TCRLA_Public/131120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, November 20, 2013, Vol. 14, No. 230


                            Headlines



B E R M U D A

ENERGY XXI: S&P Assigns 'B-' Rating to Proposed $300MM Notes
VALE: CDS 24% Wider Despite Basic Materials Sector Tightening


C A Y M A N  I S L A N D S

ASIAN CENTURY: Creditors' Proofs of Debt Due Nov. 25
ATHENA OVERSEAS: Creditors' Proofs of Debt Due Nov. 25
CHIMA LIMITED: Creditors' Proofs of Debt Due Dec. 17
DANELAW INVESTMENTS: Creditors' Proofs of Debt Due Dec. 4
DAPLON LIMITED: Creditors' Proofs of Debt Due Dec. 4

EASTASIA HOLDINGS: Creditors' Proofs of Debt Due Nov. 25
EBF HOLDING: Commences Liquidation Proceedings
ESTEKENE OFFSHORE: Creditors' Proofs of Debt Due Nov. 25
HYUNDAI CAPITAL: Creditors' Proofs of Debt Due Dec. 4
IPE GLOBAL: Creditors' Proofs of Debt Due Dec. 5

LODGE HOLDINGS: Placed Under Voluntary Wind-Up
PERISCOPE OFFSHORE: Creditors' Proofs of Debt Due Dec. 4
ROK CAPITAL: Shareholders' Final Meeting Set for Nov. 26
XANTHOS FUTURES: Commences Liquidation Proceedings
XANTHOS PARTNERS: Commences Liquidation Proceedings


C O L O M B I A

PACIFIC RUBIALES: Tenders to Sell Dec. Colombian Crude Cargo
PACIFIC RUBIALES: S&P Rates $1.3 Billion Notes 'BB+'


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Gov't. Fails to Comply With Electricity Laws


J A M A I C A

UC RUSAL: Incurs US$172 Million Loss in Third Quarter


M E X I C O

CONSUBANCO SA: Fitch Affirms Issuer Default Ratings at 'BB-'


P E R U

PERU: Sells $230 Million to Defend Sol Amid Police-Conduct Probe


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: Jamaicans Urged to Embrace Airline
PETROLEUM COMPANY: Shutdown Looms at Trinmar Operations Over Lease


                            - - - - -


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


ENERGY XXI: S&P Assigns 'B-' Rating to Proposed $300MM Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B-'
issue-level rating to Energy XXI (Bermuda) Ltd.'s proposed
$300 million senior convertible notes due 2018.  S&P has assigned
a '6' recovery rating to this debt, reflecting its expectation
that creditors would receive negligible (0% to 10%) recovery in
the event of a payment default.

Energy XXI (Bermuda) Ltd. is the parent company of Energy XXI Gulf
Coast Inc.  S&P views this proposed debt issuance as structurally
subordinated to existing debt in the company's capital structure,
because it is issued by the parent company and does not carry a
guarantee from Energy XXI Gulf Coast Inc.  The issue-level rating
on Energy XXI Gulf Coast Inc.'s existing unsecured debt remains
'B+', and the recovery rating remains '4', indicating S&P's
expectation that creditors would receive average (30% to 50%)
recovery in the event of a payment default.  S&P's 'B+' corporate
credit rating and stable outlook on Energy XXI (Bermuda) Ltd. are
also unchanged.

Energy XXI plans to use net proceeds from the convertible debt
issuance primarily for potential acquisitions and share
repurchases of up to $100 million.  S&P also expects proceeds will
be used for general corporate purposes, including capital spending
and working capital requirements.

The ratings on Energy XXI (Bermuda) Ltd. reflect Standard & Poor's
assessment of its "weak" business risk, "aggressive" financial
risk, and "adequate" liquidity profiles.  The ratings incorporate
the company's moderate reserve size, its focus on the Gulf of
Mexico (a difficult operating environment requiring significant
reinvestment to maintain production and reserve levels), and an
elevated cost structure that limits the benefits of favorable
crude oil prices.   Rating factors also include S&P's expectation
that Energy XXI will maintain a prudent financial policy.

Ratings List

Energy XXI (Bermuda) Ltd.
Corporate Credit Rating                    B+/Stable/--

New Rating

Energy XXI (Bermuda) Ltd.
$300 mil. sr convertible notes due 2018    B-
  Recovery rating                           6


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


VALE: CDS 24% Wider Despite Basic Materials Sector Tightening
-------------------------------------------------------------
CDS market sentiment towards Brazilian mining company Vale has
worsened in the past month, bucking the broader improvement in
sentiment towards the global basic materials sector, according to
the latest case study from Fitch Solutions.

"Credit default swaps for Vale have widened out 24% over the past
month, underperforming our global basic resources CDS index which
moved 8% tighter during the period," said Diana Allmendinger,
Director, Fitch Solutions.

"This marks the first time that Vale CDS have underperformed the
broader sector since 2008," Allmendinger added. Based on current
spread levels, the CDS Implied Rating for Vale shows the CDS
market is pricing the company at the 'BB+' level.

CDS liquidity for Vale has also increased, from trading in the
11th global percentile at the end of July to the fifth percentile
currently. Increased CDS liquidity typically signals increased
market uncertainty over future CDS pricing for an issuer.

Fitch Solutions case studies build on data from its CDS Pricing
Service and proprietary quantitative models, including CDS Implied
Ratings. These credit risk indicators are designed to provide
real-time, market-based views of creditworthiness. As such, they
can and often do reflect more short-term market views on factors
such as currencies, seasonal market effects and short-term
technical influences. This is in contrast to Fitch Ratings' Issuer
Default Ratings (IDRs), which are based on forward-looking
fundamental credit analysis over an extended period of time.


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


ASIAN CENTURY: Creditors' Proofs of Debt Due Nov. 25
----------------------------------------------------
The creditors of Asian Century Quest Institutional Equity Fund,
Ltd. are required to file their proofs of debt by Nov. 25, 2013,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2013.

The company's liquidator is:

          Ogier
          c/o Desire Jacob
          Telephone: 815 1779
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ATHENA OVERSEAS: Creditors' Proofs of Debt Due Nov. 25
------------------------------------------------------
The creditors of Athena Overseas Investors Fund are required to
file their proofs of debt by Nov. 25, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 15, 2013.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106, 89 Nexus Way
          Camana Bay, Grand Cayman KY1-1205
          Cayman Islands


CHIMA LIMITED: Creditors' Proofs of Debt Due Dec. 17
----------------------------------------------------
The creditors of Chima Limited are required to file their proofs
of debt by Dec. 17, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 16, 2013.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          Road Town, Tortola
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


DANELAW INVESTMENTS: Creditors' Proofs of Debt Due Dec. 4
---------------------------------------------------------
The creditors of Danelaw Investments Limited are required to file
their proofs of debt by Dec. 4, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 16, 2013.

The company's liquidator is:

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


DAPLON LIMITED: Creditors' Proofs of Debt Due Dec. 4
----------------------------------------------------
The creditors of Daplon Limited are required to file their proofs
of debt by Dec. 4, 2013, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Oct. 11, 2013.

The company's liquidator is:

           Sharon Barrett
           RSM Farrell Grant Sparks
           Molyneux House, Bride Street
           Dublin 8
           Ireland
           Telephone +353 1 418 2000


EASTASIA HOLDINGS: Creditors' Proofs of Debt Due Nov. 25
--------------------------------------------------------
The creditors of Eastasia Holdings Limited are required to file
their proofs of debt by Nov. 25, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 10, 2013.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House
          1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


EBF HOLDING: Commences Liquidation Proceedings
----------------------------------------------
On Oct. 17, 2013, the sole shareholder of EBF Holding Limited
resolved to voluntarily liquidate the company's business.

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

The company's liquidators are:

          Wellgrace Limited
          Choi Siu Ling
          Telephone: +852 3583 1540
          Facsimile: +852 2543 2625
          FWD Financial Centre
          Units 2201-2, 22nd Floor
          308 Des Voeux Road Central
          Hong Kong


ESTEKENE OFFSHORE: Creditors' Proofs of Debt Due Nov. 25
--------------------------------------------------------
The creditors of Estekene Offshore Fund Ltd. are required to file
their proofs of debt by Nov. 25, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 11, 2013.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HYUNDAI CAPITAL: Creditors' Proofs of Debt Due Dec. 4
-----------------------------------------------------
The creditors of Hyundai Capital Auto Funding V Limited are
required to file their proofs of debt by Dec. 4, 2013, to be
included in the company's dividend distribution.

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

The company's liquidator is:

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


IPE GLOBAL: Creditors' Proofs of Debt Due Dec. 5
------------------------------------------------
The creditors of IPE Global Opportunities Fund Ltd are required to
file their proofs of debt by Dec. 5, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Oct. 4, 2013.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


LODGE HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 16, 2013, the shareholders of Lodge Holdings Ltd. resolved
to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Alexandria Bancorp Limited
          c/o Barbara Conolly
          Telephone: (345) 945-1111
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands


PERISCOPE OFFSHORE: Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------------
The creditors of Periscope Offshore Fund Ltd. are required to file
their proofs of debt by Dec. 4, 2013, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


ROK CAPITAL: Shareholders' Final Meeting Set for Nov. 26
--------------------------------------------------------
The shareholders of Rok Capital Fund Ltd. will hold their final
meeting on Nov. 26, 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:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


XANTHOS FUTURES: Commences Liquidation Proceedings
--------------------------------------------------
On Oct. 18, 2013, the sole shareholder of Xanthos Futures
Portfolio SPC resolved to voluntarily liquidate the company's
business.

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

The company's liquidator is:

          Jeffrey Skinner
          Telephone: +350 200 52545
          Facsimile: +350 200 52546
          Suite 207 Neptune House
          Marina Bay
          Gibraltar


XANTHOS PARTNERS: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 18, 2013, the sole shareholder of Xanthos Futures Partners
Limited resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Jeffrey Skinner
          Telephone: +350 200 52545
          Facsimile: +350 200 52546
          Suite 207 Neptune House
          Marina Bay
          Gibraltar


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


PACIFIC RUBIALES: Tenders to Sell Dec. Colombian Crude Cargo
------------------------------------------------------------
Canadian oil company Pacific Rubiales launched a tender to offer
one 500,000 barrel cargo of Colombian Vasconia crude for delivery
on December 10-25, according to an invitation seen by Reuters on
Nov. 14.

This is the fifth Colombian crude cargo offered by Pacific
Rubiales, the biggest private oil company working in Colombia, to
be delivered during December, according to Reuters.  The report
relates that the company will sell 3 million barrels of heavy
Castilla and 1 million barrels of medium Vasconia.

The sellers of this tender will include any combination of
Pacific's subsidiaries: Meta Petroleum, C&C Energy Barbados and
Pacific Stratus Energy, the report notes.

Reuters notes that bidders must index their prices to NYMEX WTI
front month.  The firm specified that Brent related offers will
not be valid.  Bids will be accepted until November 15.


PACIFIC RUBIALES: S&P Rates $1.3 Billion Notes 'BB+'
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Pacific Rubiales Energy Corp.'s
(BB+/Stable/--) notes for up to $1.3 billion due 2019.  The notes
will benefit from the unconditional and irrevocable guarantee by
the company's main subsidiaries, Pacific Rubiales Holdings, Meta,
Pacific Stratus International Energy Ltd., Pacific Stratus Energy
Colombia Corp., Pacific Stratus Energy S.A., Pacific Guatemala
Energy Corp., Pacific Off Shore Peru S.R.L., Pacific Rubiales
Guatemala S.A., and PRE-PSIE Co”peratief U.A.  The company will
use the proceeds of the notes to partly fund Petrominerales'
acquisition.

On Oct. 1, 2013, S&P affirmed its 'BB+' ratings on Pacific
Rubiales following the announcement of the Petrominerales
acquisition.  The rating on the notes is based on S&P's corporate
credit rating on Pacific Rubiales.  The rating on Pacific Rubiales
reflects is "fair" business risk profile given the company's
smaller scale compared with its investment-grade peers and its
revenue concentration in Rubiales and Piriri blocks, whose
concessions expire in 2016.  However, the company has been
diversifying its current portfolio and increasing its production
and total proved plus probable reserves.  The Petrominerales'
acquisition would help to increase Pacific Rubiales' current
production and proved reserves by 15% and 30%, respectively.

The rating also reflects Pacific Rubiales' "intermediate"
financial risk profile.  Although its debt will increase, with pro
forma debt to EBITDA expected at about 1.5x at the end of 2013,
S&P expects it to improve to less than 1.2x in 2014 under its base
case, mostly as a result of the increased production and lower
operating costs.  The company's liquidity is currently "adequate."
However, S&P could revise it back to "strong" after the completion
of the issuance.

The rating on the proposed senior unsecured notes is also based on
S&P's expectation that the ratio of priority liabilities to total
assets will remain below 15%, allowing for no structural
subordination of the notes.

RATINGS LIST

Pacific Rubiales Energy Corp.
  Corporate credit rating            BB+/Stable/--

Rating Assigned

Pacific Rubiales Energy Corp.
  $1.3 bil sr unsecd nts due 2019    BB+


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


DOMINICAN REP: Gov't. Fails to Comply With Electricity Laws
-----------------------------------------------------------
Dominican Today reports that Young Business Leaders Association
(ANJE) president Laura Pena said the Dominican Republic Government
fails to comply with the Law on Electricity, which in her view
leads to the sector's crisis and poor quality service.

Ms. Pena said ANJE aims to hammer out major agreements on
education, taxes and electricity, that she affirms the country
needs, according to Dominican Today.  "To make us competitive as a
country we must refocus ourselves to these three covenants.  The
electricity law isn't being complied with, which says that the
Government must regulate the electricity sector and encourage
private-sector investment," the report quoted Ms. Pena as saying.

Interviewed by Orlando Jorge on Color Vision Channel 9, the
business leader said a fairer tax system is required  so that
large, medium and small companies don't pay the same amount of
tax, but based on each one's income instead, the report notes.

Ms. Pena, the report relates, regrets the continued growth of the
country's informal jobs "while formal ones head downhill," since
several companies carried out layoffs due to the economic crisis
affecting the country.  "We have to find a way that companies
employ more people," Ms. Pena said, the report relays.

Ms. Pena also criticized the country's low competitiveness and the
fight against corruption, noting that it's possible to improve
those figures by adhering to the three pacts proposed by the
Government and civil society, the report adds.


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


UC RUSAL: Incurs US$172 Million Loss in Third Quarter
-----------------------------------------------------
RJR News reports that UC Rusal, which controls 65 per cent of
Jamaica's alumina production, is reporting a decline in financial
losses.

Its third quarter loss narrowed from the previous three months
after the company, which operates the Kirkvine and Alpart plants,
shut unprofitable plants and cut costs, according to RJR News.

The report notes that the net loss shrank to US$172 million in the
third quarter from US$458 million in the second.  However, the
report relates that UC Rusal's sales dropped 3.5 per cent to
US$2.4 billion.

Slowing global economic growth has eroded demand for aluminum,
dragging down prices for the metal used in cars, aircraft and
drink cans. Supply of the metal is outpacing demand for a seventh
consecutive year, the report adds.

                  *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 25, 2013, RJR News said UC Rusal disclosed its financial
losses for 2012 were bigger than initially reported.  The company
has revised its net loss to US$337 million from the US$55 million
US dollar loss reported the previous month, according to RJR News.
The report related that UC Rusal said the adjustment was made
after reviewing its share of profit from its subsidiary Norilsk
Nickel. UC Rusal, the report added, said the adjusted financial
statements have been reviewed by its auditor.


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


CONSUBANCO SA: Fitch Affirms Issuer Default Ratings at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed the foreign- and local-currency long-
term Issuer Default Ratings (IDRs) of Consubanco, S.A.,
Institucion de Banca Multiple at 'BB-' and the short term IDRs at
'B'. Its Viability Rating (VR) was also affirmed at 'bb-' and the
national scale ratings at 'A-(mex)' and 'F2(mex)'. A full list of
rating actions follows at the end of this press release.

Key Rating Drivers:

Consubanco's IDRs, VR, and national-scale ratings are driven by
its strong capitalization, sound and recurring profitability
driven by ample margins, well-contained provisions and strong
efficiency levels, and reasonably sound asset quality and loan
loss reserve coverage, which Fitch expects will remain roughly
unchanged. However, the ratings also factor in the limited
flexibility of its funding structure, though this is gradually
improving, the challenging operating and competitive environment
in this sector, and the relatively high, though declining,
portfolio concentrations by region and employer.

In turn, Consubanco's Support rating (SR) of '5' and the Support
rating floor (SRF) of 'NF' reflect Fitch's opinion that external
support for the bank in case of need, although possible, cannot be
relied upon.

Rating Sensitivities:

The IDRs, VR, and national scale ratings would benefit from a
material and sustained improvement in the profile and flexibility
of Consubanco's financing mix while other financial strengths are
maintained. Fitch would consider upgrading these ratings when the
vast majority of Consubanco's funding is unsecured, and the ratio
of unpledged loans to unsecured funding is at least 90%, while
asset and liability tenors are relatively matched and a
comfortable cash flow schedule maintained.

These ratings could be affected if asset quality deteriorates to
such an extent that operating return on assets (ROA) and/or the
core capital ratio fall below 5% or 15%, respectively. Negative
developments in political and/or business risks could also affect
the ratings.

Given the limited systemic importance of the bank and negligible
share of retail deposits, Fitch believes that the SR and SRF are
unlikely to change in the foreseeable future.

Credit Profile:

Despite its conversion into a bank in 2012, Consubanco remains
focused on the traditional business model, as it does not plan in
the near future to expand its array of financial products, enter
different sectors, nor develop a network of bank branches,
although a gradually increasing portion of its funding is expected
to be sourced from customer deposits.

Consubanco grants loans to public sector employees that explicitly
agreed to repay those loans through direct payroll debits, largely
mitigating credit risk. These jobs are typically stable and have
low turnover ratios, but the relatively lower salaries in the
public sector mean few financing alternatives for these
individuals, which explains the relatively high interest rates.
Unlike most peers, Consubanco's broker-based business is done
through fee-based agreements, further enhancing margins and net
income.

Ample margins, coupled with well-contained credit costs and sound
efficiency, are major drivers of a recurring and resilient
earnings stream. While the worsening operating environment and
increased competition will likely pressure profitability to some
extent, Fitch considers that Consubanco will likely maintain
robust earnings.

Given the payroll deduction mechanism, overall impairments,
provisions and charge-offs are relatively low and stable
throughout the different phases of the economic cycle. Loans are
diversified by borrower, although there are still relatively high
concentrations by region and employers, but this is declining
rapidly. A gradually enhanced credit process in recent years and
ample loan loss reserves are additional mitigating factors for
credit risk.

Given its exceptionally high profitability and the slowdown in
loan growth in previous years, the capital base is ample, despite
the resumption of loan growth since 2012. Even after adjusting for
certain non-core assets, Fitch's measurement of core capital
remained above 20% of total assets as of 3Q'13. Sound capital is
one of Consubanco's key strengths.

Although improving, Fitch considers Consubanco's funding structure
as one of its major challenges. Liquidity is comfortable and
sustained by sizable and recurring cash flows, but the funding
base remains concentrated in few banks. Positively, the banking
license has allowed Consubanco to rapidly increase the relative
weight of unsecured financing, but the flexibility is still
constrained by a limited amount of unpledged loans.

While credit risk is low, Fitch considers that Consubanco's
exposure to operational, political, and event risk is somewhat
higher, as are most companies in this market. These are related to
the proper execution of the agreements with employers, and
potential unwillingness of the latter to timely or fully disburse
retained collections. The competitive environment is also
intensifying rapidly.

Fitch has affirmed the following ratings:

Consubanco, S.A., Institucion de Banca Multiple:
-- Long-term IDR at 'BB-';
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB-';
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb-';
-- Support rating at '5';
-- Support rating floor at 'NF';
-- Long-term national-scale rating at 'A-(mex)';
-- Short-term national-scale rating at 'F2(mex)';
-- Long-term national-scale rating for local unsecured debt at 'A-
(mex)'.

The Rating Outlook is Stable.


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


PERU: Sells $230 Million to Defend Sol Amid Police-Conduct Probe
----------------------------------------------------------------
John Quigley at Bloomberg News report that Peru's central bank
sold the most dollars in three months to support the sol as a
probe into police conduct undermined confidence in the government.

Banco Central de Reserva del Peru sold $230 million of U.S.
currency in the foreign exchange market on Nov. 19, 2013, the most
since a record intervention on Aug. 21, according to Bloomberg
News.

Bloomberg News notes that President Ollanta Humala called off a
trip to Canada after his national security adviser, interior
minister and six police officials resigned amid a probe into
unauthorized protection for a Lima residence that opposition
lawmakers have said may have been used for phone tapping.

The investigation adds to investor concern about government
policies as Humala seeks to increase fiscal outlays amid slowing
growth, said Pedro Tuesta, an economist at Washington-based 4Cast
Inc, Bloomberg News relates.

"There are so many political problems," Bloomberg News quoted Mr.
Tuesta as sying in a telephone interview.  The policing probe
"doesn't help at all," Mr. Tuesta added, Bloomberg News relates.


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


CARIBBEAN AIRLINES: Jamaicans Urged to Embrace Airline
------------------------------------------------------
RJR News reports that Director of Caribbean Airlines, Dennis
Lalor, is making an impassioned plea for Jamaicans to embrace the
airline as they did Air Jamaica.

Mr. Lalor made the plea at a recent function in Kingston as the
airline launched a new look, according to RJR News.

Mr. Lalor, the report notes, said Caribbean Airlines has been
listening to the calls from its passengers and wants Jamaicans to
see the airline as being their own as was the case with Air
Jamaica.

"So far as I am concerned Caribbean Airlines should really be the
airline that the Caribbean people use because the other airlines
can pull out any time when it doesn't suit them. Caribbean
Airlines is committed to the Caribbean," the report quoted Mr.
Lalor as saying.

Mr. Lalor further dismissed the notion that Caribbean Airlines has
bailed out Air Jamaica, the report notes.

"Air Jamaica had over US$200 million in growth revenue and that
200 million on top of Caribbean airline's normal revenue, made
Caribbean Airlines viable," Mr. Lalor said, the report adds.

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

                           *     *     *

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


PETROLEUM COMPANY: Shutdown Looms at Trinmar Operations Over Lease
------------------------------------------------------------------
Carolyn Kissoon at Trinidad and Tobago News reports that a major
shutdown of Petroleum Company of Trinidad and Tobago (Petrotrin)'s
Trinmar operations is looming, and Trinidad and Tobago Government
has seven days to respond to the claim by the Oilfields Workers'
Trade Union (OWTU) that the country's most productive offshore
oilfields were being leased for a new project -- Mature Fields
Rejuvenation Project.

Trinmar workers and some Point Fortin residents staged a march
through the borough, calling on Government to respond, according
to Trinidad and Tobago News.

The report notes that OWTU Trinmar branch president Ernesto Kesar
said, "We understand in the Trinmar branch on Thursday and Friday
of last week, the company, Petrotrin Trinmar Operations, had five
prospective lease operators at the Soldado Field or what the
public popularly known as the Jubilee Field.  The intention is to
have a new project implemented, the Mature Fields Rejuvenation
Project."

Mr. Kesar, the report relates, said the OWTU, the legal majority
union of Petrotrin Trinmar Operations, was not informed of the
move.

The report relates that Mr. Kesar said workers were appealing to
the ministers of Energy and Labour to explain what is taking
place.

The workers have undertaken a pre-emptive action.  "We will not
shut down the company, no because this matter is a community
issue.  We have no intention of shutting down our workplace
because our production is going quite reasonably well at this
point in time, so we don't want nothing affecting our production
right now," the report quoted Mr. Kesar as saying.

Mr. Kesar said residents of Point Fortin were concerned that by
leasing the offshore fields their communities would be brought
into a state of disrepair, the report adds.

                           About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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