TCRLA_Public/140218.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

           Tuesday, February 18, 2014, Vol. 15, No. 34


                            Headlines



A R G E N T I N A

BANCO DE SERVICIOS: Moody's Withdraws B1 Global LT LC Debt Rating


B R A Z I L

BROOKFIELD INCORPORACOES: To Delist Shares From Stock Exchange
CENTROVIAS SISTEMAS: Moody's Rates BRL400MM Sr. Debentures 'Ba1'
VIANORTE SA: Moody's Assigns Ba1 Rating to BRL150MM Debentures


C A Y M A N  I S L A N D S

AGA INVESTMENT: Placed Under Voluntary Wind-Up
AVIDOG: Placed Under Voluntary Wind-Up
C.H. GUENTHER: Placed Under Voluntary Wind-Up
CRESCENT HOLDINGS: Commences Liquidation Proceedings
CX-SHANNON: Commences Liquidation Proceedings

G-NET HOLDING: Placed Under Voluntary Wind-Up
KINESIS GLOBAL: Commences Liquidation Proceedings
LION/SILK: Shareholder Receives Wind-Up Report
LISPENARD LANE: Creditors' Proofs of Debt Due March 14
MACE PROPERTIES: Placed Under Voluntary Wind-Up

MJM ADVISORS: Commences Liquidation Proceedings
MSR ASIA: Commences Liquidation Proceedings
MURSELAGO INVESTMENT: Placed Under Voluntary Wind-Up
PRIMA HOLDINGS: Placed Under Voluntary Wind-Up
SELIGMAN SPECTRUM: Commences Liquidation Proceedings

SELIGMAN SPECTRUM (MASTER): Commences Liquidation Proceedings
TOP HAT: Commences Liquidation Proceedings
VINIK OFFSHORE: Commences Liquidation Proceedings
VIOLETTA HOLDING: Placed Under Voluntary Wind-Up
WINCHESTER RESERVES: Commences Liquidation Proceedings


J A M A I C A

JAMAICA: IMF Official Gives Statement on Conclusion of Mission


P E R U

CEMENTOS PACASMAYO: Sets Annual Shareholders' Meeting to March 25
CEMENTOS PACASMAYO: S&P Affirms 'BB+' CCR; Outlook Stable
PLAYA RESORTS: Moody's Assigns Caa1 Rating to $50MM Add-on Notes
SU CASITA: Moody's Places B3 Rating on Review for Downgrade


S U R I N A M E

SURINAME: Moody's Changes Outlook on Ba3 Bond Rating to Stable


X X X X X X X X X

Large Companies With Insolvent Balance Sheets


                            - - - - -


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


BANCO DE SERVICIOS: Moody's Withdraws B1 Global LT LC Debt Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn all of its ratings for Banco de Servicios Financieros
S.A. (Argentina) for business reasons.

The following ratings of Banco de Servicios Financieros S.A. were
withdrawn:

Bank Financial Strength Rating: E, negative outlook

Global Long-and Short Term Local-Currency Deposit Rating: B1/Not
Prime, negative outlook

Global Long-Term Local-Currency Debt Rating: B1, negative outlook

Long-term global local currency MTN debt rating: (P)B1

Long-term National Scale local-currency deposit and debt rating:
Aa2.ar

Long-term National Scale local currency MTN debt rating: Aa2.ar

Long-and short-term foreign-currency deposit rating: Caa1 / Not
Prime, stable outlook

Long- term global foreign currency MTN debt rating: (P)B3, stable
outlook

Long-term National Scale foreign-currency deposit rating: Ba1.ar,
stable outlook

Long-term National Scale foreign currency MTN debt rating: A2.ar,
stable outlook

Ratings Rationale

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

Banco de Servicios Financieros S.A. is headquartered in Buenos
Aires, Argentina. As of September 2013 the bank had total assets
of ARS1.12 billion and equity of ARS149 million.


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


BROOKFIELD INCORPORACOES: To Delist Shares From Stock Exchange
--------------------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Brazil's
real estate company Brookfield Incorporacoes SA said it will
delist its shares from Brazil's stock exchange after their sharp
depreciation last year.

The company seeks to acquire all its 268.8 million outstanding
shares in an operation that would amount to BRL430 million (US$180
million), according to The Wall Street Journal.

The WSJ relates that the company said it will offer up to BRL1.60
for each outstanding share.

The WSJ notes that the company didn't unveil a timetable for the
tender offer.

The company's shares have soared in recent weeks, after some
analysts speculated that the company might opt to delist after
last year's depreciation, The WSJ says.   But despite the recent
appreciation, in the 12-month period ended Feb. 14, Brookfield
shares dropped 64%, The WSJ notes.

The WSJ recalls that Brookfield shares debuted on the Brazilian
stock exchange in October 2006, in a BRL765.6 million initial
public offering, under the name Brascan Residential Properties.
In 2009, it adopted the current name and tapped equity markets
again, raising more BRL664 million, The WSJ adds.

Brookfield Incorporacoes S.A., together with its subsidiaries,
provides integrated real estate services in Brazil.  The company
designs and develops residential and office projects for its own
behalf and third parties; purchases, negotiates, and sells real
properties; and provides construction and engineering services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 4, 2013, Fitch Ratings has downgraded the long-term foreign
and local currency Issuer Default Ratings (IDRs) of Brookfield
Incorporacoes S.A. (Brookfield Incorporacoes) and its full
subsidiary Brookfield Sao Paulo Empreendimentos Imobiliarios S.A.
(Brookfield SP) to 'B+' from 'BB-'.


CENTROVIAS SISTEMAS: Moody's Rates BRL400MM Sr. Debentures 'Ba1'
----------------------------------------------------------------
Moody's America Latina assigned Ba1 and Aa1.br ratings on the
global scale and on the Brazilian National Scale Rating (NSR),
respectively, to the BRL400 million senior, unsecured debentures
that are planned to be issued by Centrovias Sistemas Rodoviarios
S.A. (Centrovias) in the next few weeks.  At the same time,
Moody's affirmed Centrovias' Ba1 / Aa1.br issuer ratings on the
global and national scales, respectively.  In addition, Moody's
affirmed the Ba1/Aa1.br ratings of the Company's outstanding
senior secured debentures, which mature in 2015 and 2017.  The
outlook is stable for all ratings.

Centrovias' Debenture Issuance will have the following financial
covenants: i) Net Debt to EBITDA minus fixed concession payments
equal or less than 3.5x times and Debt Service Coverage Ratio
equal or higher than 1.2x.

The proceeds of this issuance will be used to pay maturing debt,
including debentures (approximately BRL90 million) as well as for
general corporate purposes, including CAPEX, dividend distribution
and potential intercompany loans to the parent holding company.

Ratings Rationale

The Ba1 and Aa1.br ratings are supported by the long history of
tolling operations of Centrovias' road system, which is located in
a well developed and economically diversified region in the State
of Sao Paulo, Brazil (Baa2/stable outlook).  The stable outlook
reflects our opinion that Centrovias' operational performance will
remain strong during the remaining life of the concession in light
of adequate credit fundamentals primarily as a result of steadily
growing operating revenues and relatively low remaining CAPEX
requirements.  The rating also takes into account the mature
nature of the concession, as evidenced by a solid track record of
tolled traffic that dates back to 1998, which has resulted in
stable cash flows as well as strong credit metrics for the rating
category.  The track record of a regulatory environment that has
been generally supportive of operating toll road concessionaires
in the State of Sao Paulo further supports the rating.

Notwithstanding the positive fundamentals of Centrovias'
concession, the ratings are somewhat constrained by: (i) potential
downturns in the domestic GDP; (ii) the track record of high
dividend distributions which we expect will continue in the
future; (iii) intercompany loans that could be extended to the
parent holding company; and (iv) further potential political
interference from the State of Sao Paulo.

Centrovias serves a relatively small region with supportive
demographics and evolving economic fundamentals.  The alternative
routes in the region are either tolled by the same tariff/km or
not tolled with inferior service quality.  Therefore, there is
limited competition envisioned over the remaining life of this
concession which is scheduled to expire in June 2019.

Centrovias' sixteen-year history of tolled traffic shows that
heavy trucks represent 66% of the road traffic in terms of
equivalent vehicles.  Commercial vehicle traffic tends to be more
volatile than passenger vehicle traffic and to move in tandem with
the country's GDP.  From the period spanning from 2000 through
2010, Centrovias presented an average tolled traffic growth of
5.7% per year, which compares favorably with the Brazilian GDP
performance during the same period (i.e. 3.6% per year).  Measured
by equivalent vehicles, tolled traffic at Centrovias increased 63%
in 2011 and 6.4% in 2012, the large increase in 2011 reflected
changes in the configuration of certain toll plazas so that they
could begin to charge tolls in both directions. On a normalized
basis, we estimate that Centrovias' toll traffic increased
approximately 7% in 2011.  The traffic growth in 2012 was driven
by increases in traffic for agricultural commodities and increased
car ownership, even though GDP growth in Brazil was just 0.9% in
2012.  Presumably, the lower tariffs with toll plazas in both
directions also contributed to additional traffic volumes in
certain locations as toll evasion was reduced.

Traffic growth for the 9 months of 2013 was 10.3% higher than the
same period in the previous year, much above the GDP for the
accumulated period which did not surpassed 2.0%.

Centrovias has presented relatively strong credit metrics for the
rating category, characterized by high debt coverage ratios as
measured by the last available three-year average (2011 - LTM
09/2013) Funds From Operations-to-Debt ratio (FFO-to-Debt) of
40.8%, with a Cash Interest Coverage ratio of 4.1x.  These ratios
are much stronger when compared to the period 2009 - 2012, in
which FFO-to-Debt was 24.8%, and Cash Interest Coverage ratio was
3.0x.  The improvement in the aforementioned ratios is a combined
result of the higher cash generation as a result of the previous
mentioned higher traffic, lower operating expenses and reduction
in interest rates during the period.  However, at least during
2014 and 2015, the cash interest coverage and FFO to Debt ratios
will be negatively impacted due to the combined effect of higher
interest rates and higher leverage due to the BRL400 million
debentures of which the bulk of the resources will be transferred
to the parent holding company via dividends and intercompany
loans.  According to our forecast, these ratios will reduce,
respectively, to 3.5x and 27.6% in 2014 from 5.2x and 53.5% in the
LTM as of September 2013.

Through the remaining life of the concession (from 2014 up to June
2019), Centrovias is required to spend approximately BRL180
million in capital expenditures, of which about BRL150 million is
targeted from 2014 to 2016.  Until the end of the concession, the
Company is required to pay approximately BRL65 million to the
granting authority (the Department of Highways of the State of Sao
Paulo) in the form of fixed concession payments, of which BRL39
million is scheduled to be paid over the next three years (2014 to
2016).  For comparative purposes with other rated operational toll
roads and in accordance with Moody's standard adjustments, we have
adjusted the Company's financial debt to include the present value
of these required concession payments.

On June 24, 2013, the Government of the State of Sao Paulo
suspended the annual tariff adjustment for all toll road
concessionaires.  Toll tariffs, which were scheduled to be
adjusted for inflation on July 1st, were frozen for one year,
until July 1, 2014.  The Government's decision followed intense
public protests against tariff increases (later revoked) in the
public transportation system in the city of Sao Paulo.

In order to preserve the financial-economic equilibrium of the
concessionaires' contracts the main compensatory measures
announced by the State Governor were: (i) a 50% reduction of the
variable concession fees, payable to the State regulatory agency -
ARTESP, to 1.5% from 3.0% starting in July 2013; (ii) idle truck
axles would be charged; (iii) the partial reduction or exemption
of the fixed concession liability payable to the granting
authority for the concessionaires that did not have delays in
scheduled construction works, defined by their respective
concession contracts; and (iv) eventual reduction of the fixed
concession fee.  Despite the frozen tariffs the decision to
preserve the economic/financial equilibrium of the concessions
confirms ARTESP's continued support of private-sector
concessionaires in the State of Sao Paulo.

"Nevertheless, according to our Operational Toll Roads rating
methodology, we have adjusted the rating sub-factor 4b ("Ability
to Increase Tariffs") to Baa from Aa, which reflects our
perception of potentially higher political interference as well as
the uncertainty as to the quality of the concession and regulatory
framework (factor 4 in our methodology)," Moody's said.

"The stable outlook reflects our view that Centrovias will
continue to generate stable cash flows given the mature nature of
the concession, the expected growth of the domestic GDP and by the
experienced management team remaining focused on improving
operating performance.  Moody's expects that the payment of
dividends and extension of intercompany loans will continue for
the remainder of the concession, but that they will be prudently
managed so that the credit metrics remain within the proposed
financial covenants.  The stable outlook also reflects our
expectation that the concession and regulatory framework in the
State of Sao Paulo will continue to be supportive of private
sector toll road concessionaires, and that tariff adjustments will
resume in 2014 pursuant to the terms and conditions of the
concession contract," Moody's said.

The rating could be upgraded if the company were to steadily
improve its liquidity profile and maintain credit metrics in line
with historical performance so that the FFO to debt ratio stays
above 30% and the interest coverage remains above 3.5x on a
sustainable basis.

The rating could be downgraded if there is a significant and
sustained deterioration in credit metrics so that FFO to debt
ratio falls below 25% and interest coverage ratio remains below
2.5x for an extended period of time.  Deterioration in the credit
quality of the parent holding company Arteris S.A., further
political interference in the normal course of business of the
Company or a deterioration in the quality of the concession and
regulatory framework could also prompt a downgrade rating action.

Centrovias, an operating subsidiary of Arteris S.A. ("Arteris"),
holds a 21-year concession to expand, operate and maintain the
toll road services of two small adjacent roads in the interior of
the state of Sao Paulo (Baa2/stable outlook) with a total
extension of 218.2 km.  The concession was granted by the State of
Sao Paulo in June 1998, with about 5.5 years of remaining life.


VIANORTE SA: Moody's Assigns Ba1 Rating to BRL150MM Debentures
--------------------------------------------------------------
Moody's America Latina assigned Ba1 and Aa2.br ratings on the
global scale and on the Brazilian National Scale Rating (NSR),
respectively, to the BRL150 million senior, unsecured debentures
that are planned to be issued by Vianorte S.A. (Vianorte) in the
next few weeks. At the same time, Moody's affirmed Vianorte's Ba1
/ Aa2.br issuer ratings on the global and national scales,
respectively. In addition, Moody's affirmed the Ba1/Aa2.br ratings
of the Company's outstanding senior secured debentures, which
mature in 2015 and 2017. The outlook is stable for all ratings.

Vianorte's Debenture Issuance will have the following financial
covenants: i) Net Debt to EBITDA minus fixed concession payments
equal or less than 3.5x times and Debt Service Coverage Ratio
equal or higher than 1.2x.

The proceeds of this issuance will be used to prepay maturing
debt, including BRL50 million of existing debentures as well as
for general corporate purposes, including CAPEX, dividend
distribution and intercompany loans to the parent holding company.

Ratings Rationale

The Ba1 and Aa2.br issuer ratings of Vianorte reflect the mature
nature of the concession, as evidenced by its solid and stable
historic performance. The stable outlook reflects our opinion that
Vianorte's operational performance will remain solid during the
remaining life of the concession in light of strong credit
fundamentals boosted by the expected continued growth in the
Brazilian GDP. The rating is also supported by solid credit
metrics for the rating category and the relatively strong track
record of operating performance since 1998 and by the track record
of a regulatory environment that has been generally supportive of
operating toll road concessionaires in the State of Sao Paulo.

Notwithstanding the fundamentals of Vianorte's concession, the
ratings are somewhat constrained by: (i) potential downturns in
the domestic GDP; (ii) the track record of high dividend
distributions which we expect will continue in the future; (iii)
potential intercompany loans that could be extended to the parent
holding company; and (iv) further potential political interference
from the State of Sao Paulo.

Vianorte serves a relatively small but wealthy region in the State
of Sao Paulo, Brazil (Baa2/stable outlook) with virtually no
comparable competition from alternative routes foreseen during the
remaining life of the concession.

Vianorte's sixteen-year history of tolled traffic shows that the
user profile is well balanced between heavy trucks and commuter
users. Commercial vehicles currently represent around 57% of the
road traffic in terms of equivalent vehicles. Although the traffic
of freight vehicles tends to be more volatile and move in tandem
with the country's GDP, traffic at Vianorte has been relatively
predictable. From 2001 through 2012, Vianorte's toll traffic
presented an annual average growth rate of 4.4%, which compares
slightly more favorably with the Brazilian GDP performance during
the same period of 3.4% per year. In 2012, tolled traffic at
Vianorte increased 4.1% reaching 34.4 million equivalent vehicles
when compared to 2011 levels of 33.1 million equivalent vehicles
as a result of the expansion in the agricultural business and the
industrial production of the region.

Traffic growth in the 9 months 2013 was 8.8% higher than the same
period of the previous year and much higher than management's
expectations. On a quarterly basis, traffic increased 5.8% in the
1Q2013, 8.9% in the 2Q2013 and 11.4% in the 3Q2013 (idle truck
axels started to be charged in July 2013), much above the GDP for
the accumulated period which was below 2.0% for the 9 months of
2013.

Vianorte has strong credit metrics for the rating category. Toll
related revenues in 2012 increased 10.1% compared to 2011,
stemming from the 4.1% increase in toll traffic and the 4.26%
tariff increase granted by ARTESP on July 1st, 2012, in line with
inflation measured by the general price index (IGP-M) from June
2011 to May 2012. Vianorte's strong operating performance
supported continued high cash flow coverage ratios despite the
significant debt increase of BRL254 million debenture issuance in
2010. In 2012, the Funds from operations (FFO) to debt ratio
reached 42.3%, while the FFO coverage of the cash interest (cash
interest coverage ratio) was 4.4 times.

In the twelve months ended on September 30, 2013, the Funds from
operations (FFO) to debt ratio reached 47.0%, while the FFO
coverage of the cash interest (cash interest coverage ratio) was
5.1 times.

The constant improvement in credit metrics over the last four
years is a combined result of the higher cash generation as a
result of the previous mentioned higher traffic, lower operating
expenses and reduction in interest rates during the period.
However, going forward the continued progression into a higher
interest rate cycle along with a higher level of debt as a result
of the BRL150 million debenture to be raised in the next few weeks
wherein the bulk of the resources will be used to transfer
resources to its parent holding company will result in a negative
impact on both debt and interest coverage metrics. Those ratios
are forecasted to worsen to 33.3% and 4.7x in 2014 but will remain
adequate for the rating category.

Vianorte has a healthy cash generation and capital structure
financial profile. As a mature operating concession, capital
expenditures primarily consist of maintenance requirements of
approximately BRL35 million per year. Going forward, we expect
cash outlays to mostly consist of dividend payments and inter-
company loans.

Through the remaining life of the concession (from 2014 up to June
2018) , Vianorte is required to spend approximately BRL200 million
in capital expenditures, of which about BRL160 million is targeted
from 2014 to 2016. Until the end of the concession, the Company is
required to pay approximately BRL234 million to the granting
authority (the State of Sao Paulo) in the form of fixed concession
payments, of which BRL156 million are scheduled to be paid in the
next three years (2014 and 2016). For comparative purposes with
other rated operational toll roads and in accordance with Moody's
standard adjustments, we have adjusted the Company's financial
debt to include the present value of these required concession
payments.

On June 24, 2013, the Government of the State of Sao Paulo
suspended the annual tariff djustment for toll road
concessionaires. Toll tariffs, which were scheduled to be adjusted
for inflation on July 1st, were frozen for one year until July 1,
2014. The Government's decision followed intense public protests
against tariff increases (later revoked) in the public
transportation system in the city of Sao Paulo.

In order to preserve the financial-economic equilibrium of the
concessionaires' contracts the main compensatory measures
announced by the State Governor were: (i) a 50% reduction of the
variable concession fees, payable to the State regulatory agency -
ARTESP, to 1.5% from 3.0% starting in July 2013; (ii) idle truck
axles would be charged; (iii) the partial reduction or exemption
of the fixed concession liability payable to the granting
authority for those concessionaires that did not have delays in
scheduled construction works, defined by their respective
concession contracts and (iv) eventual reduction of the fixed
concession fee. Despite the frozen tariffs, the decision to
preserve the economic/financial equilibrium of the concession
confirms ARTESP's continued support of private-sector
concessionaires in the State of Sao Paulo.

Nevertheless, according to our Operational Toll Roads rating
methodology, we have adjusted the rating sub-factor 4b ("Ability
to Increase Tariffs") to Baa from Aa, which reflects our
perception of potentially higher political interference as well as
the uncertainty as to the quality of the concession and regulatory
framework (factor 4 in our methodology).

The stable outlook reflects our view that Vianorte will continue
to generate stable cash flows given the mature nature of the
concession, the expected growth of the domestic GDP and by the
experienced management team remaining focused on improving
operating performance. Moody's expects that the payment of
dividends and extension of intercompany loans will continue for
the remainder of the concession, but that they will be prudently
managed so that the credit metrics remain within the proposed
financial covenants. The stable outlook also reflects our
expectation that the concession and regulatory framework in the
State of Sao Paulo will continue to be supportive of private
sector toll road concessionaires, and that tariff adjustments will
resume in 2014 pursuant to the terms and conditions of the
concession contract.

The rating could be upgraded if the company were to steadily
improve its liquidity profile and produce credit metrics in line
with historical performance so that the FFO to debt ratio stays
above 40% and the interest coverage stays above 4.0x on a
sustainable basis.

The rating or the outlook could be downgraded if there is a
significant and sustained deterioration in credit metrics so that
FFO to debt ratio falls below 30% and interest coverage ratio
remains below 3.0x for an extended period. Deterioration in the
credit quality of the parent holding company Arteris S.A., further
political interference in the normal course of business of the
Company or a deterioration in the quality of the concession and
regulatory framework could also prompt a downgrade rating action.
Vianorte, an operating subsidiary of Arteris S.A. ("Arteris"),
holds a 20-year concession to expand, operate and maintain five
small adjacent roads with a total extension of 222.7 km in the
interior of the State of Sao Paulo (Baa2/stable outlook). The
concession was granted by the State of Sao Paulo in 1998, with
approximately 4 years of remaining life.


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


AGA INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------
On Dec. 27, 2013, the sole shareholder of Aga Investment Ltd.
resolved to voluntarily wind up the company's operations.

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:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


AVIDOG: Placed Under Voluntary Wind-Up
--------------------------------------
On Jan. 3, 2014, the shareholders of Avidog 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 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


C.H. GUENTHER: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 31, 2013, the sole member of C.H. Guenther Europe Limited
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidators are:

          C.H. Guenther & Son, Incorporated
          Telephone: (210) 351-6252
          2201 Broadway San Antonio
          Texas USA 78215


CRESCENT HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 4, 2013, the shareholders of Crescent Holdings Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Jan. 20, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          BNP Paribas Jersey Trust Corporation Limited
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


CX-SHANNON: Commences Liquidation Proceedings
---------------------------------------------
On Dec. 19, 2013, the sole shareholder of CX-Shannon Limited
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Jagjit K. Comins
          Facsimile: (345) 945 9210
          c/o BNP Paribas Bank & Trust Cayman Limited
          PO Box 10632, 3rd Floor, Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


G-NET HOLDING: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 24, 2013, the shareholder of G-Net Holding, Inc. resolved
to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 4, 2014, will be included in the company's dividend
distribution.

The company's liquidators are:

          John Robert Lees
          Mat Ng
          Henley Building, 20th Floor
          5 Queen's Road Central
          Hong Kong
          Telephone: +852 2842 5022
          Facsimile: +852 2526 0771


KINESIS GLOBAL: Commences Liquidation Proceedings
-------------------------------------------------
On Jan. 2, 2014, the shareholders of Kinesis Global Fund Inc.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Tracy Hylton
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


LION/SILK: Shareholder Receives Wind-Up Report
----------------------------------------------
On Feb. 4, 2014, the shareholder of Lion/Silk Funding Debtco
Cayman Limited received the liquidator's report on the company's
wind-up proceedings and property disposal.

The company commenced liquidation proceedings on Dec. 20, 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


LISPENARD LANE: Creditors' Proofs of Debt Due March 14
------------------------------------------------------
The creditors of Lispenard Lane Credit Fund Ltd. are required to
file their proofs of debt by March 14, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Dec. 18, 2013.

The company's liquidators are:

          Stuart Brankin
          Desmond Campbell
          Telephone: (345) 949 5586
          c/o Aston Corporate Managers, Ltd.
          P.O. Box 1981 Grand Cayman KY1-1104
          Cayman Islands


MACE PROPERTIES: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 27, 2013, the sole shareholder of Mace Properties Ltd.
resolved to voluntarily wind up the company's operations.

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:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


MJM ADVISORS: Commences Liquidation Proceedings
-----------------------------------------------
On Jan. 13, 2014, the shareholders of MJM Advisors Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Tracy Hylton
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          Reference: Peter Goulden
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


MSR ASIA: Commences Liquidation Proceedings
-------------------------------------------
On Dec. 31, 2013, the shareholders of MSR Asia Acquisitions I, Inc
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:

          Stephen Nelson
          Telephone: (345) 949.4544
          Facsimile: (345) 949.8460
          Charles Adams Ritchie & Duckworth
          P.O. Box 709 122 Mary Street
          Grand Cayman KY1-1107
          Cayman Islands


MURSELAGO INVESTMENT: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 27, 2013, the sole shareholder of Murselago Investment
Ltd. resolved to voluntarily wind up the company's operations.

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:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PRIMA HOLDINGS: Placed Under Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Dec. 23, 2013, the
shareholders of Prima Holdings Company Ltd resolved to voluntarily
wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 31, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

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


SELIGMAN SPECTRUM: Commences Liquidation Proceedings
----------------------------------------------------
On Dec. 18, 2013, the shareholders of Seligman Spectrum Focus Fund
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


SELIGMAN SPECTRUM (MASTER): Commences Liquidation Proceedings
-------------------------------------------------------------
On Dec. 18, 2013, the shareholders of Seligman Spectrum Focus
(Master) Fund resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


TOP HAT: Commences Liquidation Proceedings
------------------------------------------
On Dec. 19, 2013, the shareholders of Top Hat Yachts Ltd. resolved
to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 13, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Anthony McVeigh
          c/o 49 Bridge House,
          18 St. Georges Wharf
          London SW8 2LP
          U.K.
          Tel: +44 203 737 7507


VINIK OFFSHORE: Commences Liquidation Proceedings
-------------------------------------------------
On Dec. 30, 2013, the shareholders of Vinik Offshore Fund, Ltd.
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 3, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


VIOLETTA HOLDING: Placed Under Voluntary Wind-Up
------------------------------------------------
On Dec. 27, 2013, the sole shareholder of Violetta Holding Ltd.
resolved to voluntarily wind up the company's operations.

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:

          MBT Trustees Ltd.
          Telephone: 949-9808
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


WINCHESTER RESERVES: Commences Liquidation Proceedings
------------------------------------------------------
On Dec. 20, 2013, the sole shareholder of Winchester Reserves SPC
resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 4, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Eleanor Fisher
          Zolfo Cooper 38 Market Street
          Canella Court, 2nd Floor, Camana Bay
          Grand Cayman KY1-9006
          Cayman Islands
          c/o Joel Edwards
          Telephone: +1 (345) 814 4017


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


JAMAICA: IMF Official Gives Statement on Conclusion of Mission
--------------------------------------------------------------
An International Monetary Fund (IMF) mission visited Jamaica
during February 5-13, 2014 to conduct discussions on the third
review of Jamaica's IMF-supported program under the Extended Fund
Facility (EFF).  The mission met with the Minister of Finance,
Hon. Peter Phillips, Bank of Jamaica Governor Brian Wynter,
Financial Secretary Devon Rowe, senior government officials, as
well as representatives of the private sector and civil society.

At the conclusion of the mission, Jan Kees Martijn, the Fund's
mission chief for Jamaica, issued the following statement in
Kingston:

"The Fund mission reached preliminary understandings with the
authorities on a set of economic policies detailed in an updated
Letter of Intent.  Discussions with the authorities focused on
economic performance under the program and policies for the
remainder of the program period.

"Economic activity is tentatively estimated to have expanded by
about 1.4 percent year-on-year in the last quarter of 2013, while
consumer price inflation moderated to 9.7 percent in December.
The current account has shown an ongoing improvement, and net
international reserves increased to more than US$1 billion by end-
December (with gross reserves at US$1.8 billion, equivalent to
more than three months of imports).  The execution of the 2013/14
budget has been broadly on track, notwithstanding shortfalls in
tax revenues owing to weak demand.

"Overall policy implementation under the program remains strong.
All quantitative performance targets and indicative targets for
end-December were met, including the floor on social spending.
All structural benchmarks to date have also been met.  For 2014
and beyond, the critical challenge remains to support economic
growth, while continuing to undertake the necessary fiscal
adjustment.  Key elements of the authorities' updated program
include:

* Actions to promote growth by improving competitiveness and the
business climate and pursuing strategic investments, supported by
the World Bank and the Inter-American Development Bank.  Priority
reforms will include a new on-line process for business
registration, streamlining the development application approval
process and putting in place a tracking system, projects to reduce
the cost of electricity, and reforms to enhance access to credit
and make the labor market more flexible;

* The next steps for tax policy reform.  Forthcoming amendments to
the General Consumption Tax Act will include eliminating the zero-
rating for government purchases.  Reform of property taxes is
envisaged to be ready by the start of FY2015/16;

* The implementation of an action plan to modernize tax and
customs administration, with a stronger Large Taxpayers Office,
improved IT systems and performance measurement, and actions to
lower the cost of compliance for taxpayers and towards trade
facilitation;

* The establishment of an effective fiscal rule to enhance fiscal
transparency and lock in the gains from fiscal consolidation.  The
aim is to limit the annual budget deficits of the public sector so
as to achieve a reduction in public debt to no more than 60
percent of Gross Domestic Product (GDP) over the longer term and
control fiscal risks.  Legislation for the new fiscal rule is
expected to be passed by Parliament before the start of the next
fiscal year;

* Further developing the financial system, including by
strengthening the legal and regulatory framework applicable to the
securities dealers sector;

* Strengthening the social protection framework, with enhanced
efforts to move recipients from welfare to work.

"These preliminary understandings are subject to approval by the
IMF's Management and Executive Board.  Provided that performance
remains strong, Board consideration of the third review of
Jamaica's IMF-supported program under the EFF could take place in
March.  Upon approval, SDR45.95 million (about US$71 million)
would be made available to Jamaica.

"The mission would like to thank the authorities and technical
staff for their excellent cooperation."


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


CEMENTOS PACASMAYO: Sets Annual Shareholders' Meeting to March 25
-----------------------------------------------------------------
Cementos Pacasmayo S.A.A.'s Board of Directors, in its session
held on Feb. 13, 2014, agreed unanimously to call an Annual
Shareholders' Meeting, to be held at Calle La Colonia No 150, Urb.
El Vivero, Surco.

The first call will take place at 10:00 a.m. (Peruvian time) on
March 25, 2014, while the second call will be at 10:00 a.m.
(Peruvian time) on March 31, 2014, to discuss the following
agenda:

   -- appointment and/or removal of Board members;

   -- approval of the Financial Statements and Annual Report ended
      December 31, 2013;

   -- designation of external auditors for the financial year 2014

   -- ratification of the distribution of dividends during fiscal
      year 2013.  The Board of Directors recommends to the Annual
      Shareholders Meeting the ratification of the distribution of
      dividends during 2013;

   -- application of fiscal year 2013 profits and delegation to
      the Board of Directors of the authority to decide the
      distribution of dividends based on the retained earnings
      account and fiscal year 2014 operating results; and

   -- determine the number of Board members and appointment of the
      Board of Directors.

Cementos Pacasmayo S.A.A. is a Peruvian cement company located in
the Northern region of Peru.  In February 2012, the Company's
shares were listed on The New York Stock Exchange - Euronext under
the ticker symbol "CPAC".  With more than 55 years of operating
history, the Company produces, distributes and sells cement and
cement-related materials, such as concrete blocks and ready-mix
concrete.  Cementos Pacasmayo's products are primarily used in
construction, which has been one of the fastest-growing segments
of the Peruvian economy in recent years.  The Company also
produces and sells quicklime for use in mining operations.


CEMENTOS PACASMAYO: S&P Affirms 'BB+' CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings, including
the 'BB+' corporate credit and issue-level ratings, on Cementos
Pacasmayo S.A.A.  The outlook is stable.  The rating affirmation
follows S&P's ordinary annual review.

S&P's 'BB+' ratings on CPAC are derived from:

   -- Its anchor of 'bb' based on our "fair" business risk and
      "significant" financial risk profile assessments for the
      company.

   -- A "favorable" comparable rating analysis based on Peruvian
      strong construction fundamentals and GDP growth.


PLAYA RESORTS: Moody's Assigns Caa1 Rating to $50MM Add-on Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Playa Resorts
Holding B.V. (Playa) up to $50 million proposed add-on to its
senior unsecured notes due 2020. Moody's also affirmed a B2 rating
to Playa's $350 million secured term loan. The company plans to
use the proceeds from the add-on in connection with the renovation
and re-positioning of its Jamaica Property whereas the term loan
will replace, at a lower price, the currently outstanding term
loan, maintaining all the conditions of the latter. As part of
this rating action Moody's also affirmed the company's B3
Corporate Family Rating. The rating outlook is stable.

Ratings Rationale

The incremental debt, in conjunction with Playa's estimates of a
lower 2014 EBITDA as a result of postponements in its construction
schedule, will result in higher leverage levels from what
originally expected. "The ratings were not affected at this point,
however, given our expectation of a rapid deleverage starting in
2015, once the company is fully operational" said Sandra Beltran,
an Analyst at Moody's.

It is also worth noting that the delays in Playa's construction
schedule are driven by further business opportunities at existing
assets, requiring hotels shut downs for the remainder of the year
and additional funding. The deviation from the original plan will
result in weaker credit metrics in the short run and increased
execution risk. Nevertheless, in the long run we expect the
modified strategy to result in additional EBITDA, which would
support the company's deleveraging process.

The stable rating outlook reflects our expectation that Playa will
be able to achieve its projected growth plan while improving its
operating and credit metrics. The outlook also reflects Moody's
expectation that the company will maintain adequate liquidity.

Higher ratings would require that the company successfully
executes its brand conversion and repositioning plan such that its
operating margin increases above 13% and its credit metrics
improve with adjusted debt/EBITDA approaching to 6 times and
EBIT/interest expense above 1.5 times on a sustainable basis.

The ratings could be downgraded if the company's projected growth
plan is hampered, for example, by a weak macroeconomic environment
or further delays in its conversion plan, such that its
profitability or credit metrics deteriorate with operating margin
declining below 10% or leverage (adj. debt/EBITDA) remaining above
6.5 times in 2015.

The rating of the secured term loan is one notch above the
Corporate Family Rating (CFR) reflecting its collateral coverage
and lower expected loss relative to the unsecured debt. The rating
of the senior unsecured notes is one notch below the CFR
reflecting its effective subordination to the USD350 million term
loan.

Based in Amsterdam, Playa Resorts Holding, B.V. is a wholly owned
subsidiary of Playa Hotels & Resorts, B.V. a hotel owner and
operator that through a leveraged finance transaction in 2013
acquired some hotels in Mexico and the Caribbean. Since then, the
company owns and operates 13 hotels and 5,805 rooms located in
Mexico, Dominican Republic and Jamaica. Playa main shareholders
include Farallon Capital Management ("Farallon"; unrated), an
investment management firm, and Hyatt Hotels Corporation (Baa2,
stable), which together own about 70% equity interest in the
company. Pro-forma for this transaction, Playa reported revenues
of about USD 357 million and EBITDA of USD 100.5 million for the
last twelve months ended September 30, 2013.


SU CASITA: Moody's Places B3 Rating on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade Su Casita - Cross-border Class A Insured Residential
Mortgage Backed Floating Rate Notes, a Mexican RMBS guaranteed by
MBIA Insurance Corp. This rating action follows the recent
placement on review for possible upgrade of the ratings of the
financial guarantor MBIA Insurance Corporation (MBIA).

The rating action is as follows:

Issuer: The Bank of New York Mellon, S.A. Institucion de Banca
Multiple, acting solely as trustee.

Hipotecaria Su Casita - Cross-border, Class A Insured Residential
Mortgage Backed Floating Rate Notes, B3 (sf) rating (Global Scale,
Foreign Currency) placed on review for possible upgrade;
previously on May 28, 2013 confirmed B3 (sf) (Global Scale,
Foreign Currency). The note's underlying rating (reflecting the
notes' intrinsic credit quality absent the financial guarantee
that MBIA provides) is currently Caa3 (sf). The underlying rating
was initially Baa3 (sf) on April 3, 2007.

Ratings Rationale

This action is solely driven by Moody's announcement on February
14, 2014 that it has placed on review for possible upgrade the
Insurance Financial Strength (IFS) ratings of MBIA Insurance
Corporation (MBIA Corp.).

The Hipotecaria Su Casita Cross-border Class A Insured Residential
Mortgage Backed Floating Rate Notes benefit from a financial
guaranty insurance policy issued by MBIA Insurance Corp. that
covers timely interest payment and ultimate principal payment by
the legal final maturity date of the certificate.

Moody's ratings on structured finance securities that are
guaranteed or "wrapped" by a financial guarantor are generally
maintained at a level equal to the higher of the following: a) the
rating of the guarantor; or b) the published or unpublished
underlying rating.

Rating Methodology

The methodologies used in these ratings were "Rating Transactions
Based on the Credit Substitution Approach: Letter of Credit
backed, Insured and Guaranteed Debts" published in March 2013, and
"Moody's Approach to Rating RMBS using the MILAN Framework"
published in November 2013.

This action is driven solely by the rating action on MBIA and is
not a result of change in key assumptions, expected losses, cash
flows and stress scenarios on the underlying assets.


===============
S U R I N A M E
===============


SURINAME: Moody's Changes Outlook on Ba3 Bond Rating to Stable
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on Suriname's
Ba3 government bond rating to stable from positive. Concurrently,
Moody's has affirmed Suriname's Ba3 government bond rating.

The key drivers of the outlook change are:

1) A deterioration in the government's fiscal performance and
rising debt levels despite rapid economic growth.

2) The impact of lower anticipated reference level prices for key
commodities on Suriname's fiscal performance.

3) In consequence, the implementation of a planned sovereign
wealth fund will have limited benefits to creditworthiness in the
short term.

In addition, Surname's foreign-currency long-term and short-term
country ceilings (Ba1/NP), foreign-currency long-term and short-
term deposit ceilings (B1/NP), and local-currency country and
deposit ceilings (both Ba1) remain unchanged. These ceilings
reflect a range of undiversifiable risks to which issuers in any
jurisdiction are exposed, including economic, legal and political
risks. These ceilings act as a cap on ratings that can be assigned
to the foreign and local-currency obligations of entities
domiciled in the country.

Ratings Rationale

The principal driver of Moody's decision to change Suriname's
rating outlook to stable is the deterioration of fiscal
performance and rising debt levels despite rapid economic growth.
Even though Suriname's real GDP growth has averaged 4.1% since
2009 and medium-term prospects remain favorable -- Moody's
forecasts annual growth of 4.5% during 2014-15 -- the country's
fiscal performance has weakened substantially. Moody's estimates
that the deficit increased substantially in 2013 from 2.1% in
2009. Increases in wage expenditures and capital spending have
contributed to widening the fiscal imbalance.

Albeit still low, government debt has been on an upward trend over
the past five years, reaching an estimated 25.9% of GDP at the end
of 2013 from 15.6% in 2009. Moody's expects the authorities' plans
to finance the acquisition of equity stakes in two mining
concessions to exacerbate the increase in debt levels. Moody's
forecasts government debt will increase to approximately 28% of
GDP in 2014, even as the authorities seek to rein in the fiscal
deficit.

The second driver underpinning the outlook change is the impact of
a lower reference level for commodity prices on Suriname's fiscal
performance. Gold, alumina and hydrocarbons account for over 80%
of Suriname's exports and over 30% of government revenues. Given
lower gold and commodity prices, government revenues have
underperformed the authorities' estimates and contributed to
fiscal slippage in 2013. Moody's believes that fiscal slippage
risks remain moderate for 2014. Despite a lower probability of
another large drop in gold prices, spending pressures remain high
ahead of elections in 2015. Government revenues derived from
extractive industries add an element of uncertainty to fiscal
performance.

In consequence, Moody's believes that the implementation of a
planned sovereign wealth fund (SWF) will have limited benefits to
creditworthiness in the short term. Over the medium term, the two
large mining projects and the expansion of the operations of the
state-owned oil company are likely to lead to higher deposits into
the SWF, but their impact on deficit reduction will be muted.

Moody's notes that the benefits of an SWF as a form of forced
savings are much more significant when the sovereign's fiscal
position is near balance or in surplus. In the context of a fiscal
consolidation strategy, and given decreased fiscal revenues from
falling gold prices, the potential benefits from the newly-created
SWF are likely to be limited.

What Could Move The Rating Up/Down

Moody's would consider upgrading the rating if a sustainable
narrowing of the fiscal deficit supports a reversal of the upwards
trend in government debt metrics, or if substantial fiscal savings
accumulate in the sovereign wealth fund. A strengthening of the
budgetary and fiscal framework through institutional enhancements
that decrease fiscal volatility would also lead to upward pressure
on the government's rating.

Conversely, Suriname's sovereign rating could be downgraded in the
event of material fiscal slippage that leads to a continued
increased of government debt ratios or a material weakening of
economic growth prospects.

GDP per capita (PPP basis, US$): 12,299 (2012 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3.9% (2012 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.4% (2012 Actual)

Gen. Gov. Financial Balance/GDP: -2.7% (2012 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: 4.7% (2012 Actual) (also known as
External Balance)

External debt/GDP: 15.8% (2012 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On 13 February 2014, a rating committee was called to discuss the
rating of Suriname, Government of. The main points raised during
the discussion were: The issuer's fiscal or financial strength,
including its debt profile, has decreased. The issuer has become
increasingly susceptible to event risks.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


=================
X X X X X X X X X
=================


Large Companies With Insolvent Balance Sheets
---------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847


AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         10519766.1     -18449684.9
ALL ORE MINERACA       STLB3 BZ         10519766.1     -18449684.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159449535      -52990723.7
BATTISTELLA            BTTL3 BZ         161941587      -30698112.2
BATTISTELLA-PREF       BTTL4 BZ         161941587      -30698112.2
BATTISTELLA-RECE       BTTL9 BZ         161941587      -30698112.2
BATTISTELLA-RECP       BTTL10 BZ        161941587      -30698112.2
BATTISTELLA-RI P       BTTL2 BZ         161941587      -30698112.2
BATTISTELLA-RIGH       BTTL1 BZ         161941587      -30698112.2
BIOMM SA               BIOM3M BZ        14879155       -13567385
BIOMM SA               BIOM3 BZ         14879155       -13567385
BIOMM SA - RCT         BIOM9 BZ         14879155       -13567385
BIOMM SA-PREF          BIOM4 BZ         14879155       -13567385
BIOMM SA-RT            0905492D BZ      14879155       -13567385
BIOMM SA-RT            BIOM2 BZ         14879155       -13567385
BIOMM SA-RTS           0905518D BZ      14879155       -13567385
BIOMM SA-RTS           BIOM10 BZ        14879155       -13567385
BIOMM SA-RTS           BIOM1 BZ         14879155       -13567385
BOMBRIL                BMBBF US         324115454      -16635219.6
BOMBRIL                FPXE4 BZ         19416013.9     -489914853
BOMBRIL                BOBR3 BZ         324115454      -16635219.6
BOMBRIL CIRIO SA       BOBRON BZ        324115454      -16635219.6
BOMBRIL CIRIO-PF       BOBRPN BZ        324115454      -16635219.6
BOMBRIL HOLDING        FPXE3 BZ         19416013.9     -489914853
BOMBRIL SA-ADR         BMBPY US         324115454      -16635219.6
BOMBRIL SA-ADR         BMBBY US         324115454      -16635219.6
BOMBRIL-PREF           BOBR4 BZ         324115454      -16635219.6
BOMBRIL-RGTS PRE       BOBR2 BZ         324115454      -16635219.6
BOMBRIL-RIGHTS         BOBR1 BZ         324115454      -16635219.6
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         96231802.9     -32473494
BUETTNER SA            BUETON BZ        96231802.9     -32473494
BUETTNER SA-PRF        BUETPN BZ        96231802.9     -32473494
BUETTNER SA-RT P       BUET2 BZ         96231802.9     -32473494
BUETTNER SA-RTS        BUET1 BZ         96231802.9     -32473494
BUETTNER-PREF          BUET4 BZ         96231802.9     -32473494
CAF BRASILIA           CAFE3 BZ         160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ         160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ        160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ        160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ         1059986022     -76183286
CAIUA SA               ELCON BZ         1059986022     -76183286
CAIUA SA-DVD CMN       ELCA11 BZ        1059986022     -76183286
CAIUA SA-DVD COM       ELCA12 BZ        1059986022     -76183286
CAIUA SA-PREF          ELCPN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCAN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCA5 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCA6 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCBN BZ         1059986022     -76183286
CAIUA SA-RCT PRF       ELCA10 BZ        1059986022     -76183286
CAIUA SA-RTS           ELCA2 BZ         1059986022     -76183286
CAIVA SERV DE EL       1315Z BZ         1059986022     -76183286
CELGPAR                GPAR3 BZ         204382297      -934172491
CENTRAL COST-ADR       CCSA LI          319571114      -114350021
CENTRAL COSTAN-B       CRCBF US         319571114      -114350021
CENTRAL COSTAN-B       CNRBF US         319571114      -114350021
CENTRAL COSTAN-C       CECO3 AR         319571114      -114350021
CENTRAL COST-BLK       CECOB AR         319571114      -114350021
CIA PETROLIFERA        MRLM3 BZ         377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ        377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ        377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ        377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ        377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75391731.7     -2212560088
COBRASMA SA            COBRON BZ        75391731.7     -2212560088
COBRASMA SA-PREF       COBRPN BZ        75391731.7     -2212560088
COBRASMA-PREF          CBMA4 BZ         75391731.7     -2212560088
D H B                  DHBI3 BZ         100548065      -171900717
D H B-PREF             DHBI4 BZ         100548065      -171900717
DHB IND E COM          DHBON BZ         100548065      -171900717
DHB IND E COM-PR       DHBPN BZ         100548065      -171900717
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
ENDESA - RTS           CECOX AR         319571114      -114350021
ENDESA COST-ADR        CRCNY US         319571114      -114350021
ENDESA COSTAN-         CECO2 AR         319571114      -114350021
ENDESA COSTAN-         CECOD AR         319571114      -114350021
ENDESA COSTAN-         CECOC AR         319571114      -114350021
ENDESA COSTAN-         EDCFF US         319571114      -114350021
ENDESA COSTAN-A        CECO1 AR         319571114      -114350021
ESTRELA SA             ESTR3 BZ         71379826.3     -111239817
ESTRELA SA             ESTRON BZ        71379826.3     -111239817
ESTRELA SA-PREF        ESTR4 BZ         71379826.3     -111239817
ESTRELA SA-PREF        ESTRPN BZ        71379826.3     -111239817
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18439489.1     -40509835.2
FERRAGENS HAGA         HAGAON BZ        18439489.1     -40509835.2
FERRAGENS HAGA-P       HAGAPN BZ        18439489.1     -40509835.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18439489.1     -40509835.2
HOTEIS OTHON SA        HOOT3 BZ         227388586      -68129377.9
HOTEIS OTHON SA        HOTHON BZ        227388586      -68129377.9
HOTEIS OTHON-PRF       HOOT4 BZ         227388586      -68129377.9
HOTEIS OTHON-PRF       HOTHPN BZ        227388586      -68129377.9
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         224229556      -68866571
IGUACU CAFE            IGCSON BZ        224229556      -6886657
IGUACU CAFE            IGUCF US         224229556      -68866571
IGUACU CAFE-PR A       IGUA5 BZ         224229556      -68866571
IGUACU CAFE-PR A       IGCSAN BZ        224229556      -68866571
IGUACU CAFE-PR A       IGUAF US         224229556      -68866571
IGUACU CAFE-PR B       IGUA6 BZ         224229556      -68866571
IGUACU CAFE-PR B       IGCSBN BZ        224229556      -68866571
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
INVERS ELEC BUEN       IEBAA AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBAB AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBA AR          260343959      -14950013.8
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         38302784.1     -3417423475
LOJAS ARAPUA           LOARON BZ        38302784.1     -3417423475
LOJAS ARAPUA-GDR       3429T US         38302784.1     -3417423475
LOJAS ARAPUA-GDR       LJPSF US         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOAR4 BZ         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOARPN BZ        38302784.1     -3417423475
LOJAS ARAPUA-PRF       52353Z US        38302784.1     -3417423475
LUPATECH SA            LUPA3 BZ         665993697      -188699451
LUPATECH SA            LUPAF US         665993697      -188699451
LUPATECH SA -RCT       LUPA9 BZ         665993697      -188699451
LUPATECH SA-ADR        LUPAY US         665993697      -188699451
LUPATECH SA-RT         LUPA11 BZ        665993697      -188699451
LUPATECH SA-RTS        LUPA1 BZ         665993697      -188699451
MANGELS INDL           MGEL3 BZ         223698552      -29148696.3
MANGELS INDL SA        MISAON BZ        223698552      -29148696.3
MANGELS INDL-PRF       MGIRF US         223698552      -29148696.3
MANGELS INDL-PRF       MGEL4 BZ         223698552      -29148696.3
MANGELS INDL-PRF       MISAPN BZ        223698552      -29148696.3
MINUPAR                MNPR3 BZ         115960018      -93783465.1
MINUPAR SA             MNPRON BZ        115960018      -93783465.1
MINUPAR SA-PREF        MNPRPN BZ        115960018      -93783465.1
MINUPAR-PREF           MNPR4 BZ         115960018      -93783465.1
MINUPAR-RCT            9314634Q BZ      115960018      -93783465.1
MINUPAR-RCT            0599564D BZ      115960018      -93783465.1
MINUPAR-RCT            MNPR9 BZ         115960018      -93783465.1
MINUPAR-RT             9314542Q BZ      115960018      -93783465.1
MINUPAR-RT             0599562D BZ      115960018      -93783465.1
MINUPAR-RTS            MNPR1 BZ         115960018      -93783465.1
NORDON MET             NORD3 BZ         11025606.1     -32196764.5
NORDON METAL           NORDON BZ        11025606.1     -32196764.5
NORDON MET-RTS         NORD1 BZ         11025606.1     -32196764.5
NOVA AMERICA SA        NOVA3 BZ         21287488.9     -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9     -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9     -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9     -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9     -183535526
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          66017869       -5551136.01
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23402631.8     -5029378.21
PUYEHUE RIGHT          PUYEHUOS CI      23402631.8     -5029378.21
RECRUSUL               RCSL3 BZ         42021562       -18866127
RECRUSUL - RCT         4529789Q BZ      42021562       -18866127
RECRUSUL - RCT         4529793Q BZ      42021562       -18866127
RECRUSUL - RCT         0163582D BZ      42021562       -18866127
RECRUSUL - RCT         0163583D BZ      42021562       -18866127
RECRUSUL - RCT         0614675D BZ      42021562       -18866127
RECRUSUL - RCT         0614676D BZ      42021562       -18866127
RECRUSUL - RCT         RCSL10 BZ        42021562       -18866127
RECRUSUL - RT          4529781Q BZ      42021562       -18866127
RECRUSUL - RT          4529785Q BZ      42021562       -18866127
RECRUSUL - RT          0163579D BZ      42021562       -18866127
RECRUSUL - RT          0163580D BZ      42021562       -18866127
RECRUSUL - RT          0614673D BZ      42021562       -18866127
RECRUSUL - RT          0614674D BZ      42021562       -18866127
RECRUSUL SA            RESLON BZ        42021562       -18866127
RECRUSUL SA-PREF       RESLPN BZ        42021562       -18866127
RECRUSUL SA-RCT        RCSL9 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL1 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL2 BZ         42021562       -18866127
RECRUSUL-BON RT        RCSL11 BZ        42021562       -18866127
RECRUSUL-BON RT        RCSL12 BZ        42021562       -18866127
RECRUSUL-PREF          RCSL4 BZ         42021562       -18866127
REDE EMP ENE ELE       ELCA4 BZ         1059986022     -76183286
REDE EMP ENE ELE       ELCA3 BZ         1059986022     -76183286
REDE EMPRESAS-PR       REDE4 BZ         1059986022     -76183286
REDE ENERGIA SA        REDE3 BZ         1059986022     -76183286
REDE ENERG-UNIT        REDE11 BZ        1059986022     -76183286
REDE ENER-RCT          3907731Q BZ      1059986022     -76183286
REDE ENER-RCT          REDE9 BZ         1059986022     -76183286
REDE ENER-RCT          REDE10 BZ        1059986022     -76183286
REDE ENER-RT           3907727Q BZ      1059986022     -76183286
REDE ENER-RT           REDE1 BZ         1059986022     -76183286
REDE ENER-RT           REDE2 BZ         1059986022     -76183286
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         56213385.5     -85196762.8
RENAUXVIEW SA-PF       TXRX4 BZ         56213385.5     -85196762.8
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         21873314.7     -5053458.96
SANSUY                 SNSY3 BZ         189305928      -145401613
SANSUY SA              SNSYON BZ        189305928      -145401613
SANSUY SA-PREF A       SNSYAN BZ        189305928      -145401613
SANSUY SA-PREF B       SNSYBN BZ        189305928      -145401613
SANSUY-PREF A          SNSY5 BZ         189305928      -145401613
SANSUY-PREF B          SNSY6 BZ         189305928      -145401613
SAUIPE                 PSEG3 BZ         14685534.1     -4799640.46
SAUIPE SA              PSEGON BZ        14685534.1     -4799640.46
SAUIPE SA-PREF         PSEGPN BZ        14685534.1     -4799640.46
SAUIPE-PREF            PSEG4 BZ         14685534.1     -4799640.46
SCHLOSSER              SCLO3 BZ         51944742.3     -56657680.1
SCHLOSSER SA           SCHON BZ         51944742.3     -56657680.1
SCHLOSSER SA-PRF       SCHPN BZ         51944742.3     -56657680.1
SCHLOSSER-PREF         SCLO4 BZ         51944742.3     -56657680.1
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         10519766.1     -18449684.9
STEEL - RT             STLB1 BZ         10519766.1     -18449684.9
TEKA                   TKTQF US         375873311      -389045810
TEKA                   TEKA3 BZ         375873311      -389045810
TEKA                   TEKAON BZ        375873311      -389045810
TEKA-ADR               TEKAY US         375873311      -389045810
TEKA-ADR               TKTPY US         375873311      -389045810
TEKA-ADR               TKTQY US         375873311      -389045810
TEKA-PREF              TKTPF US         375873311      -389045810
TEKA-PREF              TEKA4 BZ         375873311      -389045810
TEKA-PREF              TEKAPN BZ        375873311      -389045810
TEKA-RCT               TEKA9 BZ         375873311      -389045810
TEKA-RCT               TEKA10 BZ        375873311      -389045810
TEKA-RTS               TEKA1 BZ         375873311      -389045810
TEKA-RTS               TEKA2 BZ         375873311      -389045810
TEXTEIS RENA-RCT       TXRX9 BZ         56213385.5     -85196762.8
TEXTEIS RENA-RCT       TXRX10 BZ        56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX1 BZ         56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX2 BZ         56213385.5     -85196762.8
TEXTEIS RENAUX         RENXON BZ        56213385.5     -85196762.8
TEXTEIS RENAUX         RENXPN BZ        56213385.5     -85196762.8
VARIG PART EM SE       VPSC3 BZ         83017828       -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPSC4 BZ         83017828       -495721697
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         602662162      -27406558
VULCABRAS AZ-PRF       VULC4 BZ         602662162      -27406558
VULCABRAS SA           VULCON BZ        602662162      -27406558
VULCABRAS SA-PRF       VULCPN BZ        602662162      -27406558
VULCABRAS-RCT          0893211D BZ      602662162      -27406558
VULCABRAS-RCT          VULC9 BZ         602662162      -27406558
VULCABRAS-REC PR       VULC10 BZ        602662162      -27406558
VULCABRAS-RECEIP       0853207D BZ      602662162      -27406558
VULCABRAS-RIGHT        0853205D BZ      602662162      -27406558
VULCABRAS-RIGHT        VULC2 BZ         602662162      -27406558
VULCABRAS-RT PRF       VULC11 BZ        602662162      -27406558
VULCABRAS-RTS          0893207D BZ      602662162      -27406558
VULCABRAS-RTS          VULC1 BZ         602662162      -27406558
WETZEL SA              MWET3 BZ         96094336.6     -4635219.98
WETZEL SA              MWELON BZ        96094336.6     -4635219.98
WETZEL SA-PREF         MWET4 BZ         96094336.6     -4635219.98
WETZEL SA-PREF         MWELPN BZ        96094336.6     -4635219.98
WIEST                  WISA3 BZ         34107195.1     -126993682
WIEST SA               WISAON BZ        34107195.1     -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1     -126993682
WIEST-PREF             WISA4 BZ         34107195.1     -126993682


                            ***********


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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