TCRLA_Public/140213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, February 13, 2014, Vol. 15, No. 31


                            Headlines



A R G E N T I N A

TRANSPORTADORA DE GAS: Moody's Says Debt Exchange Successful


B O L I V I A

* BOLIVIA: IMF Board Concludes 2013 Article IV Consultation


B R A Z I L

OSX BRASIL: Seeks to Reach Debt Deal with Bondholders This Week


C A Y M A N  I S L A N D S

BRONTOLINI CORPORATION: Shareholders Receive Wind-Up Report
BSI SERVICES: Shareholders Receive Wind-Up Report
BUCKINGHAM BLUE: Shareholders Receive Wind-Up Report
CRABEL TWO: Shareholders Receive Wind-Up Report
CT DIRECTOR: Shareholders Receive Wind-Up Report

DAIRY HOLDINGS: Creditors to Hold Meeting on Feb. 28
DEEPSIX LTD: Shareholders Receive Wind-Up Report
DELVEST INC: Shareholders Receive Wind-Up Report
DIP SUKUK: S&P Assigns 'BB' Rating to Proposed $300MM Certificates
EVERETT LLC: Shareholders Receive Wind-Up Report

EXECUTIVE INVESTMENTS: Shareholder Receives Wind-Up Report
FOOD HOLDINGS: Creditors to Hold Meeting on Feb. 28
HESPERUS HOLDINGS: Shareholder Receives Wind-Up Report
ISIDRO INTERNATIONAL: Shareholders Receive Wind-Up Report
JADE OPPORTUNITIES: Shareholders Receive Wind-Up Report

LITTLE SHRIMP: Shareholders Receive Wind-Up Report
PINEBRIDGE CAPITAL: Shareholders Receive Wind-Up Report
PRUDENCE TRADING: Shareholders Receive Wind-Up Report
REGENT INVESTMENTS: Shareholders Receive Wind-Up Report
RIDLEY INTERNATIONAL: Shareholders Receive Wind-Up Report

ROLLING HILLS: Shareholder Receives Wind-Up Report
SUCGP (F): Shareholders Receive Wind-Up Report
WISDOM INVESTMENT: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Entry of Power Plant Improves Energy Supply


J A M A I C A

DIGICEL GROUP: Incurs US$198 Million Net Loss in 2013


M E X I C O

SATELITES MEXICANOS: S&P Raises LT CCR to 'BBB-'; Outlook Negative


P A R A G U A Y

BANCO BILBAO: Moody's Hikes Deposit Rating to Ba3; Outlook Stable


P U E R T O  R I C O

BANCO SANTANDER: Moody's Reviews 'D+' BFSR on Possible Downgrade
PUERTO RICO: Fitch Downgrades Debt Ratings to 'BB'


                            - - - - -


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


TRANSPORTADORA DE GAS: Moody's Says Debt Exchange Successful
------------------------------------------------------------
Transportadora de Gas del Sur S.A. ("TGS" B3, Stable) announced
the results of the exchange offer in relation to the USD374
million principal amount of its 7.875% guaranteed senior unsecured
notes due 2017 (the "old notes"). The offer reached a 67%
acceptance level resulting in approximately USD250 million of debt
exchanged out of the USD374 million of old notes outstanding.

"Moody's view this exchange as a modest credit positive for TGS as
it will extend its debt maturity profile, which more than offsets
the increased cost of the new notes," said Daniela Cuan, VP Senior
Analyst at Moody's.

TGS's debt now has a more comfortable maturity profile, with
annual payments of roughly $ 30 million from 2015 to 2017
(corresponding to the old notes that were not exchanged) and of
$60 million from 2018 to 2020 (new notes resulting from the
exchange), which clearly gives the company greater financial
flexibility. The new notes will pay interest semi-annually the
same as the old notes but at a higher coupon rate of 9,625% (old
notes interest rate was 7,875%).

This extension in TGS's debt maturity is important because
although TGS generates strong cash flows in relation to its debt
and had historically access to the capital markets, current market
conditions for Argentinean companies are less favorable than in
the past and the recent turmoil around the peso devaluation make
access to the international debt market less certain. Annual
principal payments will be comfortably managed considering that
TGS's funds from operations were approximately $ 134 million for
the last twelve months ending September 2013 which represented a
ratio of funds from operations to debt (FFO/Debt) of 34%. Moody's
expect TGS to continue generating strong internal cash flows and
anticipate a ratio of FFO to Debt of no less of 20% going forward.

Headquartered in Buenos Aires, Argentina, TGS is the largest
transporter of natural gas within the country, delivering
approximately 60% of the total gas transported in Argentina. TGS
is also one of the largest natural gas processors and one of the
largest marketers of natural gas liquid products in Argentina.



=============
B O L I V I A
=============


* BOLIVIA: IMF Board Concludes 2013 Article IV Consultation
-----------------------------------------------------------
On January 27, 2014, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Bolivia.

Good macroeconomic performance and active social policies since
the mid-2000s have helped Bolivia to nearly triple income per
capita and reduce poverty.  In recent years, the economy
benefitted from high international commodity prices and rising
volumes of natural gas exports.  Coupled with twin surpluses in
the fiscal and external accounts, net international reserves have
increased to almost 50 percent of gross domestic product (GDP),
providing ample buffers against external shocks.  Social policies
have pursued ambitious redistributive and poverty reduction goals,
increasing living standards of vulnerable households.

Real GDP growth is projected at 6.7 percent in 2013, the highest
growth rate of the last thirty years, supported by soaring
hydrocarbon exports, strong private consumption, and accommodative
macroeconomic policies.  Growth is projected to remain above
potential again in 2014, sustained by hydrocarbon exports and a
moderate fiscal impulse.  Notwithstanding elevated export volumes,
the external current account surplus is expected to narrow in 2013
and over the medium term on the back of softer terms of trade.
Food supply shocks triggered an increase in inflation in mid-2013,
but the authorities responded with rapid monetary tightening and
measures to improve food supply.  Staff expects the authorities
will succeed in anchoring inflation expectations and inflation is
projected to fall to 5.5 percent by the end of 2014, though
further tightening may be needed if inflationary pressures prove
persistent.

The fiscal stance is expected to remain expansionary, with
important investment projects to industrialize the resource sector
in the pipeline.  The overall fiscal surplus is projected to
narrow to 0.6 percent of GDP in 2013 and turn to an overall
deficit of 0.4 percent of GDP in 2014.  Gross public debt is
expected to continue its downward trajectory to 32.5 percent of
GDP by end-2013, from 40 percent of GDP in 2009.

The Bolivian financial system remains solid and well capitalized,
but the new Financial Services Law could alter significantly the
financial landscape.  The law establishes a comprehensive legal
framework for the regulation of financial services, financial
institutions, and financial groups.  The law includes several good
provisions that, if effectively implemented, will help strengthen
the safety net and the integrity of the financial system.
However, the law's general thrust is to subordinate financial
sector activities to social objectives with instruments that could
create risks to financial stability.  Main features of the law
include: (i) provisions to regulate lending rates and set minimum
lending quotas for the productive sector and social housing; (ii)
discretion to set floors on deposit rates; and (iii) mechanisms to
enhance consumer protection and financial access in rural areas.

                    Executive Board Assessment

Executive Directors welcomed Bolivia's strong economic performance
in 2013, which saw higher economic growth, strong fiscal and
external positions, and improved standards of living.  They noted
that the near-term outlook is favorable, but encouraged the
authorities to address some vulnerabilities and improve the policy
frameworks.

Directors agreed that a neutral macroeconomic policy stance is
appropriate for the period ahead in view of the favorable growth
outlook and the closed output gap.  Accordingly, they encouraged
the authorities to avoid a pro-cyclical fiscal stimulus and save
budgetary resources to respond to adverse external shocks.  More
broadly, Directors stressed the need to improve the non-
hydrocarbon fiscal balance to secure medium-term sustainability.
Measures could include better targeting fuel subsidies, enhancing
the efficiency of public investment and social transfers, and
implementing tax administration reforms. Taking note of the
authorities' plans, Directors also encouraged the adoption of a
medium-term fiscal framework to manage resource wealth, balancing
intergenerational equity against immediate development needs.

Directors commended the authorities' response to the rise in
inflation in mid-2013.  They generally agreed that further
monetary tightening could be needed if second-round effects prove
persistent. Directors noted that continued reliance on market-
based allocation of financial resources is important and
recommended that central bank lending to public enterprises be
discontinued.  They considered that a savings fund established in
line with international best practices could help channel such
lending.  Directors generally saw merit in gradually allowing
greater exchange rate flexibility to help absorb external shocks.
Directors took note of the sound state of Bolivia's financial
sector but stressed the need to continue to strengthen
supervision.  While recognizing the social objectives of the new
Financial Services Law, Directors considered that less
distortionary instruments to promote financial inclusion could be
employed.  Directors welcomed Bolivia's strengthened framework
against money laundering and terrorist financing and urged its
implementation.

Directors commended the authorities' progress in reducing poverty.
They called for continued efforts to address longstanding social
challenges, which could be grounded in a comprehensive evaluation
of existing programs.  They also noted that the changing world
hydrocarbon market calls for broadening the economic base and
raising productivity to sustain strong growth.  In this regard,
Directors emphasized the importance of improving the business
climate, including by creating a predictable legal framework, to
promote private sector activity.  Greater investment in
infrastructure and human capital will also be critical.


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


OSX BRASIL: Seeks to Reach Debt Deal with Bondholders This Week
---------------------------------------------------------------
Luciana Magalhaes, writing for The Wall Street Journal, reported
that Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, will try to reach agreements with its
bondholders by the end of this week as it struggles to exit
bankruptcy protection, a top executive said on Feb. 12.

According to the report, OSX and advisers for its international
bondholders plan to meet in New York on Feb. 13 and 14 to discuss
a plan that could include a new payment schedule and give the
company more time to meet a March interest payment, said Claudio
Antonio da Silva Zuicker, OSX's chief financial officer and head
of investor relations.

The talks will include the possibility of lowering the daily rate
that OSX is charging sister company Oleo e Gas Participacoes SA
for use of its OSX-3 floating, production, storage and offloading
vessel, currently in operation at the Tubarao Martelo field, the
report related.  Oleo e Gas was formerly known as OGX Petroleo e
Gas Participacoes SA, the flagship company of Mr. Batista's
business empire.

OSX has $500 million in bonds outstanding and missed an $11.6
million interest payment in December, the report further related.
Its bonds, which are guaranteed by the OSX-3 vessel, mature in
2015 and carry a 9.25% coupon.

"We are in negotiations with our bondholders and with Oleo e Gas
to create a package that will leave OSX up-to-date on its
payments," Mr. Zuicker said, the report cited.

About OSX Brasil

OSX Brasil, which operates a shipyard north of Rio de Janeiro,
filed for protection from creditors in November on liabilities of
BRL5.34 billion (US$2.30 billion).  OSX Brasil, part of Mr.
Batista's troubled Grupo EBX, filed for bankruptcy after Oleo e
Gas Participacoes SA, formerly known as OGX Petroleo e Gas
Participacoes, filed for bankruptcy Oct. 30, according to Reuters.

Reuters notes that the bankruptcy petition left OSX's ship-leasing
unit, which owns three floating, production, storage and
offloading (FPSO) ships, out of the petition as it seeks buyers
for the ships and deals with bondholders and banks that financed
them.

A deal to sell the OSX-2 FPSO, which is in storage in Malaysia,
could be complete in the first half of 2014, Mr. Zucker said,
Reuters relates.  OSX is renegotiating its US$263,000 a day lease-
fee on the OSX-1 in Tubarao Azul, Mr. Zucker added.


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


BRONTOLINI CORPORATION: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Brontolini Corporation Ltd. received on
Dec. 27, 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


BSI SERVICES: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of BSI Services (Cayman) Limited received on
Jan. 29, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 569 Mountain View
          Wyoming 82939
          USA
          Telephone: (307) 782 6754
          Facsimile: (307) 782 7298


BUCKINGHAM BLUE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Buckingham Blue Ltd. received on Dec. 27,
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


CRABEL TWO: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Crabel Two Plus Feeder II Limited received on
Jan. 17, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345)949-8244
          Facsimile: (345)949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands


CT DIRECTOR: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of CT Director Ltd received on Jan. 29, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


DAIRY HOLDINGS: Creditors to Hold Meeting on Feb. 28
----------------------------------------------------
The creditors of Dairy Holdings Limited will hold a meeting on
Feb. 28, 2014, at 2:00 p.m., at the office of Zolfo Copper
(Cayman) Limited, 38 Market Street, 2nd Floor of Canella Court in
Camana Bay, Grand Cayman, Cayman Islands.

Creditors are required to submit a completed proxy form and
confidentiality agreement by Feb. 27, 2014, to be able to
participate in the meeting.


DEEPSIX LTD: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Deepsix Ltd received on Jan. 29, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


DELVEST INC: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Delvest Inc received on Jan. 31, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


DIP SUKUK: S&P Assigns 'BB' Rating to Proposed $300MM Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issue rating to proposed $300 million unsecured trust certificates
to be issued by DIP Sukuk Ltd. DIP Sukuk is a special-purpose
vehicle that is incorporated in the Cayman Islands and affiliated
with Dubai-based property investment company Dubai Investments
Park Development Company LLC (DIPDC).  The issue rating is in line
with the corporate credit rating on DIPDC.  The recovery rating on
the unsecured trust certificates is '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.

                         RECOVERY ANALYSIS

The recovery rating on the unsecured trust certificates reflects
S&P's view of the long-term nature of DIPDC's operating leases and
low capital requirements.  The recovery rating is constrained by
the certificates' unsecured nature and our view of the relatively
creditor-unfriendly insolvency regime in the United Arab Emirates
(UAE).

S&P understands that DIPDC will use about 75% of the proceeds from
the trust certificates to repay existing debt, and the remaining
25% for capital expenditure and general corporate expenses.
DIPDC's post-transaction debt structure will only comprise the
proposed unsecured trust certificates.

S&P further understands that the unsecured trust certificates will
include three financial maintenance covenants specifying gross
leverage, interest coverage, and a minimum property value.  The
certificates will also include certain nonfinancial covenants.

S&P's hypothetical default scenario projects a default in 2018,
when the unsecured trust certificates need to be refinanced.  In
S&P's scenario, the default is triggered by a weakening of the
economy in the UAE, which reduces demand for industrial and
commercial properties, as well as property values and rental
yields.



While S&P's estimated discrete asset valuation results in
materially higher recovery prospects than the 50%-70% range, S&P
caps its recovery rating on the unsecured trust certificates at
'3' in accordance with S&P's criteria for rating unsecured debt.

Simulated default assumptions:

   -- Year of default: 2018
   -- Jurisdiction: UAE

Simplified waterfall:

   -- Net enterprise value (after 7% administration costs): UAE
      dirham (AED) 2.19 billion
   -- Unsecured debt claims: AED1.13 billion
   -- Recovery expectation: 50%-70%

*All debt amounts include six months of prepetition interest and a
fully drawn guarantee facility.


EVERETT LLC: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Everett LLC received on Jan. 31, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


EXECUTIVE INVESTMENTS: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Executive Investments Inc received on Jan. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


FOOD HOLDINGS: Creditors to Hold Meeting on Feb. 28
---------------------------------------------------
The creditors of Food Holdings Limited will hold a meeting on
Feb. 28, 2014, at 9:00 a.m., at the office of Zolfo Copper
(Cayman) Limited, 38 Market Street, 2nd Floor of Canella Court in
Camana Bay, Grand Cayman, Cayman Islands.

Creditors are required to submit a completed proxy form and
confidentiality agreement by Feb. 27, 2014, to be able to
participate in the meeting.


HESPERUS HOLDINGS: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Hesperus Holdings, Ltd received on Jan. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


ISIDRO INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Isidro International Ltd. received on Dec. 27,
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


JADE OPPORTUNITIES: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Jade Opportunities Ltd. received on Dec. 27,
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


LITTLE SHRIMP: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Little Shrimp, Ltd received on Feb. 4, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Britannia Corporate Management Ltd
          c/o Gary F. Oakley
          196 Raleigh Quay
          Grand Cayman, KY1-1104
          Cayman Islands
          Telephone (345) 949 2700


PINEBRIDGE CAPITAL: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Pinebridge Capital Recovery Partners, Ltd.
received on Jan. 7, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Pinebridge Investments LLC
          399 Park Avenue
          New York NY 10022
          USA


PRUDENCE TRADING: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Prudence Trading Ltd received on Dec. 27,
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


REGENT INVESTMENTS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Regent Investments received on Jan. 15, 2014,
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 Eva Moore
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town,
          Grand Cayman, KY1-1103
          Cayman Islands


RIDLEY INTERNATIONAL: Shareholders Receive Wind-Up Report
---------------------------------------------------------
The shareholders of Ridley International Ltd. received on Jan. 31,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Tim Cartwright
          Hawksford 15, Esplanade
          St. Helier
          Jersey
          Channel Islands, JE1 1RB,
          Telephone: +44 1534 740170
          Facsimile: +44 1534 740074


ROLLING HILLS: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of Rolling Hills Company received on Jan. 29,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          P.O. Box 694 Grand Cayman
          Cayman Islands


SUCGP (F): Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of SUCGP (F) Ltd received on Jan. 10, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351


WISDOM INVESTMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Wisdom Investment Ltd. received on Dec. 27,
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



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


* DOMINICAN REPUBLIC: Entry of Power Plant Improves Energy Supply
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic's State-owned
Electric Utility (CDEEE) said the energy service is now stable
with the entry of AES Andres, the country's biggest power plant,
which had been offline for scheduled maintenance since Jan. 27.

In a statement, the CDEEE said it supplies around 77% of the
national demand, according to Dominican Today.  The report relates
that the CDEEE said AES Andres was subjected to test runs and
service has improved since, contrary January, with outages of
several circuits, when the plant located in Boca Chica was taken
off line.

The rolling blackouts affected the East region and affected the
aqueducts in Greater Santo Domingo's eastern districts, the report
notes.


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


DIGICEL GROUP: Incurs US$198 Million Net Loss in 2013
-----------------------------------------------------
Jamaica Gleaner reports that Digicel Group Limited incurred a net
loss of US$198 million last year, as disclosed by Fitch ratings
agency in its most recent report on the telecom.

Fitch gave Digicel Group a stable B rating on its long-term
foreign currency debt and said the outlook for the company was
stable.

Digicel Group finances its capital programs through debt,
including bond issues, according to Jamaica Gleaner.

The report notes that Fitch said Digicel Group made a loss of
US$198.491 million -- the equivalent of J$20 billion -- at its
financial year ending March 31, 2013.

The report notes that the loss was the first since 2010, when the
company bled US$131.679 million.  Chairman and Founder Denis
O'Brien has previously confirmed that he is currently seeking a
special dividend from the company, which reports have put at
US$650 million, the report relates.

The report notes that the key drivers behind Fitch's rating of
Digicel include the company's high leverage and solid operations.
The company was estimated to have $5.85 billion of debt last year,
the report relates.

"The ratings are constrained by high leverage and exposure to low-
rated countries, as about 40 per cent of its cash flow is
generated from Jamaica and Haiti," the report quoted the ratings
agency as saying.  But that concern was tempered by the company's
diversified operations, the report adds.

                     About Digicel Group

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

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


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


SATELITES MEXICANOS: S&P Raises LT CCR to 'BBB-'; Outlook Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Satelites Mexicanos, S.A. de C.V. (Satmex) to
'BBB-' from 'B'.  At the same time, S&P raised the issue level
rating on Satmex's outstanding senior secured notes to 'BBB-' from
'B' and withdrew the notes' recovery rating of '3' because its
recovery rating methodology does not apply if the ratings are
'BBB-' or higher.  S&P removed all ratings from CreditWatch
positive where it placed them on Aug. 2, 2013.  The outlook is
negative.

"The upgrade reflects Satmex's announcement that Eutelsat
completed the acquisition of 100% of its share capital.  It also
reflects our expectation that noteholders will not trigger the
change-of-control acceleration clause in Satmex's $360 million
outstanding bonds," said Standard & Poor's credit analyst Marcela
Due¤as.  We view Satmex as a "highly strategic" subsidiary of
Eutelsat.  Satmex's services are integral to Eutelsat's core
services and important for Eutelsat's growth strategy in the
growing Latin American market and therefore it is unlikely the
parent will sell Satmex in the medium term.  Satmex offers
satellite services with coverage over North, Central and South
America with an existing fleet of three satellites and plans to
launch two more by mid-2016.  Although Satmex only represents 7%
of Eutelsat's consolidated revenues, the acquisition provides
Eutelsat access to an 11% market share in Latin America, it has
boosted its activity in the Americas, and reduced its reliance on
the European market.  Therefore, Eutelsat will likely provide
Satmex with support under a financial distress scenario.
Additionally, we believe Satmex will be closely linked to
Eutelsat's reputation.

For subsidiaries deemed as "highly strategic," parent support
serves as the rationale for rating them one notch below the rating
on the parent.  S&P believes that if Eutelsat fully integrates
Satmex as another division of its business portfolio and rebrands
its operations so that both companies share the same name or brand
S&P could consider revising the group support to "core."



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


BANCO BILBAO: Moody's Hikes Deposit Rating to Ba3; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3, from B1, the long-
term global foreign-currency deposit ratings of Banco Bilbao
Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay), Banco
Continental S.A.E.C.A. (Continental) and Banco Regional S.A.E.C.A.
(Regional). The Not Prime short-term global foreign currency
deposit rating of all three banks remains unchanged.

The outlook on all ratings is stable.

The rating actions follow Moody's upgrade of Paraguay's sovereign
ratings, including the government bond rating and the country
ceilings for bonds and deposits, in local and foreign currency.
Please refer to " Moody's upgrades Paraguay's sovereign rating to
Ba2 from Ba3, and changes outlook to positive" announced on
February 4th, 2014.

The following ratings were upgraded:

Banco Bilbao Vizcaya Argentaria Paraguay S.A.:

Foreign currency deposit rating to Ba3/Not Prime, from B1/Not
Prime, stable outlook

Banco Continental S.A.E.C.A.:

Foreign currency deposit rating to Ba3/Not Prime, from B1/Not
Prime, stable outlook

Banco Regional S.A.E.C.A.:

Foreign currency deposit rating to Ba3/Not Prime, from B1/Not
Prime, stable outlook

Ratings Rationale

The upgrade of the long-term foreign-currency deposit ratings of
BBVA Paraguay, Continental and Regional are the direct result of
Moody's raising Paraguay's foreign-currency deposits ceiling to
Ba3, from B1. All three banks operate universal banking franchises
and enjoy dominant market shares that sustain pricing power and
earnings generation. They have well-defined footprints in the
corporate and SMEs lending segments, although their relatively
high credit risk concentration in the agribusiness sector could
add volatility to earnings and asset quality. Regional and
Continental have become the largest banks by loans and deposits in
recent years, followed by BBVA Paraguay, ranked fourth.

BBVA Paraguay is headquartered in Asuncion, Paraguay, and it had
assets of $2 billion and equity of $168 million as of September
2013.

Banco Continental S.A.E.C.A. is headquartered in Asuncion,
Paraguay, and it had assets of $3 billion and equity of $272
million as of September 2013.

Banco Regional S.A.E.C.A. is headquartered in Encarnacion,
Paraguay, and it had assets of $2.5 billion and equity of $203
million as of September 2013.


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


BANCO SANTANDER: Moody's Reviews 'D+' BFSR on Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for downgrade certain
ratings of three Puerto Rican banks, including Banco Santander
Puerto Rico (BSPR), Popular, Inc. and FirstBank Puerto Rico
(FirstBank).

The following ratings were placed on review:

BSPR's standalone bank financial strength rating (BFSR)/baseline
credit assessment (BCA) of D+/ba1

The long-term ratings of Popular, Inc. and its subsidiaries
(collectively referred to as 'Popular'), including Banco Popular
de Puerto Rico's (the lead bank) standalone BFSR/BCA of D/ba2

The long-term ratings of FirstBank, including its standalone
BFSR/BCA of E+/b2

Additionally, the following ratings were affirmed:

BSPR's supported deposit and debt ratings because those ratings
benefit from the bank's affiliation with its US affiliate,
Santander Bank, N.A. (deposits Baa1 stable, standalone BFSR/BCA C-
/baa1 stable). Following the affirmation, the outlook on the
supported ratings is stable.

The ratings of Doral Financial Corporation (senior unsecured debt
at Caa3 negative)

The short-term ratings of Popular and FirstBank

The ratings of the senior bonds issued by BSPR and Doral Financial
Corporation through the Puerto Rico Industrial, Tourist,
Educational, Medical and Environmental Control Facilities
Financing Authority (AFICA)

The actions follow Moody's 7 February 2014 action to downgrade the
general obligation (GO) rating of the Commonwealth of Puerto Rico
to Ba2 with a negative outlook from Baa3 (see press release
"Moody's downgrades Puerto Rico GO and related bonds to Ba2,
notched bonds to Ba3 and COFINA bonds to Baa1, Baa2; outlook
negative," available on moodys.com).

Ratings Rationale

Moody's said the reviews for downgrade will focus on the potential
effect of further deterioration in the Puerto Rican economy and/or
the commonwealth's fiscal condition on the credit profiles of
BSPR, Popular and FirstBank.

Puerto Rico's economy is in the midst of a protracted recession
that began in 2006, and it continues to be challenged by high
unemployment, low workforce participation, high poverty levels
compared to the US mainland, a declining population, and weakness
in its key pharmaceutical sector. This economic weakness, combined
with years of deficit financing, pension underfunding and
budgetary imbalance, have now put the commonwealth in a position
where its debt load and fixed costs are high, its liquidity is
narrow, and its market access has become constrained.

During the review, Moody's will re-evaluate the potential credit
losses in the banks' loan and securities portfolios, including
direct and indirect exposures to the commonwealth, under more
adverse scenarios. The rating agency is concerned that the banks'
high levels of non-performing assets could lead to significant
losses if conditions do not improve. Moody's will also consider
the banks' willingness to take on additional exposure to the
commonwealth.

Moody's added that it will assess the impact of ongoing market
volatility on the banks' funding positions. Although the banks'
deposit flows have remained steady during this period of
heightened volatility, Moody's will assess each bank's contingency
funding plans in light of further prolonged market uncertainties.

On Review for Possible Downgrade:

Issuer: Banco Santander Puerto Rico

Bank Financial Strength Rating, Placed on Review for Possible
Downgrade, currently D+

Baseline Credit Assessment, Placed on Review for Possible
Downgrade, currently ba1

Issuer: Banco Popular de Puerto Rico

Bank Financial Strength Rating, Placed on Review for Possible
Downgrade, currently D

Baseline Credit Assessment, Placed on Review for Possible
Downgrade, currently ba2

Adjusted Baseline Credit Assessment, Placed on Review for Possible
Downgrade, currently ba2

Senior Unsecured Deposit Rating, Placed on Review for Possible
Downgrade, currently Ba2

Issuer Rating, Placed on Review for Possible Downgrade, currently
Ba3

OSO Rating, Placed on Review for Possible Downgrade, currently Ba3

Issuer: Popular, Inc.

Senior Unsecured Medium-Term Note Program, Placed on Review for
Possible Downgrade, currently (P)B1

Multiple Seniority Medium-Term Note Program, Placed on Review for
Possible Downgrade, currently (P)B1

Multiple Seniority Medium-Term Note Program, Placed on Review for
Possible Downgrade, currently (P)B2

Junior Subordinated Shelf, Placed on Review for Possible
Downgrade, currently (P)B3

Non-cumulative Preferred Stock, Placed on Review for Possible
Downgrade, currently Caa1 (hyb)

Issuer: Popular Capital Trust I

Preferred Stock, Placed on Review for Possible Downgrade,
currently B3 (hyb)

Preferred Stock Shelf, Placed on Review for Possible Downgrade,
currently (P)B3

Issuer: Popular Capital Trust II

Preferred Stock, Placed on Review for Possible Downgrade,
currently B3 (hyb)

Preferred Stock Shelf, Placed on Review for Possible Downgrade,
currently (P)B3

Issuer: Popular Capital Trust III

Preferred Stock Shelf, Placed on Review for Possible Downgrade,
currently (P)B3

Issuer: Popular North America Capital Trust I

Preferred Stock, Placed on Review for Possible Downgrade,
currently B3 (hyb)

Issuer: Popular North America, Inc.

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Possible Downgrade, currently B1

Senior Unsecured Medium-Term Note Program, Placed on Review for
Possible Downgrade, currently (P)B1

Multiple Seniority Medium-Term Note Program, Placed on Review for
Possible Downgrade, currently (P)B1

Multiple Seniority Medium-Term Note Program, Placed on Review for
Possible Downgrade, currently (P)B2

Issuer: BanPonce Trust I

Preferred Stock, Placed on Review for Possible Downgrade,
currently B3 (hyb)

Issuer: FirstBank Puerto Rico

Bank Financial Strength Rating, Placed on Review for Possible
Downgrade, currently E+

Baseline Credit Assessment, Placed on Review for Possible
Downgrade, currently b2

Adjusted Baseline Credit Assessment, Placed on Review for Possible
Downgrade, currently b2

Senior Unsecured Deposit Rating, Placed on Review for Possible
Downgrade, currently B2

Issuer Rating, Placed on Review for Possible Downgrade, currently
B3

OSO Rating, Placed on Review for Possible Downgrade, currently B3

Outlook Actions:

Issuer: Banco Santander Puerto Rico

Outlook, Changed To Rating Under Review From Stable(m)

Issuer: Banco Popular de Puerto Rico

Outlook, Changed To Rating Under Review From Negative

Issuer: Popular, Inc.

Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Capital Trust I

Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Capital Trust II

Outlook, Changed To Rating Under Review From Negative

Issuer: Popular Capital Trust III

Outlook, Changed To Rating Under Review From Negative

Issuer: Popular North America Capital Trust I

Outlook, Changed To Rating Under Review From Negative

Issuer: Popular North America, Inc.

Outlook, Changed To Rating Under Review From Negative

Issuer: BanPonce Trust I

Outlook, Changed To Rating Under Review From Negative

Issuer: FirstBank Puerto Rico

Outlook, Changed To Rating Under Review From Negative

Issuer: Doral Financial Corporation

Outlook, Remains Negative

Affirmations:

Issuer: Banco Santander Puerto Rico

Adjusted Baseline Credit Assessment, Affirmed baa1

Senior Unsecured Deposit Rating, Affirmed Baa1

Short-term Deposit Rating, Affirmed P-2

Issuer Rating, Affirmed Baa1

OSO Rating, Affirmed Baa1

Short-term OSO Rating, Affirmed P-2

Senior Unsecured Bank Note Program, Affirmed (P)Baa1

Senior Unsecured Bank Note Program, Affirmed (P)P-2

Senior Unsecured Commercial Paper, Affirmed P-2

Issuer: Banco Popular de Puerto Rico

Short-term Deposit Rating, Affirmed NP

Short-term OSO Rating, Affirmed NP

Issuer: FirstBank Puerto Rico

Short-term Deposit Rating, Affirmed NP

Short-term OSO Rating, Affirmed NP

Issuer: Doral Financial Corporation

Senior Unsecured Regular Bond/Debenture, Affirmed Caa3

Issuer: P.R. Ind Tour Ed Med & Env Ctl Facs Fin Auth (AFICA)

Senior Unsecured Revenue Bonds Jun 1, 2018, Affirmed Baa1

Senior Unsecured Revenue Bonds Dec 1, 2019, Affirmed Baa1

Senior Unsecured Revenue Bonds Dec 1, 2021, Affirmed Baa1

Senior Secured Revenue Bonds Dec 1, 2014, Affirmed Caa3

Senior Secured Revenue Bonds Jun 1, 2026, Affirmed Caa3

Senior Secured Revenue Bonds Dec 1, 2029, Affirmed Caa3

Senior Unsecured Revenue Bonds Dec 1, 2029, Affirmed Caa3


PUERTO RICO: Fitch Downgrades Debt Ratings to 'BB'
--------------------------------------------------
Fitch Ratings has downgraded the ratings for these Commonwealth of
Puerto Rico debt to 'BB' from 'BBB-':

   -- Commonwealth general obligation (GO) bonds;

   -- Puerto Rico Public Building Authority government facilities
      revenue bonds guaranteed by the commonwealth;

   -- Puerto Rico Aqueduct and Sewer Authority (PRASA)
      commonwealth guaranty revenue bonds;

   -- Employees Retirement System of the Commonwealth of Puerto
      Rico pension funding bonds.

The ratings have been removed from Rating Watch Negative; however,
the Rating Outlook, which indicates the direction the ratings are
likely to move over a one- to two-year period, is Negative.

The current action does not affect the ratings that Fitch assigns
to bonds issued by the Puerto Rico Sales Tax Financing Corporation
(COFINA).  Those bonds are secured by the commonwealth's sales and
use tax and insulated from the commonwealth's general credit
strain.  Their ratings are driven by economic and revenue
performance.

                              SECURITY

The GO bonds are a full faith and credit obligation of the
Commonwealth of Puerto Rico that benefit from a constitutional
first claim on commonwealth revenues.  The ratings on the public
building authority and PRASA bonds reflect the guaranty of the
commonwealth's full faith, credit, and taxing power.  The pension
funding bonds are payable from and secured by a pledge of
statutorily required employer contributions to the system; the
commonwealth is the largest contributor.

                       KEY RATINGS DRIVERS

REDUCED FINANCIAL FLEXIBILITY PROMPTS DOWNGRADE: Fitch placed the
GO and related ratings on Negative Watch in November 2013, citing
the challenge facing the commonwealth in maintaining financial
flexibility in light of the deterioration in capital markets
access.  Recent downgrades have triggered new liquidity
requirements and lowered expectations for the market available for
the commonwealth's debt going forward, though there have been no
significant negative developments regarding the commonwealth's
finances or economy since November.  In the context of other
credit challenges related to a weak economy and elevated liability
levels, Fitch believes that these additional hurdles preclude the
commonwealth maintaining an investment-grade credit profile.

FISCAL MANAGEMENT EFFECTIVE AND COMMITTED: The commonwealth's
management has responded quickly and decisively to challenges that
have arisen in recent years and the current administration has
made significant progress in addressing longstanding credit
issues.  Fitch believes the commitment of management to achieving
fiscal balance and honoring commitments to bondholders remains
strong, and the governor recently announced a plan to balance the
budget next year, one year earlier than previously expected.

ECONOMIC PERFORMANCE THE KEY FACTOR: The commonwealth's economy
has been in recession since 2006.  Initial signs of recovery in
2012 appear to have been more a reflection of economic stimulus
than underlying growth and subsequent economic performance has
been weak.  Although some recent information suggests nascent
improvement, results are mixed and it is too soon to tell whether
the economy will stabilize this year.  Fitch believes that the
ultimate success of efforts to put the commonwealth's finances on
a sustainable path will be dictated by the performance of the
economy.

DEBT AND RETIREE BENEFIT LIABILITIES HIGH: Puerto Rico's bonded
debt levels and unfunded pension liabilities are very high
relative to U.S. states, with a large amount of outstanding debt
issued for deficit financing purposes.  This has created spending
pressures and limited the commonwealth's ability to use additional
leveraging.  Pension funding will remain exceptionally low even
with the significant pension reform effort undertaken by the
current administration.

MARKET ACCESS IMPAIRED: The commonwealth's capital markets access
deteriorated steeply in 2013 despite the action taken to address
longstanding credit challenges.  Reliable external market access
in line with market norms is important to long-term stability.

GO PLEDGE STRONG: Puerto Rico's GO pledge is unusually strong,
providing a constitutional first claim on commonwealth revenues.
The commonwealth cannot file for bankruptcy.

                         RATING SENSITIVITIES

MARKET ACCESS: The current rating assumes that the commonwealth
will be able to execute a sizable transaction in the near term to
bolster liquidity.  An inability to access the market would be a
significant credit concern and cause for a downgrade.

EVIDENCE OF ECONOMIC STABILIZATION: Maintenance of the current
rating will require stabilization in economic performance and
emergence from the long recessionary period.

ACHIEVABILITY OF BUDGET TARGETS: Failure to show continued
progress toward structural balance would pressure the rating.

                          CREDIT PROFILE

Puerto Rico's current management has repeatedly shown its ability
and willingness to take quick action to address financial
challenges and external market concerns, much of which has
required legislative action.  However, underlying the need for
these measures is the very difficult economic, financial, and
market situation that management continues to confront.

Fitch downgraded Puerto Rico's GO debt rating to 'BBB-' with a
Negative Outlook in March 2013, reflecting economic and revenue
underperformance that significantly increased the size of the
operating imbalance for the then-current fiscal year and the gap
presented to the commonwealth as it developed a budget for fiscal
2014.

The commonwealth subsequently took numerous measures to bolster
finances and strengthen fundamental credit factors.  However, in
the same period, the capital markets environment for the
commonwealth's debt deteriorated considerably.  In addition,
economic indicators continued to show material weakness, and the
commonwealth reduced its forecast for economic performance.  In
November 2013, Fitch placed the commonwealth's GO and related
ratings on Rating Watch Negative, primarily reflecting the new
risk of constrained market access.

Since that time, the administration has taken additional steps to
support the credit, including enactment of teachers' pension
reform, various measures to improve GDB liquidity, and numerous
economic development initiatives.  Spending is reportedly under
budget, and the commonwealth recently announced a reduction in the
deficit forecast for the current and coming fiscal years.  On the
downside, the sales tax changes included in the current-year
budget have failed to produce the expected additional revenues.
The January 2014 revenue forecast revision, while unchanged in
aggregate, reflects an even larger reliance than previously
budgeted on corporate taxes, which are currently overperforming
estimates.

Last week's downgrades have triggered potential new liquidity
demands of about $1 billion; although Fitch expects that the
commonwealth will be able to meaningfully lower this amount
through negotiations with relevant counterparties, such demands
will still consume some of the commonwealth's limited current
market capacity in the near term.  Just as importantly, Fitch
believes that the non-investment-grade ratings will reduce the
market available for the commonwealth's debt going forward,
thereby diminishing financial flexibility as the administration
moves forward with its fiscal stabilization efforts.  The
commonwealth has announced plans to come to market with a sizable
transaction in the coming weeks that is expected to be sold
primarily to non-traditional investors.


                            ***********


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
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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