TCRLA_Public/140103.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

           Friday, January 3, 2014, Vol. 15, No. 2


                            Headlines



A R G E N T I N A

GOAL RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating


B A H A M A S

ULTRAPETROL (BAHAMAS): Discloses Exchange Offer Results


B R A Z I L

ALUPAR INVESTIMENTO: Acquires La Virgen's 7,176,000 Common Shares
ALUPAR INVESTIMENTO: Moody's Affirms 'Ba1' Global Scale CFR
EVEN CONSTRUTORA: Fitch Withdraws 'BB' Issuer Default Rating
REDE ENERGIA: Fitch Affirms & Withdraws 'D' Issuer Default Ratings


C A Y M A N  I S L A N D S

ANCHOR POINT: Placed Under Voluntary Wind-Up
BENEFITS AMERICA: Commences Liquidation Proceedings
C4 SYSTEMS: Placed Under Voluntary Wind-Up
COLCHIS/LC INCOME: Commences Liquidation Proceedings
FIFTH SQUARE A: Commences Liquidation Proceedings

FIFTH SQUARE B: Commences Liquidation Proceedings
HCP BEIJING: Commences Liquidation Proceedings
HCP CRC: Commences Liquidation Proceedings
OPTINVEST SPC: Creditors' Proofs of Debt Due Jan. 6
ORION INVESTMENTS: Commences Liquidation Proceedings

RADIN SPV: Placed Under Voluntary Wind-Up
REGENT SPECIAL: Commences Liquidation Proceedings
SCP CHINA: Commences Liquidation Proceedings
SCP INCOME: Commences Liquidation Proceedings
SHK ASIA: Commences Liquidation Proceedings

TEMPUS QUO ALTERNATIVE: Placed Under Voluntary Wind-Up
TEMPUS QUO FUND: Placed Under Voluntary Wind-Up
TEMPUS QUO HORIZON: Placed Under Voluntary Wind-Up
TEMPUS QUO MASTER: Placed Under Voluntary Wind-Up
TEMPUS QUO OFFSHORE: Placed Under Voluntary Wind-Up

ZURGG MACRO: Placed Under Voluntary Wind-Up
ZURGG MACRO: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: To Get $30MM IDB Loan for MSME Improvement


J A M A I C A

* JAMAICA: Chamber of Commerce Predicts Difficult Times Ahead


M E X I C O

UNION DE CREDITO: Moody's Withdraws B1 Deposit Rating, E+ BFSR


                            - - - - -


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


GOAL RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
--------------------------------------------------------------
Moody's has assigned bond fund ratings to Goal Renta Global FCI
fund, a bond fund that is managed by Itau Asset Management
S.A.SGFCI ("Itau AM"). The ratings assigned are a global scale
bond fund rating of B-bf and a national scale bond fund rating of
A-bf.ar.

Rating Rationale

"The fund ratings are based on the fund's historical portfolio
composition that showed over 80% of invested assets in dollar-
denominated Argentinean government bonds with ratings of
B3/A3.ar", said Moody's analyst Carlos de Nevares. The remainder
of the fund's asset allocation has been in saving accounts or cash
deposits. Based on this historical portfolio composition, the fund
is expected to maintain a maturity-adjusted weighted average
credit quality consistent with a rating level of B-bf/A-bf.ar.

The fund expects important growth through future investments by
institutional investors, such as local insurance companies and
high net worth individuals, who have been historical clients of
Itau AM or its affiliates.

The principal methodology used in this rating was the Moody's Bond
Fund Rating Methodology published in May 2013.

Itau AM is among the largest asset managers in the Argentinean
mutual fund industry, and is a subsidiary of Banco Itau Argentina
S.A., a private bank. As of Nov 2013, Itau AM had approximately
AR$4.1 billion in assets under management (AUM), or approximately
$670 million, which constitutes about 5.6 % of market share in
terms of AUM.


=============
B A H A M A S
=============


ULTRAPETROL (BAHAMAS): Discloses Exchange Offer Results
-------------------------------------------------------
Ultrapetrol (Bahamas) Limited disclosed the results of its offer
to exchange all of its outstanding $200 million 8 7/8% First
Preferred Ship Mortgage Notes due 2021 that were issued in a
private placement on June 10, 2013 (CUSIP/ISIN numbers 90400X
AE4/US90400XAE40 (Rule 144A) and P94398 AD9/USP94398AD92
(Regulation S)), for an equal principal amount of 8 7/8% First
Preferred Ship Mortgage Notes due 2021, that are registered under
the Securities Act of 1933, as amended.  The Exchange Offer
expired at 5:00 p.m. EST on December 30, 2013 (the "Expiration
Time").

As of the Expiration Time, holders of $200 million aggregate
principal amount of the Notes have participated in the Exchange
Offer, representing 100% of the Notes eligible for exchange.

The purpose of the Exchange Offer was to satisfy certain
obligations under a registration rights agreement entered into by
and among the Company and the initial purchasers of the
outstanding notes.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2013,
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.


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


ALUPAR INVESTIMENTO: Acquires La Virgen's 7,176,000 Common Shares
-----------------------------------------------------------------
Alupar Investimento S.A., a publicly-held company registered with
the Brazilian Securities and Exchange Commission, informed its
shareholders and the market in general that, as authorized by its
Board of Directors, it acquired 7,176,000 common shares issued by
the Peruvian company La Virgen S.A.C., which represent 65% of the
total and voting capital stock of said company, for the amount of
US$3,525,000, held by Peruana de Energia S.A.A..

La Virgen S.A.C. holds, in compliance with Peru's laws, the
concession, for an undetermined period of time, of the project of
the La Virgen hydroelectric power plant, with approximate capacity
for sixty-four megawatts (64 MW), located in Chanchamayo, Peru, to
be developed by means of the "Contrato de Concesion de Generacion
No. 253-2005, dated October 7, 2005, executed with the Ministry of
Mines and Energy", and the "Contrato de Concesion de Transmision
No. 313-2008, dated June 11, 2008, executed with the Ministry of
Mines and Energy".  The project will include the 138 kV La Virgen
- Caripa transmission line, with length of approximately 62.57 km,
as well as the complementary electrical works for the connection:
(i) in the new Electric Substation La Virgen 13.8/138 kV, and (ii)
in the expansion of the Substation Caripa 138 kV.

Total investments in this new project are estimated at
approximately US$105,000,000.

Alupar Investimentos S.A., together with its subsidiaries, engages
in the generation and transmission of electricity primarily in
Brazil, Chile, and Colombia. It operates hydroelectric power
plants and small hydroelectric power plants with a joint installed
capacity of 663.4 MW; and 5,665 kilometers of transmission lines.
The company was formerly known as Alusa Participacoes and changed
its name to Alupar Investimentos S.A. in July 2007.  Alupar
Investimento S.A. was founded in 2006 and is based in Sao Paulo,
Brazil.  Alupar Investimentos S.A. operates as a subsidiary of
Guarupart Participacoes Ltda.


ALUPAR INVESTIMENTO: Moody's Affirms 'Ba1' Global Scale CFR
-----------------------------------------------------------
Moody's America Latina Ltda affirmed Alupar Investimento S.A.'s
corporate family ratings of Ba1 on the global scale and Aa2.br on
the Brazilian national scale. At the same time, Moody's affirmed
the Ba2/Aa3.br ratings of Alupar's four-year BRL 17.8 million
unsecured amortizing debentures expiring in December 2014 with a
current outstanding balance of BRL 6.0 million as of September 30,
2013. The outlook is stable for all ratings.

RATINGS RATIONALE

The Ba1 and Aa2.br corporate family ratings largely reflect
Alupar's predictable and stable cash flows supported by its solid
portfolio of transmission concessions, adequate credit metrics for
its rating category and satisfactory liquidity. The ratings are
constrained by its significant investment program to expand the
scope of its activities not only in the electricity transmission
business but also into the higher risk power generation business
and the inherent risks associated with the construction,
completion, and operation of such power projects.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that Alupar will
maintain solid credit metrics for the Ba1 rating category mostly
from the stable cash of its transmission businesses, and that the
company will be able to secure long-term financing at the level of
the energy and transmission projects.

It also reflects Moody's view that Alupar will maintain adequate
liquidity despite the forecasted consolidated negative free cash
flow over the next two years and that the company will prudently
manage the distribution of dividends and additional capital
expenditures so that the credit metrics remain commensurate with
the Ba1 corporate family rating.

WHAT COULD CHANGE THE RATING -- UP

The ratings could be upgraded should Alupar's credit profile
establish a sustained track record of remaining financially
strong, particularly during the current investment and expansion
phase, such that FFO interest coverage is greater than 3.0x along
with FFO over net debt above 20% on a sustainable basis. This
along with the successful implementation mainly of the two major
power projects could prompt an upgrade rating action.

WHAT COULD CHANGE THE RATING -- DOWN

The rating or outlook could be downgraded if significant risks
arise from its current investment program, such as material delays
in the completion of the projects or a material increase in
leverage beyond our expectation. Quantitatively, the rating or
outlook could come under downward pressure if the FFO interest
coverage ratio falls below 2.5x and the FFO stays below 15% for an
extended period.

CORPORATE PROFILE

Alupar is a holding in the energy sector, dedicated to the
segments of transmission and generation, focusing in the
development and investment in infrastructure projects related to
the energy sector in Brazil and other countries in Latin America.

Alupar Investimento S.A. (Alupar) is a holding company that
participates in the capital of 19 transmission companies in Brazil
and one in Chile, with a total extension of 5,665 km, of which 715
km are under construction and are scheduled to start operating in
2015. Alupar also has interests in the generation business with a
total installed capacity of 179.4 MW as of September 30, 2013.
Alupar is engaged in two major generation projects mainly
consisting of a 252 MW hydro-plant scheduled to begin operations
in January 2015 and 10 wind power facilities with total installed
capacity of 204 MW scheduled to come on stream in January 2016.

Alupar is controlled by Guarupart Participacoes Ltda. (unrated), a
family-owned holding company with investments in construction
businesses and engineering services in addition to investments in
the electricity sector in other Latin American countries.

In the last twelve months ended September 30, 2013, Alupar
reported consolidated net sales of BRL 1,191 million (USD
502million), which excludes BRL117 million (BRL49 million)
infrastructure construction revenues, and net profit of BRL275
million (USD116 million) in accordance with the international
accounting standards (IFRS).


EVEN CONSTRUTORA: Fitch Withdraws 'BB' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings of Even
Construtora e Incorporadora S.A. (Even) as follows:

  -- Local currency long-term Issuer Default Rating (IDR) at 'BB';

  -- Foreign currency long-term IDR at 'BB-';

  -- Long-term National Scale rating at 'A+(bra)';

  -- Long-term National Scale rating of debenture issuance, in the
     amount of BRL250 million, due in 2016 at 'A+(bra)'.

At the time of the withdrawal, the Rating Outlook was Stable.

Fitch has decided to discontinue the ratings, which are
uncompensated.  Fitch will no longer provide ratings or analytical
coverage for Even.


REDE ENERGIA: Fitch Affirms & Withdraws 'D' Issuer Default Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following ratings:
Rede Energia S.A. (Rede Energia)

  -- Local Currency and Foreign Currency Issuer Default Ratings
     (IDRs) at 'D';

  -- National Rating Scale at 'D(bra)';

  -- Senior Unsecured Notes at 'C/RR5';

  -- Senior Unsecured Debentures at 'C(bra)'.

Centrais Eletricas Matogrossenses S.A. (Cemat)

  -- Local Currency and Foreign Currency IDRs at 'RD';

  -- National Rating Scale at 'RD(bra)'.

Fitch has decided to discontinue the ratings, which are
uncompensated.  Fitch will no longer provide ratings or analytical
coverage for Rede Energia and Cemat.


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


ANCHOR POINT: Placed Under Voluntary Wind-Up
--------------------------------------------
On Nov. 8, 2013, the sole shareholder of Anchor Point Capital
Flagship Fund Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


BENEFITS AMERICA: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on Oct. 30, 2013, the members of
Benefits America, Ltd. resolved to voluntarily liquidate the
company's operations.

The company's liquidator is:

          Woodward L. Terry
          P.O. Box 822, Grand Cayman KY1-1103
          Cayman Islands


C4 SYSTEMS: Placed Under Voluntary Wind-Up
------------------------------------------
On Nov. 6, 2013, the shareholders of C4 Systems Incorporated
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Avalon Management Limited
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          64 Earth Close, 1st Floor
          West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


COLCHIS/LC INCOME: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 14, 2013, the sole shareholder of Colchis/LC Income Fund,
Ltd. resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Robert Conrads
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6386


FIFTH SQUARE A: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Fifth Square Tower A
Asset Management Co Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


FIFTH SQUARE B: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 15, 2013, the sole shareholder of Fifth Square Tower B Co
Ltd resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


HCP BEIJING: Commences Liquidation Proceedings
----------------------------------------------
On Nov. 15, 2013, the sole shareholder of HCP Beijing Fifth Square
Co Ltd resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


HCP CRC: Commences Liquidation Proceedings
------------------------------------------
On Nov. 15, 2013, the sole shareholder of HCP CRC Guiyang
Development Co Ltd resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


OPTINVEST SPC: Creditors' Proofs of Debt Due Jan. 6
---------------------------------------------------
The creditors of Optinvest SPC Ltd are required to file their
proofs of debt by Jan. 6, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 14, 2013.

The company's liquidator is:

          Jeffrey Skinner
          Telephone: +350 200 45953
          e-mail: info@fidux.com
          Neptune House, Suite 209
          Marina Bay
          Gibraltar


ORION INVESTMENTS: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 15, 2013, the shareholders of Orion Investments III
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


RADIN SPV: Placed Under Voluntary Wind-Up
-----------------------------------------
On Oct. 16, 2013, the shareholders of Radin SPV resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 16, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

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


REGENT SPECIAL: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 7, 2013, the sole shareholder of Regent Special Situations
Fund resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidators are:

          Edel Andersen
          Roger Priaulx
          Telephone: (345) 815 8532
          Facsimile: (345) 945 3470
          c/o Genesis Trust & Corporate Services Ltd.
          P.O. Box 448 Midtown Plaza
          Elgin Avenue, George Town
          Grand Cayman KY1-1106
          Cayman Islands


SCP CHINA: Commences Liquidation Proceedings
--------------------------------------------
On Nov. 15, 2013, the shareholders of SCP China Real Estate
Capital Partner II Limited resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


SCP INCOME: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 15, 2013, the shareholders of SCP Income Fund CI Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Gerald Yung
          Harvest Capital Partners Limited
          China Resources Building, 37th Floor
          26 Harbour Road, Wanchai
          Hong Kong


SHK ASIA: Commences Liquidation Proceedings
-------------------------------------------
On Nov. 11, 2013, the sole shareholder of SHK Asia Dynamic
Holdings Ltd resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Jan. 2, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Simon Conway
          c/o Sarah Moxam
          Telephone: (345) 914 8634
          Facsimile: (345) 945 4237
          P.O. Box 258 Grand Cayman KY1-1104
          Cayman Islands


TEMPUS QUO ALTERNATIVE: Placed Under Voluntary Wind-Up
------------------------------------------------------
On Nov. 5, 2013, the sole shareholder of Tempus Quo Alternative
Offshore Fund Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TEMPUS QUO FUND: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Nov. 5, 2013, the sole shareholder of Tempus Quo Alternative
Master Fund Ltd resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TEMPUS QUO HORIZON: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Nov. 8, 2013, the sole shareholder of Tempus Quo Horizon Master
Fund Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TEMPUS QUO MASTER: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Nov. 1, 2013, the sole shareholder of Tempus Quo Master Fund,
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TEMPUS QUO OFFSHORE: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Nov. 1, 2013, the sole shareholder of Tempus Quo Offshore Fund,
Ltd resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


ZURGG MACRO: Placed Under Voluntary Wind-Up
-------------------------------------------
On Nov. 11, 2013, the sole shareholder of Zurgg Macro
Opportunities Fund, Ltd. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Dec. 23, 2013, will be included in the company's dividend
distribution.

The company's liquidator is:

          Tromino Financial Services Ltd
          Telephone: (441) 295 5588
          Facsimile: (441) 295 5578
          2 Reid Street
          Hamilton HM 11


ZURGG MACRO: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Zurgg Macro Opportunities Fund, Ltd. received
on Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Tromino Financial Services Ltd
          Telephone: (441) 295 5588
          Facsimile: (441) 295 5578
          2 Reid Street
          Hamilton HM 11


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


* DOMINICAN REPUBLIC: To Get $30MM IDB Loan for MSME Improvement
----------------------------------------------------------------
The Dominican Republic will increase productivity for micro-,
small, and medium-sized enterprises (MSMEs) with the help of a
loan for $30 million from the Inter-American Development Bank
(IDB).

The project seeks to increase productivity for MSMEs by
facilitating access to medium-and long-term credit, and to improve
the management of MSMEs and the public sector support they
receive.

Ninety-seven percent of Dominican enterprises are MSMEs, and these
account for 30 percent of the country's gross domestic product and
more than two million jobs.  By targeting MSMEs, the program will
help to increase the country's sustainable economic growth.

The project will create a credit fund supported by a guarantee
fund-both second tier vehicles-to facilitate access to medium-and
long-term credit through intermediate financial institutions. The
credit will finance investment projects, permanent working
capital, and technical assistance.  The program will also improve
the quantity, quality, and relevance of non-financial services for
MSMEs and help to solve the problems of lack of coordination of
public management support and lack of current statistical
information on the sector.

The project is expected to increase labor productivity and sales
among MSMEs, the number of firms that export, and the loan
repayment periods MSMEs are able to obtain.

The IDB loan for $30 has a term of 25 years, a grace period of 5
years, and an interest rate based on LIBOR.  The local counterpart
totals $4.2 million.


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


* JAMAICA: Chamber of Commerce Predicts Difficult Times Ahead
-------------------------------------------------------------
RJR News reports that at least one private sector leader is
predicting that much of 2014 will be a difficult one for Jamaica
on the economic front due to the absence of a growth agenda.

President of the Jamaica Chamber of Commerce, Francis f, said the
country will not see a turn around until the plan is outlined,
according to RJR News.

He says economic challenges are likely to continue for another six
to nine months.


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


UNION DE CREDITO: Moody's Withdraws B1 Deposit Rating, E+ BFSR
--------------------------------------------------------------
Moody's de Mexico has withdrawn all of Union de Credito
Agricultores de Cuauhtemoc, S.A. Organizacion Auxiliar de
Credito's (UCACSA) ratings, including its standalone bank
financial strength rating of E+, long-term global local currency
deposit rating of B1, short-term global local currency deposit
rating of Not Prime, long-term Mexican National Scale deposit
rating of Baa3.mx and short-term Mexican National Scale deposit
rating of MX-3. UCACSA's standalone bank financial strength rating
of E+ mapped to a standalone baseline credit assessment and
adjusted baseline credit assessment of b1. The outlook on the
ratings before the withdrawal was stable.

RATINGS RATIONALE

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

The long-term Mexican National Scale ratings of Baa.mx indicate
issuers or issues with average creditworthiness relative to other
domestic issuers. Moody's appends numerical modifiers 1, 2, and 3
to each generic rating classification from Aa through Caa (e.g,
Baa3.mx). The modifier 3 indicates a ranking in the lower end of
that generic rating category. The short-term Mexican National
Scale ratings of issuers rated MX-3 indicate average ability to
repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The principal methodology used in this rating was the Global Banks
published in May 2013.

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

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

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.

The following ratings assigned to UCACSA were withdrawn:

- Bank financial strength rating of E+

- Long-term global local currency deposit rating of B1

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

- Long-term Mexican National Scale deposit rating of Baa3.mx

- Short-term Mexican National Scale issuer rating of MX-3

UCACSA is the third largest credit union in Mexico and
headquartered in Cuauhtemoc, Chihuahua. UCACSA reported total
assets of Mx$3.7 billion, gross loans of Mx$3.2 billion, and
shareholders' equity of Mx$550 million as of June 30, 2013.


                            ***********


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.


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