TCRLA_Public/140310.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 10, 2014, Vol. 15, No. 48


                            Headlines



A N T I G U A  &  B A R B U D A

LIAT: To Axe Unprofitable Routes as Part of Financial Shakeup


B E R M U D A

FLETCHER INT'L: Enters Into Settlement with United Community Banks


B R A Z I L

ARALCO S.A.: S&P Lowers Corporate Credit Rating to 'D'
ARALCO S.A.: Fitch Cuts Issuer Default Ratings to 'D'


C A Y M A N  I S L A N D S

F.S.C. LIMITED: Creditors' Proofs of Debt Due March 25
FOCUS 400: Creditors' Proofs of Debt Due March 17
JUMP START: Creditors' Proofs of Debt Due March 25
OLD FIELD: Commences Liquidation Proceedings
OLYMPIA GLOBAL MASTER: Creditors' Proofs of Debt Due March 31

OLYMPIA GLOBAL MASTER: Shareholders' Final Meeting Set for April 3
OLYMPIA GLOBAL: Creditors' Proofs of Debt Due March 31
OLYMPIA GLOBAL: Shareholders' Final Meeting Set for April 3
OLYMPIA LONG EQUITY: Creditors' Proofs of Debt Due March 31
OLYMPIA LONG EQUITY: Shareholders' Final Meeting Set for April 3

OLYMPIA LONG FUND 1: Creditors' Proofs of Debt Due March 31
OLYMPIA LONG FUND 1: Shareholders' Final Meeting Set for April 3
OLYMPIA MARKET: Creditors' Proofs of Debt Due March 31
OLYMPIA MARKET: Shareholders' Final Meeting Set for April 3
OLYMPIA MARKET MASTER: Creditors' Proofs of Debt Due March 31

OLYMPIA MARKET MASTER: Shareholders' Final Meeting Set for April 3


C H I L E

METROGAS S.A.: S&P Keeps 'CCC' Rating Following $3.9MM Add-On


D O M I N I C A N   R E P U B L I C

* DOMINICAN REP: Plan to Fix Energy Problem "Ambitious & Good"


J A M A I C A

CARIBBEAN CEMENT: Hopes for Extension of Contract With Venezuela


P A N A M A

PANAMA: Seeks US$1 Billion From Venezuela Over Trade Zone


P E R U

BANCO INTERNACIONAL: Moody's Affirms D+ Bank Fin'l Strength Rating


X X X X X X X X X

BOND PRICING: For the Week From March 3 to March 7, 2014


                            - - - - -


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


LIAT: To Axe Unprofitable Routes as Part of Financial Shakeup
-------------------------------------------------------------
Caribbean360.com reports that Leeward Islands Air Transport, known
as LIAT, said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially variable.

"We have been trying, before going the harsh route, to persuade
people to invest.  We have met with a number of governments and
Prime Ministers . . .  we have expressed to them that we will have
no other option but to cut the service," the report quoted LIAT
Chairman Jean Holder as saying.

"I think we have reached the point, after a lot of challenges,
where we need to do as we say that we will do.  That may after all
be more effective than the persuasion route," Mr. Holder said
after a meeting of the shareholder governments, according to
Caribbean360.com.

"We'll have to take a very hard look at our current schedules and
the profitability of our current routes.  We have brought in some
experts to assist us in looking more deeply into the route
analysis issues, but it is clear that LIAT cannot continue to
provide essential social services to 21 countries in the Caribbean
on a daily basis, offering close to 1 000 flights weekly, and only
four countries put any funds into this operation," said Mr.
Holder, the report notes.

Mr. Holder, the report relates, said that this would involve
reshaping the routing system in a way that would ensure there is
no longer an abundance of social routes at the expense of
commercial operations.

In October 2012, then Chief Executive officer of LIAT, Ian
Brunton, had warned that the cash-strapped airline would soon be
dropping at least eight routes deemed to be consistently
unprofitable, the report relays.

The report discloses that Mr. Holder said the situation would only
change if the airline, whose major shareholders are Antigua and
Barbuda, Barbados, Dominica and St. Vincent and the Grenadines,
was able to secure some kind of support from affected governments.

The report notes that Mr. Holder said the company has taken the
stance that it needs to be more professional and implement the
changes needed to keep the airline on an even keel.

St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves,
who is also chairman of shareholder governments, told reporters he
had been putting public pressure on his counterparts across the
region, particularly from those countries that benefit
considerably from the operations of the airline, the report
relays.

LIAT said it would employ an expert to assess the unprofitable
routes which would not only entail cutting, but rescheduling or
reviewing them, the report adds.

As reported in the Troubled Company Reporter-Latin America on
Jan. 3, 2012, Antigua Caribarena related that former Antigua
Aviation Minister Robin Yearwood wants to see a merger between
Leeward Islands Air Transport (LIAT) and the Trinidad and Tobago-
owned Caribbean Airlines Limited, as he believes this is the only
way the Antigua-based regional carrier can survive.  Mr.
Yearwood's call came against the background of media reports out
of Port of Spain that suggested CAL's management may be eyeing
expansion into the OECS territories, according to Antigua
Caribarena.

                            About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.


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B E R M U D A
=============


FLETCHER INT'L: Enters Into Settlement with United Community Banks
------------------------------------------------------------------
United Community Banks, Inc. and its subsidiary United Community
Bank on March 5 reported a settlement agreement with the
Chapter 11 Trustee for Fletcher International, Ltd., pursuant to
which United will purchase the outstanding warrant to purchase
United's common stock previously issued to Fletcher and settle any
and all claims that could be asserted by Fletcher.  The settlement
agreement is subject to bankruptcy court approval.

As a result of the Trustee's efforts to liquidate the Fletcher
bankruptcy estate's assets, United and Fletcher entered into the
settlement agreement pursuant to which United has agreed to
deliver 640,000 shares of its common stock and cash that, together
with the common stock, will have a combined fair value of $12
million for the purchase of the Fletcher warrant and release of
all claims by Fletcher.  The value of United's common stock to be
issued approximates the current fair value of the Fletcher warrant
and therefore the transaction will be accounted for as an exchange
of equity instruments with no impact on United's current earnings.
United expects to fund the settlement 15 days following the
court's approval, and the final cash payment due to Fletcher will
be an amount equal to the difference between the value of United's
common stock on such date and $12 million, which was previously
reserved for at the time of the 2013 settlement with FILB
Co-Investments LLC for potential claims that Fletcher might make
against United, which are the subject of this settlement.
Therefore, no current earnings impact is expected as a result of
the settlement.

"With this settlement, we have resolved all claims from the
transactions between United and Fletcher for a small amount in
excess of the current fair value of the Fletcher warrant," stated
Jimmy Tallent, president and chief executive officer of United.
"By purchasing the Fletcher warrant now, which has significant
value due to the five years remaining before expiration, we
minimize future dilution to shareholders that could result if the
warrant remained outstanding.  The additional cash to be
transferred has been reserved for by United, and the impact of
issuing additional shares will be minimal to United's future
earnings and tangible book value per share."

                  About United Community Banks

United Community Banks, Inc. -- http://www.ucbi.com-- is the
third-largest Georgia-based bank holding company.  Based in
Blairsville, the company has assets of $7.4 billion and operates
102 banking offices throughout north Georgia, the Atlanta region,
coastal Georgia, western North Carolina, east Tennessee and
western South Carolina.  United specializes in personalized
community banking services for individuals and small- to mid-size
businesses, and also offers the convenience of 24-hour access
through a network of ATMs, telephone and on-line banking.
United's common stock is listed on the Nasdaq Global Select Market
under the symbol UCBI.

                   About Fletcher International

Fletcher International, Ltd., filed a bare-bones Chapter 11
petition (Bankr. S.D.N.Y. Case No. 12-12796) on June 29, 2012, in
Manhattan.  The Bermuda exempted company estimated assets and
debts of $10 million to $50 million.  The bankruptcy documents
were signed by its president and director, Floyd Saunders.

David R. Hurst, Esq., at Young Conaway Stargatt & Taylor, LLP, in
New York, serves as counsel and Appleby (Bermuda) Limited serves
as special Bermuda counsel.  The Debtor disclosed $52,163,709 in
assets and $22,997,848 in liabilities as of the Chapter 11 filing.

Fletcher International Ltd. is managed by the investment firm of
Alphonse "Buddy" Fletcher Jr.

Fletcher Asset Management was founded in 1991.  During its initial
four years, FAM operated as a broker dealer trading various debt
and equity securities and making long-term equity investments.
Then, in 1995, FAM began creating and managing a family of private
investment funds.

The Debtor is a master fund in the Fletcher Fund structure.  As a
master fund, it engages in proprietary trading of various
financial instruments, including complex, long-term, illiquid
investments.

The Debtor is directly owned by Fletcher Income Arbitrage Fund and
Fletcher International Inc., which own roughly 83% and 17% of the
Debtor's common shares, respectively.  Arbitrage's direct parent
entities are Fletcher Fixed Income Alpha Fund and FIA Leveraged
Fund, both of which are incorporated in the Cayman Islands and are
subject to liquidation proceedings in that jurisdiction, and which
own roughly 76% and 22% of Arbitrage's common stock, respectively.
The Debtor currently has a single subsidiary, The Aesop Fund Ltd.

After filing for Chapter 11 protection, Fletcher immediately
started a lawsuit in bankruptcy court to stop the involuntary
bankruptcy in Bermuda.  Judge Gerber at least temporarily halted
liquidators appointed in the Cayman Islands from moving ahead with
proceedings in Bermuda.  The lawsuit to halt the Bermuda
liquidation is Fletcher International Ltd. v. Fletcher Income
Arbitrage Fund, 12-01740, in the same court.

Richard J. Davis, Chapter 11 trustee appointed in the case, has
hired Michael Luskin, Esq., Lucia T. Chapman, Esq., and Stephanie
E. Hornung, Esq., at Luskin, Stern & Eisler LLP as his
counsel.

The Chapter 11 trustee filed a proposed liquidating Plan in
November 2013.  The disclosure statement was approved on Jan. 17,
2014.


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


ARALCO S.A.: S&P Lowers Corporate Credit Rating to 'D'
------------------------------------------------------
Standard & Poor's Rating Services lowered its global scale
corporate credit rating on Aralco Industria e Comercio S.A. to 'D'
from 'B-'.  At the same time, S&P lowered the issue-level rating
on its $250 million bonds to 'D' from 'CCC+' and the Brazil
national scale rating to 'D' from 'brB-'.

"The downgrade follows Aralco's filing for judicial reorganization
on Feb. 28, 2014.  From now on, the company will operate under
judicial oversight and it will propose a plan to attempt to
restructure its debt," said Standard & Poor's credit analyst
Flavia Bedran.  Although Aralco has not yet defaulted on its
bonds, S&P believes that the judicial reorganization signals a
general default.  S&P also believes that the company will fail to
make the May 2014 interest payment on the bonds and won't be able
to roll over all of its maturing debt.  Additionally, Aralco
decided to exit Cooperativa de Produtores de Cana-de-Acucar,
Acucar e Alcool do Estado de Sao Paulo (Copersucar S.A.; a
cooperative for 48 sugar mills in Brazil), so it won't have access
to its credit lines.

S&P' will closely monitor the process of Aralco's recovery plan,
including the debt restructuring.  As soon as company's plan is
settled, S&P will reassess its credit quality.


ARALCO S.A.: Fitch Cuts Issuer Default Ratings to 'D'
-----------------------------------------------------
Fitch Ratings has downgraded Aralco S.A. Industria e Comercio's
(Aralco) foreign currency and local currency Issuer Default
Ratings (IDR) to 'D' from 'CCC' and the National long-term rating
to 'D(bra)' from 'CCC(bra)'.  Fitch has also downgraded the rating
for the USD250 million unsecured senior notes due 2020 to 'C/RR5'
from 'CCC/RR4'.  The issuer of the notes was Aralco Finance S.A.
(Aralco Finance), a fully-owned subsidiary of Aralco.
These rating actions follow the announcement by Aralco that it has
filed for bankruptcy protection in Brazil.  This announcement will
result in payment default on some or all of Aralco's debt and
result in a debt renegotiation.  The revision of the Recovery
Rating reflects anticipated recoveries for the unsecured creditors
in the range of 10% to 30%.  The below-average recovery prospects
are due to the high amount of secured debt held by the company,
its low land-holdings, and the high levels of distress within the
sector.  The latter will likely lead to an abundance of production
facilities within the sector that will become available for
purchase during 2014.

This factor, along with the highly leveraged capital structures of
many companies within the sector, will lead to low valuations for
companies and facilities within the sector during the next couple
of years.

Aralco had BRL42 million of cash and cash equivalents as of
Dec. 31, 2013.  This compares with BRL1.5 billion of total debt.
Approximately BRL448 million of the debt is short-term, including
BRL188 million with the sugar cooperative Copersucar.  Aralco's
short-term assets include BRL84 million of inventories and BRL105
million of advances to suppliers.  The company's long-term assets
include BRL605 million of sugarcane plantations and BRL846 million
of PPE, which primarily consists of four mills with a sugarcane
crushing capacity of 7.2 million tons per year.


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


F.S.C. LIMITED: Creditors' Proofs of Debt Due March 25
------------------------------------------------------
The creditors of F.S.C. Limited are required to file their proofs
of debt by March 25, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on Feb. 13, 2014.

The company's liquidator is:

          Bridge Street Services Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: 345-946-6145
          Facsimile: 345-946-6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


FOCUS 400: Creditors' Proofs of Debt Due March 17
-------------------------------------------------
The creditors of Focus 400 Ltd. are required to file their proofs
of debt by March 17, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


JUMP START: Creditors' Proofs of Debt Due March 25
--------------------------------------------------
The creditors of Jump Start Limited are required to file their
proofs of debt by March 25, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 6, 2014.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345)949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


OLD FIELD: Commences Liquidation Proceedings
--------------------------------------------
On Feb. 12, 2014, the shareholder of Old Field Fund, LDC 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:

          Marwood Alternative Asset Management LLC
          c/o Intertrust Corporate Services (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands


OLYMPIA GLOBAL MASTER: Creditors' Proofs of Debt Due March 31
-------------------------------------------------------------
The creditors of Olympia Global Macro Master Fund Limited are
required to file their proofs of debt by March 31, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2014.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA GLOBAL MASTER: Shareholders' Final Meeting Set for April 3
------------------------------------------------------------------
The shareholders of Olympia Global Macro Master Fund Limited will
hold their final meeting on April 3, 2014, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA GLOBAL: Creditors' Proofs of Debt Due March 31
------------------------------------------------------
The creditors of Olympia Global Macro Fund 1 Limited are required
to file their proofs of debt by March 31, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2014.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA GLOBAL: Shareholders' Final Meeting Set for April 3
-----------------------------------------------------------
The shareholders of Olympia Global Macro Fund 1 Limited will hold
their final meeting on April 3, 2014, at 11:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA LONG EQUITY: Creditors' Proofs of Debt Due March 31
-----------------------------------------------------------
The creditors of Olympia Long Short Equity Master Fund Limited are
required to file their proofs of debt by March 31, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2014.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA LONG EQUITY: Shareholders' Final Meeting Set for April 3
----------------------------------------------------------------
The shareholders of Olympia Long Short Equity Master Fund Limited
will hold their final meeting on April 3, 2014, at 12:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA LONG FUND 1: Creditors' Proofs of Debt Due March 31
-----------------------------------------------------------
The creditors of Olympia Long Short Equity Fund 1 Limited are
required to file their proofs of debt by March 31, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2014.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA LONG FUND 1: Shareholders' Final Meeting Set for April 3
----------------------------------------------------------------
The shareholders of Olympia Long Short Equity Fund 1 Limited will
hold their final meeting on April 3, 2014, at 1:15 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA MARKET: Creditors' Proofs of Debt Due March 31
------------------------------------------------------
The creditors of Olympia Market Neutral Fund 1 Limited are
required to file their proofs of debt by March 31, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2014.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA MARKET: Shareholders' Final Meeting Set for April 3
-----------------------------------------------------------
The shareholders of Olympia Market Neutral Fund 1 Limited will
hold their final meeting on April 3, 2014, at 2:45 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA MARKET MASTER: Creditors' Proofs of Debt Due March 31
-------------------------------------------------------------
The creditors of Olympia Market Neutral Master Fund Limited are
required to file their proofs of debt by March 31, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 12, 2014.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands


OLYMPIA MARKET MASTER: Shareholders' Final Meeting Set for April 3
------------------------------------------------------------------
The shareholders of Olympia Market Neutral Master Fund Limited
will hold their final meeting on April 3, 2014, at 2:00 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Newington, Ltd.
          c/o J. Andrew Murray
          Telephone: 345-949-9710
          P.O. Box 2075 Grand Cayman, KY1-1105
          Cayman Islands



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C H I L E
=========


METROGAS S.A.: S&P Keeps 'CCC' Rating Following $3.9MM Add-On
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it's keeping its
'CCC' debt rating on Metrogas S.A.'s recently issued additional
series A notes unchanged after the $3.9 million add-on.  At the
same time, S&P affirmed its 'CCC' corporate credit rating on
Metrogas.  The outlook remains negative.

The rating action follows Metrogas' decision to capitalize 50% of
the interest accrued from January 2013 until December 2013 for the
$180 million series A notes (as allowed by the financing
documents).  As a result, on Jan. 28, 2014, Metrogas issued
additional series A notes of about $3.9 million, which bear the
same interest rate (8.875%) and mature on the same date (Dec. 31,
2018) as the outstanding $180 million series A notes.

The ratings reflect S&P's assessment of Metrogas' "vulnerable"
business risk profile and "highly leveraged" financial risk
profile.  Furthermore, S&P's analysis recognizes Argentina's high
regulatory risk, the company's exposure to foreign-exchange risk
(because it generates cash in Argentine pesos while its debt is
dollar denominated), its somewhat high capital expenditures to
meet growing demand for natural gas amid very low tariffs and
nonautomatic tariff adjustments, and its weak liquidity.



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


* DOMINICAN REP: Plan to Fix Energy Problem "Ambitious & Good"
--------------------------------------------------------------
Dominican Today reports that International Monetary Fund (IMF)
Delegation Chief Przemek Gajdeczka called the government's plan to
solve Dominican Republic's energy problem by 2016, "ambitious and
good."

When asked about President Danilo Medina's recent statements on
the energy sector, Mr. Gajdeczka said the IMF doesn't suggestions
as yet, according to Dominican Today.  "We need to know the plans
and then meet with the executives of the State-owned Electric
Utility," (CDEEE) said, the report notes.


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


CARIBBEAN CEMENT: Hopes for Extension of Contract With Venezuela
----------------------------------------------------------------
RJR News reports that there could be an extension of the contract
for Caribbean Cement Limited to provide clinker to Venezuela under
the Petrocaribe agreement.

Caribbean Cement has revealed that it's in discussion to
facilitate additional shipments.

Under the Trade Compensation Mechanism, Jamaica is allowed to
settle a portion of its oil debt to Venezuela through the export
of goods and services, according to RJR News.

The report notes that general manager of Caribbean Cement, Anthony
Haynes, confirmed that negotiations are in progress.

In the meantime, the report relates, Caribbean Cement has made
further improvement in its financial performance after years of
racking up heavy losses.  It reported J$114 million profit last
year compared to a loss of J$3.3 billion dollars in 2012, the
report relays.

Mr. Haynes said the company's turnaround is expected to continue,
the report adds.

Caribbean Cement Company Limited manufactures and sells cement.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 7, 2013, RJR News said that Caribbean Cement Company Limited
suffered a consolidated loss of J$137 million for the first six
months of 2013 down from J$1.2 billion during the corresponding
period last year, according to RJR News.  The report related that
the loss resulted from J$701 million of non-cash foreign exchange
losses compared to J$136 million in 2012.


===========
P A N A M A
===========


PANAMA: Seeks US$1 Billion From Venezuela Over Trade Zone
---------------------------------------------------------
Eric Sabo at Bloomberg News reports that Panama President Ricardo
Martinelli called on Venezuela to pay its debt to his country as
Latin America's biggest oil exporter struggles to contain four
weeks of unrest.

Venezuelan companies have failed pay the Central American nation
for use of a free-trade zone following partial devaluations of
Venezuela's bolivar, according to Bloomberg News.

Bloomberg News notes that Venezuelan President Nicolas Maduro on
March 5 broke off diplomatic and commercial relations with Panama,
accusing Martinelli of stoking foreign intervention.  Mr. Maduro
said Panama charged a 20 percent markup on Venezuelan companies,
in comments on state television, Bloomberg News relates.

"Venezuela is very wealthy and they owe Panama more than $1
billion, the state must pay," Mr. Martinelli said in comments
broadcast on Telemetro television, Bloomberg News notes. "Panama
is only searching for peace with Venezuela," Mr. Martinelli added.

The countries are not major trading partners, though companies
such as Copa Holdings SA (CPA) continue business with Venezuela.


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P E R U
=======


BANCO INTERNACIONAL: Moody's Affirms D+ Bank Fin'l Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed Banco Internacional del
Peru S.A.A.'s (Interbank) D+ standalone bank financial strength
rating with a stable outlook, and raised the standalone baseline
credit assessment (BCA) to baa3 from ba1. Moody's also affirmed
the bank's long term local and foreign currency deposit and
foreign currency senior debt ratings at Baa3, with stable outlook.

Moody's upgraded the foreign currency subordinated debt rating for
Interbank's $200 million of non-cumulative junior subordinated
notes due 2070 to Ba3(hyb), from B1 (hyb), with a stable outlook,
maintaining the three notch differential with the BCA, in line
with Moody's methodology for rating junior obligations and based
on the instrument's loss absorption characteristics.

At the same time, Moody's upgraded the senior debt rating on
Intercorp Peru Ltd's $250 million of senior unsecured notes due
2019 to Ba2, from Ba3, with a stable outlook, also in line with
the rise in the bank's BCA.

The affirmed ratings of Banco Internacional del Peru (Interbank):

Bank financial strength rating of D+, stable outlook

Long term local and foreign currency deposit ratings of Baa3,
stable outlook

Short term local and foreign currency deposit ratings of Prime-3

The affirmed rating of Banco Internacional del Peru (Interbank)
(Panama branch):

Foreign currency senior unsecured debt rating of Baa3, stable
outlook

The upgraded rating of Banco Internacional del Peru (Interbank):

Foreign currency junior subordinated rating to Ba3 (hyb), from B1
(hyb), stable outlook

The upgraded rating of Intercorp Peru Ltd:

Foreign currency senior unsecured debt rating to Ba2, from Ba3,
stable outlook

Ratings Rational

Moody's said that the affirmation of the D+ BFSR and lifting of
the BCA to baa3 from ba1 reflects the bank's franchise expansion
and diversification, including both loans and core deposits, as
well as its increased earnings capacity, supported by Peru's
dynamic economy and improving country risk profile. Interbank is
the fourth largest bank in Peru, and its diversified earnings from
a mix of both commercial and consumer credit business point to the
bank's continued high earnings potential and a balance of credit
risks. Improving risk management tools and proactive reserving
policies provide for continued strong asset quality in the future.
Interbank is also improving its funding structure, by enhancing
its core deposit capture and diversifying its longer term funding
sources, while maintaining a stable and well capitalized balance
sheet.

Interbank has grown its market shares in Peru's increasingly
competitive market to become a leader in retail banking, given its
strategy to serve the growing middle-income Peruvian consumer and
business enterprise. It has the second largest market share in
consumer credit cards and consumer loans overall. The bank
displays a track record of strong profitability metrics relative
to its peers, including an ample net interest margin and high
operating efficiency, despite maintaining the second largest
distribution network in Peru. Interbank's profit metrics, asset
quality, and capitalization also compare favorably with those of
baa3-rated regional peers.

Interbank continues to increase its core deposits to fund loan
growth, complementing it with long term bond issuances to support
its longer term mortgage portfolios. The bank also cut its
reliance on short term bank lines significantly during 2013,
replacing it in part with a $200 MM medium term syndicated bank
facility, which curbs the bank's external refinancing risk.
Deposits from retail and corporate customers contribute a high 75%
of total deposits, and the bank is seeking to improve its capture
of low cost demand deposit accounts by offering cash management
services to corporations. The bank's high quality capitalization
and risk-based capital ratios position the bank well to absorb
potentially higher losses under adverse stress scenarios.

Moody's said that Peru's improving credit outlook (Baa2, positive)
and forward-looking bank regulatory regime also provide a
supportive backdrop for credit and deposit growth. Peru continues
to be a strong growth story due to significant investment flows
and improving export prospects, coupled with strong domestic
demand. Although GDP growth declined to around 5% in 2013 from
6.3% in 2012, it is expected to rise to 5.5% in 2014, and
inflation and interest rates remain under control. Banking
regulations are highly focused on curbing excessive risk-taking,
particularly with respect to foreign currency mismatches, and
contain step-up as well as countercyclical capital requirements in
line with Basel III that support bank solvency.

A key risk to Interbank's performance is the bank's high loan
growth orientation, growing faster than both the system and its
peers and in the higher risk retail and consumer segments, a trend
that may lead to rapid asset quality deterioration should economic
growth slow dramatically. Interbank has however managed its growth
well, demonstrating good asset quality metrics supported by a
stated strategy of balancing the risks of its higher than average
exposure to consumer loans and credit cards, by increasing its
share of higher quality commercial and residential mortgage
lending and limiting its activities in SME and microfinance
lending.

Interbank's margins have come under some pressure as they have for
all Peruvian banks because of competition and regulatory pressure
to cap fees on consumer banking products. The lower interest rate
environment and the bank's shift in asset mix towards higher
quality and therefore lower margined product segments such as
residential mortgages and commercial lending have also influenced
the level of the bank's margins. The bank is addressing this
profit pressure through a gradual adjustment of spreads on the
affected loans and by increasing its low cost deposit capture,
said Moody's.

Dollarization-related risks remain a concern, given the higher
credit risk related to foreign currency made to non-foreign
currency borrowers, though these exposures have been diminishing
gradually. This risk is well managed by Interbank, owing to its
disciplined currency gap and credit risk management. Its higher
than average emphasis on retail and hence local currency lending
together with tougher capital allocation rules regarding foreign
currency loans also serve to limit the bank's exposure to such
risks. The bank has managed its group-related risks prudently by
limiting related party lending. The balance sheet is also shielded
from excessive up streaming of dividends to the holding company by
a stable dividend policy and by increasingly stringent capital
requirements.

Upgrade of Junior Subordinated Rating

As Interbank's Tier 1-eligible foreign currency junior
subordinated rating is anchored to the bank's standalone BFSR and
BCA, this rating was upgraded to Ba3(hyb), from B1 (hyb), with a
stable outlook, maintaining the three-notch differential with the
BCA. The rating differential reflects the instrument's
subordination and loss absorption characteristics including both
optional and mandatory non-cumulative deferral features.

Affirmation of Interbank's Deposit and Senior Debt Ratings

Moody's said that the affirmation of Interbank's deposit and
senior debt ratings at Baa3 incorporates an assessment of the
probability of systemic support for Interbank's obligations due to
its important deposit and loan market shares. However, this
assessment does not result in further uplift given Interbank's
current BFSR and BCA.

Upgrade of Intercorp Peru Ltd.'s Senior Debt Rating

The upgrade of the bank's holding company Intercorp Peru Ltd's
senior debt rating by one notch to Ba2 from Ba3 is also based on
the rise in the bank's BCA, as the holding's rating is anchored to
the BCA of the bank, which is the holding's main source of
earnings and cash flow.

Moody's said that the two notch differential with the bank's BCA
reflects Intercorp Peru's nature as a shell holding company with
no operations of its own, as well as the legal and structural
subordination of senior holdco bondholders to all operating
company creditors. The rating also takes into account the lack of
explicit upstream guarantees from the operating subsidiaries and
the lack of restrictions on holding company dividends. Moody's
said that this risk is not significantly mitigated by the
transaction's modest financial covenants or by restrictions on
additional debt and new ventures.

In that regard, Moody's expects Intercorp Peru to hold at least 12
months of annual debt service costs in cash or highly liquid
securities at all times at the holding company level, in addition
to the pre-funding of interest through the Payment Account as
provided for in the bond documentation, in order to maintain
adequate internal liquidity. Moody's noted that the Ba2 rating
could experience downward pressure if Intercorp Peru's stand alone
liquidity weakens, either because of weak performance at the
subsidiary level or because of higher than anticipated interest
costs, such that interest coverage - as measured by net dividends
received relative to financial expenses - falls below 3.0 times.

The last rating action on Interbank was on 26 February 2013, when
Moody's downgraded the foreign currency junior subordinated debt
rating to B1 (hyb) from Ba3 (hyb), removing systemic support in
line with actions taken in other markets. The last rating action
on Intercorp Peru Ltd. (formerly IFH Peru Ltd.) was on 29 November
2010, when Moody's rated the second series of senior notes issued
by the holding at Ba3, with a stable outlook.

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

Based in Lima, Interbank is Peru's fourth largest bank, with PEN
29.9 billion (US$ 10.7 billion) in assets, PEN 2.7 billion in
equity, and annual net income of PEN 647 million as of December
31, 2013. Interbank is a direct subsidiary of Intercorp Financial
Services Inc. (IFS, formerly Intergroup Financial Services Corp.)
(99.3%), an intermediate holding incorporated in Panama that holds
the shares of the bank and an insurance company, Interseguro. IFS
is a direct subsidiary of Intercorp Peru Ltd.

Incorporated in the Bahamas in 1997, Intercorp Peru Ltd. is a
multi-company financial, retail, and industrial holding group
comprising several financial and non-financial companies operating
in Peru, Panama, and the Bahamas. The group is represented in
numerous areas of financial services as well as supermarkets,
entertainment, and real estate.


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


BOND PRICING: For the Week From March 3 to March 7, 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
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or sell any security of any kind.  It is likely that some entity
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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
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than a balance sheet solvency test.

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                            ***********


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

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

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

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