ratings reflects the weakening
profitability metrics over the past 18 months, as intense
competition within its core business of payroll-deductible loans
has limited loan origination, at the same time that elevated
delinquencies in the bank's commercial portfolio has led to high
credit costs. Bonsucesso's historically low nonperforming loan
ratios, characteristic of its focus on low-risk payroll loans,
have trended upwards over the past years as the bank sought to
increase lending to small and middle size companies (SME).
Although exposure to the SME segment represented a modest 8% of
the bank's loan portfolio in June 2013, related provisions went up
significantly by 105% year-over-year, reflecting the asset quality
deterioration caused by the recent economic slowdown that has hurt
small companies the hardest. Moody's expects asset quality in the
segment to remain weak, which will likely continue to pressure
Bonsucesso's profitability.

Moody's noted that Bonsucesso's ratings are constrained by the
dependence on confidence-sensitive and expensive wholesale
funding, including a reliance on special guaranteed deposits,
which limits interest margins and growth potential. Moreover, as
policy interest rates continue to rise, they will translate into
higher cost of funding that will continue to affect the bank's
profitability.

To fend off competition in its core business, the inherent funding
limitation and declining profitability, Bonsucesso is targeting
the expansion of payroll credit cards and new products such as a
pre-paid, multi-currency traveler card, which the bank expects
will alleviate demands on funding and contribute fee income to its
results. These efforts are still at early stages, and any result
of this strategy is likely to happen only in the mid- to long-
term. Moody's, therefore, views the bank's business shift as not
providing sufficient support to earnings and internal capital
generation.

The negative outlook on the ratings incorporates Moody's view that
Bonsucesso's profitability will remain challenged over the next
quarters by the changing competitive dynamics in the payroll
lending segment that hurt the bank's market position, combined
with the scenario of soft economic activity, and rising interest
rates, which will likely result in higher funding costs and
pressure asset quality.

The last rating action on Bonsucesso was on April 20, 2012, when
Moody's downgraded Bonsucesso's bank financial strength to E+ from
D-, long-term global local and foreign currency deposit ratings to
B1 from Ba3, long-term foreign currency subordinated debt rating
to B2 from B1, and Brazilian national scale deposit ratings to
Baa3.br and BR-3 from A3.br and BR-2, long- and short-term,
respectively. The outlook on all deposit and debt ratings was
negative, while the outlook on the bank financial strength was
stable.

The principal methodology used in rating this bank was "Global
Banks" published on May 31, 2013.

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

Banco Bonsucesso S.A. is headquartered in Belo Horizonte, Brazil.
As of June 30, 2013, the bank had total assets of approximately
R$3.5 billion ($1.6 billion) and equity of R$372 million ($168
million).


OGX PETROLEO: Owner Pushes for More Asset Sales to Raise Cash
-------------------------------------------------------------
Luciana Magalhaes and Emily Glazer writing for Daily Bankruptcy
Review report that troubled Brazilian businessman Eike Batista is
again pushing to sell a stake in the only viable exploration field
controlled by his flagship oil firm, OGX Petroleo e Gas SA, as he
moves to raise additional cash to try to save his indebted empire,
according to a person familiar with the effort.

As reported in the Troubled Company Reporter-Latin America on
September 12, 2013, The Wall Street Journal said Mr. Batista has
taken steps to sell assets of his industrial conglomerate as he
seeks cash to keep his heavily indebted companies solvent.  The
report said Mr. Batista has lost the confidence of investors as
his companies struggled to meet revenue forecasts after raising
more than US$6 billion in share offerings and about US$11 billion
in debt during the past seven years, when liquidity was abundant
and the offerings were pitched as a way to ride Brazil's economic
emergence. The report added that creditors were already
disappointed that Mr. Batista has balked at fulfilling a 2012
commitment to provide an extra $1 billion in capital should it be
needed at OGX.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


OGX PETROLEO: Hires Lazard Limited as Financial Adviser
-------------------------------------------------------
Luciana Magalhaes and Emily Glazer writing for Daily Bankruptcy
Review report that independent financial advisory firm Lazard Ltd.
confirmed Sept. 24 that it has been hired by Brazilian oil company
OGX Petroleo Participacoes SA.

As reported in the Troubled Company Reporter-Latin America on
September 12, 2013, The Wall Street Journal said Mr. Batista has
taken steps to sell assets of his industrial conglomerate as he
seeks cash to keep his heavily indebted companies solvent.  The
report said Mr. Batista has lost the confidence of investors as
his companies struggled to meet revenue forecasts after raising
more than US$6 billion in share offerings and about US$11 billion
in debt during the past seven years, when liquidity was abundant
and the offerings were pitched as a way to ride Brazil's economic
emergence. The report added that creditors were already
disappointed that Mr. Batista has balked at fulfilling a 2012
commitment to provide an extra $1 billion in capital should it be
needed at OGX.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participaaoes
S.A. is an independent exploration and production company with
operations in Latin America.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2013, Moody's Investors Service downgraded OGX Petroleo e
Gas Participaaoes S.A.'s Corporate Family Rating to Ca from Caa2
and OGX Austria GmbH's senior unsecured notes ratings to Ca from
Caa2.  The rating outlook remains negative.


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


ALCUDIA LEASING: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Sept. 12, 2013, the members of
Alcudia Leasing Limited 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


AM GEN 1998-1: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Sept. 12, 2013, the members of
AM GEN 1998-1 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


ARADY 1: Creditors' Proofs of Debt Due Oct. 15
----------------------------------------------
The creditors of Arady 1 are required to file their proofs of debt
by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 27, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ARADY 2: Creditors' Proofs of Debt Due Oct. 15
----------------------------------------------
The creditors of Arady 2 are required to file their proofs of debt
by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 27, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GULF HEDGE: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 12, 2013, the members of
Gulf Hedge Portfolio 1 Limited 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


IBA SERVICES: Commences Liquidation Proceedings
-----------------------------------------------
On Sept. 5, 2013, the shareholder of IBA Services 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.

Ronald Evan Tompkins is the company's liquidator.


KAWAJIMA: Creditors' Proofs of Debt Due Oct. 15
-----------------------------------------------
The creditors of Kawajima are required to file their proofs of
debt by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MAISHIMA FOUR: Creditors' Proofs of Debt Due Oct. 15
----------------------------------------------------
The creditors of Maishima Four are required to file their proofs
of debt by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MYWEATHER CAYMAN: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------------
The creditors of Myweather Cayman, LLC are required to file their
proofs of debt by Oct. 15, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 9, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ODIN CDO I: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary meeting held on Sept. 12, 2013, the members of
Odin CDO I (Cayman Islands No.4) Limited 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


OSAKA TWO: Creditors' Proofs of Debt Due Oct. 15
------------------------------------------------
The creditors of Osaka Two are required to file their proofs of
debt by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SUNSHINE ASSETS: Creditors' Proofs of Debt Due Nov. 12
------------------------------------------------------
The creditors of Sunshine Assets Limited are required to file
their proofs of debt by Nov. 12, 2013, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Mr. Philip C Pedro


TAKATSUKI TWO: Creditors' Proofs of Debt Due Oct. 15
----------------------------------------------------
The creditors of Takatsuki Two are required to file their proofs
of debt by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


TOSU FOUR: Creditors' Proofs of Debt Due Oct. 15
------------------------------------------------
The creditors of Tosu Four are required to file their proofs of
debt by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


ZAMA ONE: Creditors' Proofs of Debt Due Oct. 15
-----------------------------------------------
The creditors of Zama One are required to file their proofs of
debt by Oct. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 2, 2013.

The company's liquidator is:

          Gene Dacosta
          c/o Noel Webb
          Telephone: (345) 814 7394
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


==================
C O S T A  R I C A
==================


BANCO DE COSTA RICA: Moody's Changes Outlook to Negative
--------------------------------------------------------
Moody's Investors Service has affirmed Banco de Costa Rica's baa3
standalone baseline credit assessment (BCA) and D+ bank financial
strength rating (BFSR) and changed the outlook to negative, from
stable. The bank's Baa3 and Prime-3 long and short term local
currency deposit ratings were also affirmed and the outlooks were
changed to negative from stable. At the same time, Moody's
upgraded the bank's long and short term foreign currency deposit
ratings to Baa3/Prime-3 from Ba1/Not Prime, and placed them on
negative outlook, in line with the negative outlook on the local
currency deposit ratings. Moody's also affirmed the bank's Baa3
foreign currency senior unsecured debt rating, changing the
outlook to negative, from stable.

The rating actions are in line with similar actions on Moody's
Baa3 rating for the government of Costa Rica and the foreign
currency country ceiling for deposits.

The following ratings were affirmed, with the outlook changed to
negative from stable:

Standalone Bank Financial Strength Rating: D+

Long and short term local currency deposit ratings: Baa3 and Prime
-- 3

Foreign currency senior unsecured debt rating: Baa3

The following ratings were upgraded:

Long term foreign currency deposit rating: to Baa3 from Ba1,
outlook changed to negative from stable

Short term foreign currency deposit rating: to Prime-3 from Not
Prime, outlook changed to negative from stable

Ratings Rationale:

Moody's said that the change in outlook to negative on BCR's
ratings is in line with the change in outlook on the Baa3
government bond rating. Because of BCR's financial and business
linkages with the Costa Rican government, including large
securities holdings, and its predominantly domestic operations,
the bank's standalone ratings are aligned with the government's
risk, as reflected in the sovereign's Baa3 bond rating, and are
effectively limited by that rating.

BCR's Baa3 local and foreign currency deposit and debt ratings
derive from its baa3 standalone credit assessment and incorporate
Moody's assumption of full support from the government to reflect
its 100% ownership, public policy mandate, and explicit guarantee
of the bank's obligations under Article 4 of the Costa Rican
Financial System Law. The negative outlook on the deposit and
senior debt ratings is in line with the negative outlook on the
standalone ratings.

Moody's noted that BCR's standalone ratings reflect the bank's
dominant franchise in both corporate and retail banking, its well
managed and stable asset quality and superior local funding access
aided by the government's guarantee. These characteristics are
supported by BCR's solid tangible capitalization and proactive
management that is highly focused on improving internal controls,
risk management, and corporate governance. Key constraints to the
standalone ratings are limitations to profitability due to
relatively high operating leverage and a corporate tax rate of
30%, coupled with additional mandatory transfers to support
government-sponsored programs in line with the bank's public
policy mandate. The potential for asset quality deterioration in
the event of an economic slowdown, particularly in light of its
above average loan growth in recent years, and an increased
emphasis on lending to small and medium-sized businesses is also a
key risk factor, said Moody's.

The last rating action on Banco de Costa Rica was on July 30 2013,
when Moody's assigned a Baa3 foreign currency senior unsecured
debt rating to the bank's issuance of $ 500 million in senior
notes.

Banco de Costa Rica was established in 1877 by the Costa Rican
government and is the oldest financial institution in the country.
It is the second largest bank, after Banco Nacional de Costa Rica,
with market shares of 20% in loans and deposits. BCR reported
total consolidated assets of $7.9 billion (CRC 3.9 trillion),
equity of $778 million (CRC 389 billion) and six-month net income
of $27.8 million (CRC 13.9 billion), as of June 30, 2013.
Consolidated figures include those of BICSA (Ba1, stable), the
bank's 51% Panamanian-based subsidiary.

The principal methodology used in this rating was Global Banks
published in May 2013.


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


ALCOA INC: Looks to Sell its France and Spain Operations
--------------------------------------------------------
RJR News reports that U.S. aluminum company, Alcoa Inc., part
owner of the Jamalco plant in Clarendon, is looking at selling its
sole plant in France and two production sites in Spain. The
announcement was made on Sept. 23.

Alcoa, citing a company statement, said that to determine which
path to follow and the means to optimize activity at the plants,
it is exploring several options, including selling them, according
to RJR News.   The report relates that more than 700 workers are
employed to the facilities.

The report notes that the company said it was convinced the sites
had potential, but given funding constraints, it was exploring if
they would be more valuable to another owner.

Alcoa owns 55 per cent of Jamalco Plant in Clarendon, Jamaica.
The remaining 45 per cent is held by the government through
Clarendon Alumina Partners.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 31, 2013, Moody's Investors Service downgraded the senior
unsecured debt ratings of Alcoa Inc. to Ba1 from Baa3 and assigned
a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default
Rating.  Moody's confirmed the Ba2 preferred stock rating.  At the
same time, Moody's withdrew the company's Prime-3 commercial paper
rating and assigned a Speculative Grade Liquidity Rating of SGL-1.
This concludes the review for downgrade initiated on December 18,
2012.  The rating outlook is stable.


SAGICOR LIFE: Launches X Funds
------------------------------
RJR News reports that Sagicor Life has formally launched its
Sagicor X Funds, in which it is seeking to raise at least JM$1
billion to carry out expansion work at its Jewel Dunns River hotel
property among so far undefined works.

The company said the issue was opened on Monday with over 100
subscribers showing interest, according to RJR News.  The report
relates that Sagicor X Fund gives investors a chance to invest in
13 billion dollars worth of Sagicor owned properties across the
island ranging from industry to office complexes to hotels.

The report notes that Richard Byles, chief executive officer of
Sagicor Life, said he is expecting pension funds to be the biggest
supporter of the issue which will be listed on the Jamaica Stock
Exchange.

                    About Sagicor Life Jamaica

Sagicor Life Jamaica is the leading life insurance group in the
country.  The company commenced operations in 1970 as Life of
Jamaica Limited, the first locally owned life insurance company
and the first life insurance company to be listed on the Jamaica
Stock Exchange (JSE).  Since its inception, Sagicor Life has
gained a solid reputation as an innovator and leader in the
Caribbean life insurance industry.  The company continues to be
the market leader among life and health insurance, fund management
and investments services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, The Gleaner said that Sagicor Jamaica has got court
approval to restructure its operations under which all companies
within the group will become subsidiaries of a new holding
company.  Under the new scheme the new Sagicor Jamaica Group will
become the parent of insurance company Sagicor Life Jamaica
Limited, securities dealer Sagicor Investments Jamaica Limited,
and commercial bank Sagicor Bank Jamaica Limited, according to The
Gleaner.

Sagicor Jamaica commenced operations in 1970 as Life of Jamaica
Limited.  The insurance company was bailed out by the Jamaican
Government in the 1990s and subsequently sold to a Barbados
operation.  Its name and that of other local subsidiaries were
later changed to align with the brand identity of ultimate parent
Sagicor Financial Corporation.


* JAMAICA: S&P Raises Sovereign Rating to 'B-'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'B-' from 'CCC+'.  At the same time, S&P raised its short-term
foreign and local currency sovereign credit ratings on Jamaica to
'B' from 'C'.  The outlook on the long-term foreign and local
currency sovereign credit ratings is stable.  In addition, S&P
affirmed its 'B' transfer and convertibility (T&C) assessment.

                             RATIONALE

The upgrade reflects recent progress in stabilizing the economy,
staunching the loss of foreign-exchange reserves, and gaining
access to new external funding from official creditors.  After
undertaking a debt exchange (NDX) in March of 2013--the second
such exchange in the past three years--the Jamaican government
entered into a four-year loan agreement with the IMF.  Enhanced
access to external funding, which the government plans to use to
fund its fiscal deficit this year and next year, and an expected
decline in the fiscal deficit should ease the pressure on external
liquidity in the coming year, reducing the risk of near-term
default.

The government has undertaken various reforms over the course of
2013 in order to meet its ambitious fiscal targets, including tax
increases and austere wage settlements with most public-sector
unions.  S&P believes that recent policy measures, along with
expected disbursements of external funding, should moderately
enhance the government's room to maneuver and bolster its ability
to service its debt.

However, Jamaica's ability to service debt remains vulnerable to
sharp fluctuations in the exchange rate or interest rates, as well
as fiscal slippage and lower-than-expected GDP growth.  The level
of foreign exchange reserves--just under $1 billion on a net
basis--remains vulnerable to external shocks (such as higher oil
prices) and a potential loss of external funding (through either
lower foreign direct investment [FDI] or official lending).
Moreover, if continued sluggish growth and high unemployment
contribute to public protests, weakening the government's ability
to implement fiscal austerity measures and gradually reduce its
debt burden, Jamaica's reform program may not be sustainable.
Similarly, the weakened health of the financial system following
the recent NDX debt exchange raises the risk of economic
disruption and possible government recapitalization of financial
institutions.

S&P's ratings on Jamaica reflect the sovereign's high general
government debt and interest burden, which contribute to very low
fiscal and monetary flexibility.  S&P projects the gross general
government debt burden to be 135% of GDP in 2013 (S&P deducts debt
that the public-sector National Insurance Fund holds).  Interest
payments are likely to consume about 30% of general government
revenues in the current fiscal year.  The country's weak economic
structure, with negative per capita GDP growth on average over the
past seven years, and small, open economy increase its
vulnerability to adverse external economic developments.  The
country remains vulnerable to hurricanes because of its location
in the hurricane belt.

The ratings also reflect Jamaica's stable democracy and open
political system that sustains policy predictability and the
country's willingness to service its debt.  The government of
Prime Minister Portia Simpson-Miller of the People's National
Party enjoys a strong majority in parliament and does not face
elections until late 2016.  The country has demonstrated its
willingness to service its debt through running primary budget
surpluses (the budget balance less interest payments) averaging
7.3% of GDP over the past two decades.  However, the government
failed to reduce its high debt burden during those years despite
such high primary surpluses, partly because of other economic
weaknesses.

Hence, S&P remains cautious when analyzing Jamaica's longer-term
debt repayment capabilities because the breathing room the
government gained after the NDX--about 8.5% of GDP from lower
interest payments by 2020, according to official estimates--may
not be enough, absent successful implementation of other reform
measures, to sustainably reduce its debt burden.  Public finances
remain vulnerable to a substantial depreciation of the local
currency because more than half the debt is denominated in foreign
currencies.

                              OUTLOOK

The stable outlook reflects S&P's expectation that the government
will largely meet its ambitious fiscal targets this year while
advancing its tax reform agenda and avoiding a fall in foreign-
exchange reserves.  S&P expects a gradual decline in the current
account deficit to 10% of GDP in 2013 and slightly lower in 2014.
S&P also expects that growing external official capital flows,
combined with FDI, will limit pressure on the central bank's
holdings of foreign-exchange reserves.  Reserves are likely to
stabilize and may gradually increase, sustaining the current level
of external liquidity.

Failure to meet fiscal and debt targets could weaken investor
confidence, placing pressure on the exchange rate to depreciate
and potentially lowering the country's foreign-exchange reserves.
The resulting fall in external liquidity and the country's growth
prospects could result in a downgrade.

Conversely, adherence to the government's ambitious fiscal targets
and reform agenda, as well as improving external liquidity, could
bolster investor confidence and contribute to better GDP growth
prospects.  Higher economic growth would allow Jamaica to
gradually bring down its very high debt burden, further reducing
the risk of default and potentially resulting in a higher rating.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Upgraded
                                        To                 From
Jamaica
Sovereign Credit Rating                B-/Stable/B
CCC+/Stable/C
Senior Unsecured                       B-                 CCC+

Air Jamaica Ltd.
Senior Unsecured                       B-                 CCC+

National Road Operating and Constructing Company Ltd
Senior Unsecured                       B-                 CCC+

Ratings Affirmed

Jamaica
Transfer & Convertibility Assessment
  Local Currency                        B

Ratings Withdrawn
                                        To                 From
Jamaica
Senior Unsecured                       NR                 D


* JAMAICA: Instability of Currency Blamed for Spike in Gas Rate
---------------------------------------------------------------
RJR News reports that the continuous instability in the local
exchange rate is being blamed for the recent movement in the
prices of petroleum products in Jamaica.

Jamaica Gasoline Retailers Association (JGRA) said the impact is
likely to be felt for a while longer, according to RJR News.

Derrick Thompson, President of the JGRA, explained to RJR News
that Petrojam buys fuel on the world market and on the open
market.  "Any movement in the exchange rate will see movement in
the oil prices going up.  That is one of the reasons why the
prices have been trending up in that last couple of weeks," the
report quoted Mr. Thompson as saying.

RJRnewsonline.com discloses that at the close of trading, Sept.
23, Monday it was costing an average J$102.86 for the US currency.
The Canadian dollar gained J$0.09 cents to move to J$99.86 in
value, while the pound sterling was up J$0.30 cents to J$165.64.


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


SANLUIS RASSINI: Fitch Affirms 'B' FC Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the following ratings of SANLUIS
Rassini, S.A. de C.V. (SLR):

-- Foreign currency Issuer Default Rating (IDR) at 'B';
-- Local currency IDR at 'B'.

The Rating Outlook is Stable.

SLR's ratings reflect its solid business position in the auto
industry as an essential supplier of suspension and brake parts,
especially in North America. The ratings further reflect the
geographic diversification of the company's operations, its long-
term contracts, flexible cost structure, improving EBITDA margins,
lower leverage and consistent positive free cash flow. SLR's
ratings are limited by the cyclicality of the industry, NAFTA
operations and customer concentration, exposure to exchange rate
volatility and important debt maturities occurring in the fourth
quarter of 2014.

Solid Business Position Supports the Ratings

SLR, a subsidiary of SANLUIS Corporacion, S.A.B. de C.V. (SLC),
manufactures suspension and brake system components for light and
heavy vehicles, with a leading position in North America and
Brazil. The company's main product line, leaf springs, which
accounted for approximately 68% of total sales in 2012, has
historically had a market share of over 90% in North America and
an estimated share in Brazil of 65%. This strong position results
from the group's technology development over the years, close and
long relationships with customers through product design and
development, geographic location, and integrated operations.

These factors have allowed the company to deliver high service
levels and renew or gain new contracts with customers in the
region. SLR is considered as an essential supplier, among others,
for GM, Chrysler and Ford. However, SLR's customer base is
concentrated; Detroit's three OEMs represent approximately 68% of
total revenues. In 2012, North America represented 73% of total
SLC revenues and 79% of its consolidated EBITDA. Fitch expects
these values to remain relatively stable in the next few years.

Production volumes of light vehicles in North America are expected
to be in the range of 15.9-16.2 million units by the end of 2014,
a 3.9% increase or 5.9% above 2012 volume, while in Brazil,
commercial vehicle production volumes are expected to increase
approximately 16.8% by the end of 2014.

Low Cost Structure Provides Flexibility

During the latest industry downturn, SLR's reorganization process
was similar to other auto parts suppliers' initiatives. The
company rationalized its installed capacity and headcount,
allowing it to reduce its operational breakeven point from
historical levels. Currently management believes the company has a
lean structure and available capacity to absorb additional
volumes. SLR's contracts usually are granted for the life of the
platform, with an average of six years. Suspension and brakes
customers' contracts provide raw material pass-through to prices
(in either direction) and management has implemented strict cost
and expenses controls in order to maintain plant efficiency and
productivity. These actions, in conjunction with volume recovery
from industry dynamics, have resulted in EBITDA margins between
12%-13% during 2012 and the first half of 2013. However, the
company's business nature is closely dependent on volumes and
industry cyclicality.

Leverage Reduction in the Past Three Years

SLR has been reducing its leverage level during the last three
years as a result of higher EBITDA generation and debt reduction.
As of June 30, 2013, SLC's total consolidated debt was USD250.3
million, distributed as follows: USD106 million of bank loans at
the North American suspension group, USD41 million at the Brake
Division, USD10.6 million at the Brazilian operations; USD7.7
million of outstanding balances of Euro commercial paper and
Eurobonds at the SLC level, USD70.4 million of SLC notes due 2017,
and USD14.6 million of SANLUIS Co-Inter (SISA) notes due 2020.

On a consolidated basis, SLC's total debt-to-EBITDA ratio as of
the last 12 months ended June 30, 2013 was 2.7x and its net debt-
to-EBITDA ratio was 2.1x. The company intends to increase its debt
maturity profile and move towards its long-term leverage target of
2.0x.

Corporate and Debt Structure

According to Fitch's criteria and methodology, debt at holding or
sub-holding companies is structurally subordinated to debt at
operating subsidiaries. SLR owns 100% of North America Suspension
and Brake operations, and 50.1% of the Brazilian Suspension Group
which funds its operations individually; the company only receives
dividends from the Brazilian joint venture. In addition, current
and/or future debt held at SLC or SISA (SISA notes due 2020) is
subordinated to SLR's obligations, which would likely translate
into lower ratings for those instruments. In Fitch's view, the
company's history of debt restructurings and its corporate
structure further limit the ratings.

Rating Sensitivities

Negative rating actions could result from a combination of lower
volume sales and profitability as a result of lower demand in the
North American light vehicle segment and Brazilian commercial
vehicles division, and/or the loss of customers which in turn
translates into increased leverage above expected levels.

Conversely, positive rating actions could be taken if the company
successfully reduces or refinances the outstanding debt balance of
the North American suspension division, maintains constant
leverage levels below 2.5x in conjunction with a strong liquidity
profile and positive free cash flow generation.


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


* PERU: To Get US$25MM IDB Loan to Advance Climate Change Program
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan of US$25
million to help Peru consolidate its climate change program.  The
programmatic loan will support policy for the reduction of
Greenhouse gas emissions, the reduction of vulnerabilities and
adaptation to the effects of climate change.

The program is expected to consolidate the institutional and
regulatory framework, to mainstream climate change in development
planning and investment, to build capacity in the lead
institutions and develop standardized management tools.  An
example is Peru's Risk Management and Climate Change Adaptation
Plan in the Agricultural Sector 2012-2021 (PLANGRACC-A), which
will channel US$704 million for climate research and information,
emergency response, risk reduction, planning, and capacity
building projects throughout the country.

While Peru contributes minimally to global greenhouse gas
emissions, it is among the most vulnerable countries to climate
change due to the diversity of its ecosystems and the predominance
of climate-sensitive sectors in its economy such as agriculture,
energy and fisheries.  About 15 percent of Peru's GDP and the
economic activity of approximately one-third of its population is
sensitive to climate change.

Various studies calculate that the impact of climate change to the
Peruvian economy could cost 1 percent to 4 percent of GDP by 2030
unless response measures are adopted.  On the other hand, an
investment of 1 percent of GDP in adaptation measures today has a
payback of 5 percent GDP by 2030.

The loan is the final in a series of three operations to Peru to
support policy reforms through a programmatic approach.  The first
loan was approved on December 2010 for US$25 million.  The second,
approved in November 2011, was for US$25 million.

The IDB loan has an interest rate based on LIBOR and a bullet
payment due on April, 15 2019.


====================
S A I N T  L U C I A
====================


* ST LUCIA: Businesses Call on Government for Vat Reduction
-----------------------------------------------------------
Caribbean360.com reports that the St. Lucia Employers Federation
(SLEF) is calling on the government to lower the near one-year old
Value Added Tax (VAT) so as to provide "some breathing space" to
local business in the face of job losses and business closures.

"This reduction will provide members some breathing space as the
slowdown in the economy continues to bite deep into their cash
flows," the report quoted Executive Director Joseph Alexander as
saying.

The private sector group wants the VAT reduce from 15 to 10 per
cent and Mr. Alexander is also contending that should the
government decide against collecting the 15 per cent VAT up front
from businesses and collect the tax after they have sold their
goods, employers would have the breathing space needed in the
current economic downturn, according to Caribbean360.com.

The report relates that explaining the plight of some businesses
in St. Lucia, Mr. Alexander advised that most operate via an
overdraft system which they have to maintain.

"Therefore having to pay the 15 percent VAT before goods have been
sold plus taking care of their overdraft all at the same time
impacts severely on the cash flow of businesses which become yet
another reason for job losses and the closure of businesses," the
report quoted Mr. Alexander as saying.

Mr. Alexender, the report discloses, said that VAT is one amongst
other reasons why some businesses were going through tough times,
while the slowing down of the economy is another and argues that
the Kenny Anthony government should have set the VAT ceiling at 10
per cent and increases it as the economic situation improves.

"If things were booming it would not be that difficult.  The 15
per cent is just too high in these harsh economic times," the
report quoted Mr. Alexander as saying.

The report recalls that the VAT went into effect on October 1,
2012, after the government agreed to a one month extension of the
fiscal measure.

The comments from the Employer Federation on the closure of
businesses and job losses here is the second in days, with the
National Workers Union (NWU), one of the major trade unions here,
expressing concern over the country's failure to grasp timely
opportunities to structure a plan aimed at job security and
economic stabilization, the report relays.

"Over the last 24 months we at the National Worker Union have been
monitoring the situation in the country, especially since the
financial crisis of 2008 and we are very concern about the
direction we see the country heading as it relates to job losses,
and redundancies. . . . We have seen the trend via our membership
and there is also evidence at the national level.  So our concern
is related to the future of the country and its workforce, what
exactly will happen to the increasing number of persons on the
breadline," the report quoted Deputy President General Solace
Mayers as saying.

Caribbean360.com adds that the union said stakeholders in the
industry must come together and devise a plan to arrest the crisis
before it gets any worse.


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


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

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

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

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


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *