TCRLA_Public/140224.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

           Monday, February 24, 2014, Vol. 15, No. 38


                            Headlines



A R G E N T I N A

BANCO CETELEM: Moody's Downgrades Bank Fin'l Strength Rating to E


B R A Z I L

JBS SA: Says Revenue to Grow 20 Percent in 2014


C A Y M A N  I S L A N D S

ALESSANDRO M.: Placed Under Voluntary Wind-Up
CARNEROS HOLDINGS: Creditors' Proofs of Debt Due Feb. 28
CHARAL LANE: Commences Liquidation Proceedings
CHEYNE EUROPEAN: Creditors' Proofs of Debt Due March 3
ENVI PROPERTIES: Placed Under Voluntary Wind-Up

FROIDE HOLDING: Placed Under Voluntary Wind-Up
INVESTCORP INDUSTRIAL: Commences Liquidation Proceedings
ISABELLA CAPITAL: Creditors' Proofs of Debt Due Feb. 27
LINQI SELECT: Placed Under Voluntary Wind-Up
LODESTONE INVESTMENT: Commences Liquidation Proceedings

MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due Feb. 28
P2 MOZART NAGOYA: Commences Liquidation Proceedings
P2 MOZART SAPPORO: Commences Liquidation Proceedings
PEPSY INTERNATIONAL: Placed Under Voluntary Wind-Up
RAWA HOLDINGS: Commences Liquidation Proceedings

SAGUENAY EQUITY: Placed Under Voluntary Wind-Up
SHERIDAN ROAD: Commences Liquidation Proceedings
SPECIALISED POWER: Creditors' Proofs of Debt Due Today
THE COLLECTION: Placed Under Voluntary Wind-Up


J A M A I C A

JAMAICA: Big Capital Flows Expected From Key Divestments


M E X I C O

FINCOMUN SERVICIOS: S&P Affirms 'B+' Rating; Outlook Stable
QUALITAS COMPANIA: A.M. Best Upgrades FSR to 'B'; Outlook Stable
SANTA CATARINA: Fitch Affirms 'BB (mex)' Rating; Outlook Positive


X X X X X X X X X

BOND PRICING: For the Week From Feb. 17 to Feb. 21, 2014


                            - - - - -


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


BANCO CETELEM: Moody's Downgrades Bank Fin'l Strength Rating to E
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
by one notch all the ratings of Banco Saenz S.A.; Caja de Credito
Cuenca Coop. Ltda.; Metropolis Compania Financiera; and Banco
Finansur S.A., with the exception of the banks' foreign currency
deposit ratings, which remains unchanged. Banco Cetelem Argentina
S.A.'s bank financial strength rating was downgraded by one notch
to E from E+, with all other ratings remaining unchanged. In
addition, Moody's downgraded in national scale the local currency
deposit ratings of Metropolis and Banco Saenz to Ba2.ar, from
A3.ar and A2.ar respectively, and also lowered their foreign
currency deposit ratings to Ba2.ar from Ba1.ar. At the same time,
Moody's downgraded Caja de Credito Cuenca's local and foreign
currency deposit ratings in national scale, to Ba3.ar from Baa2.ar
and Ba1.ar. The national scale ratings in local currency for Banco
Finansur were lowered to Ba1.ar from A2.ar. These downgrades
reflect weakening credit profiles, based on slower growth,
shrinking profits and rising delinquencies, coupled with rising
funding costs and high inflation.

All the deposit and debt ratings carry a negative outlook, with
the exception of Banco Cetelem Argentina's local currency deposit
and debt ratings that remain on review for possible downgrade, in
light of its acquisition by the Group ST, pending regulatory
approval. All the BFSRs have stable outlook.

In addition, Moody's has placed under review for possible
downgrade the standalone bank financial strength ratings, the
local currency deposit and debt ratings of Banco de Galicia y
Buenos Aires S.A.; Banco Macro S.A.; Banco del Tucuman S.A.; Banco
de la Ciudad de Buenos Aires; Banco Comafi S.A.; Banco Credicoop
Cooperativo Limitado; Banco Supervielle S.A.; Banco del Chubut
S.A.; Banco de Corrientes S.A.; Banco de Santiago del Estero S.A.,
Nuevo Banco de La Rioja S.A.; Compania Financiera Argentina S.A.;
Cordial Compania Financiera S.A.; Banco Piano S.A. and Banco de
Servicios y Transacciones S.A. The foreign currency debt ratings
for Banco de Servicios y Transacciones were placed under review
for possible downgrade. The issuer ratings of Grupo Supervielle
S.A. were also placed on review for downgrade.

At the same time, Moody's placed under review for possible
downgrade the foreign currency subordinated debt ratings of Banco
Macro, Banco Supervielle and Banco de Galicia y Buenos Aires.

Moody's assigns ratings to 13 other banks in Argentina, but their
ratings were unaffected by these actions.

Ratings Rationale

Downgrade Of Ratings

In downgrading the ratings of the aforementioned banks Moody's
highlighted the weakening credit profiles of these institutions in
the context of Argentina's deteriorating macroeconomic environment
characterized by rising inflation and unemployment. Moody's said
that weak economic growth will continue to jeopardize household
disposable income, shrinking consumer purchasing power and debt
service capacity. Coupled with declining business volumes these
elements will put further pressure on the banks' profitability.

Despite weakening conditions that affect all banks, these
financial institutions are particularly vulnerable because of
their exposure to the unsecured consumer segment and hence already
weakened asset quality and capitalization as well as their more
limited financial flexibility given their limited access to low
cost funding. Rising interest rates will compress net interest
margins and will challenge these institutions that rely heavily on
market funding. The negative outlook on these ratings incorporate
Moody's views that these challenging operating conditions will
continue over the near term.

Ratings Under Review

The review for possible downgrade of the standalone ratings of
above mentioned banks will focus on the credit implications that
the challenging operating environment in Argentina will have on
their intrinsic fundamentals, particularly asset quality, funding
and profitability.

The rating actions also incorporate the risks related to
increasing regulations that will adversely affect the banks'
earnings generation, funding dynamics, and therefore their
financial flexibility.

The local currency senior debt ratings have been placed under
review for possible downgrade in line with the review for possible
downgrade of the local currency deposit ratings.

Moody's deposit ratings for the Argentinean banks incorporate
assumptions about potential external support from a parent
institution, or a regional or national government. These
assumptions reflect both the capacity and the willingness of such
third parties to support a bank in the event of stress. In
reviewing the aforementioned banks' ratings, Moody's will reassess
the capacity of the Argentinean government to provide systemic
support in case of need. The rating agency said that the
government's capacity to provide systemic support to its banks has
weakened and therefore, an alignment to the sovereign's own rating
will more appropriately captures the correlation between their
creditworthiness and that of the Argentinean government.

Large domestically-owned institutions whose standalone ratings
receive uplift due to our assessment of the probability of
systemic support are now rated B2 for global local currency
deposits. The B3 local currency issuer rating of Grupo Supervielle
reflects one notch of subordination from its main operating
company, Banco Supervielle.

Which Financial Institutions Are Affected

Financial Institutions Downgraded

Banco Saenz S.A.

Caja de Credito Cuenca Coop. Ltda.

Metropolis Compania Financiera

Banco Cetelem Argentina S.A.

Banco Finansur S.A.

Financial Institutions Under Review

Banco de Galicia y Buenos Aires S.A.

Banco Macro S.A.

Banco de la Ciudad de Buenos Aires

Banco Comafi S.A.

Banco Credicoop Cooperativo Limitado

Banco Supervielle S.A.

Banco del Chubut S.A.

Banco de Corrientes S.A.

Banco de Santiago del Estero S.A.

Banco del Tucuman S.A.

Compania Financiera Argentina S.A.

Nuevo Banco de La Rioja S.A.

Cordial Compania Financiera S.A.

Grupo Supervielle S.A.

Banco Piano S.A.

Banco de Servicios y Transacciones

The principal methodology used in these ratings was Global Banks
published in May 2013.


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


JBS SA: Says Revenue to Grow 20 Percent in 2014
-----------------------------------------------
Reuters reports that net revenues for Brazil's JBS SA will likely
grow about 20 percent in 2014, in line with recent years, the
company's Chief Executive Wesley Batista said.

Much of that increase will be driven by Brazil's domestic market
despite weaker economic growth, Mr. Batista said at the launch of
a marketing campaign for JBS's local Friboi beef brand, according
to Reuters.

"It's more due to domestic growth, this increase in revenue," the
report quoted Mr. Batista as saying, citing better distribution
and an expected 15 percent increase in slaughters at its Brazilian
operations.

The report notes that a weaker Brazilian currency had increased
revenue in reais coming in from JBS operations in Australia and
the United States, Mr. Batista noted.  The weaker currency also
makes Brazil's exports more competitive.

JBS SA is now focusing on decreasing net debt, the report adds.

JBS SA is a multinational food processing company, producing
factory processed beef, chicken and pork, and also selling by-
products from the processing of these meats.  It is headquartered
in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The
company has 150 industrial plants around the world.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2013, Fitch Ratings affirmed the foreign and local
currency Issuer Default Ratings (IDRs) of JBS S.A. (JBS) at 'BB-'
as well as its 'A-(bra)' national scale rating.  Fitch has also
affirmed at 'BB-' rating on the notes due in 2016 issued by JBS
and the 'A-(bra)' rating of its debentures due in 2015.


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


ALESSANDRO M.: Placed Under Voluntary Wind-Up
---------------------------------------------
On Jan. 6, 2014, the sole shareholder of Alessandro M. Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, will be included in the company's dividend
distribution.

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


CARNEROS HOLDINGS: Creditors' Proofs of Debt Due Feb. 28
--------------------------------------------------------
The creditors of Carneros Holdings Limited are required to file
their proofs of debt by Feb. 28, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 15, 2014.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


CHARAL LANE: Commences Liquidation Proceedings
----------------------------------------------
On Jan. 16, 2014, the shareholders of Charal Lane Limited resolved
to voluntarily liquidate the company's business.

The company's liquidator is:

          Westport Services Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


CHEYNE EUROPEAN: Creditors' Proofs of Debt Due March 3
------------------------------------------------------
The creditors of Cheyne European Opportunities Fund Inc. are
required to file their proofs of debt by March 3, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 14, 2014.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          c/o Mourant Ozannes
          Attorneys-at-Law for the Company
          Reference: Tracy Hylton
          Telephone: +1 (345) 949 4123
          Facsimile: +1 (345) 949 4647; or

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


ENVI PROPERTIES: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Jan. 6, 2014, the sole shareholder of Envi Properties Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, will be included in the company's dividend
distribution.

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


FROIDE HOLDING: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 6, 2014, the sole shareholder of Froide Holding Inc.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, will be included in the company's dividend
distribution.

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


INVESTCORP INDUSTRIAL: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary meeting held on Jan. 8, 2014, the shareholders
of Investcorp Industrial Properties Limited resolved to
voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2014, will be included in the company's dividend
distribution.

The company's liquidators are:

          Ebrahim H. Ebrahim
          Ayman Al-Arrayed
          c/o Patricia Tricarico
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


ISABELLA CAPITAL: Creditors' Proofs of Debt Due Feb. 27
-------------------------------------------------------
The creditors of Isabella Capital Management are required to file
their proofs of debt by Feb. 27, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 17, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


LINQI SELECT: Placed Under Voluntary Wind-Up
--------------------------------------------
On Dec. 17, 2013, the sole shareholder of Linqi Select Fund
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 19, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Maggie Kwok / Phoebe Chan
          Telephone: (852) 3656 6005 / (852) 3656 6063
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


LODESTONE INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------------
On Dec. 17, 2013, the shareholders of Lodestone Investment
Management Ltd resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Tim Whyte
          Lodestone Capital Partners LLP
          19 The Mall
          London SW14 7EN


MOUNTAIN CAPITAL: Creditors' Proofs of Debt Due Feb. 28
-------------------------------------------------------
The creditors of Mountain Capital CLO III Ltd. are required to
file their proofs of debt by Feb. 28, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 14, 2014.

The company's liquidator is:

          Ellen J. Christian
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632 3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


P2 MOZART NAGOYA: Commences Liquidation Proceedings
---------------------------------------------------
On Jan. 14, 2014, the shareholders of P2 Mozart Nagoya Holding KY
LP Ltd. resolved to voluntarily liquidate the company's business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 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


P2 MOZART SAPPORO: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 14, 2014, the shareholders of P2 Mozart Sapporo Investment
Holding KY Ltd. resolved to voluntarily liquidate the company's
business.

Only creditors who were able to file their proofs of debt by
Feb. 18, 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


PEPSY INTERNATIONAL: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Dec. 30, 2013, the sole shareholder of Pepsy International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 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


RAWA HOLDINGS: Commences Liquidation Proceedings
------------------------------------------------
On Jan. 15, 2014, the shareholders of Rawa Holdings Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Eagle Holdings Ltd
          25 Main Street
          P.O. Box 487, George Town
          Grand Cayman KY1-1106
          Cayman Islands


SAGUENAY EQUITY: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 31, 2013, the sole shareholder of Saguenay Equity Offshore
Fund, Ltd. resolved to voluntarily wind up the company's
operations.

Only creditors who were able to file their proofs of debt by
Feb. 18, 2014, will be included in the company's dividend
distribution.

The company's liquidator is:

          Ogier
          c/o Desiree Jacob
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


SHERIDAN ROAD: Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting on held on Jan. 16, 2014, the
shareholders of Sheridan Road Corp resolved to voluntarily
liquidate the company's business.

The company's liquidator is:

          Westport Services Ltd.
          Boundary Hall, Cricket Square
          PO Box 1111, Grand Cayman KY1-1102
          Cayman Islands


SPECIALISED POWER: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Specialised Power Investments Limited are
required to file their proofs of debt today, Feb. 24, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Dec. 31, 2013.

The company's liquidator is:

          Philip Mosely
          Cayman Management Ltd.
          42 North Church Street
          Ground Floor, Harbour Centre
          P.O. Box 1569 Grand Cayman KY1-1110
          Cayman Islands
          Telephone: +1 (345) 949 4018
          Facsimile: +1 (345) 949 7891


THE COLLECTION: Placed Under Voluntary Wind-Up
----------------------------------------------
On Jan. 6, 2014, the sole shareholder of The Collection
International Trading Co. resolved to voluntarily wind up the
company's operations.

Only creditors who were able to file their proofs of debt by
Jan. 30, 2014, will be included in the company's dividend
distribution.

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


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


JAMAICA: Big Capital Flows Expected From Key Divestments
--------------------------------------------------------
RJR News reports that Jamaica Finance Minister Dr. Peter Phillips
said the country could realize more than US$500 million in capital
investments from three of the State entities and services short-
listed for divestment.

They are the Kingston Container Terminal at the Port of Kingston,
Norman Manley International Airport, and Port Community Systems.

Dr. Phillips said the three entities have the potential to
mobilize significant investment and other inflows to the economy
through taxes, concession fees, and capital expansion works,
according to RJR News.

Additionally, the report notes, Dr. Phillips said the
administration anticipates increased efficiency in the operations
of the entities through the adoption of technology, expertise,
experience and economies of scale.


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


FINCOMUN SERVICIOS: S&P Affirms 'B+' Rating; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' long-term
global scale and 'B' short-term global scale issuer credit ratings
on FinComun Servicios Financieros Comunitarios S.A. de C.V.
Sociedad Financiera Popular (FinComun).  S&P also affirmed its
national scale 'mxBBB/mxA-3' long- and short-term ratings on the
company.  The outlook is stable.

Standard & Poor's Rating Services' rating on FinComun reflects its
"moderate" business position, and capital and earnings, a "weak"
risk position, and S&P's view of its "below average" funding and
"adequate" liquidity, as S&P's criteria define these terms.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic and industry risk scores to determine
a bank's anchor, the starting point in assigning an issuer credit
rating.  S&P's anchor for a commercial bank operating only in
Mexico is 'bbb'.  In S&P's view, the main risk for the banks
operating in Mexico is economic risk.  This is because of the
population's low income level (from a global perspective), and a
decrease in payment capacity amid a low level of domestic savings.
Mexican banks face challenges associated with lending within a
legal framework that is still establishing a track record of
creditor rights.  However, underwriting standards have improved.
Also, S&P do not view any asset bubbles in the Mexican economy.
Industry risk is not as high, because of conservative regulation,
but supervision still needs to be strengthened.  Healthy
competitive dynamics drive the lending system.  Funding is based
on stable deposits, while the domestic debt markets are rapidly
expanding.  S&P classifies the Mexican government as "supportive"
to its banking system based on past experience and S&P's belief
that it has the capacity to help banks withstand problems.

"The stable outlook reflects our expectation that FinComun will
maintain a RAC ratio below 7%, and that more rigorous underwriting
management and enhanced collection practices should improve the
quality of its loan portfolio over the long term, gradually
strengthening its internal capital generation," said Standard &
Poor's credit analyst Ricardo Grisi.  If the company's RAC falls
below 5% or if its business position weakens, S&P could lower the
rating.  S&P could upgrade the company if it significantly
improves its internal capital generation, reaching a RAC ratio
above 7%, or if credit losses fall to adequate levels.


QUALITAS COMPANIA: A.M. Best Upgrades FSR to 'B'; Outlook Stable
----------------------------------------------------------------
A.M. Best has upgraded the financial strength rating to B (Fair)
from B- (Fair) and issuer credit rating to "bb" from "bb-" of
Qualitas Compania de Seguros S.A.B. de C.V. (Qualitas) (Mexico).
The outlook for both ratings is stable.

The rating upgrades reflect Qualitas' leading market position in
the increasingly competitive Mexican automobile insurance segment,
its formidable distribution network and solid overall
profitability in recent years.  Qualitas operates through a
network of local agents, financial institutions and service
offices and has established a formidable distribution capability
throughout Mexico.  This has enabled the company to maintain its
leading market position in the Mexican automobile insurance
segment in extremely challenging economic and market conditions.
Qualitas reported favorable underwriting net income in 2012,
reflecting its highest historical operating performance.

Offsetting rating factors include Qualitas' consistently elevated
underwriting leverage and trend of underwriting losses.
Historically, the company has operated with underwriting leverage
considered higher than expected for an automobile insurance
provider.  Additionally, Qualitas maintains combined ratios just
above breakeven due to its high level of loss and loss adjustment
expenses recorded each year.

Key rating drivers that could lead to positive rating actions for
Qualitas include continued favorable trends in revenues and
earnings, capital growth and improvement in the underwriting
leverage.  Key factors that could lead to negative rating actions
include unfavorable operating performance or weakened risk-
adjusted capital.


SANTA CATARINA: Fitch Affirms 'BB (mex)' Rating; Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed its 'BB (mex)' rating on the
Municipality of Santa Catarina, NL, and modifies the Rating
Outlook to Positive from Stable. Moreover, the rating of bank
credit issued by Bank in the amount of interactions MXN50 million,
was ratified at 'BBB (mex) vra'.

Key Rating Factors

The Positive Outlook reflects Fitch's expectation that Santa
Catarina will strengthen its financial desempenio and will
maintain a conservative debt policy for the remainder of the
current administrative period, together with a possible change in
the profile of long-term debt, if so , could materialize an
increase in the rate of the municipality.  However, the unsecured
rate Township remains constrained by a history of default on
financial obligations in 2012, robust and rigid structure of
operational expenditure, the high level of non-bank short-term
liabilities and its dependence on the federal and state
contributions to cover its operation.

After a stress scenario in 2012, the City has implemented
restrictive policies mainly on the issue of funding both short and
long term.  This increase was mainly due to the cadastral
reassessment; same that had not taken place for the last 10
Anios's share of revenue, an increase in the levying of property
taxes (10.8% compared to anio 2012) was observed.  It should also
be noted that for the second consecutive anions Municipality
primary balance showed a surplus, in addition to presenting an
increase of 17.8% in its Ordinary Income Tax (OFR) in 2013.

In expenses in 2013 increased the higher operating expenses than
in the OFR, derived largely by expenses associated with public
safety, social outlook, and superb payment of an administrative
judgment ruled against the entity was observed.  With this, the
operating expenses represented 94.1% of OFR, high and higher than
the median Scored by Fitch Group (GMF, 88.5%) Municipalities
proportion.

In December 2013 the balance of the debt was directly MXN279
million, consisting of three long-term credits with development
banks and two commercial credits.  Importantly, the Municipality
has intention to restructure its entire debt with better terms and
conditions with the development banks.  Furthermore, since the
last quarter of 2012 production and since then have been used
chains were liquidated, also will not have resorted to short-term
financing.  It is important to emphasize that the current
administration does not provide additional debt.  The non-bank
short-term liabilities declined steadily, mainly in the area of
suppliers, totaling MXN159.1 million in December 2013.

In terms of social security the Municipality of Santa Catarina not
have a formal pension system, so that could represent a
contingency in the medium or long-term municipal finances,
although represented only 0.2% of OFR in 2013.  On the other hand,
Water Services and Drainage Monterrey [A (mex)] is the state water
agency that provides water and wastewater services in Santa
Catarina, so in this issue there is no direct contingencies.

On the trade credit contracted with interactions (11
interactions), the ratification of your score is based on
satisfactory desempenio that shown in debt service coverage in the
period July 2012 to December 2013, being the minimum coverage in
this period 2.06-x-times and average 2.35x.  Meanwhile, the shares
of the municipality they serve as a source of payment of this
credit have shown an average annual growth rate (CAGR) of 6.7% in
the last 5 yo.

Rating Sensitivity

Among the factors that could have a positive effect on the rate of
the municipality are: to present more balanced balances, greater
controls on the growth of operating expenses; observe greater
dynamism in the levying of property taxes, and improve their
liquidity.  This, coupled with maintaining a prudent borrowing
policy, both in direct debt and non-bank liabilities.

Moreover, the rate of funding is closely linked to the
creditworthiness of the Municipality, so that any movement upward
or downward on your score, you could see reflected directly in the
same direction at the rate of credit.


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


BOND PRICING: For the Week From Feb. 17 to Feb. 21, 2014
--------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Aguas Andinas SA               4.15    12/1/2026    CLP    69.55
Almendral
Telecomunicaciones SA          3.5    12/15/2014    CLP    22.19
Argentina Bocon                2      1/3/2016      ARS     9.05
Argentina Bocon                2      3/15/2014     ARS    13.8
Argentina Boden Bonds          2      9/30/2014     ARS    55.13
Argentine International Bond   7.82  12/31/2033     EUR    67.75
Argentine International Bond   7.82  12/31/2033     EUR    66.7
Argentine International Bond   8.28  12/31/2033     USD    67.5
Argentine International Bond   1.18  12/31/2038     ARS    42.26
Argentine International Bond   8.28  12/31/2033     USD    70.5
Argentine International Bond   7.82  12/31/2033     EUR    67.63
Argentine International Bond   8.28  12/31/2033     USD    71.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   0.45  12/31/2038     JPY    15.5
Argentine International Bond   8.28  12/31/2033     USD    69
Automotores Gildemeister SA    6.75  1/15/2023      USD    72.14
BA-CA Finance Cayman 2 Ltd     1.838                EUR    68.5
BCP Finance Co Ltd             5.543                EUR    50.75
BCP Finance Co Ltd             4.239                EUR    50.42
BES Finance Ltd                4.5                  EUR    71.17
Banco BPI SA/Cayman Islands    4.15  11/14/2035     EUR    57.38
Banco BVA SA                   9.125  2/7/2014      USD    10.01
Banif Finance Ltd              1.663                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    68.25
Bolivarian Republic
of Venezuela                   9.25   9/15/2027     USD    73.68
Bolivarian Republic of
Venezuela                      7      3/31/2038     USD    60.12
CA La Electricidad
de Caracas                     8.5    4/10/2018     USD    74.7
Caixa Geral De
Depositos Finance              1.064                EUR    41.14
Caixa Geral De
Depositos Finance              1.094                EUR    39
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    38.6
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    36.5
China Precious Metal
Resources Holdings Co Ltd      7.25     2/4/2018    HKD    69.78
Cia Cervecerias Unidas SA      4      12/1/2024     CLP    55.51
Cia Sud Americana
de Vapores SA                  6.4    10/1/2022     CLP    65.75
Transener S.A                  9.75   8/15/2021     USD    68
Transener S.A                  9.75   8/15/2021     USD    67.13
City of Buenos
Aires Argentina                3.95   5/17/2019     USD    73
ERB Hellas Cayman
ERB Hellas Cayman Islands Ltd  9      3/8/2019      EUR    56
ESFG International Ltd         5.753                EUR    59
Empresa Distribuidora
Y Comercializadora Norte       9.75  10/25/2022     USD    66.5
Empresa Distribuidora
Y Comercializadora Norte       10.5  10/9/2017      USD    64.5
Empresa Distribuidora
Y Comercializadora Norte        9.75 10/25/2022     USD    63.63
Formosa Province of Argentina   5     2/27/2022     USD    71.25
Gol Finance                     8.75                USD    67.5
Gol Finance                     8.75                USD    67.38
Hidili Industry International
Development Ltd                 8.6   11/4/2015     USD    75.63
Inversiones Alsacia SA          8     8/18/2018     USD    72.53
Inversora de Electrica
de Buenos Aires SA              6.5   9/26/2017     USD    43.75
MTR Corp Cayman Islands Ltd     3.25  3/12/2043     HKD    73.01
MTR Corp Cayman Islands Ltd     3.25  1/28/2043     HKD    72.13
Petroleos de Venezuela SA       6    11/15/2026     USD    55.75
Petroleos de Venezuela SA       5.37  4/12/2027     USD    53.25
Petroleos de Venezuela SA       5.25  4/12/2017     USD    72
Petroleos de Venezuela SA       9.75  5/17/2035     USD    70
Petroleos de Venezuela SA       9    11/17/2021     USD    73
Petroleos de Venezuela SA       5.5   4/12/2037     USD    50
Petroleos de Venezuela SA       6    11/15/2026     USD    55.16
Petroleos de Venezuela SA       9    11/17/2021     USD    71.46
Petroleos de Venezuela SA       9.75  5/17/2035     USD    68.66
Provincia del Chaco             4    11/4/2023      USD    62.38
Provincia del Chaco             4    12/4/2026      USD    33
Renhe Commercial Holdings
Co Ltd                         13    3/10/2016      USD    69.13
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
Renhe Commercial
Holdings Co Ltd                13    3/10/2016      USD    69.88
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
SMU SA                         7.75  2/8/2020       USD    73.03
SMU SA                         7.75  2/8/2020       USD    72.63
Sifco SA                      11.5   6/6/2016       USD    33.5
Talca Chillan Sociedad
Concesionaria SA               2.75 12/15/2019      CLP    55.64
Venezuela International Bond   7.75 10/13/2019      USD    71.75
Venezuela International Bond   9      5/7/2023      USD    70
Venezuela International Bond   9.375  1/13/2034     USD    69.75
Venezuela International Bond   7     12/1/2018      USD    73.75
Venezuela International Bond   9.25   5/7/2028      USD    69
Venezuela International Bond   8.25  10/13/2024     USD    66
Venezuela International Bond   7.65   4/21/2025     USD    64.25
Venezuela International Bond   6     12/9/2020      USD    64.25
Venezuela International Bond   9.25   9/15/2027     USD    72.25
Venezuela International Bond   7      3/31/2038     USD    60.5
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    67
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    66.45
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    65
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    65.13


                            ***********


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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                            ***********


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

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

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

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                   * * * End of Transmission * * *