TCRLA_Public/131127.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 27, 2013, Vol. 15, No. 235


                            Headlines



A R G E N T I N A

ARCOR SAIC: Fitch Affirms 'B' Issuer Default Rating; Outlook Neg.


B A R B A D O S

SAGICOR LIFE: S&P Retains 'BB+' Rating on CreditWatch Negative


B R A Z I L

BANCO PAN: S&P Assigns 'BB+' Issuer Credit Rating; Outlook Neg.
OSX BRASIL: Brazil Judge Grants Bankruptcy Protection
OSX BRASIL: Takes BRL1.63BB Writedown for 3rd Qtr., Reports Loss


C A Y M A N  I S L A N D S

ALERT INVESTMENTS: Placed Under Voluntary Wind-Up
ALL SEASONS: Commences Liquidation Proceedings
BARCAN INVESTMENTS: Placed Under Voluntary Wind-Up
COVEPOINT EMERGING: Creditors' Proofs of Debt Due Dec. 4
CRYSTAL CREDIT: Creditors' Proofs of Debt Due Dec. 9

DEEPHAVEN EUROPEAN (EUR): Creditors' Proofs of Debt Due Dec. 4
DEEPHAVEN EUROPEAN (USD): Creditors' Proofs of Debt Due Dec. 4
GAIEN PROPERTIES: Commences Liquidation Proceedings
GIBBEN LTD: Placed Under Voluntary Wind-Up
MOJAV LIMITED: Commences Liquidation Proceedings

NINGBO HOLDING: Placed Under Voluntary Wind-Up
PALAU INTERNATIONAL: Placed Under Voluntary Wind-Up
RAGUNDRI FUNDING: Creditors' Proofs of Debt Due Dec. 4
RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Dec. 5
SHORE RE: Creditors' Proofs of Debt Due Dec. 9


C H I L E

AES GENER: Signs MOU With Abengoa to Develop Desalination Plant
AES GENER: Fitch to Rate $450MM Jr. Subordinated Notes at 'BB'
RUTA DEL BOSQUE: S&P Affirms 'BB+' Rating on Fixed-Rate Notes


C O L O M B I A

PACIFIC RUBIALES: S&P Keeps 'BB+' Notes Rating After $300MM Add-on
PACIFIC RUBIALES: Fitch Rates $300MM Sr. Unsecured Notes 'BB+'


M E X I C O

AXTEL SAB: Posts Ps. 2,630 Million Revenue in 3Q 2013
AXTEL SAB: S&P Lowers CCR to 'CC' After Exchange Offer & Add-On
AXTEL SAB: Fitch Rates $146MM Senior Secured Notes 'B+/RR3'


P E R U

GRUPO ACP: S&P Puts 'BB+' ICR on CreditWatch Negative


T R I N I D A D  &  T O B A G O

* TRINIDAD & TOBAGO: Manufacturers Weigh in on Tension w/ Jamaica


                            - - - - -

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


ARCOR SAIC: Fitch Affirms 'B' Issuer Default Rating; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Arcor S.A.I.C.
(Arcor):

-- Foreign currency Issuer Default Rating (IDR) at 'B'; Outlook
   Negative;
-- Local currency IDR at 'B+'; Outlook Negative;
-- USD200 million senior unsecured notes due 2017 at 'B/RR4'.

Key Rating Drivers:

Arcor's 'B+' local currency IDR reflects the company's strong
business position as a leading Latin American producer of
confectionary and cookie products. Arcor enjoys strong brand
equity in Argentina due to its comprehensive distribution network
and its presence in the country for more than 60 years. The
company also has a presence in Brazil and Chile. Together, these
three markets account for more than 90% of its total sales.

The company's local currency IDR is two notches above Argentina's
'B-' local currency IDR due to its strong capital structure. The
close correlation of its cash flow with the strength of the
Argentine economy and its exposure to variations in commodity
prices, prevent the company from being rated higher despite its
strong capital structure and solid business position.

As of the last 12 months ended June 30, 2013, Arcor recorded sales
of USD3.1 billion and EBITDA of USD287 million. The company
generated USD58 million of cash flow from operations and had free
cash flow of USD11 million. While Arcor's operations in
investment-grade countries such as Brazil and Chile account for
approximately 33% of its consolidated revenues, the contribution
to cash flow from operations in those countries is still low.
About 85% of Arcor's operating cash flow is generated in
Argentina.

Arcor's operations abroad, as well as its exports from Argentina,
allow the company's foreign currency IDR of 'B' to be rated one
notch higher than Argentina's country ceiling of 'B-.' Arcor's
capital structure is conservative and its leverage is low for the
rating category. As of June 30, 2013, Arcor had a total debt-to-
EBITDA ratio of 2.0 times (x) and a net debt-to-EBITDA ratio of
1.7x. Dollar-denominated debt was approximately USD318 million as
of June 2013, about 70% of total debt. The company's liquidity is
manageable. As of June 2013, the company reported cash and
marketable securities of USD80.5 million and short-term debt of
USD234 million.

Rating Sensitivities:

The Stable Outlook reflects Fitch's expectations that Arcor will
manage its balance sheet to a targeted ratio of debt-to-EBITDA of
around 2x. Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 4x. Without an upgrade in
the sovereign rating of Argentina, Arcor's ratings will likely not
be upgraded. The company will likely not be downgraded unless the
sovereign ratings are downgraded.


===============
B A R B A D O S
===============


SAGICOR LIFE: S&P Retains 'BB+' Rating on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that the 'BB+' financial
strength and counterparty credit ratings on Sagicor Life Inc.
(Sagicor) and its 'BB-' issue-level ratings on Sagicor Finance
Ltd. remain on CreditWatch with negative implications where S&P
placed them on Feb. 13, 2012.

S&P's CreditWatch placement also incorporates the potential
effects of the downgrade on Barbados (BB-/Negative/B) and the
exposure to Jamaica (B-/Stable/B) under our Ratings Above the
Sovereign criteria.

"Our ratings incorporate our expectations that Sagicor will be
able to significantly reduce its property and casualty business.
Sagicor's major exposure to P&C is through Sagicor at Lloyd's.
The sale of the business is still pending regulatory approvals,"
said Standard & Poor's credit analyst Angelica Bala.

Additionally, the two notch downgrade on Barbados and the low
rating on Jamaica, countries where the company is exposed,
pressure the ratings.  S&P is currently analyzing Sagicor under
its new "Ratings Above The Sovereign" criteria (published on Nov.
19, 2013) to ascertain the potential effects on the ratings on
Sagicor, considering that the company is geographically
diversified.

S&P will resolve the CreditWatch placement once the sale of
Sagicor at Lloyd's is completed and it performs a stress test
analysis to assess the potential implications of its new Ratings
Above the Sovereign criteria.  Depending on these two factors, the
ratings could suffer a multi-notch downgrade.


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


BANCO PAN: S&P Assigns 'BB+' Issuer Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its global scale 'BB+'
long-term and 'B' short term issuer credit ratings on Banco Pan
S.A. (Banco Pan; formerly Banco Panamericano S.A.).  S&P also
assigned its 'brAA/ brA-1' national scale ratings to the bank.
The outlook on the long-term ratings is negative.

The ratings on Banco Pan reflect its 'b+' SACP and its
strategically important status to Banco BTG Pactual S.A. (BTG;
BBB-/Stable/A-3), according to S&P's criteria for rating group
entities.  S&P's view of its strategic importance is based on the
Banco Pan's close integration with and management from its parent,
and S&P's view that it is unlikely the bank will be sold in the
next 18 to 24 months.

"Banco Pan S.A. is a joint venture between between BTG and Caixa
Economica Federal, with BTG holding 51% of Banco Pan voting shares
and Caixa holding the remainder," said Standard & Poor's credit
analyst Cynthia Cohen Freue.

Banco Pan's SACP reflects its "moderate" business position, "weak"
capital and earnings, "moderate" risk position, "average" funding,
and "adequate" liquidity.

The negative outlook reflects that of Brazil's banking industry
risk and underpins S&P's assessment regarding rapid credit
expansion in Brazil, leading to substantial household debt that
has consistently and significantly outpaced GDP growth over the
past five years.  S&P believes that another round of aggressive
credit expansion, especially by publicly owned banks, might
trigger loan growth appetite among private banks as well, amid the
central government's policies designed to stimulate sustained
credit growth.  A deterioration in Brazil's banking industry risk
resulting in a downgrade of the anchor for Brazilian banks will
have negative rating implications for Banco Pan.  Additionally, a
reduction in Banco Pan's "strategically important" role for BTG,
or a downgrade of this important shareholder, would lead S&P to
downgrade Banco Pan.  S&P could also lower the ratings if Banco
Pan's asset quality deteriorates, with NPLs consistently above 7%
and charge offs reaching 7.5%, which may lead S&P to revise the
bank's risk position.  Moreover, a RAC ratio below 3% will lead to
a revision in capital and earnings, and a lower rating.  S&P could
revise the outlook to stable if it revises the Brazilian banking
economic risk trend to stable and/or if the bank manages to
improve its operating performance while improving its asset
quality metrics.


OSX BRASIL: Brazil Judge Grants Bankruptcy Protection
-----------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that a
corporate court in Rio de Janeiro granted bankruptcy protection to
shipbuilder OSX Brasil SA and two of its subsidiaries, all
controlled by former billionaire Eike Batista.

The troubled shipbuilding company filed for judicial recovery on
Nov. 11, 2013, following a similar request by sister company oil
firm OGX Petroleo e Gas Participacoes S.A., according to The Wall
Street Journal.

The WSJ notes that OSX SA had outstanding debts of around US$2.2
billion as of June 30, including dollar-and real-denominated loans
and bonds held by a mix of banks, investors and government
institutions, such as Brazil's Merchant Marine Fund.

The WSJ relates that OSX SA was created to support the expected
growth of the oil firm, Mr. Batista's flagship company, which
after several operational setbacks had to discontinue the
exploration of most of its oil fields.

In a recent letter sent to Norsk Tillitsmann ASA, the Norwegian
trustee for the bondholders, OSX SA said that it expects to miss
an interest payment due Dec. 20 on US$500 million in outstanding
bonds, The WSJ discloses.

                          About OSX

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2013, The Wall Street Journal said that OSX Brasil SA
filed for bankruptcy protection, the second such filing for a
commodities empire that crumbled this year as losses piled up and
investor confidence plummeted.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, according to the WSJ
report.  The firm went public in 2008 for $4.1 billion but failed
to produce nearly any of the up to 10.8 billion barrels it claimed
to have. Recently, OGX declared several of its once promising
fields were actually duds.


OSX BRASIL: Takes BRL1.63BB Writedown for 3rd Qtr., Reports Loss
----------------------------------------------------------------
Matthew Cowley at The Wall Street Journal reports that OSX Brasil
S.A. wrote down the value of its assets by BRL1.63 billion (US$717
million) in the third quarter of 2013.

OSX Brasil S.A. filed for bankruptcy protection from creditors
this month, following in the steps of its main client and sister
company, OGX Petroleo e Gas Participacoes S.A., according to The
Wall Street Journal.  The report notes that a corporate court in
Rio de Janeiro approved the request.

The WSJ says that as a result of the writedown, OSX SA reported a
net loss of BRL1.84 billion for the quarter.

The WSJ relates that the brunt off the writedown was at OSX SA's
leasing arm, which is supposed to hire out the oil platforms the
firm is building.  The writedown for the leasing unit totaled
BRL1.06 billion, while the firm wrote off BRL566.6 million in
value at its naval construction unit, The WSJ relays.

The WSJ discloses that revenues for the quarter totaled BRL151.9
million, down from BRL188.5 million in the second quarter.  The
firm also said it lost BRL57.7 million related to interest rate
derivatives, The WSJ relays.

The WSJ discloses that the total investments in the quarter were
BRL673 million, most of which was spent on the shipyard unit, UCN
Acu.  The firm said it had BRL196.6 million in cash as of Sept.
30, The WSJ notes.

The WSJ says that the firm also reported total debts of BRL4.8
billion.  Of that, BRL1.7 billion was related to UCN Acu, BRL648
million to FPSO OSX-1, BRL1.2 billion to FPSO OSX-2 and BRL1.1
billion related to FPSO OSX-3, The WSJ notes.  The firm has
another BRL201 million in other financing, according to the
statement, The WSJ adds.

                          About OSX

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2013, The Wall Street Journal said that OSX Brasil SA
filed for bankruptcy protection, the second such filing for a
commodities empire that crumbled this year as losses piled up and
investor confidence plummeted.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, according to the WSJ
report.  The firm went public in 2008 for $4.1 billion but failed
to produce nearly any of the up to 10.8 billion barrels it claimed
to have. Recently, OGX declared several of its once promising
fields were actually duds.


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


ALERT INVESTMENTS: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Oct. 4, 2013, the shareholder of Alert Investments 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


ALL SEASONS: Commences Liquidation Proceedings
-----------------------------------------------
On Oct. 25, 2013, the sole shareholder of All Seasons Enhanced
Equity Fund Ltd resolved to voluntarily liquidate the company's
business.

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

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


BARCAN INVESTMENTS: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Oct. 23, 2013, the shareholder of Barcan Investments Limited
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


COVEPOINT EMERGING: Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------------
The creditors of Covepoint Emerging Markets Macro Overseas 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. 25, 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


CRYSTAL CREDIT: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------------
The creditors of Crystal Credit Ltd. are required to file their
proofs of debt by Dec. 9, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 18, 2013.

The company's liquidators are:

          Yohann Regnard
          Dena Thompson
          P.O. Box 10233 171 Elgin Avenue
          Willow House, 3rd Floor
          Grand Cayman
          Cayman Islands
          Telephone: 914-2266/ 949-5263
          Facsimile: 949-6021


DEEPHAVEN EUROPEAN (EUR): Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------------------
The creditors of Deephaven European Event Fund (EUR) 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. 7, 2013.

The company's liquidator is:

          Jess Shakespeare
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


DEEPHAVEN EUROPEAN (USD): Creditors' Proofs of Debt Due Dec. 4
--------------------------------------------------------------
The creditors of Deephaven European Event Fund (USD) 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. 7, 2013.

The company's liquidator is:

          Jess Shakespeare
          c/o Camele Burke
          Kinetic Partners (Cayman) Limited
          The Harbour Centre
          42 North Church Street
          P.O. Box 10387 Grand Cayman KY1-1004
          Cayman Islands
          Telephone: (345) 623 9904
          Facsimile: (345) 943 9900


GAIEN PROPERTIES: Commences Liquidation Proceedings
---------------------------------------------------
On Oct. 25, 2013, the shareholders of Gaien Properties Ltd.
resolved to voluntarily liquidate the company's business.

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

The company's liquidator is:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709, 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


GIBBEN LTD: Placed Under Voluntary Wind-Up
------------------------------------------
On Oct. 18, 2013, the shareholder of Gibben 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:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


MOJAV LIMITED: Commences Liquidation Proceedings
------------------------------------------------
On Sept. 24, 2013, the sole shareholder of Mojav 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:

          Eagle Holdings Ltd.
          25 Main Street, P.O. Box 487, George Town
          Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (312) 914 5428


NINGBO HOLDING: Placed Under Voluntary Wind-Up
----------------------------------------------
On Oct. 18, 2013, the sole shareholder of Ningbo Holding Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Nov. 12, 2013, will be included in the company's dividend
distribution.

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


PALAU INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Oct. 18, 2013, the sole shareholder of Palau International 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:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


RAGUNDRI FUNDING: Creditors' Proofs of Debt Due Dec. 4
------------------------------------------------------
The creditors of Ragundri Funding 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. 24, 2013.

The company's liquidator is:

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


RESIDENTIAL REINSURANCE: Creditors' Proofs of Debt Due Dec. 5
-------------------------------------------------------------
The creditors of Residential Reinsurance 2010 Limited 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. 18, 2013.

The company's liquidators are:

          Shaun Geils
          Kevin Poole
          P.O. Box 10233 171 Elgin Avenue
          Willow House Grand Cayman
          Cayman Islands
          Telephone: 914-2259/ 949-5263
          Facsimile: 949-6021


SHORE RE: Creditors' Proofs of Debt Due Dec. 9
----------------------------------------------
The creditors of Shore Re Limited are required to file their
proofs of debt by Dec. 9, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 18, 2013.

The company's liquidators are:

          Yohann Regnard
          Dena Thompson
          P.O. Box 10233 171 Elgin Avenue
          Willow House, 3rd Floor
          Grand Cayman
          Cayman Islands
          Telephone: 914-2266/ 949-5263
          Facsimile: 949-6021


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C H I L E
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AES GENER: Signs MOU With Abengoa to Develop Desalination Plant
---------------------------------------------------------------
Abengoa has been selected by AES Gener, an energy company in
Chile, to develop a new reverse osmosis desalination plant for AES
Gener's Angamos power plant.

Abengoa will manage the engineering, construction and subsequent
operation of the project which will have a total budget of US$ 26
million and will provide 19,200 m3/day of water for reliable
energy generation for Angamos and third party clients.

This will be Abengoa's first desalination project in Chile and
South America, although the company has had a presence in the
country for over 27 years.

Abengoa employs over 1,400 people in Chile where it has developed
projects in water and energy infrastructure. The Angamos
desalination project is part of Abengoa's strategic plan to
provide relief to the drought-ridden areas of South America, such
as Northern Chile.

Through this project Abengoa will expand its desalination capacity
to nearly 1.3 billion m3 per day, which is enough to provide water
to 8 million people.

Furthermore, this plant reaffirms Abengoa's commitment to
providing technological solutions for global issues such as water
scarcity and promoting overall development worldwide.


AES GENER: Fitch to Rate $450MM Jr. Subordinated Notes at 'BB'
--------------------------------------------------------------
Fitch Ratings expects to assign a long-term rating of 'BB' to AES
Gener S.A.'s proposed USD450 million junior subordinated (hybrid)
notes issuance due 2073. Gener expects to use the proceeds from
the issuance to finance its equity contribution for the Alto Maipo
and Cochrane projects as well as to repay upcoming maturities and
for general corporate purposes.

These hybrid notes will receive a 50% equity credit given that
interest payments on the notes are deferrable at the company's
discretion and are compounded at the applicable interest on the
notes.  Also, the notes' subordinated ranking provides loss
absorption for more senior indebtedness of the company.

Successful completion of this transaction and eventual financial
closing of the Alto Maipo project financing will result in a one
notch downgrade of Gener's Issuer Default Ratings and senior
unsecured debt to 'BBB-' from 'BBB' as a result of the increased
execution risk associated with the company's expansion projects,
namely its investment in Alto Maipo. The downgrade also reflects
the resulting high consolidated leverage, which is more in line
with the 'BBB-' rating. The company's hybrid proposed debt
issuance, which Fitch expects to rate at 'BB', will not be
downgraded with the aforementioned downgrade given that the
issuance impact on the company's credit quality has already been
incorporated in to the rating.

As a result of this proposed debt issuance, the company's
consolidated leverage is expected to increase above 4.5 times (x)
by 2015, which is considered to be more in line with the 'BBB-'
rating. Alto Maipo's future power generation is only partially
contracted given that its generation varies with hydrological
conditions and as a result cash generation from this project is
subject to greater volatility. These facts are not fully mitigated
by the project-finance like financing.

Also, Gener has an ambitious expansion program that includes the
simultaneous construction of Cochrane, a 532MW thermo electric
power plant, in addition to the Alto Maipo project, which is a
531MW of installed capacity run-of-the river generation plant. In
conjunction, these projects will add 1,063MW of capacity, with an
associated investment of USD3.2 billion. The magnitude of the
projects adds to Gener's execution and construction risk.

Gener's ratings are supported by the company's solid credit
metrics, balanced contracted position and diverse portfolio of
generating assets. The ratings also recognize that its major
plants operate under constructive regulatory environments. Credit
risks include possible environmental and/or political issues,
which could result in cost overruns or additional modifications in
new projects. The credit risks also include the regulatory
uncertainties in Argentina related to Termoandes S.A. and
pressures from the controlling shareholder AES Corp. to increase
dividends, although these risks appear manageable.

Key Rating Drivers:

Good Financial Performance

Despite a slightly over contracted position relative to the
company's efficient energy generation in Chile in 2012, Gener's
credit quality measures were within guidelines for its rating
category. For the last 12 months ended Sept. 30, 2013, the
company's consolidated EBITDA coverage and debt-to-EBITDA metrics
were 4.3x and 3.1x, respectively.

Excluding the non-recourse debt of Angamos power plant, Gener's
debt-to-EBITDA was solid at 2.5x. Consolidated EBITDA was USD655
million in Sept. 30, 2013, consistent with Fitch's expectations.
In year-end 2013, EBITDA is expected to remain at similar levels.

Rising Capital Expenditures

Gener initiated construction in March of 2013 of its 532MW
Cochrane coal project in SING, with estimated investment of
approximately USD1.3 billion. This project is being financed
through a project-finance type debt that is non-recourse to Gener.
The company is also analyzing the 531MW Alto Maipo hydroelectric
project, though this project is in preliminary works and expects
to start construction before the end of 2013. A similar project
financing structure is being pursued for Alto Maipo.

In the Cochrane project, Gener has incorporated Mitsubishi
Corporation as a shareholder with a 60%/40% stake, respectively.
Construction risk is likely to be mitigated by the selection of
the same constructor that the Angamos project (Posco Engineering &
Construction) which completed the project on budget and before
schedule, and was also the constructor of the Nueva Ventanas and
Ventanas IV plants. In addition, the project will be located
beside the Angamos plant, which adds its experience in the port
and coal stock management. Commercial risk is mitigated by solid
counterparties and/or the existence of guarantees.

In Alto Maipo, Gener incorporated Antofagasta Minerals S.A., a
Chilean mining company, as 40% shareholder.

Adequate Liquidity

As of Sept. 30, 2013, Gener's consolidated liquidity was USD382
million, enhanced by access to committed credit lines for USD275
million. USD 170 million of the liquidity is restricted. Short-
term debt was USD271 million. In 2014, Fitch expects Gener to
refinance its USD317 million debt maturities.

High Dividend Payment

Gener has a track record of high dividend payments. Cash flow
could be pressured in the upcoming expansion phase should this
policy be maintained.

Rating Sensitivities:

A change in Gener's commercial policy that results in an
imbalanced long-term contractual position, and/or a material and
sustained deterioration of credit metrics (reflected in a non-
recourse debt-to-EBITDA ratio greater than 3x and EBITDA-to-
interest coverage below 3x) could result in a negative rating
action. Fitch believes that a positive rating action is limited at
this time due to the expected capacity expansion over the next few
years.

Gener is the second largest electricity generation company in
Chile, as it operates 22% of the country's total generating
capacity (4,081 MW, including its investments in Guacolda). The
company has ownership interests in electric generation in Colombia
and Argentina. Gener is indirectly owned by AES Corporation (71%).
AES Corporation is one of the world's largest global power
companies. With operations in five continents, the company is
active in the generation and distribution of electricity. The
company controls more than 40,000 MW of capacity.

Fitch currently rates Gener's ratings as follows:

-- US$400 million, 2014 notes at 'BBB';
-- US$400 million, 2021 notes at 'BBB';
-- UF$4.4 billion, 2028 notes Series N at'A+(cl)';
-- UF$1.2 billion, 2015 notes Series O at 'A+(cl)';
-- US$196 million, 2019 notes Series Q at 'A+(cl)';
-- US$200 million Bond Program at 'A+(cl)';
-- US$400 million Bond Program at 'A+(cl)'.


RUTA DEL BOSQUE: S&P Affirms 'BB+' Rating on Fixed-Rate Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
senior secured debt rating on Ruta del Bosque Sociedad
Concesionaria S.A.'s (RdB) fixed-rate notes.  The outlook is
stable.

"The rating affirmation takes into consideration the project's
operating and financial performance which is in line with our
expectations.  Traffic continues to recover after the completion
of earthquake-related reconstructions works.  The 'BB+' senior
secured debt ratings on RdB reflect our 'BB+' underlying rating,"
said Standard & Poor's credit analyst Veronica Yanez.  The bond
insurance provider is Syncora Guarantee Inc. (not rated; formerly
XL Capital Assurance).

Intervial Chile S.A. (formerly Cintra Chile) owns RdB. Colombia-
based Interconexion Electrica S.A. E.S.P. (ISA) (ISA; BBB-
/Stable/--, through ISA Inversiones Chile Ltda) fully owns
Intervial Chile.  Intervial Chile operates five stretches of
Chile's main north-south highway, Ruta 5 (Maipo, Maule, Bosque,
Araucania and Rios).

The rating on RdB reflects the following weaknesses:

   -- Although the concession's income distribution mechanism
      (IDM) significantly increases recovery value, it doesn't
      guarantee the timing of cash inflows; and

   -- Weak debt service coverage ratios (DSCRs).

The following strengths partly offset the weaknesses:

   -- The project can make no restricted payments until it has
      paid all senior debt, which protects cash flows in favor of
      creditors;

   -- If the project fails to reach a certain rate of revenue
      growth, mandatory toll increases help to maintain even cash
      flow distribution throughout the term of the concession; and

   -- Long traffic history provides more predictability to the
      traffic base.


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


PACIFIC RUBIALES: S&P Keeps 'BB+' Notes Rating After $300MM Add-on
------------------------------------------------------------------
Standard & Poor's Rating Services Ratings said its 'BB+' issue
rating on Toronto-based oil and gas producer Pacific Rubiales
Energy Corp.'s senior unsecured notes remains unchanged following
the announced $300 million add-on to the 2021 notes.  This add-on
increased the notes' outstanding balance to $600 million.
Proceeds will be used to fund Petrominerales' acquisition.

"The 'BB+' rating on Pacific Rubiales is derived from our anchor
of 'bb+', based on our "fair" business risk and "intermediate"
financial risk profile assessments for the company, and no rating
impact derived from the rating modifiers.  The company's "fair"
business risk profile is primarily based on on its 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," S&P said.

Pacific Rubiales' "intermediate" financial risk profile is based
on S&P's expectations that  although its debt will increase, with
pro forma debt to EBITDA expected at about 1.5x at the end of
2013, it would  improve to less than 1.2x in 2014 under S&P's base
case, mostly as a result of the increased production and lower
operating costs.

Ratings List

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


PACIFIC RUBIALES: Fitch Rates $300MM Sr. Unsecured Notes 'BB+'
--------------------------------------------------------------
Fitch rates Pacific Rubiales Energy Corp's $300 million reopening
of the company's senior unsecured notes due 2021 'BB+'. Pacific
Rubiales expects to use the proceeds to fund the acquisition of
Petrominerales Ltd. as well as for its capital investment program
and general corporate purposes.

Key Rating Drivers:

Pacific Rubiales' ratings are supported by the company's
leadership position as the largest independent oil and gas player
in Colombia and its strong management with recognized expertise in
heavy oil exploration and production. The ratings also reflect the
company's strong liquidity and adequate leverage. The company
faces developing risks associated with increasing production from
existing fields in order to offset decrease in production expected
for 2016, when the production agreement for its main producing
field expires. Pacific Rubiales' credit quality is tempered by the
company's small scale, production concentration and relatively
small reserve profile. The company also benefits somewhat from its
partnerships with Ecopetrol (rated with a 'BBB-' Issuer Default
Rating by Fitch), Colombia's national oil and gas company, which
supports Pacific Rubiales' investments and shares production.

Solid Financial Profile:

The company's ratings reflect its adequate financial profile
characterized by low leverage and strong interest and debt service
coverage. As of the last 12 months (LTM) ended Sept. 30, 2013, the
company reported leverage ratios, as measured by total net debt-
to-EBITDA and total debt-to-total proved reserves, of 0.8x and
USD6.4 per barrels of oil equivalent (boe), respectively. As of
Sept. 30, 2013, debt of approximately USD2.1 billion was composed
mostly of senior unsecured notes due 2021 and 2023. Also as of the
LTM ended Sept. 30, 2013, Pacific Rubiales reported EBITDA, as
measured by operating income plus depreciation and stock-based
compensation, of USD2.2 billion.

Piriri-Rubiales Concession Expires in 2016:

Although Pacific Rubiales' production and reserves profile has
significantly improved in recent years, the expiration of the
Piriri-Rubiales production agreement in 2016 is expected to have a
significant impact on the company's financial results. As a result
of the expiration of the production agreement in 2016, Fitch
expects Pacific Rubiales' production level for 2017 to be in line
with that of 2012 or below current production. This field
currently represents 55% of total net production, down from 75% in
2010. The company is expected to be able to replace Piriri-
Rubiales production by 2017 given the company's recent
diversification efforts and high reserve replacement ratios,
coupled with its proven track record of increasing production. The
rating does not incorporate the possibility of extending
production from this field past its expiration date. As of
December 2012, this field represented approximately 19% of the
company's total proved and probable reserves of 514 million boe;
excluding the Piriri-Rubiales resources, debt-to-reserves (1P) are
still low at approximately USD8.8 per boe.

Petrominerales Acquisition Neutral for Credit Quality:

Pacific Rubiales' intended acquisition of Petrominerales Ltd. is
expected to be credit neutral, as the transaction is believed to
marginally increase leverage and somewhat increase its production
diversification. On Sept. 29, 2013, Pacific Rubiales entered into
an agreement to acquire all outstanding common shares of
Petrominerales. The total purchase price of approximately USD1.6
billion includes a USD961 million cash payment and Pacific
Rubiales' assumption of USD697 million of debt. The company
expects to finance the acquisition using cash on hand and short-
term financing from its committed credit lines. As a result,
Pacific Rubiales' 2012 pro forma leverage would have been 1.2x
(after giving effect to the incremental debt), from approximately
the 0.7x as reported. Following the acquisition, the company
intends to divest some of Petrominerales asset, especially some
investments in pipelines in Colombia, to raise approximately
USD300 million to USD400 million of cash and reduce debt related
to the acquisition.

Improving Operating Metrics:

Operating metrics for the company have been improving rapidly and
its growth strategy is considered somewhat aggressive. During
2012, the company reserve replacement ratio was 398% and its
current 2P reserve life index is approximately 14 years using
current production levels. During the past two years the company
increased gross and net production to approximately 310,471 boe/d
and 127,728 boe/d, respectively, from approximately 235,796 boe/d
and 92,611 boe/d as of June 2012. As of December 2012, Pacific
Rubiales' proved (1P) and proved and probable (2P) reserves, net
of royalties, amounted to approximately 336 million and 514
million bbls, respectively. The company's reserves are composed of
heavy crude oil (59%) and natural gas and light and medium oil
(41%). Pacific Rubiales has a significant number of exploration
prospects which will require significant funds to develop. In the
short term, the company plans to devote its efforts to develop the
Quifa, Sabanero and CPE-6 blocks, which surround and are near the
Piriri-Rubiales block.

Capex to Pressure Free Cash Flow:

Free cash flow (FCF; cash flow from operations less capital
expenditures and dividends) has been negative given the company's
growth strategy. Pacific Rubiales' significant capital expenditure
plans over the next few years could continue to pressure FCF in
the near term. Increasing production at the Piriri-Rubiales and
the surrounding Quifa block are expected to account for the bulk
of the company's capital expenditure, which is expected to be
approximately USD6.5 billion between 2012 and 2016, excluding the
Petrominerales acquisition. By the year 2017 and after the
expiration of the Piriri-Rubiales concession, leverage could
increase to approximately 1.0x to 1.5x as a result of the decrease
in production and lower oil prices considered under Fitch's base
case scenario.

Strong Liquidity Position:

The company's current liquidity position is considered strong,
characterized by strong cash flow generation and manageable short-
term debt obligations. As of Sept. 30, 2013, cash on hand amounted
to approximately USD376 million, while short-term debt was USD189
million. The company also has two revolver credit facilities
totaling USD700 million and as of Sept. 30, 2013, it had drawn
down approximately USD92 million.

Rating Sensitivities:

A rating downgrade would be triggered by any combination of the
following events: sustained adjusted leverage above 2x, driven by
increase in debt for exploration combined with a low success rate
of discoveries; an increase in royalties that significantly
cripples the company's financial profile (no changes in royalties
are expected in the near future); and/or a decline in production
and reserves. Pacific Rubiales' ratings could also be pressured if
the company fails to increase production to replace the
significant contribution of the Pirir-Rubiales field by the time
the concession expires.

Although a positive rating action is unlikely in the medium term
given the current developing risks associated with the company,
factors that could result in a positive rating action include
increased diversification of the production profile, consistent
growth in both production and reserves, and positive FCF
generation.


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


AXTEL SAB: Posts Ps. 2,630 Million Revenue in 3Q 2013
-----------------------------------------------------
Businesswire reported on Oct. 28, 2013, that Axtel, S.A.B. de C.V.
disclosed its unaudited third quarter results ended September 30,
2013.

The company's revenues from operations totaled Ps. 2,630 million
in the third quarter of year 2013 from Ps. 2,581 million for the
same period in 2012, an increase of Ps. 49 million or 2%.

The company's revenues from operations totaled Ps. 9,717 million
in the twelve month period ended September 30, 2013, compared to
Ps. 10,540 million in the same period in 2012, a decrease of Ps.
824 million, or 8%.

A full text copy of the company's financial report is available
free at:

                        http://is.gd/PfYIvo

Axtel S.A.B de C.V. (Axtel) is a Mexican telecommunications
company with a significant growth in the broadband segment. The
company serves all market segments  -- corporate, financial,
government, wholesale and residential with the most robust
offering of integrated communications services in Mexico.


AXTEL SAB: S&P Lowers CCR to 'CC' After Exchange Offer & Add-On
---------------------------------------------------------------
Standard & Poor's Ratings Services reviewed its ratings on Axtel
S.A.B de C.V. (Axtel), which it labeled as "under criteria
observation" (UCO) after the publishing of its revised corporate
criteria on Nov. 19.  S&P expedited the review of the ratings on
Axtel because of the company's announced exchange of its notes and
add-on.  With S&P's criteria review of Axtel, it has confirmed
that its ratings on this issuer are unaffected by the criteria
changes.  At the same time, S&P lowered its corporate credit
rating to 'CC' from 'B-', following its proposed debt exchange
offer and add-on.  S&P also affirmed its 'B' issue level rating
and recovery ratings of '2' on the company's senior secured notes
due 2020.  Under the proposed exchange and reopening, the
outstanding 2020 notes principal could increase to $394.6 million.
The outlook on the corporate credit rating is negative.

"The downgrade follows Axtel's announcement of an offer to
exchange up to $110 million of its outstanding 2017 and 2019
senior unsecured notes for senior secured notes due 2020," said
Standard & Poor's credit analyst Marcela Duenas.  According to
S&P's criteria, it views this as a distressed exchange and
tantamount to a default, despite the security interest over almost
all of Axtel's assets.  The offer, in S&P's view, implies the
investor will receive less value than the promise of the original
securities; the interest rate for the 2019 notes is lower than the
original yield; and the new securities' maturities extend beyond
the original maturity date, except for the 2019 notes; if on
June 22, 2019, more than $125 million of 2019 senior unsecured
notes is outstanding, the secured notes due 2020 will mature on
June 22, 2019.


AXTEL SAB: Fitch Rates $146MM Senior Secured Notes 'B+/RR3'
-----------------------------------------------------------
Fitch Ratings has assigned a 'B+/RR3' rating to Axtel S.A.B. de
C.V.'s (Axtel) USD146 million reopening of its senior secured
notes due 2020. USD110 million in senior secured notes will be
offered in exchange for the company's existing 2017 and 2019
senior unsecured notes, and an additional USD36 million in new
senior secured notes due 2020 will be issued.

With the proposed reopening, the 2020 notes will have outstanding
approximately USD417 million, with USD397 million in senior
secured notes and the remainder of senior convertible notes. These
notes are secured by first priority liens on all capital stock of
subsidiary guarantors and substantially all assets.

Recovery prospects of the old notes (rated 'B-/RR5') are not
expected to change due to the reopening. These notes are
structurally subordinated to senior debt and most of the covenants
have been removed. 'RR5' rated securities have characteristics
consistent with securities, historically recovering 11%-30% of
current principal and related interest. The secured notes are
rated 'B+/RR3', which reflects good recovery prospects given
default. These notes are secured by first priority liens on all
capital stock of subsidiary guarantors and substantially all
assets. Securities rated 'RR3' consider good recovery prospects
given default and have characteristics consistent with securities
historically recovering 51%-70% of current principal and related
interest.

Key Rating Drivers:

The reopening does not affect leverage significantly and improves
the debt maturity schedule. Pro forma the proposed reopening,
Fitch estimates total adjusted debt to EBITDAR and total debt to
EBITDA to be around 4.0 times (x) and 3.0x, respectively, from
previous estimations of adjusted leverage approximately 3.5x.
Fitch considers the company's credit profile will benefit from the
exchange an improved liquidity position and the extension of debt
maturities.

Axtel's ratings reflect a better liquidity position after the debt
exchange that took place in January 2013, which resulted in lower
leverage and a capital structure with more flexibility to service
debt and an extended maturity profile. In addition, the liquidity
position was enhanced by the sale and lease back of 883 of towers
which proceeds, approximately US$250 million, were used to cover
the costs of debt exchange, prepayment of the syndicated loan and
company's cash balance. While the sale and leaseback of towers
improved the liquidity position, leverage adjusted for off-balance
sheet liabilities remain relatively the same.

Axtel's ratings are limited by the company's weak operational
performance, demanding investment plans which, while it should
contribute to strengthen its service portfolio and address the
strong competitive environment, limited FCF generation as the
company will fund its investments from internal generation. Fitch
is not expecting the company to deleverage in the next few years
and refinancing risk from the maturity in 2017 could dissipate if
the 2017 bondholders participate in the reopening of the 2020
notes.

The stability of the rating depends on Axtel's ability to sustain
EBITDA generation, which is tied to how quickly the company is
able retain both residential and corporate customers and achieve
further data and internet revenues that could offset declining
voice revenues and prices pressures. Also a negative rating action
could be triggered by an adverse ruling of contingent liabilities
estimated at US$270 million. Fitch views the passage of a new
telecommunications law in Mexico to have some positive effects to
Axtel's operation in the medium term.

Rating Sensitivities:

A positive rating action is unlikely in the short term given this
years' distressed debt exchange but positive factor to credit
quality include a sustained improvement in the operating
performance, margins, FCF generation, competitive environment and
competitive position. A negative rating action could be triggered
by poor liquidity or weak operating results as a consequence of
tougher competition or higher leverage related an adverse ruling
of contingent liabilities.

Fitch rates Axtel as follows:

-- Local currency Issuer Default Rating (IDR) 'B';
-- Foreign currency IDR 'B';
-- National scale rating 'BB-(mex) ';
-- Senior Secured Notes due 2020 'B+/RR3';
-- Senior Secured Convertible Notes due 2020 'B+/RR3'.
-- Senior Unsecured Notes due 2019 'B-/RR5';
-- Senior Unsecured Notes due 2017 'B-/RR5'.



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


GRUPO ACP: S&P Puts 'BB+' ICR on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' issuer credit
and issue-level ratings on Grupo ACP Inversiones Y Desarrollo
(Grupo ACP) on CreditWatch with negative implications.

"The CreditWatch placement follows the uncertainty regarding the
ability of Grupo ACP to materialize one of its alternatives to
raise funds (within the following 90 days) in order to comply with
its financial obligations during 2014 and 2015," said Standard &
Poor's credit analyst Alfredo Calvo.  This is significant
considering the drop in the Peruvian-based bank Mibanco Banco de
la Microempresa's (Mibanco) profitability levels (Grupo ACP's core
subsidiary), limiting the latter's dividend income and pressuring
the group's financial flexibility.

The rating on Grupo ACP--the ultimate non-operating holding
company of several financial and nonfinancial companies in Latin
America, including Mibanco (BBB/Negative/A-2)--reflects its heavy
reliance on dividends from Mibanco and the group's aggressive
business expansion.  The rating on Grupo ACP is supported by
Mibanco's "adequate" business position, "adequate" capital and
earnings, "adequate" risk position, and its "average" funding and
"adequate" liquidity, as S&P's criteria define these terms.  The
bank's stand-alone credit profile (SACP) is 'bbb'.  The gap
between the 'BB+' rating on Grupo ACP and the 'BBB' rating on
Mibanco is due to structural subordination.  Grupo ACP's
debtholders are subordinate to Mibanco's senior debtholders.  The
group has yet to consolidate its aggressive expansion over that
last couple of years.


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


* TRINIDAD & TOBAGO: Manufacturers Weigh in on Tension w/ Jamaica
-----------------------------------------------------------------
RJR News reports that Trinidad & Tobago's manufacturing sector has
weighed in on the simmering tension between the twin-island
republic and Jamaica.

Moonilal Lalchan, president of the Trinidad & Tobago Chamber of
Industry and Commerce, has called for the Trinidadian Government
to pacify the situation, according to RJR News.

The report notes that Mr. Lalchan said Jamaica is Trinidad &
Tobago's biggest Caricom trading partner and recent developments
could have an adverse effect on the country's manufacturing
sector.  Mr. Lalchan said the worst-case scenario is that emotions
run high and then there are restrictions on Trinidadian goods
entering Jamaica, the report relates.

Mr. Lalchan said that the Chamber spoke with its members, who
indicated that there was no immediate threat, the report
discloses.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *