TCRLA_Public/131230.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 30, 2013, Vol. 14, No. 256


                            Headlines



A R G E N T I N A

MASTELLONE HERMANOS: S&P Rates $139MM Collateralized Notes 'CCC+'


B R A Z I L

BANCO DO ESTADO: Fitch Affirms 'BB+' LT Issuer Default Ratings
OGX PETROLEO: Creditors Face Tough Decision on Future Funding
RODOPA INDUSTRIA: Fitch Cuts Curr. Issuer Default Ratings to 'CCC'


C A Y M A N  I S L A N D S

AB2 FUND: Shareholders Receive Wind-Up Report
ARTRADIS BARRACUDA: Shareholders Receive Wind-Up Report
CHEYNE GLOBAL: Shareholders Receive Wind-Up Report
EFG-HERMES MENA: Shareholder Receives Wind-Up Report
GYRE INVESTMENT: Shareholders Receive Wind-Up Report

GYRE INVESTMENT II: Shareholders Receive Wind-Up Report
GYRE INVESTMENT III: Shareholders Receive Wind-Up Report
HARBERT CREDIT: Shareholder Receives Wind-Up Report
HEALTH INSURANCE: Shareholder Receives Wind-Up Report
IBIS RE: Shareholder Receives Wind-Up Report

ICBC CREDIT SUISSE: Shareholders Receive Wind-Up Report
INDOCEMENT (CI): Shareholder Receives Wind-Up Report
JOHIM (CAYMAN III): Shareholders Receive Wind-Up Report
LE PIN: Members Receive Wind-Up Report
LUKIAN ASSET: Shareholder Receives Wind-Up Report

NORTHWEST ASSURANCE: Shareholder Receives Wind-Up Report
ROSINUS FINANCIAL: Shareholder Receives Wind-Up Report
TAI CHI FUND: Shareholders Receive Wind-Up Report
V-CDM INTERNATIONAL: Shareholders Receive Wind-Up Report
ZAXIS ELS: Member to Receive Wind-Up Report on Dec. 30


C H I L E

AES GENER: Fitch Affirms 'BB' Rating on $450MM Hybrid Notes


C O S T A   R I C A

BANCO DE COSTA RICA: Fitch Affirms 'BB+' Issuer Default Rating


J A M A I C A

ALUMINA PARTNERS: Union Pushes for Set Day for Reopening
UC RUSAL: Files Suit Against London Metal Exchange
* JAMAICA: Construction Sector Forecast to See Up-tick in 2014


M E X I C O

AXTEL S.A.B.: S&P Lowers Corporate Credit Rating From 'CC'
AXTEL S.A.B: S&P Raises Corporate Credit Rating to 'B-'
BANCO SANTANDER MEXICO: Fitch Rates $1.3BB Sub. Notes 'BB+'
ELEMENTIA SA: U.S. Fiber Cement Deal No Impact on Fitch Ratings


T R I N I D A D  &  T O B A G O

CL FIN'L: Agreement With Shareholders Extended for 6 More Months


X X X X X X X X X

BOND PRICING: For the Week From Dec. 23 to Dec. 27, 2013


                            - - - - -


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


MASTELLONE HERMANOS: S&P Rates $139MM Collateralized Notes 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' issue-level
rating to Mastellone Hermanos S.A.'s (CCC+/Negative/--)
$139 million Series A (collateralized) and $5.4 million Series C
senior refinancing notes, both due 2018.  The company issued these
notes on May 7, 2010, as part of its debt restructuring process.

The ratings on Mastellone continue to reflect the volatility of
its cash flows, which exposes the company to some degree of
refinancing risk beyond the next 12 months.  The ratings also
incorporate foreign-currency mismatch risk and the company's
exposure to the inherent volatility of the dairy industry.  The
partly offsetting factors are Mastellone's sound domestic
competitive position both as a dairy producer and raw milk
procurer, and its leading market share in several dairy products
zn Argentina (unsolicited foreign and local currency:
CCC+/Negative/C), where the company has asset and cash flow
concentration.

RATINGS LIST

Mastellone Hermanos S.A.
  Corporate credit rating                    CCC+/Negative/--

Ratings Assigned

Mastellone Hermanos S.A.
  $139 million Series A notes due 2018       CCC+
  $5.4 million Series C notes due 2018       CCC+


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


BANCO DO ESTADO: Fitch Affirms 'BB+' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook to Positive from
Stable on the Long-Term Issuer Default Ratings (IDR) and National
Long-Term Rating of Banco do Estado do Rio Grande do Sul S.A.
(Banrisul). Fitch also affirmed Banrisul's ratings as follows:

-- Long-term Foreign and Local currency IDRs at 'BB +'; Outlook
    to Positive from Stable;
-- Short-term Local and Foreign Currency IDR at 'B';
-- Viability Rating at 'bb+';
-- Support rating at '4';
-- Support Rating Floor at 'B';
-- National Long Term rating at 'AA-(bra)'; Positive Outlook;
-- National Short-Term rating at 'F1+(bra)';
-- First Issuance of Senior Unsecured Letras Financeiras at 'AA-
    (bra)';
- Tier II Subordinated notes due Feb 2022 at 'BB-'.

Key Rating Drivers

The Positive Outlook reflects Banrisul's consistent performance
compared to local and international peers in addition to Fitch's
expectation that the bank will preserve both asset quality and
profitability metrics going forward. The ratings factor in the
bank's regional importance, its stable retail funding base,
resilient profitability and liquidity ratios, compatible with its
retail profile. On the other hand, the ratings are balanced by the
bank's modest national presence and the fiercer competition with
larger Brazilian banks.

Fitch does not assign ratings to the state of Rio Grande do Sul
(RS) and, therefore, does not credit this support to the bank. The
Support Rating '4' and the Support Rating Floor 'B' reflect the
agency's opinion that in a stress scenario, a limited support from
the Federal Government would be possible given Banrisul's relative
importance to the state. The Support Rating also reflects the
absence of any explicit guarantee from the Federal Government to
the entity.

Pursuant to this strategy, Banrisul also engages on secured
personal loans, benefited by the recent acquisition of Promotora
de Vendas Bem Vindo that allows the origination of payroll
deductible loans and financial products nationwide. In September
2013, about 27% of total loans were originated for clients
domiciled outside of RS relatively stable in relation to 2012. Bem
Vindo should also offer other products such as insurance and
credit cards.

Following market practices, Banrisul created a company to
consolidate its credit card activities in October, 2013. This
decision is still pending some approvals from the State's House of
Representatives and exemplifies the political influences Banrisul
is subjected when implementing its commercial strategies. This can
constitute a competitive challenge when compared to private peers.

As per 3Q13, the bank's nonperforming loans (NPL) above 90 days
and its reserve coverage ratio were 3.7% and 165%, respectively,
showing a slight worsening trend(2.8% and 239% in 2012).
Nevertheless, the agency expects that the weaker economic
performance expected would not translate into further credit
deterioration and margin compression in 2014. The reduction on
provision reserves along 2013 was mainly driven by the revision of
the bank's provisioning policies. Despite this measure, Fitch
notes that Banrisul's reserves still remains above minimum
required by the local regulator and compare well with regional
peers.

Benefited by resources from the subordinated debt issued in 2012
(total outstanding at BRL1.8 bn in September 2013), liquid
investments covered a high 50% of the bank's total short-term
obligations in September 2013. In addition, Fitch Core Capital
reached a satisfactory 14.6%, compatible with its retail
activities.

Banrisul is the seventh largest bank in the financial system by
total deposits and the largest in the state, provides payroll
services to various entities in RS and holds a historically stable
deposit base equivalent to almost 35% of the region's total
deposits. With 461 branches and controlled by the state of RS,
Banrisul is present in 85% of the municipalities. As a retail
bank, it focuses primarily on individuals and middle market
companies.

Banrisul Debt

Letras Financeiras: Banrisul's senior unsecured domestic issuances
rank equal with its other senior unsecured debt, and its ratings
are aligned to the bank long-term national ratings.

USD Tier 2 Subordinated Notes: Banrisul's 'BB-' rated subordinated
notes due January 2022 are rated two notches below the VR 'bb+' of
the bank (one notch for loss severity characteristics and
subordinated status and one notch for its moderate risk of failure
in performance). These notes will rank pari passu to the bank's
subordinated debt and have a cumulative coupon deferral mechanism
that can be exercised if the minimum regulatory capital is
breached.

Rating Sensitivities

Banrisul VR and IDRs
The IDRs and National Scale Ratings are on Positive Outlook. The
ability of the bank to preserve their current capital levels and
profitability jointly with its good asset quality ratios (with 90
days NPLs around 3% with more than 150% loan loss reserve coverage
and contained loan charge offs) would result in an upgrade.
Conversely, an unexpected deterioration of its asset quality and
profitability may result in the Outlook to come back to stable.

Negative Factors: Banrisul may be downgraded if asset quality
ratios show a significant deterioration (90 days past due loan
ratio above 5% and weaker loan loss coverage) and/or its Fitch
Capital Ratio (FCC) comes below 12% in a continued manner.

Any change of Banrisul's ratings may lead to a review of ratings
assigned to its issuances.


OGX PETROLEO: Creditors Face Tough Decision on Future Funding
-------------------------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that
creditors owed $5.8 billion by Oleo e Gas Participacoes SA fka OGX
Petroleo e Gas Participaaoes S.A., the distressed oil company of
Brazilian entrepreneur Eike Batista, are facing up to another
tough decision: whether to provide some short-term cash to keep
the company afloat for the next year, knowing it will still need
much more money later.

Matthew Cowley in a separate Wall Street Journal writes that Oleo
e Gas said it struck a deal with creditors to renegotiate the
firm's heavy debts, which may be a step toward exiting from
bankruptcy protection.

Oleo e Gas creditors, including bondholders and suppliers, have
agreed to exchange debts valued at some $5.8 billion for shares,
according to The Wall Street Journal.  As a result, the report
notes, the stake of existing shareholders would decline to around
10%.  Brazilian billionaire Eike Batista's stake would fall to
around 5% from 50.16%.

"Although the company firmly believes that the implementation of
the transaction is feasible, there is no assurance that the
parties will conclude it," the company said in a statement
obtained by the news agency.  In the same statement, the group of
bondholders said they were "anxious to work with the company and
all the other stakeholders to complete the reorganization of the
company as soon as possible," The WSJ relays.

As part of the negotiations, Oleo e Gas firm said it aims to
present the judicial restructuring plan to the bankruptcy court in
Rio de Janeiro on or before Jan. 24, which is when it will receive
the fresh funding, the report discloses.

Under terms of the deal, bondholders may invest an additional $200
million to $215 million and will receive shares in the firm in
exchange, although there is no obligation, the company said, the
report discloses.  Any fresh cash would be paid out in two
installments and would take priority over all other debts, the
firm said, the report notes.

The WSJ further notes that Oleo e Gas has also said it will need
fresh cash to meet 2014 operating expenses, and it is unclear how
it can survive otherwise.  Under the recent accord, creditors
involved indicated they may be prepared to contribute up to $215
million by the end of January, though there is no obligation, the
report says.

An unnamed source told the news agency that there haven't been any
firm commitments from creditors to provide new funding.  In part,
that is because they are trying to weigh whether Oleo e Gas will
be able to raise the extra capital needed from 2015 to develop oil
fields, especially as the company moves into a heavier phase of
investment in 2016 and 2017, the report relays.  Otherwise it will
have to seek strategic partners.

The report discloses that Oleo e Gas said a key point to pushing
through the deal will be securing the consent of its sister
company, naval construction firm OSX Brasil SA, and its creditors.

OGX had placed a number of orders for oil platforms with OSX, but
has since canceled them, and OSX claims it is owed $1.5 billion,
the report notes.

OGX had been seeking extra cash to maintain operations after
reporting it had $85 million in cash at the end of the third
quarter, the report adds.

                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, Oleo e Gas Participacoes SA fka
OGX Petroleo e Gas Participaaoes S.A. is an independent
exploration and production company with operations in Latin
America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


RODOPA INDUSTRIA: Fitch Cuts Curr. Issuer Default Ratings to 'CCC'
------------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of Rodopa Industria e Comercio de Alimentos
Ltda. (Rodopa) to 'CCC' from 'B-', as well as its long-term
national scale rating to 'CCC(bra)' from 'BBB-(bra)'. At the same
time, Fitch has downgraded the rating on the USD100 million
unsecured notes maturing Oct. 17, 2017 issued by Rodopa to
'CCC/RR4' from 'B-/RR4'.

Key Rating Drivers:

The downgrade of Rodopa's ratings reflects heightened uncertainty
as to the company's ability to refinance debt in an environment
where operating profits are pressured by idle capacity. In
contrast to prior expectations, Fitch believes Rodopa will face
relevant challenges to finance working capital for its expansion
strategy.

Rodopa's liquidity is tight; the company had BRL400 million of
consolidated adjusted debt as of June 30, 2013, including BRL9
million of rental obligations. Cash and marketable securities of
BRL86.4 million cover only 40% of BRL167 million of short-term
debt as of this date.


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


AB2 FUND: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of AB2 Fund received on Dec. 18, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Charles Diggle
          One George Street, Floor 07, Unit 03
          Singapore 049145


ARTRADIS BARRACUDA: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Artradis Barracuda Fund received on Dec. 18,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Stephen Charles Diggle
          One George Street, Floor 07, Unit 03
          Singapore 049145


CHEYNE GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Cheyne Global Catalyst Fund, Inc received on
Dec. 18, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


EFG-HERMES MENA: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of EFG-Hermes Mena (Cayman) Holdings Limited
received on Dec. 16, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: 815-1842
          Facsimile: (345) 949-9877


GYRE INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Gyre Investment Funds SPC received on Dec. 18,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


GYRE INVESTMENT II: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Gyre Investment Funds II SPC received on
Dec. 18, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


GYRE INVESTMENT III: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Gyre Investment Funds III SPC received on
Dec. 18, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


HARBERT CREDIT: Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Harbert Credit Opportunities Offshore Fund, 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:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877


HEALTH INSURANCE: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Health Insurance Processors SPC received on
Dec. 10, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Handsel B. Minyard
          c/o Marsh Management Services Cayman Ltd.
          23 Lime Tree Bay Avenue
          Governors Square, Building 4, Floor 2
          P.O. Box 1051 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 949 7988
          Facsimile: +1 (345) 949 7849


IBIS RE: Shareholder Receives Wind-Up Report
--------------------------------------------
The shareholder of Ibis RE 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:

          Carl Gosselin
          Wilmington Trust (Cayman), Ltd.
          Attn.: Carl Gosselin
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


ICBC CREDIT SUISSE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of ICBC Credit Suisse China Opportunity Fund SPC
received on Dec. 18, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


INDOCEMENT (CI): Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Indocement (CI) Ltd received on Dec. 19, 2013,
the liquidators' report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Daniel Lavalle
          Tju Lie Sukanto
          Wilmington Trust Corporate Services (Cayman) Limited
          c/o Carl Gosselin, Agent
          P.O. Box 32322 Grand Cayman KY1-1209
          Cayman Islands
          Telephone: (345) 640-6712


JOHIM (CAYMAN III): Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Johim (Cayman III) Limited received on
Dec. 11, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o Prudence Pryce
          10 Market Street, Box 765, Camana Bay
          Grand Cayman
          Cayman Islands KY1-9006
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


LE PIN: Members Receive Wind-Up Report
--------------------------------------
The members of Le Pin Limited received on Dec. 10, 2013, the
liquidators' 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


LUKIAN ASSET: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of Lukian Asset Management Limited received on
Dec. 16, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


NORTHWEST ASSURANCE: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Northwest Assurance Company, 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:

          James K. Anderson
          c/o Kane (Cayman) Limited
          171 Elgin Avenue Willow House
          Cricket Square, George Town
          P.O. Box 10233 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (345) 949 5263
          Facsimile: +1 (345) 949 6021


ROSINUS FINANCIAL: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Rosinus Financial Fund Ltd. received on
Dec. 12, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


TAI CHI FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Tai Chi Fund Limited received on Dec. 11,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Hugh Dickson
          c/o Prudence Pryce
          10 Market Street
          P.O. Box 765, Camana Bay Grand Cayman
          Cayman Islands KY1-9006
          Telephone: (345) 949 7100
          Facsimile: (345) 949 7120


V-CDM INTERNATIONAL: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of V-CDM International Holdings 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:

          Joshua A. Creem
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


ZAXIS ELS: Member to Receive Wind-Up Report on Dec. 30
------------------------------------------------------
The sole member of Zaxis ELS ND Fund, Ltd. will receive on
Dec. 30, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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


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


AES GENER: Fitch Affirms 'BB' Rating on $450MM Hybrid Notes
-----------------------------------------------------------
Fitch Ratings has downgraded AES Gener S.A.'s foreign and local
currency Issuer Default Ratings and senior unsecured debt to 'BBB-
' from 'BBB'. These rating actions affect approximately USD537
million of outstanding Yankee bonds due 2014 and 2021. The Rating
Outlook is Stable.

Fitch has also affirmed Gener's national scale equity rating at
'Primera Clase Nivel 2 (cl)' and long-term rating at 'A+(cl)',
Outlook Stable. Fitch has also affirmed the 'BB' long-term rating
of Gener's USD450 million of hybrid notes due 2073.

The rating downgrade follows Gener's closing of the financing for
the Alto Maipo project and the successful issuance of US$450
million junior subordinated (hybrid) notes due in 2073. These
issuances will result in higher than previously expected
consolidated leverage levels that will be more in line with the
'BBB-' rating.

As a result of the latest debt issuance, the company's
consolidated leverage is expected to increase above 4.5x by 2015.
Alto Maipo's future power generation is only partially contracted
and, due to its nature (hydro), cash generation from this project
is subject to volatility. These facts are not fully mitigated by
the project-finance-like financing. Also, Gener has an ambitious
expansion program that includes the simultaneous construction of
Cochrane, a 532MW thermo electric power plant, in addition to the
Alto Maipo project, which is a 531MW of installed capacity run-of-
the river generation plant. In conjunction, these projects will
add 1,063MW of capacity, with an associated investment of USD3.2
billion. The magnitude of the projects adds to Gener's execution
and construction risk.

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

KEY RATING DRIVERS

GOOD FINANCIAL PERFORMANCE: Despite a slightly over-contracted
position relative to the company's efficient energy generation in
Chile in 2012, Gener's credit quality measures were within
guidelines for its rating category. For the last 12 months ended
Sept. 30, 2013, the company's consolidated EBITDA coverage and
debt-to-EBITDA metrics were 4.3x and 3.1x, respectively. Excluding
the non-recourse debt of the Angamos power plant, Gener's debt-to-
EBITDA was solid at 2.5x. Consolidated EBITDA was USD655 million
on Sept. 30, 2013, consistent with Fitch's expectations. At year-
end 2013, EBITDA is expected to remain at similar levels.

RISING CAPITAL EXPENDITURES: Gener initiated construction in March
2013 of its 532MW Cochrane coal project in the Northern
Interconnected System (SING), with estimated investment of
approximately USD1.3 billion. This project will be financed
through a project-finance-type debt that will be non-recourse to
Gener. The company is also analyzing the 531MW Alto Maipo
hydroelectric project, though this project is advancing at a
slower pace and expects to start construction before the end of
2013.

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

ADEQUATE LIQUIDITY: As of Sept. 30, 2013, Gener's consolidated
liquidity was USD374 million, enhanced by access to committed
credit lines for USD270 million. USD170 million of the liquidity
is restricted. Short-term debt was USD271 million. In 2014, Fitch
expects Gener to refinance its USD380 million debt maturities.

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

RATING SENSITIVITIES

A change in Gener's commercial policy that results in an
imbalanced long-term contractual position, and/or a material and
sustained deterioration of credit metrics could result in a
negative rating action. Fitch believes that a positive rating
action is limited at this time due to the expected capacity
expansion over the next few years.

Gener is the second largest electricity generation company in
Chile, as it operates 21% of the country's total generating
capacity (3,437MW, including its investments in Guacolda). The
company has ownership interests in electric generation in Colombia
and Argentina. Gener is indirectly owned by AES Corporation (71%).
AES Corporation is one of the world's largest global power
companies. With operations in five continents, the company is
active in the generation and distribution of electricity. The
company controls more than 40,000 MW of capacity.

Fitch has downgraded the following ratings, with a Stable Outlook:

-- Foreign and local currency Issuer Default Ratings to 'BBB-'
    from 'BBB';
-- US$400 million, 2014 notes to 'BBB-' from BBB;
-- US$400 million, 2021 notes to 'BBB-'from BBB;

Fitch has affirmed the following ratings:

-- National long term rating at 'A+(cl), Outlook Stable;
-- National Scale Equity Rating at 'Primera Clase Nivel 2 (cl)';
-- US$450 million, 2073 junior subordinated notes at 'BB';
-- UF$4.4 billion, 2028 notes Series N A+(cl)';
-- UF$1.2 billion, 2015 notes Series O at 'A+(cl)';
-- US$196 million, 2019 notes Series Q at 'A+(cl)';
-- US$200 million Bond Program at 'A+(cl)';
-- US$400 million Bond Program at 'A+(cl)'.


===================
C O S T A   R I C A
===================


BANCO DE COSTA RICA: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Banco de Costa Rica's (BCR) long-term
Issuer Default Rating (IDR) at 'BB+' and Viability Rating (VR) at
'bb+'. The Rating Outlook is Stable.

KEY RATING DRIVERS - IDRS, SENIOR DEBT, SUPPORT RATING, SUPPORT
RATING FLOOR AND NATIONAL RATINGS

The bank's IDRs, senior debt ratings, support rating, support
rating floor, and national ratings are driven by the potential
support of the Costa Rican government (rated 'BB+', Stable
Outlook), as stated in the National Banking System Law. According
to this law, all state-owned banks have the guarantee and full
collaboration of the state. The explicit guarantee is reflected in
BCR's support rating of '3' and allows BCR's long-term IDR and
senior debt ratings to be equalized with the sovereign rating.

RATING SENSITIVITIES - IDRs, SENIOR DEBT, SUPPORT RATING AND
SUPPORT RATING FLOOR

The Stable Outlook reflects that Fitch does not anticipate changes
in the bank's ratings in the medium term. However, the bank's IDRs
and senior debt rating are sensitive to changes in the Costa Rica
sovereign rating and to changes in the bank's VR. An upgrade in
the bank's IDRs would reflect positive sovereign rating actions
for Costa Rica. A sustainable improvement in BCR's stand-alone
risk profile could also lead to an upgrade in the bank's VR and
thus in its IDRs - yet this is an unlikely scenario. In turn, a
downgrade in the bank's IDR would reflect a negative rating action
on both Costa Rica's sovereign rating and the bank's standalone
financial profile.

KEY RATING DRIVERS - VR

The bank's VR balances the bank's strong franchise and adequate
capital position with its modest profitability and adequate asset
quality. Customers' perception of the sovereign guarantee,
combined with BCR's extensive branch network and ample deposit
base, place the bank as one of the strongest competitors in the
Costa Rican banking system.

BCR's capital generation remains sufficient to sustain asset
growth and to maintain adequate capital ratios. In Fitch's
opinion, the bank's capital ratios are likely to remain in line
with similarly rated international peers, despite the recent
regulatory changes regarding risk weighted asset calculations.

As a corporate-oriented state-owned bank, BCR maintains a modest
net interest margin (NIM), comparatively lower than those of its
international peers. The bank's lower margins were pressured
further in 2013 by the decreasing trend in the reference interest
rate and by the loan growth restriction imposed by the central
bank. Fitch's performance outlook for BCR in 2014 contemplates
higher loan growth across as well as adjustments in the funding
costs that will allow for a wider NIM. As a result profitability
will improve but it is likely to remain modest and below
international peer's.

In Fitch's opinion, BCR's loan portfolio is well diversified with
a moderate exposure to exchange rate risk. The bank's past due
loans-to-total loans ratio remains below the 'bb+' VR rating
category median, although with a negative trend since 2012, and
reserve coverage is low compared to the 'bb+' rating category
median and unlikely to increase under the current regulatory
guidelines.

RATING SENSITIVITIES - VR

Given BCR's current financial profile, the potential for an
upgrade of the bank's VR in the medium term is limited. In turn,
material deterioration in efficiency or asset quality that places
the bank's capital ratios below its peers' median might trigger a
downgrade in BCR's VR.

RATING SENSITIVITIES -NATIONAL RATINGS

An upgrade in BCR's national ratings would reflect a strengthening
of the sovereign creditworthiness relative to other issuers in
Costa Rica. In turn, though not in Fitch's baseline scenarios, a
downgrade in BCR's national rating would reflect a weakening of
its financial profile combined with a negative rating action on
the sovereign actions for Costa Rica, and an upgrade in the
national rating may also come from a strengthening of the bank
financial profile.

Fitch has affirmed BCR's ratings as follows:

International ratings

-- Long-term IDR at 'BB+', Outlook Stable;
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB+', Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Long-term senior unsecured bonds at 'BB+';
-- Viability Rating at 'bb+';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+'.

National ratings:

-- Long-term national rating at 'AA+(cri)', Outlook Stable;
-- Short-term national rating at 'F1+(cri)';
-- Long-term senior unsecured bonds at 'AA+(cri)';
-- Commercial paper at 'F1+(cri)'.


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


ALUMINA PARTNERS: Union Pushes for Set Day for Reopening
--------------------------------------------------------
RJR News reports that the union representing former employees of
Alumina Partners of Jamaica, also known as Alpart wants a speed up
of negotiations for the reopening of the alumina refinery.

The plant, which is owned by Russian aluminum company, UC Rusal,
closed five years ago, notes the report.

In April, Phillip Paulwell, Minister of Science, Technology,
Energy and Mining, said operations should resume by 2016,
according to RJR News.

However, the report relates that the National Workers' Union (NWU)
wants a set date for the reopening.

"Alpart is the biggest bauxite and aluminum operation in Jamaica.
They still have a number of workers who are formally engaged at
Alpart who are still anxiously waiting to hear when the facilities
will be reopened.  We do hope that the new year will bring some
relief for those bauxite and aluminum workers in that part of the
country by virtue of the fact that the owners, UC Rusal will want
to use the facilities at Alpart," the report quoted Vincent
Morrison, president of National Workers Union, as saying.

                          About Alpart

Alumina Partners of Jamaica, also known as Alpart, is a company
that owns and operates a bauxite refinery in Nain, Jamaica.
Alpart was founded in 1969 as a joint venture by Kaiser Aluminum,
Reynolds Aluminum, and Anaconda.  Alpart exports 1.65 million
tons of alumina overseas per year, and earned gross revenues of
US$1.3 billion in 2007.  As of 2008, Alpart is 65% owned by Rusal
and 35% owned by Norsk Hydro.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, RadioJamaica said Alpart's mining and refinery
operations officially came to a halt on May 15.  The report
related Alpart said it will send home 900 permanent employees in
the process amid a 60% decline in alumina product prices since
July 2008.  Mr. Fabrini, as cited by RadioJamaica, said the
temporary shutdown will allow the plant to prepare for future
developments.

Although the company took steps to maintain the operations even
at reduced capacity, circumstances still left the company with no
other choice but to shutdown, Mr. Fabrini added.  Mr. Fabrini,
RadioJamaica noted, said the company will continue to meet its
obligations to employees and the surrounding communities in a
timely manner.


UC RUSAL: Files Suit Against London Metal Exchange
--------------------------------------------------
RJR News reports that UC Rusal filed a lawsuit against the London
Metal Exchange in a U.K. court on Dec. 23, 2013.

UC Rusal is challenging the recent adoption of new rules
regulating the exchange's warehouse system, according to RJR News.

The report relates that the London Metal Exchange last month bowed
to criticism of its warehousing system by backing stricter rules
to cut wait times for aluminum and other metals.

Although metal buyers cheered the rule changes, the decision left
some producers displeased, the report discloses.

UC Rusal had publicly opposed the changes describing them as
irrational and disproportionate, RJR News says.

The LME said the new rules would go into effect in April 2014.

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: Construction Sector Forecast to See Up-tick in 2014
---------------------------------------------------------------
RJR News reports that Jamaica's local construction sector which
has recorded growth in recent months is forecast to see a further
up-tick in activity in 2014.

The report relates that according to the Incorporated
Masterbuilders Association of Jamaica, several major construction
projects are set to get underway in the New Year.

President of the Association, Carvel Stewart, told RJR News in an
interview:

"We expect to see the Chinese involvement and some involvement of
some others on the Water Commission projects.  We expect to see
more Water Commission projects going out and we are hoping that
that will impact more significantly on local contractors.  NHT has
indicated that they will doing some things and the Prime Minister
had recently asked that ground be broken somewhere in the Kingston
and St. Andrew area, before April of next year, so there will be
some activity there.  As to the extent of it we can't tell you at
this time but we will certainly be trying to quantify it in
January."


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


AXTEL S.A.B.: S&P Lowers Corporate Credit Rating From 'CC'
----------------------------------------------------------
Standard & Poor's Ratings Services on Dec. 24 lowered its long-
term corporate credit rating on Axtel S.A.B. de C.V. (Axtel) to
'SD' from 'CC'. S&P also affirmed its 'B' issue-level ratings and
kept the recovery rating of '2' unchanged on the company's senior
secured notes due 2020.

The downgrade follows the company's Dec. 23, 2013, announcement
that it will exchange $115.5 million of its outstanding 2017 and
2019 senior unsecured notes for senior secured notes due 2020.
"According to our criteria, we view this as a distressed exchange
and tantamount to a default, despite the security interest over
almost all of Axtel's assets.  The offer, in our view, implies
that the investor will receive less value than the promise of the
original securities; the interest rate for the 2019 notes is lower
than the original yield; and the new securities' maturities extend
beyond the original maturity date," said Standard & Poor's credit
analyst Marcela Duenas.

Additionally, the company will add on $36 million to its 2020
notes.  These notes, combined with the exchanged notes, will total
$146 million.


AXTEL S.A.B: S&P Raises Corporate Credit Rating to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services on Dec. 26 raised its long-term
corporate credit rating on Axtel to 'B-' from 'SD'.  At the same
time, S&P affirmed its 'B' issue-level rating and kept the
recovery rating of '2' unchanged on the company's senior secured
notes due 2020, following a $36 million add-on.

The rating upgrade follows Axtel's completion of a sub-par
voluntary exchange for $115.5 million of its outstanding 2017 and
2019 senior unsecured notes for existing senior secured notes due
2020.  The exchange extends the maturity date of certain debt
until 2020, and reduces the company's coupon payments for the
first year, improving the company's financial flexibility.
"Additionally, Axtel added on a parallel $36 million to its senior
secured notes due 2020, raising additional monies for capital
expenditures and working capital," said Standard & Poor's credit
analyst Marcela Duenas.


BANCO SANTANDER MEXICO: Fitch Rates $1.3BB Sub. Notes 'BB+'
-----------------------------------------------------------
Fitch Ratings assigns a long-term final rating of 'BB+' to Banco
Santander Mexico (SAN Mexico)'s USD 1.3 billion aggregate
principal amount of 5.95% Basel III Compliant Tier 2 Subordinated
Capital Notes due 2024. The rating is three notches below the
applicable anchor rating, SAN Mexico's Viability Rating (VR),
which is currently 'bbb+'.

The rating is in line with the expected rating assigned on Dec.
11, 2013.

These securities will receive 50% equity credit for the purposes
of assessing capital adequacy, according to Fitch's criteria and
metrics.

Key Rating Drivers

The 'BB+' rating assigned to these securities is three notches
below SAN Mexico's VR. This notching is driven by the two notches
associated to non-performance risk, plus one additional notch for
loss severity.

The notching for non-performance risk (-2) is typical for hybrids
issued by Mexican banks, since Fitch considers that the triggers
for coupon deferrals or cancellations are relatively high,
according to applicable local regulations.

In turn, the notching for loss severity (-1) reflects that these
securities are plain-vanilla subordinated debt (subordinated
preferred, under the local terminology).

In Fitch's view, the partial write down feature contained in these
securities does not imply incremental non-performance risk, given
the relatively low trigger that Fitch considers is effectively the
point of non-viability, and also considering the ample cushion of
SAN Mexico's capital and earnings capacity, as well as the strong
supervision framework that partially mitigates the likelihood of
breaching the write down trigger.

RATING SENSITIVITIES

Under most circumstances, Fitch considers that these securities
will likely remain rated three notches below SAN Mexico's.
Therefore, the rating of these securities will typically move in
line with any potential changes of SAN Mexico's VR.

However, if SAN Mexico's capital metrics deteriorate materially,
increasing the likelihood of coupon deferrals, the non-performance
risk of these securities would be higher, and Fitch could
potentially widen the rating gap between these securities and the
bank's VR (currently at -3). Similarly, the notching versus the
anchor rating could be widened due to loss severity
considerations, if capital metrics deteriorate to such extent that
the likelihood of breaching the write down trigger is material and
there are no mitigating elements to prevent a full write down of
the notes.

Fitch assigned the following final rating:

Banco Santander Mexico:
-- Tier 2 Subordinated Capital Notes due 2024 at 'BB+'.


ELEMENTIA SA: U.S. Fiber Cement Deal No Impact on Fitch Ratings
---------------------------------------------------------------
The ratings for Elementia, S.A. de C.V. are unaffected by the
company's recently announced acquisition agreement, according to
Fitch Ratings. Elementia has agreed with the Exterior Products
Division of Saint Gobain to acquire the fiber cement business of
its affiliate Certain Teed Corporation for an undisclosed amount.
The transaction is subject to approval of regulatory authorities,
with expected closing during the first quarter of 2014.

Fitch believes that this acquisition would be financed by
Elementia's internal resources, and hence the transaction would
not have a material impact on the company's financial position.

As of Sept. 30, 2013 Elementia had MXN2.2 billion in cash and
marketable securities. Recently, Elementia also announced the sale
of its 20% stake in Grupo Cuprum , S.A.P.I. de C.V. (Cuprum).

Fitch expects Elementia's available cash and the inflows related
to the Cuprum transaction, to strengthen Elementia's financial
profile. Fitch believes net-debt-to-EBITDA will be below 3.0x at
year-end 2013. Fitch expects Elementia's net leverage in the
medium term to be in the range of 1.5x and 2.0x, considering
current operations and assuming the proposed transaction takes
place.

If the transaction is concluded favorably, Elementia could achieve
operational synergies by having local manufacturing facilities in
the U.S. that would complement the company's current commercial
activities of its product portfolio in the country and increase
its market presence.

Elementia's ratings reflect its strong business profile
characterized by geographic and product line diversification,
leading market shares in the regions where it has presence
supported by highly recognized brands and a well-developed
distribution network, stable operating results and its
shareholders' strength. Factors that limit Elementia's ratings are
the company's still high leverage, industry cyclicality, input
costs volatility and environmental regulation.

Fitch currently rates Elementia as follows:

--Long-term Issuer Default Rating (IDR) 'BB+';
--Long-term Local Currency IDR 'BB+';
--Long-term National Scale Rating 'A+(mex)'.

The Rating Outlook is Stable.


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


CL FIN'L: Agreement With Shareholders Extended for 6 More Months
----------------------------------------------------------------
Trinidad Express reports that the shareholders' agreement between
Trinidad and Tobago government and CL Financial Limited
stockholders has been extended again.

Minister of Trade Vasant Bharath, acting as Minister of Finance
and the Economy in the temporary absence of Senator Larry Howai,
who is currently out of the country, signed for a six-month
extension of the CL Financial shareholders' agreement, which was
due to expire on December 31, a statement said, according to
Trinidad Express.

At the signing, Minister Bharath made the point that the
Government and CL Financial "have made good progress in arriving
at a further, longer term Shareholders' Agreement, and will
continue discussions on the matter during the extension period,"
the report notes.

Minister Bharath disclosed that the parties expect that, within
this time, "there will be resolution of the ongoing arbitration
matter involving CLICO, CLF and Methanol Holdings Trinidad Ltd,
which is the single largest outstanding issue in this matter", the
statement added, the report notes.

Minister Bharath said both parties anticipate this matter will be
resolved within the six-month period of the extension, the report
adds.

                       About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


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


BOND PRICING: For the Week From Dec. 23 to Dec. 27, 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.

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


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

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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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