TCRLA_Public/140227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, February 27, 2014, Vol. 15, No. 41


                            Headlines



A R G E N T I N A

ARGENTINA: Takes Its Debt Case to the U.S. Supreme Court
ICBC PERSONALES: Moody's Rates ARS19.2 Certs. 'Caa1 (sf)'
QUICKFOOD S.A.: Add-on Notes No Impact On Moody's Caa2 CFR


B R A Z I L

AMERICA LATINA: Fitch Says Rumo Merger Positive for ALL's Ratings
COSAN SA: Fitch Says Proposed Rumo/ALL Merger Neutral to Ratings
PETROLEO BRASILEIRO: Falls on Concern Investment Too Large to Fund


C A Y M A N  I S L A N D S

ALESSANDRO M.: Shareholders Receive Wind-Up Report
CARNEROS HOLDINGS: Members to Hold Final Meeting on Feb. 28
CHAMP MARLIN: Shareholders to Hold Final Meeting on March 14
CHARAL LANE: Shareholders to Hold Final Meeting on March 11
CLIFF COMPANY: Shareholder to Receive Wind-Up Report on Feb. 28

DAPLON LIMITED: Shareholders Receive Wind-Up Report
DILSTON TRADE: Shareholders Receive Wind-Up Report
FCM REINSURANCE: Members Receive Wind-Up Report
GULLIVER MARINE: Shareholders Receive Wind-Up Report
ISABELLA CAPITAL: Members to Hold Final Meeting on March 14

LDK SOLAR: Seeks Provisional Liquidators
LDK SOLAR: Noteholders Further Extend Forbearance Until Today
OPLOT FUND: Shareholders to Hold Final Meeting on Feb. 27
PARTNER INVESTMENT: Shareholders Receive Wind-Up Report
PINGUINO LTD: Members Receive Wind-Up Report

ROC CAPITAL: Shareholders to Hold Final Meeting on March 3
SEMPER GLOBAL: Shareholders Receive Wind-Up Report
SEMPER GOVERNMENT: Shareholders Receive Wind-Up Report
SHERIDAN ROAD: Shareholders to Hold Final Meeting on March 11
SPG SWISS: Shareholders to Hold Final Meeting Today

SUNTECH POWER: Commences Chapter 15 Proceeding in U.S.
THE COLLECTION: Shareholders Receive Wind-Up Report
UFFA INTERNATIONAL: Members Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Gets Local Support for Loma Miranda Mine Operations


J A M A I C A

JAMAICA: Fitch Raises IDRs & Sr. Unsecured Bonds Rating to 'B-


M E X I C O

UNION DE CREDITO: Moody's Withdraws E+ Bank Fin'l. Strength Rating


P U E R T O   R I C O

PUERTO RICO ELECTRIC: Fitch Withdraws BB+ Rating on Series XX Bond


T R I N I D A D  &  T O B A G O

CL FIN'L: Barbados Gov Finds Solution for Outstanding CLICO Claims


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Takes Its Debt Case to the U.S. Supreme Court
--------------------------------------------------------
Steven M. Davidoff, writing for The New York Times' DealBook,
reported that Argentina has now staked the future of its debt, and
perhaps its financial fate, with the United States Supreme Court.
Argentina wants the nine justices to weigh in on a case involving
its obligations to holders of its government bonds and to resolve
the mess created by a handful of federal judges.

The DealBook related that the roots of the case go back to 2001,
when Argentina, in the midst of a severe economic downturn,
defaulted on $80 billion of government bonds. Now, Argentina is
asking the Supreme Court to throw out a lower-court ruling forcing
the South American country to pay up on these bonds.

The DealBook pointed out that in the wake of Argentina's default,
there is no bankruptcy regime for sovereign countries.  So back in
2005 and then again in 2010, Argentina forced the debt holders
into a deal offering them new bonds at 25 to 29 cents on the
dollar. More than 90 percent of the bondholders accepted, given
the alternative of getting nothing for the bonds.  But there were
holdouts, including thousands of Italian pensioners, and more
important, some hedge funds, which have been trying to get
Argentina to pay the bonds in full. Since then, a number of
entities, led by Elliott Management and Aurelius Capital
Management, have sought to compel Argentina to pay up.

In 2012, the hedge funds won a court order to seize an Argentine
Navy ship in Ghana and the president of Argentina, Cristina
Fernandez de Kirchner, no longer flies abroad on Argentine-owned
planes for fear the jets will be seized, the report further
related.  The hedge funds have a strong incentive to take any
property they can, since the bonds held by the holdouts are now
worth on paper about $15 billion, with accrued interest. But it's
not so easy to collect against a sovereign nation. Most countries
have "sovereign immunity laws," which prevent lawsuits against
them, as well as seizing their property.

The report said the hedge funds also sued in federal court in New
York to collect on these bonds. Normally, sovereign immunity would
protect Argentina. In fact, in the United States, there is also a
statute, the Foreign Sovereign Immunities Act, that would prevent
the hedge funds from seizing Argentine property to collect on the
bonds.


ICBC PERSONALES: Moody's Rates ARS19.2 Certs. 'Caa1 (sf)'
---------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates
Fideicomiso Financiero ICBC Personales XI, a transaction that will
be issued by TMF Trust (Argentina) S.A. -- acting solely in its
capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. Also, the transaction is pending approval from the
Comision Nacional de Valores in Argentina. If any assumption or
factor Moody's considers when assigning the ratings change before
closing, the ratings may also change.

ARS 144,598,203 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero ICBC Personales XI", rated Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

ARS 28,919,641 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero ICBC Personales XI", rated Aaa.ar (sf)
(Argentine National Scale) and Ba3 (sf) (Global Scale, Local
Currency)

ARS 19,279,760 in Certificates of "Fideicomiso Financiero ICBC
Personales XI", rated Ba1.ar (sf) (Argentine National Scale) and
Caa1 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 11,779
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by the Industrial and Commercial
Bank of China (Argentina) S.A."ICBC (Argentina)", in an aggregate
amount of ARS 192,797,604.

These personal loans are granted to ICBC (Argentina) clients. The
monthly loan installment is deducted directly from the borrower's
bank account.

Overall credit enhancement is comprised of 25% of subordination
for the Class A Floating Rate Debt Securities and 10% for the
Class B Floating Rate Debt Securities. In addition the transaction
has various reserve funds and excess spread.

Factors that would lead to an upgrade or downgrade of the rating

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of ICBC
(Argentina)'s portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 9% and a coefficient of variation of 60%. Also, Moody's assumed
a lognormal distribution for prepayments with a mean of 20% and a
coefficient of variation of 70%. These assumptions are derived
from the historical performance to date of ICBC (Argentina)'s
pools. Servicer default was modeled by simulating the default of
the ICBC (Argentina) as the servicer consistent with its current
rating of Ba3/Aaa.ar. In the scenarios where the servicer
defaults, Moody's assumed that the defaults on the pool would
increase by 20 percentage points.

The model results showed 0.01% expected loss for the Class A
Floating Rate Debt Securities, 1.98% for the Class B Floating Rate
Debt Securities and 10.45% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If ICBC (Argentina) is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.

Stress Scenarios

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 12% and a
coefficient of variation of 60%), the ratings of the Class B
Floating Rate debt securities and the Certificates would likely be
downgraded to B2 (sf) and Caa2 (sf) respectively. The ratings of
the Class A Floating Rate Debt Securities would likely be
unchanged.

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013. Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.


QUICKFOOD S.A.: Add-on Notes No Impact On Moody's Caa2 CFR
-----------------------------------------------------------
Moody's Latin America sees no immediate impact on the Caa2 Global
Scale and B2.ar National Scale Corporate Family Ratings and Baa3
Global Scale and Aaa.ar National Scale's ARS 385 million fully
guaranteed local notes of Quickfood S.A. (Quickfood).

The Caa2 Global Local Currency corporate family rating
incorporates a one-notch rating uplift to the company's standalone
credit profile provided by the implicit support from Quickfood's
parent company, BRF Brasil Foods (BRF), rated Baa3 -- Stable
Outlook. The support arises from the explicit guarantee of the
company's notes that would cause an acceleration of most of BRF's
debt in the event of a default at Quickfood .

Quickfood intends to utilize the ARS 100 million local notes net
proceeds to repay revolver drawings. The ARS 100 million notes,
fully guaranteed by BRF, is an add-on to its ARS 150 million
senior unsecured local notes, already issued in September 2013.

Founded in 1960 and headquartered in Buenos Aires, Argentina,
Quickfood S.A is an Argentinean company dedicated to the
manufacturing and commercialization of processed, refrigerated and
frozen foods under specific brands. With annual revenues of ARS
1.95 billion as of the last twelve months ended on September 2013,
Quickfood is now part of the conglomerate of companies that BRF
operates in Argentina .

BRF Brasil Foods S.A. ("BRF") is one of largest food conglomerates
globally, with consolidated net revenues of BRL 30.5 billion as of
the last twelve months ended on September 2013. Processed food,
which typically generates higher and less volatile margins than
the protein export business, represented about 50% of net sales.
The company operates 50 plants in Brazil, and 11 plants overseas
and 33 distribution centers, exports to more than 120 countries
and is one of the world's largest protein producers, with a
leading position in poultry exports.


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


AMERICA LATINA: Fitch Says Rumo Merger Positive for ALL's Ratings
-----------------------------------------------------------------
Fitch Ratings views the recently announced merger deal between
logistics company Rumo Logistica (Rumo) and railroad operator
America Latina Logistica SA (ALL) as potentially positive for
ALL's ratings. Fitch also expects the deal to be neutral to the
ratings of Rumo's parent Cosan SA Industria e Comercio (Cosan),
which will become a major shareholder in the combined company.
Yesterday Rumo submitted to ALL a binding proposal for the
incorporation of ALL by Rumo. The proposal entails the merger of
all shares issued by ALL, of which the current shareholders of
Rumo and ALL will be allotted 36.5% and 63.5%, respectively, of
the capital stock of the combined company. After the closing of
the deal, the main shareholders will be Cosan, with 27.4% of the
new entity, Banco Nacional de Deselvolvimento Economico e Social
with 7.7%; Texas Pacific Group (TPG) with 4.6%; and Gavea
Investimentos with 4.6%. These four entities will build a new
Shareholder Agreement for the combined entity, and Cosan will hold
nine seats on the board while the other shareholders will each
have one. Cosan's good credit profile and a track record of
efficiently consolidating assets enhance the new company's
shareholder structure.

At the same time, Cosan announced a proposal spin-off of its
energy and logistics arms. According to the new shareholding
structure, Cosan will create Cosan Logistica (a company
responsible for the investment in Rumo Logistica and potentially
ALL) and Cosan Energia (a company responsible for the investments
in Raizen, Comgas, Cosan Lubricants and Radar). As a next step,
Cosan may transfer part of its debt to Cosan Logistica, but this
course of action has not yet been finalized.

Fitch does not expect to take action on Cosan's ratings once the
spin off and merger are concluded. Cosan's current rating is
mainly based on the credit quality of its assets in the energy
segment, and Fitch believes that Cosan Energia's credit profile is
unlikely to be affected by the spin off.

Nevertheless, the transaction is strategically positive for Cosan
Group, as it contributes to broader business diversification and
should help to further lessen its cash flow volatility derived
from the sugar and ethanol business. This transaction also
enhances Cosan's presence in the logistic segment, which currently
is one the main focus of Cosan. As of Sept. 30, 2013, Rumo
reported EBITDA of BRL 297 million, which represented less than
10% of Cosan's consolidated EBITDA.

Fitch views the merger as positive for ALL's credit profile and as
a potential trigger for an upgrade of the company's ratings if the
deal is closed. The transaction is likely to strengthen ALL's
business profile, brings a strong shareholder to its capital and
should allow a faster than expected deleverage trend. Fitch
understands that ALL and Rumo's businesses are complementary and
highly synergic; the deal should benefit the individual business
of each company, boosting a potential increase in the combined
cash flow generation in the medium term. Additionally, Rumo is
expected to present important increases in its EBITDA generation
over the next 18-24 months.

All's pro forma leverage of the combined company is high, at 4.1x
as of September 2013 LTM, according to Fitch's methodology. Fitch
foresees that the development of both businesses individually
should permit the combined company to present more conservative
credit metrics. The new company's net leverage is likely to be
close to 3.5x by the end of 2014.

Fitch currently rates Cosan and ALL as follows:

ALL

-- Long-term Foreign and Local Currency IDRs 'BB-';
-- Long-term National Rating 'A(bra)';
-- Long-term National Rating of the 5th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 6th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 8th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 9th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 10th Debenture Issue 'A(bra)'.

ALL Malha Sul S.A.

-- Long-term National Scale Rating 'A(bra)';
-- Long-term National Rating of the 3rd Debenture Issue 'A(bra)'.

ALL Malha Norte S.A.

-- Long-term National Scale Rating 'A(bra)';
-- Long-term National Rating of the 6th Debenture Issue 'A(bra)'.
-- Long-term National Rating of the 8th Debenture Issue 'A(bra)'.

ALL Malha Paulista S.A.

-- Long-term National Scale Rating 'A(bra)';
-- Long-term National Rating of the 1st Debenture Issue 'A(bra)'.

The Outlook for the corporate ratings is Positive.

Cosan

-- Foreign and local currency IDRs 'BB+';
-- National scale rating 'AA(bra).

Cosan Overseas LTD

-- Foreign currency IDR 'BB+';
-- Perpetual notes 'BB+'.

Cosan Luxembourg S.A

-- Senior Unsecured Notes due in 2018 and 2023 'BB+'.

The Outlook for the corporate ratings is Stable.


COSAN SA: Fitch Says Proposed Rumo/ALL Merger Neutral to Ratings
----------------------------------------------------------------
Fitch Ratings views the recently announced merger deal between
logistics company Rumo Logistica (Rumo) and railroad operator
America Latina Logistica SA (ALL) as potentially positive for
ALL's ratings. Fitch also expects the deal to be neutral to the
ratings of Rumo's parent Cosan SA Industria e Comercio (Cosan),
which will become a major shareholder in the combined company.
Yesterday Rumo submitted to ALL a binding proposal for the
incorporation of ALL by Rumo. The proposal entails the merger of
all shares issued by ALL, of which the current shareholders of
Rumo and ALL will be allotted 36.5% and 63.5%, respectively, of
the capital stock of the combined company. After the closing of
the deal, the main shareholders will be Cosan, with 27.4% of the
new entity, Banco Nacional de Deselvolvimento Economico e Social
with 7.7%; Texas Pacific Group (TPG) with 4.6%; and Gavea
Investimentos with 4.6%. These four entities will build a new
Shareholder Agreement for the combined entity, and Cosan will hold
nine seats on the board while the other shareholders will each
have one. Cosan's good credit profile and a track record of
efficiently consolidating assets enhance the new company's
shareholder structure.

At the same time, Cosan announced a proposal spin-off of its
energy and logistics arms. According to the new shareholding
structure, Cosan will create Cosan Logistica (a company
responsible for the investment in Rumo Logistica and potentially
ALL) and Cosan Energia (a company responsible for the investments
in Raizen, Comgas, Cosan Lubricants and Radar). As a next step,
Cosan may transfer part of its debt to Cosan Logistica, but this
course of action has not yet been finalized.

Fitch does not expect to take action on Cosan's ratings once the
spin off and merger are concluded. Cosan's current rating is
mainly based on the credit quality of its assets in the energy
segment, and Fitch believes that Cosan Energia's credit profile is
unlikely to be affected by the spin off.

Nevertheless, the transaction is strategically positive for Cosan
Group, as it contributes to broader business diversification and
should help to further lessen its cash flow volatility derived
from the sugar and ethanol business. This transaction also
enhances Cosan's presence in the logistic segment, which currently
is one the main focus of Cosan. As of Sept. 30, 2013, Rumo
reported EBITDA of BRL 297 million, which represented less than
10% of Cosan's consolidated EBITDA.

Fitch views the merger as positive for ALL's credit profile and as
a potential trigger for an upgrade of the company's ratings if the
deal is closed. The transaction is likely to strengthen ALL's
business profile, brings a strong shareholder to its capital and
should allow a faster than expected deleverage trend. Fitch
understands that ALL and Rumo's businesses are complementary and
highly synergic; the deal should benefit the individual business
of each company, boosting a potential increase in the combined
cash flow generation in the medium term. Additionally, Rumo is
expected to present important increases in its EBITDA generation
over the next 18-24 months.

All's pro forma leverage of the combined company is high, at 4.1x
as of September 2013 LTM, according to Fitch's methodology. Fitch
foresees that the development of both businesses individually
should permit the combined company to present more conservative
credit metrics. The new company's net leverage is likely to be
close to 3.5x by the end of 2014.

Fitch currently rates Cosan and ALL as follows:

ALL

-- Long-term Foreign and Local Currency IDRs 'BB-';
-- Long-term National Rating 'A(bra)';
-- Long-term National Rating of the 5th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 6th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 8th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 9th Debenture Issue 'A(bra)';
-- Long-term National Rating of the 10th Debenture Issue 'A(bra)'.

ALL Malha Sul S.A.

-- Long-term National Scale Rating 'A(bra)';
-- Long-term National Rating of the 3rd Debenture Issue 'A(bra)'.

ALL Malha Norte S.A.

-- Long-term National Scale Rating 'A(bra)';
-- Long-term National Rating of the 6th Debenture Issue 'A(bra)'.
-- Long-term National Rating of the 8th Debenture Issue 'A(bra)'.

ALL Malha Paulista S.A.

-- Long-term National Scale Rating 'A(bra)';
-- Long-term National Rating of the 1st Debenture Issue 'A(bra)'.

The Outlook for the corporate ratings is Positive.

Cosan

-- Foreign and local currency IDRs 'BB+';
-- National scale rating 'AA(bra).

Cosan Overseas LTD

-- Foreign currency IDR 'BB+';
-- Perpetual notes 'BB+'.

Cosan Luxembourg S.A

-- Senior Unsecured Notes due in 2018 and 2023 'BB+'.

The Outlook for the corporate ratings is Stable.


PETROLEO BRASILEIRO: Falls on Concern Investment Too Large to Fund
------------------------------------------------------------------
Rodrigo Orihuela and Peter Millard at Bloomberg News report that
there is a growing concern that continued fuel subsidies ordered
by the Brazilian government will make it hard to fund the business
plan of Petroleo Brasileiro SA, the world's most indebted oil
company, even after a US$16 billion cut.

Petrobras has been selling imported gasoline and diesel below cost
to help the government fight inflation, causing profit to decline
at a time when the company is planning US$220.6 billion of
investments to develop new oil discoveries, according to Bloomberg
News.  While the drop in fourth-quarter net income was smaller
than analysts expected, the results weren't enough to allay
concern about the business outlook for the company, Bloomberg News
relates.

Petrobras's business plan "relies, once again, on optimistic
assumptions -- aggressive long-term production targets, price
parity, strong local currency -- in order to fund the company's
largely unchanged, massive capex plan," Banco Santander SA's
analysts Christian Audi and Gustavo Allevato wrote in a note to
clients, Bloomberg News says.

Bloomberg News discloses that net income in the last three months
of 2013 dropped to BRL6.28 billion (US$2.68 billion), or 48
centavos a share, from BRL7.8 billion, or 59 centavos, a year
earlier, according to a Petrobras statement.  Per-share profit
excluding some items beat the 41-centavo average of 12 analysts'
estimates compiled by Bloomberg.

                            Price Policy

The company said it was cutting its investment plan through 2018
by US$16 billion, or 6.8 percent. Investments in the refining
division will drop to US$38.7 billion from $64.8 billion in the
previous plan, Bloomberg News notes.

Bloomberg News discloses that Petrobras increased the price of
gasoline by 4 percent and the price of diesel by 8 percent on Nov.
29, the first boost in nine months, as part of its attempt to cut
the gap between global and domestic prices.  The refining division
has lost about US$37 billion since 2011, when the government,
which owns the majority of the company's voting shares, started
making Petrobras subsidize imported fuel, Bloomberg News relays.

"We had hoped that the government would allow the company to
include a slight increase in diesel and gasoline prices in the
announcement, helping make this assumption a bit more credible,"
Banco Itau SA analysts led by Paula Kovarsky said in a research
report, Bloomberg News notes.

                              Rising Debt

The company's $114.3 billion in debt makes it the most indebted
oil company in the world, according to data compiled by Bloomberg.

Higher debt is coupled with the company's expectation that it
won't generate positive cash flow until 2016, while posting the
highest negative cash flow among global oil producers, Bloomberg
News notes.  The five-year business plan calls for US$12.1 billion
in yearly borrowing on average.

The rising debt encouraged the company to reduce investments in
refining and focus on expanding crude production, said Gianna
Bern, president of Chicago-based risk-management adviser
Brookshire Advisory & Research, Bloomberg News relays.

"Something had to give," Ms. Bern said in a telephone interview
with Bloomberg News.  "They are re-directing capital spending to
the higher-margin, higher-value upstream side of the business over
the lower-margin refining side of the house," Ms. Bern added, the
report relates.

                      About Petroleo Brasileiro

Based in Rio de Janeiro, Brazil, Petroleo Brasileiro S.A. --
Petrobras (Brazilian Petroleum Corporation) -- explores for oil
and gas and produces, refines, purchases, and transports oil
and gas products.  The Company has proved reserves of about 14.1
billion barrels of oil equivalent and operates 16 refineries, an
extensive pipeline network, and more than 8,000 gas stations.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 7, 2013, Moody's Investors Service downgraded Petroleo
Brasileiro's multiple seniority shelf to (P)Ba1 from (P)Baa3.


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


ALESSANDRO M.: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Alessandro M. Ltd. received on Jan. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


CARNEROS HOLDINGS: Members to Hold Final Meeting on Feb. 28
-----------------------------------------------------------
The members of Carneros Holdings Limited will hold their final
meeting on Feb. 28, 2014, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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


CHAMP MARLIN: Shareholders to Hold Final Meeting on March 14
------------------------------------------------------------
The shareholders of Champ Marlin Holdings Limited will hold their
final meeting on March 14, 2014, at 8:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


CHARAL LANE: Shareholders to Hold Final Meeting on March 11
-----------------------------------------------------------
The shareholders of Charal Lane Limited will hold their final
meeting on March 11, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


CLIFF COMPANY: Shareholder to Receive Wind-Up Report on Feb. 28
---------------------------------------------------------------
The shareholder of Cliff Company SPC, Ltd. will receive on
Feb. 28, 2014, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Graham Manchester
          Marsh Management Services Cayman Ltd.
          P.O. Box 1051 G.T. Governors Square
          23 Lime Tree Bay Avenue George Town
          Grand Cayman
          Cayman Islands


DAPLON LIMITED: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Daplon Limited received on Feb. 21, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Sharon Barrett
          RSM Farrell Grant Sparks
          Molyneux House Bride Street
          Dublin 8
          Ireland
          Telephone: +353 1 418 2000


DILSTON TRADE: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Dilston Trade Ltd. received on Jan. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


FCM REINSURANCE: Members Receive Wind-Up Report
-----------------------------------------------
The members of FCM Reinsurance Ltd. received on Feb. 19, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

Stuart Jessop is the company's liquidator.


GULLIVER MARINE: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Gulliver Marine Limited received on Feb. 25,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Khairul E. Astwood
          20 Villet Drive, East Setauket, NY 11733
          U.S.A.
          Telephone: 631.689.8523
          Facsimile: 631.675.618


ISABELLA CAPITAL: Members to Hold Final Meeting on March 14
-----------------------------------------------------------
The members of Isabella Capital Management will hold their final
meeting on March 14, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


LDK SOLAR: Seeks Provisional Liquidators
----------------------------------------
Reuters reported that debt-laden Chinese solar company LDK Solar
Co Ltd said it filed in the Cayman Islands for the appointment of
provisional liquidators, four days before it is due to make a $197
million bond repayment.

According to the report, LDK Solar, which is incorporated in the
Cayman Islands, has received several reprieves from investors on
interest payments on the bond, which matures on Feb. 28.

S&P Capital IQ analyst Angelo Zino said he believed that LDK Solar
could fail to meet its commitments, the report related.  "As a
result you will eventually see a liquidity crisis . . . similar to
what we have seen with Suntech last year," said Zino, who has a
"sell" rating on the stock.

LDK Solar said it has made "considerable progress" in its ongoing
discussions with key offshore creditors, the report further
related.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


LDK SOLAR: Noteholders Further Extend Forbearance Until Today
-------------------------------------------------------------
LDK Solar Co., Ltd., has entered into a new 14-day forbearance
arrangement with holders of a majority in aggregate principal
amount of its US$-Settled 10 percent Senior Notes due 2014.  The
new forbearance arrangement, which expires today, Feb. 27, 2014,
relates to the interest payment due under the Notes on Aug. 28,
2013.  That interest payment is still unpaid.  It is LDK Solar's
intention to find a consensual solution to its obligations under
the Notes as soon as possible and LDK Solar remains hopeful that
it will be able to achieve that goal.

As reported previously, LDK Solar has engaged Jefferies LLC as a
financial advisor for strategic advice in connection with the
Notes and LDK Solar's other offshore obligations.  Holders of LDK
Solar's offshore debt obligations may contact Augusto King at
aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com,
Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at
rklein@Jefferies.com with any questions.

Sidley Austin is acting as counsel to LDK Solar, led by Thomas
Albrecht at talbrecht@sidley.com, and Timothy Li at
htli@sidley.com.  LDK Solar understands that Ropes & Gray is
acting as counsel to a group of noteholders, led by Daniel
Anderson (daniel.anderson@ropesgray.com) and Paul Boltz
(paul.boltz@ropesgray.com).  LDK Solar also understands that
Houlihan Lokey has been engaged as financial advisor to that same
group of noteholders; holders of the Notes may contact Brandon
Gale at bgale@hl.com with any questions.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


OPLOT FUND: Shareholders to Hold Final Meeting on Feb. 27
---------------------------------------------------------
The shareholders of Oplot Fund Limited will hold their final
meeting on Feb. 27, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


PARTNER INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Partner Investment Ltd. received on Jan. 30,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


PINGUINO LTD: Members Receive Wind-Up Report
--------------------------------------------
The members of Pinguino Ltd. received on Jan. 30, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


ROC CAPITAL: Shareholders to Hold Final Meeting on March 3
----------------------------------------------------------
The shareholders of Roc Capital Partners (Cayman), Ltd. will hold
their final meeting on March 3, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


SEMPER GLOBAL: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Semper Global Opportunistic Mortgage Strategy
Fund, Ltd. received on Feb. 20, 2014, the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Semper Capital Management, L.P.
          Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


SEMPER GOVERNMENT: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Semper Government/Credit Fixed Income Fund,
Ltd. received on Feb. 20, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Semper Capital Management, L.P.
          c/o Walkers
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


SHERIDAN ROAD: Shareholders to Hold Final Meeting on March 11
-------------------------------------------------------------
The shareholders of Sheridan Road Corp will hold their final
meeting on March 11, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Westport Services Ltd.
          c/o Avril Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


SPG SWISS: Shareholders to Hold Final Meeting Today
---------------------------------------------------
The shareholders of SPG Swiss Asset Management Ltd. will hold
their final meeting today, Feb. 27, 2014, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SUNTECH POWER: Commences Chapter 15 Proceeding in U.S.
------------------------------------------------------
Suntech Power Holdings Co., Ltd. disclosed that the joint
provisional liquidators of the Company appointed by the Grand
Court of the Cayman Islands to oversee the restructuring of the
Company have commenced a Chapter 15 proceeding under the U.S.
Bankruptcy Code in a federal court in the Southern District of New
York.  Under such a proceeding, the Company is seeking to have
recognized in the United States the Company's overseas provisional
liquidation which has previously been granted in the Cayman
Islands.

David Walker, one of the JPLs, said, "The Chapter 15 petition is a
very important step to conclude a successful restructuring of the
Company as it would allow a centralized process to assert and
resolve claims against the Company, and to make distributions to
the Company's creditors."

Mr. Walker added, "Chapter 15 recognition will stay actions
brought by creditors in the United States, and help ensure that
all creditors are treated equally with similarly situated
creditors in the Cayman Islands proceeding."

As previously disclosed, the Company's filing of the Chapter 15
petition by February 21, 2014 was a provision of the Restructuring
Support Agreement entered into with (among other parties) the
petitioners for an involuntary bankruptcy proceeding filed against
it under Chapter 7 of the U.S. Bankruptcy Code.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a naotice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.


THE COLLECTION: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of The Collection International Trading Co.
received on Jan. 30, 2014, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


UFFA INTERNATIONAL: Members Receive Wind-Up Report
--------------------------------------------------
The members of Uffa International Ltd. received on Jan. 30, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622 Grand Cayman KY1-1203
          Cayman Islands


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


XSTRATA PLC: Gets Local Support for Loma Miranda Mine Operations
----------------------------------------------------------------
Dominican Today reports that dozens of people marched through some
of Binao city's busiest streets to support Xstrata PLC's Dominican
Republic operation Falconbridge Dominicana, C. por A. (Falcondo)'s
planned controversial mine at Loma Miranda.

Workers recently laid off by the miner, some with their wives and
children, business leaders, contractors, current employees, the
deputies Maria Mercedes Fernandez and Josi Antonio Fabian as well
as senator Filix Nova took part in the demonstration, according to
Dominican Today.

The report relates that the leaders of the Central Mountains towns
of Juma, Bejucal, Jayaco, La Ceiba, La Salvia Los Quemados and
Juan Adrian also took part in the march to support the mining
company.

In a separate report, Dominican Today, citing Committee for
Miranda and the Monsenor Noel Development organization a
spokesman, Ivan Santana, said the demonstration seeks to show the
country the true technical, scientific and sustainable conditions
to mine Miranda.

"There are those who attack the project, lying to the people about
environmental, hydrological conditions and species that the area
doesn't possess," the report quoted Mr. Santana as saying.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
Mr. Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.


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


JAMAICA: Fitch Raises IDRs & Sr. Unsecured Bonds Rating to 'B-
--------------------------------------------------------------
Fitch Ratings has upgraded Jamaica's ratings as follows:

-- Long-term foreign and local currency Issuer Default Ratings
   (IDRs) to 'B-' from 'CCC'; assigns Stable Outlook;

-- Senior unsecured foreign and local currency bonds to 'B-' from
   'CCC';

-- Country Ceiling to 'B' from 'B-';

-- Short-term foreign currency IDR to 'B' from 'C'.

Key Rating Drivers

The upgrade of Jamaica's IDRs reflects the following key rating
drivers:

-- Reduced financing risks due to fiscal consolidation and the
   lengthening of domestic debt repayments achieved through the
   National Debt Exchange (NDX) in February 2013. Government debt
   maturities have declined to an estimated 4.6% of GDP in 2014
   from 13.7% in 2012. Despite a tepid economic recovery, the
   central government deficit could decline to 0.4% of GDP in
   fiscal year (FY) 2013 from 4% of GDP in FY2012, driven by
   interest savings and current and capital expenditure
   containment. Hence, the government is likely to meet the
   primary surplus target of 7.5% of GDP for FY2013 under the
   Extended Fund Facility (EFF) with the International Monetary
   Fund (IMF).

-- Jamaica's IMF program remains on track. Jamaica has
   successfully completed two reviews under the program and has
   reportedly met all the quantitative targets and structural
   benchmarks for the third review. Compliance with the EFF boosts
   policy credibility and unlocks multilateral support, which in
   turn allows Jamaica to meet financing requirements, mitigate
   financial sector and external vulnerabilities, and restore
   business confidence.

-- The country has preserved broad macroeconomic and financial
   stability despite the NDX and the continued depreciation of the
   Jamaican dollar. The Jamaican dollar depreciated by 13% in 2013
   and the currency has continued to fall in 2014 reflecting
   limited Bank of Jamaica (BOJ) intervention and an orderly
   adjustment towards a more competitive currency. Inflation has
   stayed within the official target range of 8.5% to 10.5%
   despite the depreciation as the pass-through has been mitigated
   by weak domestic demand and lower imported commodity prices.
   The financial system has not experienced liquidity or solvency
   pressures. While banks' profitability has declined after the
   NDX, deposits have continued to grow and capitalization remains
   above regulatory levels.

-- Jamaica's NDX, coupled with an increase in primary surpluses
   and a modest economic recovery, have set public debt/GDP on a
   declining path. Nonetheless, public debt remains high at 129%
   of GDP, the fourth largest among sovereigns rated by Fitch in
   2013, while domestic and external market access remains
   uncertain. Moreover, 61% of Jamaica's debt is denominated in
   foreign currency, exposing debt dynamics to exchange rate risk.
   In spite of significant interest savings through the NDX and
   wage restraint agreements with public sector unions, Jamaica's
   expenditure profile remains highly rigid, with wages and
   interest accounting for 67% of government revenues.

-- Access to multilateral funding has eased external financing
   constraints, while the current account deficit declined to
   10.7% of GDP in 2013 from 12.9% in 2012, driven by weaker
   domestic demand and lower imported oil prices. Nevertheless,
   Jamaica's international reserves coverage, at less than three
   months of current external payments (CXP), highlights its
   vulnerability to external and confidence shocks. Reliance on
   Petrocaribe financing by the sovereign increases Jamaica's
   exposure to economic and political developments in Venezuela.

-- Growth underperformance has become chronic in Jamaica. Real GDP
   has contracted on average by 0.7% over the past five years, to
   well below the 'B' median of 4.2% in 2013. As growth returned
   to positive territory in 2013, Fitch expects economic activity
   to accelerate at an average 1.5% in 2014-2015. Investment in
   energy and infrastructure provides upside risk to this
   scenario. Nevertheless, the economy remains vulnerable to
   global growth dynamics and weather events.

Rating Sensitivities

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced. The main risk
factors that, individually or collectively, could trigger a
positive rating action are:

-- Higher economic growth and improved fiscal performance leading
    to faster debt reduction;

-- Reduced external vulnerabilities through the sustained
    accumulation of international reserves and a decline in
    external financing needs.

The main risk factors that, individually or collectively, could
trigger a negative rating action are:

-- Pervasive non-compliance with the IMF program, leading to a
    prolonged interruption in disbursements and renewed concerns
    about fiscal and external financing;

-- A sustained fiscal deterioration leading to higher unfavorable
    debt dynamics;

-- Confidence shocks that lead to macroeconomic and financial
    sector instability.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of assumptions:

-- Fitch assumes that Jamaica will continue to make the necessary
   policy adjustments to successfully perform under the EFF,
   contributing to rebuilding domestic confidence and receive
   technical and financial support from multilaterals.

-- Fitch assumes that oil prices will remain stable and that the
   Petrocaribe agreement will remain in place over the forecast
   period.

-- Fitch's fiscal and external projections do not factor in
   weather-related shocks over the forecast period. Such events
   would require additional policy adjustments to maintain fiscal
   consolidation and macroeconomic stability.


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


UNION DE CREDITO: Moody's Withdraws E+ Bank Fin'l. Strength Rating
------------------------------------------------------------------
Moody's de Mexico has withdrawn all of Union de Credito Progreso,
S.A. Organizacion Auxiliar de Credito's (Progreso) ratings,
including its standalone bank financial strength rating of E+,
long-term global local currency deposit rating of B3, short-term
global local currency deposit rating of Not Prime, long-term
Mexican National Scale deposit rating of Ba2.mx and short-term
Mexican National Scale deposit rating of MX-4.  Progreso's
standalone bank financial strength rating of E+ mapped to a
standalone baseline credit assessment and adjusted baseline credit
assessment of b3.  The outlook on the ratings before the
withdrawal was negative.

A detailed list of ratings withdrawn is provided further below in
this press release.

Ratings Rationale

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

The long-term Mexican National Scale ratings of Ba.mx indicate
issuers or issues with below-average creditworthiness relative to
other domestic issuers.  Moody's appends numerical modifiers 1, 2,
and 3 to each generic rating classification from Aa through Caa
(e.g, Ba2.mx). The modifier 2 indicates a mid-range ranking of
that generic rating category.  The short-term Mexican National
Scale ratings of issuers rated MX-4 indicate below-average ability
to repay short-term senior unsecured debt obligations relative to
other domestic issuers.

The principal methodology used in this rating was the Global Banks
published in May 2013.

The period of time covered in the financial information used to
determine Progreso's rating is between January 1 2009 and
September 30 2013 (source: Moody's, CNBV and Progreso).

The sources and items of information used to determine the ratings
include 2012 and 2013 interim financial statements (source:
Moody's, CNBV and Progreso); year-end 2012 and 2011 financial
statements (source: Moody's, CNBV and Progreso); financial
statements and information on market position (source: CNBV);
regulatory capital information (source: Progreso).

The following ratings assigned to Progreso were withdrawn:

- Bank financial strength rating of E+

- Long-term global local currency deposit rating of B3

- Short-term global local currency deposit rating of Not Prime

- Long-term Mexican National Scale deposit rating of Ba2.mx

- Short-term Mexican National Scale issuer rating of MX-4

Progreso is the fourth largest credit union in Mexico and
headquartered in Delicias, Chihuahua. Progreso reported total
assets of MXN$3.3 billion, gross loans of MXN$2.8 billion, and
shareholders' equity of MXN$408 million as of 30 September 2013.


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


PUERTO RICO ELECTRIC: Fitch Withdraws BB+ Rating on Series XX Bond
------------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB+' rating on the Puerto Rico
Electric Power Authority's power revenue refunding bonds series XX
as the bonds were not sold.



===============================
T R I N I D A D  &  T O B A G O
===============================


CL FIN'L: Barbados Gov Finds Solution for Outstanding CLICO Claims
------------------------------------------------------------------
Trinidad Express reports that the governor of the Central Bank of
Barbados, Dr. Delisle Worrell, said a cooperative solution has
been found to settle outstanding Colonial Life Insurance Company
(CLICO) claims in Barbados and the Eastern Caribbean.

Dr. Worrell told the Caribbean Media Corporation (CMC) that the
latest report from the judicial manager made to the Barbados court
provides a way forward which seems fair to all stakeholders,
according to Trinidad Express.

"What it said is that you may not be remunerated for interest that
you might have accumulated, but we will at least ensure that you
get a product which restores the principal value of what you might
have invested with the company," the report quoted Dr. Worrell as
saying.

The report notes that Dr. Worrell said individuals would be
entitled to some annuity on maturity, which they could cash out
but with a penalty, while in the case of institutional investors,
a company will own those assets, which will go on sale overtime.

"Institutional investors will get shares in that company and as
the assets are sold then they will be paid their principal
amount," Dr. Worrell added, the report relates.

Dr. Worrell said the authorities were taking that route, because
of the issue of insurance companies now being restricted in their
ownership of property and income generating assets, the report
notes.

                       About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


                            ***********


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


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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.

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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