TCRLA_Public/131205.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

           Thursday, December 5, 2013, Vol. 14, No. 241


                            Headlines



A R G E N T I N A

ARGENTINA: U.S. Supreme Ct. Challenge Country in Arbitration Case
GENERACION INDEPENDENCIA: Moody's Rates ARS28MM Notes at B3/A3.ar


B R A Z I L

BR PROPERTIES: Sold Warehouses for US$1.38 Billion


C A Y M A N  I S L A N D S

ALFA MARINE: Shareholder Receives Wind-Up Report
ATTUNGA POWER: Shareholders' Final Meeting Set for Dec. 19
ATTUNGA POWER MASTER: Shareholders' Final Meeting Set for Dec. 19
CAELUS RE II: Shareholder to Hear Wind-Up Report on Dec. 9
CALEDONIAN PCH: Member to Receive Wind-Up Report Today

CAMINO INVESTMENTS: Shareholder to Hear Wind-Up Report on Dec. 18
COOLSAND HOLDINGS: Shareholders' Final Meeting Set for Dec. 7
KHALIJ FUND: Members Receive Wind-Up Report
PAMLI GLOBAL: Shareholder to Receive Wind-Up Report Today
PARTNERS CREDIT: Shareholders' Final Meeting Set for Dec. 12

RSA MANAGEMENT: Members Receive Wind-Up Report
SALIDA WEALTH: Shareholder to Receive Wind-Up Report Today
SALIDA WEALTH SPV: Shareholder to Receive Wind-Up Report Today
YIHAI CAPITAL: Members Receive Wind-Up Report
YIHAI REAL: Members Receive Wind-Up Report


C H I L E

SMU SA: Alvaro Saieh Raises $300 Million for Distressed Firm
SMU SA: Moody's Cuts CFR & $300MM Unsec. Notes Rating to 'Caa1'


E L  S A L V A D O R

* EL SALVADOR: IDB OKs US$100 Million Contingent Credit Line


J A M A I C A

DIGICEL GROUP: Consortium Gets Back in Myanmar Through Tower Deal


M E X I C O

CORPORACION INTERAMERICANA: Moody's Puts 'B3' Rating on Review
GRUPO IDESA: Fitch Rates Proposed $300MM Sr. Unsec. Notes BB-


X X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


ARGENTINA: U.S. Supreme Ct. Challenge Country in Arbitration Case
-----------------------------------------------------------------
Lawrence Hurley at Reuters reports that the U.S. Supreme Court
weighed British company BG Group Plc's bid to reinstate a $185.3
million arbitration award against Argentina that an appeals court
threw out.  The report relates that several justices voiced doubts
when Argentina argued that BG should have sued in Argentina's
courts first.

BG, a natural gas exploration and distribution company, said in
court papers it did not wish to take that route because Argentina
had restricted access to its courts and sought to punish investors
that filed lawsuits, according to Reuters.

The report relates that the case concerns whether BG should
recover the money on the grounds that a decision by the Argentine
government in 2002 to freeze gas prices breached a 1993 treaty
between Britain and Argentina.

The 1993 United Kingdom-Argentina treaty was designed to encourage
investment by foreign companies such as Reading-based BG.

Argentina imposed the price freeze shortly after it announced a
sovereign debt default of roughly $100 billion in 2001, the report
notes.

BG challenged the freeze, saying it reduced the value of its
roughly 45 percent stake in Argentina's Metrogas SA. BG sold its
stake in Metrogas earlier this year to YPF SA and Integra Gas
Distribution LLC, the report discloses.

The International Chamber of Commerce International Court of
Arbitration, an arbitration panel in Washington, D.C., concluded
in 2007 that because Argentina had by emergency decree restricted
access to its courts, it would create an "absurd and unreasonable
result" to read the treaty literally and require BG to go through
the courts first, the report says.  A federal district court judge
in Washington upheld the award in a 2011 decision.

However, the report relays that a federal appeals court ruled for
Argentina a year later, saying that BG should have first tried to
sue in Argentina and then wait 18 months for a ruling, as required
by the treaty, before resorting to arbitration.

A ruling is due by the end of June.  The Supreme Court could yet
hear another case related to the Argentina default, the report
notes.

Argentina is expected to appeal a 2nd U.S. Circuit Court of
Appeals ruling that requires the country to pay $1.33 billion to
bondholders who refused to participate in two debt restructurings
following the default, the report adds.

The case argued on Monday is BG Group v. Argentina, U.S. Supreme
Court, No. 12-138.


GENERACION INDEPENDENCIA: Moody's Rates ARS28MM Notes at B3/A3.ar
-----------------------------------------------------------------
Moody's Latin America has assigned a B3/A3.ar first time corporate
family rating to Generacion Independencia S.A.(GISA). At the same
time, Moody's has rated B3/A3.ar GISA's up to ARS 28 million local
notes. The rating outlooks are stable.

Ratings Rationale:

The ratings are supported by Moody's expectation of stable
operations and predictable cash flows, arising from the relatively
simple nature of the project that has been in operations for
almost two years. A reasonable level of debt in relation to the
project's cash generation capacity is also a supporting factor for
the ratings.

GISA operates a 120 MW gas fired power plant and receives capacity
payments under a long term supply contract. More than 85% of its
revenues are tied to the supply contract and as long as the plant
remains available for dispatch it receives the contractual price
for its contracted capacity.

A constraining rating consideration is the fact that the project
is a single-asset operation and is therefore highly exposed to
concentration and event risks.

In addition, most of the project capacity is contracted under a
sole contract with Cammesa (under the Res. 220 framework), the
agency that administers the wholesale electricity market in
Argentina and manages all of its collections and payments. Since
the current price paid for electricity by most consumers in
Argentina is not enough to cover underlying electricity production
costs, Cammesa faces an ongoing operating deficit that is
currently financed with federal government resources to facilitate
payments to the producers. This represents a high degree of
exposure to Argentine government credit risk (B3, Negative), which
caps the ratings.

Finally, although in Moody's view debt levels for the project are
reasonable, the maturity profile of debt is highly concentrated
and exposes the project to refinancing risk.

Liquidity

GISA's total debt currently amounts to USD 42 million, which is
USD 18 million down from the original bank loan it incurred to
finance the project (USD 60 million). The bank loan has an
amortizing profile, with scheduled principal payments of USD 3
million per quarter through the end of 2014 (4 payments); of USD
3.6 million per quarter in 2015 through February 2016 and a final
payment of USD 12 million in May 2016.

With the issuance of the ARS 28 million notes plus a loan (non-
refundable in the short term) from the parent's sister (RGA), the
company expects to complete its financing needs for the remainder
of this year. Given that the investments in the project were
completed earlier this year, internal cash generation is expected
to be sufficient in relation to scheduled debt repayments in 2014.
Nevertheless, in 2015 and 2016 the company will need to obtain
external financing to cover about 50% of the scheduled principal
payments on the outstanding bank loan.

GISA expects to meet these funding needs through a combination of
debt (banks or notes) and loans from the parent and/or related
companies. . While the amounts to be refinanced (approximately USD
15 million each year) are manageable in Moody's opinion, access to
the debt or bank markets in Argentina is highly uncertain and
GISA, as is the case with most companies in Latam, currently has
no committed bank facility. On the other hand, by the beginning of
2015

GISA's leverage is expected to be considerably lower than it is
which should help to facilitate the company's access to external
financing. In addition, the parent company has provided financial
support in the past not only to GISA but to other subsidiaries as
well. As an example, during 2013 the parent provided funding to
GISA for approximately ARS 36 million. In 2012 the parent's sister
support to affiliated companies was also significant.

Rating Outlook:

The stable outlook anticipates that the project will continue to
operate efficiently and that it will continue to show availability
levels at or above 90%. The stable outlook also anticipates that
Cammesa will continue making punctual payments under the supply
contract and that the main features of the Res. 220 framework will
remain in place.

What Could Change the rating-Up:

Given the current constraining factors, a rating upgrade is not
likely in the short term. Longer term, an improved debt profile
and sustained cash flow generation in relation to debt would be
required for a rating upgrade. Quantitatively, a rating upgrade
would require cash from operations --CFO pre WC to debt
consistently above 25% and interest coverage (FFO+ Interest to
Interest) of more than 2.5 times on a sustained basis. Argentina's
sovereign ratings would also need to be upgraded as well, given
the company's material exposure to Cammesa risk.

What Could Change the rating-Down:

If the company is not able to generate stable cash flows as
expected or if there is a significant delay on the payments it
receives from Cammesa, the ratings could come under downward
pressure. Quantitatively, a downgrade could occur if CFO pre- WC
to debt is below 15% and interest coverage below 1.5 times for an
extended period.

Unexpected changes to the Res. 220 or Energia Plus market or
alternatively a further downgrade of Argentina's sovereign rating
could trigger a rating downgrade.

Generacion Independencia S.A. (GISA) owns and operates a 120 MW
thermal power plant located in the Tucuman Province in the North-
West of Argentina.

GISA is controlled by Albanesi S.A. (not rated), an Argentine
holding company that owns and operates approximately 900 MW of
power capacity within the country. In 2012 Albanesi's consolidated
revenues in the electricity market reached USD 350 million. Rafael
G. Albanesi S.A. (RGA), the biggest gas marketing company in
Argentina (2012 revenues of USD 450 million) and Albanesi
Inversora S.A. are also key components of the "Albanesi Group".


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


BR PROPERTIES: Sold Warehouses for US$1.38 Billion
--------------------------------------------------
Samantha Pearson at The Financial Times on Nov. 21, 2013, reported
that BR Properties signed an agreement to sell 34 properties to
WTGoodman, a joint venture set up last year between Goodman and
Brazil's WTorre.

The proceeds from the BRL3.18 billion (US$1.38 billion) sale,
which is still subject to regulatory approval, will be used to
reduce debt, help fund a share buyback program, and finance
dividend payments, BR Properties said in a regulatory filing,
according to The Financial Times.

The report relates that in spite of efforts to reduce leverage,
the company's net debt at the end of the third quarter was little
changed from a year earlier at BRL4.5 billion.

The sale is the latest major divestment by a Brazilian company as
many of the country's biggest companies look to reduce their debt
and cut costs to adjust to a period of slower economic growth, the
report says.

After impressing investors with growth of 7.5 per cent in 2010,
Brazil's economy eked out only 0.9 per cent growth last year and
is expected to have contracted in the third quarter from the
previous quarter this year, the report notes.

Earlier in November, BR Properties reported a quarterly net profit
of BRL89.6 million, down 65 per cent from the third quarter last
year, the report discloses.  After rushing to provide more office
space for Brazil's once-booming economy, developers are now
struggling to find tenants for the swath of new buildings that
have sprung up in cities such as Sao Paulo, the report says.

Nicole Hirakawa, an analyst at Credit Suisse, said the deal
appeared to have been done on attractive terms for the company,
but she warned that it would increase the developer's overall
vacancy rates by increasing its exposure to office space, the
report adds.

*     *     *

As reported in the Troubled Company Reporter-Latin America on
July 5, 2013, Standard & Poor's Ratings Services affirmed its 'BB'
global scale and 'brAA' national scale ratings on BR Properties
S.A.  At the same time S&P revised the outlook to positive from
stable.


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


ALFA MARINE: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Alfa Marine Limited received on Dec. 3, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Campbells Directors Limited
          Willow House, Floor 4, Cricket Square
          P.O. Box 268 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: +1 (345) 949 6258
          Facsimile: +1 (345) 945 2877


ATTUNGA POWER: Shareholders' Final Meeting Set for Dec. 19
----------------------------------------------------------
The shareholders of Attunga Power & Enviro (Offshore) Fund will
hold their final meeting on Dec. 19, 2013, at 4:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


ATTUNGA POWER MASTER: Shareholders' Final Meeting Set for Dec. 19
-----------------------------------------------------------------
The shareholders of Attunga Power & Enviro Master Fund will hold
their final meeting on Dec. 19, 2013, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


CAELUS RE II: Shareholder to Hear Wind-Up Report on Dec. 9
----------------------------------------------------------
The shareholder of Caelus RE II Limited will receive on Dec. 9,
2013, at 11:00 a.m., the liquidators' report on the company's
wind-up proceedings and property disposal.

The company's liquidators are:

          James Trundle
          Kevin Poole
          Telephone: 914-2270/ 914-2265/ 949-5263
          Facsimile: 949-6021
          P.O. Box 10233 Grand Cayman
          Cayman Islands


CALEDONIAN PCH: Member to Receive Wind-Up Report Today
------------------------------------------------------
The member of Caledonian PCH Inc. will receive today, Dec. 5,
2013, at 1:00 p.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidators are:

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


CAMINO INVESTMENTS: Shareholder to Hear Wind-Up Report on Dec. 18
-----------------------------------------------------------------
The shareholder of Camino Investments Ltd. will receive on
Dec. 18, 2013, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jacqueline Stirling
          Bessemer Trust Company (Cayman) Limited
          Telephone: (345) 949-6674
          Facsimile: (345) 945-2722
          Bessemer Trust Company (Cayman) Limited
          P.O. Box 2254 Grand Cayman KY1-1107
          Cayman Islands


COOLSAND HOLDINGS: Shareholders' Final Meeting Set for Dec. 7
-------------------------------------------------------------
The shareholders of Coolsand Holdings Co., Ltd will hold their
final meeting on Dec. 7, 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:

          Russell Smith
          c/o BDO CRI (Cayman) Ltd
          Building 3, 2nd Floor, Governor's Square
          23 Lime Tree Bay Avenue
          P.O. Box 31229 Grand Cayman KY1-1205
          Cayman Islands


KHALIJ FUND: Members Receive Wind-Up Report
-------------------------------------------
The members of Khalij Fund Management (Cayman) Limited received on
Dec. 4, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Khalij Fiduciaire SA
          Telephone: +41 21 96 12 511


PAMLI GLOBAL: Shareholder to Receive Wind-Up Report Today
---------------------------------------------------------
The shareholder of Pamli Global Credit Strategies Special
Situations Offshore Fund Ltd will receive today, Dec. 5, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815-1839
          Facsimile: (345) 949-9877


PARTNERS CREDIT: Shareholders' Final Meeting Set for Dec. 12
------------------------------------------------------------
The shareholders of Partners Credit Opportunities Master Fund, Ltd
will hold their final meeting on Dec. 12, 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:

          Maricorp Services Ltd.
          c/o J. Andrew Murray
          Telephone: (345) 949-9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman KY1-1105
          Cayman Islands


RSA MANAGEMENT: Members Receive Wind-Up Report
----------------------------------------------
The members of RSA Management Limited received on Dec. 4, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Khalij Fiduciaire SA
          Telephone: +41 21 96 12 511


SALIDA WEALTH: Shareholder to Receive Wind-Up Report Today
----------------------------------------------------------
The shareholder of Salida Wealth Preservation Fund (International)
Limited will receive today, Dec. 5, 2013, at 3:10 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815-1839
          Facsimile: (345) 949-9877


SALIDA WEALTH SPV: Shareholder to Receive Wind-Up Report Today
--------------------------------------------------------------
The shareholder of Salida Wealth Preservation SPV (International)
Limited will receive today, Dec. 5, 2013, at 3:00 p.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o Jonathan Turnham
          Telephone: (345) 815-1839
          Facsimile: (345) 949-9877


YIHAI CAPITAL: Members Receive Wind-Up Report
---------------------------------------------
The members of Yihai Capital Partners (International) Limited
received on Dec. 4, 2013, 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


YIHAI REAL: Members Receive Wind-Up Report
------------------------------------------
The members of Yihai Real Estate Capital Partners I, Limited
received on Dec. 4, 2013, 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


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C H I L E
=========


SMU SA: Alvaro Saieh Raises $300 Million for Distressed Firm
------------------------------------------------------------
David Papadopoulos at Bloomberg News reports that Chilean
billionaire Alvaro Saieh completed a $300 million capital increase
for his distressed retailer SMU SA after selling stakes in
insurance companies to raise the funds.

Mr. Saieh has fulfilled his pledge to complete the capital
increase by the end of the year, according to Bloomberg News.

The company plans to sell a further $200 million of shares by
October 2016.

SMU is Mr. Saieh's attempt to build Chile's third-largest retailer
by buying a series of small retail chains throughout Chile.

The report notes that the company said in July it had breached
terms on its debt after restating earnings to show higher
liabilities.

SMU bonds due in 2020 are the best-performing in Bloomberg's
emerging-market corporates index this month after posting Latin
America's worst returns in the first 10 months of the year.


SMU SA: Moody's Cuts CFR & $300MM Unsec. Notes Rating to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service downgraded SMU S.A.'s Corporate Family
Rating and its USD 300 million senior unsecured notes due in 2020
to Caa1 from B3. The rating outlook is negative. This concludes
the review for downgrade initiated on July 26th, 2013.

Ratings Rationale:

"The rating downgrade to Caa1 of SMU is driven by the company's
continued weaker than expected operating results that led to
expected leverage being no longer commensurate with the single-B
rating category, despite the recent completion of the USD 300
million equity injection from its main shareholder," explained
Soummo Mukherjee, Moody's Vice President. "The negative outlook
reflects the company's still very high leverage, perceived
execution challenges to turnaround its operations and weak
liquidity," added Mukherjee

On November 22nd, 2013, SMU's controlling shareholder, Mr. Alberto
Saieh, completed the expected equity injection into SMU by
contributing a total of USD 300 million. At the same time, the
company has sold its Dipac stores for approximately USD 3 million
and is in advanced stage of the sale of Construmart S.A. (USD 150
-- 200 mln) that is expected to conclude by Q1 2014, as well as,
Mayorsa S.A. (Peru) and its 40% in Montserrat, expected to
contribute approximately USD 120-140 million in total proceeds by
the end of the second quarter of 2014.

SMU's 3rd quarter results ended in September 30th, 2013 reported
overall weak operating results, but showed a positive trend
compared to the first two quarters of 2013 and positive same-store
sales of 4.2% in Chile. The company has made changes to its
management team and is executing on its new business plan that
includes a number of store closings, an optimization in workforce
and focus on lowering overall operating costs. Capital
expenditures, as a result of the new plan, for the first nine-
months of 2013 was reduced by 41.5% to approximately USD 78
million (Chiliean Pesos 39,365 mm equivalent) from the first-nine
months of 2012. However, due to the still negative EBITDA
generation for the first nine-months ended September 30th, 2013,
leverage is still very high for the single-B rating category.

In terms of liquidity, the company improved its position after the
successful completion of the USD 300 million capital increase and
has extended waivers from its banks for the covenant breached
through the end of 2013.

The negative outlook reflects the company's execution risks in
terms of its turnaround business plan and very high leverage for
its rating category.

The rating outlook could be stabilized if SMU is able to
demonstrate steady positive same-store-sales, deleveraging
trajectory and an improving EBITDA margin trend.

At the same time, a reversal to negative operating trends in terms
of continued negative same-store-sales, weaker margins, higher
leverage or deteriorating liquidity are likely to put further
negative pressure on SMU's current rating.

Headquartered in Santiago, Chile, SMU is one of the largest
Chilean food retail companies with a network of stores that
includes a total of 648 stores at the end of September 30, 2013.


====================
E L  S A L V A D O R
====================


* EL SALVADOR: IDB OKs US$100 Million Contingent Credit Line
------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a
contingent line of credit up to US$100 million to the Central
Reserve Bank of El Salvador to cushion the country from potential
external shocks through a Development Sustainability Contingent
Credit Line (DSL).

Resources will mitigate the effects that external macroeconomic
and financial shocks could have on vulnerable populations, which
may suffer from temporary liquidity contractions in the financial
system, dampening the supply of credit.

The DSL makes US$6 billion available to the IDB's 26 borrowing
member countries over the 2012-2014 period, with a maximum of $2
billion per year, with unused resources from one year carrying
over to the next.  The credit line is designed to help countries
protect its poorest citizens from sharp fluctuations in commodity
prices, global liquidity crises and other external factors.

The effects of an external shock influence supply and demand for
credit and a liquidity shortage can increase the cost of lending.
The project is expected to moderate the average daily change on
short term lending rates in about 100 basic points (bp), and
reduce excess reserves so the freed-up funds can be used to extend
credit.

The project includes trigger mechanisms for the DSL to be used
such as the Emerging Market Bond Index (EMBI) spreads and deposit
levels.

With the IDB's financing, El Salvador's Central Bank will have a
new vehicle for collecting and accumulating reserves that could be
used to distribute liquidity to illiquid but solvent financial
institutions, supplementing the temporary liquidity supports.

The IDB loan which is executed by the Central Reserve Bank of El
Salvador (BCR) is for a 6-year term, with a 3-year grace period
and an interest rate based on LIBOR.


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


DIGICEL GROUP: Consortium Gets Back in Myanmar Through Tower Deal
-----------------------------------------------------------------
Jamaica Observer reports that having lost out to Ooredoo Myanmar
for a telecommunications license in former Burma, Digicel Group's
consortium has landed a deal to build and lease the cell towers to
the Southeast Asian company.

Digicel Group, which along with YSH Finance and First Myanmar
Investment disclosed the agreement and the reorganization of its
consortium, said that its Myanmar Tower Company will be among the
first to begin construction there, according to Jamaica Observer.

The report relates that the towers, which are going to be operated
for multi-tenancy, will have to be deployed rapidly to meet an
ambitious timeline set by the government to increase overall
teledensity to as high as 80 per cent by 2016.

Digicel has had substantial success in driving mobile penetration
in previously underserved markets, the report notes.

Estimates of the project cost was not disclosed, but the Digicel-
led consortium promised to invest close to US$9 billion in Myanmar
in its bid to get one of two telecommunications licenses there,
before losing to Norway's Telenor Group and Ooredoo of Qatar,
formerly known as Qatar Telecom, the report discloses.

The pledge, which accompanied its official bid, was twice the
amount it spent over the last 12 years building out its operations
in the 31 markets in which it currently operates, the report
notes.

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

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2013, Fitch assigned a 'B' Issuer Default Rating on
Digicel Limited's proposed US$700 million senior notes due 2021.
Proceeds from the issuance are expected to be used to refinance
DL's US$510 million senior notes due 2014 and for general
corporate uses.  The Issuer Default Rating (IDR) of DL and
its parent, Digicel Group Limited, is 'B'.


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


CORPORACION INTERAMERICANA: Moody's Puts 'B3' Rating on Review
--------------------------------------------------------------
Moody's Investor Service placed the B3 global corporate family
rating on Corporacion Interamericana de Entretenimiento, S.A.B. de
C.V.'s on review for upgrade.  The rating action was prompted by
the company's improved credit metrics resulting from a more
comfortable debt maturity profile and lower debt burden.

The debt instruments affected by Moody's rating action are:

- US$13.65 million in 8.875% guaranteed global notes due 6/14/15:
B3 rating placed on review for upgrade

Ratings Rationale

Recently, CIE has managed to improve its liquidity profile
following the sale of a number of assets since 2012 in order to
raise cash to repay debt maturing in the short and medium term.
Currently, CIE has no material debt payment due before 2018, which
is for an amount of MXN 740 million; next debt payment is
scheduled for 2015, for about MXN 238 million. Simultaneously, the
company's adjusted debt leverage declined materially from 6.8x in
2011 and 2.9x in 2012 to 2.1x in fiscal year 2013, as expected by
Moody's.

During the ratings review period, Moody's will focus on CIE's
operating and profitability prospects under the new business model
as well as on its financial policies going forward.

CIE is the sole vertically integrated out-of-home entertainment
group in Mexico.  In 2014, Moody's expects that CIE's revenues
will be driven by about 75% from the Entertainment division (65%
of EBITDA) and about 22% from the Commercial division (29% of
EBITDA), in charge of marketing and publicity services.  As of LTM
September 2013, revenues and adjusted EBITDA amounted to about USD
551 million and USD 65 million, respectively.

Corporacion Interamericana de Entreten SAB CV's ratings were
assigned by evaluating factors that Moody's considers relevant to
the credit profile of the issuer, such as the company's (i)
business risk and competitive position compared with others within
the industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk.  Moody's
compared these attributes against other issuers both within and
outside Corporacion Interamericana de Entreten SAB CV's core
industry and believes Corporacion Interamericana de Entreten SAB
CV's ratings are comparable to those of other issuers with similar
credit risk.


GRUPO IDESA: Fitch Rates Proposed $300MM Sr. Unsec. Notes BB-
-------------------------------------------------------------
Fitch Ratings has assigned the following ratings to Grupo IDESA
S.A. de C.V.:

-- Long-term Issuer Default Rating (IDR) 'BB-';
-- Local currency long-term IDR 'BB-';
-- Proposed up to USD300 million senior unsecured notes due 2023
   'BB-(exp)'.

The Rating Outlook is Stable.

The ratings reflect IDESA's strong business position, low relative
cost base advantage, long-term relationships with customers and
suppliers, and history of conservative financial management. They
also reflect IDESA's new scale and ability to integrate
acquisitions and the increasing contribution of its distribution
division.

Factored into the ratings are the company's debt and capital
structure after the proposed new senior notes issuance and its
history of positive free cash flow (FCF) generation. Fitch expects
recent investments in non-consolidated joint ventures to start
contributing to FCF only in the long term. IDESA's ability to
service proposed debt will primarily depend on current operations.

Proceeds from the offering will be used to fully refinance USD195
million of existing debt and for general corporate purposes
including CAPEX and other investments.

Key Rating Drivers:

Risk profile and cost position:
High product-portfolio reliance on commodity chemicals limits
IDESA's pricing power, but revenue volatility is partially offset
by the company's low-cost production advantage. IDESA's main
product prices are highly correlated to the price of oil which
remains above Fitch's long-term base case expectations. While oil
prices could rise higher for non-fundamental reasons, Fitch
believes that price risks on the downside remain significant.
Fitch does not expect the price of ethane-based ethylene oxide
(EO) - IDESA's main raw material - to increase meaningfully until
2015 and 2016 when demand for ethane is expected to increase as
planned ethylene capacity additions in North America begin
operations.

Strong business position:
IDESA generates a majority of EBITDA from key product lines with
market-leading positions such as ethylene glycols (EG) and ethanol
amines (EA). In EG, where domestic demand outstrips supply and raw
material availability constrains capacity utilization, the company
is Mexico's largest producer with 36% of domestic market share. In
EA, IDESA serves 63% of the domestic market and also exports over
60% of production to Europe, Asia and South America. IDESA's
distribution business, Alveg Distribucion Quimica, has one of the
widest product portfolios and country-wide storing and
distribution facilities.

Regional, product and end-market diversification:
IDESA's revenue and cash flow predictability are supported by the
company's national footprint, adequate product diversification,
and solid exposure to resilient consumer-driven end-markets in
Mexico. The diverse application of EA and the stability of EG
demand as a raw material for the production of PET partially
mitigate risks inherent in IDESA's business. Strategically going
forward, the company expects to continue to gain presence in high-
growth markets such as automotive, oil & gas and building
materials.

Country, production site and supplier concentration:
The traits of a concentrated operation make IDESA vulnerable to
potential disruptions in production at IDESA or PEMEX facilities
as well more prone to economic slowdown in the Mexican economy.
About 90% of IDESA's total revenues come from the domestic market.
Production capacity is heavily concentrated in IDESA's
Coatzacoalcos plant, which in turn is very dependent on smooth
operations at PEMEX, IDESA's sole supplier of EO.

Scale momentum:
Fitch expects that involvement in high-profile joint ventures,
available capacity in some petrochemical product lines and in
logistics coupled with expected growth in distribution to support
IDESA's growth. By the end of 2013, IDESA will have grown revenues
and EBITDA by over 4x and 5x, respectively, in the last 10 years.
This solid growth, fuelled by both organic and inorganic growth
initiatives and involvement in prominent joint ventures,
strengthens IDESA's position as one of the leading petrochemical
companies in Mexico.

Positive free cash flow:
Fitch expects IDESA to generate positive free cash flow (FCF)
through the cycle, with mid-cycle FCF in the range of MXN370
million to MXN390 million because of IDESA's low-cost advantage,
high ratio of variable- to-fixed costs, conservative dividend
payout and planned maintenance capital expenditures (CAPEX). For
the last 12 months (LTM) ending September 2013, IDESA generated
MXN313 million of FCF.

High leverage:
Fitch expects debt-to-EBITDA levels below 4.4x for the next 18 to
24 months and continued strengthening in leverage ratios in the
years after. Fitch also expects changes in leverage to be driven
by the impact of product-to-feedstock spreads on EBITDA with
EBITDA growth gaining increasing importance over time. Fitch
estimates mid-cycle EBITDA to range between MXN850 million to
MXN900 million. In the LTM ending Sept.30, 2013, IDESA generated
MXN827 million of EBITDA while debt-to-EBITDA was 3.0x.

IDESA's ratings take into account that the proceeds from the
issuance of senior notes will be used to refinance existing debt,
and for funding general corporate expenses including CAPEX.
Existing debt in the form of a syndicated long-term loan contains
covenants that could limit the company's financial flexibility and
in turn could put pressure on the ratings. IDESA will evaluate
different alternatives in case the bond offering does not take
place.

Ratings Sensitivity:

Future developments that may, individually or collectively, lead
to a negative rating action include:

Reduced financial flexibility, material contraction in product-to-
feedstock margins or in FCF, or larger-than-expected leverage,
higher capital outlays or cash distributions.

Future developments that may, individually or collectively, lead
to a positive rating action include:

Fitch does not expect positive rating actions in the medium term.
However, deleveraging, robust operating rates, diversification,
conservative capital spending, increased size and tangible
benefits from joint venture investments could have positive
implications for the ratings.


=================
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* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/



                            ***********


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
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                            ***********


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
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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