TCRLA_Public/131111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, November 11, 2013, Vol. 14, No. 223


A N T I G U A  &  B A R B U D A

LIAT: Should be Classified as an Essential Service, Skerrit Says


BANCO INDUSTRIAL: S&P Puts 'BB' Rating on Creditwatch Developing
HYPERMARCAS SA: Posts BRL80.2 Million in Third-Quarter Profits
HYPERMARCAS SA: Board of Directors Okays Acquisition of Shares
MARFRIG ALIMENTOS: Fitch Affirms Issuer Default Ratings at 'B'
OSX BRASIL: Said To Plan Bankruptcy Filing by Early This Week

C A Y M A N  I S L A N D S

ADMC ABSOLUTE: Shareholder to Receive Wind-Up Report on Nov. 22
ALIREAL ESTATE: Shareholders' Final Meeting Set for Nov. 15
CGL INVESTMENT: Shareholders Receive Wind-Up Report
HFT CHINA: Shareholders' Final Meeting Set for Nov. 18
HFT NON-US: Shareholders' Final Meeting Set for Nov. 18


BANTRAB SENIOR: Fitch to Rate USD Loan Participation Notes BB-


CARIBBEAN CEMENT: Records J$31.5MM Profit for 9Mo Ended Sept. 30


CREDITO REAL: S&P Withdraws 'BB' Debt Rating on Sr. Unsec. Notes


* SURINAME: IDB OKs US$40 Million Loan to Support Power Sector

T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Collapse a Lesson for T&T, Minister Says


BOND PRICING: For the Week From Oct. 28 to Nov. 1, 2013

                            - - - - -

A N T I G U A  &  B A R B U D A

LIAT: Should be Classified as an Essential Service, Skerrit Says
---------------------------------------------------------------- reports that Dominica's Prime Minister Roosevelt
Skerrit says the time has come to make Leeward Islands Air
Transport, known as LIAT, an essential service as the airline
deals with a strike by its pilots that have led to several
cancellations and flight delays.

Minister Skerrit said that he was concerned that the regional
travelling public was being held to ransom every time there is
industrial action at LIAT, whose major shareholders are Antigua
and Barbuda, Barbados, Dominica and St. Vincent and the
Grenadines, according to

The report relates that Minister Skerrit said it was frustrating
for passengers to have to travel to the airport, in some instances
long distances, only to be told that the plane is not coming
because the pilots are on strike.

"I don't think we can build a region and a tourism product unless
you address this particular problem. I am hoping that the matter
can be resolved this evening," Minister Skerrit said noting
however "this might just be a temporary fix (and) we need to find
a permanent fix," the report relates.

The report discloses that Minister Skerrit told the online
publication that the permanent fix could be along the lines of an
essential service, adding "I think there is a case to be made for

The pilots walked off the jobs forcing cancellations and delays by
the airline that flies to more than 21 destinations on a daily
basis, the report relates.

In a statement, the report discloses, LIAT said the airline held
discussions with the Leeward Islands Airline Pilots Association
(LIALPA), and that the company "has indicated its willingness to
address any legitimate issues and has given a firm commitment that
it will  meet with LIALPA, in an effort to discuss the union's

Earlier this year, the report recalls, the main opposition Antigua
Labour Party (ALP) was critical of proposals by two prime
ministers from the Organisation of Eastern Caribbean States (OECS)
that the aviation industry should be deemed an essential service.

The report notes that in June, Prime Minister Baldwin Spencer and
his St. Vincent and the Grenadines colleague, Dr. Ralph Gonsalves
supported a statement by then LIAT's chief executive officer, Ian
Brunton, that the aviation industry should also be classified as
an essential service, with legislated restricted rights to strike.

Mr. Brunton, the report relays, said that tourism was the mainstay
of the majority of the region's economies and air services connect
the countries of the Caribbean.

Mr. Gonsalves said a move to categorize aviation workers as
"essential" should not be seen as an attempt to obstruct labor,
the report notes.

But the ALP said that it was voicing its "very strong objection to
the proposal" adding that it is an "attempt to deny workers the
right to strike," adds.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua


BANCO INDUSTRIAL: S&P Puts 'BB' Rating on Creditwatch Developing
Standard & Poor's Ratings Services placed its 'BB/B' global scale
and 'brAA-' national scale ratings on Banco Industrial e Comercial
do Brasil S.A. (Bic Banco) on CreditWatch developing.

"The rating action follows the recent announcement that China
Construction Bank Corp. has signed a share purchase and sale
agreement with Bic Banco, for the acquisition of 72% of the
latter's total capital, therefore transferring control from Bic
Banco's shareholders to CCB.  The transaction is valued at
R$1.6 billion," said Standard & Poor's credit analyst Vitor
Garcia.  CCB is the second-largest commercial bank in China.  Its
vast branch network and specialized knowledge in infrastructure
finance and property-related lending underpin its strong domestic
franchise.  The bank's revenue stream is diverse and mostly
recurrent, sourced from a vast and stable customer base across
sectors and regions.

The ratings on Bic Banco reflect the bank's "moderate" business
position, "adequate" risk position, "below average" funding, and
"moderate" liquidity.

Under S&P's bank criteria, it uses its banking industry country
risk assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating.  S&P's anchor for a commercial bank
operating only in Brazil is 'bbb', based on the country's economic
risk score of '5' and an industry risk score of '4'.  Brazil's
economic risk reflects its low GDP per capita levels that limit
its ability to withstand economic downturns and household credit
capacity.  It also incorporates S&P's view that economic
imbalances have increased as a result of rapid credit expansion.
As this trend in lending continues amid a slowly growing economy,
we are concerned about the increasing household debt burden.

Conversely, Brazil's improvement in payment culture and rule of
law, in addition to moderate leverage in the corporate sector and
the absence of high-risk loans in banks, somewhat mitigate the
higher risk factors in S&P's economic risk assessment.  S&P assess
the trend of economic risk as negative.  Despite the slowdown in
credit growth during 2012, we believe that a new period of rapid
credit expansion could result from the current administration's
policies.  Further lending would increase an already hefty debt
burden on households, subjecting the system to incremental credit
risk.  S&P revised its industry risk score to '4' from '3' because
it believes that the industry risks in Brazil's banking sector
have increased.  In S&P's view, there are growing market
distortions due to an increasing market share of loans from
public-owned banks during 2012 and growing spread differential
between public and private banks.  S&P's industry risk assessment
also reflects extensive coverage and effective supervision of the
financial system and our assessment of systemwide funding,
sustained by an adequate and stable deposit base.

HYPERMARCAS SA: Posts BRL80.2 Million in Third-Quarter Profits
Reuters reports that Hypermarcas SA beat analysts' estimates for
the third quarter after revenue rose faster than expenses and a
surge in financial expenses was offset by a smaller tax burden.

The company earned BRL80.2 million (US$36 million) in third-
quarter profits, compared with BRL68.4 million a year earlier,
according to a securities filing, reports Reuters.  A Thomson
Reuters poll of seven analysts predicted net income of BRL66.7
million for the company.

Reuters notes that the results underpin Chief Executive Officer
Claudio Bergamo's success in tightening Hypermarcas' sales policy
to protect margins, putting a lid on costs and expenses and
cutting the company's debt.

"Despite the quarter's good result, there's a lot of work that
needs to be done - the company will seek to generate more value
for its shareholders by capturing more synergies in its top- and
bottom-line, in a gradual, consisting and persisting way," the
filing said, Reuters discloses.

Reuters notes that net revenue rose 12% on an annual basis,
reaching BRL1.11 billion in the third quarter, after the launch of
new products and following tighter sales and discounts terms with
retailers and distributors.  The number slightly surpassed
expectations of BRL1.1 billion in the Reuters poll.

Reuters discloses that marketing expenses, often used as a gauge
of capital expenditures for Hypermarcas, jumped 21 percent to
BRL216.7 million.

The report relays that sales, general and administrative expenses
posted a combined increase of 3.8 percent to BRL247 million,
compared with BRL238 million in the same period of 2012.  Non-
operating income, or a difference between income from investments
and financial expenses, posted a shortfall of BRL114 million --
more than twice the negative BRL55 million result a year earlier,
the report discloses.

Reuters discloses that the company's tax burden fell to BRL28.5
million in the quarter, from BRL75.8 million a year earlier,
bolstering earnings, the filing showed.

Earnings before interest, tax, depreciation and amortization, a
gauge of operational profitability known as EBITDA, reached
BRL248.2 million in the quarter, slightly above the estimate of
BRL245.5 million for EBITDA in the poll, the report says.  
Compared with the same period a year earlier, EBITDA rose 9.5
percent, the report relays.

But operational cash flow, which Mr. Bergamo has pointed to as a
key indicator of the company's performance, slipped in the third
quarter to BRL169.6 million from BRL233.9 million a year ago,
Reuters notes.  The indicator, which in 2012 surged in the wake of
Bergamo's plan to lower discounts to clients and cut Hypermarcas'
needs for working capital, may remain stable or improve next year,
the filing said, the report discloses.

Hypermarcas SA is a maker of consumer products from diapers to
generic drugs.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 25, 2013,
Fitch Ratings upgraded the following ratings of Hypermarcas
S.A.'s (Hypermarcas):

-- Long-term foreign currency Issuer Default Rating (IDR) to 'BB+'
   from 'BB';
-- Long-term local currency IDR to 'BB+' from 'BB';
-- Long-term national scale rating to 'AA(bra)' from 'A+(bra)';
-- Senior unsecured notes due in 2021 to 'BB+' from 'BB';
-- Third debentures issuance at 'AA(bra)' from 'A+(bra)'.

HYPERMARCAS SA: Board of Directors Okays Acquisition of Shares
Hypermarcas SA disclosed that its Board of Directors authorized
the acquisition of shares issued by the Company without capital-
stock reduction, to be kept in treasury, forfeited and/or sold in
the future, especially for use in the Company' stock-option plans.

The maximum term for the completion of the aforementioned purchase
is 365 days, beginning on November 4, 2013 and therefore ending on
November 4, 2014.

The total number of shares to be issued or acquired is up to
3,000,000, representing up to 0.81 percent of the total
outstanding shares of the Company on Nov. 2 and traded on
BM&FBOVESPA under the Trading Code "HYPE3".

The acquisition transactions will be carried out on the
BM&FBOVESPA, at market prices, with the intermediation of Banco de
Investimentos Credit Suisse (Brasil) S.A., Bradesco S.A. CTVM,
Itau Corretora de Valores S.A. e XP Investimentos CCTVM S.A.

Hypermarcas SA is a maker of consumer products from diapers to
generic drugs.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 25, 2013,
Fitch Ratings has upgraded the following ratings of Hypermarcas
S.A.'s (Hypermarcas):

-- Long-term foreign currency Issuer Default Rating (IDR) to 'BB+'
   from 'BB';
-- Long-term local currency IDR to 'BB+' from 'BB';
-- Long-term national scale rating to 'AA(bra)' from 'A+(bra)';
-- Senior unsecured notes due in 2021 to 'BB+' from 'BB';
-- Third debentures issuance at 'AA(bra)' from 'A+(bra)'.

MARFRIG ALIMENTOS: Fitch Affirms Issuer Default Ratings at 'B'
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Marfrig Alimentos S.A. (Marfrig) at 'B'
as well as its national scale rating at 'BBB (bra)'. A complete
list of related rating actions is provided at the end of this

Fitch has removed the ratings of Marfrig and its affiliates from
Rating Watch Negative and has assigned a Stable Rating Outlook to

These rating affirmations and the assignment of a Stable Outlook
conclude the review of Marfrig, which was downgraded and placed on
Rating Watch Negative during June 2013 as a result of weak
operating performance and increasing leverage.  Subsequently,
Marfrig's divestment of the Seara Brasil and Zenda leather
businesses to JBS S.A. for BRL5.8 billion (USD2.6 billion) and
their strategy for managing and growing its businesses in a
profitable fashion to generating cash flow have resulted in a
stable ratings outlook. The ratings build in an expectation that
Marfrig's net leverage will organically improve to below 4.0x by
the end of 2015. Marfrig's strategy for managing and growing its
businesses in a profitable fashion, generating cash flow are key
factors to the company's long-term credit quality.

Key Rating Drivers:

Focus On Deleveraging And Cash Flow:

Fitch expects Marfrig's net debt to EBITDA ratio to organically
fall to below 4.0x by 2015 from 4.9x at fiscal year-end 2012
(FYE12).  Fitch expects Marfrig to gradually improve free cash
flow after 2014 and operating margin due to better asset and
logistics management, lower capex, lower working capital use and
interest expense post-divestment of Seara (BRL5.8 billion) which
was completed at the end of September 2013.  These expectations
are consistent with Marfrig's guidance of having the company
breakeven free cash flow in 2014 and generating positive free cash
flow in 2015 and onwards. Marfrig's ability to maintain a
sustainable capital structure will depend on its ability to start
generating positive free cash flow, which is contingent upon the
company's success in executing its business strategy while  
focusing on the improvement of its credit metrics.

Simplified Business Profile:

While Marfrig's divestiture lowers consolidated leverage,
simplifies the organizational structure and decreases execution
risk, the divestment of Seara will reduce the company's economies
of scale in Brazil and product diversification due to the
exclusion of a well-established consumer brand. The group is now
structured in to three business units, Marfrig beef (47% of
revenues) the world's third largest beef producer, Moy Park (25%)
one of the largest poultry-based processed product supplier in the
UK, and Keystone Foods (28%) which processes food to major
restaurant chains (notably McDonald). The company's product and
geographic diversification continues to help to reduce risks
related to disease, trade restrictions and currency fluctuation.
As of June 2013, processed foods represented 49% of sales,
excluding Seara. Revenues were dominated in USD (42%), Euro/Pound
(22%) and Real (22%) and 22% of the company's debt was denominated
in BRL.

No Major Acquisitions Anticipated:

Fitch does not foresee any major acquisitions in the next 18
months as Marfrig's management will need to focus on the
improvement of the company cash flow generation. Fitch expects
Marfrig to focus on the development of its existing activities
with the development by Moy Park of multi-protein retail sales in
markets across UK and Continental Europe, keystone expanding
geographically (Indonesia and Middle East) and developing of new
accounts, and Marfrig beef optimizing its plants and distribution

Improved Debt Maturity Profile and Liquidity:

The group has improved its debt maturity and liquidity profile
following the divestment of Seara. As of June 2013, the group held
BRL2.3 billion of cash and marketable securities with a current
debt at about BRL2.2 billion (mostly revolving credit and trade
finance lines). With the divestment of Seara, Fitch estimates that
Marfrig's short-term maturity will be reduced to approximately
BRL1.0 billion.

Marfrig's largest bond refinancing requirements is now during 2017
(USD600 million) as the company has redeemed most of its 2016 bond
(about USD183 million still outstanding).

Rating Sensitivities:

Considerations that could lead to a negative rating action (rating
or Outlook) include Marfrig's inability to start generating
positive free cash flow over the next 24 months and maintaining
net leverage above 4.0x on a sustainable basis could result in a
downgrade. An upgrade of Marfrig's ratings over the medium term is
possible should the company and new management be able to improve
the group's profitability and generate consistent positive free
cash flow and reduce leverage on a gross and net debt basis.

Fitch affirms Marfrig ratings as follows:

Marfrig Alimentos S.A.
-- Local currency IDR at 'B';
-- Foreign currency IDR at 'B';
-- National scale rating at 'BBB(bra)'.

Marfrig Overseas Ltd
-- Foreign currency IDR at 'B';
-- Senior unsecured notes due 2016 at 'B/RR4';
-- Senior unsecured notes due 2020 at 'B/RR4'.

Marfrig Holdings (Europe) B.V.
-- Foreign currency IDR at 'B';
-- Senior unsecured notes due 2017 at 'B/RR4'.
-- Senior unsecured notes due 2018 at 'B/RR4'.
-- Senior unsecured note due 2021 at 'B/RR4.

OSX BRASIL: Said To Plan Bankruptcy Filing by Early This Week
Bloomberg News' Cristiane Lucchesi and Juan Pablo Spinetto, citing
two people familiar with the matter, report that OSX Brasil SA is
planning to file for bankruptcy protection by early this week.

The decision to file has already been made, the people said,
asking not to be identified because it hasn't been made public,
notes Bloomberg News. While a judicial recovery petition, as the
proceedings are known in Brazil, may be lodged, it's more likely
to take place next week, one of the people said, Bloomberg News

The report notes that a filing would put US$500 million of dollar
bonds into default after Batista's oil company and OSX's biggest
client, OGX Petroleo & Gas Participacoes SA (OGXP3), sought
protection on Oct. 30 in Latin America's largest corporate debt
debacle.  OSX SA reported total debt of BRL5.3 billion (US$2.3
billion) at the end of the second quarter.

In an Oct. 31 statement, Bloomberg News disclosed, the shipbuilder
said it was ready to seek bankruptcy protection if management
decided that was the best way to protect its interests. OSX
continues to study the measure, a press department official said
by phone Nov. 5, asking not to be named in line with company

OSX and OGX were the only two of Batista's six publicly listed
companies that sold bonds in international markets.

Bloomberg News notes that Mr. Batista either relinquished control
of, or agreed to sell key assets and stakes in, the four other
startups. OSX was building three vessels for OGX before the
explorer's tests uncovered an absence of oil in a series of non-
commercial wells.

                              Last IPO

Bloomberg News notes that OSX, the last of Batista's companies to
undertake an initial public offering, was created to profit from
Brazil's local content rules, which limit the use of imported
equipment and services by the oil and gas industry.  The company's
shares never recovered the March 2010 IPO price even as Batista
promised to create "the Embraer of the seas," referring to the
world's largest regional-jet maker, Bloomberg News relates.

Bloomberg News relates that until Sept. 2012 the company was
saying it had firm orders for vessels worth US$7 billion.  Since
then, OSX has been shrinking projects, firing staff and putting
units on sale after contracts were canceled and losses mounted,
Bloomberg News notes.

In March, OSX shelved plans to sell a second international debt
security amid a rout in its securities, according to a memo from
underwriters obtained by Bloomberg News at the time.

                             Bank Deal

Bloomberg News notes that OSX SA extended the maturity for a year
on a 461 million-real loan from state-run Caixa Economica Federal,
which is guaranteed by Banco Santander SA, according to a
regulatory filing.  Since Aug. 18, state development bank BNDES
has been pushing out maturities on a loan for BRL518 million,
Bloomberg News relays.

Holders hired AlixPartners LLP to advise on a possible
restructuring, according to two people with knowledge of the
matter, Bloomberg News notes.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike

C A Y M A N  I S L A N D S

ADMC ABSOLUTE: Shareholder to Receive Wind-Up Report on Nov. 22
The sole shareholder of ADMC Absolute Return Strategies Offshore
II Ltd will receive on Nov. 22, 2013, at 10:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          c/o Cline Glidden
          Telephone: (345) 815 1785
          Facsimile: (345) 949 9877

ALIREAL ESTATE: Shareholders' Final Meeting Set for Nov. 15
The shareholders of Alireal Estate Fund will hold their final
meeting on Nov. 15, 2013, at 12:00 noon to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Techdis Limited
          Smeets Law (Cayman),
          Reference: JAPF
          Telephone: +1 (345) 815 2800
          Facsimile: +1 (345) 947 4728
          Suite 2206, Cassia Court, 72 Market Street
          Camana Bay
          P.O. Box 32302 Grand Cayman KY1-1209
          Cayman Islands

CGL INVESTMENT: Shareholders Receive Wind-Up Report
The shareholders of CGL Investment Ltd received Oct. 25, 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

HFT CHINA: Shareholders' Final Meeting Set for Nov. 18
The shareholders of HFT China (New) Frontier Fund will hold their
final meeting on Nov. 18, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jelle Vervoorn
          Three Exchange Square, Suite 3003, 30th Floor
          8 Connaught Place
          Hong Kong
          Facsimile: +852 2530 5205

HFT NON-US: Shareholders' Final Meeting Set for Nov. 18
The shareholders of HFT China (New) Frontier Non-US Feeder Fund
will hold their final meeting on Nov. 18, 2013, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Jelle Vervoorn
          Three Exchange Square, Suite 3003, 30th Floor
          8 Connaught Place
          Hong Kong
          Facsimile: +852 2530 5205


BANTRAB SENIOR: Fitch to Rate USD Loan Participation Notes BB-
Fitch Ratings expects to assign Bantrab Senior Trust's (BST)
upcoming seven-year USD loan participation notes (the notes) a
long-term foreign currency rating of 'BB-'. The final rating is
contingent upon the receipt of final documents conforming to
information already received.

Key Rating Drivers:

The expected rating of the notes is in line with the Guatemalan
Banco de los Trabajadores (Bantrab) long-term IDRs of 'BB-',
reflecting that the notes will be senior unsecured obligations
which will rank equally to Bantrab's unsecured and unsubordinated

The notes will be issued for an amount to be determined (up to
USD200 million) and will be secured by BST's sole assets, a 100%
participation in and to a senior unsecured loan (the loan) from
Deutsche Bank AG, London Branch (Deutsche Bank) to Bantrab. As
part of the transaction, Deutsche Bank will transfer its rights on
the loan to BST which will in turn pledge the loan right to the
indenture trustee (Deutsche Bank Trust Company Americas). The
notes will mirror all the conditions of the loan. Principal under
the notes will mature in seven years, and interest payments will
be made semi-annually while capital will be paid at maturity of
the loan. The notes will carry a fixed interest rate to be set at
the time of the issuance.

Bantrab will use the net proceeds of the loan to repay some
outstanding short-term borrowings and for funding the expansion of
its loan portfolio.

Bantrab's IDRs reflect its improved asset quality, ample net
interest margin and moderate but sustained profitability ratios.
The bank's ratings also reflect significant concentrations in term
deposits, weak efficiency levels, moderate capital ratios and
limited income diversification.

Ratings Sensitivities:

Changes in the notes' rating are contingent on rating actions for

Bantrab's Profile:

Bantrab was established in Guatemala in 1965 with an initial
equity investment of Qtlz. 500,000 from the Central Government of
Guatemala. The bank is mainly retail oriented and focuses its
services on consumption loans to low-middle income employees. With
USD1.4 billion in assets, Bantrab is the fifth largest bank in
Guatemala (5.4% of the system's assets as of September 2013). The
bank has traditionally provided its services through an ample
network of branches, covering most parts of the country, supported
by a work force of 3,300 employees.

Fitch currently rates Bantrab as follows:

-- Long-term foreign currency IDR 'BB-'; Outlook Stable;
-- Short-term foreign currency IDR 'B';
-- Long-term local currency IDR 'BB-'; Outlook Stable;
-- Short-term local currency IDR 'B';
-- Viability rating 'bb-';
-- Support '5';
-- Support Rating Floor 'NF'.


CARIBBEAN CEMENT: Records J$31.5MM Profit for 9Mo Ended Sept. 30
RJR News reports that following an extended period of huge
financial losses Caribbean Cement Company Limited has recorded a

Caribbean Cement on Nov. 5 released financial results which show
that it made a J$31.5 million profit for the nine months ending
September 30, according to RJR News.

The report relates that this is a major turnaround from the J$1.4
billion loss it suffered during the corresponding period last

Caribbean Cement said a comparison of the operating results for
the July to September quarter with those for 2012 shows
significant improvement in all key areas, RJR News notes.  The
report relates that local sales were up 18.6 per cent while
exports sales increased by 59.5 per cent.

In meantime, RJR News relates, Caribbean Cement said while it does
not foresee any meaningful growth in the domestic market, with
careful cost management and sustained export earnings; it expects
to maintain favorable results for the rest of the year.

However, the report notes that it cautioned that it faces
continuing risk with the depreciation of the Jamaican dollar.

While export earnings have helped bolster the impact, Caribbean
Cement said the situation continues to warrant careful monitoring,
RJR News adds.

Headquartered in Kingston, Jamaica, Caribbean Cement Company
Limited has been producing a consistently high quality of portland
cement using one hundred percent Jamaican raw materials since

                               *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited
suffered a consolidated loss of J137 million for the first six
months of 2013 down from J$1.2 billion during the corresponding
period last year, according to RJR News.  The report related that
this year's loss resulted from J$701 million of non-cash foreign
exchange losses compared to J$136 million in 2012.


CREDITO REAL: S&P Withdraws 'BB' Debt Rating on Sr. Unsec. Notes
Standard & Poor's Ratings Services withdrew the 'BB' debt rating
on 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 five-year senior unsecured notes of up
to $300 million.  S&P is withdrawing the rating since the company
decided not to proceed with the issuance due to market conditions
that its management deemed unsatisfactory.  The ratings were
originally assigned on Sept 27, 2013. Instead, the company plans
to issue a medium-term note (MTN) in the local market.


* SURINAME: IDB OKs US$40 Million Loan to Support Power Sector
The Inter-American Development Bank (IDB) approved two loans
totaling US$40 million to support Suriname's power sector.

The first loan totaling US$30 million will support the country's
plans to improve the quality and reliability of the local
electricity service, bring 24-hour access to electricity to some
locations in the Hinterland, and reduce the use of fossil fuels.
It will upgrade critical infrastructure and information systems of
Energiebedrijven Suriname's (EBS) power operator, as well as
finance works to expand the electricity grid and renewable energy

The second loan totaling US$10 million aims to increase the
efficiency, transparency, sustainability, and accountability of
the power sector.  The program addresses the need to strengthen
the electricity sector as a key step for the country to transition
to a more Sustainable Energy Framework in economic, financial, and
environmental terms.

The loans were approved under the Flexible Financing Facility of
the IDB.  The first IDB loan for US$30 million is for a 20-year
term, with a 7.5-year grace period.  The second loan for US$10
million is also for a 20-year term, with a 5.5-year grace period.
The interest rate for both loans is based on LIBOR.

T R I N I D A D  &  T O B A G O

CL FIN'L: CLICO Collapse a Lesson for T&T, Minister Says
Trinidad Express reports that Trinidad and Tobago Finance Minister
Larry Howai said that the meltdown of insurance giant Colonial
Life Insurance Company Limited's (CLICO) served as a lesson to the
country about the dangers of overleveraging and the appetite for
intolerable levels of risk.

CLICO is a subsidiary of CL Financial Limited.

But since its collapse in 2009, "We have made significant progress
in the Government's offer of relief programs to the policyholders
of CLICO short-term investment products and the
depositors/shareholders of the Hindu Credit Union (HCU)," the
report quoted Minister Howai as saying.

To date, the Government has paid cash amounts of up to TT$75,000
to a total of 18,354 depositors/shareholders of the HCU, amounting
to approximately TT$188 million, Mr. Howai said, according to
Trinidad Express.

"We have also paid a total of 41,299 policies in the CLICO offer
of relief programm which amounted to a total of TT$10.8 billion in
both cash and bonds," the report quoted Mr. Howai as saying.

The report notes that Mr. Howai said the credibility of Trinidad
and Tobago as a regional financial center would have been severely
undermined without the implementation of appropriate legislative
and regulatory arrangements.

"The Government of Trinidad and Tobago has undertaken credible
steps towards improving the credibility and integrity of this
country as a regional financial center through the application of
best practice standards as advanced in existing legislation, as
well as the modernization of the Securities Industry, with the
passage of the new Securities Act 2012," Mr. Howai said, the
report relates.

"The Insurance industry cannot develop unless its stakeholders
have confidence in the system. The meltdown of CLICO and the CL
Financial Group placed a significant strain on the industry and
has shaken the confidence in which the investing public had in the
insurance industry.  The Government is focused on building this
confidence.  To this end we have reintroduced the Insurance Bill
in Parliament following its lapse when Parliament prorogued
earlier this year," Mr. Howai said, the report discloses.

"I would to take this opportunity to reassure you and the wider
community that the Insurance Bill will be reintroduced into
Parliament (tomorrow).  This bill will lay a solid foundation for
the development of the Insurance industry and the wider financial
services system," Mr. Howai said, the report adds.

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed. related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO, said.


BOND PRICING: For the Week From Oct. 28 to Nov. 1, 2013

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

Argentine Government
Int'l Bond                     8.28    12/31/2033   USD    65
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR    63
Argentine Government
Int'l Bond                     7.82    12/31/2033   EUR    62.5
Argentine Government
Int'l Bond                     8.28    12/31/2033   USD    63.5

Provincia de Buenos
Aires/Argentina                9.625    4/18/2028   USD    67.691

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

Capex SA                      10        3/10/2018   USD    71.25

Banco Macro SA                 9.75    12/18/2036   USD    76.9
Transener SA                   9.75     8/15/2021   USD    52.78
Argentina Boden Bonds          2        9/30/2014   ARS     8.49
Argentina Bonar Bonds         20.6633   1/30/2014   ARS    11.27

Argentine Government
Int'l Bond                     1.18    12/31/2038   ARS     4.96

Cia Latinoamericana
de Infraestructura & Servic    9.5     12/15/2016   USD    65

Inversora de Electrica
de Buenos Aires SA             6.5      9/26/2017   USD    33.875

Argentine Government
Int'l Bond                     8.28    12/31/2033   USD    64

Empresa Distribuidora
Y Comercializadora Norte      10.5      10/9/2017   USD    53
Argentine Government
Int'l Bond                    8.28     12/31/2033  USD     64.125

Argentina Bocon               2         3/15/2014  ARS      3.53
Banco Macro SA                9.75     12/18/2036  USD     76.25
Capex SA                     10         3/10/2018  USD     73.375
Argentina Bocon               2          1/3/2016  ARS      7.92
Argentina Bocon               2         3/15/2024  ARS     15.56

Argentine Government
Int'l Bond                    7.82     12/31/2033  ARS     45

MetroGas SA                   8.875    12/31/2018  EUR     68.75

Empresa Distribuidora
Y Comercializadora Norte      9.75     10/25/2022  USD     51.25

Argentine Government
Int'l Bond                    4.33     12/31/2033  USD     35

Provincia de Buenos
Aires/Argentina               9.625     4/18/2028  JPY     68
Transener SA                  9.75      8/15/2021  USD     50
Banco Macro SA                9.75     12/18/2036  USD     75
Argentine Government
Int'l Bond                   0.45     12/31/2038  USD     8

Argentine Government
Int'l Bond                    4.33     12/31/2033  JPY     35

MetroGas SA                   8.875    12/31/2018  JPY     65.375

Banco Hipotecario SA          3.95      8/14/2017  USD     69.75
Provincia del Chaco           4         12/4/2026  USD     31.375
Formosa Province of Argentina 5         2/27/2022  USD     68.25
Provincia del Chaco           4         11/4/2023  USD     59.875
Argentine Republic
Government International Bon  5.83     12/31/2033  USD     21.65
BR Cia Energetica
de Sao Paulo                  9.75      1/15/2015  ARS     67.234

Gol Finance                   8.75                 USD     63.5

Sifco SA                     11.5        6/6/2016  USD     47.125

Gol Finance                   8.75                 USD     62
SMU SA                        7.75       2/8/2020  USD     66
SMU SA                        7.75       2/8/2020          63.2
Cia Sud Americana
de Vapores SA                 6.4       10/1/2022  USD     64.7677
Talca Chillan Sociedad
Concesionaria SA              2.75     12/15/2019  CLP     61.2163

Telecomunicaciones SA         3.5      12/15/2014  CLP     33.1948
Cia Cervecerias Unidas SA     4         12/1/2024  CLP     59.3633

Empresa de Transporte
de Pasajeros Metro SA         5.5       7/15/2027  CLP     3.69218

Aguas Andinas SA              4.15      12/1/2026  CLP     72.9238

Hidili Industry
International                 8.625     11/4/2015  USD     74.75
Development Ltd

Renhe Commercial
Holdings Co Ltd              13         3/10/2016  USD     62.55

Renhe Commercial
Holdings Co Ltd              11.75      5/18/2015  USD     67.507

China Forestry
Holdings Co Ltd              10.25     11/17/2015  USD     36.375

Renhe Commercial
Holdings Co Ltd              13         3/10/2016  USD     61.75
Hidili Industry

International Development    8.625     11/4/2015  USD      72.75

China Forestry
Holdings Co Ltd             10.25     11/17/2015  USD      36.375

Renhe Commercial
Holdings Co Ltd             11.75      5/18/2015  USD      67.625

Global A&T
Electronics Ltd             10          2/1/2019  USD      68.125

Global A&T Electronics
Ltd                         10          2/1/2019  USD      68.375

Bank Austria
Finance Cayman Ltd        1.614                   EUR       56.95

BCP Finance Co Ltd        5.543                   EUR      28.875

BES Finance Ltd           5.58                    EUR      61.7

Bank Austria Creditanstalt
Finance Cayman Ltd2       1.838                   EUR      56.827

ESFG International Ltd    5.753                  EUR       50.75
BCP Finance Co Ltd        4.239                  EUR       28.767
BES Finance Ltd           4.5                    EUR       56.438
Caixa Geral De
Depositos Finance         1.021                  EUR       30.55
Banif Finance Ltd         1.591                  EUR       44

Banco Finantia
International Ltd         2.475      7/26/2017   EUR       44.05

BES Finance Ltd           3.058                  EUR       73.875

ERB Hellas Cayman
Islands Ltd              9            3/8/2019   EUR       42.125
BCP Finance Bank Ltd     5.31       12/10/2023   EUR       67.5
BCP Finance Bank Ltd     5.01        3/31/2024   EUR       64.625

Banco BPI SA/
Cayman Islands           4.15       11/14/2035   EUR       45.625

Mongolian Mining Corp    8.875       3/29/2017   USD       74.75
Puerto Rico Conservation 6.5          4/1/2016   PR        53

Petroleos de
Venezuela SA             9.75        5/17/2035   USD       73.25

Petroleos de
Venezuela SA             5.375       4/12/2027   USD       55

Venezuela Government
International Bond       8.25       10/13/2024   USD       70.5

Venezuela Government
International Bond       9.25         5/7/2028   USD       74.5

Petroleos de
Venezuela SA             5.5         4/12/2037   USD       54.25

Venezuela Government
International Bond       6           12/9/2020   USD       69.75

Venezuela Government
International Bond       7           3/31/2038   USD       62.25

Venezuela Government
International Bond       7.65        4/21/2025   USD       67.5

Petroleos de
Venezuela SA             9.75        5/17/2035   USD       72.5

Bolivarian Republic
of Venezuela             7           3/31/2038   USD       62.157


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


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

                   * * * End of Transmission * * *