TCRLA_Public/140117.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 17, 2014, Vol. 15, No. 12


                            Headlines



A R G E N T I N A

ARGENTINA: Troubles Push Bond, Currency Investors Away


B R A Z I L

BANCO SANTANDER: S&P Assigns 'BB' Rating to Tier 1 Hybrid Notes


C A Y M A N  I S L A N D S

BS V COMPANY: Shareholders Receive Wind-Up Report
CONOCOPHILLIPS LITHUANIA: Shareholders Receive Wind-Up Report
DELTA ENVIRONMENTAL: Shareholder Receives Wind-Up Report
DI INTERNATIONAL: Members Receive Wind-Up Report
FOTO INVESTMENTS: Members Receive Wind-Up Report

GLOBAL PRIVATE: Members Receive Wind-Up Report
GLOBAL TARGETS: Members Receive Wind-Up Report
GRATTACIELLO INVESTMENT: Members Receive Wind-Up Report
KRD HOLDINGS: Members Receive Wind-Up Report
L'ECRIVAIN & CO: Shareholders Receive Wind-Up Report

NRA LIMITED: Shareholders Receive Wind-Up Report
PEX INVESTMENT: Members Receive Wind-Up Report
PJM CAPITAL: Shareholders' Final Meeting Set for Jan. 28
TROTA INTERNATIONAL: Members Receive Wind-Up Report
VINCI GAS: Shareholder Receives Wind-Up Report


C O S T A   R I C A

BANCO POPULAR: Fitch Rates Long-Term Foreign Currency IDR at 'BB+'


D O M I N I C A N   R E P U B L I C

GUAVABERRY GOLF CLUB: Buys Hotel Santo Domingo


E L   S A L V A D O R

REGAL FOREST: S&P Assigns 'B+' CCR & Rates Sr. Unsec. Notes 'B+'


J A M A I C A

* JAMAICA: Increase in Bank Fees and Transaction Charges, BOJ Says


M E X I C O

VTR FINANCE: S&P Assigns 'B+' CCR; Outlook Stable


P E R U

BANCO DE CREDITO: Fitch Rates Junior Subordinated Debt 'BB-'


                            - - - - -


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


ARGENTINA: Troubles Push Bond, Currency Investors Away
------------------------------------------------------
Prabha Natarajan and Ken Parks at Daily Bankruptcy Review reports
that investors are pulling out of Argentina's currency and bonds
as its financial situation deteriorates.

As reported in the Troubled Company Reporter on Jan. 14, 2014,
Bloomberg News said that Argentine government dollar bonds tumbled
last week the most in a year after the state pensions agency sold
notes to prop up the parallel peso rate and investors began to
lose confidence in government measures.  Argentine bonds lost 7.3
percent last week, the biggest drop since the five days ended Jan.
11, 2013, according to JPMorgan Chase & Co.'s EMBIG index.  Yields
on global 2017 bonds surged 1.8 percentage points to 13.77
percent, the biggest jump in a year.  Similar notes in Latin
America declined an average 0.3 percent during the same period,
Bloomberg News said.

Bloomberg News disclosed that prices fell as the state pensions
agency Anses sold bonds to local investors, including 2018 notes
for the first time, in an attempt to strengthen the peso rate that
is implied from financial transactions, known as the blue-chip
swap.  Investors also dumped the country's notes as the central
bank's foreign currency reserves and the parallel peso tumbled in
spite of government measures, reversing December gains, Bloomberg
News relayed.  The black market exchange rate, known as the dollar
blue, touched a record low 10.9 per dollar last week, Bloomberg
News noted.


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


BANCO SANTANDER: S&P Assigns 'BB' Rating to Tier 1 Hybrid Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB'
issue-level ratings to Banco Santander (Brasil) S.A.'s proposed
Tier 1 hybrid notes, and its 'BB+' issue-level ratings to the
bank's Tier 2 hybrid instrument (both under the Basel III
framework), for up to approximately $1.35 billion each.

"The rating on Banco Santander Brasil's Tier 1 hybrid instrument
is three notches below our issuer credit rating (ICR) on the bank
and its stand-alone credit profile (SACP), reflecting its
subordinated status to the bank's other senior debt, the risk of
partial or untimely payment (as a result of the potential
deferability of coupon payments), and the possibility of trigger-
based principal conversion into common and preferred equity," said
Standard & Poor's credit analyst Arturo Sanchez.  Conversely, the
bank's Tier 2 hybrid notes are two notches below the SACP
reflecting one notch for its subordinated status to other senior
debt, and one additional notch for the possibility of conversion
into common and preferred equity.  This instrument has
nondeferrable characteristics.

"We are also assigning "intermediate" equity content to the bank's
Tier 1 hybrid instrument.  The bank, at its sole discretion, may
suspend interest and certain other nonprincipal payments on these
securities.  Due to this feature, we consider these instruments to
have "intermediate" equity content as we believe they are able to
absorb losses while the bank is a going concern.  Also, the
instrument is perpetual and has no step-up clause, and will have
Tier 1 regulatory treatment.  On the other hand, we assigned
"minimal" equity content to the Tier 2 hybrid instrument stemming
from its short permanence in the capital structure of only 10
years.  Our view of this instrument is that it does not possess
characteristics of going-concern contingent capital," S&P said.
These traits together lead us to determine that Banco Santander
Brasil's risk-adjusted capital (RAC) ratio will be 8.9%-9.2% over
the next 12 to 18 months, keeping S&P's capital and earnings
assessment as "adequate."

The issuer credit ratings on Banco Santander Brasil reflect its
"strong" business position, "adequate" capital and earnings,
"moderate" risk position, and "average" funding with "adequate"
liquidity (as S&P's criteria define them).

RATINGS LIST

Banco Santander (Brasil) S.A.

Ratings Assigned
Tier 1 hybrid notes                BB
Tier 2 hybrid instrument           BB+


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


BS V COMPANY: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of BS V Company received on Dec. 24, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Tomotake Kurosaki
          Walkers (Singapore) Limited Liability Partnership
          3 Church Street
          #16-02 Samsung Hub
          Singapore 049483


CONOCOPHILLIPS LITHUANIA: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Conocophillips Lithuania Ltd. received on
Dec. 31, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


DELTA ENVIRONMENTAL: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Delta Environmental and Educational Grand
Holding Limited received on Dec. 23, 2013, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Julie Reynolds
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House, 1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands


DI INTERNATIONAL: Members Receive Wind-Up Report
------------------------------------------------
The members of Di International Ltd received on Jan. 2, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Turners Management Ltd.
          Per: Charlotte Hoffman
          Strathvale House, 90 North Church Street
          P.O. Box 2636 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 814 0701


FOTO INVESTMENTS: Members Receive Wind-Up Report
------------------------------------------------
The members of Foto Investments 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:

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


GLOBAL PRIVATE: Members Receive Wind-Up Report
----------------------------------------------
The members of Global Private Investment Holdings Offshore Ltd
received on Dec. 30, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Tania Dons
          Telephone: (345) 814 7766
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GLOBAL TARGETS: Members Receive Wind-Up Report
----------------------------------------------
The members of Global Targets SPC received on Dec. 24, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Gene Dacosta
          c/o Ben Hart
          Telephone: (345) 814 7770
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


GRATTACIELLO INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------------
The members of Grattaciello Investment 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:

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


KRD HOLDINGS: Members Receive Wind-Up Report
--------------------------------------------
The members of KRD Holdings Limited received on Dec. 31, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Hisayoshi Kitagawa
          Shohei Matsui
          Telephone: +81 3 5775 9200
          Facsimile: +81 3 5775 9201
          c/o CARD Corporate Services Ltd.
          Zephyr House 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


L'ECRIVAIN & CO: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of L'Ecrivain & Co Ltd received on Dec. 31, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Dizame Consulting S.A
          Telephone: 00423 237 71 00
          Facsimile: 00423 237 71 11
          P.O. Box 958
          Pasea Estate, Road Town,
          Tortola, British Virgin Islands


NRA LIMITED: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of NRA Limited received on Dec. 31, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Anthony Nambiar
          c/o Patricia Tricarico
          Telephone: (345)-949-5122
          Facsimile: (345)-949-7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


PEX INVESTMENT: Members Receive Wind-Up Report
----------------------------------------------
The members of Pex Investment 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:

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


PJM CAPITAL: Shareholders' Final Meeting Set for Jan. 28
--------------------------------------------------------
The shareholders of PJM Capital Fund Ltd. will hold their final
meeting on Jan. 28, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


TROTA INTERNATIONAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Trota International 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:

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


VINCI GAS: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Vinci Gas Brazil Equities Fund received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Michael Lubin
          Telephone: (345) 815 1793
          Facsimile: (345) 949 9877


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


BANCO POPULAR: Fitch Rates Long-Term Foreign Currency IDR at 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned an initial 'BB+' long-term foreign
currency Issuer Default Rating (IDR) to Banco Popular y de
Desarrollo Comunal (BPDC) in Costa Rica.  The Rating Outlook is
Stable. Fitch has also assigned a Viability Rating (VR) of 'bb+'.

Key Rating Drivers - IDRs, VR, SF, and SRF

BPDC's IDR and VR reflect its sound capital cushion, high
profitability ratios, stable deposit base and adequate asset
quality.  The bank's ratings also reflect the moderate tenure
mismatches in its asset and liability structure.

The bank's Support Rating (SR) of '3' and Support Floor (SF) of
'BB' indicates that in Fitch's view there is a moderate
probability of support from the Costa Rican Government despite
having no explicit guarantee, given the nature of the bank and its
systemic importance.  The bank's systemic importance comes from
its relevant market share in terms of assets (12.7%) and deposits
(11.9%) along with its duties of public interest.

The main strength of the bank is its robust capital, outperforming
most of its similarly rated peers both domestic and international.
BPDC's capital is fuelled by the mandatory employer contributions,
equivalent to 0.25% of the total payroll of the country.  As of
September 2013, BPDC's Fitch Capital Ratio was 27.1%, close to the
4 year average, above the rating category median of 16.8%.  In
Fitch's opinion the bank will continue having robust capital
ratios, with enough room to support asset growth and unexpected
losses.

BPDC's profitability ratios remain high, outperforming the local
industry average. The bank's good financial performance lies in
the loan portfolio's high returns given the sizable component of
consumer lending and a reasonable credit cost level in light of
its retail orientation.

BPDC's funding is stable and includes recurrent influx of funds
from the State.  The funding stability benefits from the
government's monthly deposit of nearly 41% of the public sector
payroll.  Additionally, the bank collects the mandatory
contributions to the complementary pension fund equivalent to
1.25% of the total payroll of public and private sector employees.

The bank has maintained a reasonable level of impaired loans
despite its orientation to consumer lending, a segment with
natural deterioration propensity in Costa Rica.  As of September
2013, past due 90 days loans represented 2.8% of the total
portfolio, close to the last four year average (2.7%).  Additional
elements that also prove the adequate credit quality are the low
write-offs and restructured loans.

Asset and liability management is challenged by a funding
structure concentrated in the short term, causing moderate tenure
mismatches in the period tranches less than a year.  Liquidity
risk is mitigated by the above-mentioned funding stability and the
sufficient liquidity cushion.

Rating Sensitivities

Potential upgrades of the bank's VR -and consequently of the IDRs-
are limited over the medium term as the bank is currently rated at
the same level of the sovereign, which has a stable outlook.  In
the long term, however, upside potential could arise from a
substantial improvement in funding and business diversification,
coupled with a higher sovereign rating.

A significant deterioration of the bank's profitability and asset
quality, which erode the capital and reserves cushion, would place
downward pressure on the bank's VR and IDRs.

BPDC's current SR and SRF indicate that in the event of individual
risk profile deterioration, the IDR would not fall below 'BB',
given the agency's opinion that government support will be
forthcoming. Changes on sovereign creditworthiness and/or
propensity of support would affect the SR and SRF.


BPDC was established in 1969 as part of the Alliance for Progress
program sponsored by the John F. Kennedy U.S. government.  The
focus of the program was to provide social, economic and technical
support to Latin America in the 60's. The bank is owned by the
Costa Rican workforce.  BPDC is the third largest bank in terms of
assets in Costa Rica; as of September 2013, its market share was
12.7% and the largest in terms of net revenue (21.3%).

Fitch has assigned the following ratings:

--Long Term Issuer Default Rating (IDR) 'BB+'; Outlook Stable;
--Short Term IDR 'B';
--Local Currency Long Term IDR 'BB+'; Outlook Stable;
--Local Currency Short Term IDR 'B';
--Viability Rating: 'bb+';
--Support Rating: '3';
--Support floor: 'BB';


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


GUAVABERRY GOLF CLUB: Buys Hotel Santo Domingo
----------------------------------------------
Dominican Today reports that the Hotel Santo Domingo has been
bought by Guavaberry Golf Club S.A., same company which also
acquired the adjacent Hotel Hispaniola, both located at the corner
of Lincoln and Independencia avenues in the capital.

Quoting tourism sources, diariolibre.com said that the deal was
spurred by the recent amendments to the law to boost tourism,
which extends from 10 to 15 years the period to provide tax breaks
for tourist resorts nationwide, according to Dominican Today.

The report relates that the company recently faced debt
difficulties as evidenced by Republic Bank's lien placed on the
project's properties, located in Juan Dolio, and offers them in
auction for US$16.5 million for breach of contract.

The report notes that its owner was acquitted of charges in
connection to a 600,000 Euros bribe in October.  "He has also been
convicted of mistreating his partner, and is one of the defendants
in the Malaya case (Marbella)" in Spain.


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


REGAL FOREST: S&P Assigns 'B+' CCR & Rates Sr. Unsec. Notes 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' global scale
corporate credit rating to Regal Forest Holding Co. Ltd.
(Unicomer).  At the same time, S&P assigned its 'B+' issue-level
rating to its proposed long-term senior unsecured notes of up to
$300 million.  The outlook on the corporate credit rating is
stable.

The ratings on Unicomer reflect its "significant" financial risk
profile and "fair" business risk profile, based on S&P's
expectations that the company will maintain a "fair" competitive
position in the countries it operates, despite S&P's expectations
of a negative free operating cash flow (FOCF) given its high
working capital needs and expansion program.  The ratings also
incorporate the company's negative capital structure due to S&P's
expectations that liquidity will remain "less than adequate" in
the next 18 months given the tight cushion on some of its
covenants.

Unicomer is one of the leading specialty retailers mainly in
Central America and the Caribbean for middle- and lower-middle
income population segments, with sales through credit accounting
about 60% of total. Milady Associates Ltd. (not rated) and El
Puerto de Liverpool S.A. B. de C.V. (mxAAA/Stable/mxA-1+) are the
company's shareholders with a 50% stake each.  With 2,000 to 3,000
stock-keeping units (SKUs) per country as of Sept. 30, 2013, the
company offers durable consumer goods such as home appliances,
consumer electronics, furniture, motorcycles, and mobile devices.
Unicomer's operations in the following countries generate about
60% of total revenues: Costa Rica (BB/Stable/B), Jamaica
(B-/Stable/B), Trinidad & Tobago (A/Stable/A-1), and Ecuador
(B/Positive/B).  S&P expects operations in these countries to
continue to be the main revenue drivers, as about 50% of the
company's expansion program will be focused on these countries.
Unicomer started in 2000 with 160 stores, and reached 816 stores
as of Sept. 30, 2013, thanks to organic growth and acquisitions.
The most recent and significant of these were specialty retailers
Artefacta in Ecuador in 2011 and El Gollo in Costa Rica in 2012.
S&P expects the company to internally expand and reach almost
1,000 stores by 2016.


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


* JAMAICA: Increase in Bank Fees and Transaction Charges, BOJ Says
------------------------------------------------------------------
RJR News reports that Jamaica commercial banks and building
societies made several adjustments in fees and transaction
charges.  This was revealed in the Bank of Jamaica's (BOJ's)
interim report on bank charges submitted to the Economy and
Production Committee of Parliament, according to RJR News.

The report relates that between January and October, financial
institutions made several changes to transaction charges many of
which led to high costs to customers.  The report notes that the
Bank of Nova Scotia (BNS) introduced a fee of J$140 to cash
cheques and First Caribbean introduced a similar fee of J$120.

National Commercial Bank (NCB) made changes to the coin deposit
service, charging customers 2.5 percent on coins valued more than
J$10 thousand, the report discloses .

Meanwhile, the report relays that RBC also introduced charges
ranging from J$150 to J$500 on certain accounts if deposits fell
below a prescribed threshold or if the minimum balance was not
maintained.  The report says that the bank also introduced debit
transaction charges of between J$80 and J$500  and asked customers
to pay a J$5000  fee to process a loan.

The report relays that according to the interim report, all
institutions surveyed had increases and decreases in fees in 2013.
The increases ranged from 1 to 72 percent.

The report notes that there was a 68 percent reduction in fees in
some cases.  Corporate clients of Citibank had to contend with a
72 percent hike for transfers between accounts and RBC corporate
customers faced a 68 percent increase in minimum monthly charges,
the report says.

In some cases fees were removed.   It was also noted that some
overseas transactions were heavily affected by the changes in the
exchange rate, the report notes.

Meanwhile, the report says that the BOJ's interim report noted
that 7 of 12 financial institutions surveyed said that they have
annual review of rates and charges.  They include BNS, NCB,
Victoria Mutual Building Society and First Global Bank.

The other institutions said reviews were only done based on market
conditions, business needs and costs, the report notes.  In the
case of Jamaica National Building Society reviews are done twice
annually, the report adds.


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


VTR FINANCE: S&P Assigns 'B+' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to VTR Finance B.V.  S&P also assigned a 'B+' issue
rating to the company's proposed senior secured notes for up to
$1.4 billion.  The outlook is stable.

The 'B+' rating on VTR reflects its "fair" business risk profile,
"aggressive" financial risk profile, "adequate" liquidity, and
"satisfactory" management and governance, as S&P's criteria define
the terms.  The ratings also incorporate Liberty Global PLC's (BB-
/Stable/--) indirect 80% ownership stake in VTR, in line with
S&P's group methodology criteria. We view VTR as a "nonstrategic"
subsidiary of Liberty Global, as S&P considers that it could spin
off VTR in the near term.  Therefore, S&P don't incorporate
notches of support into the rating.

S&P expects the company to use net proceeds from the notes
issuance for the repayment of UPC loans, pay fees and expenses
related to the notes issuance, and for general corporate purposes.

The rating on the proposed notes is the same as the corporate
credit rating because the position of these notes won't be junior
to priority liabilities following the transaction.  However, if
VTR withdraws additional amounts from its revolving credit
facility or incurs any other priority liability, leading to a
ratio of priority obligations to net tangible assets above 15%,
the notes will be structurally subordinated and S&P would lower
the issue rating by one or two notches.

"We asses VTR's business risk profile as "fair," which recognizes
the company's leading position in the pay-TV Chilean market,
offering of triple-play packages at competitive prices, solid
network capabilities, good brand recognition and service quality,
and moderate revenue and EBITDA growth potential through the
increasing penetration of bundled services in the Chilean market.
Tempering factors include the company's small scale compared to
those of telecom players in the Chilean market, such as Movistar
and Entel that generate 65% of the market's total revenue (as of
Dec. 2012), and  the increasing competition from these companies
and other telecom operators that could somewhat dampen the
company's revenue growth.  Our business risk profile also
incorporates our view of the telecom and cable industry risk as
"intermediate" and of the country risk as "low," because the
company only operates in Chile," S&Ps said.

"We assess the company's financial risk profile as "aggressive"
based on our assumptions that pro forma for the notes issuance,
the leverage metric will remain below 5.0x for the next few
years," S&P added.

S&P's assessment of an "aggressive" financial risk profile also
includes its expectations that free operating cash flow will
remain negative for the next few years due to VTR's sizable
interest payments and capital expenditures. VTR's long-term
capital structure, no meaningful debt maturities until 2022, and
its use of derivative instruments to hedge the principal and
interest payments of the notes partly offset these constraints.

S&P applies a one-notch downward adjustment for comparable rating
analysis, based on its view that VTR's key credit metrics are
weaker than those of its rated peers with "aggressive" financial
risk profile.  In S&P's view, the company's forecasted leverage,
interest coverage, and funds from operations (FFO) to debt ratios
are at the weaker end of the range for an "aggressive" financial
risk profile.

Pro forma for the notes issuance, S&P's base-case scenario for VTR
incorporates the following assumptions for the next two years:

   -- Consolidated revenues rise by the mid-single digits, thanks
      to growth in the video and internet segment amid a still low
      penetration rate in Chile with more room for growth.

   -- EBITDA margins improve to about 37% as the company's mobile
      segment turns profitable.

   -- Capital expenditures of about 19% of revenues.

Based on these assumptions, S&P arrives at the following credit
measures for the next two years:

   -- Debt to EBITDA of 4.4x-4.5x;

   -- FFO to debt at the weaker end of the "aggressive" financial
      risk profile assessment, at 11.6%-12.0%;

   -- EBITDA interest coverage of about 2.1x; and

   -- Negative free operating cash flow due to a significant
      capital expenditure program and interest payments.

VTR is an 80% indirect subsidiary of Liberty Global, an
international provider of cable services. VTR is Chile's largest
cable operator in terms of homes passed and number of subscribers,
it offers "triple-play" of video, broadband internet, and fixed-
line telephony services, and offers mobile services as an MVNO
since December 2013.

                             LIQUIDITY

"We assess VTR's liquidity as "adequate," based on our view that
the company's sources of liquidity, including available credit
facilities, will exceed its uses by at least 1.2x in 2014.
Although the quantitative metrics could indicate an assessment of
"strong" liquidity, we consider qualitative factors weaken our
assessment, because under high-impact low probability events, the
company would require external funding to refinance in part its
obligations.  Additionally, we consider that VTR lacks covenant
headroom, which limits its financial flexibility to obtain third
party debt," S&P said.

Principal liquidity sources:

   -- Expected cash of about CLP46.8 million as of Dec. 31, 2013;

   -- Expected available committed credit line outstanding for
      about CLP100.2 million; and

   -- FFO of about CLP84.5 million in the next 12 months.

Principal liquidity uses:

   -- Expected working capital outflows of about CLP20 million;
      and

   -- Expected capital expenditures of about 19% of revenues for
      2014.

                              OUTLOOK

The stable outlook reflects S&P's view that VTR will generate
modest revenue and EBITDA growth from the increasing penetration
of bundled products in the Chilean market.  It also incorporates
S&P's expectation that VTR's leverage metric will remain below
5.0x for the next few years.


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


BANCO DE CREDITO: Fitch Rates Junior Subordinated Debt 'BB-'
------------------------------------------------------------
Fitch Ratings expects to rate Banco de Credito del Peru's (BCP)
upcoming U.S. dollar subordinated notes 'BBB(exp)'. The notes --
for an amount to be determined -- will be issued by BCP through
its Panamanian branch.  The notes will be consolidated and form a
single series with the existing $520 million subordinated notes
that BCP originally issued on April 24, 2012.

Principal under the notes will mature on April 24, 2027, and
interest payments will be made on April 24 and Oct. 24 of each
year until 2022 and on Jan. 24, April 24, July 24 and Oct. 24 from
2023 until maturity.  The notes will carry a fixed interest rate
of 6.125% until 2022 and a LIBOR-based floating rate starting on
2023.  The final rating is contingent upon the receipt of final
documents conforming to information already received.

Key Rating Drivers

BCP has a long-term local and foreign currency Issuer Default
Ratings (IDR) of 'BBB+'; both of them driven by BCP's Viability
Rating (VR), which is currently at 'bbb+'.  BCP's ratings reflect
its dominant franchise; large market share; sound performance;
diversified balance sheet and revenue stream; broad, low-cost
deposit base; sound asset quality; and adequate reserves and
capital.  Following Fitch's criteria, the notes will be rated one
notch below BCP's VR, reflecting one notch for loss-severity, but
no notches for incremental non-performance risk relative to the
bank's VR.

The notes rank junior to BCP's senior unsecured debt and will be
effectively subordinated to all of BCP's secured indebtedness with
respect to the value of its assets securing that indebtedness,
certain direct, unsecured general obligations that in case of
insolvency are granted preferential treatment pursuant to Peruvian
law, and all of the existing and future liabilities of BCP's
subsidiaries, including trade payables.  The notes will rank pari-
passu with all of BCP's existing and future subordinated debt and
will be senior to BCP's existing and future junior subordinated
debt.

BCP will use the proceeds for general business purposes.
Considering the bank's solid capital levels and sound
profitability, the impact on the bank's leverage is not deemed
significant by Fitch.

Rating Sensitivities

The subordinated notes' rating is sensitive to any changes in
BCP's VR. In particular, BCP's VR are highly correlated with the
strength of the Peruvian economy; should the economic environment
continue to improve, as is reflected in its sovereign ratings, and
the bank maintain a consistent performance and its structural
strengths, BCP's ratings could be upgraded.

Though not Fitch's base case, BCP's VR and IDRs could suffer if
operating environment deterioration materially affects the bank's
asset quality and performance, and leads to an erosion of the
bank's reserve and capital cushions.

Fitch currently rates BCP as follows:

-- Long-term foreign currency IDR 'BBB+', Stable Outlook;
-- Short-term foreign currency IDR 'F2';
-- Long-term local currency IDR 'BBB+', Stable Outlook;
-- Short-term local currency IDR 'F2';
-- Viability Rating 'bbb+';
-- Support rating '2';
-- Support floor 'BBB-';
-- Senior unsecured debt 'BBB+';
-- Subordinated debt 'BBB';
-- Junior subordinated debt 'BB-'.



                            ***********


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

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

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Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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