TCRLA_Public/140303.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, March 3, 2014, Vol. 15, No. 43


                            Headlines



A R G E N T I N A

ARGENTINA: Repsol to Take US$5-Bil. of Country's Debt
ARGENTINA: DBRS Cuts Foreign Currency Issuer Rating to CCC(high)


B R A Z I L

OSX BRASIL: Court Suspends Deadline for Restructuring Plan


C A Y M A N  I S L A N D S

BRIM ASIAN: Creditors' Proofs of Debt Due Today
CHEYNE RENEWABLE: Creditors' Proofs of Debt Due March 13
DEALER MANAGEMENT: Placed Under Voluntary Wind-Up
EACM SELECT: Creditors' Proofs of Debt Due March 11
HIGHISLAND MACRO: Creditors' Proofs of Debt Due March 12

HIGHISLAND MACRO MASTER: Creditors' Proofs of Debt Due March 12
HUAAN GENESIS: Commences Liquidation Proceedings
NAUT WUKIN: Creditors' Proofs of Debt Due Today
NWQ ENERGY: Commences Liquidation Proceedings
NWQ ENERGY MASTER: Commences Liquidation Proceedings

PHOEBUS LEASING: Commences Liquidation Proceedings
PRAETORIAN OFFSHORE: Creditors' Proofs of Debt Due March 12
PRAETORIAN OFFSHORE LTD: Creditors' Proofs of Debt Due March 12
STELLA BLU: Creditors' Proofs of Debt Due March 12
SUPERFUND RED: Placed Under Voluntary Wind-Up

SUPERFUND RED MASTER: Placed Under Voluntary Wind-Up
TRACKSTAR ENTERPRISES: Placed Under Voluntary Wind-Up
VIMO INTERNATIONAL: Placed Under Voluntary Wind-Up
WRA MASTER: Creditors' Proofs of Debt Due March 4
ZUCCHINA INVESTMENT: Placed Under Voluntary Wind-Up


H O N D U R A S

HONDURAS: Moody's Downgrades Government Bond Rating to B3


T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Bank Confirms Foreign Exchange Shortage


U R U G U A Y

* URUGUAY: IMF Managing Director Concludes Visit to Country


X X X X X X X X X

BOND PRICING: For the Week From Feb. 24 to Feb. 28, 2014


                            - - - - -


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


ARGENTINA: Repsol to Take US$5-Bil. of Country's Debt
-----------------------------------------------------
Stephen J. Lubben, writing for The New York Times' DealBook,
reported that Repsol has agreed to take about $5 billion in
Argentine debt to make up for the government's decision to snatch
Repsol's local subsidiary, ending a bitter two-year dispute.

According to the report, for Repsol, the government has promised
that it will realize at least $5 billion on the debt, which will
actually have a face value somewhat higher.  Stanley Reed and
Raphael Minder, writing for The New York Times, said Repsol would
receive $5 billion worth of guaranteed Argentine government bonds
for the 51% of the energy company YPF that Argentina expropriated.
In return, it would drop its legal claims over the matter.

The Times said a settlement would ease serious tensions between
Spain and Argentina, as well as concerns about Argentina's ability
to develop what is thought to be some of the world's richest
holdings of shale gas and oil.  Repsol's board approved the deal
on Feb. 25, the report noted, but it still must be approved by
Repsol shareholders and the Argentine Congress.


ARGENTINA: DBRS Cuts Foreign Currency Issuer Rating to CCC(high)
----------------------------------------------------------------
DBRS Inc. has downgraded Argentina's long-term foreign and local
currency issuer ratings to CCC (high) and B (low), respectively.
The short-term local currency rating has been downgraded to R-5,
while the short-term foreign currency rating has been confirmed at
R-5.  The Under Review with Negative Implications on the long-term
ratings and short-term local currency rating has been removed.
The trend on the long-term ratings is Negative, while the trend on
short-term ratings is Stable.

The downgrade and Negative trend on Argentina's long-term ratings
reflect the ongoing deterioration in macroeconomic, fiscal and
external performance.  The 18.6% decline in the peso during the
month of January 2014 could help reduce existing imbalances but is
only part of a broader set of policy adjustments that are likely
needed to stem reserve losses.  Real interest rates appear likely
to remain negative despite recent hikes, and the fiscal position
of the central government has continued to deteriorate.


A failure to adjust fiscal, monetary, wage and other policies to
stem Argentina's reserve losses and curb inflationary pressures
could result in further ratings downgrades.  Furthermore, although
DBRS no longer has the ratings under review, developments in U.S.
courts that result in a lifting of the stay on the district court
ruling and raise questions regarding upcoming payments on
Argentina's exchange bonds could also trigger a downgrade.
Conversely, a strong effort by the government to reduce the fiscal
deficit, alleviate inflationary and exchange rate pressures, and
improve its relations with external creditors could stabilize the
ratings.

Argentina continues to benefit from a diverse economy, an educated
population, a highly productive agricultural sector, economic ties
with other fast-growing emerging markets, and abundant natural
resources.  A prolonged period of negative real interest rates has
significantly reduced indebtedness, both for the public and the
private sector.  In the earlier part of the past decade, the
central government's primary fiscal surpluses and high levels of
participation in the two debt exchanges also contributed to the
rapid decline in indebtedness.  The central government's deficit
has widened in recent years, but financing has come from other
public entities, such as the social security administration, or
ANSES, and the central bank, or BCRA, and net debt remains low.
Although limited financial intermediation in the economy acts as a
constraint on investment, the low degree of leverage has insulated
the Argentine economy from the potentially adverse impact of
global financial shocks.

In spite of Argentina's strengths, the strains from its
inconsistent economic policies have become increasingly evident
over time.  Fiscal and monetary policies have remained highly
accommodative even as the economy has operated at or above
potential, leading to high and entrenched inflation.  Energy
subsidies and import substitution policies have amplified
Argentina's challenges, initially generating some positive results
in terms of increased local production, but simultaneously
undermining incentives to invest in energy production.  Argentine
firms have become less competitive due to the combination of high
local content requirements and real exchange rate appreciation.
Following the January devaluation, the central bank increased
interest rates sharply.  Partly as a result, the economy is likely
to fall into recession this year.

The government is likely to slow the pace of reserve losses by
deepening controls over the Argentine economy, providing
incentives to deposit dollar savings in the local financial
system, and increasing export income during the upcoming harvest
season.  Despite these measures, continued monetization of the
fiscal deficit is likely to lead to further reserve losses, and
could ultimately jeopardize the repayment of foreign currency
debt.  Although there appears to be little appetite for fiscal
tightening, particularly in the context of a relatively weak
economy, the central bank has a limited capacity to finance fiscal
deficits without either increasing inflationary pressures or
further hiking interest rates.  Unless there is a substantial
improvement in the external environment, this increasingly costly
tradeoff may force the government to rapidly reduce its deficit.

The central government holds significant sway over the economy
through wages, subsidies, prices, import licensing, and foreign
exchange controls.  However, it is unclear how the government will
respond to growing economic pressures, and there is a risk that
policy missteps will further erode confidence.  DBRS believes the
authorities have adequate space to make the necessary
macroeconomic policy adjustments that would stabilize reserves and
help safeguard Argentina's capacity to repay its external debts.
Going forward, it will be important for authorities to devise and
communicate a clearer plan for reducing the fiscal deficit,
curbing inflation, and expanding the availability of domestic and
external financing.  Delaying such an effort is likely to be
costly in terms of growth and macroeconomic stability.



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


OSX BRASIL: Court Suspends Deadline for Restructuring Plan
----------------------------------------------------------
Reuters reports that a Brazilian court has suspended the deadline
for shipbuilder OSX Brasil SA to present its restructuring plan
under bankruptcy legislation until a new judge is appointed to the
case.

The 60-day deadline to file the plan was already suspended in
January while another court reviewed a challenge to OSX's Nov. 11
bankruptcy protection filing, according to Reuters.  The report
relates that the new deadline will be set once the case is
formally transferred to a new judge.

Reuters notes that the Spanish construction company Acciona asked
a court to prevent OSX's bankruptcy from being handled by the same
judge responsible for the bankruptcy of sister oil company Oleo e
Gas Participacos SA.

Oleo e Gas, formerly known as OGX, filed Latin America's largest
ever bankruptcy on Oct. 30.  OSX gets nearly all of its revenue
from Oleo e Gas and it's a principal creditor of the company.

Both OSX and Oleo e Gas are controlled by Brazilian tycoon Eike
Batista.

Reuters notes that Judges of the Rio de Janeiro State Justice
Tribunal ruled last week in favor of Acciona and ordered the OSX
filing to be reassigned to another judge.  Until this ruling both
cases were being handled by the Fourth Commercial Section of the
Rio de Janeiro-State Justice Tribunal, the report relates.

                       About OSX Brasil

Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, filed for protection from creditors on
November 2013 on liabilities of BRL5.34 billion (US$2.30 billion).
OSX Brasil filed for bankruptcy -- called "judicial recovery" in
Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30,
2013.

OSX had outstanding debts of around US$2.2 billion as of June 30,
2013, including dollar-and real-denominated loans and bonds held
by a mix of banks, investors and government institutions, such as
Brazil's Merchant Marine Fund, according to The Wall Street
Journal.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas,
according to the WSJ report.  The firm went public in 2008 for
$4.1 billion but failed to produce nearly any of the up to 10.8
billion barrels it claimed to have.


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


BRIM ASIAN: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Brim Asian Credit Fund are required to file their
proofs of debt today, March 3, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 22, 2014.

The company's liquidator is:

          Hung Guan Ong
          20 Leonie Hill
          #12-26 Leonie Towers
          Singapore 239222
          Facsimile: +65 6737 5130


CHEYNE RENEWABLE: Creditors' Proofs of Debt Due March 13
--------------------------------------------------------
The creditors of Cheyne Renewable Energy Fund Inc. are required to
file their proofs of debt by March 13, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 2014.

The company's liquidator is:

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


DEALER MANAGEMENT: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Jan. 30, 2014, the shareholders of Dealer Management Group Ltd.
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Strategic Risk Solutions (Cayman) Limited
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree bay Avenue
          P.O. Box 1159 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 623 6611
          Facsimile: +1 (345) 946 6612


EACM SELECT: Creditors' Proofs of Debt Due March 11
---------------------------------------------------
The creditors of EACM Select Alternative (USD) Fund Limited are
required to file their proofs of debt by March 11, 2014, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Susan Lo Yee Har
          Hopewell Centre, Level 54
          183 Queens Road East
          Hong Kong
          c/o Kim Charaman
          Telephone: (345) 943-3100
          Facsimile: (345) 945 4757


HIGHISLAND MACRO: Creditors' Proofs of Debt Due March 12
--------------------------------------------------------
The creditors of Highisland Macro Fund are required to file their
proofs of debt by March 12, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Jan. 29, 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


HIGHISLAND MACRO MASTER: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------------
The creditors of Highisland Macro Master Fund are required to file
their proofs of debt by March 12, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 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


HUAAN GENESIS: Commences Liquidation Proceedings
------------------------------------------------
On Feb. 10, 2014, the shareholders of Huaan Genesis China SPC
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:

          Tang Yi
          ICBC Tower, Suite 3808-9
          3 Garden Road, Central
          Hong Kong


NAUT WUKIN: Creditors' Proofs of Debt Due Today
-----------------------------------------------
The creditors of Naut Wukin Racing Ltd. are required to file their
proofs of debt today, March 3, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 29, 2014.

The company's liquidator is:

          Erika Jane Olde
          P.O. Box 31115 Grand Cayman KY1-1205
          Cayman Islands
          Telephone: 3459452877


NWQ ENERGY: Commences Liquidation Proceedings
---------------------------------------------
On Jan. 30, 2014, the shareholder of NWQ Energy Crossover Fund
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:

          John E. Conlin
          c/o NWQ Investment Management Company LLC
          2049 Century Park East, 16th Floor
          Los Angeles, CA 90067
          USA
          Telephone: +1 (345) 914 6365


NWQ ENERGY MASTER: Commences Liquidation Proceedings
----------------------------------------------------
On Jan. 30, 2014, the shareholder of NWQ Energy Crossover Master
Fund 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:

          John E. Conlin
          c/o NWQ Investment Management Company LLC
          2049 Century Park East, 16th Floor
          Los Angeles, CA 90067
          USA
          Telephone: +1 (345) 914 6365


PHOEBUS LEASING: Commences Liquidation Proceedings
--------------------------------------------------
On Jan. 30, 2014, the shareholders of Phoebus Leasing 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:

          David Dyer
          Deutsche Bank (Cayman) Limited
          P.O. Box 1984, Boundary Hall
          Cricket Square, 171 Elgin Avenue
          Grand Cayman KY1-1104
          Cayman Islands


PRAETORIAN OFFSHORE: Creditors' Proofs of Debt Due March 12
-----------------------------------------------------------
The creditors of Praetorian Offshore Investment Ltd. are required
to file their proofs of debt by March 12, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 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


PRAETORIAN OFFSHORE LTD: Creditors' Proofs of Debt Due March 12
---------------------------------------------------------------
The creditors of Praetorian Offshore Ltd. are required to file
their proofs of debt by March 12, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 28, 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


STELLA BLU: Creditors' Proofs of Debt Due March 12
--------------------------------------------------
The creditors of Stella Blu Capital (Cayman) Ltd. are required to
file their proofs of debt by March 12, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Jan. 25, 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


SUPERFUND RED: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 23, 2013, the shareholder of Superfund Red SPC resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Sophie Raven
          228 Marmion Street,
          Cottesloe WA 6011
          Australia
          Telephone: +61 40000 7906
          Facsimile: +61 8 9286 3786


SUPERFUND RED MASTER: Placed Under Voluntary Wind-Up
----------------------------------------------------
On Dec. 23, 2013, the shareholder of Superfund Red Master SPC
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Sophie Raven
          228 Marmion Street,
          Cottesloe WA 6011
          Australia
          Telephone: +61 40000 7906
          Facsimile: +61 8 9286 3786


TRACKSTAR ENTERPRISES: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On Jan. 30, 2014, the sole shareholder of Trackstar Enterprises
Inc. resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 28, 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


VIMO INTERNATIONAL: Placed Under Voluntary Wind-Up
--------------------------------------------------
On Jan. 30, 2014, the sole shareholder of Vimo International Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 28, 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


WRA MASTER: Creditors' Proofs of Debt Due March 4
-------------------------------------------------
The creditors of WRA Master Fund, Ltd. are required to file their
proofs of debt by March 4, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 31, 2013.

The company's liquidator is:

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


ZUCCHINA INVESTMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
On Jan. 30, 2014, the sole shareholder of Zucchina Investment Ltd.
resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
Feb. 28, 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


===============
H O N D U R A S
===============


HONDURAS: Moody's Downgrades Government Bond Rating to B3
---------------------------------------------------------
Moody's Investors Service has downgraded Honduras' government bond
rating to B3 from B2, and changed the outlook to stable from
negative.

Rationale For Downgrade

Moody's decision to downgrade Honduras' rating was driven by the
following factors:

1. A widening fiscal deficit that far exceeded initial
expectations, reaching 7.7% of GDP last year, and

2. Gross financing needs that, at 10% of GDP, are above the median
of 'B'-rated peers.

First Driver - High Fiscal Deficit In 2013

Despite the government's original plans to consolidate public
finances in 2013, the fiscal deficit widened to 7.7% of GDP in
2013 from 5.9% in 2012, coming well above the 'B' median of 5.5%
of GDP. Official 2013 data attribute the larger deficit mostly to
an increase in capital expenditures, a category that in addition
to infrastructure investment, also includes transfers to
municipalities and conditional cash transfers (Bono Diez Mil). In
addition, interest payments increased by 50% year-over year in
2013.

The outgoing National Party government approved a fiscal reform as
well as legislation to permit private investment in the Empresa
Nacional de Energia Electrica (ENEE) and the Empresa Hondurena de
Telecomunicaciones (Hondutel), the loss-making state owned
electric and telecom companies. Although the government projects a
4.7% of GDP fiscal deficit for 2014, Moody's forecast of 6.4% of
GDP captures significant implementation risk. Moody's expects the
fiscal deficit to narrow to around 5.5% of GDP in 2015 before
starting to widen again in 2016 and 2017, as the current
administration comes to an end.

Second Driver -- Gross Financing Needs That Exceed The Median Of
'B'-Rated Peers

Since 2009, the government has issued significantly more debt in
the domestic market and this debt has an average maturity of just
2.6 years. Given this, the government faces domestic debt
amortizations equivalent to roughly 3% of GDP per year during
2014-2017.

The government's gross financing needs (fiscal deficit + debt
amortizations) reached 10% of GDP in 2013, higher than the 7% of
GDP median of 'B' rated countries. Despite fiscal consolidation
plans during 2014 and 2015, Moody's expects gross financing needs
will be between 9%-10% of GDP and remain above the 'B' rated peer
median.

Rationale For Stable Outlook

The stable outlook on the B3 rating reflects (i) efforts by the
new government to implement the recently approved fiscal reform as
well as reforms to state-owned enterprises, (ii) evidence of the
current administration's ability to refinance maturing debt in the
local market at more favorable terms (i.e., longer maturities and
lower interest rates) than last year, and (iii) Moody's view that
Honduras will receive a new International Monetary Fund (IMF)
program this year.

What Could Move The Ratings Up/Down

There could be upward pressure on Honduras' ratings if (i) there
is material improvement in fiscal management over time, such that
deficits do not increase markedly at the end of this
administration, and (ii) an IMF program reinforces fiscal
oversight and increases the government's access to multilateral
financing.

There could be downward pressure on Honduras' ratings if (i) there
is continued widening of the fiscal deficit, (ii) there is a
reemergence of near-term refinancing pressures involving domestic
debt, or (iii) the balance-of-payments position reports marked
deterioration.

Country Ceilings

As a result of this rating action, the long-term local currency
bond and deposit ceilings changed to B2 from Ba3. The long-term
foreign currency deposit ceiling changed to Caa1 from B3. The
long-term foreign currency bond ceiling changed to B2 from Ba3.
All short-term ceilings remained at Not Prime. Country ceilings
reflect a range of undiversifiable risks to which issuers in any
jurisdiction are exposed, including economic, legal and political
risks. These ceilings act as a cap on ratings that can be assigned
to the foreign and local-currency obligations of entities
domiciled in the country.

GDP per capita (PPP basis, US$): 4,744 (2012 Actual) (also known
as Per Capita Income)

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

Inflation Rate (CPI, % change Dec/Dec): 5.4% (2012 Actual)

Gen. Gov. Financial Balance/GDP: -5.9% (2012 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -8.5% (2012 Actual) (also known as
External Balance)

External debt/GDP: 26.1% (2012 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On February 24, 2014, a rating committee was called to discuss the
rating of the Honduras, Government of. The main points raised
during the discussion were: The issuer's fiscal or financial
strength, including its debt profile, has materially decreased.
The issuer has become increasingly susceptible to event risks.
Other views raised included: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's governance and/or management, have not
materially changed.

Methodology

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

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


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


TRINIDAD & TOBAGO: Bank Confirms Foreign Exchange Shortage
----------------------------------------------------------
Caribbean360.com reports that the Central Bank of Trinidad and
Tobago (CBTT) said it has pumped half a billion US dollars into
the domestic foreign exchange market, saying it is aware of the
difficulty some businesses and the public have been experiencing
in obtaining foreign currency.

In a statement, the CBTT said that it has been "actively and
aggressively" taking steps to address the situation and that in
the last three and a half months it has sold US$500 million to the
banking sector to alleviate tensions in the domestic foreign
exchange market, according to Caribbean360.com.

The report relates that the CBTT said it typically supplies 25 per
cent of the total foreign exchange needs of the market, with the
remaining 75 per cent supplied by the banking system.

"The Central Bank is assuring the public that other initiatives
are currently being pursued to strengthen the operational
efficiency of the domestic foreign exchange market.  The Bank
continues to monitor developments in the foreign exchange market
and will take appropriate action as needed," the statement added,
the report notes.

The bank gave no reasons as to the shortage of US currency on the
domestic foreign exchange market, the report adds.


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


* URUGUAY: IMF Managing Director Concludes Visit to Country
-----------------------------------------------------------
Naoyuki Shinohara, Deputy Managing Director of the International
Monetary Fund (IMF), made the following statement in Montevideo:

"It is a great pleasure to be in Uruguay for my first visit to
this country renowned for its progressive society and strong
democratic institutions.  I had the privilege to meet Vice
President Danilo Astori, and had a very productive meeting with
Finance Minister Mario Bergara and Central Bank President Alberto
Grana.  I also had the opportunity to meet several members of
Parliament, and representatives of private sector and civil
society.  I would like to thank the Uruguayan authorities for
their warm welcome.

"Uruguay's performance has been remarkable over the last decade.
[The] high per capita income and impressive social indicators
attest to Uruguay's success in fostering strong and inclusive
economic growth.  This was achieved through prudent macroeconomic
policies, forward-looking institutional reforms and active social
policies. The authorities' prudent macro-economic management
contributed greatly to Uruguay's resilience to the global
financial crisis of 2008-2009.

"The outlook for the Uruguayan economy is solid.  The external
environment, however, poses risks.  Weaker growth in neighboring
countries could continue weighing on economic activity in Uruguay.
However, the overall impact should be lower than the spillovers
experienced in the past, as Uruguay has significantly diversified
its trade and reduced its debt vulnerabilities over the last
decade.

"If the outlook does weaken, the exchange rate should act as the
main shock absorber.  Ample international reserve buffers that
were prudently built by the policymakers could be used to smooth
any excess volatility.  In addition, automatic fiscal stabilizers
would help buffer temporary negative shocks.

"Reducing inflation to the target range remains a key economic
policy priority for Uruguay. We welcome the recent monetary
tightening.  A tighter fiscal policy stance could also help
monetary policy in taming inflation and preserving
competitiveness.

"Overall, Uruguay is well placed to maintain vigorous growth.
Further structural reforms to boost infrastructure and raise the
efficiency of labor markets would enhance Uruguay's
competitiveness, strengthen the resilience of the economy, and
sustain high productivity and investment growth, which would lead
to a more prosperous economy to the benefit of Uruguay's
citizens."


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


BOND PRICING: For the Week From Feb. 24 to Feb. 28, 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.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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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.


                   * * * End of Transmission * * *