TCRLA_Public/131118.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 18, 2013, Vol. 14, No. 228


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: Strike Leaves St. Lucia Hoteliers Counting Their Losses


A R G E N T I N A

ARGENTINA: Bondholders Forming Steering Committee, Gramercy Says


B R A Z I L

COMPANHIA ENERGETICA: S&P Raises Corporate Credit Rating to 'BB+'
SETE BRASIL: S&P Affirms 'BB+' Global Scale Rating


C A Y M A N  I S L A N D S

AGILENT TECHNOLOGIES: Member to Receive Wind-Up Report on Nov. 29
BARRINGTON OFFSHORE: Shareholders' Final Meeting Set for Nov. 14
BCRE PORTFOLIO: Shareholders' Final Meeting Set for Nov. 13
CALEDONIAN MANAGEMENT: Members' Final Meeting Set for Nov. 29
CREDIT ASIA: Shareholders' Final Meeting Set for Nov. 12

DAWN CDO I: Member to Receive Wind-Up Report on Nov. 29
GLOBAL FUND: Shareholder to Receive Wind-Up Report on Nov. 29
IPSWICH STREET: Shareholder to Receive Wind-Up Report on Nov. 29
JAMES ALPHA: Members Receive Wind-Up Report
KE HARMONY: Shareholder to Receive Wind-Up Report on Nov. 29

LATAM TRUST: Fitch Cuts Rating on CLP26.46BB Cert. to 'B'
LEHMAN BROTHERS: Members' Final Meeting Set for Nov. 25
LITTLE ROCK: Shareholder to Receive Wind-Up Report on Nov. 29
PEP CHANNEL: Shareholder to Receive Wind-Up Report on Nov. 29
ROBERTO INVESTMENT: Members Receive Wind-Up Report

SYMPHONY CLO VI: Shareholder to Receive Wind-Up Report on Nov. 29


E C U A D O R

* ECUADOR: IDB OKs $270MM Loan to Improve Public Sector Management


J A M A I C A

DIGICEL GROUP: Close to Closing a Major Deal, Executive Says
* JAMAICA: Unemployment Rate Drops 15.4% in July, STATIN Says


M E X I C O

HIPOTECARIA SU: S&P Assigns 'B' Rating on Class A Senior Notes


P A N A M A

AES PANAMA: S&P Lowers Rating on $300MM Notes Due 2016 to 'BB+'


V E N E Z U E L A

HARVEST NATURAL: Receives Notices of Defaults on VSM Agreements


X X X X X X X X X

BOND PRICING: For the Week From Nov. 11 to Nov. 15, 2013


                            - - - - -


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


LIAT: Strike Leaves St. Lucia Hoteliers Counting Their Losses
-------------------------------------------------------------
Caribbean360.com reports that several small to medium hotel
properties are counting their losses following a strike by
Leeward Islands Air Transport (LIAT) pilots.

Executive Vice President of the St. Lucia Hotel and Tourism
Association (SLHTA) Noorani Azeez said in addition to hundreds of
passengers across the region, hoteliers were also affected,
according to Caribbean360.com.

"For quite a few of our small properties, the disruption really
hit the bottom line in a very hard way," the report quoted Mr.
Azeez as saying.

Mr. Azeez, the report notes, said preliminary estimates from some
of the small properties which are members of the SLHTA indicate
that properties suffered well over EC$200,000 (EC$1=37UScents) in
leisure bookings in addition to business type conferences and
bookings.

The report relates that Mr. Azeez said having lost the opportunity
now, it has become necessary to sell rooms and conferences at
lower rates and that also amounts in losses in revenue.

The report discloses that SLHTA official said with tourism being
substantial market for the region LIAT needs to shape up and the
time has come to source the services of a new regional carrier.

"It is clear that experiences with the regional carriers in the
last few months have really pointed us in a direction that many of
us were not comfortable going previously.  But the time is again
upon us to explore other options more seriously and strategically
and start looking at things from a business standpoint.  Certainly
this level of inappropriate service will not be accepted from any
local establishment and that standard is certainly not a safe one
for a regional entity," the report quoted Mr. Azeez as saying.

The report relays that one of the hardest hit properties is the
Bay Gardens Hotels in Rodney Bay who incurred huge losses during
the disruption of airline services.

The report discloses that General Manger of the Bay Gardens Beach
Resort Berthia Parle said the LIAT crisis has taken its toll on
the tourism sector, noting that the pilot strike has cost the
three Bay Gardens properties huge sums at a time when the sector
was looking to make up for a not so busy summer.

Regarding St. Lucia's decision to guarantee a US$3 million loan on
behalf of the airline, Ms. Parle said that money alone will not
fix LIAT's problems, the report says.

Ms. Parle, the report adds, said major emphasis must be placed on
re-configuring its management operations, because even when the
strikes and crises end and money is injected, LIAT's problems
persist.

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
Caribarena.

                            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.


=================
A R G E N T I N A
=================


ARGENTINA: Bondholders Forming Steering Committee, Gramercy Says
---------------------------------------------------------------
David Papadopoulos at Bloomberg News reports that Gramercy Funds
Management LLC is forming an "ad hoc" group and steering committee
with other investors in Argentina's restructured bonds to
formalize a plan aimed at reaching a settlement with holders of
defaulted debt.

The group is in the final stages of hiring legal and financial
advisers as they seek to persuade holders of the defaulted
securities to drop their lawsuits against Argentina, Gramercy
Funds Chief Investment Officer Robert Koenigsberger said in an e-
mailed statement, without providing details on the number of
investors involved, according to Bloomberg News.

Bloomberg News notes that a U.S. Appeals Court said on Aug. 23
that Argentina can't make payments on bonds it issued in
restructurings in 2005 and 2010 unless it pays a group of holdouts
led by hedge fund Elliott Management Corp. in full.  Bloomberg
News relates that the effect of the ruling is being delayed until
the Supreme Court decides whether to hear the case.

The legal battle, stemming from Argentina's 2001 default, has
spurred concern the government may opt to cease payments on its
overseas bonds rather than settle with holdouts that President
Cristina Fernandez de Kirchner has dubbed "vultures," Bloomberg
News says.

"In an attempt to create a solution for a decade-old standoff,
exchange bondholders have held several meetings over the last
couple of weeks," Bloomberg News quoted Mr. Koenigsberger as
saying.

Bloomberg News says the participating investors "expect to provide
more details regarding our plan, which we believe benefits all
bondholders, in the coming weeks."

                            Not Interested

Bloomberg News discloses that Mr. Elliott said in a Nov. 7
statement that it's only willing to negotiate a settlement with
the Argentine government and has no interest in holding talks with
fellow bondholders.  Mr. Elliott said at the time that it hadn't
been approached by Gramercy Funds, Bloomberg News notes.

A preliminary proposal by Gramercy called for investors to cede a
portion of their coupon payments to the holdouts, five bondholders
approached by the Greenwich, Connecticut-based fund said last
month, notes the report.

In order to change the terms of the notes to earmark coupon
payments to holdouts, Gramercy Funds must garner approval from
holders of 75 percent of each series of bonds, according to the
bond prospectus, Bloomberg News adds.


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


COMPANHIA ENERGETICA: S&P Raises Corporate Credit Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on Companhia Energetica de Minas Gerais S.A. (Cemig) and
its operating subsidiaries, Cemig Distribuicao S.A. (Cemig D) and
Cemig Geracao e Transmissao S.A. (Cemig GT), to 'BB+' from 'BB' on
global scale.  S&P also raised its ratings on these companies to
'brAA+' on national scale.  The outlook is stable.  The stand-
alone credit profile (SACP) of these companies is 'bb+'.

The upgrade reflects the group's improving business risk profile,
which S&P revised to "satisfactory" from "fair," in light of
clearer and more transparent rules in the regulatory framework
that reduced the uncertainties of the group's business and
financial performance.  Although Cemig is continuing its legal
disputes over its rights to renew the concessions for its
hydropower plants with an installed capacity of about 2,500
megawatts (MW), S&P believes that the outcome won't jeopardize its
competitive position.  Cemig's diversified portfolio of assets in
the electricity generation, transmission, and distribution
provides certain resilience to its operations.

S&P analyzes the Cemig group on a consolidated basis, as S&P
believes that it adopts an integrated financial strategy and that
the holding company, Cemig, is active in managing the operations
of Cemig D and Cemig GT.  Therefore, the ratings on Cemig D and
Cemig GT are the same as those on Cemig.


SETE BRASIL: S&P Affirms 'BB+' Global Scale Rating
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
and 'brAA+' national scale ratings on Sete Brasil Participacoes
S.A.  At the same time, S&P affirmed its 'brAA+' senior unsecured
rating on the company's R$1.85 billion debentures.  The outlook is
stable.

The ratings affirmation is based on S&P's expectation that the
company will reach its expected full operational phase by 2020.
Given its preoperational phase, Sete is currently generating
negative cash flow and will have an aggressive drilling equipment
delivering schedule between 2015 and 2020.  Average construction
and procurement activities are currently in accordance with
original planning and financing strategy.  S&P assess Sete's
business profile as "satisfactory" and financial profile as
"significant."

The "satisfactory" business risk profile reflects Sete's
significant backlog (about $89 billion), including 28 signed
charter agreements with Petroleo Brasileiro S.A. - Petrobras at
fixed day rates (rates that aren't dependent on commodity prices)
and long-term tenors (10-, 15-, and 20-year), which would provide
the company with a stable cash flow stream.  The business risk
profile also reflects the company's significant player in the
Brazilian oil and gas industry because it's a critical supplier of
Petrobras.  S&P's business risk profile assessment is also based
on Sete's strong ownership structure and the government's indirect
influence through Petrobras (as the sole counterparty of the
charter agreements, responsible for rigs' construction
supervision, the operator of some assets, and a 9.3% equity
holder) and BNDES (Banco Nacional de Desenvolvimento Economico e
Social).

Sete's business model benefits from solid growth fundamentals for
Brazil's oil and gas industry, particularly Petrobras' development
of pre-salt oil reserves.  Petrobras' business plan, which
includes capital expenditures of $236 billion for 2012-2016, is
based on the rapid development of the pre-salt reserves and
includes an aggressive drilling plan that requires a substantial
number of new, specialized equipment.

However, S&P considers the company's product and geographic
diversity as low, because it operates in a single market (Brazil)
with one client (Petrobras) and single business line (offshore
drilling).  Although client, market, and product concentration
always implies a risk, S&P believes that market dynamics for Sete
are stronger than those for a company with a typically, small, and
narrow product with a weak competitive position in larger and more
fragmented markets.

S&P assess the company's financial risk profile as "significant,"
reflecting its preoperational phase, which will generate negative
cash flow for the next four to five years.  The offsetting factors
are the stable and predictable revenue stream from the long-term
charter agreements and S&P's expectation that the company will
obtain financing with grace periods to adequately match operating
cash flows and debt service.


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


AGILENT TECHNOLOGIES: Member to Receive Wind-Up Report on Nov. 29
-----------------------------------------------------------------
The member of Agilent Technologies (Cayco) Limited will receive on
Nov. 29, 2013, at 1:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


BARRINGTON OFFSHORE: Shareholders' Final Meeting Set for Nov. 14
----------------------------------------------------------------
The shareholders of Barrington Offshore, Ltd will hold their final
meeting on Nov. 14, 2013, at 3:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Jonathan Bernstein
          Telephone: (345) 949-4900
          Facsimile: (345) 949-4901
          c/o Appleby (Cayman) Ltd.
          P.O. Box 190 Clifton House, 75 Fort Street
          Grand Cayman KY1-1104
          Cayman Islands


BCRE PORTFOLIO: Shareholders' Final Meeting Set for Nov. 13
-----------------------------------------------------------
The shareholders of BCRE Portfolio Fund I GP Ltd will hold their
final meeting on Nov. 13, 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:

          Moise Politi
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


CALEDONIAN MANAGEMENT: Members' Final Meeting Set for Nov. 29
-------------------------------------------------------------
The members of Caledonian Management Holdings Limited will hold
their final meeting on Nov. 29, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bernard McGrath
          69 Dr. Roy's Drive
          P.O. Box 1043 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: 949-0050
          Facsimile: 949-8062


CREDIT ASIA: Shareholders' Final Meeting Set for Nov. 12
--------------------------------------------------------
The shareholders of Credit Asia Capital (Cayman) Ltd will hold
their final meeting on Nov. 12, 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:

          Han Hui Chen
          Singapore Land Tower, 37th Floor
          50 Raffles Place
          Singapore 048623


DAWN CDO I: Member to Receive Wind-Up Report on Nov. 29
-------------------------------------------------------
The member of Dawn CDO I, Ltd. will receive on Nov. 29, 2013, at
12:00 noon, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


GLOBAL FUND: Shareholder to Receive Wind-Up Report on Nov. 29
-------------------------------------------------------------
The shareholder of Global Fund Managers Ltd. will receive on
Nov. 29, 2013, at 12:45 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IPSWICH STREET: Shareholder to Receive Wind-Up Report on Nov. 29
----------------------------------------------------------------
The shareholder of Ipswich Street CDO, Ltd. will receive on
Nov. 29, 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:

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


JAMES ALPHA: Members Receive Wind-Up Report
-------------------------------------------
The members of James Alpha Liquid GSE Master Fund SPC received on
Nov. 12, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          James Alpha Management, LLC
          c/o Michael Montague
          Telephone: +1 (646) 201-4042
          c/o Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


KE HARMONY: Shareholder to Receive Wind-Up Report on Nov. 29
------------------------------------------------------------
The shareholder of Ke Harmony Ltd will receive on Nov. 29, 2013,
at 11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


LATAM TRUST: Fitch Cuts Rating on CLP26.46BB Cert. to 'B'
---------------------------------------------------------
Fitch Ratings downgrades the rating for Latam Trust, Series 2007-
12, Cayman Islands (Latam Trust 2007-102) as follows:

-- CLP26,462,500,000 UF-Adjusted Certificates to 'Bsf' from 'BB-
   sf';

-- Outlook Stable.

Key Rating Drivers:

Fitch's rating of Latam Trust 2007-102 (the issuer) is credit-
linked to Fitch's assessment of the reference entity, Sociedad de
Inversiones Pampa Calichera S.A. (Pampa Calichera). Fitch's
assessment of the company, is based upon publicly available
information including NRSRO ratings and Fitch's internal credit
view. The notes' rating is delinked from the swap counterparty,
Merrill Lynch Capital Services, Inc.'s parent, Bank of America
Corporation, rated 'A/F1', Outlook Stable by Fitch.

Rating Sensitivities:

The rating remains sensitive to Fitch's assessment of Pampa
Calichera.

A change in Fitch's assessment of the qualified investment, Pampa
Calichera, would likely result in a change in the rating of the
notes.

The issuer's proceeds were used to purchase USD50 million
qualified investments in the form of Pampa Calichera bonds, which
collateralize the credit default swap. The transaction is designed
to provide credit protection, which is arranged through a credit
default swap (CDS) between the issuer and the swap counterparty,
Merrill Lynch Capital Services, Inc.'s parent, Bank of America
Corporation.

The rating addresses the timely payment of interest in U.S.
dollars (USD) converted at the prevailing UF-Adjusted CLP/USD spot
exchange rate and the ultimate repayment of principal on the
maturity date at the prevailing CLP/USD spot exchange rate as per
the transaction's governing documents. The rating does not address
any foreign exchange risk.


LEHMAN BROTHERS: Members' Final Meeting Set for Nov. 25
-------------------------------------------------------
The members of Lehman Brothers Philippine Investments I Limited
will hold their final meeting on Nov. 25, 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:

          Krys Global VL Services Limited
          Christopher Smith
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 (345) 947-4700
          Facsimile: +1 (345) 946-6728


LITTLE ROCK: Shareholder to Receive Wind-Up Report on Nov. 29
-------------------------------------------------------------
The shareholder of Little Rock Ventures Inc. will receive on
Nov. 29, 2013, at 12:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Dieter Kindlimann
          Zollikerstrasse 181, CH 8008 Zurich,
          Switzerland
          Telephone: +41 (0) 44-384-77-40


PEP CHANNEL: Shareholder to Receive Wind-Up Report on Nov. 29
-------------------------------------------------------------
The shareholder of Pep Channel Investments GP Ltd will receive on
Nov. 29, 2013, at 12:15 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


ROBERTO INVESTMENT: Members Receive Wind-Up Report
--------------------------------------------------
The members of Roberto Investment Ltd received on Oct. 30, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SYMPHONY CLO VI: Shareholder to Receive Wind-Up Report on Nov. 29
-----------------------------------------------------------------
The shareholder of Symphony CLO VI, Ltd. will receive on Nov. 29,
2013, at 11:15 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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




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


* ECUADOR: IDB OKs $270MM Loan to Improve Public Sector Management
------------------------------------------------------------------
The Inter-American Development Bank (IDB) disclosed the approval
of a US$270 million loan to Ecuador to improve the ability of
public agencies to provide quality services to citizens.

The country has made significant progress in public administration
in recent years, resulting in improved profiles for public
employees and better financial management of public
administration, among other achievements.

However, significant challenges remain. Last year, citizens gave
public services an average score of 6.7 out of 10, with health and
transportation services receiving below average scores. Some 53
percent of the population surveyed reported problems in carrying
out procedures in a public office, and the government has
indicated that an excessive number of employees is assigned to
administrative tasks.

In a bid to improve public administration, the government has
launched a reform that seeks to establish a system of meritocracy
and training for public employees and strengthen interagency
coordination.

The present loan is designed to strengthen the ability of agencies
that provide public services to improve accessibility and reduce
transaction costs for citizens.  Measures include automation of
services and simplification of procedures.

The program's expected results include raising the public approval
rating of public agencies from the present 6.7 to 8 out of a
maximum of 10, increasing career employees from 66 percent to 75
percent, and reducing the percentage of citizens reporting
problems in carrying out procedures from 53 percent to 35 percent.

The loan has a repayment period of 25 years and a rate based on
LIBOR.


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


DIGICEL GROUP: Close to Closing a Major Deal, Executive Says
------------------------------------------------------------
Trinidad and Tobago Newsday reports that Digicel Group Chief
Executive Officer John Delves said Digicel Business is, "very
close to signing a deal with an extremely large company", to
provide it with cloud-based technology.

The Cloud Solutions portfolio is a cloud-based (internet) data
storage system which allows clients to use a cloud-hosted desktop
environment to send and receive business applications, documents
and so on across multiple devices, according to Trinidad and
Tobago Newsday.

The report relates that Mr. Delves said Cloud Solutions has only
been available locally for five weeks but, "there's really a lot
of interest from more than 100 businesses (of all sizes) because
they can save 40 to 50 percent in costs going forward."

Mr. Delves, the report notes, also told reporters Digicel Group
has no problem with plans by the Telecommunications Authority
(TATT) to introduce a third mobile provider.  In fact, Mr. Delves
said the company would welcome the move because it would prompt
existing providers to, "up their game," the report relates.

Digicel Group, with regional headquarters in Jamaica, entered the
Panama market in 2008.

                       *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2012,
Moody's Investors Service assigned a Caa1 rating to Digicel
Group Limited's proposed US$700 million senior unsecured notes due
2020.  Net proceeds will be used to repurchase the entire tranche
of the DGL 9.125%/9.875% senior PIK toggle notes due 2015
(US$415 million outstanding) and a portion of the 8.875% senior
notes due 2015 (US$1 billion outstanding) via tender offers.


* JAMAICA: Unemployment Rate Drops 15.4% in July, STATIN Says
-------------------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica
(STATIN) released information showing the unemployment rate for
July was 15.4 percent down, from 16.3 percent in April.

The rate declined as 13,500 fewer people were jobless in the three
month period, according to RJR News.

The report relates that overall, Statin said, more than 200,000
Jamaicans who wanted jobs, could not find one with the highest
rate of unemployment to be found among youths.

Despite the decline in unemployment from April to July, the rate
is at a 13 year high, the report notes.


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


HIPOTECARIA SU: S&P Assigns 'B' Rating on Class A Senior Notes
--------------------------------------------------------------
Standard & Poor's Rating Services received notification from
Patrimonio S.A. De C.V., SOFOM, E.N.R. (Patrimonio) that it has
resigned as servicer in two residential mortgage-backed securities
(RMBS) transactions issued in 2007 by Hipotecaria Su Casita S.A.
de C.V. SOFOM E.N.R. (Su Casita), effective 60 business days after
notification to all parties.

The two transactions--Hipotecaria Su Casita residential mortgage
backed notes class A and class B due 2035 and Hipotecaria Su
Casita-Bursatilizaciones de Hipotecas Residenciales III
certificados bursatiles BRHCCB 07U, 07-2U, and 07-3U--have their
senior tranches insured by MBIA Insurance Corp. (B/Stable) and by
MBIA Mexico S.A. de C.V. (B/Stable; mxBB+/Stable), respectively.

In S&P's opinion, the resignation of Patrimonio as servicer may
have negative credit implications for the referred transactions.
However, since the senior tranche (class A and BRHCCB 07-2U)
ratings reflect the rating on the respective bond insurance
provider, it has no immediate impact on these ratings.  The
subordinated tranches (class B and BRHCCB 07-3U) are rated
'D (sf)', so the resignation also does not affect them
immediately.  Finally, the underlying ratings on both senior
tranches are 'CC (sf)' for the class A notes, and 'D (sf)' for
BRHCCB 07-2U, and are also not immediately affected.

"We believe that the resignation of Patrimonio as servicer may
induce operational risk into these transactions, especially if the
replacement process is carried out in a disorderly fashion.
Replacement processes have proven to be challenging in the past
for any servicer, but we believe the risks may be exacerbated if
the replacement is carried out in a hurry.  We have observed that
the associated costs and temporary disruptions in collections that
may occur could hurt cash flows to investors.  Patrimonio took
over as replacement servicer for these two transactions in
December 2010 and, back then, borrowers were notified of the
replacement so that collections could continue flowing into the
trust.  In February of this year, Patrimonio requested that the
fee structure it charges to perform its servicing duties be
modified, but the proposal has not been accepted, which is why
Patrimonio has announced its resignation," S&P said.

The Hipotecaria Su Casita residential mortgage backed notes are a
cross-border RMBS transaction issued on April 2, 2007 by Trust 430
constituted in The Bank of New York Mellon, S.A., in two tranches:
Class A was issued for $232.53 million and pays monthly interest
at a rate of one-month LIBOR plus 0.23%, and class B was issued
for $226.5 million Mexican pesos (MXN) indexed to inflation linked
units (MXV), and pays monthly interest at 6.47% over the unidad de
inversion-indexed balance.

Hipotecaria Su Casita-Bursatilizaciones de Hipotecas Residenciales
III is a local RMBS transaction issued on Oct. 25, 2007 by Trust
234036, constituted in HSBC Mexico S.A. in three classes.  BRHCCB
07U and BRHCCB 07-2U were issued as time-tranched senior classes
for MXV283.47 million and MXV425.20 million, respectively, with
monthly interest rates of 4.19% and 4.35%.  The subordinated class
BRHCCB 07-3U was issued for an amount of MXV64.85 million and pay
monthly interest at a rate of 6.99%.  BRHCCB 07U was fully
amortized on Aug. 26, 2013.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Hipotecaria Su Casita - Residential Mortgage Backed Notes

Class         Type            Rating      Outstanding Amount
(mil.)

A             Senior          B(sf)       $96
A             SPUR            CC(sf)      $96
B             Subordinated    D (sf)      MXN184.97

Hipotecaria Su Casita - Bursatilizaciones de Hipotecas
Residenciales III

Class         type            Rating      Outstanding Amount
(mil.)

BRHCCB 07U    Senior          NR          MXV0.0
BRHCCB 07U    SPUR            NR          MXV0.0
BRHCCB 07-2U  Senior          B(sf)       MXV416.68
BRHCCB 07-2U  Senior          mxBB+ (sf)  MXV416.68
BRHCCB 07-2U  SPUR            D(sf)       MXV416.68
BRHCCB 07-3U  Subordinated    D(sf)       MXV 64.85



===========
P A N A M A
===========


AES PANAMA: S&P Lowers Rating on $300MM Notes Due 2016 to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue-level ratings on AES Panama S.A. and its outstanding
$300 million notes due 2016 to 'BB+' from 'BBB-'.  At the same
time, S&P revised the company's SACP to 'bb+' from 'bbb-'.  S&P
also removed the ratings from CreditWatch with negative
implications, where it placed them on October Oct. 25, 2013.  The
outlook is stable.

S&P's rating on Panama-based hydro-power generation company AES
Panama reflects its assessment of its 'bb+' SACP.  The SACP is
based on the company's "fair" business risk profile and
"significant" financial risk profile as S&P's criteria define
these terms.

"The rating on AES Panama also reflects our view that there is a
moderately high likelihood that the government of Panama would
provide timely and sufficient extraordinary support to AES Panama
in the event of financial distress.  In accordance with our
criteria for government-related entities, our view is based on our
assessment of AES Panama's role as the largest low-cost power
generator in Panama and its strong link to the government, which
has a majority stake in the company," said Standard & Poor's
credit analyst Maria del Sol Gonzalez.  The AES Corp. holds 49%
and AES Panama's employees hold the remaining 0.5%.


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


HARVEST NATURAL: Receives Notices of Defaults on VSM Agreements
---------------------------------------------------------------
Harvest Natural Resources on Nov. 12 reported 2013 third quarter
earnings and provided an operational update.

Harvest reported third quarter net income of $2.0 million, or
$0.05 per diluted share, compared to net income of $5.8 million,
or $0.15 per diluted share, for the same period last year.  The
third quarter results included exploration expenses of $1.5
million, or $0.04 per diluted share, an impairment charge on the
Company's Colombia asset of $2.3 million, or $0.06 per diluted
share, and an unrealized loss on derivatives of $6.6 million, or
$0.17 per share.  After adding back the charges for exploration
expense, impairment and unrealized losses on derivatives, net
income would have been $12.4 million, or $0.32 per diluted share.

Petrodelta had net income during the third quarter of $96.6
million, $30.9 million net to Harvest's 32 percent interest, under
International Financial Reporting Standards (IFRS).  After
adjustments to Petrodelta's IFRS earnings, primarily to conform to
accounting principles generally accepted in the United States
(GAAP), Harvest's 32 percent share of Petrodelta's earnings was
$20.6 million, compared to $16.2 million for the same period last
year.

Highlights for the third quarter of 2013 include:

Venezuela

   -- Negotiations continue with Pluspetrol Venezuela S.A. to
acquire the outstanding shares of Harvest through a transaction in
which Pluspetrol would retain Harvest's net 32 percent interest in
Petrodelta while Harvest's non-Venezuelan assets would be
contributed to a new company that would be spun off to the
Company's stockholders

   -- During the third quarter of 2013, Petrodelta drilled and
completed four wells and sold approximately 3.8 million barrels of
oil (MMBO) for a daily average of approximately 41,726 barrels of
oil per day (BOPD), an increase of 9 percent over the same period
in 2012

   -- Petrodelta's current production rate is approximately 44,000
BOPD and the 2013 expected average production rate is 40,400 BOPD
with capital expenditures projected at $210.0 million

   -- Four development wells were drilled during the period, two
in the El Salto field, one in the Isleno field and one in the
Temblador field

Gabon

   -- Negotiation of definitive agreements continue with Vitol
S.A. to acquire Harvest's 66.67% interest in the Dussafu PSC for
$137.0 million in cash

   -- Acquisition of a 1,260 square kilometer 3D seismic survey
commenced in October 2013 and the first high quality seismic
products are expected to be available during the second quarter of
2014

   -- Geoscience, reservoir engineering and economic studies have
been progressed, and a field development plan is progressing

Indonesia

   -- Land access and acquisition, environmental studies, and
tender prequalification and procurement are on-going

   -- Continued work on an exploration program targeting the
Pliocene and Miocene targets

James A. Edmiston, President and Chief Executive Officer of
Harvest Natural Resources stated, "The two previously announced
potential transactions, taken together, accurately reflect the
strategic direction of the Company.  In the near term, the Board
and Management will remain primarily focused on a sale of the
asset base of the Company in whole or in parts and a return of the
proceeds to its shareholders."

Mr. Edmiston continued, "While we cannot assure the shareholders
that either of these potential transactions will reach closure, we
believe the quality of the asset base continues to attract
interest from the industry."

Venezuela

During the three months ended September 30, 2013, Petrodelta sold
approximately 3.8 MMBO for a daily average of 41,726 BOPD, an
increase of nine percent over the same period in 2012 and nine
percent over the previous quarter.  Petrodelta also sold 0.6
billion cubic feet of natural gas for a daily average of 6.5
million cubic feet per day. P etrodelta's current production rate
is approximately 44,000 BOPD.

During the third quarter of 2013, Petrodelta drilled and completed
four development wells, two in the El Salto field, one in the
Isleno field and one in the Temblador field.  Currently,
Petrodelta is operating five drilling rigs and one workover rig.
A sixth drilling rig is rigging up. Infrastructure enhancement
projects in the El Salto and Temblador fields continue.

The average sale price for crude oil produced during the quarter
was approximately $93.43 per barrel.

In September 2013, the Company announced that it had entered into
exclusive negotiations with Pluspetrol Venezuela S.A. (Pluspetrol)
to sell the outstanding shares of Harvest through a transaction in
which Pluspetrol would retain Harvest's net 32 percent interest in
Petrodelta while Harvest's non-Venezuelan assets would be
contributed to a new company that would be spun off to the
Company's stockholders.  The total consideration would be
approximately $373 million, before taking into account repayment
of the Company's long-term debt, payment of costs and other
obligations, and customary working capital adjustments.  The
assets to be spun off would primarily include the Company's
interests in Gabon and Indonesia.  While the Company's obligation
to negotiate exclusively with Pluspetrol has expired, it is
continuing to discuss with Pluspetrol on a non-exclusive basis
entering into a definitive agreement that would entail this
transaction or one similarly structured.

Exploration and Other Activities

Dussafu Project - Gabon (Dussafu PSC)

Operational activities during the three months ended September 30,
2013 included continuation of planning for a cluster field
development.  Geoscience, reservoir engineering and economic
studies have been progressed, and a field development plan is
progressing Acquisition of a 1,260 square kilometer 3D seismic
survey commenced in October 2013, and the first high quality
seismic products are expected to be available during the second
quarter of 2014.  The survey will provide the first 3D coverage
over the outboard, where significant pre-salt prospectivity has
been recognized on 2D data.  The pre-salt is currently the focus
of deep water exploration activity offshore Gabon.  The new 3D
seismic data will also enhance the placement of future development
wells in the Ruche and Tortue development program.

On September 27, 2013, HNR Global Holding B.V., an indirect
wholly-owned subsidiary of the Company, entered into exclusive
negotiations with Vitol S.A. to sell Harvest Dussafu B.V., which
holds the Company's 66.67% interest in the Dussafu PSC, for $137.0
million in cash.  Net proceeds from the sale are estimated to be
approximately $121.8 million after deductions for $3.5 million in
transaction related costs and $11.7 million in taxes.

Budong-Budong PSC - Indonesia

Operational activities during the three months ended September 30,
2013 included continued work on an exploration program targeting
the Pliocene and Miocene targets encountered in the previous two
wells.  Land access and acquisition; environmental studies;
construction and upgrades to access roads, bridges, and well site;
permitting; and tender prequalification and procurement are on-
going.

Colombia

Harvest received notices of default from the Company's partners
for failing to comply with certain terms of the farmout agreements
for Block VSM 14 and Block VSM 15.  Also approvals from the
government of the Republic of Colombia in connection with the
Company's interest remain pending.  The Company is discussing this
situation with its partners to see how it may be able to cure
these defaults and reform the agreements.  Unless the Company is
successful at doing so, its partners may terminate the farmout
agreements, and Harvest would relinquish its interests in the
Blocks.  After evaluating these circumstances, the Company
determined that it was appropriate to fully impair the costs
associated with these interests, and the Company recorded an
impairment charge of $2.3 million during the three months ended
September 30, 2013.

                 About Harvest Natural Resources

Houston-based Harvest Natural Resources, Inc., is an independent
energy company engaged in the acquisition, exploration,
development, production and disposition of oil and natural gas
properties since 1989, when it was incorporated under Delaware
law.

The Company has acquired and developed significant interests in
the Bolivarian Republic of Venezuela.  The Company's Venezuelan
interests are owned through Harvest-Vinccler Dutch Holding, B.V.,
a Dutch private company with limited liability.  The Company's
ownership of Harvest Holding is through HNR Energia, B.V., in
which the Company has a direct controlling interest.  Through HNR
Energia, the Company indirectly owns 80 percent of Harvest Holding
and the Company's partner, Oil & Gas Technology Consultants
(Netherlands) Cooperatie U.A., a controlled affiliate of
Venezolana de Inversiones y Construcciones Clerico, C.A.
("Vinccler"), indirectly owns the remaining 20 percent interest of
Harvest Holding.  The Company does not have a business
relationship with Vinccler outside of Venezuela.  Harvest Holding
owns, indirectly through wholly owned subsidiaries, 40 percent of
Petrodelta, S.A.

As the Company indirectly owns 80 percent of Harvest Holding, it
indirectly owns a net 32 percent interest in Petrodelta, S.A., and
Vinccler indirectly owns eight percent.


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


BOND PRICING: For the Week From Nov. 11 to Nov. 15, 2013
--------------------------------------------------------

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

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

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

Almendral
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
Ltd

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
Creditanstalt
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
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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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202-241-8200.


                   * * * End of Transmission * * *