TCRLA_Public/140124.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 24, 2014, Vol. 15, No. 17


                            Headlines



A R G E N T I N A

BANCO DE SERVICIOS: Moody's Rates 6th and 7th Issuances 'B3'


B R A Z I L

ARALCO S.A.: Fitch Downgrades Issuer Default Ratings to 'CCC'
OGX PETROLEO: Struggles to Meet Deadline for Restructuring Plan


C A Y M A N  I S L A N D S

BATTERYMARCH ASIA: Shareholders Receive Wind-Up Report
BATTERYMARCH ASIA GP: Shareholders Receive Wind-Up Report
BROADMEAD LIMITED: Members Receive Wind-Up Report
CASHMERE HOLDINGS: Members Receive Wind-Up Report
CCBI GROWTH: Shareholders Receive Wind-Up Report

CHEYNE CR: Shareholders Receive Wind-Up Report
CHEYNE FUND: Shareholders Receive Wind-Up Report
CHINA OVERSEAS: Members Receive Wind-Up Report
DALEY INVESTMENT: Sole Member Receives Wind-Up Report
DTP TRADING: Shareholders Receive Wind-Up Report

GREAT HARMONY: Members Receive Wind-Up Report
GREENWOOD GROVE: Members Receive Wind-Up Report
HIGHFAR CAPITAL: Shareholders Receive Wind-Up Report
LONGWAY CAPITAL: Members Receive Wind-Up Report
MSGI LIMITED: Members Receive Wind-Up Report

MUNDER TALF: Shareholders Receive Wind-Up Report
RYLETT LIMITED: Members Receive Wind-Up Report
SSARIS MARK: Shareholders Receive Wind-Up Report
WESTON-ATLAS: Shareholders Receive Wind-Up Report
WESTON-ATLAS MASTER: Shareholders Receive Wind-Up Report


D O M I N I C A N  R E P U B L I C

* DOMINICAN REP.: Fitch Sees Stable Outlook for Insurance Sector


J A M A I C A

CARIBBEAN CEMENT: Gets First Payment for Deliveries to Venezuela
FINSAC: Continues to Pay Expenses for Chen Young, Ministry Says
* JAMAICA: Business & Consumer Confidence Indices to be Released


M E X I C O

GRUPO CEMENTOS: Fitch Affirms Issuer Default Ratings at 'B+'


P U E R T O  R I C O

PUERTO RICO: White House Not Considering Bailout, Official Says


U R U G U A Y

BANQUE HERITAGE: Moody's Affirms 'B3/Not Prime' Deposit Ratings


                            - - - - -


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


BANCO DE SERVICIOS: Moody's Rates 6th and 7th Issuances 'B3'
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo assigned a
B3 global local-currency debt rating to Banco de Servicios y
Transacciones S.A. (BST)'s sixth expected issuance up to
ARS 30 million, which will be due in 18 months, and to the seventh
expected issuance up to of ARS 150 million, which will be due in
36 months, both under the ARS 500 million multicurrency MTN Debt
Program.  At the same time, Moody's assigned an A2.ar national
scale local currency debt rating to the expected issuances.  The
outlook for all ratings is negative, following the negative
outlook on the sovereign rating.

The following ratings were assigned to BST's expected issuances:

   -- Sixth Expected Issuance up to ARS 30 million:

   -- B3 Global Local Currency Debt Rating, with negative outlook
      A2.ar Argentina National Scale Local Currency Debt Rating,
      with negative outlook

   -- Seventh Expected Issuance up to ARS 150 million:

   -- B3 Global Local Currency Debt Rating, with negative outlook

   -- A2.ar Argentina National Scale Local Currency Debt Rating,
      with negative outlook

                          RATINGS RATIONALE

Moody's explained that the local currency senior unsecured debt
rating derives from BST's B3 global local currency deposit rating.
Moody's also noted that seniority was taken into consideration in
the assignment of the debt ratings.

Banco de Servicios y Transacciones has a baseline credit
assessment (BCA) of b3, which largely derives from its modest
positioning and business prospects, focused on consumer lending to
medium and low income households, and also in corporate banking.
The rating also captures the bank's wholesale funding structure
and modest profitability.  The rating is however supported by the
bank's highly granular loan book given its business strategy and
adequate asset quality.

Banco de Servicios y Transacciones is headquartered in Buenos
Aires, with assets of ARS 2,387 million and equity of ARS 156,62
million as of September, 2013.


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


ARALCO S.A.: Fitch Downgrades Issuer Default Ratings to 'CCC'
-------------------------------------------------------------
Fitch Ratings has downgraded Aralco S.A Industria e Comercio's
Foreign Currency and Local Currency Issuer Default Ratings (IDR)
to CCC from B, and National Long-Term Rating to 'CCC(bra)' from
'BBB-(bra)'.  Fitch has also downgraded to 'CCC' from 'B' the
rating for the USD250 million unsecured senior notes due 2020.
The issuer of the notes was Aralco Finance S.A. (Aralco Finance),
a fully-owned subsidiary of Aralco Industria e Comercio S/A. The
recovery rating is unchanged at 'RR4'.

Key Rating Drivers

The downgrades reflect Fitch's concerns about Aralco's short-term
liquidity position and escalating refinancing risks due to its
inability to generate positive cash flow from operations.
Aralco's struggles are partly related to the company's
underinvestment in its sugarcane fields that has resulted in cane
fields that have a higher average age than its peers, which has
driven down its yields.  During the last 12 months (LTM) ended
Sept. 30, 2013, the company had high working capital requirements
due to its need to finance its third party suppliers of sugarcane.

Aralco recently revised its previous guidance down by 1 million
tons and is now forecasting total crushed volumes of 5 million
tons for the FY14. As a result, capacity utilization should be
significantly lower than its peers in Brazil.  Due to depressed
global sugar prices and modest ethanol prices in Brazil, the
company's funds flow from operations (FFO) is not expected to
materially improve during the next 12 months.  Aralco's free cash
flow (FCF) is expected to be negative in FY14 due to its limited
FFO, supplier financing, and investments in rejuvenating its cane
fields.  Consequently, the company will remain reliant upon
external sources of financing to fund its operations.

Moderate Business Scale

Aralco is a medium-sized sugar and ethanol company operating in a
fragmented, commodity-based sector where scale is relevant and
volatility, common.  The company runs 7.2 million tons of crushing
capacity spread over four industrial units in the Northwest of the
Sao Paulo State.  Its business model benefits from lower logistics
and land lease costs, but production flexibility is low as two
thirds of all sucrose it produces goes to production of hydrous
and anhydrous ethanol sold in the domestic market.  This reduces
the volatility of its earnings, though, at the same time, it makes
the company more exposed to political risk as the domestic ethanol
industry dynamics is strongly linked to Brazil's regulated
gasoline prices and related government energy policies. The
company's forecast crushed volumes of 5 million tons for the FY14
places utilization capacity at 69%, considerably lower than its
peers.

Average Business Position Benefits from Link to Copersucar

Aralco owns a 5.8% stake in the cooperative Copersucar.  The
company ownership stake in Copersucar mitigates demand risk,
lowers logistics costs and provides better stability in the
company's collection flow.  Copersucar's large scale business
accounts for approximately 22% of crushed sugar cane in the
Central South region of Brazil and for 11% and 12% of the global
trade of sugar and ethanol, respectively, making it an important
price making agent. Copersucar is formed by 47 mills that belong
to 24 independent economic groups.  Its members crushed 118
million tons of sugar cane in the 2012/2013 season.

Aralco sells 100% of its production to Copersucar through a long-
term exclusivity contract.  Prices for its products are linked to
the average sugar and ethanol market prices plus a small premium.
Copersucar's members are responsible for the agricultural
activities and for the sugar and ethanol production, while
Copersucar is responsible for all commercial activities and
associated logistics, as well as for the implementation of hedging
policies.  Copersucar remunerates Aralco based on the realized
production on a monthly basis during the year, independent of the
moment the sale to the final customer occurs.

Weak Liquidity and Negative CFO

As of Sept. 30 2013, Aralco's cash position of BRL61 million
accounted for only 16% of the company's short-term debt.  The
ratio would be 28% if the advances from Copersucar are excluded
from the short-term debt calculations.  Aralco's cash from
operations (CFO) was negative BRL 105 million during the LTM,
adding pressure to its short-term liquidity position and
increasing refinancing risks significantly.  This negative cash
flow generation compares unfavourably with a cash inflow of BRL108
million in the FYE13 and resulted from the combination of weaker
operating performance and higher working capital requirements.
These higher working capital requirements arose from the company's
need to finance its suppliers at a much larger extent than in the
prior year.  Aralco's weak liquidity position is partly mitigated
by the working capital financing line that is provided by
Copersucar.  This credit line is limited to a maximum of 40% of
the company's revenues.  This line, which is equivalent to
approximately BRL200 million, enhances financial flexibility and
is linked to guarantees on inventories and/or bank guarantees.

Higher Leverage

For the LTM ended Sept. 30, 2013, Aralco's consolidated net
debt/EBITDA ratio was 14.2 times as per Fitch's internal
methodologies, the highest level among its peers by far.
Excluding advances from Copersucar which are backed by sugar and
ethanol inventories of BRL173 million, Aralco's net debt/EBITDA
would be 12.4 times for the same period.  This compares
unfavorably with net debt to EBITDA of 6x as of the FY13.

Fitch's EBITDA metrics do not include non-cash gains of BRL66
million generated under a tax financing program granted by the
State of Sao Paulo.  This higher leverage reflected not only the
negative CFO reported as of Sept. 30, 2013 but also Copersucar's
strategy of holding ethanol inventories in anticipation of better
prices to be achieved over the off-season.  Although it does not
affect its cash flow generation, Copersucar's cash & carry
strategy delayed the recognition of revenues by Aralco, causing an
accounting impact on its EBITDA generation.

Rating Sensitivities

A negative rating action will be triggered if Aralco's FFO and CFO
do not recover in the near term and if liquidity deteriorates
further. A positive rating action could occur if both FFO and CFO
recover and if leverage goes down on a consistent basis.  A
positive rating action could also occur if the company obtains
significant amounts of external financing, either through debt or
equity.


OGX PETROLEO: Struggles to Meet Deadline for Restructuring Plan
---------------------------------------------------------------
Luciana Magalhaes, writing for The Wall Street Journal, reported
that a crucial deadline for the restructuring agreement of
Brazilian oil company Oleo e Gas Participacoes SA, controlled by
businessman Eike Batista, might not be met this week, according to
two people familiar with the situation.

According to the report, in one of Latin America's largest
bankruptcy cases, OGP filed for protection from creditors in late
October. In December, the company formerly known as OGX Petroleo e
Gas Participacoes SA announced a deal with creditors to exchange
debts valued at some $5.8 billion for shares, and to give
bondholders an option to invest an additional $200 million to $215
million in the company.

OGP had said it aimed to present the restructuring plan to the
bankruptcy court in Rio de Janeiro on or before Jan. 24, when it
was to receive the fresh funding from current bondholders, the
report said.

The financing agreement hadn't been completed as of the afternoon
of Jan. 23 because documents are still being drawn up, according
to one the people, the report related.  There is a good chance the
restructuring plan won't be finished until next week, according to
one of the people. Both, however, said OGP will likely still be
able to receive an injection of capital of around $200 million,
including a $50 million bridge loan, announced earlier this month,
as a part of the restructuring plan.

A longer delay in arranging the financing could cause more
problems for OGP, which in January announced the first monthly
output figures for its only producing oil field, Tubarao Martelo,
off the coast of Rio de Janeiro, the report noted.

                         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
==========================


BATTERYMARCH ASIA: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Batterymarch Asia Fund, Ltd. received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


BATTERYMARCH ASIA GP: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Batterymarch Asia GP, Ltd. received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


BROADMEAD LIMITED: Members Receive Wind-Up Report
-------------------------------------------------
The members of Broadmead 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:

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


CASHMERE HOLDINGS: Members Receive Wind-Up Report
-------------------------------------------------
The members of Cashmere Holdings 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:

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


CCBI GROWTH: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CCBI Growth Fund GP Limited received on
Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ngai Li
          Royal Garden, Flat 8A
          27 Repulse Bay Road
          Hong Kong


CHEYNE CR: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Cheyne CR Limited received on Dec. 23, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

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


CHEYNE FUND: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Cheyne Fund Inc. received on Dec. 23, 2013,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


CHINA OVERSEAS: Members Receive Wind-Up Report
----------------------------------------------
The members of China Overseas Finance (Cayman) I Limited received
on Dec. 24, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Mr. Liu Jun
          Three Pacific Place, 10th Floor
          1 Queen's Road East
          Hong Kong


DALEY INVESTMENT: Sole Member Receives Wind-Up Report
-----------------------------------------------------
The sole member of Daley Investment Ltd. received on Jan. 13,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Lion International Management Limited
          HSBC House
          68 West Bay Road
          Grand Cayman
          Cayman Islands


DTP TRADING: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of DTP Trading Ltd received on Dec. 24, 2013, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


GREAT HARMONY: Members Receive Wind-Up Report
---------------------------------------------
The members of Great Harmony Holdings 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:

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


GREENWOOD GROVE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Greenwood Grove 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:

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


HIGHFAR CAPITAL: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Highfar Capital (Cayman) Ltd received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


LONGWAY CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Longway Capital Limited 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 Jonathan McLean
          Telephone: (345) 814 7376
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MSGI LIMITED: Members Receive Wind-Up Report
--------------------------------------------
The members of MSGI 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:

          Alan De Saram
          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman, KY1-1107
          Cayman Islands


MUNDER TALF: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Munder Talf Offshore Fund, Ltd. received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


RYLETT LIMITED: Members Receive Wind-Up Report
----------------------------------------------
The members of Rylett 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:

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


SSARIS MARK: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of SSARIS Mark IV Fund Ltd. received on Dec. 24,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

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


WESTON-ATLAS: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Weston-Atlas Partners Fund Ltd. received on
Dec. 23, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

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


WESTON-ATLAS MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Weston-Atlas Partners Master Fund Ltd.
received on Dec. 23, 2013, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidators are:

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



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


* DOMINICAN REP.: Fitch Sees Stable Outlook for Insurance Sector
----------------------------------------------------------------
The Outlook on the ratings assigned in Central America and the
Dominican Republic is stable for 2014, which implies a high
probability of affirming the ratings, according to Fitch.

Fitch also maintains insurers sectors of the region in stable
outlook, considering basically the greatest economic and financial
dynamism projected for most countries of the region.  However, the
agency seniala some challenges that the insurance industry in the
region must face in 2014 as the strong competition in rates, high
exposure to natural disasters, and inflationary and devaluation of
currencies in some countries, all of which would impose desempenio
pressures.

According to Fitch's projections, the production of consolidated
premium dollars in the region of Central America and the Dominican
Republic would record an annual nominal growth of 7.5% in 2013 and
9% in 2014.  This projection is based on the estimated growth of
two digits for the sector in Costa Rica, Guatemala and El
Salvador, countries whose production bonuses together represent
about half of the total region.

Fitch also projected desempenio better for the insurance industry
in the region, posting operating profits and lower combined costs
index at 100%.  This desempenio influenced by better designed for
the Costa Rican sector, the second largest market in the region,
and the sector in El Salvador and Guatemala, markets in the last
Anios have been experiencing an outstanding operating desempenio.

The improved operating desempenio is essential to reduce
dependence on the contribution of investment performance,
especially in some countries of the region.

Furthermore, Fitch estimates that the region will maintain
adequate levels of capitalization, based on prudent policy of
reinvestment of income in most countries, the trend of regional
regulations aimed at strengthening the solvency margin and in the
discipline this sense that promotes participation of important
international financial groups on the shareholding composition of
insurers in the region.  The agency believes that the insurance
industry will keep the region therefore a level of operating
leverage relatively low (Retained Premiums / Equity) in 2014,
around 1.1x.


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


CARIBBEAN CEMENT: Gets First Payment for Deliveries to Venezuela
----------------------------------------------------------------
RJR News reports that the government of Jamaica disbursed $180
million to Caribbean Cement Company as part payment for the
provision of clinker to Venezuela, under the PetroCaribe
Agreement.

The initiative, which commenced last month, is expected to
continue until May, according to RJR News.  Under the arrangement,
the report relates, Jamaica will supply Venezuela with 100,000
tons of clinker, valued at US$8.5 million, for the production of
cement.

The report notes that the arrangement facilitates Jamaica's
repayment of a portion of its oil debt to Venezuela under
PetroCaribe, with goods and services in lieu of cash.

The report adds that Jamaica's oil debt to Venezuela currently
stands at US$2.5 billion.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

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


FINSAC: Continues to Pay Expenses for Chen Young, Ministry Says
---------------------------------------------------------------
RJR News reports that a Ministry Paper tabled in Parliament shows
that the Financial Sector Adjustment Company (FINSAC) has
continued to pay the monthly expenses of Dr. Paul Chen Young,
former head of the Eagle Financial Network.

The Ministry Paper contains FINSAC's 2011/2012 annual report.

According to the document, there was a continued delay regarding
an appeal by Dr. Chen-Young and two entities in the Eagle group
for FINSAC to be paid J$1billion plus interest, the report
relates.

In accordance with a court order, pending the appeal, FINSAC
continued to pay living expenses of US$5,000 monthly to Dr. Chen-
Young, according to RJR News.  The report says that FINSAC also
paid his legal fees.  The funds came from the rental of Eagle's
Grenada Crescent property, the report discloses.

                         Net Surplus

According to the Ministry Paper, the report relays, FINSAC saw a
reduction in its net surplus during the 2011/2012 period.

The surplus for the year in review was J$168 million, compared to
just over one billion dollars in the previous year, the report
notes.

The decline resulted from impairment losses of $4 billion as well
as a $525 million decrease in other operating income, the report
adds.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2010, RJR News said that the Public Sector Transformation
Unit has recommended that the FINSAC and Financial Institution
Service Limited (FIS) should be abolished.  The report related
that the Public Sector Transformation Unit has also recommended
that FINSAC be wound up over a period of time.

According to the report, both institutions were established during
the financial sector collapse in the late 1990s and were given
responsibility to manage failed banks and insurance companies and
oversee the collection and sale of their assets.

The report noted that the Transformation also recommended that
several major agencies which fall under the Ministry of Finance
could be transferred to other ministries.


* JAMAICA: Business & Consumer Confidence Indices to be Released
----------------------------------------------------------------
RJR News reports that the Jamaica Conference Board will release
the fourth quarter 2013 Business and Consumer Confidence Indices
this week.

The indices are calculated based on quarterly island wide surveys
involving business decision makers and consumers, according to RJR
News.

The report relates that the third quarter results, released in
October, showed business and consumer confidence in Jamaica at an
all-time low.  The report notes that the data revealed that 92
percent of respondents said jobs were scarce while 33 percent did
not expect their income to improve.

The slide in the value of the Jamaican dollar and price increases
were factors highlighted by the business sector as contributing to
negative growth, the report says.


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


GRUPO CEMENTOS: Fitch Affirms Issuer Default Ratings at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed Grupo Cementos de Chihuahua, S.A.B. de
C.V.'s (GCC) local and foreign currency Issuer Default Ratings
(IDRs) at 'B+' and senior secured 2020 notes at 'BB-/RR3'.
The Rating Outlook is revised to Positive from Stable.

The expected recovery ratings of 'RR3' reflect good recovery
prospects given default.  'RR3' rated securities have
characteristics consistent with securities historically recovering
51% - 70% of current principal and related interest.

The revision of the Outlook to Positive reflects Fitch's view that
GCC's operations could gain momentum resulting from U.S.
construction spending expanding in 2014 driven by continued
strength in residential construction, and to a lesser extent in
modest recovery in commercial and public construction spending.
The Outlook also incorporates an expectation of higher public
spending in Mexico in 2014.  In Fitch's view, materialization of
such expectations, in conjunction with scheduled debt
amortizations, would likely result in a strengthening of the
company's leverage metrics, which in turn could result in a
positive rating action.

GCC's ratings reflect the company's solid business position in the
cement, ready mix and aggregates segments in the regions where it
has a presence; diversified operations in Mexico and the U.S. in
the non-residential and residential sectors; as well as positive
free cash flow generation through the cycle.  The ratings are
limited by the company's high leverage and pressure on
profitability given market and competitive conditions.

At the beginning of 2013, GCC refinanced the full amount of its
existing debt by issuing USD260 million of 2020 Senior Secured
Notes and obtaining a USD 250 million syndicated loan with final
maturity in 2017.  As a result, the company improved its maturity
profile and increased its financial flexibility.

Key Rating Drivers

Construction Activity Driving Profitability

A better pricing environment in the fourth quarter of 2013 and in
2014 fueled by higher construction spending in the U.S. as a
result of strengthening in the residential construction market and
increased public spending in Mexico, will likely improve GCC's
operating results and outweigh cost pressures in Mexico in the
coming years.  In 2013, low public infrastructure spending in both
Mexico and the U.S., slow residential construction in Chihuahua,
high fuel prices in Mexico and continued competitive pressures in
the U.S. resulted in a weak operating environment for GCC.  In
addition, a volatile Mexican peso which strengthened during the
first half of the year and a longer-than-average winter also
contributed to lower results from the Company's U.S. operations.
During the last twelve months to September, 2013, the company's
cement volumes declined 0.5% from the same period a year ago.

Business Position Supported by Leading Market Shares

GCC is leader in the state of Chihuahua in all product segments
and has strong cement market positions in North and South Dakota,
Wyoming, Colorado, New Mexico, and the region of El Paso, Texas.
The majority of these markets was less affected during the U.S.
housing crisis, and has shown above average volume recovery in
2012 and 2013, largely as a result of their exposure to oil & gas
and agriculture sectors.  GCC's contiguous North American
footprint allows for economies of scale, ease of distribution and
international trading capabilities.  According to the Portland
Cement Association (PCA), a majority of the states where GCC has
presence have a better-than-average outlook for the medium term.

Leverage High but Likely to Improve

Fitch expects GCC's total debt-to-EBITDA ratio to be at or below
4.0x by the end of 2014, with significant improvement in 2015 as
the company resumes revenue and EBITDA growth and scheduled debt
amortizations take place.  In addition, Fitch recognizes that
operating leverage in the sector is high and margins could improve
more than expected as a result of higher volumes or an improved
pricing environment.  GCC's total debt-to-EBITDA ratio was 4.4x
for the LTM ended Sept. 30, 2013, similar to that registered in
the same period of 2012.

Positive FCF Generation Through the Cycle

Fitch expects GCC to generate USD20 million of Free Cash Flow
(FCF) in 2013, but to be FCF neutral in 2014, as recovery in its
main markets continues and the company invests in deferred
maintenance and to a lesser extent in growth initiatives.  The
company's positive FCF generation history, which in conjunction
with asset sales has been used to reduce debt levels, is factored
into the ratings.  Also factored into the ratings is an
expectation that the company will continue to pay dividends
conservatively.

Liquidity Supported by Cash Generation

The company strengthened its liquidity position as a result of its
refinancing strategy, and aligned debt maturities to projected
cash flows and extended its debt average life. At Sept. 30, 2013,
GCC's total debt was USD506 million, cash and marketable
securities were USD67 million, and short-term debt was USD14
million. Scheduled maturities are USD20 million in 2014, USD52.5
million in 2015, USD82.5 million in 2016, USD91.3 million in 2017,
and USD260 million in 2020. GCC generated USD117 million of EBITDA
and USD73 million of Cash Flow from Operations (CFO) during the
LTM ended Sept. 30, 2013.

Ratings Sensitivity

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- A rating upgrade could derive from improved operating
    performance that leads to higher operating margins and EBITDA
    generation, which in conjunction with scheduled debt
    amortizations, translates into lower leverage.  A total debt-
    to-EBITDA ratio remaining below 4.0x, while maintaining
    adequate liquidity and a manageable debt maturity profile,
    could have positive implications.

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- A negative rating action could be triggered by a deterioration
    of the company's credit metrics and cash position due to weak
    operational results, reflecting increased price competition or
    higher costs; deterioration in FCF generation driven by
    increasing working capital needs and capex; and declining
    EBITDA margins.  A debt-to-EBITDA ratio consistently at or
    above 5.0x will also likely result in a downgrade.



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


PUERTO RICO: White House Not Considering Bailout, Official Says
---------------------------------------------------------------
Mark Felsenthal, writing for Reuters, reported on Jan. 22 that the
White House is not considering a financial bailout for Puerto
Rico, where chronic fiscal challenges have raised the specter of a
Detroit-like bankruptcy, an Obama administration official said on
Jan. 22.

Michael Corkery, writing for The New York Times, reported on Jan.
21 that a group of hedge funds and private equity firms may help
Puerto Rico battle a financial crisis of high unemployment and a
crushing debt.  The NY Times, citing people briefed on the
discussions, bankers at Morgan Stanley have been reaching out to
about a dozen hedge funds, private equity firms and other large
investors to gauge their interests in providing up to $2 billion
in financing to Puerto Rico.

The island's woes have led credit rating agencies to say they are
considering labeling the U.S. territory's general obligation debt
as junk bonds, Reuters said.  Puerto Rico already pays the highest
interest rates of any big municipal bond issuer, Reuters noted.

"The President's Task Force continues to partner with the
Commonwealth to strengthen Puerto Rico's economic outlook and to
ensure that it is taking advantage of all existing federal
resources available to the Commonwealth," White House spokeswoman
Katherine Vargas told Reuters in an email.  "There is no deep
federal assistance being contemplated at this time," she said,
Reuters cited.

With regards to the proposed financing from hedge funds and
private equity firms, one of those people briefed in the
discussions told the NY Times that the talks are fluid but the
debt could carry yield as high as 10 percent, more than double
what a highly rated city or state pays to borrow in the current
municipal market.

The proposed finacing shows just how dire Puerto Rico's situation
has become, the NY Times said.  "It's unprecedented," Robert
Donahue, managing director at Municipal Market Advisors, told NY
Times.  "It's a reflection of the increasing realization that
Puerto Rico has exceeded the risk appetite of the traditional
municipal bond market."



=============
U R U G U A Y
=============


BANQUE HERITAGE: Moody's Affirms 'B3/Not Prime' Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed Banque Heritage (Uruguay) S.A.
(Heritage Uruguay)'s bank financial strength rating (BFSR) of E+,
mapping to a baseline credit assessment (BCA) of b3, as well as
its B3/Not Prime long- and short-term global local and foreign
currency deposit ratings, and Baa3.uy local and foreign currency
deposit ratings in the Uruguayan national scale.  The outlook on
all ratings is stable.

In addition, Moody's concluded the review for downgrade and
confirmed the deposit ratings of Lloyds TSB Bank plc (Uruguay)
(Lloyds Uruguay) following the Uruguayan central bank's approval
of the acquisition by Heritage Uruguay of Lloyds Uruguay's
operations.  The ratings confirmed include Lloyds Uruguay's
Baa1/Prime-2 long- and short-term global local currency deposit
ratings and Aaa.uy local currency deposit ratings on the Uruguayan
national scale, and Baa3/Prime-3 and Aa1.uy foreign currency
deposit ratings.

The following ratings of Heritage Uruguay were affirmed:

   -- Bank Financial Strength Rating: E+, stable outlook

   -- Standalone baseline credit assessment: b3

   -- Global Local Currency Deposits, long term: B3/Not Prime,
      stable outlook

   -- Global Foreign Currency deposits, long term: B3/Not Prime,
      stable outlook

   -- National Scale Rating Local Currency Deposit Rating: Baa3.uy

   -- National Scale Rating Foreign Currency Deposit Rating:
      Baa3.uy

The following ratings of Lloyds TSB Bank plc (Uruguay) were
confirmed:

   -- Long- and short-term global local currency deposit rating of
      Baa1/Prime-2, stable outlook

   -- Long term national scale local currency deposit rating of
      Aaa.uy,

   -- Long- and short-term global foreign currency deposit rating
      of Baa3/Prime-3 stable outlook

   -- Long term national scale foreign currency deposit rating of
      Aa1.uy,

                         RATINGS RATIONALE

In affirming Banque Heritage's ratings Moody's took into account
the bank's modest business franchise in the Uruguayan banking
system and modest earnings generation, which reflect its
developing operations as a private bank and asset manager, as well
as modest business volume.  The ratings also capture the bank's
acquisition of the retail and corporate banking businesses of
Lloyds Uruguay, with its 101 employees and two branches, which has
just been approved by the Uruguayan central bank.  Heritage
Uruguay's market share will increase to 3,2% of the system's
private bank deposits and 1,8% of private bank loans, but it
remains a relatively small player in the local market, ranking
ninth among 14 banks.  The predominantly retail-deposit base it
acquires from Lloyds' Uruguay should boost its presence in the
corporate lending market, where Heritage plans to grow, leveraging
Lloyd's corporate banking expertise and its own private banking
and wealth management businesses, while also providing a more
diversified deposits base.

Nevertheless, Heritage Uruguay's earnings remain modest,
reflecting the limited franchise and high operating cost, although
revenues from fees and loans have improved over the last quarters
in line with the bank's business plan.  Moody's recognizes that.
Lloyds Uruguay's acquisition generated an extraordinary gain,
which bolstered Heritage Uruguay's $13,7 million bottom line as of
YE2013.  The ratings, therefore, incorporate the challenges
Heritage faces to demonstrate its ability to generate recurrent
earnings within the country's highly competitive banking
environment.

The bank's funding sources are largely driven by deposits, chiefly
by non-resident clients.  Additionally, the bank's assets and
liabilities are highly dollarized, a profile in line with other
Uruguayan banks, and which fits its predominantly non-resident
business strategy.  The ratings also capture Heritage Uruguay's
adequate capitalization with a Tier 1 ratio of 13,6% as of YE2013,
which may allow further loan growth, as well as its business and
risk management practices that are aligned to those of its
ultimate parent, Banque Heritage of Switzerland (unrated).
Moody's B3 global local-currency deposit rating derives from
Heritage's unsupported baseline credit assessment of b3.

Moody's also concluded the review for downgrade and confirmed
Lloyds Uruguay's deposit ratings, to reflect the UK bank's
decision to sell its entire Uruguayan operation to Heritage.  At
the time of the sale announcement, in September 2012, Lloyd's had
considered the possibility of retaining an small balance sheet,
which could have meant less support from the parent company.


                            ***********


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.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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