TCRLA_Public/131001.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

           Tuesday, October 1, 2013, Vol. 14, No. 194


                            Headlines



B A R B A D O S

SAGICOR LIFE: S&P Keeps 'BB+' Rating on CreditWatch Negative


B E L I Z E

DISCOVERY EXPEDITIONS: Bob Garcia Appointed as Receiver


B R A Z I L

OGX PETROLEO: Planning to Miss $44.5 Million Bond Payment


C A Y M A N  I S L A N D S

ALLEGRO OPTHALMICS: Creditors' Proofs of Debt Due Oct. 8
ANDESCORP INVESTMENTS: Creditors' Proofs of Debt Due Oct. 9
BAITELL CORPORATION: Shareholders Receive Wind-Up Report
CARLYLE HIGH: Creditors' Proofs of Debt Due Oct. 23
COSIMO (GP): Creditors' Proofs of Debt Due Oct. 23

DELAWARE STREET: Creditors' Proofs of Debt Due Oct. 23
GK FORTUNE: Creditors' Proofs of Debt Due Oct. 23
INVESTCORP CAPITAL: Shareholders' Final Meeting Set for Dec. 3
INVESTCORP FINANCE: Shareholders' Final Meeting Set for Dec. 3
INVESTCORP PLANNING: Shareholders' Final Meeting Set for Dec. 3

INVESTCORP REAL: Shareholders' Final Meeting Set for Dec. 3
STRAUS CHINA: Creditors' Proofs of Debt Due Oct. 15


C O L O M B I A

PACIFIC RUBIALES: To Purchase Petrominerales For US$907 Million


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Violates Trade Pact Provisions, U.S. Says


G U A T E M A L A

BANCO DE DESARROLLO: Fitch Affirms ST Foreign Currency IDR at 'B'
BANCO G&T: Fitch Affirms Short-Term IDR at 'B'
BANCO INDUSTRIAL: Fitch Affirms Short-Term IDR at 'B'


J A M A I C A

AUBURN COURT LIMITED: Building Up for Sale
LIME: To Cut Rate For Landline to Mobile Calls by Almost 8%
NATIONAL COMMERCIAL: S&P Raises Issuer Credit Rating to 'B-
* JAMAICA: JSDA Says Government Owes Financial Companies JM$16Bil.


M E X I C O

CREDITO REAL: S&P Assigns 'BB' Rating to $300MM 5-Yr. Sr. Notes
SU CASITA: S&P Lowers Rating on Subordinated Class B Notes to 'D'


P E R U

GRUPO ACP: Unveils Results of Consent Solicitation for Waivers


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Clears Debts to Jamaican Agencies


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


================
B A R B A D O S
================


SAGICOR LIFE: S&P Keeps 'BB+' Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it's keeping its
'BB+' financial strength and counterparty credit ratings on
Sagicor Life Inc. and 'BB-' issue-level ratings on Sagicor Finance
Ltd. on CreditWatch with negative implications following the
September 24 upgrade of Jamaica to 'B-/B' from 'CCC+/C'.

"In our view, despite the upgrade, Sagicor's current risk exposure
(investment and business portfolio) to Caribbean sovereigns that
we rate below 'BB+' limit the rating on the company," said
Standard & Poor's credit analyst Jose Perez-Gorozpe.  Moreover,
S&P rates Barbados, the country where the company is
headquartered, at BB+/Negative/B.


===========
B E L I Z E
===========


DISCOVERY EXPEDITIONS: Bob Garcia Appointed as Receiver
-------------------------------------------------------
7newsbelize.com reports David Gegg's Discovery Expeditions has
gone bankrupt.  The report relates that Bob Garcia was appointed
as receiver on September 20.

David Gegg blazed into the public spotlight in December of 2012,
when the Department of Sales Tax issued a committal warrant for
him because he had tax arrears of over three hundred thousand
dollars, according to the report.  The report notes that Mr. Gegg
paid US$50,000 and managed to avoid being committed to jail.

But Mr. Gegg's accountant Sheffield Eck told the court that he had
advised Mr. Gegg to file for bankruptcy to clear up his debts
because the profits from his two companies are less than what is
reported due to unbudgeted and unforeseen expenses, the report
notes.

The report discloses that that other company is Cruise Solutions
Limited -- which remains in operation.


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


OGX PETROLEO: Planning to Miss $44.5 Million Bond Payment
---------------------------------------------------------
Cristiane Lucchesi at Bloomberg News, citing two unnamed sources,
reports that Eike Batista's decision to postpone payments on local
bonds issued by his Brazilian oil producer OGX Petroleo e Gas
Participacoes SA means the company doesn't plan to pay an Oct. 1
coupon on dollar debt.

OGX Austria unit, which holds all of the BRL2.1 billion (US$932
million) in local notes, agreed to postpone a Sept. 25 payment for
an undisclosed amount until March 25, Rio de Janeiro-based OGX
said in a regulatory filing, according to Bloomberg News.  The
sources, Bloomberg News notes, said non-payment of the securities,
sold to the offshore unit as a way of avoiding taxes on
international payments, means OGX won't pay a $44.5 million dollar
debt coupon.

Bloomberg News discloses that the decision not to pay the coupon
on $1.06 billion of dollar notes due 2022 moves Batista's flagship
company closer to Latin America's largest corporate default on
record.  The former billionaire is seeking to renegotiate debt and
keep OGX afloat after some of the offshore deposits he had valued
at US$1 trillion turned out to be duds, triggering a selloff that
wiped out about US$30 billion of his personal fortune, Bloomberg
News relays.

The agreement with OGX Austria avoids a local bond default, OGX
said in the filing, notes Bloomberg News.

                             Cash Position

Bloomberg News says planner Corretora de Valores SA, the fiduciary
agent of local securities linked to the international bonds, said
it was informed that local bondholders approved a new flow of
payments for the BRL2.1 billion in securities and decided not to
ask for a early redemption of the debt.

As of June 30, says the report, OGX had BRL722 million in cash and
equivalents and BRL8.7 billion in total debt, including $2.6
billion of notes due 2018.  A default of the US$3.6 billion
international bonds would be the region's biggest corporate
default, according to data compiled by Moody's Investors Service.

Bloomberg News discloses that OGX's C ratings reflect imminent
default given its tight liquidity position and the need for
capital expenditures to increase production and cash flow, Fitch
Ratings said after downgrading OGX from CCC.  One of the source
said that the company also has about BRL500 million in debt with
banks.

                               Debt Talks

According to Bloomberg News, OGX is in talks with bondholders to
convert debt to equity and get at least US$250 million in fresh
capital.

The talks have been complicated because OGX is losing money and
needs money to test production at its most promising field,
Tubarao Martelo, says the report.

Bloomberg News notes that creditors of Batista's shipbuilder OSX
Brasil SA (OSXB3) hired law firm Bingham McCutchen LLP in
preparation for the possible restructuring of US$500 million in
bonds.  That replicates a decision by OGX bondholders, which last
month hired Rothschild to advise on a restructuring, a person with
knowledge of the agreement said, Bloomberg News discloses.

Bloomberg News adds that the oil producer's US$2.56 billion of
debt due 2018 has tumbled 3.3 cents to 17 cents on the dollar
since Sept. 20, when OGX announced the departure of Chief
Financial Officer Roberto Monteiro.  Four days later, notes the
report, the company hired Lazard Ltd. (LAZ) to work alongside
advisers including Blackstone Group LP (BX) in the talks.

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
==========================


ALLEGRO OPTHALMICS: Creditors' Proofs of Debt Due Oct. 8
--------------------------------------------------------
The creditors of Allegro Opthalmics International are required to
file their proofs of debt by Oct. 8, 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:

          Mark D. Kirshbaum
          200 Shasta Irvine
          CA 92612-2223


ANDESCORP INVESTMENTS: Creditors' Proofs of Debt Due Oct. 9
-----------------------------------------------------------
The creditors of Andescorp Investments Limited are required to
file their proofs of debt by Oct. 9, 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:

          Buchanan Limited
          c/o Allison Kelly/Ingrid McIntosh
          Telephone: (345) 949 0355
          Facsimile: (345) 949 0360
          P.O. Box 1170 George Town
          Grand Cayman
          Cayman Islands KY1-1102


BAITELL CORPORATION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Baitell Corporation received on Sept. 30,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


CARLYLE HIGH: Creditors' Proofs of Debt Due Oct. 23
---------------------------------------------------
The creditors of Carlyle High Yield Partners VI, 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. 13, 2013.

The company's liquidator is:

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


COSIMO (GP): Creditors' Proofs of Debt Due Oct. 23
--------------------------------------------------
The creditors of Cosimo (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. 5, 2013.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


DELAWARE STREET: Creditors' Proofs of Debt Due Oct. 23
------------------------------------------------------
The creditors of Delaware Street Capital 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
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


GK FORTUNE: Creditors' Proofs of Debt Due Oct. 23
-------------------------------------------------
The creditors of GK Fortune Holdings 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. 13, 2013.

The company's liquidator is:

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


INVESTCORP CAPITAL: Shareholders' Final Meeting Set for Dec. 3
--------------------------------------------------------------
The shareholders of Investcorp Real Estate Debt Capital Ltd. will
hold their final meeting on Dec. 3, 2013, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVESTCORP FINANCE: Shareholders' Final Meeting Set for Dec. 3
--------------------------------------------------------------
The shareholders of Investcorp Real Estate Debt Finance Ltd. will
hold their final meeting on Dec. 3, 2013, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVESTCORP PLANNING: Shareholders' Final Meeting Set for Dec. 3
---------------------------------------------------------------
The shareholders of Investcorp Real Estate Debt Planning Ltd will
hold their final meeting on Dec. 3, 2013, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


INVESTCORP REAL: Shareholders' Final Meeting Set for Dec. 3
-----------------------------------------------------------
The shareholders of Investcorp Real Estate Debt Acquisition Ltd.
will hold their final meeting on Dec. 3, 2013, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


STRAUS CHINA: Creditors' Proofs of Debt Due Oct. 15
---------------------------------------------------
The creditors of Straus China Offshore Fund, 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:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815 1759
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


===============
C O L O M B I A
===============


PACIFIC RUBIALES: To Purchase Petrominerales For US$907 Million
---------------------------------------------------------------
Elisabeth Behrmann and Rodrigo Orihuela at Bloomberg News report
that Pacific Rubiales Energy Corp. agreed to buy Canada's
Petrominerales Ltd.  for C$935 million (US$907 million) to add oil
production and pipeline stakes in Colombia.

Petrominerales shareholders will receive C$11 a share in cash and
one share in a newly formed exploration and production company,
Bogota-based Pacific Rubiales said in a statement obtained by
Bloomberg News.  That's 42 percent more than the Calgary-based
company's last traded price of C$7.74, Bloomberg News relates.

Bloomberg News says Pacific Rubiales made at least 10 acquisitions
of companies and oil block stakes in Colombia and abroad over the
past two years.  Buying Petrominerales gives Pacific access to
low-density crude, which is cheaper to transport than the heavy
crude that makes up the bulk of its reserves, the report added.

Bloomberg News discloses that Mr. Pantin said Petrominerales'
interests in two pipelines in Colombia were "highly strategic to
the company's plans to increase its heavy oil production in the
country."  The total value of the deal, including net debt of
C$640 million, is about C$1.6 billion, Petrominerales said, notes
Bloomberg News.  It needs regulatory approval and will be financed
with a US$1.3 billion bank loan, plus cash, according to the
report.

Bank of America Merrill Lynch advised Pacific Rubiales.  TD
Securities Inc. advised Petrominerales.

Bloomberg News adds that Pacific Rubiales expects to pay some of
the debt by spinning-off or selling all or part of the pipeline
stakes, which it values at as much as C$400 million.

Pacific Rubiales, a Canadian-based company and producer of natural
gas and heavy crude oil, owns Meta Petroleum Corp., the Colombian
entity that operates the Rubiales/ Piriri and Quifa oil fields in
the Llanos Basin in association with Ecopetrol, S.A.; and Pacific
Stratus Energy Colombia Corp., which operates the wholly-owned La
Creciente gas field in the northern part of Colombia and other
light and medium oil fields.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 19, 2013, Fitch Ratings said ti expects to assign a 'BB+'
rating to Pacific Rubiales Energy Corp.'s proposed debt issuance
of up to USD1 billion due 2023.  Proceeds will be partially used
to refinance revolving credit facilities and extend its debt
profile. Additionally, proceeds will be used to strengthen the
company's liquidity position with an improvement of its on-hand
cash position.


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


* DOMINICAN REPUBLIC: Violates Trade Pact Provisions, U.S. Says
---------------------------------------------------------------
Dominican Today, citing Associated Press, reports that the United
States accused the Dominican Republic of violating protects
workers under the Cafta-Dr free trade agreement, by allowing the
trafficking, forced labor and the use of children in its sugarcane
fields.

The allegations figure in a report disclosed by Labor Secretary
Thomas Perez, drafted after receiving a complaint in December
2011, on the Caribbean nation's working conditions, according to
Dominican Today.

The report notes that in addition to the report which includes 11
recommendations to Dominican authorities, Mr. Perez announced a
donation of US$10.0 million to reduce child labor and improve
working conditions.  The report relates that Mr. Perez said United
States will assess the implementation of its recommendations in
six to 12 months.

The United States signed the Cafta-DR with the Dominican Republic,
Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua in
2004, notes the report.


==================
G U A T E M A L A
==================


BANCO DE DESARROLLO: Fitch Affirms ST Foreign Currency IDR at 'B'
-----------------------------------------------------------------
Fitch Ratings has completed a peer review of Guatemala's three
largest banks: Banco Industrial, S.A. (Industrial), Banco G&T
Continental S.A. (G&TC) and Banco de Desarrollo Rural, S.A.

Rating Action and Rationale

Fitch has affirmed all the ratings of the largest Guatemalan banks
as their intrinsic creditworthiness and relativities among the
peer remain unchanged. In addition, Fitch has affirmed the
issuances of Industrial Subordinated Trust (ISbT), and Industrial
Senior Trust (ISnT), which are Industrial's special vehicles for
these issuances.

Guatemala's largest banks are mostly defined as banks with assets
between USD5 billion and USD9 billion dollars, operating locally
with a network of service points covering the entire country. Two
of these banks (Industrial and G&TC) are part of regional
financial groups with operations in other Central American
countries.

Industrial is the largest Guatemalan bank, with a corporate
orientation strategy which stands out locally due to its dominant
market position. The bank's strengths include its presence in the
international markets, which benefits its diversification and
length of funding base. However, its corporate orientation results
in a moderate profitability and capitalization.

G&TC and Industrial share corporate orientation in their business
strategy, as well as the good asset quality and moderate risk
appetite, but they have minor differences in capitalization
(higher in G&TC) and profitability (higher in Industrial). In
Fitch's opinion, G&TC and Industrial have a similar risk profile,
which is reflected in the shared national and international
ratings. In addition, both banks have high exposures to Guatemalan
government bonds (currently rated 'BB+' with a Negative Outlook by
Fitch) which constrain the IDRs and VR's upside potential up to
the sovereign's rating.

Banrural is mainly oriented to the retail sector, and
characterized by its relatively high and long standing
profitability. The high profitability, coupled with its relatively
moderate dividend distribution, has allowed it to lead the peer
reviewed banks in capitalization. These factors, together with its
good credit quality, are reflected in international and national
ratings above Industrial's and G&TC's. However, the important
dependence that this bank has in its funding to the Guatemalan
sovereign limits its international ratings to that of the
sovereign.

Banrural's Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

Banrural's IDRs and VR reflect its historically high profitability
and good capitalization, which compare positively with its main
local peers. Banrural's ratings also reflect the bank's good
credit quality and ample depository base. The ratings also
consider the bank's moderate concentrations in public sector funds
and the limited revenue diversification, given its main target
markets (micro, and small enterprises). The support rating of '3'
reflects Fitch's opinion that the bank maintains a moderate
probability of support from the state, given its systemic
importance in the banking system. Banrural's national ratings were
affirmed and its Outlook remains Stable as the bank's relative
strength in the local market remains unchanged.

G&TC'S Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

G&TC's IDRs and VR are driven by its sound niche position and
franchise, good asset quality and efficiency, ample deposits base
and good liquidity. G&TC's ratings are tempered by its moderate
capitalization and profitability, high concentration on largest
debtors and related-party lending, as well as by the relatively
high exposure of its investment portfolio in the local sovereign.
The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system. G&TC's national
ratings were affirmed and its Outlook remains Stable as the bank's
relative strength in the local market remains unchanged.

Industrial's Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

Industrial's IDRs are driven by its strong national franchise,
sound asset quality, good efficiency, ample deposits base, and
sound liquidity, which, in turn, are reflected in the bank's VR.
Industrial's ratings are constrained by its modest capitalization,
moderate profitability, and relatively high loan portfolio
concentrations. The support rating of '3' reflects Fitch's opinion
that the bank maintains a moderate probability of support from the
state, given its systemic importance in the banking system.
Industrial's national ratings were affirmed and its Outlook
remains Stable as the bank's relative strength in the local market
remains unchanged.

ISnT and ISbT Key Rating Drivers

ISnT's rating is in line with Industrial's IDR reflecting that the
senior unsecured obligations rank equally to BI's unsecured and
unsubordinated obligations.

ISbT is one notch below Industrial's IDR reflecting the
subordinated status, ranking junior to all Industrial's present
and future senior indebtedness, pari passu with all other
unsecured subordinated debt and senior to BI's capital and tier I
hybrid securities.

Banrural's Rating Sensitivities - IDRs, VR AND NATIONAL RATINGS

A downgrade of Guatemala's sovereign ratings will result in a
downgrade of Banrural's IDRs. On the other hand, if the sovereign
ratings are eventually affirmed at 'BB+' and the Outlook revised
to Stable from Negative, it is highly likely that Banrural's
Rating Outlook would be revised accordingly. Banrural's national
ratings would not be affected should Guatemala's sovereign be
downgraded.

Industrial and G&TC'S Rating Sensitivities - IDRs, VR and National
Ratings

Industrial and G&TC's IDR and VR upside potential is considered
limited by Fitch, should Guatemala's Negative Outlook eventually
result in a sovereign downgrade, considering its high exposure to
the sovereign through its securities portfolio. On the other hand,
a severe asset-quality deterioration, or a material decline in the
bank's profitability, that affects capitalization could pressure
the ratings downward.

ISnT and ISbT'S Rating Sensitivities - IDR

ISnT and ISbT's ratings downgrade potential will be derived from
changes in the same direction in Industrial's IDR.

Fitch has affirmed the following ratings for Banrural:

-- Long-term foreign currency IDR at 'BB+'; Outlook Negative;
-- Short-term foreign currency IDR at 'B';
-- Long-term local currency IDR at 'BB+'; Outlook Negative;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb+';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National long -term rating at 'AA+(gtm)'; Outlook Stable;
-- National scale short-term affirmed at 'F1+(gtm)'.

Fitch has affirmed the following ratings for G&TC:

-- Long-term IDR at 'BB'; Outlook Stable;
-- Short-term IDR at 'B';
-- Local-currency long-term IDR at 'BB'; Outlook Stable;
-- Local-currency short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Fitch has affirmed the following ratings for Industrial:

-- Long-term IDR at 'BB'; Outlook Stable;
-- Short-term IDR at 'B';
-- Local-currency long-term IDR at 'BB'; Outlook Stable;
-- Local-currency short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Subordinated Tier I Capital Notes debt at 'B-';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Fitch also affirmed the following ratings:
-- Industrial Subordinated Trust at 'BB-';
-- Industrial Senior Trust at 'BB'.


BANCO G&T: Fitch Affirms Short-Term IDR at 'B'
----------------------------------------------
Fitch Ratings has completed a peer review of Guatemala's three
largest banks: Banco Industrial, S.A. (Industrial), Banco G&T
Continental S.A. (G&TC) and Banco de Desarrollo Rural, S.A.

Rating Action and Rationale

Fitch has affirmed all the ratings of the largest Guatemalan banks
as their intrinsic creditworthiness and relativities among the
peer remain unchanged. In addition, Fitch has affirmed the
issuances of Industrial Subordinated Trust (ISbT), and Industrial
Senior Trust (ISnT), which are Industrial's special vehicles for
these issuances.

Guatemala's largest banks are mostly defined as banks with assets
between USD5 billion and USD9 billion dollars, operating locally
with a network of service points covering the entire country. Two
of these banks (Industrial and G&TC) are part of regional
financial groups with operations in other Central American
countries.

Industrial is the largest Guatemalan bank, with a corporate
orientation strategy which stands out locally due to its dominant
market position. The bank's strengths include its presence in the
international markets, which benefits its diversification and
length of funding base. However, its corporate orientation results
in a moderate profitability and capitalization.

G&TC and Industrial share corporate orientation in their business
strategy, as well as the good asset quality and moderate risk
appetite, but they have minor differences in capitalization
(higher in G&TC) and profitability (higher in Industrial). In
Fitch's opinion, G&TC and Industrial have a similar risk profile,
which is reflected in the shared national and international
ratings. In addition, both banks have high exposures to Guatemalan
government bonds (currently rated 'BB+' with a Negative Outlook by
Fitch) which constrain the IDRs and VR's upside potential up to
the sovereign's rating.

Banrural is mainly oriented to the retail sector, and
characterized by its relatively high and long standing
profitability. The high profitability, coupled with its relatively
moderate dividend distribution, has allowed it to lead the peer
reviewed banks in capitalization. These factors, together with its
good credit quality, are reflected in international and national
ratings above Industrial's and G&TC's. However, the important
dependence that this bank has in its funding to the Guatemalan
sovereign limits its international ratings to that of the
sovereign.

Banrural's Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

Banrural's IDRs and VR reflect its historically high profitability
and good capitalization, which compare positively with its main
local peers. Banrural's ratings also reflect the bank's good
credit quality and ample depository base. The ratings also
consider the bank's moderate concentrations in public sector funds
and the limited revenue diversification, given its main target
markets (micro, and small enterprises). The support rating of '3'
reflects Fitch's opinion that the bank maintains a moderate
probability of support from the state, given its systemic
importance in the banking system. Banrural's national ratings were
affirmed and its Outlook remains Stable as the bank's relative
strength in the local market remains unchanged.

G&TC'S Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

G&TC's IDRs and VR are driven by its sound niche position and
franchise, good asset quality and efficiency, ample deposits base
and good liquidity. G&TC's ratings are tempered by its moderate
capitalization and profitability, high concentration on largest
debtors and related-party lending, as well as by the relatively
high exposure of its investment portfolio in the local sovereign.
The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system. G&TC's national
ratings were affirmed and its Outlook remains Stable as the bank's
relative strength in the local market remains unchanged.

Industrial's Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

Industrial's IDRs are driven by its strong national franchise,
sound asset quality, good efficiency, ample deposits base, and
sound liquidity, which, in turn, are reflected in the bank's VR.
Industrial's ratings are constrained by its modest capitalization,
moderate profitability, and relatively high loan portfolio
concentrations. The support rating of '3' reflects Fitch's opinion
that the bank maintains a moderate probability of support from the
state, given its systemic importance in the banking system.
Industrial's national ratings were affirmed and its Outlook
remains Stable as the bank's relative strength in the local market
remains unchanged.

ISnT and ISbT Key Rating Drivers

ISnT's rating is in line with Industrial's IDR reflecting that the
senior unsecured obligations rank equally to BI's unsecured and
unsubordinated obligations.

ISbT is one notch below Industrial's IDR reflecting the
subordinated status, ranking junior to all Industrial's present
and future senior indebtedness, pari passu with all other
unsecured subordinated debt and senior to BI's capital and tier I
hybrid securities.

Banrural's Rating Sensitivities - IDRs, VR AND NATIONAL RATINGS

A downgrade of Guatemala's sovereign ratings will result in a
downgrade of Banrural's IDRs. On the other hand, if the sovereign
ratings are eventually affirmed at 'BB+' and the Outlook revised
to Stable from Negative, it is highly likely that Banrural's
Rating Outlook would be revised accordingly. Banrural's national
ratings would not be affected should Guatemala's sovereign be
downgraded.

Industrial and G&TC'S Rating Sensitivities - IDRs, VR and National
Ratings

Industrial and G&TC's IDR and VR upside potential is considered
limited by Fitch, should Guatemala's Negative Outlook eventually
result in a sovereign downgrade, considering its high exposure to
the sovereign through its securities portfolio. On the other hand,
a severe asset-quality deterioration, or a material decline in the
bank's profitability, that affects capitalization could pressure
the ratings downward.

ISnT and ISbT'S Rating Sensitivities - IDR

ISnT and ISbT's ratings downgrade potential will be derived from
changes in the same direction in Industrial's IDR.

Fitch has affirmed the following ratings for Banrural:

-- Long-term foreign currency IDR at 'BB+'; Outlook Negative;
-- Short-term foreign currency IDR at 'B';
-- Long-term local currency IDR at 'BB+'; Outlook Negative;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb+';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National long -term rating at 'AA+(gtm)'; Outlook Stable;
-- National scale short-term affirmed at 'F1+(gtm)'.

Fitch has affirmed the following ratings for G&TC:

-- Long-term IDR at 'BB'; Outlook Stable;
-- Short-term IDR at 'B';
-- Local-currency long-term IDR at 'BB'; Outlook Stable;
-- Local-currency short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Fitch has affirmed the following ratings for Industrial:

-- Long-term IDR at 'BB'; Outlook Stable;
-- Short-term IDR at 'B';
-- Local-currency long-term IDR at 'BB'; Outlook Stable;
-- Local-currency short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Subordinated Tier I Capital Notes debt at 'B-';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Fitch also affirmed the following ratings:
-- Industrial Subordinated Trust at 'BB-';
-- Industrial Senior Trust at 'BB'.


BANCO INDUSTRIAL: Fitch Affirms Short-Term IDR at 'B'
-----------------------------------------------------
Fitch Ratings has completed a peer review of Guatemala's three
largest banks: Banco Industrial, S.A. (Industrial), Banco G&T
Continental S.A. (G&TC) and Banco de Desarrollo Rural, S.A.

Rating Action and Rationale

Fitch has affirmed all the ratings of the largest Guatemalan banks
as their intrinsic creditworthiness and relativities among the
peer remain unchanged. In addition, Fitch has affirmed the
issuances of Industrial Subordinated Trust (ISbT), and Industrial
Senior Trust (ISnT), which are Industrial's special vehicles for
these issuances.

Guatemala's largest banks are mostly defined as banks with assets
between USD5 billion and USD9 billion dollars, operating locally
with a network of service points covering the entire country. Two
of these banks (Industrial and G&TC) are part of regional
financial groups with operations in other Central American
countries.

Industrial is the largest Guatemalan bank, with a corporate
orientation strategy which stands out locally due to its dominant
market position. The bank's strengths include its presence in the
international markets, which benefits its diversification and
length of funding base. However, its corporate orientation results
in a moderate profitability and capitalization.

G&TC and Industrial share corporate orientation in their business
strategy, as well as the good asset quality and moderate risk
appetite, but they have minor differences in capitalization
(higher in G&TC) and profitability (higher in Industrial). In
Fitch's opinion, G&TC and Industrial have a similar risk profile,
which is reflected in the shared national and international
ratings. In addition, both banks have high exposures to Guatemalan
government bonds (currently rated 'BB+' with a Negative Outlook by
Fitch) which constrain the IDRs and VR's upside potential up to
the sovereign's rating.

Banrural is mainly oriented to the retail sector, and
characterized by its relatively high and long standing
profitability. The high profitability, coupled with its relatively
moderate dividend distribution, has allowed it to lead the peer
reviewed banks in capitalization. These factors, together with its
good credit quality, are reflected in international and national
ratings above Industrial's and G&TC's. However, the important
dependence that this bank has in its funding to the Guatemalan
sovereign limits its international ratings to that of the
sovereign.

Banrural's Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

Banrural's IDRs and VR reflect its historically high profitability
and good capitalization, which compare positively with its main
local peers. Banrural's ratings also reflect the bank's good
credit quality and ample depository base. The ratings also
consider the bank's moderate concentrations in public sector funds
and the limited revenue diversification, given its main target
markets (micro, and small enterprises). The support rating of '3'
reflects Fitch's opinion that the bank maintains a moderate
probability of support from the state, given its systemic
importance in the banking system. Banrural's national ratings were
affirmed and its Outlook remains Stable as the bank's relative
strength in the local market remains unchanged.

G&TC'S Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

G&TC's IDRs and VR are driven by its sound niche position and
franchise, good asset quality and efficiency, ample deposits base
and good liquidity. G&TC's ratings are tempered by its moderate
capitalization and profitability, high concentration on largest
debtors and related-party lending, as well as by the relatively
high exposure of its investment portfolio in the local sovereign.
The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system. G&TC's national
ratings were affirmed and its Outlook remains Stable as the bank's
relative strength in the local market remains unchanged.

Industrial's Key Rating Drivers - IDRs, VR AND NATIONAL RATINGS

Industrial's IDRs are driven by its strong national franchise,
sound asset quality, good efficiency, ample deposits base, and
sound liquidity, which, in turn, are reflected in the bank's VR.
Industrial's ratings are constrained by its modest capitalization,
moderate profitability, and relatively high loan portfolio
concentrations. The support rating of '3' reflects Fitch's opinion
that the bank maintains a moderate probability of support from the
state, given its systemic importance in the banking system.
Industrial's national ratings were affirmed and its Outlook
remains Stable as the bank's relative strength in the local market
remains unchanged.

ISnT and ISbT Key Rating Drivers

ISnT's rating is in line with Industrial's IDR reflecting that the
senior unsecured obligations rank equally to BI's unsecured and
unsubordinated obligations.

ISbT is one notch below Industrial's IDR reflecting the
subordinated status, ranking junior to all Industrial's present
and future senior indebtedness, pari passu with all other
unsecured subordinated debt and senior to BI's capital and tier I
hybrid securities.

Banrural's Rating Sensitivities - IDRs, VR AND NATIONAL RATINGS

A downgrade of Guatemala's sovereign ratings will result in a
downgrade of Banrural's IDRs. On the other hand, if the sovereign
ratings are eventually affirmed at 'BB+' and the Outlook revised
to Stable from Negative, it is highly likely that Banrural's
Rating Outlook would be revised accordingly. Banrural's national
ratings would not be affected should Guatemala's sovereign be
downgraded.

Industrial and G&TC'S Rating Sensitivities - IDRs, VR and National
Ratings

Industrial and G&TC's IDR and VR upside potential is considered
limited by Fitch, should Guatemala's Negative Outlook eventually
result in a sovereign downgrade, considering its high exposure to
the sovereign through its securities portfolio. On the other hand,
a severe asset-quality deterioration, or a material decline in the
bank's profitability, that affects capitalization could pressure
the ratings downward.

ISnT and ISbT'S Rating Sensitivities - IDR

ISnT and ISbT's ratings downgrade potential will be derived from
changes in the same direction in Industrial's IDR.

Fitch has affirmed the following ratings for Banrural:

-- Long-term foreign currency IDR at 'BB+'; Outlook Negative;
-- Short-term foreign currency IDR at 'B';
-- Long-term local currency IDR at 'BB+'; Outlook Negative;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb+';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National long -term rating at 'AA+(gtm)'; Outlook Stable;
-- National scale short-term affirmed at 'F1+(gtm)'.

Fitch has affirmed the following ratings for G&TC:

-- Long-term IDR at 'BB'; Outlook Stable;
-- Short-term IDR at 'B';
-- Local-currency long-term IDR at 'BB'; Outlook Stable;
-- Local-currency short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Fitch has affirmed the following ratings for Industrial:

-- Long-term IDR at 'BB'; Outlook Stable;
-- Short-term IDR at 'B';
-- Local-currency long-term IDR at 'BB'; Outlook Stable;
-- Local-currency short-term IDR at 'B';
-- Viability Rating at 'bb';
-- Support at '3';
-- Subordinated Tier I Capital Notes debt at 'B-';
-- Support Rating Floor at 'BB-';
-- National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
-- National scale short-term rating at 'F1+(gtm)'.

Fitch also affirmed the following ratings:
-- Industrial Subordinated Trust at 'BB-';
-- Industrial Senior Trust at 'BB'.


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


AUBURN COURT LIMITED: Building Up for Sale
------------------------------------------
Avia Collinder at Jamaica Gleaner reports that Auburn Court
Limited's six-storey structure at the corner of Trinidad Terrace
and St Lucia Avenue has sat idle and incomplete for decades after
the planning authorities shut it down for breaching zoning rules.

The building, which was developed in the 1980s, eventually fell
into the hands of the government and its debt-collection partner,
and has been the subject of litigation over the past decade
resulting from the takeover, according to Jamaica Gleaner.

However, the report notes that it has finally been placed on the
market for sale.

The report relates that Margaret Curtis of Jamaica Redevelopment
Foundation Inc (JRFI), which has hired Ken Tomlinson as receiver
to dispose of the building, said the debt-collection company is
seeking US$1.2 million (JM$123.5 million) for the asset.

The report relays that advertisements placed by Tomlinson's firm,
Business Recovery Services Limited, suggest that the receiver is
also open to offers.

                          Legal Issues

Jamaica Gleaner relays that Mr. Tomlinson said the legal issues
surrounding the structure appeared to have ended with the passing
of Delbert Perrier of Auburn Court, the company through which the
property was developed back in the latter half of the 1980s.

However, the report says that Mr. Perrier's former attorney
Jennifer Messado told Sunday Business that the lenders had won the
court fight.

"When you have a mortgage, the mortgage company always wins. You
can only buy time . . . See, it is now being sold," the report
quoted Atty. Messado as saying.

The report relates that within the last decade, Mrs. Perrier had
filed lawsuits against two banks -- National Commercial Bank
Jamaica (NCB) and the former Union Bank of Jamaica, which later
became RBTT Bank and is now RBC Royal Bank after two changes of
ownership -- as well as the Government's bail-out firm Financial
Sector Adjustment Company (FINSAC) for JM$156 million, which he
claimed as lost earnings.

The report notes that Mr. Perrier and his company Auburn Court
contended, according to reports in 2002, that although they had
repaid a JM$4.7-million loan from NCB, the bank was claiming that
he owed JM$181.8 million when the debt was assigned to FINSAC and
its subsidiary Refin Trust.  NCB was among the entities bailed out
by the Government.

Mr. Perrier passed away three years ago in September 2010.

The report discloses that the Kingston and St. Andrew Corporation
(KSAC) placed the stop order on the structure during its
construction, and ordered that three of the floors be demolished.

The report notes that Atty. Messado said the corporation stopped
the construction because Auburn Court did not have sufficient
parking in its plans to accommodate a six-storey structure.  The
demolition order was never carried out.

The mortgaged building later fell into the hands of its bankers
who claimed a default on loan payments, and was among assets taken
over during the financial-sector crisis when the Government bailed
out banks and insurance companies, starting in the mid-1990s,
according to the report.

The report notes that Mr. Tomlinson said that whoever buys the
property would have to sort out the demolition issues with the
planning authorities.

However, the report notes that it's unclear whether the zoning
issues raised two decades ago are still germane today, given the
evolution of New Kingston and the parking services that are now
features of the business district.

The report relays that JRFI said a minimum 15 per cent deposit is
required on all purchases of property; save for those approved for
'seller financing', which requires 30 per cent deposit.

Mr. Tomlinson said the building is being sold as a regular
commercial property, the report adds.


LIME: To Cut Rate For Landline to Mobile Calls by Almost 8%
-----------------------------------------------------------
RJR News reports that LIME Jamaica Limited (formerly Cable &
Wireless Jamaica Limited) will cut the cost of phone calls from
its landline to mobile phones by almost 8 percent.

The telecoms company said this means it will cost JM$2.85 per
minute to call a mobile phone from its fixed lines, according to
RJR News.  The report relates that the reduction is from JM$3.09
with the cost to be apportioned on a per second basis.

The company said it will also cut the cost to call between
landlines to 99 cents per minute, from the current JM$1.50 per
minute, says the report.

RJR News discloses that Lime says it is hoping that the reduction
in call rates for fixed lines will help to boost the take up of
the service which has seen a 100 percent jump in installations
since July.

Headquartered in Kingston, Jamaica, LIME Jamaica Limited
(formerly Cable & Wireless Jamaica Limited) is a subsidiary of
Cable & Wireless plc.  The company is involved in providing
domestic and international telecommunications services to both
individual and businesses enterprise customers.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 22, 2013, Jamaica Observer said that consumers flocked to
LIME Jamaica's mobile network but the company still recorded a
JM$808-million net loss for the three months to June, or more than
double year-earlier losses.  LIME Jamaica recorded a JM$4.9-
billion total loss for its March 2013 year end compared with a
JM$20-billion loss a year earlier.


NATIONAL COMMERCIAL: S&P Raises Issuer Credit Rating to 'B-
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its issuer credit
ratings on National Commercial Bank Jamaica Ltd. (NCBJ) to 'B-/B'
from 'CCC+/C'.  The upgrade follows Jamaica's entrance into an IMF
(International Monetary Fund) program, which along with additional
external funding from other multilateral lenders, improved the
country's external liquidity and bolstered investor confidence.
S&P removed the ratings on the bank from the CreditWatch negative
and assigned a stable outlook.  NCBJ's 'b' stand-alone credit
profile (SACP) remains unchanged.

The upgrade reflects the bank's exposure to Jamaican sovereign-
debt securities and loans to public entities, capping the ratings
on the bank on the same level as on the sovereign.  S&P expects
the ratings on the bank to move in tandem with those on the
sovereign.

The upgrade of Jamaica reflects recent progress in stabilizing the
economy, staunching the loss of foreign-exchange reserves, and
gaining access to new external funding from official creditors.
Following a debt exchange in February 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 a near-term default.

The government has undertaken various reforms during 2013 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.

The stable outlook reflects S&P's expectation that NCBJ will
continue to operate as the largest financial institution in the
country, but largely exposed to sovereign debt and public-sector
lending.  Thus, S&P expects the ratings on the bank to move in
tandem with those on the sovereign.  Nevertheless, S&P could
downgrade the bank if its capital deteriorates significantly,
leading to a risk-adjusted capital ratio below 5%, if liquidity is
severely reduced, or if losses increase.  An upgrade would depend
on both the maintenance of the bank's credit fundamentals and an
upgrade of the sovereign.


* JAMAICA: JSDA Says Government Owes Financial Companies JM$16Bil.
------------------------------------------------------------------
Jamaica Gleaner reports that the Jamaica Securities Dealers
Association (JSDA) said the government owes financial companies
some JM$16 billion in withholding tax, racked up over a decade.

"Withholding tax due or overdue from the Government must be repaid
now. . . . Commitments to address this decade-long obligation have
been made on many occasions but honored on none," the report
quoted JSDA President Julian Mair as saying.

The report notes that Mr. Mair later told Sunday Business that
more than JM$9 billion of the debt is owed to securities dealers,
while the rest is due to the banks and other institutions.

The report relates that the sums owed date back to the policy
implemented more than 10 years ago, under which tax is withheld at
source on all Government of Jamaica assets issued locally.

"The inefficiency of this unproductive (zero interest rate) asset
places a burden not only on us, but on the economy as a whole.  It
also does not form a part of our regulatory capital and therefore
distorts industry capitalization and strength," Mr. Mair said, the
report discloses.

The report relays that the securities industry has 44 licensees
who collectively manage JM$912 billion.  There are 24 core
dealers, who manage JM$680 billion of that amount, Mr. Mair said,
the report adds.


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


CREDITO REAL: S&P Assigns 'BB' Rating to $300MM 5-Yr. Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' debt rating to Credito Real, S.A.B. de C.V., SOFOM, E.N.R.'s
(Credito Real; global scale rating: BB/Stable/--; national scale
rating: mxA/Stable/mxA-2) proposed up to $300 million, five-year
senior unsecured notes.

The 'BB' rating on the notes is the same as the long-term global
scale issuer credit rating on Credito Real, and indicates that the
notes will rank equally in right of payment with all of the
company's existing and future senior unsecured debt.  S&P expects
the company to use the proceeds for general corporate purposes,
including organic and inorganic loan portfolio growth.  Although
this issuance will raise the proportion of market debt in the
company's funding mix to nearly 76%, during the last quarter of
this year S&P expects the company to reduce its position in local
market debt and increase its bank funding.  This should lower the
proportion of market debt-to-total funding to 68%-70% by year's
end.  The company has the option to redeem the notes in three
years after the issuance date at a redemption price.  The rating
on the notes considers a full foreign-exchange hedge on the
principal and interest during the life of the issuance.

Credito Real's funding mix, its aggressive growth targets, and the
intense competition in payroll lending in Mexico limit the rating.
Its adequate asset quality, good profitability metrics, and good
adjusted capitalization are positive rating factors.

RATINGS LIST

Credito Real, S.A.B. de C.V., SOFOM, E.N.R.
Global Scale Rating                         BB/Stable/--
National Scale Rating                       mxA/Stable/mxA-2

Rating Assigned
$300 Mil. five-year senior unsecured notes   BB


SU CASITA: S&P Lowers Rating on Subordinated Class B Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term national
scale rating (CaVal) on Hipotecaria Su Casita-Residential Mortgage
Backed Notes' subordinated class B notes to 'D (sf)' from
'mxCC (sf)'.  The notes, due 2035, represent a cross-border
residential mortgage-backed securities (RMBS) transaction issued
by Hipotecaria Su Casita S.A. de C.V. SOFOM E.N.R. (Su Casita) and
serviced by Patrimonio S.A. De C.V., SOFOM, E.N.R. (Patrimonio).
The 'B (sf)' global scale rating on the senior class A notes and
the SPUR of 'CC (sf)' remain unchanged.

The downgrade of the subordinated class B notes to 'D (sf)'
follows the missed interest payment for the Sept. 26, 2013, date.
Su Casita's interest collections from the mortgage loans were
insufficient to cover the interest payment in full.  The interest
shortfall on class B was MXN472,556.72.

The global scale rating of 'B (sf)' for the senior class A notes
reflects MBIA Insurance Corp.'s (B/Stable/--) full financial
guarantee insurance policy, which comprises a swap guarantee and a
note guarantee.  Under S&P's criteria, the issue rating on an
insured bond reflects the higher the rating on the bond insurer or
the SPUR on the security.  S&P's SPUR rating of 'CC (sf)' on the
class A notes reflects the stand-alone capacity of an issue to pay
debt service without its external enhancement, and, in this case,
without the protection of the bond insurance provided by MBIA.

The notes were issued on April 2, 2007, in two tranches: class A
was issued for $232.53 million and pays monthly interest at a rate
of one-month LIBOR plus 0.23%, and class B was issued for
MXN226.5 million, indexed to Mexican Inflation Linked Units
(UDIs), and pays monthly interest at a rate of 6.47% over the UDI-
indexed balance.  In December 2010, Su Casita was replaced by
Patrimonio as primary servicer for the transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of
similar securities.  The Rule applies to in-scope securities
initially rated (including preliminary ratings) on or after
Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

Hipotecaria Su Casita-Residential Mortgage Backed Notes

Class     Class type      Rating    Amount outstanding (mil. $)
                          To        From

B         Subordinated   D (sf)    mxCC (sf)         MXN184.97

RATINGS UNCHANGED

Hipotecaria Su Casita-Residential Mortgage Backed Notes

Class  Class type    Rating   Amount outstanding (mil. $)

A      Senior         B (sf)                      USD97.15
A      SPUR           CC (sf)                     USD97.15


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


GRUPO ACP: Unveils Results of Consent Solicitation for Waivers
--------------------------------------------------------------
Grupo ACP Inversiones y Desarrollo on Sept. 26 disclosed that, in
connection with its solicitation of consents from holders of
record as of September 12, 2013 of its outstanding $85.0 million
aggregate principal amount of 9.00% Notes due 2021 (ISIN
XS0611909291, Common Code: 061190929) for the purpose of obtaining
waivers relating to certain defaults under the Indenture, dated as
of March 30, 2011, as amended by the first supplemental indenture,
dated as of March 21, 2013 by and among Grupo ACP, as issuer,
Citibank, N.A., London Branch, as trustee, registrar and paying
agent, and Dexia Banque Internationale a Luxembourg, societe
anonyme, as Luxembourg transfer agent and paying agent, governing
the Notes, it has received validly executed consents from Holders
representing a majority of the aggregate principal amount
outstanding of Notes as of 5:00 p.m. Central European Time, on
September 26, 2013.

Accordingly, the Waivers became effective as of 5:00 p.m., Central
Europe time, on September 26, 2013.  All current Holders of Notes,
including non-consenting Holders, and all subsequent Holders will
be bound by the Waivers.  Consents that were delivered at or prior
to the Effective Time may not be withdrawn or revoked, except as
required by law.  Holders of the Notes who provided Consents will
be eligible to receive a consent fee of $3.75 per $1,000 principal
amount of Notes for which Consents were received on or prior to
the Consent Date.

The effect of the Waivers is to waive (i) the default in the
Maximum Debt Ratio, for the 12-month period from June 30, 2013
until June 30, 2014 (for the avoidance of doubt, compliance will
be required to be measured based on the financial statements as of
June 30, 2014); and (ii) the anticipated default in the Dividend
to Financial Expense Ratio (as defined in the Indenture) as of
December 31, 2013 (for the avoidance of doubt, annual compliance
will be required to be measured based on the financial statements
as of and for the 12 months ended December 31, 2014).  Grupo ACP
has undertaken to strengthen its capital structure through a
primary and secondary equity offering of Grupo ACP Corp. S.A.A.
that is currently in process and it believes that after giving
effect to such equity offering it will come into compliance with
the Maximum Debt Ratio and the Dividend to Financial Expense
Ratio.

Holders with questions regarding the Consent Solicitation may
contact Bondholder Communications Group, LLC, the information and
tabulation agent, at: +44 (0) 20 7382-4580 (London) or +1 (212)
809-2663 (New York); or Citigroup Global Markets Inc., the
Solicitation Agent at (800) 558-3745 (U.S. toll free) or (212)
723-6108 (collect), Attn: Liability Management Group.

                          About Grupo ACP

Grupo ACP is a financial services holding company focused on micro
businesses in Peru, Mexico, Brazil and other Latin American
countries.  It is organized as an asociacion civil sin fines de
lucro (not-for-profit association) headquartered in Lima, Peru.


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


CARIBBEAN AIRLINES: Clears Debts to Jamaican Agencies
-----------------------------------------------------
RJR News reports that Caribbean Airlines Limited has cleared its
debts with local state agencies in Jamaica.  The report relates
that it was reported in 2012 that the air carrier had racked up
millions of dollars in debt to the Jamaica Civil Aviation
Authority and the Norman Manley International Airport.  The
arrears comprised unpaid airport fees and taxes, according to RJR
News.

The report discloses that while confirming that the arrears have
been eliminated, Dr. Omar Davies, Minister of Transport, said
there are other issues to be worked out with Caribbean Airlines.

"The question of the debts is just one of the issues.  I will be
having a meeting which we will try to address a range of other
issues, like the frequency of flights, the coordination of the
Tourist Board, etc. . . . there are several other issues," the
report quoted Dr. Davies as saying.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said that Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.

TCRLA reported on March 21, 2012, that RJR News said Caribbean
Airlines Limited owes nearly US$30 million to Trinidad and
Tobago's fuel provider National Petroleum.  Trinidad Express said
CAL enjoys a seven-day credit facility for aviation fuel from the
company, according to RJR News.  However, the report related that
the airline has not been able to pay the full amount when invoiced
and instead has been issuing partial payments to sustain the
account.  RJR News noted that Trinidad Express reported that the
arrears were built up as no payments have been made despite an
attractive fuel subsidy which the airline has enjoyed since it
began operations.


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


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
BUETTNER SA-PRF        BUETPN BZ        97892219.8     -29984241.8
BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
BUETTNER SA-RTS        BUET1 BZ         97892219.8     -29984241.8
BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
CAF BRASILIA           CAFE3 BZ         160938144      -149281093
CAF BRASILIA-PRF       CAFE4 BZ         160938144      -149281093
CAFE BRASILIA SA       CSBRON BZ        160938144      -149281093
CAFE BRASILIA-PR       CSBRPN BZ        160938144      -149281093
CAIUA ELEC-C RT        ELCA1 BZ         1068602117     -71011565.8
CAIUA SA               ELCON BZ         1068602117     -71011565.8
CAIUA SA-DVD CMN       ELCA11 BZ        1068602117     -71011565.8
CAIUA SA-DVD COM       ELCA12 BZ        1068602117     -71011565.8
CAIUA SA-PREF          ELCPN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCAN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCA5 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCA6 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCBN BZ         1068602117     -71011565.8
CAIUA SA-RCT PRF       ELCA10 BZ        1068602117     -71011565.8
CAIUA SA-RTS           ELCA2 BZ         1068602117     -71011565.8
CAIVA SERV DE EL       1315Z BZ         1068602117     -71011565.8
CELGPAR                GPAR3 BZ         224346596      -1034483222
CELPA                  CELP3 BZ         1983995394     -26345832
CELPA-PREF A           CELP5 BZ         1983995394     -26345832
CELPA-PREF B           CELP6 BZ         1983995394     -26345832
CELPA-PREF C           CELP7 BZ         1983995394     -26345832
CELPA-RCT              CELP9 BZ         1983995394     -26345832
CELPA-RTS              CELP1 BZ         1983995394     -26345832
CENTRAL COST-ADR       CCSA LI          355868840      -87473853.9
CENTRAL COSTAN-B       CRCBF US         355868840      -87473853.9
CENTRAL COSTAN-B       CNRBF US         355868840      -87473853.9
CENTRAL COSTAN-C       CECO3 AR         355868840      -87473853.9
CENTRAL COST-BLK       CECOB AR         355868840      -87473853.9
CIA PETROLIFERA        MRLM3 BZ         377602206      -3014291.81
CIA PETROLIFERA        MRLM3B BZ        377602206      -3014291.81
CIA PETROLIFERA        1CPMON BZ        377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4 BZ         377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4B BZ        377602206      -3014291.81
CIA PETROLIF-PRF       1CPMPN BZ        377602206      -3014291.81
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75975325.5     -2148311127
COBRASMA SA            COBRON BZ        75975325.5     -2148311127
COBRASMA SA-PREF       COBRPN BZ        75975325.5     -2148311127
COBRASMA-PREF          CBMA4 BZ         75975325.5     -2148311127
D H B                  DHBI3 BZ         110495985      -162541778
D H B-PREF             DHBI4 BZ         110495985      -162541778
DHB IND E COM          DHBON BZ         110495985      -162541778
DHB IND E COM-PR       DHBPN BZ         110495985      -162541778
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
EDENOR-B               DNOR AR          1394532241     -3893195.34
EDENOR-B               EDN AR           1394532241     -3893195.34
EDENOR-B               EDNC AR          1394532241     -3893195.34
EDENOR-B               EDND AR          1394532241     -3893195.34
EDENOR-B C/E           DNORC AR         1394532241     -3893195.34
EDENOR-B US$           DNORD AR         1394532241     -3893195.34
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
EMP DISTRIB-ADR        EDN US           1394532241     -3893195.34


                    ***********


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 * * *