TCRLA_Public/140131.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 31, 2014, Vol. 15, No. 22


                            Headlines



B R A Z I L

BANCO PSA: Moody's Affirms Rating on Senior Unsecured Debt Ba2
BANCO PSA: Moody's Affirms Currency Deposit Ratings 'Ba2'
OGX PETROLEO: BlackRock Says It's No Longer Part of Creditor Group
* BRAZIL: Unemployment Rate in December Falls to Record Low


C A Y M A N  I S L A N D S

360 GLOBAL: Commences Liquidation Proceedings
ADVISION MEDIA: Placed Under Voluntary Wind-Up
AERO LTD: Commences Liquidation Proceedings
GLOBAL MANAGED: Shareholder Receives Wind-Up Report
GOLD ALLIANCE: Commences Liquidation Proceedings

GONDWANA FUND: Placed Under Voluntary Wind-Up
GREEN ALLIANCE: Commences Liquidation Proceedings
HELIUM ASSET: Commences Liquidation Proceedings
J. ZOROASTER: Commences Liquidation Proceedings
JEMEKK TOTAL: Placed Under Voluntary Wind-Up

L CAPITAL: Commences Liquidation Proceedings
LONGWOOD FINANCE: Placed Under Voluntary Wind-Up
MAYSTONE HOLDINGS: Placed Under Voluntary Wind-Up
PANTHERA/FUNDING: Shareholder Receives Wind-Up Report
PRINCETON ASIA: Placed Under Voluntary Wind-Up

RAIL HOLDINGS: Shareholder Receives Wind-Up Report
SKYSILVER LIMITED: Commences Liquidation Proceedings
SOMERSET LTD: Placed Under Voluntary Wind-Up
TAS ENERGY: Commences Liquidation Proceedings


J A M A I C A

SAGICOR LIFE: Pays J$9.5 Billion for RBC Royal


M E X I C O

DESARROLLADORA HOMEX: May Benefit From Revised Bankruptcy Law


                            - - - - -


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B R A Z I L
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BANCO PSA: Moody's Affirms Rating on Senior Unsecured Debt Ba2
--------------------------------------------------------------
Moody's America Latina has affirmed Banco PSA Finance Brasil
S.A.'s (Banco PSA) long-term local-currency senior unsecured debt
rating of Ba2, assigned to its issuance of "Letras Financeiras".
At the same time, Moody's has also affirmed the long-term
Brazilian national scale senior unsecured debt rating of Aa3.br.
The outlook on the debt rating was changed to negative from stable
in line with the negative outlook on Banco PSA's global and
national scale deposit ratings.

The following ratings were affirmed:

Long-term Global Local-Currency Senior Unsecured Debt Rating: Ba2,
with negative outlook

Long-term Brazilian National Scale Senior Unsecured Debt Rating:
Aa3.br, with negative outlook

Ratings Rationale

Moody's explained that the local-currency senior unsecured debt
rating derives from Banco PSA's Ba2 global local-currency deposit
rating, which in turn incorporates the bank's standalone credit
rating of D- (equivalent to ba3 in the global rating scale), as
well as Moody's assessment of a high probability of support that
would be forthcoming from its French owner, Banque PSA Finance.
The seniority is taken into consideration in the assignment of
debt ratings.

For a detailed consideration of Moody's action on Banco PSA's
ratings, please refer to the press release dated 29 January 2014
"Moody's affirms Banco PSA Finance Brasil's ratings; negative
outlook on supported ratings".

The last rating action on Banco PSA's senior unsecured debt was on
18 April 2013, when Moody's downgraded Banco PSA's local-currency
senior unsecured debt rating to Ba2, from Ba1, and the national
scale senior unsecured debt rating to Aa3.br, from Aa2.br. The
ratings on these notes had stable outlook.

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL3.32 billion ($1.5 billion) and
total equity of BRL370 million ($167.5 million) as of 30 June
2013.


BANCO PSA: Moody's Affirms Currency Deposit Ratings 'Ba2'
---------------------------------------------------------
Moody's Investors Service has affirmed Banco PSA Finance Brasil
S.A.'s (Banco PSA) baseline credit assessment (BCA) of ba3, which
is equivalent to a bank financial strength of D-. Moody's has also
affirmed the bank's global local and foreign currency deposit
ratings of Ba2 and Not-Prime, long- and short-term, respectively,
and the Brazilian national scale deposit ratings of Aa3.br and BR-
1, long- and short-term, respectively. At the same time, Moody's
has changed to negative from stable the outlook on Banco PSA's
long-term deposit and debt ratings, in line with the negative
outlook on the unsupported ratings of its French parent Banque PSA
Finance. The outlook on Banco PSA's bank financial strength
remains stable.

The following ratings of Banco PSA Finance Brasil were affirmed:

Bank financial strength: D-, with stable outlook, which maps to a
standalone baseline credit assessment of ba3;

Long-term global local-currency deposit rating: Ba2, with negative
outlook;

Long-term foreign-currency deposit rating: Ba2, with negative
outlook;

Long-term Brazilian national scale deposit rating: Aa3.br, with
negative outlook;

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

Short-term foreign-currency deposit rating: Not Prime;

Short-term Brazilian national scale deposit rating: BR-1

RATINGS RATIONALE

The affirmation of Banco PSA's unsupported ratings at D-/ba3
reflects the bank's franchise as a captive finance operation of
Peugeot and Citroen in Brazil. The bank's ratings are constrained
by earnings profile that shows inherently low diversification, in
line with the bank's narrow portfolio of products, comprised of
auto loans to individuals and floor-plan financing to car dealers.
The bank's wholesale funding structure also limits ratings, given
its intrinsically high concentration in terms of deposits and
reliance on a small number of institutional depositors, which
pressures funding costs upwards. Management made efforts to
improve funding diversification by issuing long-tenor banknotes in
the domestic market in 2012.

In affirming the ratings, Moody's also acknowledges the bank's
high capital levels, which appear adequate to cushion against non-
performing loans and complement its modest reserve position while
supporting loan growth in recent years. However, Moody's
highlights the recent and expected volatility in the bank's
financial metrics, particularly profitability and asset quality,
which reflects the strategic repositioning of Banco PSA's
franchise and business targets. The bank intends to focus on
higher quality clients, in line with the automakers' plan to
increase mark-up on its products, and to concentrate future growth
on loans originated within its own client base, which will reflect
favorably in its penetration rate. We, therefore, expect Banco PSA
to reestablish a track record of consistent profitability under
its new strategy.

The negative outlook on Banco PSA's supported ratings derives from
the negative outlook on the standalone bank financial strength
(D/ba2) of its parent Banque PSA Finance (France). The Brazilian
subsidiary's Ba2 long-term deposit rating incorporates one notch
of uplift from its standalone ba3 credit assessment to reflect
Moody's view of a high probability of parental support in the
event of stress, based on the subsidiary and parent's shared
strategic focus.

The last rating action on Banco PSA Finance Brasil S.A. was on 18
April 2013, when Moody's downgraded the bank's global local and
foreign currency deposit ratings to Ba2, from Ba1, and national
scale deposit rating to Aa3.br, from, Aa2.br. The standalone bank
financial strength of D-, which maps to a ba3 in the global rating
scale, remained unchanged, as did all the bank's short-term
ratings. The outlook on all ratings assigned to Banco PSA was
stable.

Banco PSA Finance Brasil S.A. is headquartered in Sao Paulo,
Brazil, and had total assets of BRL3.32 billion ($1.5 billion) and
total equity of BRL370 million ($167.5 million) as of 30 June
2013.


OGX PETROLEO: BlackRock Says It's No Longer Part of Creditor Group
------------------------------------------------------------------
Luciana Magalhaes at Dow Jones & Company, Inc. reports that
investment management firm BlackRock Inc. said it is no longer
part of a creditors group set to participate in the restructuring
plan of Eike Batista's bankrupt Oleo e Gas Participacoes SA
formerly known as OGX Petroleo e Gas Participacoes SA.

As reported in the Troubled Company Reporter-Latin America on
Jan. 29, 2014, Reuters said that Oleo e Gas received court
authorization to use its assets to guarantee a loan critical to
keeping the company in operation.  Gilberto Clovis Faria Matos,
the judge handling Oleo e Gas' bankruptcy protection filing, ruled
that company assets may be used as collateral for up to $200
million of debtor-in-possession, or DIP, financing, according to
documents filed with the Rio de Janeiro state court of justice,
says Reuters.

The TCRLA, on Jan. 28, 2014, citing Daily Bankruptcy Review,
reported that Oleo e Gas Participacoes SA said bondholders had
agreed to extend a deadline to finalize a restructuring deal until
Jan. 31.  OGP and bondholders had originally set a Friday deadline
to reach a deal on additional financing to maintain the firm's
operations, according to Daily Bankruptcy Review.  The report
related that OGP was then expected to submit its restructuring
plan to a Rio de Janeiro bankruptcy court.

                    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.


* BRAZIL: Unemployment Rate in December Falls to Record Low
-----------------------------------------------------------
David Biller at Bloomberg News reports that Brazil's unemployment
rate in December fell to a record low, adding inflation pressure
even as the central bank continues raising interest rates.  Swap
rates rose.

The jobless rate fell to 4.3 percent from 4.6 percent in November,
the national statistics agency said, according to Bloomberg News.
That was lower than forecast by 31 economists surveyed by
Bloomberg, whose median estimate was 4.4 percent.

Bloomberg News notes that joblessness remained near record lows
all last year and helped stoke inflation, which exceeded the
government's target for the fourth straight year.  Bloomberg news
relates that the central bank has responded by raising the
benchmark rate in seven successive monetary policy meetings. The
data reinforce the likelihood of another 50 basis-point increase,
according to Neil Shearing, chief emerging-markets economist at
Capital Economics Ltd., Bloomberg News relays/

Swap rates on the contract maturing in January 2015, the most
traded in Sao Paulo Jan. 30, 2014, rose six basis points, or 0.06
percentage point, to 11.49 percent at 10:15 a.m. local time.


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


360 GLOBAL: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 6, 2013, the sole shareholder of 360 Global Capital 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:

          Enrique Abeyta
          Walkers
          190 Elgin Avenue George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


ADVISION MEDIA: Placed Under Voluntary Wind-Up
----------------------------------------------
On Nov. 20, 2013, the sole shareholder of Advision Media Holdings
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 7, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Cheng Haixia
          Building 804, No.5, Lane 91
          Jianguo West Road, Huangpu District
          Shanghai, PRC
          Telephone: (021) 5123 2019
          Facsimile: (021) 5153 2031


AERO LTD: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 3, 2013, the sole shareholder of Aero 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:

          Marcio de Almeida Libanio
          Avenida Brigadeiro Faria Lima, 2170
          Putim - Sao Jose dos Campos
          Sao Paulo, 12.227-901
          Brazil
          Telephone: (345) 914 6365


GLOBAL MANAGED: Shareholder Receives Wind-Up Report
---------------------------------------------------
On Jan. 7, 2014, the shareholder of Global Managed Futures
Strategy CFC received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


GOLD ALLIANCE: Commences Liquidation Proceedings
------------------------------------------------
On Dec. 3, 2013, the sole shareholder of Gold Alliance 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:

          Marcio de Almeida Libanio
          Avenida Brigadeiro Faria Lima, 2170
          Putim - Sao Jose dos Campos
          Sao Paulo, 12.227-901
          Brazil
          Telephone: (345) 914 6365


GONDWANA FUND: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 3, 2013, the sole shareholder of Gondwana Fund Limited
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
          Landmark Square, 1st Floor, 64 Earth Close
          West Bay Beach
          P.O. Box 715, George Town Grand Cayman KY1-1107
          Cayman Islands


GREEN ALLIANCE: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 3, 2013, the sole shareholder of Green Alliance 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:

          Marcio de Almeida Libanio
          Avenida Brigadeiro Faria Lima, 2170
          Putim - Sao Jose dos Campos
          Sao Paulo, 12.227-901
          Brazil
          Telephone: (345) 914 6365


HELIUM ASSET: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 4, 2013, the shareholders of Helium Asset Management
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:

          Syquant Capital
          Laurent Boscherel
          c/o Syquant Capital
          67 rue la Boetie, 75008 Paris
          France
          Telephone: +331.42.56.56.27


J. ZOROASTER: Commences Liquidation Proceedings
-----------------------------------------------
On Dec. 2, 2013, the sole member of J. Zoroaster Co. Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 28, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers,
          P.O. Box 71, Road Town, Tortola
          British Virgin Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


JEMEKK TOTAL: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 4, 2013, the sole shareholder of Jemekk Total Return
Canada Ltd. 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 Ltd.
          Reference: GL
          Telephone: +1 (345) 769 4422
          Facsimile: +1 (345) 769 9351
          Landmark Square, 1st Floor
          64 Earth Close
          West Bay Beach
          P.O. Box 715, George Town
          Grand Cayman KY1-1107
          Cayman Islands


L CAPITAL: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary meeting held on Dec. 5, 2013, the shareholders
of L Capital EWJ Cayman Ltd. resolved to voluntarily liquidate the
company's business.

Only creditors who were able to file their proofs of debt by
Jan. 21, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Muhammad Aslam Koomar
          Ebene Esplanade, 5th Floor
          24 Cybercity Ebene
          Mauritius
          Telephone: +230 401 2359
          Facsimile: +230 401 2301


LONGWOOD FINANCE: Placed Under Voluntary Wind-Up
------------------------------------------------
On Nov. 29, 2013, the sole shareholder of Longwood Finance Fund
International Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Jan. 6, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Kellian Hutchinson
          Telephone: (345) 815 1418
          Facsimile: (345) 949 877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


MAYSTONE HOLDINGS: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary meeting held on Nov. 1, 2013, the shareholders
of Maystone Holdings Ltd. 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 liquidators are:

          Dwight Dube
          Michael Wheaton
          Telephone (345) 640 5555
          PO Box 31661 2 Floor, Regatta Office Park
          Windward III Grand Cayman KY1-1207
          Cayman Islands


PANTHERA/FUNDING: Shareholder Receives Wind-Up Report
-----------------------------------------------------
On Jan. 7, 2014, the shareholder of Panthera/Funding Cayman
Limited received the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 13, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


PRINCETON ASIA: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 4, 2013, the shareholders of Princeton Asia (Cayman)
Limited 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:

          Trident Liquidators (Cayman) Ltd
          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


RAIL HOLDINGS: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Rail Holdings Ltd. received on Jan. 7, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on Dec. 3, 2013.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


SKYSILVER LIMITED: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 3, 2013, the sole shareholder of Skysilver 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:

          Marcio de Almeida Libanio
          Avenida Brigadeiro Faria Lima, 2170
          Putim - Sao Jose dos Campos
          Sao Paulo, 12.227-901
          Brazil
          Telephone: (345) 914 6365


SOMERSET LTD: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 4, 2013, the sole shareholder of Somerset Ltd. resolved to
voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 10, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Shameer Jasani
          Telephone: (345) 815 1802
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


TAS ENERGY: Commences Liquidation Proceedings
---------------------------------------------
On Nov. 12, 2013, the shareholders of Tas Energy China 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:

          Zheng Shi
          Unit 5-1-1501 Guanhu Guoji
          No. 88 East Fourth Ring Road North
          Beijing 100022
          Telephone (+86) 10 5109 6188


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J A M A I C A
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SAGICOR LIFE: Pays J$9.5 Billion for RBC Royal
----------------------------------------------
RJR News reports that Sagicor Group is paying J$9.5 billion for
the purchase of Royal Bank of Canada's Jamaican holding, RBC Royal
Bank.

Senior Officials of Sagicor, led by Chairman R. Danny Williams and
President Richard Byles, provided the details of the transaction,
notes the report.

It was revealed that negotiations started in November with RBC's
parent company and were concluded Jan. 28, according to RJR News.

President Byles, the report notes, revealed that the balance sheet
of the institution will be worth more than the $9.5 billion being
paid and that his company will not be assuming any of the bad
debts that had been incurred by RBC Royal Bank.

The merger will likely result in some branch closures and staff
cuts, the report says.

Headquartered in St. Michael, Barbados, Sagicor Life Inc. --
http://www.sagicorlife.com/-- is a financial services company,
and through its subsidiaries, offers life and health insurance,
annuities, pensions, property and casualty insurance, and banking
services in the Caribbean, Latin America, the United Kingdom, and
the United States.  Its Sagicor Life Inc segment offers life and
health insurance, annuities, and pension investment administration
services in Barbados, Eastern Caribbean, Dutch Caribbean, Bahamas,
Central America, and Trinidad and Tobago.

                          *     *     *

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


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M E X I C O
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DESARROLLADORA HOMEX: May Benefit From Revised Bankruptcy Law
-------------------------------------------------------------
Jonathan Levin at Bloomberg News reports that there are
speculations that Desarrolladora Homex SAB, Mexico's biggest
homebuilder by sales until it defaulted on debt last year, will
benefit from a revised bankruptcy law.

Investors are betting that the new rules will make it easier for
Homex SA to recover after a change in government housing policy
resulted in a cash hemorrhage and halted most of its operations,
according to Aldo Miranda, a trader at Intercam Casa de Bolsa SA,
according to Bloomberg News.

New bankruptcy rules signed into law this month let companies
apply for protection from creditors before their finances become
dire, according to a summary of the bill published by the Finance
Ministry on its website, Bloomberg News relates.

Homex "has many tools to not be delisted and to eventually
increase profitability," Mr. Miranda said in an e-mailed response
to questions, Bloomberg News notes.

                     About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                           *      *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2013, Fitch Ratings downgraded Desarrolladora Homex,
S.A.B. de C.V.'s ratings as:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.


                            ***********


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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