TCRLA_Public/131030.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 30, 2013, Vol. 14, No. 215


                            Headlines



B R A Z I L

ARALCO INDUSTRIA: S&P Puts 'B' CCR on CreditWatch Negative
OGX PETROLEO: OSX Vessel Plugged to Field Not for Sale


C A Y M A N  I S L A N D S

CMT CAYMAN: Creditors' Proofs of Debt Due Nov. 21
EATON VANCE: Commences Liquidation Proceedings
EOP FUNDING: Creditors' Proofs of Debt Due Nov. 20
EOP MASTER: Creditors' Proofs of Debt Due Nov. 20
EXPEDITION ADVISORS: Creditors' Proofs of Debt Due Nov. 21

GOLDEN HORSE: Placed Under Voluntary Wind-Up
HERA SECURITIES: Commences Liquidation Proceedings
JT CAPITAL: Creditors' Proofs of Debt Due Nov. 22
KRD HOLDINGS: Commences Liquidation Proceedings
NEWCASTLE CDO X: Creditors' Proofs of Debt Due Nov. 21

PALABONO FINANCE: Commences Liquidation Proceedings
SVG INVESTMENTS: Placed Under Voluntary Wind-Up
TAURUS GLOBAL: Commences Liquidation Proceedings
TAURUS PRECIOUS: Commences Liquidation Proceedings
TBR FINANCE: Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: To Hire Lawyers to Collect RD$1.3BB From Free Zones
DOMINICAN REP: Chief Says 'US$700MM Owed is in Congress'


E C U A D O R

BANCO DE LA PRODUCCION: Fitch Ups LT Issuer Default Rating to 'B'
BANCO PICHINCHA: Fitch Ups Long-Term Issuer Default Rating to 'B'


P E R U

ANDINO INVESTMENT: S&P Assigns 'B+' Rating to Proposed $130MM Bond
ANDINO INVESTMENT: Fitch Rates $130MM Sr. Unsec. Notes at BB-


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Flights Delayed Over Mechanical Issues


X X X X X X X X X

* LATAM: IDB Facilitates Investments in Shared Value by Firms


                            - - - - -


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


ARALCO INDUSTRIA: S&P Puts 'B' CCR on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate credit
and debt ratings on Aralco Industria e Comercio S.A. on
CreditWatch with negative implications.  Aralco has $250 million
of rated debt.

The CreditWatch placement reflects S&P's expectation that Aralco
will crush significantly lower volumes of sugarcane than what it
previously estimated.  The new management has revised its forecast
to approximately 5 million tons of cane in the 2013/2014 harvest
from 6 million tons.  In S&P's view, this, combined with lower
sugar prices and agricultural productivity (which should remain at
about 75 tons of sugarcane per hectare compared to more than 80
previously forecasted), should result in weaker operating cash
flow generation.  Moreover, the company will have higher
investments to renew the plantations to increase both the crushing
capacity and operating efficiency of its plants, which can
deteriorate its liquidity and leverage metrics.

The CreditWatch listing reflects the possibility of a downgrade if
liquidity and/or covenant headroom tightens, pressuring Aralco's
ability to refinance upcoming debt maturities and invest in the
harvest renewal, which would be essential to improve agricultural
productivity levels and related cash flows in the next few
harvests.


OGX PETROLEO: OSX Vessel Plugged to Field Not for Sale
------------------------------------------------------
Reuters reports that OSX-3 vessel, which Brazilian oil producer
OGX Petroleo e Gas Participacoes SA is seeking to hook up to the
offshore Tubarao Martelo field, is not up for sale, a source with
direct knowledge of the situation said.

OGX Petroleo e Gas will continue to look for fresh capital even if
it files for bankruptcy protection, said the source, who declined
to be identified because the decision has not yet been made
public, according to Reuters.

Three sources told Reuters that OGX, controlled by former
billionaire Eike Batista, is preparing to file for bankruptcy
protection.

OSX Brasil SA, OGX's sister company and the owner of the vessel,
has no plans to file for bankruptcy protection at the moment, the
company said earlier, Reuters notes.

                         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 Participacoes 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
==========================


CMT CAYMAN: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------
The creditors of CMT Cayman GP Limited are required to file their
proofs of debt by Nov. 21, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 26, 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


EATON VANCE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Oct. 10, 2013, the members of
Eaton Vance CDO, Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

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


EOP FUNDING: Creditors' Proofs of Debt Due Nov. 20
--------------------------------------------------
The creditors of EOP Funding Ltd are required to file their proofs
of debt by Nov. 20, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Sept. 24, 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


EOP MASTER: Creditors' Proofs of Debt Due Nov. 20
-------------------------------------------------
The creditors of EOP Funding Master Ltd are required to file their
proofs of debt by Nov. 20, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Sept. 24, 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


EXPEDITION ADVISORS: Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------------
The creditors of Expedition Advisors (Offshore) Limited are
required to file their proofs of debt by Nov. 21, 2013, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 2, 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


GOLDEN HORSE: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Jan. 29, 2013, the
shareholders of Golden Horse Investments Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidators are:

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


HERA SECURITIES: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Oct. 10, 2013, the members of
Hera Securities Ltd. resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

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


JT CAPITAL: Creditors' Proofs of Debt Due Nov. 22
-------------------------------------------------
The creditors of JT Capital Management Group Ltd are required to
file their proofs of debt by Nov. 22, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 27, 2013.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Telephone: (345) 946 9861
          Facsimile: (345) 743 6770
          Buckingham Square, 2nd Floor,
          West Bay Road
          PO Box 11735 Grand Cayman KY1-1009
          Cayman Islands


KRD HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary meeting held on Sept. 30, 2013, the sole
shareholder of KRD 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 liquidators are:

          Kitagawa
          Hisayoshi Kitagawa
          c/o Shohei Matsui
          Telephone: +81 3 5775 9200
          Facsimile: +81 3 5775 9201
          c/o CARD Corporate Services Ltd.
          Zephyr House, 122 Mary Street, George Town
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


NEWCASTLE CDO X: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
The creditors of Newcastle CDO X, Limited are required to file
their proofs of debt by Nov. 21, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Sept. 27, 2013.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands
          e-mail: ellen.christian@bnpparibas.ky


PALABONO FINANCE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Oct. 10, 2013, the members of
Palabono Finance Limited resolved to voluntarily liquidate the
company's business.

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

The company's liquidator is:

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


SVG INVESTMENTS: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Sept. 26, 2013, the sole shareholder of SVG Investments Limited
resolved to voluntarily wind up the company's operations.

The company's liquidators are:

          Probitas Limited
          Equitas Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


TAURUS GLOBAL: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on Oct. 2, 2013, the sole
shareholder of Taurus Global Resources Hedge Fund 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 liquidators are:

          Taurus Global Resources Limited GP, LLC
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


TAURUS PRECIOUS: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary meeting held on Oct. 2, 2013, the shareholder
of Taurus Precious Metals Fund 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:

          Taurus Precious Metals Fund GP, LLC
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


TBR FINANCE: Commences Liquidation Proceedings
----------------------------------------------
At an extraordinary meeting held on Oct. 10, 2013, the members of
TBR Finance Inc. resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

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


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


DOMINICAN REP: To Hire Lawyers to Collect RD$1.3BB From Free Zones
------------------------------------------------------------------
Dominican Today reports that only nine of the 29 of Santiago's
free zone companies that owe RD$1.3 billion to the government have
been paying, after an agreement reached with the Finance Ministry,
which affirmed that the government will hire lawyers to collect
the debt.

The revelation is in a report disclosed by Finance Minister Simon
Lizardo, submitted to the Chamber of Deputies Commission, who
investigates the debt in arrears, according to Dominican Today.

The report names the companies that are paying through the State-
owned Rreservas bank:

   -- Margarita International,
   -- Micalo Bermudez;
   -- Group, Fernando Capellan,
   -- Union Textil,
   -- Pedro Manuel Garcia;
   -- Grupo D'Clase,
   -- Jose Clase and Ana Manufacturing, de Martin Rivas;
   -- RJ Torres,
   -- Joe Torres;
   -- Notions Dominicana,
   -- Miki Lama,
   -- Global Technology, and
   -- Qel.


DOMINICAN REP: Chief Says 'US$700MM Owed is in Congress'
--------------------------------------------------------
Dominican Today reports that Ruben Jimenez, chief executive of
Dominican Republic's State-owned Electric Utility (CDEEE) affirmed
that the government takes steps to pay the more than US$700
million owed the power companies.

Mr. Jimene said he asked the power companies for understanding,
since has Congress delayed approval of the supplementary budget,
according to Dominican Today.  The report relates that the power
companies have threatened to shut the plants if the Government
fails to pay the 4-month debt of US$776.8 million.

"We've been paying the bill to the power companies in a very high
percentage month after month and with the delay in approval of the
supplementary budget we have gone 40 or 45 days beyond the usual
pace that we had been doing over the course of this year," the
report quoted Mr. Jimenez as saying.

Mr. Jimenez said as soon as the budget is approved, "we will be
paying more than what we have paid them, between US$1.5 and US$1.6
billion dollars to the power companies this year, that's a lot of
money," the report notes.

The report adds that the official revealed that this year's
electricity consumption jumped around 20%, "as a result of the
heat."


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E C U A D O R
=============


BANCO DE LA PRODUCCION: Fitch Ups LT Issuer Default Rating to 'B'
-----------------------------------------------------------------
Fitch Ratings upgraded Banco de la Produccion, S.A. y
Subsidiarias' (Produbanco) long term Issuer Default Rating (IDR)
to 'B' from 'B-' and its Viability Rating (VR) to 'b' from 'b-',
while all other ratings have been affirmed. The Rating Outlook is
Stable. A full list of rating actions follows at the end of this
press release.

Key Rating Drivers - IDRs, VR and Support Ratings:

This positive rating action follows Fitch's recent upgrade of
Ecuador's Long-Term Ratings and Country Ceiling to 'B' from 'B-'.

Produbanco's VR drives its long-term IDR. The bank's VR balances
its strong franchise, experienced management, good asset quality,
and solid liquidity, with its moderate loan and investment
concentration and decreasing capital ratios. On a stand-alone
basis, Produbanco's profile continues to compare favorably with
international peers (emerging market commercial banks rated 'b-',
'b' or 'b+'). However, Ecuador's political and regulatory
uncertainties continue to weigh on the bank's ratings. The Stable
Outlook reflects Fitch's view that it does not foresee changes in
the bank's credit profile or in its operating environment.

Despite having the fourth largest deposit market share, Fitch
believes Produbanco cannot rely on government support, should it
be necessary, given Ecuador's limited financing flexibility and
the lack of a lender of last resort, underpinning both the bank's
support rating of '5' and support floor rating of 'NF'.

Produbanco's asset quality compares favorably with both the
domestic industry average as well as similarly rated international
peers. Its non-performing loans to total loans ratio (calculated
under local guidelines) is relatively low despite recent
deterioration as a result of the bank's increased participation in
retail segments, whose parameters are more stringent (i.e. loans
are considered non performing after 15 days overdue). In turn,
loan loss reserve coverage of impaired loans is ample and higher
than that of comparable banks.

In Fitch's opinion, Produbanco maintains solid liquidity ratios
and benefits from a stable and diversified deposits base that
provides most of its funding. Liquidity coverage of deposits is
also ample and compares favorably with domestic and international
peers.

Profitability ratios decreased due to changes in the operating
environment, including bank resolutions that curbed fee and
commission income, as well as increased taxes and contributions. A
deceleration of retail credit growth over the first half of 2013
has also affected profitability ratios. In addition to the changes
in the operating environment, Produbanco's strategy has also
required investments in technology and infrastructure that have
constrained the bank's planned improvements in its operating
efficiency.

Decreasing profitability has affected Produbanco's capital ratios.
The bank's Fitch core capital to weighted risks ratio declined to
10% at end-June 2013, as internal capital generation was surpassed
by asset growth. According to Fitch's projections, capital ratios
will remain under pressure in the near term despite the bank's
moderate asset growth projections for the remainder of 2013.

Rating Sensitivities - IDRs and VR:

Produbanco's rating has limited upgrade potential. The long-term
IDR is at the same level of Ecuador's sovereign, recently upgraded
to 'B'.

Produbanco's ratings could be negatively affected if government
intervention continues to undermine the bank's financial
performance, causing its operating profit/average total assets
ratio to fall below 0.5%, and/or its Fitch core capital/weighted
risks ratio to fall below 9%.

Rating Sensitivities - Support Rating And Support Rating Floor:

Changes to the support rating and SRF would reflect a change in
Fitch's view of the Government's willingness to support the bank,
if this was needed.

Fitch has taken the following rating actions on Produbanco:

-- Foreign currency long-term IDR upgraded to 'B' from 'B-';
Outlook Stable;
-- Foreign currency short-term IDR affirmed at 'B';
-- Viability rating upgraded to 'b' from 'b-';
-- Support rating affirmed at '5';
-- Support Floor affirmed at 'NF'.


BANCO PICHINCHA: Fitch Ups Long-Term Issuer Default Rating to 'B'
-----------------------------------------------------------------
Fitch Ratings upgraded Banco Pichincha C.A. y Subsidiarias'
(Pichincha) Long-term Issuer Default Rating (IDR) to 'B' from 'B-'
and Viability Rating (VR) to 'b' from 'b-'. The Rating Outlook is
Stable. A full list of rating actions follows at the end of this
press release.

Key Rating Drivers - VR, IDRs:

The positive rating action follows Fitch's recent upgrade of
Ecuador's Long-Term Rating and Country Ceiling to 'B' from 'B-'.

Pichincha's VR drives its long-term IDR. The bank's VR balances
its strong franchise and market share, good asset quality, ample
liquidity, and adequate capitalization, with the bank's financial
performance pressures.

On a stand-alone basis, Pichincha's profile continues to compare
favorably with international peers (emerging market commercial
banks rated 'b-', 'b' or 'b+'). However, Ecuador's political and
regulatory uncertainties continue to weigh on the bank's ratings.
The Stable Outlook reflects Fitch's view that it does not foresee
changes in the bank's credit profile or in its operating
environment.

Fitch expects Pichincha's stable and diversified deposit base to
grow at a moderate pace over the medium term, backed by a liquid
and highly rated investment portfolio. Liquidity is better than
international and domestic peers.

Asset quality deteriorated during 1H13, mostly reflecting the
maturation of Pichincha's rapidly growing microcredit and consumer
portfolio. At June 30, 2013, Pichincha's impaired loans to total
loans ratio of 3.98% was slightly higher than the domestic peer
average of 3.2%, in part a reflection of its retail focus.
However, this ratio compared favorably with the international peer
median, particularly when taking into consideration more stringent
local guidelines for impaired loans. In Fitch's view, the
deteriorating trend in asset quality is likely to stabilize given
the expected recovery of economic growth and enhanced credit risk
tools. Loan loss reserve coverage of impaired loans exceeds that
of domestic and international peer average.

Pichincha's capitalization ratios declined relative to historical
levels due to stronger asset growth and recent asset quality
deterioration. Capitalization is lower compared with that of large
domestic and international peers, but Fitch believes strong
reserve coverage of impaired loans and the bank's risk profile
somewhat mitigates lower capitalization.

Pichincha's profitability weakened in 2012 and in the first half
of 2013, as a result of lower revenues and higher credit costs.
Thus, the bank's annualized ROAA declined to 0.5% at June 30,
2013, comparing unfavorably with those of both domestic and
similarly rated international peers. Given recent and potential
regulatory changes, Fitch believes profitability is not likely to
improve significantly over the near term.

Support Ratings:

Pichicha's Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF', indicates that Fitch believes external support
cannot be relied upon due to Ecuador's limited funding flexibility
as well as the lack of a lender of last resort.

Rating Sensitivities - VR and IDRs:

Pichincha's rating has limited upgrade potential in the short term
given its challenge operating environment and the impact on its
performance.

Pichincha's ratings could be pressured if government intervention
continues to undermine the bank's performance, causing operating
losses or a weakening of the bank's Fitch Core Capital/weighted
risks ratio to a level below 8.5% in conjunction with a material
decline in excess loan loss reserves.

Rating Sensitivities - Support Rating And Support Rating Floor:

Changes to the support rating and SRF would reflect a change in
Fitch's view of the Government's willingness to support the bank,
if this were needed.

Fitch has taken action on the following ratings:

-- Foreign currency long-term IDR upgraded to 'B' from 'B-',
Stable Outlook;
-- Foreign currency short-term IDR affirmed at 'B';
-- VR upgraded to 'b' from 'b-';
-- SR affirmed at '5';
-- SRF affirmed at 'NF'.


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P E R U
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ANDINO INVESTMENT: S&P Assigns 'B+' Rating to Proposed $130MM Bond
------------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' ratings
to Andino Investment Holding S.A.A. (AIH) and its proposed
$130 million senior bond.  The outlook is stable.

The rating on AIH reflects its "aggressive" financial risk profile
and "weak" business risk profile.  AIH's leading market position
and operating efficiency, and positive growth fundamentals for the
Peruvian economy only partly mitigate the company's exposure to
volatile profitability due to its operations' small scale that
also limits the company's capacity to withstand unexpected events.
"We view the company's integrated services, strong synergies among
business lines, and long-term relationship with its major clients
as competitive advantages.  We expect these positive factors to
allow AIH to expand its business and scale to improve EBITDA
margins, leading to more resilient credit metrics," said Standard
& Poor's credit analyst Marcus Fernandes.


ANDINO INVESTMENT: Fitch Rates $130MM Sr. Unsec. Notes at BB-
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' expected rating to Andino
Investment Holding S.A.'s (AIH) proposed USD 130 million, senior
unsecured notes due 2020. Proceeds from the debt issuance will be
used to repay about USD 86.5 million in existing bank debt and
finance USD 43.5 million of capital expenditures and general
corporate purposes.

Fitch has assigned the following ratings:

-- Local and Foreign currency Issuer Default Ratings (IDRs) 'BB-';
-- Senior unsecured debt rating 'BB-(exp)'.

The Rating Outlook is Stable.

Key Rating Drivers:

The ratings reflect AIH's good market position, positive trend in
operational results, stable EBITDA margins, high financial
leverage and adequate liquidity post issuance. The ratings are
constrained by the company's limited geographic diversification as
AIH's operations are fully developed in Peru with a high
concentration in the port of Callao as the main contributor to the
company's income and EBITDA.

The Stable Outlook reflects Fitch's expectation that AIH will
continue to deliver positive operating results due to its market
position and the positive trends of Peru's trade activities. AIH
is expected to complete its capex plans during 2013 - 2014 period,
without a further increase in its financial leverage post
issuance, and that the company will maintain adequate liquidity
going forward. The Stable Outlook also incorporates the view that
the company's adjusted gross leverage will trend toward 4.5x by
the end of 2014.

Market Position and Business Fundamentals:

AIH is a leading maritime and logistic services company in Peru
with 40-year experience in a market which has become more
competitive in the last years. The company maintains a well-
diversified customer base with long-term business relationships
and storage facilities strategically located next to the Port of
Callao. The company's fully owned subsidiaries Neptunia S.A.
(Neptunia) and Cosmos Agencia Maritima S.A.C. (Cosmos) are leading
participants in the logistic and maritime industries,
respectively, with around 15% and 16% market share, respectively.
These companies combined represented 73% of AIH's consolidated LTM
June 2013 EBITDA. In addition, Neptunia and Cosmos have a
diversified customer base, with no single client accounting for
more than 6% of total revenues.

The ratings also incorporate the expectation that the company will
continue to benefit from positive business environment reflecting
Peru's medium-term economic prospects, free trade agreements with
other countries boosting foreign trade activities in the Peruvian
ports, and improvements in port infrastructure being promoted by
the government through concessions.

Positive Trend in Operational Results:

AIH's revenues showed a positive trend after the downturn in 2009,
when the company's results were negatively affected by the
privatization of the Port of Callao) and by the global economic
downturn. The company had the ability to positively react to this
new scenario. During the last three years, the company's revenues
grew at a CAGR of 16% driven primarily by higher volumes, while
EBITDA margin remained stable around 10% to 11% during the period.
The company's total revenues and EBITDA reached levels of USD216
million and USD27 million, respectively, during the last 12 month
period ended in June 30, 2013 (LTM June 2013).

High Leverage and Negative FCF:

The ratings incorporate the company's high financial leverage post
issuance and the expectation of business deleverage taking place
toward the end of 2014.

The company's gross Debt/EBITDA and Net Debt/EBITDA ratios were
4.0x and 3.6x, respectively, during LTM June 2013. After the
issuance of USD 130 million proposed notes, total debt amount will
increase to around USD154 million and AIH's pro forma gross
leverage and net leverage are expected at 5.7x and 3.6x.

Business deleverage is expected during the next years driven by
growing EBITDA reflecting increasing volumes from the logistic
services business as well as from more activity from oil and gas
projects being developed in the Peruvian Amazon. Fitch Base Case
projections consider a gross leverage around 5.1x at the end of
2013 and around 4.5x for the next year. FCF would remain negative
in 2013 and 2014 due to higher capital expenditures.

Low Refinancing Risk Post Issuance:

As of June 30, 2013, AIH's cash and short-term debt was USD8.5
million and USD17 million, respectively. The company is expected
to gain financial flexibility with the proposed transaction by
improving its debt payment schedule and rebuilding its cash
position. The company's liquidity has been relatively weak in the
past. Post issuance, the company will have a flexible debt payment
schedule with most of the debt due in 2020. The ratings
incorporate an expectation that AHI will maintain adequate
liquidity post issuance around USD20 million during the 2013 -
2014 period and that the company's short-term debt will remain
below USD3 million during the same period. In addition, the
company maintains a good level of unencumbered assets, with a
value estimated at USD292 million, which could provide support to
access liquidity in a stress scenario.

Rating Sensitivities:

Factors that could trigger a positive rating action include
reduction in leverage levels on a sustained basis, consistent
positive free cash flow generation and increasing geographic
diversification. Successful development and/or consolidation in
infrastructure projects that lead to relevant and stable cash flow
generation would also be considered as a positive factor.

Factors that could result in a negative rating action include
deterioration in the company's financial profile leading to weaker
credit metrics due to increasing competition or important
macroeconomic downturn. Delays and/or higher capital needs for
infrastructure projects sponsored by AIH as well as new
acquisitions could increase the consolidated leverage and the
ratings could be negatively affected.


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


CARIBBEAN AIRLINES: Flights Delayed Over Mechanical Issues
----------------------------------------------------------
Trinidad and Tobago Newsday reports that customers of Caribbean
Airlines Limited (CAL) experienced flight delays on the domestic
air bridge due to "minor mechanical issues" on two of the
airline's ATR Turboprop aircraft.

Both aircraft were in Tobago when the mechanical issues were
identified, which affected several flights and inconvenienced "a
number of passengers," according to Trinidad and Tobago Newsday.
The report relates that CAL Corporate Communications Manager Clint
Williams said this prompted the airline to add three return
flights to October 25's schedule, "to ensure booked passengers are
able to complete their travel.

As of Oct. 25, one of the affected aircraft had been checked and
returned to service while the other was to be flown to Piarco
International Airport "in order to be more fully checked before
being returned to commercial service," the report adds.

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.


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


* LATAM: IDB Facilitates Investments in Shared Value by Firms
-------------------------------------------------------------
The Inter-American Development Bank (IDB) has allocated US$750,000
to support clients from its private-sector portfolio in
implementing initiatives to create shared value.

A company creates shared value when it addresses economic and
social problems in a community, not only making itself more
competitive, but creating benefits for workers and their families.

The IDB is the first multilateral financial institution to endorse
the concept of shared value assessments, and will select a group
of ten companies that it is already supporting to identify
investment opportunities aimed at optimizing the allocation of
their resources, increasing their competiveness and adding social
value in communities.  Each project that is selected will receive
an assessment designed to identify business opportunities and to
draft investment plans during 2013-2014.

Companies will be chosen based on their capacity for making
substantial shared value investments.  Each will receive four
months of specialized consulting services so as to be able to
identify opportunities and assign priorities among alternative
plans.

Work is already underway with Subsole in Chile, Caribe Hospitality
in Jamaica and the Universidad de San Ignacio de Loyola in Peru.

With Subsole, an agricultural products firm, studies have aimed at
enabling the company's workforce to become more sustainable,
through investments to improve working conditions of low-income,
rural families during the harvest season.  In the case of Caribe
Hospitality, a tourism development company, the focus has been on
identifying job opportunities for at-risk youth during the
construction of hotels, and for including small and medium-sized
companies in the supply chain.  With the Universidad de San
Ignacio de Loyola, alternatives are being offered to broaden the
socioeconomic spectrum of matriculating students and to lower
dropout rates.

The remaining seven beneficiaries are currently being evaluated,
with plans for still others to receive blueprints for identifying
social issues arising in connection with the products and services
they offer, and expanding the reach of their value chains.

While many firms in Latin America and the Caribbean value
investments that not only provide financial returns but also bring
with them social and environmental benefits, they lack the
capacity, time and resources to identify shared value investments.

The shared value assessment, along with other related topics, will
be discussed on October 28 in Cartagena, Colombia, at the Creating
Shared Value Global Forum 2013, which aims to develop new thinking
on means by which the private sector can help to stimulate
development in Latin America and the Caribbean and the world.  The
event is organized by Nestle and the IDB.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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