TCRLA_Public/131016.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

           Wednesday, October 16, 2013, Vol. 14, No. 205


                            Headlines



B E R M U D A

CAPITAL G: Cuts Four Jobs at Bank


B R A Z I L

BANCO DO ESTADO: Moody's Assigns Deposit Ratings at Ba3
OGX PETROLEO: Produced 13,200 BOE Per Day in September
OSX BRASIL: Speculations Emerge of BNDES Reworking Loan
QGOG CONSTELLATION: S&P Affirms 'BB+' Corporate Credit Rating


C A Y M A N  I S L A N D S

CANYON CAPITAL: Creditors' Proofs of Debt Due Nov. 7
CORAZON ABSOLUTE: Creditors' Proofs of Debt Due Nov. 7
CREDIT ASIA: Commences Liquidation Proceedings
EXPEDITION FUND: Creditors' Proofs of Debt Due Nov. 7
NANOSOLAR LTD: Commences Liquidation Proceedings

PIPE ENTERPRISES: Creditors' Proofs of Debt Due Oct. 30
SAB OVERSEAS II: Creditors' Proofs of Debt Due Oct. 29
SAB OVERSEAS III: Creditors' Proofs of Debt Due Oct. 29
SAB OVERSEAS IV: Creditors' Proofs of Debt Due Oct. 29
SUTHERLAND HOLDINGS: Commences Liquidation Proceedings

VARNA FUND II: Creditors' Proofs of Debt Due Oct. 29
VARNA MASTER: Creditors' Proofs of Debt Due Oct. 29


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Foreign Investment Slumps, Firms Promise Rebound
* DOMINICAN REP: Leaders in Talks to Deal With Trade Hurdles


G U A T E M A L A

* GUATEMALA: S&P Affirms 'BB' Senior Unsecured Rating


J A M A I C A

* BANK OF JAMAICA: Continues to Rack Up Losses
* JAMAICA: JEA Raises Concern over Slide in Currency Value
* JAMAICA: Signs US$60M IDB Loan Contract for Fin'l. Mgmt. Program


M E X I C O

GENWORTH SEGUROS: S&P Affirms, Withdraws 'BB+' Global Scale Rating
GRUPO FINANCIERO: Gets Gov't OK to Buy Generali Group's Stake
MAXCOM TELECOMUNICACIONES: U.S. Offer Expired Sept. 26


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Legal Battle With Shareholders Continues


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Mulls Dollar Bond Sale Before Year Ends
PETROLEOS DE VENEZUELA: Signs Pact for Ayacucho Block 8 in Orinoco


                            - - - - -



=============
B E R M U D A
=============


CAPITAL G: Cuts Four Jobs at Bank
---------------------------------
Rebecca Zuill at Royal Gazette reports that Capital G Bank Limited
has cut four jobs at the bank.

"Capital G can confirm that it has recently made four positions
redundant as part of its ongoing re-evaluation of its business in
meeting its client needs and strategic objectives," the report
quoted a bank spokesperson as saying.

The report notes that the spokesman also confirmed that Capital
G's senior vice president, head of personal and commercial banking
Michael Veale was no longer with the bank.  Mr. Veale was
appointed to the role in 2010.

The report discloses that the most recent redundancies have been
confirmed almost a year to the day since it was announced the last
tranche of Capital G employees were made redundant.  On Oct. 11,
2012, the report recalls, it was reported that thirteen employees
had lost their jobs, twelve of whom were Bermudian.

Royal Gazette notes that the bank said then that the decision was
taken: "as a result of the identification of recent operational
efficiencies and the need to meet the skill sets required in order
for the bank to better achieve success in the future.

Capital G is an independent integrated financial services
organisation in Bermuda established in the 1930s as the Gibbons
Company. The group's main operations now include a bank, a trust
company and an investment management company. Capital G employs
approximately 200 personnel in modern premises located in the City
of Hamilton, Bermuda's capital.


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


BANCO DO ESTADO: Moody's Assigns Deposit Ratings at Ba3
-------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to Banco
do Estado do Para S.A. (Banpara), as a bank financial strength of
D- that maps to a ba3 on the global rating scale. At the same
time, Moody's also assigned global local- and foreign-currency
deposit ratings at Ba3 and Not Prime, long- and short-term,
respectively; and Brazilian national scale deposit ratings of
A2.br and BR-2, long- and short-term, respectively. All ratings
have a stable outlook.

The following ratings were assigned to Banco do Estado do Para
S.A. (Banpara):

Bank financial strength rating: D-, stable outlook

Long-term global local-currency deposit rating: Ba3, stable
outlook

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

Long-term foreign-currency deposit rating: Ba3, stable outlook

Short-term foreign-currency deposit rating: Not Prime

Long-term Brazilian national scale deposit ratings: A2.br, stable
outlook

Short-term Brazilian national scale deposit ratings: BR-2

Rating Rationale:

The ba3 standalone credit assessment acknowledges Banpara's
established local franchise with a distribution network in the
State of Para. Though modest, this network has a 12.7% market
share of the state's total loans and roughly an 8% participation
in the state's deposits. The bank's primary focus is on deposit-
taking and payroll financing to state employees, a core business
that has historically supported the bank's good asset quality and
high profitability margins. Banpara benefits from a stable and
loyal funding base, supported by its role as payment agent of the
state government, including salaries for local government
employees.

Banpara is also exposed to competition from large retail banks
within its regional market. The bank is planning to double the
size of its branch network by 2014 and also to expand into
corporate lending activities in its region. Ongoing efforts to
expand Banpara's business into complementary business segments are
likely to enhance the diversification of revenues; however, they
also carry execution risks. By the same token, in its role as a
policy bank for the state of Para, Banpara may be exposed to
political interference from the local government in its asset
allocation decisions, despite recent signs of commitment from the
state government to support the bank. Moody's views these
challenges as constraining factors to the ratings.

On the other hand, Banpara has a long-track record of adequate
capitalization and asset quality indicators, which may come under
pressure as it expands its loan book into higher capital, lower
margin corporate lending. Moreover, efforts to enhance its funding
mix through local capital market instruments will likely result in
a more volatile and expensive funding profile, thus creating some
tension in its profitability indicators.

Upward movement on the standalone ratings could result if the bank
is successful at executing its regional growth plan and at
leveraging its franchise presence in the state while preserving
asset quality and profitability. Conversely, ratings could be
affected negatively by a sharp increase in operating costs or by
the deterioration in asset quality indicators as a consequence of
aggressive loan growth or credit concentration issues.

Banpara's Ba3 global local-currency (GLC) deposit rating derives
from the baseline credit assessment of ba3. In Moody's view, over
the last two-to-three years the local government has proven the
commitment and support it has for Banpara's operations through
incorporating retained earnings reserves and limiting dividends
payout to 40% per year. At the same time, Moody's also assumes
that Banpara would receive no systemic support because of its
limited market share of deposits relative to total deposits in the
Brazilian system.

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

Banco do Estado do Para S.A. is headquartered in Belem, Brazil. As
of June 2013, Banpara had total assets of BRL4.33 billion (USD1.96
billion) and shareholders' equity of BRL456.2 million (USD226.9
million).


OGX PETROLEO: Produced 13,200 BOE Per Day in September
------------------------------------------------------
Rogerio Jelmayer at Dow Jones Newswire reports that OGX Petroleo e
Gas Participacoes SA, the flagship of businessman Eike Batista's
teetering empire, said that production in September remained
limited to a single natural gas field because the Tubarao Azul oil
field continued to be shuttered for repairs.

OGX on Oct.10 said that it produced 13,200 barrels of oil
equivalent per day in September, compared with 13,300 barrels of
oil equivalent per day in August, according to Dow Jones Newswire.

The report notes that all of OGX's output came from the inland
Gaviao Real natural gas field, which produced an average of 4.5
million cubic meters of gas per day.  OGX's Tubarao Azul oil field
saw no production, as the company is repairing a submersible pump,
the report relates.

The report discloses that OGX, with US$3.6 billion in bonds
outstanding, recently missed a US$45 million interest payment.  

The company, which has faced several operational setbacks and is
running out of cash, has until the end of the month to find a
solution for the missed payment or it will be officially in
default, Dow Jones Newswire relates.

                       About OGX Petroleo

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.


OSX BRASIL: Speculations Emerge of BNDES Reworking Loan
-------------------------------------------------------
Julia Leite and Peter Millard at Bloomberg News report that
speculation has emerged that Brazil's national development bank
will extend a BRL548 million (US$252 million) debt to OSX Brasil
SA, Eike Batista's shipbuilding company.

Bloomberg News notes that OSX had a BRL548 million debt with the
development bank known as BNDES as of June 2013, which was rolled
over and matures Oct. 15, according to regulatory filings.  The
company said in an e-mailed reply to questions that it's
continuing to negotiate terms of the loan with BNDES, according to
Bloomberg News.

"The government wants the company to succeed . . . . I don't think
they have a choice but to extend the loan. . . . You would have
the additional risk of the company shutting down and laying off
people," the report quoted Fabiano Santin, a fixed-income analyst
at Kondor Invest in Sao Paulo, as saying.

Bloomberg News discloses that other OSX lenders are considering
seizing two oil production ships used as collateral on loans,
according to six people with direct knowledge of the matter who
asked not to be named because the discussions are private.  

OSX hired Credit Suisse Group AG to help sell the vessels.

Bloomberg News relates that creditors would join that process as
they seek to avert losses after OGX Petroleo & Gas Participacoes
SA missed a US$45 million Oct. 1 bond payment that puts Eike
Batista on the brink of Latin America's biggest corporate default.

Bloomberg News relates that unnamed sources said the BNDES loan
has guarantees from Banco Votorantim SA and no vessel as
collateral.

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.


QGOG CONSTELLATION: S&P Affirms 'BB+' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit and issue-level ratings on QGOG Constellation S.A. and on
its $700 million senior unsecured seven-year bonds, which are
fully and unconditionally guaranteed by the company's subsidiary
and owner of the portfolio of assets, Constellation Overseas Ltd.
(Constellation; not rated).  The outlook is stable.

"The ratings on QGOG Constellation reflect its "satisfactory"
business risk profile and "significant" financial risk profile, as
our criteria define these terms.  This assessment reflects the
company's reliance on substantive distributions from a portfolio
of assets to service its debt and its geographic and customer
concentration in Brazil, as most of its contracts are  with
Petroleo Brasileiro S.A. - Petrobras; BBB/Negative/," S&P said.

"The offsetting factors are its strong competitive position as one
of the largest oil and gas drilling services provider in the
country and one of the top 10 global players, the stable
contractual base, including the signed charter and service
agreements at fixed day rates, relatively long tenors that would
provide a predictable stream of cash flow, minor construction
risk, as the majority of its assets are already operating, and a
long track record as an experienced rig operator.  In our view,
the company's liquidity is "adequate" and its management is
"fair," S&P said.


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


CANYON CAPITAL: Creditors' Proofs of Debt Due Nov. 7
----------------------------------------------------
The creditors of Canyon Capital CDO 2001-1 Limited are required to
file their proofs of debt by Nov. 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 12, 2011.

The company's liquidator is:

          Hugh Dickson
          c/o James Drury
          Grant Thornton Specialist Services (Cayman) Limited
          P.O. Box 765 Grand Cayman KY1- 9006
          Cayman Islands
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


CORAZON ABSOLUTE: Creditors' Proofs of Debt Due Nov. 7
------------------------------------------------------
The creditors of Corazon Absolute Return Fund Limited are required
to file their proofs of debt by Nov. 7, 2013, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Sept. 17, 2013.

The company's liquidator is:

          Michael Penner
          c/o Marcin Czarnocki
          Deloitte & Touche
          P.O Box 1787 Grand Cayman KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2228
          Facsimile: +1 (345) 949 8258


CREDIT ASIA: Commences Liquidation Proceedings
----------------------------------------------
On Sept. 20, 2013, the shareholders of Credit Asia Capital
(Cayman) 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:

          Han Hui Chen
          47 Hillview Avenue #03-01
          Singapore 669614


EXPEDITION FUND: Creditors' Proofs of Debt Due Nov. 7
-----------------------------------------------------
The creditors of Expedition Fund Limited are required to file
their proofs of debt by Nov. 7, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 24, 2013.

The company's liquidator is:

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


NANOSOLAR LTD: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 20, 2013, the shareholders of Nanosolar 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:

          Russell Homer
          Telephone: (345) 946 0820
          Facsimile: (345) 946 0864
          PO Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands


PIPE ENTERPRISES: Creditors' Proofs of Debt Due Oct. 30
-------------------------------------------------------
The creditors of Pipe Enterprises Corporation are required to file
their proofs of debt by Oct. 30, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 25, 2013.

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


SAB OVERSEAS II: Creditors' Proofs of Debt Due Oct. 29
------------------------------------------------------
The creditors of SAB Overseas Holdings II, Limited are required to
file their proofs of debt by Oct. 29, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 6, 2013.

The company's liquidator is:

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


SAB OVERSEAS III: Creditors' Proofs of Debt Due Oct. 29
-------------------------------------------------------
The creditors of SAB Overseas Holdings III, Limited are required
to file their proofs of debt by Oct. 29, 2013, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 6, 2013.

The company's liquidator is:

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


SAB OVERSEAS IV: Creditors' Proofs of Debt Due Oct. 29
------------------------------------------------------
The creditors of SAB Overseas Holdings IV, Limited are required to
file their proofs of debt by Oct. 29, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 6, 2013.

The company's liquidator is:

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


SUTHERLAND HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------------
On Sept. 26, 2013, the shareholders of Sutherland Holdings Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Barclays Wealth Directors (Jersey) Limited
          PO Box 248
          39-41 Broad Street
          St. Helier, Jersey
          JE4 5PS


VARNA FUND II: Creditors' Proofs of Debt Due Oct. 29
----------------------------------------------------
The creditors of Varna Fund II Ltd. are required to file their
proofs of debt by Oct. 29, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 23, 2013.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


VARNA MASTER: Creditors' Proofs of Debt Due Oct. 29
---------------------------------------------------
The creditors of Varna Master Fund II Ltd. are required to file
their proofs of debt by Oct. 29, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 23, 2013.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815 1839
          Facsimile: (345) 949 9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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


* DOMINICAN REP: Foreign Investment Slumps, Firms Promise Rebound
-----------------------------------------------------------------
Dominican Today reports that the U.N. Economic Commission for
Latin America and the Caribbean (ECLAC) revealed in Oct.10 that
direct foreign investment in Latin America countries climbed 6
percent in the first half, totaling US$102.9 billion, paced by
Brazil.

For Dominican Foreign Investment Businesses Association (Asiex)
Director Salvador Demallistre, ECLAC's report revealed that in
some countries, such as Mexico, underwent the same special events
as Dominican Republic last year, according to Dominican Today.

"We're confident and during a visit to president Danilo Medina a
couple of weeks ago we discloses that for next year our group will
make investments of more than US$1 billion," Mr. Demallistre,
quoted by diariolibre.com and noted that the current fall in
Dominican Republic's direct foreign investment can be "somewhat
cyclical," by factors with momentary influence, the report notes.

"The 13 countries in the region which have submitted data received
US$102.9 billion, an amount 6% higher than what it posted during
the first half of the previous year," the ECLAC said, calling the
expansion a "moderate growth, the report adds.


* DOMINICAN REP: Leaders in Talks to Deal With Trade Hurdles
------------------------------------------------------------
Dominican Today reports that several Haitian and Dominican
business leaders will hold permanent talks on trade and
investment, for which they'll meet again in Dominican Republic in
November, as follow-up to the agreements reached in Miami and
Port-au-Prince.

The leaders said their meetings, to be called KisKeya/Quisqueya
Permanent Business Summit, will also serve to conduct a
feasibility study on trade along the Dominican-Haitian border and
identify and seek solutions to the hurdles to business
reciprocity, according to Dominican Today.

The report notes that the second meeting was hosted by Florida
International University's (FIU) Haiti Work Group and supported by
the governments in Port-au-Prince and Santo Domingo, with
representatives from the Inter-American Development Bank, the
World Bank, the European Union and other bilateral donors.

The report relates that the business leaders from both nations
agreed that the mechanism to resolve those issues is the joint
Haitian-Dominican Bilateral Commission, established in the 1990s
to deal precisely with bilateral topics.


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


* GUATEMALA: S&P Affirms 'BB' Senior Unsecured Rating
-----------------------------------------------------
On Oct. 11, 2013, Standard & Poor's Ratings Services affirmed its
'BB/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Republic of Guatemala.  The outlook on the
ratings remains stable.  The transfer and convertibility
assessment is unchanged at 'BBB-'.

Rationale

"Guatemala's weak institutions and polarized political
environment, which inhibit reforms that might boost growth
prospects and raise GDP per capita from a fairly low US$3,500,
constrain the ratings.  Fairly steady external, fiscal, and
monetary performance supports the ratings," S&P said.

"We expect real GDP per capita growth to remain at an average of
just below 1% between 2013 and 2016, similar to the average of the
past seven years (1.2%).  However, we expect that updated census
numbers would show that population growth is slowing and that the
per capita growth forecasts may be understated.  We anticipate
fiscal and current account deficits will remain moderate at 2.3%
and 2.9% of GDP, respectively, over the same period.  Under this
base-case scenario, Guatemala's net general government debt will
remain at about 20% of GDP," S&P said.  

"However, while this macroeconomic framework remains anchored on a
broad political consensus, the resulting growth rates remain too
low to effectively address strong social needs and increasing
demands to deal with public security," S&P said.

"Guatemala's political parties and its private sector support
broadly similar economic policies.  Parties from different
political origins have won each of the past four presidential
elections in Guatemala.  However, changes in government have not
modified the broad orientation of macroeconomic policy, which has
included moderate fiscal deficits, an inflation-targeting regime,
and current account deficits mostly funded by foreign direct
investment," S&P said.

"A fractured party system and vested private-sector interests
limit the executive branch's ability to advance controversial
legislation, such as increasing the tax burden, which is among the
lowest of the sovereigns we rate (general government revenues are
12% of GDP).  Despite moderate fiscal deficits and debt, the
challenges to raise revenue and rising expenditure pressures
stemming from a shortfall in basic services and infrastructure,
along with high social needs, continue to limit Guatemala's fiscal
flexibility," S&P said.

"Drug-related organized crime increasingly challenges a weak
police force and judiciary system.  An effective offensive against
crime, coupled with efforts to address social needs, implies the
need for higher government spending, exacerbating already limited
fiscal flexibility, especially if the government doesn't increase
its own revenues.  The new tax legislation, which became effective
in 2013, provides more tools for the government to improve tax
compliance.  While net general government debt remains slightly
less than 20% of GDP, as estimated for 2013, about 50% of the debt
is denominated in foreign currency.  Local commercial banks hold a
material part of government bonds issued in the local market," S&P
said.

"Despite moderate external liquidity and debt, vulnerability to
external shocks is a relevant risk for the Guatemala.  We expect
gross external financing needs to average 95% of current account
receipts (CAR) plus usable reserves during 2013-2016 and external
debt net of official reserves and financial sector assets to
average 29% of CAR.  Guatemala's net external liability position
is just more than 50% of CAR.  About 40% of Guatemala's exports go
to the U.S. and 30% to Central American economies, whose
performance is also linked to the U.S. economy.  Family
remittances from the U.S. represent about 10% of GDP in Guatemala,
increasing the vulnerability to the health of the U.S. economy and
any potential change in immigration laws.  External data
inconsistencies make it difficult to reconcile stock and flows,"
S&P said.

"According to the central bank, the current account deficit could
be overstated because the current account is not correctly
capturing some inflows of remittances," S&P said.

"Inflation averaged 5.4% over the past five years, and we project
slightly lower inflation going forward.  The central bank operates
with a high level of independence.  While depository corporation
claims on the resident nongovernment sector have been increasing
relatively rapidly in recent years (at rates close to 20%,
although we expected it decelerate to 17% in 2013), claims to GDP
are a moderate 37% (estimate for year-end 2013).  This fairly low
intermediation plus foreign currency lending (about a third of
total lending) restrict the transition mechanism of monetary
policy," S&P said.

Outlook

"The stable outlook balances Guatemala's growth prospects, along
with its external, fiscal, and inflation performance, against its
limited fiscal flexibility, stemming from low revenues and high
infrastructure, social, and security needs.  Additional progress
on a reform agenda that improves Guatemala's business climate and
growth momentum and at the same time generates more fiscal
resources to finance a more-comprehensive social and security
policy could lead to an upgrade.  On the contrary, signs of
greater political polarization, deterioration in public security,
higher inflation, or wider external or fiscal deficits could lead
to a downgrade of the sovereign," S&P said.

RATINGS LIST

Ratings Affirmed

Guatemala (Republic of)
Sovereign Credit Rating
Foreign Currency                      BB/Stable/B        
Local Currency                        BB+/Stable/B       
Transfer & Convertibility Assessment  BBB-               
Senior Unsecured                      BB                 



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


* BANK OF JAMAICA: Continues to Rack Up Losses
----------------------------------------------
RJR News reports that latest data show Bank of Jamaica losses
continue to move up.

As of September 25, 2013, the BoJ's year-to-date losses amounted
to JM$15.96 billion, according to RJR News.  That was up from
JM$15.19 billion two weeks earlier, the report relates.


* JAMAICA: JEA Raises Concern over Slide in Currency Value
----------------------------------------------------------   
RJR News reports that the Jamaica Exporters' Association (JEA) is
the latest private sector group to raise concern about the
continuing slide in the value of the Jamaican dollar against its
US counterpart.   In a statement, the JEA also pointed to what it
said is the general uncertainty in the business environment,
according to RJR News.  

The report notes that Andrew Collins, JEA president, said although
exporters earn foreign currency the volatility in the exchange
rate has made it difficult to plan with certainty.   Mr. Collins,
the report relates, said the continued depreciation of the local
currency has resulted in major increases in the cost of inputs for
production such as energy, transportation and related transactions
costs.  

RJR News notes that while commending the Government on passing its
IMF test Mr. Collins underscored the need for greater
predictability in the foreign exchange market to promote stability
for planning and production.
  
RJR News discloses that foreign exchange trading resumes Oct. 10
morning with the US currency at JM$104.55.  It is costing
JM$101.16 cents for the Canadian dollar and JM$167.96 cents for
the pound sterling, RJR News says.


* JAMAICA: Signs US$60M IDB Loan Contract for Fin'l. Mgmt. Program
------------------------------------------------------------------
Jamaica Public Financial and Performance Management Program III
Luis Alberto Moreno, the President of the Inter-American
Development Bank and the Honorable Peter D. Phillips, the Minister
of Finance and Planning of Jamaica, signed in Washington D.C. a
US$60 million loan contract, the third tranche of financing for a
public financial and performance management program.

President Moreno expressed the IDB's satisfaction with respect to
Jamaica's strengthened fiscal management as well as the country's
progress with the International Monetary Fund's Extended Fund
Facility, the first review of which was approved by the IMF's
Board on September 30, 2013.  This review is an important
reflection of that institution's confidence in Jamaica's
macroeconomic stabilization program.

This loan represents the first Policy Based Loan operation since
2011 and accompanies the Government of Jamaica's efforts to
enhance public management by strengthening fiscal discipline,
improving public financial management, and increasing public
performance management.

The program combines policy initiatives and government actions in
four key areas: fiscal responsibility, financial management,
public procurement' and performance management and accountability.
All of these reforms are paramount to accomplishing the objectives
of Jamaica's stabilization program currently being implemented.
These reforms are expected to deliver ambitious debt reduction and
fiscal consolidation over the next four years for Jamaica.

The program's expected results are

   * greater fiscal discipline
   * more efficient and effective public financial management
     (which includes procurement)
   * improved service delivery and greater accountability in
     public performance management.

The loan is for a 20-year period, with a five-year grace period,
at a Libor-based interest rate. The Ministry of Finance and
Planning is the executing agency for the project.


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


GENWORTH SEGUROS: S&P Affirms, Withdraws 'BB+' Global Scale Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'mxAA-' national scale ratings on Mexico-based mortgage
insurer Genworth Seguros de Credito a la Vivienda (GSCV).  The
outlook on the ratings is stable.  At the same time, we withdrew
the ratings on GSCV's request.

Standard & Poor's doesn't rate any GSCV's debt issuance.


GRUPO FINANCIERO: Gets Gov't OK to Buy Generali Group's Stake
-------------------------------------------------------------
As a follow up to the material event published on June 11, 2013 by
Grupo Financiero Banorte, S.A.B. de C.V. (GFNORTE) regarding the
binding agreement under which GFNORTE would acquire the remaining
49% of the equity representative common shares of Seguros Banorte
Generali, S.A. de C.V. and Pensiones Banorte Generali, S.A. de
C.V. held by Assicurazioni Generali S.p.A Generali Group, GFNORTE
informs to the investment public that it has obtained the
corresponding government authorizations in order to finalize the
acquisition of the Generali Group's minority stake in the
insurance and annuities companies: the Antitrust Commission (CFC)
informed having no objection to the transaction through the
communication No. SE-10-096-2013-483 issued in Aug. 7, 2013, while
the Ministry of Finance and Public Credit notified its conformity
with the acquisition of Generali's equity participation in both
companies through the communication No. 366-III-574/13 issued on
September 24, 2013.

According to the report, the total amount of the transaction was
US$858 million, including excess capital: US$637 million for
Seguros Banorte Generali and US$221 million for Pensiones Banorte
Generali.

Seguros Banorte offers life, car, home and medical insurance
through a network of agents, independent brokers and mainly
through Banco Mercantil del Norte S.A.'s branch network.  As of
June 2013, it ranked eighth in market share in terms of premiums,
according to the Mexican Association of Insurance Institutions.  
During the first half of 2013, Seguros Banorte represented 1.9% of
GFNORTE's total assets and 3.8% of its stockholders' equity.

The total net income reported by the company during this period
was Ps. 559 million and Ps. 924 million during 2012, representing
8.8% and 8.5% of the GFNORTE's net income, respectively.

Pensiones Banorte offers annuities derived from the Social
Security Law.  As of August 2013, Pensiones Banorte ranked first
in terms of premiums, according to AMIS's information.  During the
first six months of 2013, Pensiones Banorte represented 5.0% of
GFNORTE's total assets and 1.4% of its stockholders' equity.  The
total net income reported by the company for this period was Ps.
76 million and Ps. 96 million during 2012, representing 1.2% and
0.9% of the GFNORTE's net income, respectively.

GFNORTE reiterates to the investment public that it expects to
continue adopting the best international corporate practices
regarding Corporate Governance and information disclosure.  The
Financial Group expects to maintain its strategic and expansion
plans to consolidate a leading institution in Mexico; in this
sense, we will timely inform the investment community regarding
the strategy execution and evolution of our operations.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 201, Fitch Ratings has affirmed Grupo Financiero
Banorte's and Banco Mercantil del Norte S.A.'s Viability ratings
(VR) at 'bbb' and their long- and short-term Issuer Default
Ratings (IDRs) at 'BBB'/'F2', respectively. Ixe Banco, S.A.'s
(Ixe) VR was upgraded to 'bb+' from 'bb'. The National scale
ratings for these two banks, as well as those of certain non-bank
subsidiaries that are driven by support from GFNorte, were
affirmed at 'AA+(mex)' and 'F1+(mex)'. The Rating Outlook on the
long-term ratings of all these entities remains Stable.


MAXCOM TELECOMUNICACIONES: U.S. Offer Expired Sept. 26
------------------------------------------------------
Maxcom Telecomunicaciones, S.A.B. de C.V., filed on Oct. 8, 2013,
Amendment No. 2 to its Schedule TO-T Tender Offer Statement Under
Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of
1934.

The Amendment No. 2 amends and supplements the Tender Offer
Statement on Schedule TO-T, as amended from time to time, filed on
Aug. 23, 2013, in connection with an offer in the United States by
Banco Invex S.A., Institucion de Banca Multiple, Invex Grupo
Financiero, a banking institution organized and existing under the
laws of the United Mexican States, as Trustee for Trust Number
1387 (the "Trust"), Ventura Capital Privado, S.A. de C.V., Javier
Molinar Horcasitas and Enrique Castillo Sanchez Mejorada
(together with the Trust, Ventura Capital and Javier Molinar, the
"Purchasers") to purchase for cash (i) all of the outstanding
Series A Common Stock, without par value (the "Shares") of Maxcom
Telecomunicaciones, S.A.B. de C.V., (ii) all of the outstanding
Ordinary Participation Certificates ("CPOs") of Maxcom, and (iii)
all of the outstanding American Depository Shares ("ADSs," and
collectively with the Shares and the CPOs, and in each case, with
any coupon representing unpaid dividends as of the day hereof, the
"Securities"), of Maxcom, upon the terms and subject to the
conditions set forth in the U.S. Offer to Purchase, dated Aug. 23,
2013 (the "Offer to Purchase"), and in the related ADS Letter of
Transmittal (which, together with any amendments or supplements
thereto, collectively constitute the "U.S. Offer"), which were
annexed to and filed with the Schedule TO as Exhibits (a)(1)(A)
and (a)(1)(B), respectively.  Each ADS represents seven CPOs.  
Each CPO represents three Shares.

Simultaneously with the U.S. Offer, the Purchasers offered in
Mexico (the "Mexican Offer" and collectively with the U.S. Offer,
the "Offers") to purchase for cash all of the outstanding Shares
and CPOs of Maxcom for Ps.0.9666 for each Share and Ps.2.90 for
each CPO on substantially the same terms of the U.S. Offer.

This Schedule TO is being filed on behalf of the Purchaser and is
intended to satisfy the filing requirements of Rule 14d-3(b)(2)
promulgated under the Securities Exchange Act of 1934, as amended.

According to a press release from the Purchasers dated Sept. 27,
2013, the U.S. Offer expired at 12:00 midnight, New York City
time, on Sept. 26, 2013.  In Mexico, the Purchasers' simultaneous
tender offer to purchase all of the outstanding Shares and CPOs of
Maxcom has also expired on Sept, 26, 2013.

A copy of the Schedule TO, filed Aug. 23, 2013, is available at:

                        http://is.gd/osR4wk

A copy of Amendment No. 1 to the Schedule TO, filed Sept. 4, 2013,
is available at:    

                        http://is.gd/NEMCHT

A copy of this Amendment No. 2 is available at:

                        http://is.gd/4k5CIQ

                           About Maxcom

Maxcom Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance, data, value-added, paid TV and IP-based services on a
full basis in greater metropolitan Mexico City, Puebla, Tehuacan,
San Luis, and Queretaro, and on a selected basis in several cities
in Mexico.

                           *    *     *

Maxcom carries a 'CC' corporate credit rating from Standard &
Poor's Ratings Services and a "Caa1" from Moody's Investors
Service.



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


TRINIDAD CEMENT: Legal Battle With Shareholders Continues
---------------------------------------------------------
RJR News reports that there's no end in sight to the legal battle
involving Carib Cement's parent company and a group of
shareholders which obtained an injunction barring it from holding
its annual general meeting.

Trinidad Cement Limited said lawyers for the shareholders have
applied for a further postponement of the company's appeal of the
injunction, according to RJR News.  It is now scheduled for
November 9.

The report notes that TCL wants the Appeal Court to overturn the
injunction granted to the group of minority shareholders, hours
before its annual general meeting was scheduled to start on July
12.

RJR News discloses that the injunction forms part of a lawsuit in
which the shareholders are challenging a decision by TCL's
directors to refuse to attach their proposal and statement to the
proxy circular which accompanied the notice of the meeting.  The
minority group wants to nominate five directors to TCL's board,
the report relates.

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

                          *     *     *

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



=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Mulls Dollar Bond Sale Before Year Ends
---------------------------------------------------------------
Corina Pons and Pietro D. Pitts at Bloomberg News report that
Petroleos de Venezuela S.A. (PDVSA) is considering the sale of as
much as US$3 billion in dollar bonds before the end of the year.

The bonds would be sold in a private placement to the Central Bank
for currency auctions and oil service providers to payoff debt,
said a PDVSA official, according to Bloomberg News.  The company
is studying ways to swap or repurchase debt with maturities from
2014 to 2017, according to the official, Bloomberg News relates.

Bloomberg News notes that Venezuela will re-start dollar auctions
on Oct. 16 and sell US$100 million a week in a bid to arrest the
decline of the bolivar on the black market and boost imports amid
shortages of everything from toilet paper to chicken, Oil Minister
and PDVSA President Rafael Ramirez said.  

Bloomberg News relates that Mr. Ramirez said Caracas-based PDVSA
is studying two maturity options for the bond sale including 2025
or a date further out on the country's debt curve.  The company
wants to bring its annual debt payment burden to a manageable
level of US$2.5 to US$3.5 billion, Mr. Ramirez added, Bloomberg
News relays.

                             Debt Swap

Bloomberg News relays that the official said PDVSA wants to swap
debt from bonds due in 2014 for loans from international banks.  
The company is also studying ways to swap or refinance bonds with
maturities between 2016 and 2017.

Bloomberg News discloses that the state oil producer, which last
sold dollar debt in May 2012, is not likely to sell more bonds
next year and is focused on obtaining financing from oil partners
to increase production, which is averaging 2.85 million barrels a
day in 2013, the official said.

Bloomberg News notes that PDVSA has commitments from joint-venture
partners for financing totaling US$8.5 billion this year to
increase oil production to 3 million barrels a day in 2014.

Bloomberg News says that restricted dollar supplies have crippled
imports in a country that buys 70 percent of its goods from
abroad.  The shortages have pushed inflation in the past twelve
months to almost 50 percent and caused the bolivar to lose 60
percent of its value against the dollar in the black market this
year, Bloomberg News relays.

Bloomberg News discloses that Venezuelan President Nicolas Maduro
said Oct.11 that US$900 million had been set aside for dollar
auctions through Dec. 31. Venezuela sold US$761 million in
auctions during July and August.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 20, 2013, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Petroleos de Venezuela S.A. (PDVSA) to 'B' from 'B+'.  The outlook
remains negative.


PETROLEOS DE VENEZUELA: Signs Pact for Ayacucho Block 8 in Orinoco
------------------------------------------------------------------
RTT News reports that Reliance Industries Ltd. (RIL) and the
Venezuelan state oil company Petroleos de Venezuela (PdVSA), SA
have signed a joint study agreement for Ayacucho Block 8 in
Orinoco Oil Belt.

As per the study agreement, both the parties will jointly evaluate
the development plan for Ayacucho 8, according to RTT News.

The report notes that RIL and PdVSA have also extended the term of
the MoU signed between the parties last year by one year for
continued cooperation.

The report relates that the signing of the Joint Study Agreement
for Ayacucho Block 8 and the extension of MoU marks further
strengthening of the long standing relationship between RIL and
PdVSA as well as between Indian and Venezuela.


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 20, 2013, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
Petroleos de Venezuela S.A. (PDVSA) to 'B' from 'B+'.  The outlook
remains negative.


                           ***********


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 * * *