TCRLA_Public/131202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, December 2, 2013, Vol. 14, No. 238


                            Headlines



C A Y M A N  I S L A N D S

ASIAN CENTURY: Shareholder to Hear Wind-Up Report Today
CENTENNIAL CBO: Shareholder to Hear Wind-Up Report on Dec. 6
DANELAW INVESTMENTS: Shareholders' Final Meeting Set for Dec. 6
DIAMOND FINANCE: Shareholder to Hear Wind-Up Report on Dec. 6
EASTASIA HOLDINGS: Shareholders Receive Wind-Up Report

HYUNDAI CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 6
IPE GLOBAL: Shareholders' Final Meeting Set for Dec. 5
PERISCOPE OFFSHORE: Shareholder to Hear Wind-Up Report on Dec. 6
TSAF INVESTOR V: Shareholders' Final Meeting Set for Dec. 4
TSAF INVESTOR VI: Shareholders' Final Meeting Set for Dec. 4

TSAF INVESTOR VII: Shareholders' Final Meeting Set for Dec. 4
TSAF INVESTOR VIII: Shareholders' Final Meeting Set for Dec. 4
TSAF INVESTOR IV: Shareholders' Final Meeting Set for Dec. 4
TSAF INVESTOR IX: Shareholders' Final Meeting Set for Dec. 4
TSAF INVESTOR X: Shareholders' Final Meeting Set for Dec. 4


B O L I V I A

FONDO FINANCIERO: Moody's Affirms 'E+' Bank Financial Rating
FONDO FINANCIERO: Moody's Affirms Subordinated Debt Ratings at B3


J A M A I C A

BANK OF JAMAICA: Reports Reduction in Year-to-Date Losses
UC RUSAL: 300++ Jamaican Workers Set to be Unionized
* JAMAICA: Mining Sector Faces Another Price Drop


M E X I C O

AES GENER: S&P Assigns 'BB' Rating to $450MM Proposed Hybrid Notes
CONSUBANCO SA: S&P Affirms 'BB' Counterparty Credit Ratings


X X X X X X X X X

BOND PRICING: For the Week From Nov. 25 to Nov. 29, 2013


                            - - - - -


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


ASIAN CENTURY: Shareholder to Hear Wind-Up Report Today
-------------------------------------------------------
The shareholder of Asian Century Quest Institutional Equity Fund,
Ltd will receive today, Dec. 2, 2013, at 2:00 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          Telephone: 815 1779
          Facsimile: (345) 949-9877


CENTENNIAL CBO: Shareholder to Hear Wind-Up Report on Dec. 6
------------------------------------------------------------
The shareholder of Centennial CBO, Limited will receive on Dec. 6,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


DANELAW INVESTMENTS: Shareholders' Final Meeting Set for Dec. 6
---------------------------------------------------------------
The shareholders of Danelaw Investments Limited will hold their
final meeting on Dec. 6, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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


DIAMOND FINANCE: Shareholder to Hear Wind-Up Report on Dec. 6
-------------------------------------------------------------
The shareholder of Diamond Finance International Limited will
receive on Dec. 6, 2013, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


EASTASIA HOLDINGS: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Eastasia Holdings Limited received on Nov. 25,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

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


HYUNDAI CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 6
-------------------------------------------------------------
The shareholder of Hyundai Capital Auto Funding V Limited will
receive on Dec. 6, 2013, at 2:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

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


IPE GLOBAL: Shareholders' Final Meeting Set for Dec. 5
------------------------------------------------------
The shareholders of IPE Global Opportunities Fund Ltd will hold
their final meeting on Dec. 5, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          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


PERISCOPE OFFSHORE: Shareholder to Hear Wind-Up Report on Dec. 6
----------------------------------------------------------------
The shareholder of Periscope Offshore Fund Ltd will receive on
Dec. 6, 2013, at 1:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


TSAF INVESTOR V: Shareholders' Final Meeting Set for Dec. 4
-----------------------------------------------------------
The shareholders of TSAF Investor V Inc will hold their final
meeting on Dec. 4, 2013, at 10:40 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TSAF INVESTOR VI: Shareholders' Final Meeting Set for Dec. 4
------------------------------------------------------------
The shareholders of TSAF Investor VI Inc will hold their final
meeting on Dec. 4, 2013, at 10:50 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TSAF INVESTOR VII: Shareholders' Final Meeting Set for Dec. 4
-------------------------------------------------------------
The shareholders of TSAF Investor VII Inc will hold their final
meeting on Dec. 4, 2013, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TSAF INVESTOR VIII: Shareholders' Final Meeting Set for Dec. 4
--------------------------------------------------------------
The shareholders of TSAF Investor VIII Inc will hold their final
meeting on Dec. 4, 2013, at 11:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TSAF INVESTOR IV: Shareholders' Final Meeting Set for Dec. 4
------------------------------------------------------------
The shareholders of TSAF Investor IV Inc will hold their final
meeting on Dec. 4, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TSAF INVESTOR IX: Shareholders' Final Meeting Set for Dec. 4
------------------------------------------------------------
The shareholders of TSAF Investor IX Inc will hold their final
meeting on Dec. 4, 2013, at 11:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TSAF INVESTOR X: Shareholders' Final Meeting Set for Dec. 4
-----------------------------------------------------------
The shareholders of TSAF Investor X Inc will hold their final
meeting on Dec. 4, 2013, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


=============
B O L I V I A
=============


FONDO FINANCIERO: Moody's Affirms 'E+' Bank Financial Rating
------------------------------------------------------------
Moody's Latin America affirmed all ratings for Fondo Financiero
Privado Eco Futuro S.A. (Ecofuturo). These are Ecofuturo's E+ bank
financial strength rating, which maps to a baseline credit
assessment of b2, the B2/Not Prime global local and foreign
currency deposit ratings for long and short-term respectively and
the B2 foreign currency senior debt rating. Additionally, the B3
global local currency subordinated debt ratings, the (P)B3 global
local currency subordinated debt MTN and the (P)B2 global local
and foreign currency senior debt MTN were affirmed.

At the same time, the long and short-term local and foreign
currency Aa3.bo/BO-1 national scale deposit ratings were affirmed,
as well as the Aa3.bo local and foreign currency national scale
debt rating and the A1.bo local subordinated debt ratings were
affirmed.

The outlook on all ratings is stable.

The following ratings assigned to Fondo Financiero Privado Fassil
S.A. were affirmed:

Bank Financial Strength Rating: E+

Global Local Currency Deposit Rating: B2/NP

Global Local Currency Senior Debt MTN Rating: (P)B2

Global Local Currency Subordinated Debt Rating: B3

Global Local Currency Subordinated MTN Rating: (P)B3

Global Foreign Currency Deposit Rating: B2/NP

Global Foreign Currency Senior Debt MTN Rating: (P)B2

Global Foreign Currency Senior Debt Rating: B2/NP

Local Currency National Scale Deposit Rating: Aa3.bo/BO-1

Local Currency National Scale Senior Debt MTN Rating: Aa3.bo

Local Currency National Scale Subordinated Debt and MTN Rating:
A1.bo

Foreign Currency National Scale Deposit Rating: Aa3.bo/BO-1

Foreign Currency National Scale Senior Debt and MTN Rating: Aa3.bo

Ratings Rationale:

In affirming Ecofuturo's rating, Moody's highlighted the fund's
sound profitability indicators that are supported by its growing
lending activity, thanks to its well-established franchise in the
microfinance industry and the portfolio diversification towards
small and medium sized enterprises observed as its client base has
moved up the income ladder. Moody's also noted positively
Ecofuturo's lower reliance on multilateral institutions deposits,
although it still shows low granularity in its deposit base. In
contrast, Moody's notes Ecofuturo's lower liquidity indicators in
comparison to its peers and high dependence on Tier 2 capital to
foster portfolio growth and maintain an adequate capital ratio.

Moody's noted that despite the increasing competition affecting
the microfinance lending industry in Bolivia, Ecofuturo showed the
highest return on average equity of the whole banking and private
financial funds system, at 25.2% as of September 2013. This was
supported by a high average lending rate of 17.2%, good average
cost of funding at 2.5% and a lower-than-its-peers cost to income
ratio at 69%.

Although Ecofuturo's total capitalization seems ample, as shown by
a 12.5% total capital ratio, its Tier 1 capital ratio is much
lower, at 7.7% as of September 2013. Ecofuturo issued subordinated
debt in 2010 and 2013 to maintain its capitalization above the
regulatory requirements, taking advantage of the long-term
investment appetite of Bolivian Pension Funds. It is worth noting
that Ecofuturo has been reinvesting earnings at an average of only
50% of net income. Moody's foresees that it will be challenging
for Ecofuturo to continue this growing trend in gross loans unless
it obtains fresh capital contributions from its shareholders.

Moody's noted that despite Ecofuturo's asset quality being lower
than the system average, with a non-performing loan ratio at 1.75%
as of September 2013, it remains at adequate levels. Also, the
loan loss reserve coverage seems ample to provide a cushion for
unexpected losses, as shown by a ratio of reserves to problem
loans at 262%.

Ecofuturo's liquidity indicators are lower than those of its
peers, at only 12.8% of total assets and 66.6% of short term
liabilities as of September 2013. Moreover, Moody's notes that
despite Ecofuturo's balance sheet that shows limited mismatches in
its term structure, it maintains a relatively concentrated deposit
base that shows limited flexibility in case of deposit runs.

Going forward, Ecofuturo will reorganize as a universal bank
following imminent regulatory changes. Moody's foresees that this
will allow Ecofuturo access to broader funding conditions and to
develop other business lines such as credit cards. On the other
hand, Moody's anticipates higher competition in Ecofuturo's main
client target segments, which could result in lower lending rates
and profitability levels.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


FONDO FINANCIERO: Moody's Affirms Subordinated Debt Ratings at B3
-----------------------------------------------------------------
Moody's Latin America affirmed all ratings for Fondo Financiero
Privado Fassil S.A. (Fassil). These are the E+ bank financial
strength rating, which maps to a baseline credit assessment of b2
and the B2/Not Prime global local and foreign currency deposit
ratings, for long and short-term respectively. At the same time,
the B3 global local and foreign currency subordinated debt ratings
were affirmed.

Additionally, the long and short-term local and foreign currency
Aa3.bo/BO-1 national scale deposit ratings were affirmed, as well
as the A1.bo long-term national scale rating assigned to Fassil's
local and foreign currency subordinated debt and MTN.

The outlook on all ratings is stable.

The following ratings assigned to Fondo Financiero Privado Fassil
S.A. were affirmed:

Bank Financial Strength Rating: E+

Global Local Currency Deposit Rating: B2/NP

Global Local Currency Subordinated Debt Rating: B3

Global Foreign Currency Deposit Rating: B2/NP

Local Currency National Scale Deposit Rating: Aa3.bo/BO-1

Local Currency National Scale Subordinated Debt and MTN Rating:
A1.bo

Foreign Currency National Scale Deposit Rating: Aa3.bo/BO-1

Ratings Rationale:

The affirmed ratings reflect Fassil's aggressive growth strategy,
based on an exponential portfolio expansion that could result in
higher delinquent loans as the portfolio matures, and its
declining profitability due to a highly competitive environment
and low efficiency indicators. On the other hand, Moody's notes
Fassil's adequate capitalization and liquidity metrics, solid
asset quality indicators, conservative loan loss coverage and the
increased product diversification and improved funding
alternatives that its reorganization as a universal bank will
provide.

Fassil has traditionally been a microfinance lender, but has
accompanied its increased and aggressive lending appetite shown in
a cumulative annual growth rate of 65.7% in the last three years
with more emphasis on SME and Corporate loans. These loans
represent 21.4% and 11.3% respectively of its portfolio mix as of
September 2013.

Although the company has shown sound asset quality indicators and
conservative loan loss reserve coverage, as reflected in its 0.28%
problem loans ratio and a 761% coverage ratio as of September
2013, Moody's views Fassil's rapid loan growth with concern as it
increases risks to future asset quality. It is worth noting that
Fassil's increasing business volume was accompanied with an
important geographical diversification across the most relevant
regions of Bolivia, such as Cochabamba, La Paz, Tarija and
Chuquisaca, in an effort to reduce its dependence on the Santa
Cruz region.

The ratings also incorporate Fassil's shareholders commitment to
the expansion of the banks business as reflected in their
consistent capital contributions to maintain its capital ratios
and foster loan portfolio growth. As of September 2013, Fassil
showed a Tier 1 capital ratio 10.46%, which Moody's consider
adequate, and a total capital ratio of 11.73%, that includes Tier
2 capital obtained through the issuance of subordinated debt.
Also, Moody's notes Fassil's adequate liquidity level, as shown by
its ratio of liquid assets of 30.86% of total assets and 108.51%
of short term liabilities.

Moody's notes Fassil's weakening profitability as a result of
increasing industry competition, that resulted in a lower average
lending rate of 15.8% as of September 2013, compared to 18.4% as
of December 2012. It is worth highlighting that, in an attempt to
improve its funding diversification, Fassil has been offering
attractive deposit rates that have increased its average cost of
funds. Moreover, Fassil showed worse efficiency indicators as
reflected by a cost to income ratio of 82.9% as of September 2013
versus 71.9% as of December 2012. Return of average assets and
return on average equity were 0.83% and 11.99% as of September
2013, lower than the 1.39% and 20.57% ratios respectively shown as
of December 2012. Moody's foresees a continuation of this trend as
changes in the regulatory environment will cap interest margins,
reduce non-interest income and promote even higher competition.

Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".


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


BANK OF JAMAICA: Reports Reduction in Year-to-Date Losses
---------------------------------------------------------
RJR News reports that there has been a reduction in year-to-date
losses at the Bank of Jamaica.

The bank's balance sheet as at November 13 puts the losses at
JM$15.2 billion, according to RJR News.

The report notes that this is a JM$1 billion decline from the
figure reported on its October 23 balance sheet.

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2013, RJR News said that Bank of Jamaica losses have
passed the JM$16 billion mark.  Its October 23 balance sheet shows
year-to-date losses at JM$16.3 billion, according to the report.
The report related this was up from JM$15.9 billion on October 9.

In a separate TCRLA report on Sept. 16, 2013, RJR News said Bank
of Jamaica's balance sheet as at August 28 puts the figure at
JM$15.7 billion.  The report related that this is up from JM$14.8
billion dollars weeks earlier.


UC RUSAL: 300++ Jamaican Workers Set to be Unionized
----------------------------------------------------
RJR News reports that more than 300 workers at UC Rusal's
operations in Jamaica are set to become unionized.  UC Rusal has a
major stake in Jamaica's bauxite alumina sector.

The National Workers' Union (NWU) is to serve a bargaining rights
claim on behalf of the employees, according to RJR News.

Vincent Morrison, NWU's president, said the union is finalizing
arrangements for a representational rights poll, the report
relates.

Mr. Morrison said the vast majority of workers have asked the NWU
to represent them and they are in the process of, through the
Ministry of Labor, conducting a poll among those workers, RJR News
says.  The workers are from Ewarton and Kirkvine.

The union has also served a bargaining rights claim on behalf of
scores of workers at the Lydford Mining Company, RJR News 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.


* JAMAICA: Mining Sector Faces Another Price Drop
-------------------------------------------------
RJR News reports that Jamaica's mining sector could face more
pressure as aluminum prices have dropped to a four-year low.

Prices for aluminum, the second most widely used metal after
steel, have been under pressure for years as the market struggles
with oversupply and towering stocks, according to RJR News.

The report notes that the fall in prices is likely to exacerbate
the woes of aluminum producers such as UC Rusal and Alcoa which
have a stake in Jamaica's mining sector.

Aluminum producers have curtailed production in the past year.

UC Rusal, the world's largest aluminum producer, recently
announced that its output would be 9 per cent or 357,000 tons
lower this year as it shut down more expensive plants, the report
discloses.


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


AES GENER: S&P Assigns 'BB' Rating to $450MM Proposed Hybrid Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to AES
Gener S.A.'s (AES Gener; BBB-/Stable/--) proposed subordinated
hybrid notes for up to $450 million.  The proceeds of the issuance
will be used to refinance debt maturities and finance the
development of new projects.

The differential between the 'BBB-' counterparty credit rating and
the 'BB' rating on the hybrid securities reflects the subordinated
nature of the notes and the embedded interest deferral feature.
The interest deferral feature is at the sole discretion of the
company's management.  Unpaid interest is capitalized.  The hybrid
notes will have a tenor of 60 years.  The hybrid notes are junior
subordinated debt.  The notes will have 7 or 10-year call option
from the date of issue.  The notes will also have an interest rate
step-up feature of 25 basis points (bps) in year 10 or 12, and of
75bps in year 27 or 30 (depending on the call date).  S&P views
the notes as having intermediate equity content for the rating.

RATINGS LIST

AES Gener S.A.                               BBB-/Stable/--

Ratings Assigned
$450 million sub hybrid notes                BB


CONSUBANCO SA: S&P Affirms 'BB' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
counterparty credit ratings on Consubanco, S.A. Institucion de
Banca Multiple (Consubanco).  At the same time, S&P affirmed its
'mxA/mxA-2' Mexican national scale counterparty credit and debt
ratings on the bank.  The outlook is stable.

The ratings on Consubanco, reflect its "weak" business position,
"very strong" capital and earnings, "moderate" risk position,
"below average" funding, and "moderate" liquidity.

"The stable outlook reflects our expectation that Consubanco's
strong internal capital generation will maintain a RAC ratio above
15% in the next 18 months, with NPAs at 4.5%-5%," said Standard &
Poor's credit analyst Barbara Carreon.  S&P expects the bank to
remain oriented to consumer loans and that payroll loans will
continue to drive profitability and asset quality.  Asset base
growth rates that are above S&P's expectations, that are not
balanced by internal capital generation and that push the RAC
ratio to below 15%, would likely lead to a downgrade.  A sustained
increase in nonperforming loans or in charge-offs, as a result of
relaxed underwriting standards or if the bank offers riskier
products could also lead us to lower the ratings.  If the
government program to refinance payroll loans to the SNTE weakens
the bank's profitability or results in limited business prospects
going forward, or if increased regulation and competition
constrain the bank's business position S&P could take a negative
rating action.  S&P do not expect to raise the ratings in the next
18 months.


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


BOND PRICING: For the Week From Nov. 25 to Nov. 29, 2013
--------------------------------------------------------

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

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Almendral Telecomunicaciones SA3.5     12/15/2014   CLP    33.5
Argentina Bocon                2        1/3/2016    ARS     9.15
Argentina Bocon                2        3/15/2014   ARS     0.21
Argentina Bocon                2        3/15/2024   ARS    17.89
Argentina Bo                   2        9/30/2014   ARS   599.6
Argentina Bonar Bonds         21.792    1/30/2014   ARS    11.01
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentina International Bond   4.33    12/31/2033   JPY    39
Argentinal International Bond  7.82    12/31/2033   EUR    69.5
Argentinal International Bond  1.18    12/31/2038   ARS     7.13
Argentinal International Bond  7.82    12/31/2033   EUR    72.75
Argentinal International Bond  7.82    12/31/2033   EUR    70
Argentinal International Bond  0.45    12/31/2038   JPY     8
BA-CA Finance Cayman 2 Ltd     1.838                EUR    60
Banco BPI SA/Cayman Islands    4.15    11/14/2035   EUR    55.5
Banif Finance Ltd              1.591                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    59.93
BCP Finance Co Ltd             5.543                EUR    45
BCP Finance Co Ltd             4.239                EUR    44.33
BES Finance Ltd                5.58                 EUR    72
BES Finance Ltd                4.5                  EUR    63.5
CA La Electricidad de Caracas  8.5      4/10/2018   USD    75.5
Caixa Geral De Depositos
Finance                        0.991                EUR    39.2
Caixa Geral De Depositos
Finance                        1.021                EUR    39.2
China Precious Metal Resources
Holdings Co Ltd                7.25      2/4/2018   HKD    68.67
Cia Cervecerias Unidas SA      4        12/1/2024   CLP    59.51
Cia Energetica de Sao Paulo    9.75      1/15/2015  BRL    66.27
CSAV                           6.4      10/1/2022   CLP    64.89
CLISA                          9.5      12/15/2016  USD    73
Edenor SA                      9.75     10/25/2022  USD    65.5
Edenor SA                     10.5      10/9/2017   USD    70
Edenor SA                      9.75     10/25/2022  USD    67.13
ERB Hellas Cayman Islands Ltd  1.825     6/8/2017   EUR    58.67
ERB Hellas Cayman Islands Ltd  9         3/8/2019   EUR    49.38
ESFG International Ltd         5.753                EUR    50
Formosa Province of Argentina  5         2/27/2022  USD    75.13
Gol Finance                    8.75                 USD    68.5
Gol Finance                    8.75                 USD    68.25
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    70.75
Hidili Industry International
Development Ltd                8.625    11/4/2015   USD    71.88
Inversiones Alsacia SA         8         8/18/2018  USD    78
Inversiones Alsacia SA         8         8/18/2018  USD    75.58
Inversora de Electrica
de Buenos Aires SA             6.5       9/26/2017  USD    45.25
Metro de Santiago              5.5       7/15/2027  CLP     3.635
MetroGas SA                    8.875    12/31/2018  USD    71.63
MetroGas SA                    8.875    12/31/2018  USD    68.5
NQ Mobile Inc                  4        10/15/2018  USD    70.2
Petroleos de Venezuela SA      5.25      4/12/2017  USD    71.75
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.85
Petroleos de Venezuela SA      5.375     4/12/2027  USD    55
Petroleos de Venezuela SA      9        11/17/2021  USD    72.5
Petroleos de Venezuela SA      5.5       4/12/2037  USD    52.5
Petroleos de Venezuela SA      5.125    10/28/2016  USD    76.25
Petroleos de Venezuela SA      5.125    10/28/2016  USD    73.75
Petroleos de Venezuela SA      9        11/17/2021  USD    71.36
Petroleos de Venezuela SA      9.75      5/17/2035  USD    69.63
Petroleos de Venezuela SA      6        11/15/2026  USD    49.63
Provincia del Chaco            4        12/4/2026   USD    38.63
Provincia del Chaco            4        11/4/2023   USD    66.13
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    62.55
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Renhe Commercial Holdings
Co Ltd                         13        3/10/2016  USD    66.25
Renhe Commercial Holdings
Co Ltd                         11.75     5/18/2015  USD    71
Republic of Venezuela           9.25     9/15/2027  USD    72.92
Republic of Venezuela           7        3/31/2038  USD    59.17
Sifco SA                       11.5      6/6/2016   USD    42.63
SMU SA                          7.75     2/8/2020   USD    62.75
SMU SA                          7.75     2/8/2020   USD    62.24
Talca Chillan Sociedad
Concesionaria SA                2.75    12/15/2019  CLP    62.08
Transener                       9.75     8/15/2021  USD    65.75
Transener                       9.75     8/15/2021  USD    62.5
Venezuela Gov't
International Bond              9        5/7/2023   USD    71.5

Venezuela Gov't
International Bond              7.75    10/13/2019  USD    73.75
Venezuela Gov't
International Bond              9.25     5/7/2028   USD    70.5
Venezuela Gov't
International Bond              9.375    1/13/2034  USD    70.75
Venezuela Gov't
International Bond              7.65     4/21/2025  USD    65
Venezuela Gov't
International Bond              7        3/31/2038  USD    59.75
Venezuela Gov't
International Bond              6       12/9/2020   USD    64.75
Venezuela Gov't
International Bond              8.25    10/13/2024  USD    67.5

                            ***********


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 * * *