TCRLA_Public/130930.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

           Monday, September 30, 2013, Vol. 14, No. 193


                            Headlines



A R G E N T I N A

BANCO DE CORDOBA: Moody's Cuts Baseline Credit Assessment to Caa1


B R A Z I L

INVEPAR: Fitch Affirms 'BB-' Issuer Default Ratings
OSX BRASIL: Pays Bondholders, World Fuel Sues Firm
* BRAZIL: August Unemployment Rate Equals Record Low for Month


C A Y M A N  I S L A N D S

BLACK SHEEP: Creditors' Proofs of Debt Due Oct. 23
C ESCAPE LTD: Creditors' Proofs of Debt Due Oct. 15
CLOUDENA (CAYMAN): Creditors' Proofs of Debt Due Oct. 15
COSTA DORADA: Creditors' Proofs of Debt Due Oct. 23
GC FUND: Creditors' Proofs of Debt Due Oct. 18

GOLDENTREE SPECIAL: Commences Liquidation Proceedings
NISSAY 2005: Creditors' Proofs of Debt Due Oct. 23
REDWOOD CHINA: Creditors' Proofs of Debt Due Oct. 15
REDWOOD MASTER: Creditors' Proofs of Debt Due Oct. 15
RIDLEY PARK: Creditors' Proofs of Debt Due Oct. 23

STANDARD INVESTMENT: Creditors' Proofs of Debt Due Oct. 23
STREAMLINE FUND: Creditors' Proofs of Debt Due Oct. 23


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: IDB OKs US$100MM Loan for Poverty Alleviation


J A M A I C A

DIGICEL GROUP: To Bid for Orange Dominican Republic Unit


M E X I C O

CEMEX S.A.B.: Discloses Pricing of US$1.4BB Sr. Secured Notes
CEMEX S.A.B.: S&P Raises Rating to 'B+'; Outlook Stable
METROFINANCIERA: Fitch Affirms Issuer Default Ratings at 'RD'
OPERADORA OAXACA: Moody's Withdraws Ba2 Ratings


P E R U

* PERU: IDB OKs US$10 Million Loan to Fund Payroll System Project


P U E R T O   R I C O

CARIBBEAN INTERNATIONAL: Case Summary & Creditors List


X X X X X X X X

BOND PRICING: For the Week From Sept. 23 to Sept. 27, 2013


                            - - - - -


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A R G E N T I N A
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BANCO DE CORDOBA: Moody's Cuts Baseline Credit Assessment to Caa1
-----------------------------------------------------------------
Moody's Latin America downgraded the bank financial strength
rating (BFSR) of Banco de la Provincia de Cordoba S.A. (Banco de
Cordoba) to E from E+ (plus), lowering the baseline credit
assessment (BCA) to caa1 from b3.  Moody's affirmed the global
local-and foreign currency deposit ratings of B3/Not Prime and
Caa1/Not Prime respectively.  In addition, Moody's also downgraded
the national scale local and foreign currency deposits rating to
Baa2.ar from A2.ar, and to Ba3.ar from Ba1.ar, aligning the
ratings to those of the bank's parent, the Province of Cordoba.

The outlook on the bank's local currency deposit ratings remains
negative, given the negative outlook on the Province of Cordoba's
ratings.

The following ratings of Banco de Cordoba were downgraded:

Bank Financial Strength Rating: to E from E+

Long-term National Scale local-currency deposit rating: to Baa2.ar
from A2.ar

Long-term National Scale foreign-currency deposit rating: to
Ba3.ar from Ba1.ar

The following ratings of Banco de Cordoba were affirmed:

Long- and short-term global local-currency deposits: B3/Not Prime

Long- and short-term foreign-currency deposits: Caa1/Not Prime

Ratings Rationale:

In lowering Banco de Cordoba's standalone rating by one notch,
Moody's incorporates Banco de Cordoba's still-weak capitalization
level, as evidenced in the 5.6% Tier 1 ratio reported in June
2013. Banco de Cordoba received a capital injection from the
province of Cordoba of ARS$100 million in 2011 and has been
continuously capitalizing its earnings. The bank's Tier 1 ratio
has improved to 5.6% as of June 2013, from 3.8% as of year-end
2012 and 2.1% as of year-end 2011. Notwithstanding the
improvement, Moody's noted that weakening credit conditions and
decelerating business growth will likely affect earnings
generation and maintain capitalization under pressure in the
coming quarters.

Banco de Cordoba's profitability and core earnings power derive
primarily from its role as the financial agent of the province of
Cordoba, Moody's acknowledges, which owns a 100% of the bank and
guarantees its operation, and also from its business with the
private sector. The bank is the leading financial institution in
the Province of Cordoba with strong deposits and loan market
shares of 31.7% and 24.8% as of May 2013, despite a low market
share of 1.8% and 1.6% respectively country-wide. In its role as
financial agent, the bank grants loans and provides deposit
services to the provincial Treasury, its public employees and
retirees, while benefiting from low-cost funding. Despite its
established loan and deposit business that generates stable
interest margins of 10%, the bank reported 17% lower profits in
June 2013 relative to the net income it registered in June 2012,
largely because of higher gross revenue taxes and income taxes,
together with larger provisions against credit losses, which were
up 200% in 12 months. Moreover, Moody's notes that Banco de
Cordoba's efficiency metrics remain weak, as operating expenses
absorbed 81.8% of income, largely reflecting larger personnel
expenses and lower net income.

Moody's highlights that Banco de Cordoba's moderate nonperforming
loan ratio of 3.7% as of 1H2013, above the 3.6% ratio reported at
year-end 2012, is influenced by the 26% year-over-year loan
growth, although reserve coverage is relatively high at 90.6% in
June 2013.

The B3 global local currency deposit rating of Banco de Cordoba
derives from the caa1 Baseline Credit Assessment (BCA) and Moody's
assessment of the high probability of parental support to be
provided by its shareholder, the Province of Cordoba, rated B3
with negative outlook that generates one notch of uplift from the
bank's BCA. The negative outlook on the bank's local currency
deposits derives from the negative outlook on the parent's
ratings.


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B R A Z I L
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INVEPAR: Fitch Affirms 'BB-' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has affirmed Investimentos e Participacoes em
Infraestrutura S.A.- Invepar's (Invepar) foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-' and its long-term
national scale rating at 'A(bra)'. The Rating Outlook is Stable.

The affirmation of the ratings reflects the company's solid
business profile, which is based upon its diversified portfolio of
assets in low-risk industries that are related to Brazil's
infrastructure sector. The rating affirmations also take into
account the proven financial support from its main shareholders,
Previ, Funcef and Petros (the three largest Brazilian pension
funds), along with Group OAS. The ratings are constrained by the
company's highly leveraged capital structure, which is due to its
high level of investments.

Key Rating Drivers

Low Business Risk and Growing EBITDAR
Invepar's ratings continue to reflect the group's diversified
portfolio within Brazil's infrastructure sector. These assets have
a stable track record of operations with improving cash flow
generation. This provides a high degree of future cash flow
earnings visibility.

Invepar's main assets are Linha Amarela S/A - LAMSA (Lamsa)
Concessionaria Auto Raposo Tavares (CART), Concessionaria Litoral
Norte S.A. - CLN (CLN) and Via Parque Rimac (Rimac) - all toll
road companies; Concessao Metroviaria do Rio de Janeiro S.A.
(Metro Rio), the subway system in Rio de Janeiro City; and
Concessionaria Aeroporto Internacional de Guarulhos (GRU Airport).
Invepar's portfolio also includes five joint ventures:
Concessionaria Bahia Norte S.A. (CBN), Concessionaria Rota do
Atlantico S.A. (CRA), Concessionaria Via Rio S.A. (Via Rio),
Concessionaria VLT Carioca (VLT Carioca) and Concessionaria Rio
Teresopolis S.A. (CRT). Invepar also holds a non-operational
company, Metrobarra S.A. (Metrobarra), whose sole asset is a call
of the concession contract of line 4 of the Rio de Janeiro City's
subway.

Financial Flexibility Provided by Shareholders
The shareholders of Invepar are the three largest Brazilian
pension funds, Previ, Funcef and Petros, along with Group OAS
(Fitch IDR of 'B'; national rating 'BBB(bra)'), one of the largest
companies in Brazil's heavy construction sector. The support of
these shareholders is a key rating consideration. Between 2009 and
2012, these entities jointly provided Invepar with around BRL3
billion of cash to fund its growth.

Guarulhos Project Increases Risks
The Guarulhos Airport project is still a concern because of the
uncertainties surrounding the airport regulatory environment in
Brazil. This project is part of the first lot of airport
concessions in the country. In addition, this project is
significantly leveraged, with projected capex of BRL5.8 billion
from 2012 to 2016 and a concession grant fee of BRL16.3 billion,
which will be paid through 20 years of concessions payments of
around BRL800 million per year. This project is expected to cost
Invepar around BRL1.4 billion from 2013 to 2017, in total.

The likelihood of a positive rate of return for this project
strongly depends on the ability of Invepar to capture a high level
of commercial revenues through increasing capacity at the airport.
Positively, Guarulhos is the busiest airport in Latin America and
the main access to international flights in Brazil. The airport
benefits from its location in the metropolitan region of Sao Paulo
serving a population of 19.7 million people. Sao Paulo is the
highest income region in the country, responsible for 33% of
Brazilian GDP.

Strong EBITDAR Generation By 2014
Fitch believes that the potential for greater cash generation for
Invepar is high from 2014 onwards, following the maturity of
projects currently in their ramp-up phase, mainly CART, Lamsac and
Guarulhos Airport. For 2016, Fitch projects Invepar's consolidated
EBITDAR to grow to between BRL1.2 billion and BRL1.5 billion, with
close to 30% of EBITDAR deriving from Guarulhos Airport. Invepar
generated consolidated EBITDAR of BRL678 million and funds from
operations (FFO) of BRL1.7 billion during the LTM to June 30,
2013. These results compare with EBITDAR of BRL434 million and FFO
of BRL648 million in 2012.

Leverage Should Remain High
According to Fitch's base case scenario, Invepar's consolidated
net adjusted debt-to-EBITDAR ratio excluding project finance debt
is expected to remain close to 6.4x by the end of 2013. This level
of leverage is higher than the company's net adjusted debt-to-
EBITDAR ratios of 5.9x in 2011 and 6.0x in 2010. The increase in
leverage is the result of the issuance of long-term debt for the
Guarulhos project, which will be being guaranteed by Invepar.

On a consolidated basis including project finance debt, Invepar's
net adjusted debt ratio increased to 39.5x during the LTM ended
June 30, 2013, from 9.0x in 2011. This huge increase in leverage
is also related to the addition of debt related to the Guarulhos
projection, whose proportional grant fee to Invepar was BRL5.7
billion. Increasing leverage ratios are partially mitigated by the
low level of corporate debt at Invepar and by its positive track
record of tangible shareholder support. In addition, the potential
cash generation from the projects currently under development
should also benefit the group's credit profile.

Fitch's base case scenario estimates that Invepar's subsidiaries
will distribute around BRL120 million of dividends to the group by
2016. This is based on historical payments seen within the group.
Supporting this expectation, Invepar received BRL63 million of
dividends from mature assets Lamsa and CRT during 2012. According
to Fitch's expectations, dividends received are likely to be
around BRL90 million during 2013.

Rating Sensitivities
The ratings could be upgraded following the development of the new
projects which may lead to a more conservative capex level and,
consequently, a stronger free cash flow generation. A decline in
corporate leverage for a sustained period of time could also
trigger a positive rating action.

Invepar's ratings could be downgraded if shareholders fail to
provide capital injections, as needed. The ratings could also be
downgraded in the case of a substantial deterioration in the
performance of the group's operating subsidiaries. Increased
corporate net leverage ratio to above 6.0x for a long frame of
time and relevant acquisitions/investments could also result in a
negative rating action.


OSX BRASIL: Pays Bondholders, World Fuel Sues Firm
--------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that OSX
Brasil SA, controlled by troubled businessman Eike Batista,
confirmed Sept. 25 that it paid on Sept. 27 US$11.6 million in
interest to holders of its bonds due in 2015.

A representative for OSX said the next payment on the US$500
million issuance with a 9.25% coupon is due in December, according
to WSJ.

WSJ notes that OSX had to halt a planned expansion after Mr.
Batista's flagship oil company OGX Petroleo e Gas Participacoes
(OGXP3.BR) decided to stop development of most of its oil fields
after saying they weren't economically viable.  OGX was OSX's main
client.

WSJ relates that the company is being sued by U.S.-based World
Fuel Services Corp. (INT) for BRL19 million (US$8.55 million) for
alleged nonpayment for fuel provided to transport its OSX-3 vessel
from Singapore to Brazil.  World Fuel Services finances aviation,
marine and land fuel products and related services.

WSJ relays that according to a Brazilian court filing, World Fuel
is legally represented in Brazil by a company named Tramp Oil
Ltda.  A first court hearing in the case occurred but adjourned
without an agreement between the parties, the report notes.

WSJ discloses that Tramp Oil has asked for a judicial order that
would keep the OSX-3 vessel in Brazilian waters.

The Brazilian ship-building company recently asked for at least a
one-year extension on loans owed to state-run banks Caixa
Economica Federal and Brazil's National Development Bank, notes
WSJ.

The report says loans with both banks mature in mid-October,
totaling BRL948 million, according to OSX's representative.

WSJ says concerns that OSX might face difficulties in meeting
other financial obligations have caused the company's bonds due in
2015 to fall to below 80 cents on the dollar this week.

Mr. Batista has been selling assets in an attempt to save his
indebted infrastructure empire that includes holdings in mining,
logistics and oil, among others, notes WSJ.  Mr. Batista's OGX oil
company recently hired financial advisers and is in discussions
with creditors on its US$3.6 billion in outstanding bonds over a
possible debt restructuring, WSJ adds.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil denied a report it
failed to make payments on debt held by Spanish infrastructure
group Acciona.  The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.


* BRAZIL: August Unemployment Rate Equals Record Low for Month
--------------------------------------------------------------
David Biller and Peter Millard at Bloomberg News report that
Brazil's unemployment rate in August unexpectedly fell, signaling
continued recovery in the world's second-biggest emerging market.

Swap rates rose, Bloomberg News added.

The jobless rate dropped to 5.3 percent from 5.6 percent in July,
the national statistics agency said, according to Bloomberg News.
That was the lowest since the 4.6 percent recorded in December and
equaled the record low for the month, Bloomberg News notes.  It
also was less than forecast by all 32 economists surveyed by
Bloomberg, whose median estimate was 5.6 percent.

Bloomberg News relates that unemployment in Brazil's economy has
remained near historic lows even as the economy slowed during the
first two years of President Dilma Rousseff's administration.  The
labor market has put pressure on inflation that in April prompted
the monetary authority to start raising borrowing costs, Bloomberg
News notes.

Bloomberg News says Brazil's inflation rate in the month through
mid-September slowed to 5.93 percent, falling below 6 percent for
the first time this year while remaining above the 4.5 percent
midpoint of the central bank's target range.  To tame inflation,
the central bank increased the benchmark Selic (BZSTSETA) rate by
175 basis points since April in four monetary policy meetings,
Bloomberg News says.

Bloomberg News discloses the economy expanded 1.5 percent in the
second quarter from the prior period, marking the first time
growth exceeded 1 percent since the end of 2010.

The labor force remained stable at 24.5 million people in August
as the number of unemployed fell to 1.3 million from 1.38 million,
the statistics agency said, notes the report.

Brazil's economy created 127,648 government-registered jobs in
August, the most since April and beating all but one estimate of
analysts surveyed by Bloomberg.


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


BLACK SHEEP: Creditors' Proofs of Debt Due Oct. 23
--------------------------------------------------
The creditors of Black Sheep Offshore, Ltd are required to file
their proofs of debt by Oct. 23, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 2013.

The company's liquidator is:

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


C ESCAPE LTD: Creditors' Proofs of Debt Due Oct. 15
---------------------------------------------------
The creditors of C Escape Ltd 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. 10, 2013.

The company's liquidator is:

          Marcia F. Cannell
          1220 Hillscrest Avenue
          Pasadena, CA 91106
          USA
          Telephone: (310) 268 2089
          Facsimile: (301) 479 6460


CLOUDENA (CAYMAN): Creditors' Proofs of Debt Due Oct. 15
--------------------------------------------------------
The creditors of Cloudena (Cayman) Inc 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:

          Lin, Lung-Fen
          3rd Floor.-2 No.8, Aly. 101, Ln. 122
          Ruiguang Rd., Neihu
          Dist., Taipei City
          Taiwan, ROC
          Telephone: (886) 2 7720 1888
          Facsimile: (886) 2 8798 6066


COSTA DORADA: Creditors' Proofs of Debt Due Oct. 23
---------------------------------------------------
The creditors of Costa Dorada Limited are required to file their
proofs of debt by Oct. 23, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 13, 2013.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949 7128


GC FUND: Creditors' Proofs of Debt Due Oct. 18
----------------------------------------------
The creditors of GC Fund, Ltd. are required to file their proofs
of debt by Oct. 18, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 10, 2013.

The company's liquidator is:

          Ogier
          c/o Ben Gillooly
          Telephone: (345) 815 1764
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


GOLDENTREE SPECIAL: Commences Liquidation Proceedings
-----------------------------------------------------
On Sept. 11, 2013, the sole shareholder of Goldentree Special
Holdings 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:

          GTAM TS Investment LLC
          c/o John O'Driscoll
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: +1 (345) 914 4229


NISSAY 2005: Creditors' Proofs of Debt Due Oct. 23
--------------------------------------------------
The creditors of Nissay 2005 Fund (Cayman) Inc are required to
file their proofs of debt by Oct. 23, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 12, 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


REDWOOD CHINA: Creditors' Proofs of Debt Due Oct. 15
---------------------------------------------------
The creditors of Redwood China Fund 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. 30, 2013.

The company's liquidator is:

          Ka Yee Mak
          Monmouth Place, Flat B, 17th Floor
          9L Kennedy Road
          Hong Kong
          Telephone: +1 (852) 2840 0539
          Facsimile: +1 (852) 2824 9339


REDWOOD MASTER: Creditors' Proofs of Debt Due Oct. 15
-----------------------------------------------------
The creditors of Redwood China Master Fund 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. 30, 2013.

The company's liquidator is:

          Ka Yee Mak
          Monmouth Place, Flat B, 17th Floor
          9L Kennedy Road
          Hong Kong
          Telephone: +1 (852) 2840 0539
          Facsimile: +1 (852) 2824 9339


RIDLEY PARK: Creditors' Proofs of Debt Due Oct. 23
--------------------------------------------------
The creditors of Ridley Park Paragon GP Limited are required to
file their proofs of debt by Oct. 23, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 2, 2013.

The company's liquidator is:

          K.D. Blake
          c/o Dorra Mohammed
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914 4475/ +1 (345) 949 4800
          Facsimile: +1 (345) 949 7164


STANDARD INVESTMENT: Creditors' Proofs of Debt Due Oct. 23
----------------------------------------------------------
The creditors of Standard Investment Research Hedged Equity Sam
Master Fund, Ltd. are required to file their proofs of debt by
Oct. 23, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 10, 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


STREAMLINE FUND: Creditors' Proofs of Debt Due Oct. 23
------------------------------------------------------
The creditors of Streamline Fund SPC are required to file their
proofs of debt by Oct. 23, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 11, 2013.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


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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 REP: IDB OKs US$100MM Loan for Poverty Alleviation
--------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a loan of
up to US$100 million to support poverty alleviation actions in
Dominican Republic.

The resources will finance conditional cash transfers (CCT), human
capital development in health and education and the first
evaluation of "Progresando con Solidariedad" program.

The project is expected to reduce the country's poverty gap from
12.1 percent in 2011 to 9.9 percent by 2016 and to reach 288,399
households receiving CCTs upon the fulfillment of co-
responsibilities in health and education, such as complete
vaccination of children between 18 and 29 months.  Other goals
involve reducing pregnancy rates between teenagers in poor
households from 35.65 percent in 2011 to 30.65 percent in 2016 and
improving height average of children between 36 and 60 months from
99.30 cm (2011) to 101.57 cm (2016).

Even though poverty rate in Dominican Republic fell from 49.8
percent in 2004 to 40.7 percent in 2001 and extreme poverty rate
dropped from 15.5 percent to 10.2 percent in the same period, it
remains above the region's average.  And despite the overall
improvement, both rates are now higher than prior to the 2008-2009
global crisis - as of 2002, poverty rate was 32.7 percent and
extremity poverty rate, 8.2 percent -, which emphasizes the need
of continue strengthening of DR's social services.

With the IDB's financing, Dominican Republic government will
enhance its social protection strategy which focus on CCTs, socio-
educational support and connecting households to social services
through the "Progresando con Solidaridad" (PROSOLI) program.
"Solidaridad" and "Progresando" programs were merge last year in
order to better consolidate DR's social welfare sector.

The IDB loan is for an 18-year term, with an 11.5-year grace
period and an interest rate based on LIBOR.


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


DIGICEL GROUP: To Bid for Orange Dominican Republic Unit
--------------------------------------------------------
Patricia Laya and Marie Mawad at Bloomberg News report that
unnamed sources said Digicel Group Ltd., seeking to expand its
position, is bidding for Orange SA's (ORA) Dominican Republic
unit.

The source said that the company is one of five bidders interested
in Orange Dominicana, which is expected to be sold by the end of
the year, according to Bloomberg News.  One of the source said
that the sale is expected to generate more than EUR1 billion
(US$1.3 billion), Bloomberg News relates.

Bloomberg News discloses that an acquisition would give Digicel
control of the Caribbean nation's second-biggest mobile-phone
company, with 38 percent of the market, trailing America Movil
SAB's 51 percent, according to Orange.

Bloomberg News relates that Orange Chief Executive Officer
Stephane Richard said in July that the Paris-based company was
examining the sale of the Dominican unit.  Mr. Richard is focusing
on reducing debt, cutting costs and restoring growth at home,
where competition from discounter Iliad SA (ILD) has weighed on
phone bills, Bloomberg News says.

Headquartered in Jamaica, Digicel Group Limited is a
telecommunications provider with over 13 million customers across
its 31 markets in the Caribbean, Central America and Asia Pacific.

                           *     *     *

As of Sept. 15, 2013, the company continues to carry Moody's
"Caa1" Senior Unsecured Debt rating and "B2" long-term ratings,
long-term corporate family rating, and probability of default
rating.


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


CEMEX S.A.B.: Discloses Pricing of US$1.4BB Sr. Secured Notes
-------------------------------------------------------------
Cemex, S.A.B. de C.V. disclosed on Sept. 25 that the pricing of
U.S.$1.0 billion of 7.25% Senior Secured Notes due 2021 and
U.S.$400 million of Floating Rate Senior Secured Notes due 2018
denominated in U.S. dollars.

The Fixed Rate Notes will bear interest at an annual rate of 7.25%
and mature on January 15, 2021.  The Fixed Rate Notes will be
issued at par and will be callable commencing on January 15, 2018.

The Floating Rate Notes will bear interest at a floating rate
equal to three-month LIBOR plus 4.75% (475 basis points) and
mature on October 15, 2018.  The Floating Rate Notes will be
issued at par and will be callable commencing on or after the
interest payment date immediately preceding their maturity date.

The closing of the offerings is expected to occur on October 2,
2013, subject to satisfaction of customary closing conditions.

CEMEX intends to use the approximately US$1.394 billion of net
proceeds from the offerings to purchase any or all of the US$825
million outstanding 9.50% Senior Secured Notes due 2016, issued by
CEMEX Finance LLC, and the remainder for general corporate
purposes, including to purchase up to EUR150 million of the
outstanding 9.625% Senior Secured Notes due 2017, issued by CEMEX
Finance LLC, to repay at maturity the 4.75% Notes due 2014, issued
by CEMEX Finance Europe B.V., and/or to repay its other
indebtedness.  CEMEX currently expects to purchase the 2016 Notes
at a price of approximately US$1,062.50 for each US$1,000 of 2016
Notes and to purchase the 2017 Notes at a price of approximately
EUR1,063.50 for each EUR1,000 of 2017 Notes, in each case, plus
accrued interest.

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


CEMEX S.A.B.: S&P Raises Rating to 'B+'; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on CEMEX
S.A.B. de C.V. (CEMEX) and its subsidiaries, CEMEX Espana S.A.,
CEMEX Mexico S.A. de C.V., and CEMEX Inc., to global scale 'B+'
from 'B' and to national scale 'mxBBB' from 'mxBBB-'.  The outlook
is stable.

At the same time, S&P assigned its 'B+' issue-level rating and a
recovery rating of '3' to CEMEX's $1.4 billion senior secured
notes due 2018 and 2021.  The recovery rating of '3' indicates
that bondholders can expect a meaningful (50% to 70%) recovery in
the event of a payment default.

"The upgrade reflects the continued recovery in CEMEX's financial
performance, which is in line with our expectations for 2013, and
has resulted in higher operating margins and sustained EBITDA
growth during the last eight quarters.  In S&P's view, CEMEX will
gradually continue improving its credit metrics and maintain top-
line growth, amid a moderate, medium-term recovery in the U.S.,"
said Standard & Poor's credit analyst Luis Manuel Martinez.  Over
the last couple of years, CEMEX has implemented a proactive
liability management plan that has improved the company's capital
structure by extending its debt maturity profile.


METROFINANCIERA: Fitch Affirms Issuer Default Ratings at 'RD'
-------------------------------------------------------------
Fitch Ratings has affirmed Metrofinanciera, S.A.P.I. de C.V.'s
(Metrofinanciera) foreign and local currency, long- and short-
term, Issuer Default Ratings (IDRs) at restrictive default status
('RD'), since the proposed debt exchange that was approved by its
senior unsecured bondholders and shareholders in 2012 is pending
full completion yet.

Fitch also affirms Metrofinanciera's long-term and short-term
national scale ratings at 'D(mex)'. Metrofinanciera's support
rating and support rating floor of '5' and 'NF' have been affirmed
and simultaneously withdrawn. A complete list of ratings is
provided at the end of this release.

Key Rating Drivers

Metrofinanciera's ratings remain on default status because the
debt exchange that was proposed and approved in 2012 has not yet
been fully completed. At present, roughly 75% of the METROFI 10
bonds have been exchanged for the combination of new senior notes
(METROFI 12), subordinated notes (METROFI 12-2), and equity
shares. Therefore, a relatively large portion of the METROFI 10
bonds remains undeterred.

Rating Sensitivities

Fitch expects to revise Metrofinanciera's IDRs and national-scale
ratings to the appropriate level for the post-exchange capital
structure and the entity's future prospects as soon as the
exchange process is completed in a greater degree. Fitch will
review these ratings when more than 90% of the METROFI 10 bonds
have been tendered and exchanged.

Credit Profile

Following the approval of the 2012 debt exchange,
Metrofinanciera's capital and liquidity position improved, due to
the better debt conditions and the increased capital from the
partial write-off of senior notes. However, there are still ample
challenges remaining for Metrofinanciera in terms of a hefty base
of non-earnings assets, weak profitability, and the still
difficult operating and competitive environment.

Metrofinanciera had previously completed another debt exchange in
2010, but the senior unsecured bonds that arose at that time
(METROFI 10) were posed to materially drain the company's
liquidity once the two year grace period on these bonds' interest
and principal payments ended in September 2012, which triggered
the need to seek a second restructuring. In exchange for the
METROFI 10 notes, bondholders are receiving a combination of
equity (30%), unsecured subordinated bonds (15%) and new senior
unsecured notes (55%, 'METROFI 12').

In Fitch's opinion, the latest debt exchange is positive for
Metrofinanciera's future financial prospects. The capital base has
been strengthened, while the company has been able to absorb a
haircut on the book value of its ample non-earning land
properties. More importantly, liquidity risk has been largely
mitigated, since the METROFI 12 bonds have a two year grace period
on interest payments, and a significantly more benign amortization
schedule, given that principal payments will be contingent on
Metrofinanciera's cash flow capacities.

Other than the new unsecured bonds, Metrofinanciera's liabilities
are largely associated to credit lines from the local development
bank Sociedad Hipotecaria Federal (SHF), which Fitch considers
that also have benign term conditions and do not materially affect
Metrofinanciera's refinancing risk.

Fitch has taken the following rating actions:

Metrofinanciera, S.A.P.I. de C.V.:
-- Foreign and local currency long-term IDR affirmed at 'RD';
-- Foreign and Local Currency Short-term IDR affirmed at 'RD';
-- Support Rating affirmed at '5' and withdrawn;
-- Support Rating Floor affirmed at 'NF' and withdrawn;
-- Long-term national-scale issuer rating affirmed at 'D(mex)';
-- Short-term national-scale issuer rating affirmed at 'D(mex)'.


OPERADORA OAXACA: Moody's Withdraws Ba2 Ratings
-----------------------------------------------
Moody's de Mexico has withdrawn the debt ratings of Ba2 (Global
Scale, local currency) and A2.mx (National Scale) of Operadora de
la Ciudad Judicial de Oaxaca due to insufficient information to
continue monitoring the credit.

Ratings Rationale:

Moody's has withdrawn the Ba2/A2.mx ratings on Operadora de la
Ciudad Judicial de Oaxaca, S.A. de .C.V assigned to $1.291 billion
of MXP of debt outstanding.

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

The Oaxaca Judicial City Project is a complex of 13 buildings
located in San Bartolo Coyotepec, approximately at 8.5 miles south
from the Oaxaca State capital. The State of Oaxaca (Ba2/A2.mx,
stable outlook) is located in the south of Mexico.

The methodologies used in this rating were Operating Risk in
Privately- Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007, and Enhanced Municipal and State Loans
in Mexico published in January 2007.

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.


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


* PERU: IDB OKs US$10 Million Loan to Fund Payroll System Project
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan for
US$10 million to fund a project to provide Peru with a
comprehensive system for managing the payroll system of central
and sub-national government employees to help increase efficiency
in public spending.

Through the program, complete, reliable, and timely information
will be available by 2017 on all national and sub-national public
employees required for planning, personnel files, and payrolls.

The project will develop a public sector payroll budget management
system, including technical assistance and infrastructure
necessary for its execution.

The program will be carried out by the Ministry of Economy and
Finance in coordination with the National Civil Service Authority
of the Office of the Chairman of the Council of Ministers.  It
will contribute to the reform and modernization of the civil
service.

The program will also provide training for the implementing
agencies of the national government and regional governments in
the area of concepts, sub-processes, and regulations relating to
the payroll budget information, including e-learning for updating
knowledge and the preparation of methodological guidelines.


The IDB loan for US$10 million payment will have a bullet
repayment due in 2020, a 6.53-year grace period, and an interest
rate based on LIBOR.   The local counterpart funding will total
US$5 million.


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


CARIBBEAN INTERNATIONAL: Case Summary & Creditors List
------------------------------------------------------
Debtor: Caribbean International Newscorporation
          aka El Vocero
              El Vocero De Puerto Rico
        P.O. Box 9027515
        SAN JUAN, PR 00902-7515

Bankruptcy Case No.: 13-07759

Chapter 11 Petition Date: September 20, 2013

Court: U.S. Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Mildred Caban Flores

Debtor's Counsel: Alexis Fuentes Hernandez, Esq.
                  FUENTES LAW OFFICES, LLC
                  P.O. Box 9022726
                  San Juan, PR 00902-2726
                  Tel: (787) 722-5216
                  Fax: (787) 722-5206
                  E-mail: alex@fuentes-law.com

Scheduled Assets: $6,409,656

Scheduled Liabilities: $90,543,134

A copy of the Company's list of its 20 largest unsecured creditors
filed with the petition is available for free at:
http://bankrupt.com/misc/prb13-07759.pdf

The petition was signed by Peter Miller, Esq., president.


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


BOND PRICING: For the Week From Sept. 23 to Sept. 27, 2013
----------------------------------------------------------

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

Aguas Andinas SA               4.15    12/1/2026    CLP      72.24

Almendral
Telecomunicaciones SA          3.5     12/15/2014   CLP      33.15
Argentina Bocon                2        3/15/2024   ARS      22.24
Argentina Bocon                2        1/3/2016    ARS       8.18
Argentina Bocon                2        3/15/2014   ARS       3.56
Argentina Boden Bonds          2        9/30/2014   ARS       8.69
Argentina Bogar Bonds          2        2/4/2018    ARS      15.69
Argentina Bonar Bonds         20.6026   1/30/2014   ARS      11.17
Argentine Government
Int'l Bond                     8.28    12/31/2033   USD      61.75
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR      58.5
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR      58
Argentine Government
Int'l Bond                     8.28    12/31/2033   USD      61.25
Argentine Government
Int'l Bond                     1.18    12/31/2038   ARS       5.88
Argentine Government
Int'l Bond                     8.28    12/31/2033   USD      61.25
Argentine Government
Int'l Bond                     8.28    12/31/2033   USD      61.88
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR      45
Argentine Government
Int'l Bond                     4.33    12/31/2033   JPY      30
Argentine Government
Int'l Bond                     4.33    12/31/2033   JPY      30
Argentine Government
Int'l Bond                     0.45    12/31/2038   JPY       8
BCP Finance Bank Ltd           5.31    12/10/2023   EUR      66
BCP Finance Bank Ltd           5.01     3/31/2024   EUR      63.13
BCP Finance Co Ltd             5.543                EUR      37.63
BCP Finance Co Ltd             4.239                EUR      31.5
BES Finance Ltd                5.58                 EUR      64
BES Finance Ltd                4.5                  EUR      56.58
BES Finance Ltd                3.058                EUR      73.63
Banco BPI SA/Cayman Islands    4.15    11/14/2035   EUR      45.63
Banco BVA SA                   9.125    2/7/2014    USD      10.15
Banco Bonsucesso SA            9.25    11/3/2020    USD      75.5
Banco Finantia
International Ltd              2.475    7/26/2017   EUR      44.05
Banco Hipotecario SA           3.95     8/14/2017   USD      68.88
Banco Macro SA                 9.75    12/18/2036   USD      77
Banco Macro SA                 9.75    12/18/2036   USD      75
Banco Macro SA                 9.75    12/18/2036   USD      72.75
Banif Finance Ltd              1.591                EUR      44
Bank Austria Creditanstalt
Finance Cayman Ltd             1.614                EUR      56.69
Bank Austria Creditanstalt
Finance Cayman Ltd 2           1.838                EUR      56.12
Bolivarian Republic
of Venezuela                   7        3/31/2038   USD      69.9
Caixa Geral De
Depositos Finance              1.022                EUR      30.25
Capex SA                      10        3/10/2018   USD      73
Capex SA                      10        3/10/2018   USD      72.25

China Forestry
Holdings Co Ltd               10.25    11/17/2015   USD      32.88

China Forestry
Holdings Co Ltd               10.25    11/17/2015   USD      32.88
Cia Cervecerias Unidas SA      4       12/1/2024    CLP      59.17
Cia Energetica de Sao Paulo    9.75     1/15/2015   BRL      65.85

Cia Latinoamericana de
Infraestructura &
Servicios SA                   9.5     12/15/2016   USD      64

Cia Sud Americana
de Vapores SA                  6.4     10/1/2022    CLP      70.48
Transer SA                     9.75     8/15/2021   USD      51
Transer SA                     8.875   12/15/2016   USD      55.5
Transer SA                     9.75     8/15/2021   USD      50.75

City of Buenos Aires
Argentina                      3.98     3/15/2018   USD      74.75
ERB Hellas Cayman Islands Ltd  1.825    6/8/2017    EUR      56.53
ERB Hellas Cayman Islands Ltd  9        3/8/2019    EUR      39.75
ESFG International Ltd         5.753                EUR      51.38

Empresa Distribuidora
Y Comercializadora Norte       9.75     10/25/2022  USD      52

Empresa Distribuidora
Y Comercializadora Norte      10.5      10/9/2017   USD      53

Empresa Distribuidora
Y Comercializadora Norte       9.75     10/25/2022  USD      51.13

Formosa Province
of Argentina                   5        2/27/2022   USD      66

Gol Finance                    8.75                 USD      64
Gol Finance                    8.75                 USD      61
Hidili Industry
International Development
Ltd                            8.625    11/4/2015   USD      75

Hidili Industry
International Development
Ltd                            8.625    11/4/2015   USD      75.25

MetroGas SA                    8.875   12/31/2018   USD      67.25
MetroGas SA                    8.875   12/31/2018   USD      63.88

Newland International
Properties Corp                9.5      7/3/2017    USD      73.25

Petroleos de Venezuela SA      5.375    4/12/2027   USD      63
Petroleos de Venezuela SA      5.5      4/12/2037   USD      60.95

Provincia de Buenos Aires/
Argentina                      9.375    9/14/2018   USD      75.64

Provincia de Buenos Aires/
Argentina                      9.625    4/18/2028   USD      65.3

Provincia de Buenos Aires/
Argentina                      9.375    9/14/2018   USD      75.88

Provincia de Buenos Aires/
Argentina                      9.625    4/18/2028   USD      65.25

Provincia del Chaco            4        12/4/2026   USD      29.13
Provincia del Chaco            4        11/4/2023   USD      58
Puerto Rico Conservation       6.5       4/1/2016   USD      55

Renhe Commercial
Holdings Co Ltd               13        3/10/2016   USD      62.75

Renhe Commercial
Holdings Co Ltd              11.75      5/18/2015   USD      67.38
Renhe Commercial
Holdings Co Ltd              13         3/10/2016   USD      60.13

Renhe Commercial
Holdings Co Ltd              11.75      5/18/2015   USD      67.38
SMU SA                        7.75       2/8/2020   USD      63.75
SMU SA                        7.75       2/8/2020   USD      62.81
Sifco SA                     11.5        6/6/2016   USD      47.13

Talca Chillan Sociedad
Concesionaria SA              2.75     12/15/2019   CLP      61.14

Venezuela Government
International Bond            6     12/9/2020       USD       76

Venezuela Government
International Bond            7     3/31/2038       USD       71

Virgolino de Oliveira
Finance Ltd                  10.5   1/28/2018       USD
75.63

Virgolino de Oliveira
Finance Ltd                  11.75   2/9/2022       USD
74.53

Virgolino de Oliveira
Finance Ltd                  10.5   1/28/2018       USD       75.5

Virgolino de Oliveira
Finance Ltd                  11.75   2/9/2022       USD       73.5


                            ***********


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 * * *