TCRLA_Public/131218.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, December 18, 2013, Vol. 14, No. 250


                            Headlines



B A R B A D O S

FIRST CARIBBEAN: Posts US$27.5 Million Loss in FY Ended Oct. 31


B R A Z I L

BANCO MAXIMA: Moody's Withdraws Currency Deposit Ratings of B3
MINERVA SA: Fitch Raises IDRs & Sr. Unsecured Notes Ratings to BB-


C A Y M A N  I S L A N D S

ASCEND II FEEDER: Shareholders' Final Meeting Set for Dec. 20
ASCEND II TRADING: Shareholders' Final Meeting Set for Dec. 20
BLACKROCK EQUITY: Shareholder to Hear Wind-Up Report Today
CANYON VRF: Shareholders' Final Meeting Set for Dec. 20
CHINA H-SHARES: Shareholders' Final Meeting Set for Dec. 20

COOLMORE SPMA: Shareholders' Final Meeting Set for Dec. 20
COOLMORE TRADING: Shareholders' Final Meeting Set for Dec. 20
FAMA GLC: Shareholders' Final Meeting Set for Dec. 20
GLC GLOBAL: Shareholders' Final Meeting Set for Dec. 20
GLC SYSTEMATIC: Shareholders' Final Meeting Set for Dec. 20

GOLDEN AMERICAS: S&P Withdraws 'B-' Corporate Credit Rating
GOLUB CAPITAL: Shareholders' Final Meeting Set for Dec. 20
LWS ASSETS: Sole Member to Hear Wind-Up Report on Jan. 6
LYNX II TRADING: Shareholders' Final Meeting Set for Dec. 20
PATRIA-BRAZILIAN: Shareholders Receive Wind-Up Report

RAM LNG: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOM. REP.: Labor Warns of No Deal; Mgmt Targets Severance Pay


J A M A I C A

UC RUSAL: Gets Additional Credit Facility From VTB
* JAMAICA: Businesses Anticipate Continued Slide in Dollar


M E X I C O

VOLKSWAGEN BANK: Moody's Affirms Currency Deposit Ratings at Ba2


V E N E Z U E L A

GOVT OF VENEZUELA: Moody's Slashes Currency Ratings to Caa1


                            - - - - -


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


FIRST CARIBBEAN: Posts US$27.5 Million Loss in FY Ended Oct. 31
---------------------------------------------------------------
RJR News reports that First Caribbean International Bank made a
loss of US$27.5 million for its financial year which ended October
31.

The Bank said the losses reflect one-time restructuring related
expenses and an increase in its allocation for loan losses without
which it would have posted a profit of US$30 million, according to
RJR News.

The report relates that the bank however pointed to its strong
capital base as a source for growth in 2014.

In the meantime, the report notes, First Caribbean has made
changes to its board following the resignation of long-time
Chairman Michael Mansoor.

The Bank said its board elevated independent director David Ritch
as chairman. Mr. Mansoor will remain on the board as a non-
executive director, RJR News discloses.

The report relates that the bank also appointed its executive vice
president for Risk Management, Brian McDonough, to the board.  Mr.
Mansoor is to fill the vacancy created by the resignation of Brian
McDonnell, the report adds.

Headquartered in Barbados, FirstCaribbean International Bank
Limited provides financial products and services to individual and
business clients in the Caribbean.  The company offers personal
banking services, such as chequing and savings accounts; mortgage
loans, consumer loans, student loans, overdraft facility, and home
equity line of credit; credit and debit cards; fixed deposits and
investment products; life and accidental dismemberment, critical
illness, and property and motor insurance products; and Internet,
mobile, and convenience banking services.


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


BANCO MAXIMA: Moody's Withdraws Currency Deposit Ratings of B3
--------------------------------------------------------------
Moody's Investors Service has withdrawn Banco Maxima S.A.'s bank
financial strength rating (BFSR) of E+, which maps into a baseline
credit assessment (BCA) of b3. At the same time, Moody's has
withdrawn Maxima's global local currency and foreign currency
deposit ratings of B3 and Not Prime and Brazilian national scale
deposit ratings of Ba2.br and BR-4. Before the withdrawal, the
outlook on all ratings was negative.

The following ratings assigned to Banco Maxima were withdrawn:

Bank financial strength rating: E+, negative outlook

Global local-currency deposit rating: B3 and Not Prime, negative
outlook

Foreign-currency deposit rating: B3 and Not Prime, negative
outlook

Brazilian national scale deposit ratings: Ba2.br and BR-4,
negative outlook

Ratings Rationale:

Moody's has withdrawn the ratings for its own business reasons.

The last rating action on Maxima occurred on 16 August 2013, when
Moody's lowered the bank's BCA to b3, from b2, and downgraded the
long-term global local and foreign currency deposit ratings to B3,
from B2. Moody's also downgraded Maxima's Brazilian national scale
deposit ratings to Ba2.br and BR-4, from Baa3.br and BR-3, long-
and short-term, respectively. At the same date, Moody's affirmed
Maxima's BFSR at E+ and short-term global local and foreign
currency deposit ratings at Not Prime. The outlook on all ratings
was negative.

Banco Maxima S.A. is headquartered in Rio de Janeiro, Brazil. As
of 30 June 2013, the bank had total assets of approximately
BRL475.6 million ($215.3 million) and equity of BRL59.3 million
($26.8 million).


MINERVA SA: Fitch Raises IDRs & Sr. Unsecured Notes Ratings to BB-
------------------------------------------------------------------
Fitch has upgraded the long term and local currency issuer default
ratings (IDRs) of Minerva S.A. and the IDRs and Senior Unsecured
ratings of Minerva Luxembourg S.A. to 'BB-' from 'B+'. Fitch has
also upgraded Minerva's National Scale rating to 'A-(bra)' from
'BBB+(bra)'. The Rating Outlook is Stable.

Minerva's rating upgrades reflects the improving fundamentals for
beef in Brazil due to the consolidation of the industry during the
past few years, and Fitch's expectation of an improvement in the
company's credit profile over a sustained period. The recent
transaction with BRF S.A. (BRF: Long-Term IDR 'BBB-'/Stable), if
completed as planned, will result in BRF owning 15.2% of equity in
Minerva. Fitch views this agreement as beneficial to Minerva as it
will increase the company's processing capacity, lower the
company's leverage, and provide partial ownership and guidance
from one of Brazil's largest food company.

Key Rating Drivers:

Positive Industry Fundamentals

The fundamentals of the Brazilian beef industry remain positive
due to the abundant cattle herd, low cost structure and positive
revenue momentum derived from strong revenue growth from exports,
a situation that Fitch does not expect to change in the short-
term. The industry has been through a consolidation process over
the last few years that culminated in the creation of three large
export players. Fitch expects this consolidation process to give
more stability to the industry at the end of the positive cattle
cycle in Brazil. Minerva continues to fully take advantage of that
situation due to its strong exposure to export markets (70%).
Fitch views the Minerva's strategy to expand its processing and
distribution capacity in the local market positively. The group's
expansion into South America provides further business and
geographic diversification to varying degrees.

Reduced Leverage Expected

Fitch expects Minerva's net debt to EBITDA ratio to improve to
below 3x over the next two years (3.4x as of the LTM to September
30, 2013), as a result of improved EBITDA due to strong
international demand for beef. Fitch also acknowledges the credit-
friendly measures taken by the company through its decision to
issue or offer equity to finance expansion in the past. This
approach taken by management should allow the company to continue
to balance its growth while focusing on gradually improving its
leverage ratios. Fitch considers Minerva's acquisition of the two
slaughtering and deboning plants currently held by BRF as a
positive development. This will increase the group slaughtering
capacity by 23% without adding new debt. The acquisition is
subject to the approval of the administrative council for Economic
Defense (CADE).

Positive Performance Expected and Liquidity

Minerva reported improving volumes, revenues and EBITDA in the
third quarter of 2013 (3Q'13). For the LTM ended Sept. 30, 2013,
Minerva's EBITDA increased to BRL543 million from BRL446 million
for the same period in 2012. EBITDA margins remained relatively
flat at 10.4% compared to 10.5% in 2012. Fitch projects Minerva
will generate positive free cash flow (FCF) from 2013 onwards
while continuing to exhibit robust cash flows from operations
(CFFO). The company benefits from a strong liquidity position with
cash and cash equivalents of BRL1.2 billion, enough to pay the
debt amortizations due until 2019. The next material maturity date
is 2023 when the USD850million unsecured note is due.

Product and Country Concentration Risks: The ratings incorporate
risks associated with geographic and product concentration in beef
protein. Being mainly an exports company, Minerva's performance is
exposed to exchange rate variations; a downturn in the economy of
a given export market; imposition of increased tariffs or
commercial or sanitary barriers; strikes or other events that may
affect the availability of ports and transportation. Minerva is
more exposed to these risks than Brazilian competitors such as JBS
S.A. and Marfrig S.A. because of its higher export concentration.
Exports represented about 70% of revenues in the third quarter of
2013. The company has managed this risk by arbitraging demand from
export markets and expanding its production to other South
American countries (Uruguay, Paraguay).

Rating Sensitivities:

A negative rating action could occur as a result of a sharp
contraction of the group's performance, increased of net leverage
as a result of either a large debt-financed acquisition or asset
purchases, or as a result of a sharp operational deterioration due
to disruptions in exports.

A positive rating action could be triggered by additional
geographic and protein diversification and substantial decrease in
gross and net leverage.

Fitch upgraded the following as indicated:

Minerva S.A.:
-- Local currency Issuer Default Rating (IDR) 'BB-' from 'B+';
-- Foreign currency IDR 'BB-' from 'B+';
-- National scale rating 'A-(bra) from 'BBB+(bra)';

Minerva Luxembourg S.A.:
-- Local currency IDR 'BB-' from 'B+';
-- Foreign currency IDR 'BB-' from 'B+';
-- Senior unsecured notes due in 2017, 2019, 2022 and 2023
   upgraded to 'BB-' from 'B+/RR4'.

The corporate Rating Outlook is Stable.


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


ASCEND II FEEDER: Shareholders' Final Meeting Set for Dec. 20
-------------------------------------------------------------
The shareholders of Ascend II Feeder I Limited will hold their
final meeting on Dec. 20, 2013, to receive 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


ASCEND II TRADING: Shareholders' Final Meeting Set for Dec. 20
--------------------------------------------------------------
The shareholders of Ascend II Trading Limited will hold their
final meeting on Dec. 20, 2013, to receive 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


BLACKROCK EQUITY: Shareholder to Hear Wind-Up Report Today
----------------------------------------------------------
The sole shareholder of Blackrock Equity Long/Short Ltd. will
receive today, Dec. 18, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

          Jane Fleming
          Jean Ebanks
          Telephone: (345) 945-2187
          Facsimile: (345) 945-2197
          PO Box 30464 Grand Cayman KY1-1202
          Cayman Islands


CANYON VRF: Shareholders' Final Meeting Set for Dec. 20
-------------------------------------------------------
The shareholders of Canyon VRF Trading Limited will hold their
final meeting on Dec. 20, 2013, to receive 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


CHINA H-SHARES: Shareholders' Final Meeting Set for Dec. 20
-----------------------------------------------------------
The shareholders of China H-Shares Equities Limited will hold
their final meeting on Dec. 20, 2013, to receive 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


COOLMORE SPMA: Shareholders' Final Meeting Set for Dec. 20
----------------------------------------------------------
The shareholders of Coolmore SPMA Limited will hold their final
meeting on Dec. 20, 2013, to receive 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


COOLMORE TRADING: Shareholders' Final Meeting Set for Dec. 20
-------------------------------------------------------------
The shareholders of Coolmore Trading Limited will hold their final
meeting on Dec. 20, 2013, to receive 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


FAMA GLC: Shareholders' Final Meeting Set for Dec. 20
-----------------------------------------------------
The shareholders of Fama GLC Global Macro Limited will hold their
final meeting on Dec. 20, 2013, to receive 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


GLC GLOBAL: Shareholders' Final Meeting Set for Dec. 20
-------------------------------------------------------
The shareholders of GLC Global Macro SPMA Limited will hold their
final meeting on Dec. 20, 2013, to receive 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


GLC SYSTEMATIC: Shareholders' Final Meeting Set for Dec. 20
-----------------------------------------------------------
The shareholders of GLC Systematic Feeder I Limited will hold
their final meeting on Dec. 20, 2013, to receive 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


GOLDEN AMERICAS: S&P Withdraws 'B-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' corporate
credit and senior secured debt ratings on Cayman Islands-
incorporated, special-purpose vehicle Golden Americas Ltd. (GA) at
the company's request.


GOLUB CAPITAL: Shareholders' Final Meeting Set for Dec. 20
----------------------------------------------------------
The shareholders of Golub Capital Ltd. 2005-1 will hold their
final meeting on Dec. 20, 2013, to receive 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


LWS ASSETS: Sole Member to Hear Wind-Up Report on Jan. 6
--------------------------------------------------------
The sole member of LWS Assets Limited will receive on Jan. 6,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71 Road Town, Tortola
          British Virgin Islands


LYNX II TRADING: Shareholders' Final Meeting Set for Dec. 20
------------------------------------------------------------
The shareholders of Lynx II Trading Limited will hold their final
meeting on Dec. 20, 2013, to receive 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


PATRIA-BRAZILIAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Patria-Brazilian Private Equity General
Partner I, Ltd received on Dec. 13, 2013, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mariza Taca Honda
          Av. Cidade Jardim 803
          10 andar 01453 000
          Sao Paulo
          Brazil
          Telephone: +55 11 3039 9000


RAM LNG: Shareholders Receive Wind-Up Report
--------------------------------------------
The shareholders of Ram LNG Holdings Limited received on Dec. 9,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.


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


* DOM. REP.: Labor Warns of No Deal; Mgmt Targets Severance Pay
---------------------------------------------------------------
Dominican Today reports that National Unions Federation (CNUS)
President Rafael Abreu warned that some of the government
officials and business leaders who study proposed labor code
reform want the Presidency to submit an amendment despite the lack
of consensus.

"The trade unions don't agree with submitting a bill to Congress
without going through the tripartite dialogue because we agreed
with the President that only a three-way agreement could be
brought to Congress, to then submit it to amend the law," the
report quoted Mr. Abreu as saying.

The report notes that the unionist also warned that one of the
commission members had said the consultations conducted would
hereinafter be delivered to President Danilo Medina and then
they'd go to Congress.

Mr. Medina, the report relates, said the labor unions have yet to
agree with management on several points of the draft to amend the
code, and would leave it to "the judgment of legislators who have
yet to take part in meetings."

Mr. Abreu noted that among the key points in contention is a
failure to agree on workers' severance pay, the report relays.

Meanwhile, the report discloses, Jaime Gonzalez, president of
Dominican Republic's employers grouped in Copadom, affirms that
the severance pay must be reviewed to seek a solution which
doesn't jeopardize companies or workers.  "An adequate severance
pay can make and maintain the country's companies competitive with
more and better sustainable and formal jobs," the report quoted
Mr. Gonzalez as saying.


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


UC RUSAL: Gets Additional Credit Facility From VTB
--------------------------------------------------
RJR News reports that UC Rusal has agreed to a RUB15-billion
credit facility with an arm of Russia's state controlled lender
VTB.

The five-year deal comprises a credit limit of  up to RUB10.1
billion, equivalent to a previous VTB loan that UC Rusal repaid
last month, and an additional borrowing limit of up to RUB4.9
billion rubles, according to RJR News.

The report relates that UC Rusal and its subsidiaries can use the
extra credit to replenish operating assets.

The report notes that UC Rusal has faced a difficult metals
market, resulting in a 54.3 percent drop in the value of the
company in the first half of 2013.

However, the report relates that losses in the third quarter of
the year more than halved from US$458 million to US$172 million as
the company cut costs and closed unprofitable plants.

UC Rusal is an aluminum producer. It has a major stake in
Jamaica's mining sector.

                             *     *     *

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: Businesses Anticipate Continued Slide in Dollar
----------------------------------------------------------
RJR News reports that the latest survey of inflation expectations
show business people anticipate that the slide in the value of the
Jamaican dollar will continue.

The survey shows business leaders expect the dollar to lose up to
6 per cent of its value between October this year and October
2014, according to RJR News.

The report relates that the survey was carried out by the Bank of
Jamaica.

In September, the report notes, the survey showed expectations
were for the dollar to lose 4.7 per cent of its value over a 12-
month period.

The report relates that since the start of the year, the Jamaican
currency has lost more than 14 per cent of its value moving from
J$92.98 to US$1 to J$106.12 at the close of trading Dec. 17.

In the meantime, the report notes, the same survey shows business
leaders are losing faith in the Bank of Jamaica's control of
inflation.

The Central Bank said its October survey for the perception of
inflation control shows the index declined to 83.1 from 148.6 in
September, the report relates.

It was the lowest level the index has been since September 2005 as
the bank saw an increase in the number of respondents who said
they were either "dissatisfied" or "very dissatisfied" with how
price increases are managed, the report adds.


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


VOLKSWAGEN BANK: Moody's Affirms Currency Deposit Ratings at Ba2
----------------------------------------------------------------
Moody's de Mexico affirmed all ratings for Volkswagen Bank, S.A.
(VW Bank), including the E+ financial strength rating (BFSR),
which now maps to an unsupported baseline credit assessment (BCA)
of b2, from b3 previously. Moody's also affirmed the bank's long-
and short-term local and foreign currency deposit ratings of Ba2
and Not Prime, its long- and short-term Mexican National Scale
deposit ratings of A2.mx and MX-2 and its long-term local currency
senior debt ratings of A3, and Mexican National Scale debt rating
of Aaa.mx. The outlook is stable (m).

List of Affected Ratings:

The following ratings on VW Bank were affirmed, with stable
outlook:

-- Bank financial strength rating: E+

-- Long-term global local currency deposit rating: Ba2

-- Short-term global local currency deposit: Not Prime

-- Long-term foreign currency deposit rating: Ba2

-- Short-term foreign currency deposit: Not Prime

-- Long-term Mexican National Scale deposit rating: A2.mx

-- Long-term Mexican National Scale issuer rating: MX-2

The following debt ratings on VW Bank were affirmed, with positive
outlook:

-- Long-term global local currency debt rating: A3

-- MTN program, long-term global local currency debt rating: A3

-- Long-term Mexican National Scale debt rating: Aaa.mx

-- MTN program, long-term Mexican National Scale debt rating:
Aaa.mx

Ratings Rationale:

In affirming VW Bank' deposit ratings and raising the unsupported
BCA to b2, from b3, Moody's noted the bank's good performance
since its inception in 2008. The bank has increased its business
and profitability while maintaining a sound financial profile and
particularly strong asset quality metrics.

The bank has a relatively short track record of operations but has
been active in loan origination and capable of reporting positive
net income in a relatively short period of time. Moreover, its
expansion has been supported by a relatively easy access to the
local capital markets. VW Bank's ratings are also underpinned by a
clear retail orientation and its highly granular loan portfolio,
which result in stable generation of core earnings.

Nevertheless, factors that constrain VW Bank's ratings include its
very small scale and limited business scope, which reflect a
monoline type of business focused in car financing to retail
customers. Although the Volkswagen brand is well known in Mexico
and should provide for growth opportunities in a highly
competitive environment, the bank's operations are still limited
and management therefore is challenged to build a brand name and
market presence. Those will be critical for developing a larger
customer base and, particularly, a retail-based funding structure
which currently represents only a small portion of total funds and
would help reduce the impact of intermittent funds received from
affiliate VW Group entities.

In affirming the ratings, Moody's also noted management's
commitment to maintain high capitalization levels, which may
include deleveraging by selling some of the bank's loans to
affiliate entities. In Moody's view, high capitalization levels
offer protection from a loss absorption perspective, but it could
limit the bank's business expansion and earnings generation over
time.

The Ba2 local and foreign currency deposit ratings assigned to VW
Bank incorporate Moody's assessment of a high probability of
support that could be received from its parent company, Volkswagen
Financial Services AG (VWFS) (A3, positive/Prime-2). Based on
Moody's joint default analysis (JDA), VW Bank's Ba2 deposit
ratings reflect an uplift of three notches from the unsupported
BCA of b2 due to parental support.

The A3 debt ratings reflect an explicit and irrevocable guarantee
provided by VWFS.

The long-term Mexican National Scale ratings of Aaa.mx/A.mx
indicate issuers or issues with the strongest/ above-average
creditworthiness relative to other domestic issuers. The short-
term Mexican National Scale ratings of issuers rated MX-2 indicate
above average ability to repay short-term senior unsecured debt
obligations relative to other domestic issuers.

The period of time covered in the financial information used to
determine the ratings is between 31 December 2008 and 30 September
2013 (source: Moody's and VW Bank).

The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's and VW Bank); year-end 2012 and 2011 audited financial
statements (source: VW Bank, audited by PricewaterhouseCoopers, S.
C., and Moody's); information on market position (source: CNBV);
regulatory capital information (source: Banxico).

VW Bank is headquartered in Puebla, Mexico. As of 30 September
2013 it had total assets of Mx$4.9 billion, Mx$4.1 billion in
loans, Mx$1.2 billion in deposits and Mx$1.2 billion in
shareholder's equity.


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


GOVT OF VENEZUELA: Moody's Slashes Currency Ratings to Caa1
-----------------------------------------------------------
Moody's Investors Service has downgraded the Government of
Venezuela's local and foreign currency ratings to Caa1 from B1 and
B2 respectively. The outlook on both ratings remains negative. The
key drivers for the action are:


1. Increasingly unsustainable macroeconomic imbalances; and

2. Materially higher risk of an economic and financial collapse.

Ratings Rationale:

The downgrade reflects Moody's view that Venezuela is facing
increasingly unsustainable macroeconomic imbalances, including a
skyrocketing inflation and a sharp depreciation of the parallel
exchange rate. As government policies have exacerbated these
problems, the risk of an economic and financial collapse has
greatly increased.

Inflation is out of control having crossed the 50% mark. The
parallel exchange rate has risen to 64 bolivares to the dollar --
10 times the official rate - from 17.5 at year-end 2012.
Widespread shortages of various categories of goods have forced
the government to ramp up imports.

Venezuela's external position has deteriorated as well. The
current account surplus shrank by 35% through the past three
quarters relative to the same period last year, and liquid
financial assets continue to decline. Though the country still has
a substantial amount of gold reserves and other liquid assets,
foreign exchange reserves have reached perilously low levels.

Growing macroeconomic imbalances and distortions have taken a
severe toll on growth. While the economy has been able to escape a
recession, GDP growth was an anemic 1.4% through the first three
quarters of 2013.

A sharp increase in Venezuela's sovereign yields to more than 15%
in early December from less than 10% in mid-May suggests the
country's ability to access markets has been severely curtailed.

Moody's has also lowered Venezuela's foreign currency bond ceiling
and local currency bond and deposit ceilings to Caa1 and the
foreign currency deposit ceiling to Caa2.

What Could Change the Ratings Up/Down:

The negative outlook reflects Moody's expectation that conditions
will continue to deteriorate. The rating will face further
downward pressure if macroeconomic imbalances persist at current
levels or increase further, or if external liquid assets -
particularly foreign exchange reserves - continue to decline.
Given the negative outlook, the rating is unlikely to face upward
pressure in the short-to-medium term. However, the outlook could
stabilize if macroeconomic imbalances are reduced to levels that
do not threaten an economic collapse.

GDP per capita (PPP basis, US$): 13,480 (2012 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 5.6% (2012 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 20% (2012 Actual)

Gen. Gov. Financial Balance/GDP: -4.9% (2012 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 2.9% (2012 Actual) (also known as
External Balance)

External debt/GDP: 31.2% (2012 Actual

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 13 December 2013, a rating committee was called to discuss the
rating of the Venezuela, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's governance and/or management, have materially decreased.
The issuer's fiscal or financial strength, including its debt
profile, has materially decreased. The issuer has become
increasingly susceptible to event risks.


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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.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


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