TCRLA_Public/131223.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 23, 2013, Vol. 14, No. 253


                            Headlines



A R G E N T I N A

ARGENTINA: Moody's Assigns B3 Insurance Financial Strength Rating


B R A Z I L

CYRELA BRAZIL: Fitch Affirms Foreign & Local Currency IDRs at BB
TONON BIOENERGIA: Fitch Affirms IDRs & Unsec. Notes Rating at B
VIRGOLINO DE OLIVEIRA: Fitch Affirms IDRs at B; Outlook Stable


C A Y M A N  I S L A N D S

354045 INVESTMENTS: Members Receive Wind-Up Report
ALPHA FOCUS: Members Receive Wind-Up Report
AMERIPATH INDEMNITY: Shareholder Receives Wind-Up Report
BELMONT TRADING: Members Receive Wind-Up Report
BLUE FIN: Shareholder Receives Wind-Up Report

CELLINI HOLDINGS: Members Receive Wind-Up Report
CHASE PRIVATE: Shareholders Receive Wind-Up Report
FORUM HOLDINGS: Shareholders Receive Wind-Up Report
GONDWANA FUND: Shareholders Receive Wind-Up Report
GOODNESS LTD: Shareholders Receive Wind-Up Report

IRONWOOD LTD: Members Receive Wind-Up Report
MANTRIX LIMITED: Shareholders Receive Wind-Up Report
NATASHA HOLDINGS: Shareholders Receive Wind-Up Report
PARMENIDES OFFSHORE: Shareholders Receive Wind-Up Report
SUPERIOR PROVIDERS: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms IDR at B; Outlook Stable
BANCO DE RESERVAS: Moody's Affirms Currency Deposit Ratings at B1
DOMINICAN REPUBLIC: Micro Businesses Get RD$500MM Boost


E L   S A L V A D O R

* EL SALVADOR: To Get US$115M IDB Loan for MPC Improvements


G U Y A N A

* GUYANA: IMF Board Concludes 2013 Article IV Consultation


J A M A I C A

CARIBBEAN CEMENT: To Hike Cement Price Early in New Year


M E X I C O

CORPORACION INTERAMERICANA: Moody's Ups CFR to B2; Outlook to Pos.


P E R U

MAESTRO PERU: Moody's Cuts CFR & Sr. Unsec. Notes Rating to Ba3


P U E R T O   R I C O

PUERTO RICO ELECTRIC: Gov't. Comments on New Moody's Rating Action
UNIV OF PUERTO RICO: Moody's Reviews Ba2 Bond Rating for Downgrade


V E N E Z U E L A

VENEZUELA GLOBAL: Moody's Cuts Depositary Receipts Rating to Caa1


X X X X X X X X X

BOND PRICING: For the Week From Dec. 16 to Dec. 20, 2013


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Moody's Assigns B3 Insurance Financial Strength Rating
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Moody's Latin America has assigned a B3 global local currency
insurance financial strength (IFS) rating, and an A3.ar IFS rating
on Argentina's national scale, to reciprocal guarantor Affidavit
SGR ("Affidavit"). The ratings outlook is negative, consistent
with Moody's sovereign outlook for Argentina.

Affidavit SGR, one of the smallest reciprocal guaranty societies
("SGRs") in Argentina, provides guarantees for working-capital and
capital-expenditure loans to small and medium-size Argentine firms
operating mainly in the local transportation and agribusiness
sectors. Two of its main shareholders are the Argentine firms
Alenco SAIC and Emebesur S.A., important dealers of Mercedes Benz
buses and trucks, respectively, in Argentina, the first of these
being the leader in the market.

Ratings Rationale:

Moody's said Affidavit's ratings reflect its key credit strengths,
notably its adequate capitalization and low product risk, coupled
with a high degree of commercial integration with its two main
shareholders, Alenco and Emebesur. The company's leverage - the
ratio of total outstanding guarantees to investments - has
historically been low, fluctuating in the 1-2 times range, and
Moody's expects the company's leverage to remain in the vicinity
of 1.5 times in normal conditions. Moody's also explained that
Affidavit's guarantee portfolio has some low-risk characteristics,
such as the short-term nature of its outstanding guarantees
(almost 70% of its par outstanding was set to expire within the
next 12 months as of 30 September 2013), the local currency
denomination of all its operations, the very low level of
historical losses, and good knowledge of its main customers.

However, the rating agency said these key credit strengths are
tempered by the company's relatively low market presence (its
market share within the SGR sector accounted for less than 1% as
of 31 March 2013), its high concentration in a single broad
economic sector (the transportation industry), the speculative-
grade quality of its investments (a factor also common to other
SGRs in the country), and Argentina's weak and volatile operating
environment.

Affidavit's portfolio of financial guarantees is still heavily
concentrated in the general transportation sector (66% as of 30
September 2013) with the agribusiness sector being the second
largest (representing 22% of total guarantees). Although
Affidavit's management has plans to reduce its concentration to
the transportation sector and to grow in other economic sectors,
this initiative will take some time, and there are risks
associated with this transition process. Another metric that
compares unfavorably with its peers is Affidavit's concentration
in the top 10 largest risks, which decline to approximately 32.5%
as of 30 September 2013, but remains relatively high.

Moody's added that Affidavit's investment portfolio is comprised
mainly of Argentine sovereign bonds (53% of total assets and rated
B3/negative) and term deposits in a local bank (another 24%).
Argentine sovereign bonds and local bank deposits carry
speculative-grade ratings on a global basis, but local regulations
for SGRs limit foreign assets to no more than 10% of total
investments. Affidavit held approximately 6% of its investments in
foreign instruments as of 30 September 2013.

Regarding the negative rating outlook, Alejandro Pavlov, senior
analyst at Moody's, noted "The outlook is in line with Moody's
negative outlook on the sovereign bonds of Argentina and on most
of the local financial institutions, given Affidavit's direct
investment exposure (relative to capital) in Argentine sovereign
bonds and other local assets. It also considers the particular
sensitivity of SGRs to the economic cycle and to other
macroeconomic and financial trends in the country."

Given the negative outlook, an upgrade in Affidavit's ratings is
unlikely, but the following factors could lead the outlook to move
to stable from negative: 1) Argentine sovereign bonds and bank
deposit rating outlooks returning to stable from negative; 2)
higher industry diversification, with pool exposure to at least
three different sectors each representing 25% of total par
outstanding; 3) persistently low levels of delinquencies, below 5%
of its total investments; and 4) an improvement in Argentina's
operating environment. Conversely, factors that could contribute
to a rating downgrade include the following: 1) downgrade of
Argentina's government bonds and bank deposits ratings and/or
deterioration in Argentine's operating environment; 2) higher
leverage (outstanding guarantees relative to adjusted investments
exceeding 3x for more than two years); or 3) significant increase
in the portfolio delinquency ratio (e.g. 5% of total investments).

Finally, Moody's said that Affidavit's A3.ar IFS rating on
Argentina's national scale positions the company at the upper mid-
point of possible outcomes for a global IFS rating of B3. This
reflects the generally favorable credit protection that SGR's tend
to have as a result of access to secured collateral rights backing
the guarantees they provide, and the strength of the company's key
shareholders, offset by its relatively small size and concerns
about Affidavit's fast rate of growth.

Based in Buenos Aires, Affidavit SGR reported total assets of
almost ARS32 million as of September 30, 2013 and a net profit of
ARS2.7 million. Shareholders' equity more than tripled to ARS31.9
million during the period, compared with ARS9.3 million as of 31
December 2012. Total outstanding guarantees amounted to ARS22.8
million as of 30 September 2013 versus ARS15 million as of 31
December 2012.

Moody's National Scale Credit 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 credit 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.


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B R A Z I L
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CYRELA BRAZIL: Fitch Affirms Foreign & Local Currency IDRs at BB
----------------------------------------------------------------
Fitch Ratings has affirmed Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes' foreign and local currency Issuer
Default Ratings (IDR) at 'BB' and long-term national scale at 'AA-
(bra)'. Fitch has also affirmed the 'AA-(bra)' national long-term
rating for Cyrela's fifth debenture issuance, in the amount of
BRL400 million, due in 2015. The Rating Outlook for Cyrela's
corporate ratings is Stable.

Cyrela's ratings reflect the company's conservative financial
strategy sustained by a strong liquidity position to support its
business growth and the well-distributed corporate debt maturity
profile. The company's adequate capital structure, with great part
of total debt composed by credit lines from SFH (Housing Financial
System), compatible with its activities, was also considered. The
important recovery in operating margins and the expectation that
Cyrela will continue to generate positive cash flow from
operations in 2014 and 2015 due to high volume of project
deliveries strengthens the company's credit measures.

Cyrela's credit profile is also supported by the company's
position as one of the largest developers in Brazil's real estate
industry, the strength of its franchise and its solid and
diversified landbank. The ratings are constrained by the
expectation that inventory of finished units should remain high
and by the exposure of its business to the cyclicality of the
homebuilding industry, which is highly correlated to the local
economy and strongly vulnerable to an economic slowdown and to
restrictions of lines of credit.

Key Rating Drivers:

Operating Margins Recovered

Cyrela has efficiently implemented its turnaround operating
strategy. Fitch views positively the company's operations with
great part of the projects to the middle and high income segments,
which are less susceptible to adverse macroeconomic conditions
compared to the economic segment, as well as the reduction of
partnerships that proved to be more difficult to control and with
lower profitability. In the LTM ended September 2013, EBITDA was
BRL1.3 billion (excluding financial expenses allocated in costs)
and EBITDA margin was 24.6%. The margin was above the average of
the sector and compares favorably with 20.7% in 2012 and 17.7% in
2011. The legacy of lower margin projects should continue to
impact EBITDA margins in 2014, which is expected to gradually
improve throughout 2015.

Conservative Financial Strategy

Cyrela's strong liquidity combined with its lengthened corporate
debt maturity profile, strengthens the company's credit measures.
As of September 30, 2013, cash and marketable securities was
BRL1.6 billion and total debt was BRL3.9 billion, with BR894
million due up the end of 2014 and BRL980 million in 2015. Out of
debt maturities, BRL428 million and BRL212 million, respectively,
are related to corporate debt. Recently, Cyrela concluded the
issuance of about BRL400 million of debt to extend debt
maturities.

A significant part of Cyrela's cash position is related to
restricted cash, to finance construction costs. Cyrela's liquidity
resulted in cash/short-term debt ratio of 1.8x. The company also
benefits from the potential liquidity supported by approximately
BRL1.0 billion of receivables from completed and sold units not
linked to debt and about BRL5.4 billion of receivables that will
mature in the next 24 months, net of costs to be incurred.

Positive Cash Flow Generation

Free cash flow (FCF) should continue to benefit from high volume
of project deliveries and is expected to remain positive in the
next couple of years. Cyrela expects to deliver about 20 thousand
to 25 thousand units in 2013 and 25 thousand to 30 thousand in
2014. In the LTM ended in September 2013, the company generated
funds from operations (FFO) of BRL1.1 billion and cash flow from
operations (CFFO) of BRL766 million. These numbers compare
positively with BRL678 million and BRL167 million, respectively,
reported in 2011. This improvement was a result of lower cash burn
and strong cash inflows during the phase of conclusion of the
projects. In the LTM ended in September 2013, the company's FCF
was BRL413 million.

Net Leverage To Remain Low

Fitch projects Cyrela's net leverage to remain at conservative
levels, due to the expectation of continued strengthening of its
operational cash generation. In the LTM ended September 2013, the
total debt/adjusted EBITDA ratio was 2.9x and, in net debt basis,
was 1.7x. These ratios compare favorably with 3.5x and 2.0x,
respectively, at the end of 2012, and to an average of 3.8x and
2.3x from 2010 to 2012.

In January 2013, Brazilian companies had to adjust its financial
statements due to the new accounting standards for consolidation,
and as a result, some subsidiaries/SPEs are not consolidated
anymore. As of September 30, 2013, total debt of companies with
joint control was BRL151 million, composed of SHF lines. Based on
Fitch's calculations, on a pro forma basis, total debt/adjusted
EBITDA ratio would increase to 3.0x and the net debt basis to
1.8x.

High Finished Inventory

Cyrela still has the challenge to reduce its high inventory of
finished units. As of September 30, 2013, total inventory had
estimated market value of BRL6.2 billion and about 15.0% consisted
of concluded units. Fitch does not expect a significant reduction
of finished inventory in the short term, as 36.2% of total
inventory (about BRL2.2 billion) of units under construction will
be delivered up to the end of 2014 and part of the company's
inventory is located in cities with oversupply. In the LTM ended
September 2013, the company launched a potential sales value (PSV)
of BRL2.7 billion and BRL3.9 billion in 2012.

Rating Sensitivities:

Cyrela's ratings could be upgraded should there be a consistent
improvement in the operational capacity for cash flow generation
for a consecutive period, coupled with a significant reduction of
finished inventory, the maintenance of a strong liquidity position
and low leverage.

A significant reduction in the company's operating margins, lower
liquidity position, a more concentrated corporate debt maturity
profile, or a more unstable macroeconomic environment could also
impact the company and the homebuilding sector's fundamentals and
result in a downgrade.


TONON BIOENERGIA: Fitch Affirms IDRs & Unsec. Notes Rating at B
---------------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency Issuer
Default Ratings (IDRs) of Tonon Bioenergia S.A at 'B'. Fitch has
also affirmed at 'B' the rating for the company's USD300 million
senior unsecured notes due 2020. A Recovery Rating of 'RR4' has
been affirmed for the bond. The Rating Outlook for Tonon is
Stable.

Key Rating Drivers:

Tonon's ratings reflect the limited scale of its businesses and
the company's exposure to the cyclical sugar and ethanol industry,
which is characterized by strong price volatility and risks
inherent to the agribusiness sector. Tonon's ethanol business is
also exposed to industry dynamics with prices linked to Brazil's
regulated gasoline prices. The government energy policies can
potentially impact the profitability of the ethanol business. The
ratings also incorporate Tonon's sizeable investment plans for the
upcoming years, which should pressure the company's free cash flow
(FCF).

Average Business Position
Tonon is a medium-sized sugar and ethanol company in a fragmented
commodity sector in which scale is relevant and volatility is
high. The company has 8.2 million tons of crushing capacity per
year, distributed in three industrial units located in the states
of Sao Paulo and Mato Grosso do Sul. Capital expenditures should
increase crushing capacity to 9.4 million tons, while maintaining
flexibility to produce up to approximately 60% of sugar or
ethanol. Tonon's sugar production is mostly exported while around
80% of its ethanol production is sold to domestic market.

Accretive Paraiso Bioenergia Acquisition, Limited Credit Impact
Tonon acquired Paraiso Bioenergia in March, a 2.5 million-ton mill
located in the State of Sao Paulo for BRL170 million, of which BRL
120 million was paid via a share swap. The acquisition was
strategically positive for Tonon as it increases its business
scale and should allow the capture of synergies, given the
proximity of its main unit to Paraiso's industrial mill. This
acquisition should improve the company's efficiency. It should
also help the company secure sufficient sugar cane in the State of
Sao Paulo and increases Tonon's presence in refined sugar, whose
prices carry a premium over VHP's (Very High Polarized). Fitch
also notes that Paraiso's EBITDA margins are lower than those
registered by Tonon, indicating room for improvement. With this
transaction, Tonon will be able to increase its crushing capacity
by 44%, reaching 8.2 million tons of sugar cane in the 2013/2014
harvest period.

Sizeable capex program pressuring Free Cash Flow
Fitch expects Tonon's FCF to be negative in the next two years. Up
to the 2015/2016 harvest period, total investment should reach
approximately BRL710 million, primarily in the expansion of the
Vista Alegre Unit in the state of Mato Grosso do Sul. Investments
in the expansion of Vista Alegre's cane fields should be relevant
as virtually all of Vista Alegre's sugar cane is self-supplied.
This plant should have its capacity raised to 3.7 million tons
from 2.5 million tons by the beginning of the 2015/2016 season and
Tonon's total capacity will grow to 9.4 million tons from the
current 8.2 million tons. In the LTM ended Sept. 30, 2013, Tonon's
free cash flow (FCF) was negative BRL67 million. If you include,
Paraiso Bioenergia they would have been negative by BRL38 million.
The pro forma capex figures were BRL326 million for the last 12
months through Sept. 30 2013. In the LTM ended Sept. 30, 2013, on
a pro forma basis, Tonon's revenues were BRL876 million, while its
EBITDA was BRL344 million.

Leverage Increasing
Fitch expects the company will be able to manage its net leverage
at an adequate level of below 3.0x in the medium term. On a pro
forma basis, considering 12 months of Paraiso's operations,
Tonon's net leverage has increased to 2.9x for the latest 12
months (LTM) ended Sept. 30, 2013, compared to 2.5 in March 2013.
Fitch's projections consider mid-cycle prices of sugar and
ethanol, assuming USD20 cents per pound for the next harvest
periods. The company's results will ultimately depend on the
company's ability to complete the necessary investments and
increase its capacity utilization within the expected schedule, in
order to avoid pressure on its capital structure.

Satisfactory liquidity
Tonon reported manageable debt repayment profile and satisfactory
liquidity as of Sept. 30 2013. Tonon has conservatively maintained
part of the USD300 million seven-year unsecured notes in January
2013 in cash. The sale of cogeneration assets to Energia for
BRL150 million and the closing of a syndicated long-term loan of
BRL250 million in the third quarter of 2012 also played a role in
maintaining a strong cash position. As of Sept. 30 2013, the
company's cash reserves amounted to BRL253 million and exceeded by
15% its total short-term debt (as per Fitch's internal
methodologies). Tonon's long-term debt accounted for 85% of the
on-balance gross debt outstanding as of Sept. 30 2013, of which
54% will fall due in January 2020 (the notes).

Rating Sensitivities
A negative rating action could be triggered if the company's
liquidity deteriorates and/or if leverage increases on a
consistent basis. A downgrade will also occur if the expected
improvement of Cash Flow from Operations (CFO) does not
materialize.

A positive rating action will occur if leverage goes down on a
consistent basis and if the company manages to maintain or improve
liquidity.


VIRGOLINO DE OLIVEIRA: Fitch Affirms IDRs at B; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed at 'B' the Foreign and Local Currency
Issuer Default Ratings (IDRs) of Virgolino de Oliveira S/A Acucar
e Alcool (GVO) and Virgolino de Oliveira Finance S/A (Virgolino
Finance). The Rating Outlook is Stable. A full list of GVO's
ratings follows at the end of this release.

Key Rating Drivers

GVO and Virgolino Finance's ratings reflect the group's leveraged
capital structure and tight liquidity position. The ratings
further incorporate the group's exposure to the cyclicality of the
sugar and ethanol commodities' price cycle, as well as the
volatility of cash flow generation, exposing the group to
refinancing risk. It also reflects the exposure of GVO's sugarcane
production business to volatile weather conditions, foreign
currency risk relative to a large portion of its debt; and the
ethanol industry dynamics, which are strongly linked to Brazil's
regulated gasoline prices and related government energy policies.
The ratings benefit from GVO's adequate business model and the
geographical location of its production units. The ratings also
reflect positively GVO's strategic shareholding position in
Copersucar and its long-term commercial partnership with this
cooperative.

GVO's main challenge is to effectively reduce leverage through
improved operational cash flow in the next two years. Positively,
GVO has concluded its expansion program and as a result Fitch
expects GVO to be able to enhance its free cash flow generation
(FCF) and to gradually decrease its leverage ratios. Fitch expects
net leverage ratios to be around 5.1x in FY14 and 4.1x in FY15, an
improvement compared to 5.1x in FY13. The ratings should be under
pressure in case the expected deleveraging does not materialize.

Relationship with Copersucar Viewed as a Positive:
GVO has an adequate business profile, based on its favorable
location, diversified production base and operational flexibility.
The company runs a total crushing capacity of 12 million tons. GVO
enjoys competitive advantages linked to its participation in
Copersucar, which allows it to maintain EBITDA margin above the
industry average. The company benefits from Copersucar's robust
scale, which mitigates demand risks, lower logistics costs and
provides better stability in the company's collection flow. GVO
also benefits from less restrictive access to liquidity during
challenging operating scenarios when compared to other peers in
the agribusiness, due to the credit lines provided by Copersucar.
Copersucar's large scale business accounts for approximately 22%
of crushed sugar cane in the Central South region of Brazil and
for 11% and 12% of the global trade of sugar and ethanol,
respectively, making it an important price making agent.
Copersucar is formed by 47 mills that belong to 24 independent
economic groups. Its members crushed 118 million tons of sugar
cane in the 2012/2013 season.

High Leverage:
In the LTM ended Oct. 31, 2013, GVO's consolidated net adjusted
debt/EBITDAR ratio, considering Copersucar dividends, was 6.0
times. Excluding advances from Copersucar backed by sugar and
ethanol inventories (BRL517 million), GVO's net adjusted
debt/EBITDAR would be 4.9x for the same period. This higher
leverage resulted from the combination of pressured FCF due to
larger capital expenditures during the last harvests, which
included crop expansion to increase the contribution of owned
sugar cane supply and the negative impact of the FX variation on
GVO's debt. The impact of recent years' FX fluctuations on the
bond notes alone has added BRL300 million to GVO's gross debt
figure as of Oct. 31, 2013.

Additionally, the October 2013 figures reflect the middle of the
crop period, when working capital needs are higher compared to the
end of the harvest. Positively, the recent investments in
agricultural activities have borne fruits already and the scale
gains explain part of the upward trend in Free Cash Flow (FCF)
seen in the FY13 and on Oct. 31, 2013. During the LTM, the
company's CFFO of BRL412 million was able to meet capital
expenditures of BRL395 million, resulting in a positive FCF of
BRL17 million. Net revenues have been increasing in recent years
and the company's EBITDAR margin has ranged between 38% and 41%.
During the LTM ended Oct. 30, 2013, net revenues were BRL1.3
billion and EBITDAR was BRL495 million. Fitch expects GVO's Cash
from Operations (CFFO) to increase in the coming years supported
by significant scale gains and reduced idle capacity. Fitch also
expects leverage to follow suit so that leverage declines to
levels more appropriate for the rating category.

GVO Links to Copersucar:
GVO transfers 100% of its production to Copersucar through a long-
term exclusivity contract, mitigating demand risk. Prices for its
products are linked to the average sugar and ethanol market prices
plus a small premium.. GVO is responsible for the agricultural
activities and for the sugar and ethanol production, while
Copersucar is responsible for all commercial activities and
associated logistics, as well as for the implementation of hedging
policies. Copersucar remunerates GVO based on the realized
production on a monthly basis during the year, independently of
the moment the sale to the final customer occurs. This translates
to a higher flexibility in GVO's working capital management
compared to other companies that face seasonality in their
activities. GVO's businesses are exposed to the volatility of the
sugar and ethanol prices. However, the risks of future sales
operations through derivatives transactions and eventual margin
calls remain under Copersucar's responsibility.

Tight Liquidity Heightens Credit Risk:
As of Oct. 31 2013, GVO's cash position of BRL104 million
accounted for only 13% of the company's short-term debt. The ratio
would be 30% if the advances from Copersucar are excluded from the
calculations. As of Oct. 31 2013, GVO's cash plus cash from
operations (CFO) to short-term debt ratio was 0.7x or 1.5x when
the advances from Copersucar are not factored into the
calculations. This weak liquidity is partially mitigated by the
credit line made available by Copersucar. Copersucar provides to
GVO a significant working capital financing line that is
equivalent to 80% of GVO's inventories and limited to a maximum of
40% of the company's revenues. This line, which is equivalent to
approximately BRL500 million, enhances financial flexibility and
is linked to guarantees on inventories and/or bank guarantees.
This facility is an important liquidity source for GVO, especially
in periods of more restrictive access to credit.

High Exposure to FX Fluctuations:
GVO's debt profile has a relevant exposure to foreign exchange
movements with 69% of debt denominated in USD. The coupons the
company will pay next year relating to the two international notes
are already hedged. Although the principal amount of debt is not
protected through derivatives, the currency exposure is partially
mitigated by the fact that the price for GVO's products is linked
to the dollar. As of Oct. 31, 2013, consolidated adjusted debt
including obligations related to leased land was BRL3 billion.
GVO's debt is comprised of two international notes issuances
(51%); loans granted by Copersucar (20%); financings from the
Brazilian Economic Social and Development Bank (BNDES, 9%); export
prepayment transactions (18%) and others (2%).

Rating Sensitivities

Negative rating actions could be driven by GVO's failure to
deleverage and/or lower than expected operational cash flow
generation and deterioration of its operating margins. Improvement
in the group's liquidity position coupled with a longer and more
manageable debt maturity profile with lower leverage levels, could
lead to a positive rating action

Fitch affirms GVO and Virgolino Finance's ratings as follows:

GVO:
-- Long-term national scale corporate rating at 'BBB(bra)';
-- 1st debenture issuance due 2014 at 'BBB(bra);
-- Foreign and local currency IDR at 'B'.

Virgolino Finance:
-- Foreign and local currency IDR at 'B';
-- Senior unsecured notes at 'B/RR4'.

The Rating Outlook is Stable.


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C A Y M A N  I S L A N D S
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354045 INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of 354045 Investments Ltd received on Dec. 10, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


ALPHA FOCUS: Members Receive Wind-Up Report
-------------------------------------------
The members of Alpha Focus Fund Ltd. received on Dec. 9, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alternative Investment Solutions Ltd.
          10 Market Street, Suite 140 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


AMERIPATH INDEMNITY: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Ameripath Indemnity, Ltd. received on Dec. 9,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Graham Manchester
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 G.T. Governors Square
          23 Lime Tree Bay Avenue
          George Town, Grand Cayman
          Cayman Islands


BELMONT TRADING: Members Receive Wind-Up Report
-----------------------------------------------
The members of Belmont Trading Ltd received on Dec. 9, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Alternative Investment Solutions Ltd.
          10 Market Street, Suite 140 Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands


BLUE FIN: Shareholder Receives Wind-Up Report
---------------------------------------------
The shareholder of Blue Fin Limited received on Nov. 18, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Samit Ghosh
          Simon Owiti
          c/o Adam Fox
          Telephone: (345) 914-7601


CELLINI HOLDINGS: Members Receive Wind-Up Report
------------------------------------------------
The members of Cellini Holdings Limited received on Dec. 10, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


CHASE PRIVATE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Chase Private Equity Partners Select, Ltd.
received on Dec. 19, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Mrs. Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town
          Grand Cayman KY1-1103


FORUM HOLDINGS: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Forum Holdings Limited received on Dec. 10,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mark Pearson
          c/o Barnaby Gowrie
          Telephone: +1 (345) 914 6365


GONDWANA FUND: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Gondwana Fund Limited received on Dec. 12,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


GOODNESS LTD: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Goodness Ltd. received on Nov. 29, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Barbara Carroll
          Betty Roberts
          Telephone: 242-362-4904
          First Trust Bank Limited
          Templeton Building, Lyford Cay
          P.O. Box N-7776 Nassau
          Bahamas


IRONWOOD LTD: Members Receive Wind-Up Report
--------------------------------------------
The members of Ironwood Ltd. received on Dec. 10, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Buchanan Limited
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


MANTRIX LIMITED: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Mantrix Limited received on Dec. 9, 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


NATASHA HOLDINGS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Natasha Holdings Limited received on Dec. 20,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

John Cullinane is the company's liquidator.


PARMENIDES OFFSHORE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Parmenides Offshore Fund, Ltd received on
Dec. 11, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          SPM JR., L.L.C.
          c/o Barnaby Gowrie
          Telephone:+1 (345) 914 6365


SUPERIOR PROVIDERS: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Superior Providers Insurance Company SPC, Ltd.
received on Nov. 29, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Graham Manchester
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 G.T. Governors Square
          23 Lime Tree Bay Avenue
          George Town, Grand Cayman
          Cayman Islands


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


BANCO BHD: Fitch Affirms IDR at B; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed Banco BHD's Viability Rating at 'b' and
its Issuer Default Rating (IDR) at 'B' with a Stable Outlook,
following the announcement of an agreement to merge with Banco
Multiple Leon SA (BML). Fitch has also placed BML's IDRs, support
and national ratings on Positive Watch. A complete list of rating
actions follows at the end of this press release.

On Dec. 4, 2013, Centro Financiero BHD, S.A. (CFBHD), owner of
over 98% of Banco BHD S.A., announced that Grupo Financiero Leon,
BML's main shareholder, has agreed to an all stock deal to
contribute its financial companies (BML, Valores Leon and Compania
Nacional de Seguridad - CONASE) to CFBHD. As a result, Grupo
Financiero Leon will become an important shareholder of the
renamed 'Centro Financiero BHD Leon' in January 2014. While all
entities will initially operate separately, Banco BHD and BML will
merge to create 'Banco BHD Leon' and their related companies BHD
Valores and Valores Leon will merge to create 'BHD Leon Puesto de
Bolsa'. The transaction is subject to regulatory and other
approvals and is expected to be completed during the first half of
2014.

In Fitch's opinion, the merger will benefit the new entity with
larger scale, important operational and financial synergies,
stronger and more diversified revenue sources, as well as improved
operating efficiency over the medium-term. The transaction will
also solidify the new entity's position as the second largest
private sector bank with combined assets of more than US$4 billion
and a market share of about 20% of the Dominican system assets.

According to Fitch's initial projections the merged bank should be
able to sustain a Fitch Core Capital of about 14.5%, ROAA of 2.2%,
reserve coverage of total loans of 4.4% and efficiency levels
around 60%, all in line with Banco BHD's current financial
profile. In addition, the business models are similar, as both
banks have a strong position in corporate lending and an
increasing share of retail lending.

Key Rating Drivers:

Banco BHD

IDRs, VR, Support and National Ratings:

Fitch affirmed Banco BHD's VR and IDRs, as according to Fitch's
projections, after the merger with BML, Banco BHD will be able to
sustain a strong balance sheet and performance, as well as sound
solvency metrics.

Banco BHD's VR drives its IDRs and reflects its reliable strategy,
resilient profitability, healthy asset quality, adequate
capitalization and low liquidity risk.

BHD is one of the main players in the Dominican banking system.
However, in the event the bank experiences difficulties, support,
although possible, cannot be relied upon given the Dominican
Republic's weak financial standing reflected in its low credit
ratings.

BHD Valores and BHD International Bank (BHDIB) - National Ratings:

BHD Valores ratings reflect the operational and financial support
provided by BHD and its shareholder CFBHD. In Fitch's view, BHD
Valores is core for CFBHD, as it is a key and integral part of
CFBHD's business and provides some financial products to core
clients. The ratings of BHDIB are not affected by this
transaction.

BML - IDRs, VR, Support and National Ratings:

BMLS' IDRs and national ratings have been placed on Rating Watch
Positive as the pending transaction among the shareholders of
Grupo Leon and CFBHD will allow BML to be considered a core
subsidiary of the renamed Centro Financiero BHD Leon, according to
Fitch's rating criteria. In Fitch view the IDR's and National
Ratings for BML will be equalized with those of Banco BHD when the
transaction is completed.

Despite adequate capitalization and sound liquidity management,
the bank's VR reflects BML's still weak profitability ratios
relative to similarly rated international peers (emerging market
commercial banks with VR of 'b-', 'b', and 'b+').

Upon conclusion of the merger among shareholders, the source of
support will change from the state to institutional and the
Support Floor will be withdrawn. As such, BML support rating,
placed on rating watch positive, will be changed to '4' to reflect
the expected support to be received from the renamed Centro
Financiero BHD Leon.

BML's subordinated debt national rating is one notch below the
issuer's national IDR, given its subordination to all senior
creditors. After the transaction is completed, BML's subordinated
debt rating will be upgraded to reflect the expected support from
its new shareholder, but will remain notched down from the long
term national rating of the bank.

Valores Leon - National Ratings:

Valores Leon's ratings reflect the operational and financial
support provided by BML. In Fitch's view, the entity is core for
Grupo Leon, as it is key and integral part of its business, and
provides some financial products to core clients. This will
continue to be the case once Valores Leon is merged with BHD
Valores.

Rating Sensitivities:

Banco BHD

An upgrade of the sovereign's ratings could lead to an upgrade of
BHD's ratings, if the bank sustains its current strong financial
performance and adequate capitalization. Deterioration in the
bank's capital metrics - such as Fitch core capital to risk-
weighted assets ratio below 8% - together with asset quality
deterioration and/ or a disruptive merger process, could pressure
creditworthiness.

BHD Valores and BHDIB

An upgrade in BHD's ratings could lead to an upgrade of BHD
Valores and BHDIB. A negative change in the capacity or propensity
of CFBHD to provide support could pressure creditworthiness.

BML

The Rating Watch Positive will be resolved shortly after the Grupo
Financiero Leon's shareholders contribute their shares to CFBHD.
BML's IDRs and national ratings will be upgraded to the same level
as Banco BHD's ratings and withdrawn once the actual merge
happens.

Valores Leon:

The Rating Watch Positive will be resolved shortly after the Grupo
Financiero Leon's shareholders contribute their shares to CFBHD.
Valores Leon's national ratings will be upgraded to the same level
as BML's ratings and withdrawn once the actual merge happens.

Profile:

BHD is the third largest commercial bank in the Dominican
Republic, with a 12.2% market share of total system assets as of
September 2013. BHD is 98% owned by CFBHD and is its largest
subsidiary.

BML ranked fifth out of 15 commercial banks in the Dominican
Republic, with a 5% market share by total assets at September
2013. At the same date, the Leon family controlled 85.70% of BML,
Darby Probanco Holding L.P. (a subsidiary of Darby Overseas
Investment Inc.) 11.03%, while the remaining 3.27% was held by
other minor shareholders.


Fitch has affirmed the following ratings:

Banco BHD S.A.:
-- Foreign and local currency long-term IDR at 'B'; Stable
Outlook;
-- Foreign and local currency short term IDR at 'B';
-- Viability Rating at 'b';
-- Support at '5';
-- Support Floor at 'NF';
-- Long-term National rating at 'AA-(dom)'; Stable Outlook;
-- Short-term National rating at 'F1+(dom)'.

BHD Valores Puesto de Bolsa SA:
-- Long-term National rating at 'AA-(dom)'; Stable Outlook;
-- Short-term National rating at 'F1+(dom)';
-- Short-term National senior unsecured debt rating at 'F1+(dom)'.

Fitch has taken the following rating actions:

Banco Multiple Leon SA:
-- Foreign and local currency long-term IDR 'B-', Placed on Rating
Watch Positive;
-- Foreign and local currency short term IDR affirmed at 'B';
-- Viability Rating affirmed at 'b-';
-- Support Rating '5', Placed on Rating Watch Positive;
-- Support Floor Rating affirmed at 'NF';
-- Long-term National rating 'A-(dom)', Placed on Rating Watch
Positive;
-- Short-term National Rating 'F2(dom)'; Placed on Rating Watch
Positive;
-- Long-term National subordinated debt 'BBB+(dom)', Placed on
Rating Watch Positive;

Valores Leon S.A:
-- Long-term National rating 'A-(dom)', Placed on Rating Watch
Positive;
-- Short-term National Rating 'F2(dom)', Placed on Rating Watch
Positive;
-- Long-term National senior unsecured debt rating 'A-(dom)',
Placed on Rating Watch Positive;


BANCO DE RESERVAS: Moody's Affirms Currency Deposit Ratings at B1
------------------------------------------------------------------
Moody's Investors Service has affirmed Banco de Reservas de la
Republica Dominicana (Banreservas)'s E+ standalone bank financial
strength rating (BFSR), maintaining a negative outlook, and
lowered the baseline credit assessment (BCA) to b3 from b2.

At the same time, Moody's affirmed Banreservas' long- and short-
term local currency deposit ratings of B1 and Not Prime,
respectively, and long- and short-term foreign currency deposit
ratings of B2 and Not Prime, with stable outlooks. Moody's also
affirmed the bank's B2 foreign currency subordinated debt rating,
with a stable outlook.

The following rating was affirmed, with a negative outlook:

Bank financial strength rating: E+

The following ratings were affirmed with stable outlooks:

Long term local currency deposit rating: B1

Short term local currency deposit rating: Not Prime

Long term foreign currency deposit rating: B2

Short term foreign currency deposit rating: Not Prime

Long term foreign currency subordinated debt rating: B2

Ratings Rationale:

Moody's lowering of Banreservas' standalone credit assessment
reflects the bank's weakened financial flexibility following the
refinancing of USD 800 million in loans and accounts receivables
extended to the government via the Ministry of Finance. The
refinancing was backed by a new law passed by the Dominican
Congress on 4 December 2013, and which was designed to allow a
better alignment between the government's obligations and tax
revenues. The rating agency said that this loan restructuring
represents a further use of Banreservas' resources by the
government that undermines the bank's standalone solvency and
liquidity. The action also points to the increasing risk that
further restructurings of this nature could occur. Banreservas
currently holds an additional $1 billion of loans to the public
sector, of which USD 266 million of amortizations are coming due
starting in first quarter of 2014.

Moody's said that the loan restructuring follows the transfer of
USD 80 million of current and prior period dividends in June 2013,
that in light of the doubling of the bank's public sector exposure
as of year end 2012, prompted Moody's to change the outlook on the
bank's standalone rating to negative, from stable. The refinancing
of these loans points to increasing exposure to government
lending, particularly to the ailing electricity sector, which
comprises around a third of the loans to be restructured, in turn
increasing the risk that the bank's already declining Tier 1 ratio
could deteriorate further in the event of sovereign distress.
Banreservas' true exposure to the government is masked by the fact
that a zero risk weighting is applied to government securities and
loans per local banking regulations, thus overestimating its
solvency, said Moody's.

Banreservas' reported Tier 1 ratio declined by a hefty 430 basis
points between December 2012 and September 2013, from 16.2% to
11.9 %. When a 100% risk weighting is applied as prescribed for B-
rated sovereigns per Basel guidance, the ratio declines to below
5% under Moody's base case stress scenario and assuming a normal
dividend payout to the government.

In addition, Banreservas is not required to build loan loss
provisions for the restructured loans, because under the terms of
the restructuring they are classified as current, which represents
a further forbearance that masks the actual impact on the bank's
solvency. When the usual 20% provision for restructured loans is
considered, the bank would report a loss representing a hit of
around 10% to capital. In light of declining capital, the
restructuring also effectively limits the bank's ability to lend
the private sector in accordance with its stated strategy, and
therefore its future recurring earnings generation.

The negative outlook on the standalone ratings reflects the
expectation of a high probability of further transfer of resources
from Banreservas to the government. Should this trend continue,
Moody's would consider further negative actions on the standalone
ratings, to reflect continued weakening of the bank's tangible
capitalization.

The return to a stable outlook on Banreservas' standalone ratings
would hinge on reversal of the downward trend in capitalization
coupled with sharp improvement in the bank's adjusted Tier 1 ratio

A more consistent and sustainable dividend policy, and a
significant reduction in the transfer of resources to the
government in the form of dividends and of loans would also be a
credit positive.

Banreservas' B1 local currency deposit rating is based on the BCA
of b3, that is mapped from the E+ BFSR, and now receives two
notches of uplift due to Moody's assumption of full parental
support. This assumption is based on the government's 100%
ownership of the bank, its close financial and business linkages,
and the importance of its deposit and lending franchise.
Banreservas' B2 foreign currency deposit rating remains
constrained by the foreign currency country ceiling for deposits.
The B2 subordinated debt rating reflects one notch of
subordination from the deposit rating, in line with Moody's
approach to rating subordinated debt issued by government banks.

The last rating action on Banreservas was on 21 June 2013, when
standalone ratings were affirmed and the outlook was changed to
negative from stable, while deposits and debt ratings were
affirmed with a stable outlook.

Based in Santo Domingo, Banreservas is the Dominican Republic's
largest bank, with consolidated total assets of USD 6.7 billion
(DOP 283 billion), deposits of USD 3.5 billion, shareholders'
equity of USD 430 million and nine-month net income of USD 85
million, as of September 30, 2013.


DOMINICAN REPUBLIC: Micro Businesses Get RD$500MM Boost
-------------------------------------------------------
Dominican Today reports that Dominican Republic President Danilo
Medina allocated an additional RD$500 million to the Solidarity
Bank to strengthen and expand its financing program for
microbusinesses across the country.

Solidarity Director Maira Jimenez made the announcement during
ribbon-cutting for the bank's 47th branch at Monsenor Noel's
provincial capital, and said this year's loans boosted the economy
of the country's barrios, creating thousands of jobs and improving
the communities' well-being, according to Dominican Today.

The report notes that Ms. Jimenez said the 2014 target is to
provide RD$6 billion in loans to 110,000 micro and small
businesses, adding that Solidarity provides quick and timely
attention at different branches across the country, some of which
are located in Banco de Reservas offices.


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


* EL SALVADOR: To Get US$115M IDB Loan for MPC Improvements
-----------------------------------------------------------
The Inter-American Development Bank (IDB) approved a loan to El
Salvador for $115 million for highway improvements in the
Mesoamerican Pacific Corridor (MPC). The improvements will help to
boost regional trade and increase the country's physical
integration and connectivity with the rest of the region.

The program will help reduce vehicle operating costs, travel
times, and highway accidents. Highway transportation costs in
Central America represent 30-35 percent of total logistics costs,
which affects the region's trade competiveness.

The program is expected to contribute to a 64 percent increase in
exports, imports, and international transit of goods passing
through the El Amatillo border crossing between El Salvador and
Honduras. In 2010, 1.6 million tons of cargo passed through El
Amatillo, an amount that is expected to increase to 2.6 million
tons by 2019.

"The MPC is considered to be an essential interregional trade
corridor and a gateway to the east coast of the United States and
to Europe," said Miroslava Nevo, IDB project team leader. "The
project will improve the ability of the MPC to link productive
areas, consumer markets, and trading infrastructure.

The MPC is a part of the 3,244-km Mesoamerica Project, which is
the shortest route between the cities of Puebla and Panama. More
than 300 km of this distance is located in El Salvador, between
the La Hachadura border crossing in Guatemala and Amatillo.

The IDB's loan was extended from the Bank's ordinary capital for a
term of 25 years, with a grace period of 5.5 years, and an
interest rate based on LIBOR. The executing agency will be El
Salvador's Ministry of Public Works, Transportation, Housing, and
Urban Development.


===========
G U Y A N A
===========


* GUYANA: IMF Board Concludes 2013 Article IV Consultation
----------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Guyana.

During the last decade, Guyana's strong macroeconomic performance
has contributed to a reduction in public debt levels and sustained
poverty reduction.  The economy has experienced seven years of
uninterrupted growth averaging about 4 percent annually.  The key
pillars of the macroeconomic resurgence have been sustained
reforms, in particular the implementation of VAT, favorable
commodity prices, significant inflows of Foreign Direct Investment
(FDI) and debt relief under the Heavily Indebted Poor Countries
Initiative (HIPC) and Multilateral Debt Relief Initiative (MDRI)
initiatives.

Real economic activity expanded by 4.8 percent in 2012 on the back
of broad-based growth in agriculture, manufacturing, mining,
construction and other services.  Twelve-month inflation remained
low at 3.4 percent, notwithstanding higher energy and food prices.
In FY2012, the overall fiscal deficit was 4.5 percent of Gross
Domestic Product (GDP), virtually unchanged from the 2011 outturn.

Central government revenues net of grants declined by 0.8 percent
of GDP, reflecting lower income and consumption tax receipts, and
non-interest current expenditures rose by 1 percent of GDP mainly
on account of higher transfer payments to the electricity and
sugar companies.  The deterioration in the central government
balance was offset by improved performance of state-owned
enterprises whose financial position shifted from deficit to
surplus.  The external current account balance was broadly
unchanged from 2011 and gross international reserves stood at 4.2
months of imports at end-2012.  Meanwhile, the banking soundness
indicators have remained strong, with capital adequacy ratios well
above the regulatory minimum requirement, non-performing loans
(NPLs) between 5 and 6 percent over the last three years, and
provisioning for bad loans at comfortable levels.

The macroeconomic outlook is generally positive for 2013 and the
medium term.  Growth is projected at 4.8 percent in 2013,
continuing the broad-based robust expansion in economic activity.
Twelve-month inflation is expected to remain low at around 3.5
percent by year-end.  The revised 2013 budget envisages an overall
fiscal deficit of 5.2 percent of GDP, largely related to worsening
performance of public enterprises which are projected to return a
deficit of 0.4 percent of GDP compared to a surplus of 1.3 percent
in 2012.  Higher VAT receipts are projected to raise central
government non-grant revenue by 0.9 percent of GDP.  Meanwhile,
central government capital expenditure is projected to rise by 0.4
percent of GDP, while the public wage bill as a percent of GDP
will remain broadly stable and transfers will decline by 0.7
percent of GDP.

The current account deficit is expected to widen to 16.8 percent
of GDP in 2013, driven by higher fuel imports, lower commodity
prices, and lower remittances, which are projected to fall with
slowing activity in major host countries.  At the same time, with
larger disbursements related to an ambitious public investment
program and resilient FDI, gross international reserves are
projected to remain adequate at 3.6 months of imports.

                   Executive Board Assessment

Executive Directors welcomed Guyana's strong growth over the past
several years, underpinned by favorable commodity prices and
robust foreign direct investment.  While the medium-term economic
outlook remains positive, Directors encouraged the authorities to
persevere in their commitment to sound policies and reforms to
strengthen policy buffers, promote more inclusive growth, and
further reduce poverty.

Directors underscored the importance of prudent fiscal
consolidation anchored in a medium-term policy framework that
safeguards debt sustainability, bolsters fiscal and external
buffers, and addresses unmet development needs.  Priority should
continue to be given to implementing reforms to boost the
efficiency of public enterprises and replacing universal subsidies
with better-targeted social assistance.

Acknowledging the potential benefits of a more stable and reliable
source of energy, Directors encouraged the authorities to ensure
that the large hydroelectric project under consideration remains
financially and economically viable to curb fiscal risks. In this
context, they saw merit in strengthening the project and debt
management framework, and pursuing international best practices as
regard public-private partnerships.

Directors considered that a modestly tighter stance of monetary
policy and continued exchange rate flexibility would help
safeguard international reserves, contain inflationary pressures,
and reduce the current account deficit.

Although risks appear generally limited, Directors recommended
continued vigilance over the financial sector.  In light of rapid
credit growth in recent years and high loan concentration, they
advised frequent on-site inspections for larger banks and a better
integrated supervision of financial business groups.  It is urgent
to address remaining gaps in the regime to combat money laundering
and the financing of terrorism.

Directors commended the authorities for the progress so far in
poverty reduction.  However, they considered that further efforts
are needed to ensure a more even distribution of the benefits from
economic growth.  In this regard, efforts to lower the cost of
energy, address skill mismatches, and improve the business
environment represent important policy initiatives.  Steps to
increase productivity in traditional sectors, such as agriculture
and mining, should also be part of a strategy to foster more
inclusive growth.  Directors also encouraged further improvements
in data provision and dissemination.


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


CARIBBEAN CEMENT: To Hike Cement Price Early in New Year
--------------------------------------------------------
RJR News reports that Caribbean Cement Company Limited, which sent
its first shipment of clinker to Venezuela, said it will hike
prices by an average of 3 percent.  RJR News relates that the
increase takes effect on January 2.

Anthony Haynes, general manager of Caribbean Cement, said the
increase is to help the company recover increases in input costs
it has faced in the last few months, according to RJR News.

The report relates that Mr. Haynes said, all cement purchased
before January 2 can be collected, at the old price, up to January
8.  Thereafter, the report notes, all cement will be sold for the
increased price.

The increase is the fifth in the last 12 months, during which
time, the price of cement has gone up an average of 10 percent,
the report adds.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited
suffered a consolidated loss of J$137 million for the first six
months of 2013 down from J$1.2 billion during the corresponding
period last year, according to RJR News.  The report related that
this year's loss resulted from J$701 million of non-cash foreign
exchange losses compared to J$136 million in 2012.


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


CORPORACION INTERAMERICANA: Moody's Ups CFR to B2; Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating on
Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.'s
("CIE") to B2 from B3 and changed the outlook to positive. The
rating actions were based on the company's adequate liquidity
position and improved credit metrics resulting from lower debt
burden and a more comfortable debt maturity.

Ratings Rationale:

The rating upgrade reflects CIE's improved liquidity profile
following the sale of a number of assets since 2011 in order to
raise cash to repay debt maturing in the short and medium terms.
CIE's liquidity is currently good and should remain so as long as
the company maintains sufficient cash to support volatile working
capital needs related to an unpredictable concert agenda. Moody's
estimates that the company will maintain an average of MXN 500
million in cash to sustain such needs, with a minimum amount of
MXN 250 million. Currently there is 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 70 million. Moody's
expects CIE's dividend payout at subsidiaries level to be around
MXN 60 million per year and capex to remain low at about 2% of
revenues. Also supporting the rating upgrade was the company's
lower adjusted debt leverage, which declined materially from 6.8x
in 2011 and 2.9x in 2012 to just over 2x expected for fiscal year
2013.

In turn, the change in the rating outlook to positive was based on
Moody's expectation that CIE's long experience in the
entertainment business in Mexico should help support the company's
operating results in the next 12 to 18 months, when the
population's most probable weaker purchasing power (from higher
VAT and income tax) may challenge cash flow generation. In
addition, in the next few quarters, CIE's performance under the
new business model and financial profile should help clarify its
approach with regards to acquisition targets, if any, and debt
appetite, which could increase confidence on a more stable long-
term credit risk.

CIE's B2 rating is based on its dominant market share position in
the out-of-home entertainment sector in Mexico. Moreover, it has
long-term partnerships with Televisa, the # 1 diversified media
conglomerate in Mexico, as well as foreign operators (e.g. joint
venture with Ticketmaster and relationship with NASCAR), which
provide CIE with the opportunity to capitalize on the strength of
these operators and mitigate exposure to cash-consumptive
investments in these segments. In turn, CIE's ratings are
constrained by the company's small revenue size, at USD 551
million in the last twelve months ended in September 2013, as well
as the volatile nature of the entertainment business.

The ratings could be upgraded if CIE posts positive operating
performance in terms of top line and cash flow and if its
financial policies become more transparent, reducing event risk.

Conversely, weak business performance that leads to re-leveraging
to above 3 times and diminishes the company's liquidity position
would pressure CIE's rating downwards.

CIE's rating was 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 other peers 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 the company's core industry
and believes CIE'S ratings are comparable to those of other
issuers with similar credit risk.

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.


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

MAESTRO PERU: Moody's Cuts CFR & Sr. Unsec. Notes Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service has downgraded Maestro Peru S.A.'s
corporate family rating and its senior unsecured rating to Ba3
from Ba2. The rating outlook is negative. This concludes the
review for possible downgrade initiated on September 11th, 2013.

Ratings downgraded:

Issuer: Maestro S.A.

-- Corporate Family Rating: to Ba3 from Ba2 (global scale)

-- USD 200 million 6.75% Senior Unsecured Notes due 2019: to
   Ba3 from Ba2

Ratings Rationale:

"The one-notch downgrade to Ba3 was mainly due to Maestro's
continued high leverage and increasingly pressured liquidity in
2013, as the company executed on its relatively aggressive store
openings plan (7 stores by the end of the year); at the same time,
same-store-sales and overall EBITDA growth were weaker than
expected due to refurbishment of some of the main stores and more
competitive environment," explained Moody's senior analyst, Soummo
Mukherjee.

Maestro's Ba3 rating continues to be supported by its leading
position in the Peruvian home improvement retail industry, its
wide product offering and good operating margins. Also supporting
the rating are the favorable macro-economic conditions in Peru, a
robust housing market and increasing penetration of the larger
retail chains in a highly fragmented market.

For the last-twelve months ended September 30th, 2013, Maestro's
leverage, as measured by Total Debt to EBITDA according by Moody's
methodology, was at 5.8 times, which is considered high for
similarly rated retail companies. Maestro's high leverage,
however, is partially offset by its leading and defendable market
position in Peru, which enjoys continued good growth prospects.

Maestro's weak liquidity profile reflects modest cash balances of
SOL 22 million that only covers 43% of its short-term debt of SOL
51 million and Moody's expectation of negative free cash flow over
the next 12 to 15 months. Additionally, working capital needs at
new stores may also weaken cash flows in a given quarter. Moody's
believes the company may need to curtail expansion capital
expenditures should cash balances get low enough that covering
interest obligations becomes questionable. The company's debt is
denominated in US dollars and, although 63% of its notional value
is currently hedged, a material depreciation in the company's cash
balances which are denominated in Peruvian Soles could further
reduce its financial flexibility.

Maestro's short term plan is focused on deleveraging and the
company and will therefore reduce its capital expenditures against
2013; the expectation is to open 4 new stores next year, as long
as this additional CapEx does not imply further deterioration in
the liquidity ratios.

Maestro's negative rating outlook reflects its current tight
liquidity position and still high leverage for its rating
category.

Maestro's current negative outlook could be stabilized if the
company is able to execute on the land-sale as planned and manages
to improve its currently weak liquidity position, so that its cash
position at least covers its near-term debt servicing and store
opening plans.

Maestro's current Ba3 rating could be downgraded if its liquidity
deteriorates further or if it significantly loses its competitive
position in Peru, reporting negative operating trends. In terms of
financial ratios, a downgrade would be prompted by EBIT to
Interest dropping below 1.5 time or Debt to EBITDA being
maintained above 6.5 times on a sustainable basis.

Headquartered in the city of Lima, Peru, Maestro is controlled by
Enfoca, a Peruvian private equity fund. The company is the major
home improvement retailer in Peru, with 28 stores spread across
the country. For the twelve months ended September 30, 2013
Maestro reported revenues of SOL 1.4 billion (approximately USD
511 Million at current exchange rates).


=====================
P U E R T O   R I C O
=====================


PUERTO RICO ELECTRIC: Gov't. Comments on New Moody's Rating Action
------------------------------------------------------------------
Government Development Bank for Puerto Rico (GDB) Interim
President Jose V. Pagan Beauchamp released the following statement
in response to Moody's announcement of ratings action with respect
to the Puerto Rico Electric Power Authority's (PREPA) and the
University of Puerto Rico:

"While Moody's has placed the PREPA Power Revenue Bonds and
University of Puerto Rico's Revenue Bonds and 2000 Series A bonds
on review, we are confident that our comprehensive economic plan
to secure Puerto Rico's financial health will succeed in the long
term and strengthen the credit profiles of the Commonwealth and
Commonwealth-linked entities.  We are committed to the execution
of PREPA's fuel diversification and cost reduction strategy,
previously cited by Moody's as a key factor in stabilizing its
credit, with recent highlights including the placement of
approximately $673 million in bonds to fund PREPA's capital
improvement plan for at least the next two years.  Moody's has
cited several of the Authority's strengths, including that it
continues to operate as the dominant provider of an essential
service, its historical independence from the Commonwealth's
finances, the Board's full rate-setting authority and ability to
automatically pass through higher fuel and energy costs to
customers, sound bond covenants, and its diverse customer base.

"With regard to the University of Puerto Rico, we note that
Moody's has acknowledged its very strong market position as the
only public higher education institution in Puerto Rico and role
as a primary driver of economic activity through its academic,
medical and research programs.  Moody's also highlighted that all
University debt is fixed rate and amortizing, that there are no
immediate plans to issue debt, and that in November 2013, the
National Science Foundation lifted its suspension of research
funding at the Central Administration and Mayaguez campus.

"Puerto Rico and the GDB are focused on driving sustainable
economic growth through job creation and working towards a
balanced budget in 2016.  To support and accelerate progress
towards these objectives, Governor Alejandro Garcia Padilla called
an extraordinary legislative session to address a number of
important fiscal matters, including a comprehensive reform of the
teacher retirement system and amendments to key laws that will
strengthen government-owned corporations.  Additionally, we are
moving forward with the implementation of our long-term strategic
plan to convert high cost oil-based power generation to lower cost
natural gas, which will enable PREPA to control rates and help
spur economic growth on the island.  As we continue to implement
measures to improve the Commonwealth's economic outlook for the
long run, we are maintaining an ongoing dialog with the investment
community to promote a clear understanding of our plan, our
progress and our improving prospects."


UNIV OF PUERTO RICO: Moody's Reviews Ba2 Bond Rating for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
University of Puerto Rico's ratings -- the Ba1 rating on the
University System Revenue Bonds and the Ba2 rating on the 2000
Series A bonds supported by university lease payments. The rating
action affects $562 million of rated debt issued through the
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority (AFICA by its
Spanish acronym).

Summary Rating Rationale:

The ratings have been placed on review following the December 11,
2013 placement of the Commonwealth of Puerto Rico's general
obligation (GO, Baa3) and Government Development Bank (GDB, Baa3)
ratings on review for downgrade. The university is heavily
dependent on the commonwealth for funding as well as for
governance. The university is also reliant on the GDB for
liquidity and financial management support.

Liquidity at the university is weak. Additional factors driving
this review include the island's economic malaise and challenging
demographics that could impact tuition and student charges,
elimination of the Stabilization Fee paid by enrolled students,
and high reliance on federal Pell Grants which are vulnerable to
future budget cuts. Federal research funding and patient care
revenue, as well as other reimbursement reductions related to the
Affordable Care Act, are also under potential pressure.

Primary credit strengths include the University of Puerto Rico's
very strong market position as the only public higher education
institution in Puerto Rico and its role as a primary driver of
economic activity through its academic, medical and research
programs. Also, in November 2013, the National Science Foundation
lifted its suspension of research funding at the Central
Administration and Mayaguez campuses. All debt is fixed rate and
amortizing and there are no immediate debt plans.

During the review period, Moody's will focus on the following:

-- Resolution of the Commonwealth of Puerto Rico's ratings review

-- University of Puerto Rico's relationship with the
   commonwealth and expectations for future financial support

-- University's governance and management

-- University's liquidity position

-- Projected pledged revenues and contributing revenue sources

-- Operating performance and liquidity position of
   Servicios Medicos Universitarios (SMU), the
   university's academic medical center and a key
   Medicaid provider in the commonwealth

-- Future strategic, capital and debt plans.

What Could Make the Rating Go Down:

Given the close ties between the university and the commonwealth
and current pressures on the ratings of the Commonwealth of Puerto
Rico and the GDB, the review for University of Puerto Rico is
likely to result either in a confirmation of current rating levels
or a downgrade. A downgrade would be driven by:

-- A downgrade of the Commonwealth of Puerto Rico's or the
   GDB's ratings

-- A weakening in the university's own credit profile reflected in
lower enrollment or net tuition revenue resulting in stressed
Pledged Revenues and thinner debt service coverage, weaker
unrestricted liquidity, significant capital plans, or
deterioration in SMU's operations or balance sheet resources.


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


VENEZUELA GLOBAL: Moody's Cuts Depositary Receipts Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of the following receipts issued by Venezuela Global Bond
Programme:

Venezuela Global Bond Coupon Depositary Receipts, Downgraded to
Caa1 (sf); previously on January 30, 2009 Confirmed at B2 (sf)

Venezuela Global Bond Coupon Strip Depositary Receipts, Downgraded
to Caa1 (sf); previously on January 30, 2009 Confirmed at B2 (sf)

Venezuela Global Bond Intermediate Coupon Receipts, Downgraded to
Caa1 (sf); previously on January 30, 2009 Confirmed at B2 (sf)

Venezuela Global Bond Long Term Coupon Receipts, Downgraded to
Caa1 (sf); previously on January 30, 2009 Confirmed at B2 (sf)

Venezuela Global Bond Principal Depositary Receipts, Downgraded to
Caa1 (sf); previously on January 30, 2009 Confirmed at B2 (sf)

Ratings Rationale:

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction. Rating action is a result of the change of the rating
of Republic of Venezuela 9.25% U.S. Dollar-Denominated Unsecured
Global Bonds due 2027 whose B2 rating was downgraded to Caa1 as of
December 16, 2013.

Factors that would lead to an upgrade or downgrade of the rating

Moody's says that the underlying securities are subject to a high
level of macroeconomic uncertainty in the Republic of Venezuela,
which is manifest in uncertain credit conditions across the
general economy. Because these conditions could negatively affect
the ratings on the underlying securities, they could also
negatively impact the rating on the certificate.


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


BOND PRICING: For the Week From Dec. 16 to Dec. 20, 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.

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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.

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of the same firm for the term of the initial subscription or
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