/raid1/www/Hosts/bankrupt/TCRLA_Public/140102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, January 2, 2014, Vol. 15, No. 1


                            Headlines



A R G E N T I N A

BANCO CREDICOOP: Moody's Affirms 'E+' Bank Fin. Strength Rating
BANCO DE GALICIA: Moody's Affirms 'E+' Bank Fin. Strength Rating
RSA ARGENTINA: Moody's Puts B1 Global Local Curr. Rating on Review


B A R B A D O S

BARBADOS: Moody's Lowers Gov't. Bond Rating to 'Ba3'
COLUMBUS INT'L: Moody's Lowers Rating on $640MM Notes to 'B3'


B R A Z I L

CENTRAIS ELECTRICAS: Moody's Raises Issuer Rating to 'Caa1'
JBS SA: Agrees to Buy Massa Leve for BRL260 Million
OGX PETROLEO: Has 15 Days to Pay Oil Field Investments


C A Y M A N  I S L A N D S

ADVANCED MULTI: Members Receive Wind-Up Report
ALL SEASONS: Shareholder Receives Wind-Up Report
CIBC BRAZIL: Shareholders Receive Wind-Up Report
EVERBRIGHT ASHMORE: Shareholder Receives Wind-Up Report
FMIM EQUITY: Members Receive Wind-Up Report

FMIM EQUITY MASTER: Members Receive Wind-Up Report
HTC CONSULTANCY: Shareholders Receive Wind-Up Report
IRA LTD: Members Receive Wind-Up Report
JT CAPITAL: Shareholders Receive Wind-Up Report
NILE HOLDINGS: Shareholder Receives Wind-Up Report

REDSKIN FINANCIAL: Shareholder Receives Wind-Up Report
SINEQUANON CAPITAL: Shareholders Receive Wind-Up Report
SOUNDPOST CAPITAL: Shareholder Receives Wind-Up Report
TITIAN ABSOLUTE: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: Moody's Affirms Ba3 Rating on $550M Notes


J A M A I C A

DIGICEL GROUP: To Boost Broadband Offerings Across the Region
SAGICOR LIFE: Jamaica Unit Will be Replaced in JSE
SANDALS RESORTS: Unique Vacations Names New President
* JAMAICA: To Benefit From Increase in Aluminum Price on Market


M E X I C O

BANCO VE POR MAS: Moody's Affirms 'D-' Bank Fin'l. Strength Rating
DEUTSCHE BANK MEXICO: Moody's Retains 'D' BFSR


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO CREDICOOP: Moody's Affirms 'E+' Bank Fin. Strength Rating
---------------------------------------------------------------
Moody's Latin America affirmed all ratings for Banco Credicoop
Cooperativo Limitado (Credicoop). These are the E+ bank financial
strength rating (BFSR), which maps to a baseline credit assessment
(BCA) of b3, and the B2/Not Prime global local currency deposit
ratings, for long- and short-term deposits respectively. At the
same time, Moody's affirmed the Caa1 global foreign currency
deposit ratings.

Additionally, Moody's affirmed the Aa3.ar local currency national
scale deposit rating, as well as the Ba1.ar foreign currency
national scale deposit rating.

The outlook on the bank's BFSR and local currency deposit rating
remains negative, in line with the negative outlook on Argentina's
sovereign ratings. The outlook on the foreign currency deposit
rating remains stable.

The following ratings assigned to Banco Credicoop Cooperativo
Limitado were affirmed:

Bank Financial Strength Rating: E+, negative outlook

Long- and short-term global local currency deposits: B2/Not
Prime, negative outlook

Long- and short-term foreign currency deposits: Caa1/Not Prime,
stable outlook

Long-term National Scale local currency deposit rating: Aa3.ar,
negative outlook

Long-term National Scale foreign currency deposit rating: Ba1.ar,
stable outlook

Ratings Rationale

The affirmed ratings incorporate Credicoop's well established
position as a lender to the small and medium enterprise (SME) and
consumer finance segments, adequate liquidity metrics, low
reliance on market funds as well as good asset quality and reserve
coverage metrics. Credicoop's b3 standalone credit assessment
reflects its domestic operations as a cooperative bank with a
clear focus on commercial lending; as such, its associates
comprise the customer and depositor base, and are reasonably loyal
and stable. The bank's profitability, in turn, is lower than the
system's average, but aligned to its strategy of providing low
cost services to its associates.

Credicoop reported adequate asset quality metrics, as reflected in
its 1.3% problem loans ratio and 207.5% coverage ratio as of
September 2013. However, Moody's views Credicoop's robust recent
loan with concern, because it increases risks to future asset
quality in a challenging operating environment, although its
capital and loan loss reserves offer adequate protection against
losses.

Moody's notes Credicoop's modest profitability indicators relative
to its peers, which are characteristic of a cooperative
institution. On a unadjusted basis, Credicoop's return on average
assets and return on average equity were 1.86% and 23.9% as of
September 2013, lower than the 2.52% and 31.3% ratios as of
September 2012. Moody's foresees a continuation of this trend as
Argentinean regulations set caps on lending rates to SMEs and on
certain fees and commissions, hitting profitability for the whole
banking system. Moreover, elevated inflation affects efficiency
indicators (cost/income ratio was 84% as of September 2013) and
harms profitability.

Credicoop's deposit ratings benefit from one notch uplift from its
b3 standalone BCA, to reflect Moody's assessment of systemic
support derived from its importance to the banking system. The
negative outlook on Credicoop's BFSR and the local currency
deposits rating is aligned to the negative outlook on Argentina's
government bond ratings, and reflects the high correlation between
the entity's credit profiles and that of the Argentine sovereign.


BANCO DE GALICIA: Moody's Affirms 'E+' Bank Fin. Strength Rating
----------------------------------------------------------------
Moody's Latin America today affirmed the E+ (plus) bank financial
strength rating (BFSR) of Banco de Galicia y Buenos Aires S.A.
(Banco Galicia), which maps to a b3 standalone baseline credit
assessment, as well as its B2/Not Prime and Caa1/Not Prime global
local-and foreign currency deposit ratings, and Aa3.ar and Ba1.ar
national scale local and foreign currency deposit ratings.

Additionally, Moody's affirmed the bank's (p) B2 and (p) B3 global
local and foreign currency debt ratings, and the Aa3.ar and A2.ar
local and foreign currency national scale ratings assigned to the
MTN multicurrency debt program, as well as the B3 and Aa3.ar local
currency debt ratings assigned to the issuances under the program.

The outlook on the bank's BFSR and local currency deposit and debt
ratings remains negative, in line with the negative outlook on
Argentina's sovereign ratings. The outlook on the foreign currency
deposit and debt ratings remains stable.

The following ratings of Banco de Galicia y Buenos Aires were
affirmed:

Standalone Bank Financial Strength Rating: E+, negative outlook

Standalone baseline credit assessment: b3

Long- and short-term global local-currency deposits rating: B2/Not
Prime, negative outlook

Long- and short-term foreign-currency deposits rating: Caa1/Not
Prime, stable outlook

Long- term global local currency MTN debt rating: (p)B2, negative
outlook

Long- term global foreign currency MTN debt rating: (p)B3, stable
outlook

Long- term global local currency debt rating: B3, negative outlook

Long-term National Scale local-currency deposit rating: Aa3.ar,
negative outlook

Long-term National Scale foreign-currency deposit rating: A2.ar,
stable outlook

Long-term National Scale local currency MTN debt rating: Aa3.ar,
negative outlook

Long-term National Scale foreign currency MTN debt rating: A2.ar,
stable outlook

Long term National Scale local currency debt rating: Aa3.ar,
negative outlook

RATINGS RATIONALE

In affirming Banco Galicia's ratings, Moody's highlighted the
bank's leading position as the second largest private bank in the
Argentine banking sector, with broad geographic and product
diversification that ensures its 6.7% market share of total loans
and 7.7% share of total deposits. Banco Galicia's recurrent and
diversified earnings generation, as reflected in interest margins
that have been at the 8% level over the past several quarters,
continues to strengthen the bank's capitalization, and provides
adequate cushion against potential unexpected losses. However, the
uncertain operating environment in Argentina and elevated
inflation remain a key challenge for the bank, as for the banking
system as a whole, because rising operating costs and caps on
interest rates constrain the banks' performance, although
regulatory restrictions on dividend distribution support capital
accumulation.

Moody's noted that Banco Galicia has managed to increase the share
of stable and low-cost funding, an important competitive advantage
over its local peers, which is allowing the bank to expand its
loan book considerably to both consumer and corporations, while
preserving its margins. During the first nine months of 2013,
Galicia's loan book was up nearly 15.9%, with a surge in almost
all its credit lines, although this performance is substantially
lower than the 37.8% annual growth reported the year before. The
expansion is the result of an intensive commercial strategy, as
well as major advances in cross-selling and good geographical
coverage through its 260-branch network.

Banco Galicia's non-performing loan ratio, at 2.6%, has increased
from 1.9% as of YE2012, reflecting the bank's fast growth in
retail lending over the past years. However, roughly half of total
consumer loans are to customers that collect their salaries at the
bank, therefore aiding the bank's asset quality. Loan loss
reserves coverage is also sound, at 100.7% of total non-performing
loans or 3.2% over gross loans, indicating that the bank has ample
provisions to withstand potential loan losses.

Nevertheless, we note that over the past several quarters,
competition for deposits is increasing, which may lead to future
margin compression. Moreover, Moody's notes that the unfavorable
operating environment and the uncertainties around government
measures targeting the banking system may constrain Banco
Galicia's operations, as they will the rest of the system, to the
extent the bank has to comply with mandated lending and caps on
lending rates and fees, among other regulations, which can put
pressure on the bank's profitability going forward.

The bank's b3 baseline credit assessment (BCA) reflects Moody's
views that the creditworthiness of Banco Galicia is highly
correlated with that of the Argentine government, as for the whole
banking system, considering its dependence on the domestic
macroeconomic and financial environment, as well as its direct and
indirect exposures to the sovereign. Banco Galicia's deposit
ratings benefit from one notch of support from its b3 standalone
BCA, to reflect the high probability of systemic support derived
from its importance to the banking system.

The negative outlook on Banco de Galicia y Buenos Aires' BFSR and
the local currency deposits and debt ratings is aligned to the
negative outlook on Argentina's government bond ratings.


RSA ARGENTINA: Moody's Puts B1 Global Local Curr. Rating on Review
------------------------------------------------------------------
Moody's Latin America has placed the B1 global local currency and
Aa3.ar Argentine national scale insurance financial strength (IFS)
ratings of Royal and Sun Alliance Seguros (Argentina) S.A. ("RSA
Argentina") on review for possible downgrade.

Ratings Rationale

According to Moody's, the rating review is prompted by RSA
Insurance Group plc's ("RSA") (RSA Argentina's ultimate parent)
public announcement that it would undertake a full review of the
Group's businesses, with a view to (1) improving the Group's
capital strength; (2) optimising the Group's business portfolio;
and (3) delivering a sustainable future dividend policy.

Moody's went on to say that it expects that the group's business
review will consider the rationalization of its operations, and
that one possible implication of this initiative may be the
divestiture of some subsidiaries.

RSA Argentina's global IFS rating currently benefits from two
notches of uplift from the insurer's standalone credit profile,
due to its ownership and both implicit and explicit parental
support. Moody's notes that although RSA's announcement did not
identify specific subsidiaries, regions or countries, any future
statement regarding the possible sale of any given subsidiary,
including RSA Argentina, would indicate its non-core status, and
the likely removal of ongoing parental support for that insurer.

Moody's said that RSA Argentina's ratings are based primarily on
the insurer's improved and sustained profitability and on the
considerable support of the company's shareholder in the form of
reinsurance, capital contributions, and the underwriting
experience and control of the parent group over local operations.
Another credit strength is RSA Argentina's diversified
distribution channels, including direct and telemarketing,
insurance agents, and international brokers. Among the company's
main credit concerns and risks are its considerable exposure to
below-investment grade securities -- reflecting local regulatory
restrictions to invest in foreign assets (consistent with local
peers) -- and Argentina's weak operating environment.

During the review process, Moody's will focus its analysis on any
public announcement made by the Group. A clear indication of
possible divestitures of subsidiaries in the Latin America region
would likely result in a downgrade of RSA Argentina. Conversely,
should the Group affirm continued strategic interest in the
Argentine subsidiary and/or its operations throughout the Latin
America region, the rating of RSA Argentina could be confirmed.

Based in Buenos Aires, RSA Argentina reported total assets of
ARS1.362 million and a net profit of ARS6.6 million for the first
quarter of 2013/14 fiscal year ended September 30, 2013.
Shareholders' equity totaled more than ARS218 million at that
time.


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


BARBADOS: Moody's Lowers Gov't. Bond Rating to 'Ba3'
----------------------------------------------------
Moody's Investors Service has downgraded Barbados's government
bond rating to Ba3 from Ba1. The outlook remains negative. The
two-notch downgrade reflects the following key drivers:

1. Barbados's continued anemic economic growth with limited
prospects for improvement

2. The country's persistently large fiscal deficits, which are
driving further increases in already high debt levels

3. Increasing government liquidity risk, as reflected by greater
reliance on short-term funding and rising cost of funding

4. Rising external vulnerability due to a sharp decrease in
foreign exchange reserves

Moody's has also adjusted Barbados's local-currency bond and
deposit ceilings to Baa3, its long-term foreign-currency bond
ceiling to Ba1, its short-term foreign-currency bond ceiling to
Not-Prime, and its foreign-currency deposit ceiling to B1.

Ratings Rationale

The first driver underlying Moody's decision to downgrade Barbados
by two notches to Ba3 from Ba1 is the country's continued anemic
economic performance. Since 2007, Barbados's growth has averaged -
0.3% annually. After a year of zero growth in 2012, Barbados's
economy has fallen back into recession this year, contracting by
0.7% of GDP in the first nine months. Even in the 10 years prior
to the 2009 recession, GDP growth averaged just 2% annually,
suggesting that the country's growth potential is modest at best.
Moreover, the government's new economic stimulus program is
unlikely to yield significant improvement in growth prospects
given the rising competitive pressures facing the country's two
main industries - tourism and off-shore business and financial
services.

The second driver of the ratings downgrade is the ongoing
deterioration in the government's financial strength, due to
persistently large fiscal deficits and rising debt levels. The
fiscal deficit rose to 8% of GDP in fiscal year ending 31 March
2013 from 4.4% the prior year. In the first six months of the
current fiscal year, the deficit doubled relative to the same
period last year, putting it on course to exceed 10% for the
entire year. In August, however, the government announced a fiscal
adjustment program intended to reduce the deficit to 3.3% of GDP
by 2014/15, and on December 13 it announced plans for widespread
public-sector layoffs. Although these measures should enable the
government to contain growth in the deficit this year and reduce
it somewhat next year, the government will be challenged to meet
its ambitious deficit reduction goals, as fiscal consolidation
efforts will negatively impact growth in the short to medium term.

As a result of large fiscal deficits and declining government
revenues, Barbados's debt burden has climbed sharply and debt
affordability metrics have deteriorated. The debt-to-GDP ratio has
risen to an estimated 96% currently from 85% last year, and
interest now consumes nearly 30% of the government's revenues.
These ratios are already among the highest in the Ba rating
category, and Moody's expects that the government's debt metrics
will continue to rise, albeit at a slower pace than in recent
years.

The third driver informing Moody's decision to downgrade
Barbados's sovereign rating is the deterioration in the
government's debt profile as a result of the significant increase
in domestic short-term borrowings over the past two years. Two
thirds of the government's issuance during 2013 has been short-
term because local investors' appetite for long-term paper has
been insufficient to meet the government's financing requirements.
Consequently, short-term debt jumped to 27% of GDP currently from
18% in 2012, 14% in 2011, and just 7% in 2008, thereby sharply
increasing the government's exposure to interest rate and rollover
risk.

Moody's also notes the sharp increase in the short-term financing
that the central bank has been providing to the government. Since
April 2013, the central bank has purchased more than 50% of the
government's net short-term issuance. Although the Central Bank
purchases have helped stabilize yields on the government's short-
term debt, such a monetization of the public-sector deficit
threatens to add to the pressure on the exchange-rate peg caused
by the recent fall in reserves.

The fourth driver behind the downgrade is the fall in Barbados's
foreign exchange reserves by more than 30% during January-
September to $505 million. The current account deficit jumped to
9.3% from 4.8% in 2012 during the same period, while long-term
private sector capital flows fell to $74 million from $237
million. This decrease in reserves reduces the Central Bank's
ability to support Barbados's currency peg should pressure on the
peg increase further. In order to offset the continuing
deterioration in reserve levels, the government closed last week
on a US$150 million 5-year amortizing syndicated loan after having
shelved a plan in October to issue a global bond amid unsettled
market conditions. The rate on the loan of Libor +700 bps reflects
the increasing market funding stress facing Barbados.

RATIONALE FOR CONTINUED NEGATIVE OUTLOOK

The continued negative outlook on Barbados's rating primarily
incorporates Moody's expectation that the government's debt
metrics are likely to continue to deteriorate. Additional factors
driving the negative outlook are the rating agency's expectation
that (1) Barbados's growth prospects will likely remain subdued;
(2) the recently announced fiscal consolidation plan is unlikely
to reverse current trends in government debt indicators; (3) the
government is likely to face increasing financing costs; and (4)
pressure on the exchange rate peg will continue to increase.

WHAT COULD MOVE THE RATING UP/DOWN

Barbados's rating would face further downward pressure in the
event that the government is unable to achieve its fiscal
consolidation targets, or if growth continues to underperform the
government's expectations, and debt ratios continue to rise as a
result. Moody's could downgrade the rating further if
international reserves continue to decline and/or the government
continues to rely heavily on short-term debt and Central Bank
financing.

While an upgrade is unlikely given the negative outlook, Moody's
could stabilize the outlook if the fiscal consolidation plan leads
to a stabilization of government debt ratios, the economy returns
to growth, the government decreases its reliance on short-term
debt and central bank financing, and international reserves
rebound.

GDP per capita (PPP basis, US$): 25,043 (2012 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 0% (2012 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 2.4% (2012 Actual)

Gen. Gov. Financial Balance/GDP: -8% (2012 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -5.1% (2012 Actual) (also known as
External Balance)

External debt/GDP: 37% (2012 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On December 17, 2013, a rating committee was called to discuss the
rating of the Barbados, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's fiscal or financial strength, including its debt profile,
has materially decreased. The issuer has become increasingly
susceptible to event risks.


COLUMBUS INT'L: Moody's Lowers Rating on $640MM Notes to 'B3'
-------------------------------------------------------------
Moody's Investors Service downgraded Columbus International Inc.
and its USD640 million in global notes to B3 from B2 given the
company's weakened liquidity and aggressive financial management
of near-term debt maturities. The ratings were placed on review
for further downgrade.

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

USD640 million in 11.5% guaranteed senior secured global notes
due 11/20/2014: downgraded to B3 from B2.

Ratings Rationale

The ratings downgrade was based on the company's inability to
delever and persistent negative free cash flow. The aggressive
timeline for the company to refinance USD 640 million in debt
maturing in November 2014 increases Columbus' liquidity risk and
was a driver of the further ratings review. While Moody's
recognizes that the company is seeking to reduce the breakage
costs associated with the refinancing of the notes, waiting too
close to the maturity date exposes it to significantly higher
market and interest rate risks.

As of September 2013, the vast majority of Columbus' outstanding
debt of USD 836 million consists of USD 640 million senior secured
notes that mature in November 2014. Presently, Columbus is not
able to cover this debt payment with internal sources; cash on
hand was USD 70 million and LTM free cash flow was negative USD 57
million after USD 170 million spent on capital expenditures.

Columbus' B3 ratings reflect i) high refinancing and liquidity
risk, ii) modest revenue size and negative free cash flow
generation, iii) high leverage and iv) high business risk derived
from being a small telecom operator in Central America and the
Caribbean. In addition, the company's free cash flow generation is
dependent upon its ability to grow revenues, sustain margins and
reduce capital expenditures. The company's strategy to grow
through acquisitions also limits the rating as it poses certain
event and execution risk. The ratings consider the upside growth
potential for Columbus' cable TV and telecom business in broadband
and the company's solid market shares in its coverage areas.

The ratings are on review for further downgrade. During the
ratings review period, Moody's will monitor the company's
refinancing plan and execution.

Columbus International Inc. ("Columbus") is a privately held
telecommunications and cable TV company based in Barbados.
Columbus provides digital cable television, broadband Internet,
digital landline telephony and corporate data services in
Trinidad, Jamaica, Grenada, Curacao and Barbados. Through its
wholly owned subsidiary, Columbus Networks, the company provides
capacity and IP services and corporate data solutions to
telecommunication carriers and corporations operating in 27
countries in Latin America , the Caribbean and North America.
Through its ringed submarine fiber optic network spanning close to
18,000 km and its 24,000 km terrestrial fiber and coaxial network,
Columbus provides telecom services to a diverse residential and
corporate client base of close to 500,000 customers. Columbus'
customer base is comprised of leading telecom companies such as
Sprint International, Telmex, CanTV, Telefonica, AT&T, Telgua
(fixed line operator in Guatemala and owned by America Movil) and
ETB (fixed line operator in Bogota, Colombia). During LTM ended in
September 2013, Columbus' revenues and adjusted EBITDA margin
amounted to USD 486 million and 46.2%, respectively.


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


CENTRAIS ELECTRICAS: Moody's Raises Issuer Rating to 'Caa1'
-----------------------------------------------------------
Moody's Investors Service upgraded Centrais Electricas do Para's
(CELPA) Issuer rating to Caa1 on the global scale from Ca and to
Caa1.br on the Brazilian National Scale from Ca.br with a stable
outlook. At the same time, Moody's upgraded the rating on CELPA's
former senior unsecured 5-year USD 250 million bond issue to Caa1
on the global scale from Ca.

Moody's upgraded CELPA's ratings to Caa1 as a result of its new
experienced management team, its new shareholder's financial
strength, the positive results from the restructuring measures
implemented to date which has resulted in a better capital
structure and improving operating results.

Moody's last rating action on CELPA was on February 29, 2012 when
Moody's downgraded its global scale rating and the senior
unsecured 5-year USD 250 million bonds issued by CELPA to Ca from
B3 due to CELPA's filing for legal protection against creditors
under the Brazilian bankruptcy and reorganization law on February
28, 2012. At the same time, Moody's downgraded CELPA 's Brazil
National Scale issuer rating to Ca.br from a Caa1.br.

The following ratings were upgraded:

Issuer Ratings to Caa1/Caa1.br from Ca/Ca.br

Senior Unsecured rating on 10.5% 5 year USD 250 million bonds due
June 3, 2016 to Caa1 from Ca

Ratings Rationale

CELPA has been in judicial recovery since February 28, 2012. The
main points approved on CELPA's financial recovery plan on
September 01, 2012 included the following: a BRL 700 million
equity infusion by new owner Equatorial Energia S.A. (Equatorial
Energia, not rated); a transition and restructuring plan approved
by ANEEL; a reschedule of taxes due over a minimum term of 60
months; and a renegotiation and rescheduling of its debt. All of
these items have been implemented; however, Equatorial Energia
still needs to infuse its remaining BRL 250 million in new equity
which will be used to finance part of the capital expenditure
program. Despite its ownership by a financially strong and
experienced shareholder and the above credit positives, CELPA's
future is still viewed as challenging given its still highly
levered capital structure and the material investments that will
be required to achieve ANEEL's energy loss target of 28.5% given
the 36.5% energy losses registered at the end of the recent third
quarter.

CELPA, headquartered in Belem, owns a 30-year concession contract
that expires in 2028, which is subject to a further 30-year
renewal, to distribute electricity to 143 cities in the state of
Para. In the first 9 months of 2013, CELPA sold 5.3 TWh to
approximately 1.99 million consumers, and had net revenues of
BRL1.5 billion which excludes BRL282 million construction revenues
and net loss of BRL118 million.

CELPA is controlled by Equatorial Energia since November 01, 2012
when it acquired 65.2% of CELPA's voting capital from Rede Energia
S.A for just BRL 1.00

Celpa's liquidity has significantly improved with the BRL406
million capital increase in April 2013 and an additional BRL50
million advance for future capital increase in August 2013. These
actions have allowed the company accumulate BRL377 million in cash
and marketable securities. As a result of the capital increase and
debt lengthening, liquidity increased to 0.9x on September 30,
2013 from 0.4x on September 30, 2012. Leverage as measured by net
debt to EBITDA for the last twelve months ended September 2013 was
-7.7x as EBITDA for the period was negative BRL177 million (BRL245
million in 2012). Despite negative amount achieved during the last
twelve-month period, EBITDA for the third quarter 2013 was BRL175
million (excluding non-recurring items such as BRL124 million of
CDE and BRL26 million of non-recurring revenues EBITDA was BRL25
million), evidencing Equatorial management's restructuring
measures are starting to show results.


JBS SA: Agrees to Buy Massa Leve for BRL260 Million
---------------------------------------------------
Paulo Winterstein at The Wall Street Journal reports that JBS SA
agreed to buy a Brazilian pasta maker for BRL260 million (US$110
million), part of which will be paid for with the meatpacker's
shares.

JBS SA signed an agreement to buy Comercio e Industria de Massas
Alimenticias Massa Leve Ltda., a maker of pasta and of fresh and
frozen foods based in the state of Sao Paulo, according to The
Wall Street Journal.  The report relates that JBS SA said it will
pay out BRL200 million in the form of JBS shares it currently
holds.

After a string of high-profile acquisitions in recent years, JBS
is now focusing on integrating its businesses and cutting back on
debt, Chief Executive Wesley Batista said in an interview last
month, the report notes.

The report discloses that JBS SA took a leading position in the
global poultry market when it bought Seara Brasil in June for
close to BRL6 billion.  Now JBS SA wants to cut its debt level to
about three times its earnings before interest, taxes,
depreciation and amortization, or Ebitda, by the end of 2014, from
about four times now, Mr. Batista said, the report relays.

Mr. Batista nevertheless declined to completely rule out more
acquisitions in the coming year.

Headquartered in Sao Paulo, Brazil, JBS S.A. is the world's
largest protein producer in terms of revenues, slaughter capacity
and production. It is the leader beef, chicken and leather player
and a leading lamb producer on a global basis, besides being the
third largest pork producer in the USA. The company has large
scale and diversification, with presence in more than 100
countries.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2013, Fitch Ratings affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of JBS S.A. (JBS) at 'BB-'
as well as its 'A-(bra)' national scale rating.  Fitch has also
affirmed at 'BB-' rating on the notes due in 2016 issued by JBS
and the 'A-(bra)' rating of its debentures due in 2015.


OGX PETROLEO: Has 15 Days to Pay Oil Field Investments
------------------------------------------------------
Jeff Fick at Daily Bankruptcy Review, reports that QGEP
Participacoes said Oleo e Gas Participacoes SA, formerly known as
OGX Petroleo e Gas Participacoes SA -- the distressed oil company
of Brazilian entrepreneur Eike Batista -- has 15 days to pay for
work done developing an offshore oil field or regulators could
kick the firm out of the concession.

As reported in the Troubled Company Reporter - Latin America on
Dec. 30, 2013, Daily Bankruptcy Review said that creditors owed
$5.8 billion by Oleo e Gas Participacoes 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.

According to the report, Oleo e Gas filed for bankruptcy
protection in October and earlier last week struck a preliminary
deal with a major creditor group that would wipe out its debts. In
exchange, creditors would receive shares in the company.  But the
company said that although it "firmly believes that the
implementation of the transaction is feasible, there is no
assurance that the parties will conclude it."

Meanwhile, 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, the report said.  Under last week's accord, creditors
involved indicated they may be prepared to contribute up to $215
million by the end of January, though there is no obligation.

                        About OGX Petroleo

Based in Rio de Janeiro, Brazil, 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.


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


ADVANCED MULTI: Members Receive Wind-Up Report
----------------------------------------------
The members of Advanced Multi Management Advisory Corporation
received on Dec. 17, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Banque Leonardo
          Telephone: +33 1 53 05 28 09 / 03


ALL SEASONS: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of All Seasons Asia Fund Ltd received on Dec. 20,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidators are:

          Roger Priaulx
          Edel Andersen
          c/o Genesis Trust & Corporate Services Ltd.
          Midtown Plaza, 2nd Floor
          Elgin Avenue, George Town
          Grand Cayman
          Cayman Islands KY1-1106
          Telephone: (345) 945 3466
          Facsimile: (345) 945 3470


CIBC BRAZIL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CIBC Brazil Investments LDC received on
Dec. 13, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CIBC Private Equity Management, Inc.
          Kathryn Casparian/Peter Martin
          c/o CIBC World Markets Corp.
          425 Lexington Avenue, 2nd Floor
          New York
          New York 10017
          United States of America
          Telephone: +1 (416) 594 7506


EVERBRIGHT ASHMORE: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Everbright Ashmore Investment Orange (Cayman)
Limited received on Dec. 17, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Maggie Kwok / Phoebe Chan
          Telephone: 852 3656 6005 / 852 3656 6063
          Facsimile: (345) 949-9877


FMIM EQUITY: Members Receive Wind-Up Report
-------------------------------------------
The members of FMIM Equity Event Driven Fund 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:

          Krys Global VL Services Limited
          Christopher Smith at Christopher.Smith@KRyS-Global.com;

          or

          Re: FMIM Equity Event Driven Fund Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 345 947 4700
          Facsimile: +1 345 946 6728


FMIM EQUITY MASTER: Members Receive Wind-Up Report
--------------------------------------------------
The members of FMIM Equity Event Driven Master Fund 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:

          Krys Global VL Services Limited
          Christopher Smith at Christopher.Smith@KRyS-Global.com;

          or

          Re: FMIM Equity Event Driven Fund Limited
          Governor's Square, Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 21237 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: +1 345 947 4700
          Facsimile: +1 345 946 6728


HTC CONSULTANCY: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of HTC Consultancy Services Ltd received on
Dec. 20, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Nigel Clifford
          Hill Top Cottage
          Oulton Norwich
          Norfolk NR11 6NX


IRA LTD: Members Receive Wind-Up Report
---------------------------------------
The members of Ira Ltd. received on Dec. 20, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Raymond E. Whittaker
          FCM LTD.
          Telephone: (345) 946-5125
          Facsimile: (345) 946-5126
          P.O. Box 1982 Grand Cayman KY-1104
          Cayman Islands


JT CAPITAL: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of JT Capital Management Group Limited received
on Nov. 18, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          e-mail: frank.balderamos@mplgroup.com
          Telephone: (345) 925 5976
          Buckingham Square, 2nd Floor
          West Bay Road
          P.O. Box 11735 Grand Cayman KY1-1009
          Cayman Islands


NILE HOLDINGS: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Nile Holdings Limited received on Dec. 20,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


REDSKIN FINANCIAL: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Redskin Financial 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:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


SINEQUANON CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sinequanon Capital received on Dec. 13, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Smeets Law (Cayman)
          Reference: JAPF
          Telephone: +1 (345) 815 2800
          Facsimile: +1 (345) 947 4728
          Cassia Court, Suite 2206
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman KY1-1209
          Cayman Islands


SOUNDPOST CAPITAL: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Soundpost Capital Offshore, 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:

          Ogier
          Name: Desiree Jacob
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877


TITIAN ABSOLUTE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Titian Absolute Return Fund Platform SPC
received on Dec. 13, 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


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


AEROPUERTOS DOMINICANOS: Moody's Affirms Ba3 Rating on $550M Notes
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 rating of the US
$550 million senior notes issued by Aeropuertos Dominicanos Siglo
XXI, S.A. ("Aerodom"). The rating carries a stable outlook. The
affirmation reflects our assessment of the credit impact of recent
developments including the unresolved legal proceedings concerning
Inmobiliaria Fumisa and the Mexico City International Airport
(AICM) regarding the lease that expires December 31, 2013.

Outlook Actions:

Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.

Outlook, Remains Stable

Affirmations:

Issuer: Aeropuertos Dominicanos Siglo XXI, S.A.

Senior Secured Regular Bond/Debenture Nov 13, 2019, Affirmed Ba3

Ratings Rationale

Aerodom operates 6 of the 9 airports in the Dominican Republic,
including one of the largest (Las Americas International Airport
in Santo Domingo), through a long-term concession granted by the
federal government. Aerodom is one of two wholly-owned operating
subsidiaries of Latin American Airports Holdings Ltd. ("LAAH").
The other operating subsidiary, Fumisa, has a master lease
agreement with the AICM which grants them the exclusive right to
sublease over 38,000 square meters of commercial space in Terminal
1 of the airport. The debt issuance is guaranteed by LAAH, which
is 86%-owned by Advent International, a global private equity firm
with significant presence in Latin America, as well as LAAH's
subsidiary holding companies.

Fumisa and the AICM are involved in ongoing legal proceedings
relating to the terms of the Master Lease, specifically with the
calculation of Fumisa's internal rate of return (IRR), which under
the lease terms do not allow for termination of the lease
agreement until Fumisa's IRR reaches 12.82%. While Fumisa's
calculation of the IRR is well below the required IRR, the AICM
has not agreed with that calculation.

In order to preserve its rights to continue operating Terminal 1
beyond the expiration date of December 31, 2013, Fumisa initiated
a new proceeding requesting retention of the leased premises until
the terms of the agreement are met. The court granted the request
in April 2013, directing AICM to respect Fumisa's rights over the
property covered by the lease until Fumisa achieves the target IRR
of 12.82% or until the injunction is withdrawn by a competent
court. AICM continues to challenge the injunction. As of November,
Fumisa has already negotiated terms for a new sublease contracts
that account for 36% of the company's sublease revenues. The rest
of the contracts is expected to be negotiated over the following
days.

Last September, the Senate of the Dominican Republic began an
investigation on Aerodom's Senior Notes. Allegedly, the concession
would be violated if the issuance needed approval from the Airport
Commission; also the senate investigates if said issuance had
violated applicable local securities regulations because it was
not registered with the local securities commission. Aerodom and
its legal counsels believe that under the concession contract no
prior authorization by the Airport Commission was required to
issue debt, and since the Senior Notes issuance was made as a
private offering, the registration of the securities with the
local securities commission was not required. The investigation is
ongoing at this time but Aerodom expects a resolution in the
following days. Moody's will continue to monitor the evolution of
the investigation and when resolved, will assess if there's any
potential impact on the rating.

The rating outlook is stable, reflecting our expectation that
despite the legal dispute and the investigation, cash flows will
remain stable. The rating and outlook acknowledge the importance
of these assets to their local economies, and the relatively solid
financial metrics. The ratings could face upward pressure due to
continued growth in passenger levels that increases revenue above
projections, positive outcomes with regard to government
involvement in the Fumisa master lease and the development of a
satisfactory plan to address the refunding risk associated with
the 2019 bullet payment maturity could place positive pressure on
the rating.

Negative rating pressure could develop as a result of an adverse
outcome regarding Fumisa's lease at the Mexico City International
Airport or with respect to the investigation in the Dominican
Republic. Furthermore, a downward trend in the Dominican
Republic's tourism industry, or any other event that causes
passenger volumes to stagnate or decline, would have a negative
impact on the rating. Additionally, should debt service coverage
fall below 1.5 times on a sustained basis, according to Moody's
calculated annuity DSCR, additional debt issuance, or a
significant change in the condition of any of the main airports
due to a natural disaster would be viewed as a credit negative.


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


DIGICEL GROUP: To Boost Broadband Offerings Across the Region
-------------------------------------------------------------
RJR News reports that Digicel Group Limited has acquired new
submarine fibre optics, which will help it to boost its broadband
offerings across the region.

Digicel Group said that the fibre optics have been acquired to
improve its linkage between Trinidad & Tobago and Guadeloupe, as
well as to build a capacity between Guadeloupe and Puerto Rico,
according to RJR News.

The report notes that the financial terms of the contract are not
being disclosed; and the transaction is subject to regulatory
approval.

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.


SAGICOR LIFE: Jamaica Unit Will be Replaced in JSE
--------------------------------------------------
RJR News reports that effective Dec. 23, 2013, Sagicor Life
Jamaica will be replaced on the Jamaica Stock Exchange by Sagicor
Group Jamaica.

With the change, shareholders of Sagicor Life Jamaica will hold
the same number of shares in Sagicor Group at the same value,
according to RJR News.

The report notes that Sagicor Group was recently formed as a
holding company to enable improved capital management and align
the entity's organizational structure with the requirements of the
new omnibus legislation for deposit taking institutions.

The share exchange was approved by the Supreme Court, the
Registrar of Companies and stockholders who voted unanimously in
favour of the Scheme of Arrangement at an extraordinary general
meeting in September, the report relates.

Day-to-day operations of Sagicor Life Jamaica and its
subsidiaries, including Sagicor Investments and Sagicor Bank will
not be affected by the reorganization, the report notes.

The Sagicor Jamaica group is ultimately owned by Sagicor Financial
Corporation of Barbados.

Headquartered in St. Michael, Barbados, Sagicor Life Inc. --
http://www.sagicorlife.com/-- is a financial services company,
through its subsidiaries, offers life and health insurance,
annuities, pensions, property and casualty insurance, and banking
services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2013, Standard & Poor's Ratings Services said that the
'BB+' financial strength and counterparty credit ratings on
Sagicor Life Inc. (Sagicor) and its 'BB-' issue-level ratings on
Sagicor Finance Ltd. remain on CreditWatch with negative
implications where S&P placed them on Feb. 13, 2012.


SANDALS RESORTS: Unique Vacations Names New President
-----------------------------------------------------
RJR News reports that Unique Vacations has named Ellen Bettridge
as its new president.

Ms. Bettridge, who previously served as President of the Americas
for luxury cruise line Silversea, will be based in Miami, starting
in the post on January 6, according to RJR News.

Unique Vacations is the exclusive representative for Sandals
Resorts International in the Americas.

The report notes that Sandals has been on a major expansion push
of late, opening a new property in Barbados last month and set to
open a new resort in Grenada this month.

                        About Sandals Resorts

Sandals Resorts is an operator of all-inclusive resorts for
couples in the Caribbean and part of Sandals Resorts International
(SRI), parent company of Sandals Resorts, Beaches Resorts, Grand
Pineapple Beach Resorts, Fowl Cay Resort and several private
villas. Founded by Jamaican-born Gordon "Butch" Stewart in 1981,
SRI is based in Montego Bay, Jamaica and is responsible for resort
development, service standards, training and day-to-day
operations.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 28, 2013, RJR News said that the Sandals Resorts
International chain has reached an agreement with the Bahamian
government that will help alleviate the cost of running its resort
on the island of Great Exuma.  Gordon 'Butch' Stewart, the founder
of Sandals, last year said the Sandals Emerald Bay on Great Exuma
was in a dire situation because of high operating costs and
insufficient airlift, according to RJR News.  RJR News related
that the hotel chain said its effort involved looking to the
Bahamas government for solutions.


* JAMAICA: To Benefit From Increase in Aluminum Price on Market
---------------------------------------------------------------
RJR News reports that things are looking up for Jamaica's mining
sector in 2014, with the price of aluminum on the world market
expected to rise.

Japanese conglomerate Marubeni Corporation expects aluminum price
on the London Metal Exchange (LME) to gradually rise next year to
as high as US$2,300 a ton, according to RJR News.  It has based
its forecast to, among other things, strong demand in Asia, the
report relates.

LME aluminum prices have lost almost 14 per cent this year to
trade close to US$1,800 a ton on Dec. 27.

Marubeni is forecasting that the price of aluminum will range from
US$1,950 to US$2, 300 in the fourth quarter, moving up from an
expected US$1,750 to US$1,950 dollar range in the first quarter,
the report notes.



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


BANCO VE POR MAS: Moody's Affirms 'D-' Bank Fin'l. Strength Rating
----------------------------------------------------------------
Moody's de Mexico affirmed all ratings on Banco Ve por Mas, S.A.
(BX+), including the D- standalone bank financial strength rating,
which maps to a ba3 baseline credit assessment (BCA). Moody's also
affirmed the bank's long-term and short-term local and foreign
currency deposit ratings of Ba3 and Not Prime, respectively, as
well as the long-term and short-term Mexican National Scale
deposit ratings of A3.mx and MX-2, respectively. The outlook on
all ratings is stable.

This rating action does not affect the ratings on Arrendadora Ve
por Mas, S.A. and Casa de Bolsa Ve por Mas, S.A.

List of Affected Ratings

The following ratings on BX+ were affirmed, with a stable outlook:

- Standalone bank financial strength rating: D-

- Long-term global local currency deposit rating: Ba3

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

- Long-term foreign currency deposit rating: Ba3

- Short-term foreign currency deposit rating: Not Prime

- Long-term Mexican National Scale deposit rating: A3.mx

- Short-term Mexican National Scale deposit rating: MX-2

Ratings Rationale

Moody's affirmation of BX+'s ratings, takes into account the
bank's December 11, 2013 announcement of its strategic alliance
with Banco Popular Espanol (Banco Popular, Ba3 Negative, E+/b1
negative), in which Banco Popular will invest MXN1.7 billion in
the first half of 2014 to further develop BX+'s lending to small
and medium-sized enterprises (SME). BX+ management aims to triple
the bank's current SME loan book over a five-year horizon, as it
taps into a growing and underserved business segment. Moody's
views the association positively but notes the inherent credit and
execution risks that can be associated with such an expansion.
Banco Popular's expertise in developing this segment in Spain will
support BX+'s management knowledge of the Mexican market and its
idiosyncrasies, including an elevated level of informality.

In affirming BX+ deposit ratings, Moody's noted the bank's good
financial profile, as reflected in its consistent earnings
generation and margins, comfortable capitalization and adequate
asset quality metrics. In particular, the low credit risk profile
of BX+'s loan portfolio reflects the large share of its loans that
are partially guaranteed by various government-related programs.
Because of the guaranteed nature of these loans, which account for
around 60% of the bank's total loans and are less capital
consuming, BX+ capital adequacy is comfortable, with Tier 1 ratio
of 10.4% as of September 2013. The bank has also proven its
ability to grow its customer deposit base, but these funds come at
a higher cost compared to peers' funds.

The ratings on BX+ continue to be constrained by the bank's small
scale in absolute terms, and the challenges posed by BX+'s limited
scope business strategy with particular emphasis on financing the
relatively riskier agricultural and SME sectors. Management plans
to expand the bank's market presence are supported by signs of
economic growth and by the opportunities that may derive from
relevant reforms introduced by the current administration, which
are likely to boost the potential for SME lending and growth over
the next years.

Moody's assigns a long-term global local currency deposit rating
of Ba3 to BX+. This rating is at the same level as the bank's
unsupported BCA. Considering the bank's small size and systemic
relevance, Moody's assigns no probability of systemic support and
thus there is no lift from the BCA. No probability of parental
support for the bank's ratings is incorporated either

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

The principal methodologies used in this rating were the Global
Banks Methodology published in May 2013 and the Global Securities
Industry Methodology published in May 2013.

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

The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's and BX+); year-end 2012 and 2011 audited financial
statements (source: BX+, audited by Galaz, Yamazaki, Ruiz Urquiza,
S.C. member of Deloitte Touche Tohmatsu Limited, and Moody's);
information on market position (source: CNBV); and regulatory
capital information (source: Banxico).

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

BX+ is headquartered in Mexico City. As of September 30, 2013, it
had total assets of MXN21.7 billion, MXN12.3 billion in loans,
MXN9.0 billion in deposits and MXN1.6 billion in shareholders'
equity.


DEUTSCHE BANK MEXICO: Moody's Retains 'D' BFSR
----------------------------------------------
Moody's de Mexico changed the outlook on Deutsche Bank Mexico,
S.A.'s (DB Mexico) supported deposit ratings to negative, from
stable. These include DB Mexico's long-term and short- term global
local currency (GLC) and foreign currency deposit ratings of Baa2
and Prime-2, and long-term and short- term Mexican National Scale
deposit ratings of Aa1.mx and Prime-2. The outlook on the bank's D
standalone bank financial strength rating was unaffected by this
rating action.

At the same time, Moody's de Mexico changed the outlook on
Deutsche Securities Mexico, S.A. de C.V.'s (DS Mexico) supported
issuer ratings to negative, from stable. These include DS Mexico's
long-term and short- term local currency issuer ratings of Baa2
and Prime-3, and long-term and short- term Mexican National Scale
issuer ratings of Aa1.mx and Prime-2.

List of Ratings Affected

The outlook on the following ratings of DB Mexico was changed to
negative, from stable:

- Long-term global local currency deposit rating of Baa2

- Short-term global local currency deposit of Prime-2

- Long-term foreign currency deposit rating of Baa2

- Short-term foreign currency deposit of Prime-2

- Long-term Mexican National Scale deposit rating of Aa1.mx

- Short-term Mexican National Scale deposit rating of MX-1

The outlook on the following ratings of DS Mexico was changed to
negative, from stable:

- Long-term global local currency issuer rating of Baa2

- Short-term global local currency issuer rating of Prime-2

- Long-term Mexican National Scale issuer rating of Aa1.mx

- Short-term Mexican National Scale issuer rating of MX-1

Ratings Rationale

The change in outlook to negative from stable on DB Mexico's and
DS Mexico's supported ratings follow a similar action taken on the
standalone bank financial strength rating (BFSR) of C- of parent
Deutsche Bank AG (Deutsche) on which the ratings are anchored.

DB Mexico's Baa2 supported ratings are based on the bank's
standalone baseline credit assessment (BCA) of ba2 and enhanced by
three notches given Moody's assessment of a very high probability
of parental support from its direct 100% parent, Deutsche, whose
standalone C- BFSR maps to a standalone BCA of baa2.

Moody's said that the outlook on the bank's and broker's
standalone ratings remains stable. DB Mexico's standalone ba2
takes into account the bank's limited-scope business model
centered on trading and wholesale banking, particularly fixed
income, derivatives (trading and hedging), equity trading and
equity derivatives, and trust and advisory services. Relative to
more diversified bank operations (e.g. universal banks with retail
component), DB Mexico's core earnings are less predictable
resulting in lower franchise value. By contrast, factors
underpinning the ba2 standalone credit strength include the bank's
consistent financial performance over time as well as a gradual
positioning in its core market segments; this has increased the
bank's visibility and relevance in the Mexican trading markets.
The standalone credit assessment is also underpinned by the bank's
relatively low risk profile because of its high degree of
integration with its parent bank and the transfer of a significant
portion of the risks related to its trading and investment banking
activities to other entities of the Deutsche Bank network.

DS Mexico's Baa2 supported ratings are based on its standalone BCA
of ba3 and enhanced by four notches given Moody's assessment of
very high support from its direct 100% parent, Deutsche. Moody's
cited that DS Mexico's ba3 standalone BCA reflects the brokerage
house's limited franchise value on a standalone basis. This entity
is highly integrated to its sister bank DB M‚xico, and shares
infrastructure, staff, risk management practices and customer base
and is seen as a LOB that complements the product offering of its
sister company. DS Mexico's market share and business potential
would therefore be very limited, if not for the revenue, cost,
business and operational synergies it derives from its
relationship with of DB Mexico.

The long-term Mexican National Scale ratings of Aa.mx indicate
issuers or issues with very strong creditworthiness relative to
other domestic issuers. The short- term Mexican National Scale
ratings of issuers rated MX-1 indicate the strongest ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The principal methodologies used in these ratings were Global
Banks published in May 2013 and Global Securities Industry
Methodology published in May 2013.

The period of time covered in the financial information used to
determine the rating is between December 31, 2008 and September
30, 2013 (source: Moody's, Deutsche Mexico and Deutsche
Securities).

The sources and items of information used to determine the rating
include 2012 and 2013 interim financial statements (source:
Moody's, Deutsche Mexico and Deutsche Securities); year-end 2012
and 2011 audited financial statements (source: Moody's, Deutsche
Mexico and Deutsche Securities, audited by KPMG Cardenas Dosal, S.
C. member of KPMG International); financial statements and
information on market position (source: CNBV); regulatory capital
information (source: Banxico).

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

DB Mexico is headquartered in Mexico City, Mexico. As of
September 30, 2013, it had total assets of MXN222.2 billion and
total shareholder's equity of MXN2.9 billion.

DS Mexico is headquartered in Mexico City, Mexico. As of September
30, 2013, it had total assets of MXN$1.9 billion and total
shareholder's equity of MXN1.2 billion.


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


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         18737018.1     -11880129.9
ALL ORE MINERACA       STLB3 BZ         18737018.1     -11880129.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642256.1     -17154462.1
ARTHUR LAN-DVD P       ARLA12 BZ        11642256.1     -17154462.1
ARTHUR LANGE           ARLA3 BZ         11642256.1     -17154462.1
ARTHUR LANGE SA        ALICON BZ        11642256.1     -17154462.1
ARTHUR LANGE-PRF       ARLA4 BZ         11642256.1     -17154462.1
ARTHUR LANGE-PRF       ALICPN BZ        11642256.1     -17154462.1
ARTHUR LANG-RC C       ARLA9 BZ         11642256.1     -17154462.1
ARTHUR LANG-RC P       ARLA10 BZ        11642256.1     -17154462.1
ARTHUR LANG-RT C       ARLA1 BZ         11642256.1     -17154462.1
ARTHUR LANG-RT P       ARLA2 BZ         11642256.1     -17154462.1
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159454013      -52992212
BATTISTELLA            BTTL3 BZ         174796731      -28588662.7
BATTISTELLA-PREF       BTTL4 BZ         174796731      -28588662.7
BATTISTELLA-RECE       BTTL9 BZ         174796731      -28588662.7
BATTISTELLA-RECP       BTTL10 BZ        174796731      -28588662.7
BATTISTELLA-RI P       BTTL2 BZ         174796731      -28588662.7
BATTISTELLA-RIGH       BTTL1 BZ         174796731      -28588662.7
BIOMM SA               BIOM3 BZ         11534236.1     -12761895.5
BIOMM SA-PREF          BIOM4 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM1 BZ         11534236.1     -12761895.5
BIOMM SA-RT            BIOM2 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM9 BZ         11534236.1     -12761895.5
BIOMM SA-RTS           BIOM10 BZ        11534236.1     -12761895.5
BOMBRIL                BMBBF US         322039321      -20271461.5
BOMBRIL                FPXE4 BZ         19416016       -489914907
BOMBRIL                BOBR3 BZ         322039321      -20271461.5
BOMBRIL CIRIO SA       BOBRON BZ        322039321      -20271461.5
BOMBRIL CIRIO-PF       BOBRPN BZ        322039321      -20271461.5
BOMBRIL HOLDING        FPXE3 BZ         19416016       -489914907
BOMBRIL SA-ADR         BMBPY US         322039321      -20271461.5
BOMBRIL SA-ADR         BMBBY US         322039321      -20271461.5
BOMBRIL-PREF           BOBR4 BZ         322039321      -20271461.5
BOMBRIL-RGTS PRE       BOBR2 BZ         322039321      -20271461.5
BOMBRIL-RIGHTS         BOBR1 BZ         322039321      -20271461.5
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         97892219.8     -29984241.8
BUETTNER SA            BUETON BZ        97892219.8     -29984241.8
BUETTNER SA-PRF        BUETPN BZ        97892219.8     -29984241.8
BUETTNER SA-RT P       BUET2 BZ         97892219.8     -29984241.8
BUETTNER SA-RTS        BUET1 BZ         97892219.8     -29984241.8
BUETTNER-PREF          BUET4 BZ         97892219.8     -29984241.8
CAF BRASILIA           CAFE3 BZ         160938144      -149281093
CAF BRASILIA-PRF       CAFE4 BZ         160938144      -149281093
CAFE BRASILIA SA       CSBRON BZ        160938144      -149281093
CAFE BRASILIA-PR       CSBRPN BZ        160938144      -149281093
CAIUA ELEC-C RT        ELCA1 BZ         1068602117     -71011565.8
CAIUA SA               ELCON BZ         1068602117     -71011565.8
CAIUA SA-DVD CMN       ELCA11 BZ        1068602117     -71011565.8
CAIUA SA-DVD COM       ELCA12 BZ        1068602117     -71011565.8
CAIUA SA-PREF          ELCPN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCAN BZ         1068602117     -71011565.8
CAIUA SA-PRF A         ELCA5 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCA6 BZ         1068602117     -71011565.8
CAIUA SA-PRF B         ELCBN BZ         1068602117     -71011565.8
CAIUA SA-RCT PRF       ELCA10 BZ        1068602117     -71011565.8
CAIUA SA-RTS           ELCA2 BZ         1068602117     -71011565.8
CAIVA SERV DE EL       1315Z BZ         1068602117     -71011565.8
CELGPAR                GPAR3 BZ         224346596      -1034483222
CELPA                  CELP3 BZ         1983995394     -26345832
CELPA-PREF A           CELP5 BZ         1983995394     -26345832
CELPA-PREF B           CELP6 BZ         1983995394     -26345832
CELPA-PREF C           CELP7 BZ         1983995394     -26345832
CELPA-RCT              CELP9 BZ         1983995394     -26345832
CELPA-RTS              CELP1 BZ         1983995394     -26345832
CENTRAL COST-ADR       CCSA LI          355868840      -87473853.9
CENTRAL COSTAN-B       CRCBF US         355868840      -87473853.9
CENTRAL COSTAN-B       CNRBF US         355868840      -87473853.9
CENTRAL COSTAN-C       CECO3 AR         355868840      -87473853.9
CENTRAL COST-BLK       CECOB AR         355868840      -87473853.9
CIA PETROLIFERA        MRLM3 BZ         377602206      -3014291.81
CIA PETROLIFERA        MRLM3B BZ        377602206      -3014291.81
CIA PETROLIFERA        1CPMON BZ        377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4 BZ         377602206      -3014291.81
CIA PETROLIF-PRF       MRLM4B BZ        377602206      -3014291.81
CIA PETROLIF-PRF       1CPMPN BZ        377602206      -3014291.81
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75975325.5     -2148311127
COBRASMA SA            COBRON BZ        75975325.5     -2148311127
COBRASMA SA-PREF       COBRPN BZ        75975325.5     -2148311127
COBRASMA-PREF          CBMA4 BZ         75975325.5     -2148311127
D H B                  DHBI3 BZ         110495985      -162541778
D H B-PREF             DHBI4 BZ         110495985      -162541778
DHB IND E COM          DHBON BZ         110495985      -162541778
DHB IND E COM-PR       DHBPN BZ         110495985      -162541778
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
EDENOR-B               DNOR AR          1394532241     -3893195.34
EDENOR-B               EDN AR           1394532241     -3893195.34
EDENOR-B               EDNC AR          1394532241     -3893195.34
EDENOR-B               EDND AR          1394532241     -3893195.34
EDENOR-B C/E           DNORC AR         1394532241     -3893195.34
EDENOR-B US$           DNORD AR         1394532241     -3893195.34
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
EMP DISTRIB-ADR        EDN US           1394532241     -3893195.34
EMP DISTRIB-ADR        PWD1 GR          1394532241     -3893195.34
EMPRESA DISTRI-A       0122196D AR      1394532241     -3893195.34
EMPRESA DISTRI-C       0122368D AR      1394532241     -3893195.34
ENDESA COST-ADR        CRCNY US         355868840      -87473853.9
ENDESA COSTAN-         CECO2 AR         355868840      -87473853.9
ENDESA COSTAN-         CECOD AR         355868840      -87473853.9
ENDESA COSTAN-         CECOC AR         355868840      -87473853.9
ENDESA COSTAN-         EDCFF US         355868840      -87473853.9
ENDESA COSTAN-A        CECO1 AR         355868840      -87473853.9
ESTRELA SA             ESTR3 BZ         71379818.6     -111239805
ESTRELA SA             ESTRON BZ        71379818.6     -111239805
ESTRELA SA-PREF        ESTR4 BZ         71379818.6     -111239805
ESTRELA SA-PREF        ESTRPN BZ        71379818.6     -111239805
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18875306.2     -40047314.2
FERRAGENS HAGA         HAGAON BZ        18875306.2     -40047314.2
FERRAGENS HAGA-P       HAGAPN BZ        18875306.2     -40047314.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18875306.2     -40047314.2
HOTEIS OTHON SA        HOOT3 BZ         227432125      -70780169.8
HOTEIS OTHON SA        HOTHON BZ        227432125      -70780169.8
HOTEIS OTHON-PRF       HOOT4 BZ         227432125      -70780169.8
HOTEIS OTHON-PRF       HOTHPN BZ        227432125      -70780169.8
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         219009123      -69129785
IGUACU CAFE            IGCSON BZ        219009123      -69129785
IGUACU CAFE            IGUCF US         219009123      -69129785
IGUACU CAFE-PR A       IGUA5 BZ         219009123      -69129785
IGUACU CAFE-PR A       IGCSAN BZ        219009123      -69129785
IGUACU CAFE-PR A       IGUAF US         219009123      -69129785
IGUACU CAFE-PR B       IGUA6 BZ         219009123      -69129785
IGUACU CAFE-PR B       IGCSBN BZ        219009123      -69129785
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         54968258.7     -3370955902
LOJAS ARAPUA           LOARON BZ        54968258.7     -3370955902
LOJAS ARAPUA-GDR       3429T US         54968258.7     -3370955902
LOJAS ARAPUA-GDR       LJPSF US         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOAR4 BZ         54968258.7     -3370955902
LOJAS ARAPUA-PRF       LOARPN BZ        54968258.7     -3370955902
LOJAS ARAPUA-PRF       52353Z US        54968258.7     -3370955902
LUPATECH SA            LUPA3 BZ         684389276      -151417630
LUPATECH SA            LUPAF US         684389276      -151417630
LUPATECH SA -RCT       LUPA9 BZ         684389276      -151417630
LUPATECH SA-ADR        LUPAY US         684389276      -151417630
LUPATECH SA-RT         LUPA11 BZ        684389276      -151417630
LUPATECH SA-RTS        LUPA1 BZ         684389276      -151417630
MINUPAR                MNPR3 BZ         119382337      -92195102.2
MINUPAR SA             MNPRON BZ        119382337      -92195102.2
MINUPAR SA-PREF        MNPRPN BZ        119382337      -92195102.2
MINUPAR-PREF           MNPR4 BZ         119382337      -92195102.2
MINUPAR-RCT            9314634Q BZ      119382337      -92195102.2
MINUPAR-RCT            0599564D BZ      119382337      -92195102.2
MINUPAR-RCT            MNPR9 BZ         119382337      -92195102.2
MINUPAR-RT             9314542Q BZ      119382337      -92195102.2
MINUPAR-RT             0599562D BZ      119382337      -92195102.2
MINUPAR-RTS            MNPR1 BZ         119382337      -92195102.2
NORDON MET             NORD3 BZ         11154278.4     -30655920.5
NORDON METAL           NORDON BZ        11154278.4     -30655920.5
NORDON MET-RTS         NORD1 BZ         11154278.4     -30655920.5
NOVA AMERICA SA        NOVA3 BZ         21287490.2     -183535537
NOVA AMERICA SA        NOVA3B BZ        21287490.2     -183535537
NOVA AMERICA SA        NOVAON BZ        21287490.2     -183535537
NOVA AMERICA SA        1NOVON BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4 BZ         21287490.2     -183535537
NOVA AMERICA-PRF       NOVA4B BZ        21287490.2     -183535537
NOVA AMERICA-PRF       NOVAPN BZ        21287490.2     -183535537
NOVA AMERICA-PRF       1NOVPN BZ        21287490.2     -183535537
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          64304554.3     -1269120.57
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23274759.4     -4575396.32
PUYEHUE RIGHT          PUYEHUOS CI      23274759.4     -4575396.32
RECRUSUL               RCSL3 BZ         41210099.9     -18423894.9
RECRUSUL - RCT         4529789Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         4529793Q BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163582D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0163583D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614675D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         0614676D BZ      41210099.9     -18423894.9
RECRUSUL - RCT         RCSL10 BZ        41210099.9     -18423894.9
RECRUSUL - RT          4529781Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          4529785Q BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163579D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0163580D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614673D BZ      41210099.9     -18423894.9
RECRUSUL - RT          0614674D BZ      41210099.9     -18423894.9
RECRUSUL SA            RESLON BZ        41210099.9     -18423894.9
RECRUSUL SA-PREF       RESLPN BZ        41210099.9     -18423894.9
RECRUSUL SA-RCT        RCSL9 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL1 BZ         41210099.9     -18423894.9
RECRUSUL SA-RTS        RCSL2 BZ         41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL11 BZ        41210099.9     -18423894.9
RECRUSUL-BON RT        RCSL12 BZ        41210099.9     -18423894.9
RECRUSUL-PREF          RCSL4 BZ         41210099.9     -18423894.9
REDE EMP ENE ELE       ELCA4 BZ         1068602117     -71011565.8
REDE EMP ENE ELE       ELCA3 BZ         1068602117     -71011565.8
REDE EMPRESAS-PR       REDE4 BZ         1068602117     -71011565.8
REDE ENERGIA SA        REDE3 BZ         1068602117     -71011565.8
REDE ENERG-UNIT        REDE11 BZ        1068602117     -71011565.8
REDE ENER-RCT          3907731Q BZ      1068602117     -71011565.8
REDE ENER-RCT          REDE9 BZ         1068602117     -71011565.8
REDE ENER-RCT          REDE10 BZ        1068602117     -71011565.8
REDE ENER-RT           3907727Q BZ      1068602117     -71011565.8
REDE ENER-RT           REDE1 BZ         1068602117     -71011565.8
REDE ENER-RT           REDE2 BZ         1068602117     -71011565.8
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         89516044.1     -84915135
RENAUXVIEW SA-PF       TXRX4 BZ         89516044.1     -84915135
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         22323863.1     -3810831.28
SANSUY                 SNSY3 BZ         180592889      -139972527
SANSUY SA              SNSYON BZ        180592889      -139972527
SANSUY SA-PREF A       SNSYAN BZ        180592889      -139972527
SANSUY SA-PREF B       SNSYBN BZ        180592889      -139972527
SANSUY-PREF A          SNSY5 BZ         180592889      -139972527
SANSUY-PREF B          SNSY6 BZ         180592889      -139972527
SAUIPE                 PSEG3 BZ         18741726.8     -4445594.67
SAUIPE SA              PSEGON BZ        18741726.8     -4445594.67
SAUIPE SA-PREF         PSEGPN BZ        18741726.8     -4445594.67
SAUIPE-PREF            PSEG4 BZ         18741726.8     -4445594.67
SCHLOSSER              SCLO3 BZ         57116503.7     -55719510.4
SCHLOSSER SA           SCHON BZ         57116503.7     -55719510.4
SCHLOSSER SA-PRF       SCHPN BZ         57116503.7     -55719510.4
SCHLOSSER-PREF         SCLO4 BZ         57116503.7     -55719510.4
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         18737018.1     -11880129.9
STEEL - RT             STLB1 BZ         18737018.1     -11880129.9
TEKA                   TKTQF US         371193871      -375865470
TEKA                   TEKA3 BZ         371193871      -375865470
TEKA                   TEKAON BZ        371193871      -375865470
TEKA-ADR               TEKAY US         371193871      -375865470
TEKA-ADR               TKTPY US         371193871      -375865470
TEKA-ADR               TKTQY US         371193871      -375865470
TEKA-PREF              TKTPF US         371193871      -375865470
TEKA-PREF              TEKA4 BZ         371193871      -375865470
TEKA-PREF              TEKAPN BZ        371193871      -375865470
TEKA-RCT               TEKA9 BZ         371193871      -375865470
TEKA-RCT               TEKA10 BZ        371193871      -375865470
TEKA-RTS               TEKA1 BZ         371193871      -375865470
TEKA-RTS               TEKA2 BZ         371193871      -375865470
TEXTEIS RENA-RCT       TXRX9 BZ         89516044.1     -84915135
TEXTEIS RENA-RCT       TXRX10 BZ        89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX1 BZ         89516044.1     -84915135
TEXTEIS RENAU-RT       TXRX2 BZ         89516044.1     -84915135
TEXTEIS RENAUX         RENXON BZ        89516044.1     -84915135
TEXTEIS RENAUX         RENXPN BZ        89516044.1     -84915135
VARIG PART EM SE       VPSC3 BZ         83017833.2     -495721727
VARIG PART EM TR       VPTA3 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPTA4 BZ         49432124.7     -399290401
VARIG PART EM-PR       VPSC4 BZ         83017833.2     -495721727
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         591011112      -26163506.4
VULCABRAS AZ-PRF       VULC4 BZ         591011112      -26163506.4
VULCABRAS SA           VULCON BZ        591011112      -26163506.4
VULCABRAS SA-PRF       VULCPN BZ        591011112      -26163506.4
VULCABRAS-RCT          VULC9 BZ         591011112      -26163506.4
VULCABRAS-REC PR       VULC10 BZ        591011112      -26163506.4
VULCABRAS-RECEIP       0853207D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        0853205D BZ      591011112      -26163506.4
VULCABRAS-RIGHT        VULC2 BZ         591011112      -26163506.4
VULCABRAS-RT PRF       VULC11 BZ        591011112      -26163506.4
VULCABRAS-RTS          VULC1 BZ         591011112      -26163506.4
WETZEL SA              MWET3 BZ         95682256.3     -5467518.71
WETZEL SA              MWELON BZ        95682256.3     -5467518.71
WETZEL SA-PREF         MWET4 BZ         95682256.3     -5467518.71
WETZEL SA-PREF         MWELPN BZ        95682256.3     -5467518.00


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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

                            ***********

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

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

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

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

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

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


                   * * * End of Transmission * * *