TCRLA_Public/140313.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, March 13, 2014, Vol. 15, No. 51


                            Headlines



B R A Z I L

OGX PETROLEO: To Get $125 Million From Creditors


C A Y M A N  I S L A N D S

BELIZE MORTGAGE: Shareholders' Final Meeting Set for March 18
CORRIENTES STRATEGY: Members' Final Meeting Set for March 17
GG CURRENCY: Shareholders' Final Meeting Set for April 30
GOMA: Members' Final Meeting Set for March 17
JAPAN SPECIAL: Members' Final Meeting Set for March 18

MSR ASIA: Members' Final Meeting Set for March 18
PHOENIX HOLDING: Members' Final Meeting Set for March 18
QCON CAYMAN: Members' Final Meeting Set for March 17
SCM PRIVATE: Shareholders' Final Meeting Set for March 31
ZZ4 LTD: Creditors' Proofs of Debt Due March 17


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Eyes US$2.3 Billion With Bond, Credit
DOMINICAN REP: Growth Topped 5% in Jan; Inflation Below Expected


J A M A I C A

JAMAICA: BOJ Says Commercial Banks' Bad Loans Ratio on the Rise
JAMAICA: Thousands of Sugar Workers Threaten Industrial Action


M E X I C O

CONSUBANCO S.A.: S&P Affirms 'BB-' LT IDR; Outlook Stable
FINANCIERA INDEPENDENCIA: Fitch Keeps 'BB-' LT IDR; Outlook Stable
GEO SAB: Mexican Home Builder to File for Bankruptcy
PRESTACIONES FINMART: Fitch Affirms 'B+/RR4' Rating on 8.5% Bonds


P E R U

INTERBANK: Moody's Assigns Ba1 Debt Rating on $300MM Sub. Notes


P U E R T O   R I C O

PUERTO RICO: Moody's Lifts "Provisional" Designation on Ba2 Rating


                            - - - - -


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


OGX PETROLEO: To Get $125 Million From Creditors
------------------------------------------------
Emily Glazer and Luciana Magalhaes, writing for The Wall Street
Journal, reported that creditors of the distressed oil firm of
former Brazilian billionaire Eike Batista will invest $125 million
in the company, allowing the firm to continue operations while it
seeks a way out of bankruptcy, according to people familiar the
situation.

According to the report, the money for Oleo e Gas Participacoes
SA, formerly known as OGX Petroleo e Gas Participacoes SA, will be
provided in the form of a so-called debtor in possession loan, one
of the people said. It is the first part of a $215 million that
some of the firm's largest creditors earlier this year agreed to
inject in the company in exchange for equity, another person said.

In mid-February, OGP filed a financial plan to emerge from
bankruptcy, the report recalled.  The company's creditors can
oppose the plan but, if they don't, the recovery plan will be
automatically approved, according to Marcio Costa of the law firm
Sergio Bermudes, which represents the oil company.

As of March 12, none of the creditors had objected to the recovery
plan, Mr. Costa said, who also noted the deadline for objections
hasn't been set, the report related.

A group of large bondholders, including Pacific Management
Investment Co., has agreed to exchange some $5.8 billion of debts
owed by OGP for shares equivalent to 90% of the company, the
report further related.  Mr. Batista, meanwhile, agreed to have
his stake in the firm reduced from 50.2% to 5.02%.

                       About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December



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


BELIZE MORTGAGE: Shareholders' Final Meeting Set for March 18
-------------------------------------------------------------
The shareholders of Belize Mortgage Company 2002-1 will hold their
final meeting on March 18, 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


CORRIENTES STRATEGY: Members' Final Meeting Set for March 17
------------------------------------------------------------
The members of Corrientes Strategy Fund will hold their final
meeting on March 17, 2014, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Name: George Bashforth
          Telephone: +1 (345) 949 4900
          c/o Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


GG CURRENCY: Shareholders' Final Meeting Set for April 30
---------------------------------------------------------
The shareholders of GG Currency Partners Limited will hold their
final meeting on April 30, 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:

          Summit Management Limited
          c/o David Egglishaw
          Telephone: (345) 945 7676
          Suite # 4-210, Governors Square
          P.O. Box 32311 Grand Cayman KY1-1209
          Cayman Islands


GOMA: Members' Final Meeting Set for March 17
---------------------------------------------
The members of Goma will hold their final meeting on March 17,
2014, to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd
          Name: George Bashforth
          Telephone: +1 (345) 949 4900
          c/o Appleby Trust (Cayman) Ltd.
          75 Fort Street
          P.O. Box 1350, George Town
          Grand Cayman KY1-1108
          Cayman Islands


JAPAN SPECIAL: Members' Final Meeting Set for March 18
------------------------------------------------------
The members of Japan Special Investments Ltd. will hold their
final meeting on March 18, 2014, at 10:20 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


MSR ASIA: Members' Final Meeting Set for March 18
-------------------------------------------------
The members of MSR Asia Acquisitions I, Inc will hold their final
meeting on March 18, 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:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


PHOENIX HOLDING: Members' Final Meeting Set for March 18
--------------------------------------------------------
The members of Phoenix Holding Limited will hold their final
meeting on March 18, 2014, at 10:10 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Stephen Nelson
          Telephone: 949-4544
          Facsimile: 949-7073
          Charles Adams Ritchie & Duckworth
          Zephyr House, 2nd Floor, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


QCON CAYMAN: Members' Final Meeting Set for March 17
----------------------------------------------------
The members of QCON Cayman Ltd. will hold their final meeting on
March 17, 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:

          Gene Dacosta
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SCM PRIVATE: Shareholders' Final Meeting Set for March 31
---------------------------------------------------------
The shareholders of SCM Private Equity Company Limited will hold
their final meeting on March 31, 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:

           Delta FS Limited
           c/o J.Aljadir
           Telephone: (345) 743 6626
           103 South Church St.
           Harbour Place, 4th Floor
           P.O. Box 11820, George Town
           Grand Cayman KY1-1009
           Cayman Islands


ZZ4 LTD: Creditors' Proofs of Debt Due March 17
-----------------------------------------------
The creditors of ZZ4 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 Jan. 30, 2014.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands



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


DOMINICAN REPUBLIC: Eyes US$2.3 Billion With Bond, Credit
---------------------------------------------------------
Dominican Today reports that Dominican Republic's government on
March 7 sent two bills to the Senate, one to issue a US$1.5
billion bond and the other for US$781.4 million in local loans.

The Presidency seeks to raise the funds to meet its obligations
and financing, including government spending and social programs,
according to Dominican Today.

The report relates that the bond could be offered as a single
issue, including combined currencies in dollars and pesos to offer
on the money markets.  The report notes that the issuance date for
each series of the bonds would be stated in the public offer
notice and how to register and awarded, depending on the
conditions used in foreign markets or in adherence to national
law.


DOMINICAN REP: Growth Topped 5% in Jan; Inflation Below Expected
----------------------------------------------------------------
Dominican Today reports that central banker Hector Valdez Albizu
said the Dominican economy grew more than 5% in January and that
projections are positive for this year.

The official said the IMF has been assessing the economy's
performance and expects the results of the IMF's annual evaluation
by next week, according to Dominican Today.

Mr. Valdez, Dominican Today notes, expects the report published
soon, adding that inflation is below projection and also noted the
dollar's relatively stable exchange rate.


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


JAMAICA: BOJ Says Commercial Banks' Bad Loans Ratio on the Rise
---------------------------------------------------------------
RJR News reports that the Bank of Jamaica (BOJ) has revealed that
at the end of last year, commercial banks were reporting a higher
volume of loans going bad.

According to the BOJ, almost one out of every ten dollars loaned
by banks was past due at the end of December, according to RJR
News.  The report relates that was double the rate of one in every
20 dollars at the end of November.

At the end of December, commercial bank loans totaled more than
J$362 billion, RJR News notes.


JAMAICA: Thousands of Sugar Workers Threaten Industrial Action
--------------------------------------------------------------
Caribbean360.com reports that more than 4,000 thousand sugar
workers have threatened to take industrial action following weeks
of failed negotiations involving their unions and the Sugar
Producers Federation (SPF) for improved wage and fringe benefits.

The three unions representing the workers and the Sugar Producers
Federation (SPF) are still at a stalemate in hammering out a wage
and fringe benefits agreement as a marathon meeting at the
Ministry of Labor ended without a settlement, according to
Caribbean360.com.

The report notes that SPF has offered to increase wages to 7
percent in year one and 3 percent in the second year.  This,
however, has been rejected by the unions, the report relates.

The report discloses that First Vice President of the University
and Allied Workers Union (UAWU) Clifton Grant says the SPF's offer
has only served to anger the workers.

"The union wants a 13 percent (increase) in the first year for the
employees and an 8 and a half percent in the second year.  The
federation says they are not in a position to change.  So we have
communicated this to the employees.  They are very upset.  The
feedback that we are receiving is that the workers wanted to take
industrial action, but we have asked them to give the Ministry of
Labor and the minister and opportunity to try and broker an
agreement between the parties," the report quoted Mr. Grant as
saying.

However, the report notes that SPF is insisting that the industry
stands to lose millions during this crop season due to increased
international competition.  But the unions are insisting that they
produce figures for both rum and sugar production to support the
prediction, the report says.

Another meeting is scheduled be held today, March 13, at the
Ministry of Labor.


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


CONSUBANCO S.A.: S&P Affirms 'BB-' LT IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the foreign and local currency long-
term Issuer Default Ratings (IDRs) of Consubanco, S.A.,
Institucion de Banca Multiple (Consubanco) at 'BB-' and the short-
term IDRs at 'B'.  Consubanco's Viability Rating (VR) is also
affirmed at 'bb-' and the national scale ratings at 'A-(mex)' and
'F2(mex)'.  The Rating outlook is Stable.

Key Rating Drivers

Consubanco's IDRs, VR, and national scale ratings are driven by
its strong capitalization, sound and recurring profitability
driven by ample margins, well-contained provisions and strong
efficiency levels, and reasonably sound asset quality and loan
loss reserve coverage, which Fitch expects will remain roughly
unchanged.  However, the ratings also factor in the limited
flexibility of its funding structure, though this is gradually
improving, the challenging operating and competitive environment
in this sector, and the relatively high, though declining,
portfolio concentrations by region and employer.

In turn, Consubanco's Support Rating (SR) of '5' and the Support
Rating Floor (SRF) of 'NF' reflect Fitch's opinion that external
support for the bank in case of need, although possible, cannot be
relied upon.

Rating Sensitivities

The IDRs, VR, and national scale ratings would benefit from a
material and sustained improvement in the profile and flexibility
of Consubanco's financing mix while other financial strengths are
maintained.  Fitch would consider upgrading these ratings when the
vast majority of Consubanco's funding is unsecured, and the ratio
of unpledged loans to unsecured funding is at least 90%, while
asset and liability tenors are relatively matched, and a
comfortable cash flow schedule maintained.

These ratings could be negatively affected if asset quality
deteriorates to such an extent that operating return on assets
(ROA) and/or the core capital ratio fall below 5% or 15%,
respectively.  Negative developments in political and/or business
risks could also affect the ratings.

Given the limited systemic importance of the bank and negligible
share of retail deposits, Fitch believes that the SR and SRF are
unlikely to change in the foreseeable future.

Credit Profile

Despite its conversion into a bank in 2012, Consubanco remains
focused on the traditional business model, as it does not plan in
the near future to expand its array of financial products, enter
different sectors, nor develop a network of bank branches,
although a gradually increasing portion of its funding is expected
to be sourced from customer deposits.

Consubanco grants loans to public sector employees that explicitly
agreed to repay those loans through direct payroll debits, largely
mitigating credit risk.  These jobs are typically stable and have
low turnover ratios, but the relatively lower salaries in the
public sector mean few financing alternatives for these
individuals, which explain the relatively high interest rates.
Unlike most peers, Consubanco's broker-based business is done
through fee-based agreements, further enhancing margins and net
income.

Ample margins, coupled with well-contained credit costs and sound
efficiency, are major drivers of a recurring and resilient
earnings stream. While the worsening operating environment and
increased competition will likely pressure profitability to some
extent, Fitch considers that Consubanco will likely maintain
robust earnings.

Given the payroll deduction mechanism, overall impairments,
provisions and charge-offs are relatively low and stable
throughout the different phases of the economic cycle.  Loans are
diversified by borrower, although there are still relatively high
concentrations by region and employers, but this is declining
rapidly.  A gradually enhanced credit process in recent years and
ample loan loss reserves are additional mitigating factors for
credit risk.

Given its exceptionally high profitability and the slowdown in
loan growth in previous years, the capital base is ample, despite
the resumption of loan growth since 2012. Sound capital is one of
Consubanco's key strengths; its equity to assets ratio stood at an
adequate 28.7% as of December 2013.

Although improving, Fitch considers Consubanco's funding structure
as one of its major challenges.  Liquidity is comfortable and
sustained by sizable and recurring cash flows, but the funding
base remains concentrated in few banks.  Positively, the banking
license has allowed Consubanco to rapidly increase the relative
weight of unsecured financing, but the flexibility is still
constrained by a limited amount of unpledged loans.

While credit risk is low, Fitch considers that Consubanco's
exposure to operational, political, and event risk is somewhat
higher, common to most companies in this sector.  These are
related to the proper execution of the agreements with employers,
and potential unwillingness of the latter to timely or fully
disburse retained collections.  The competitive environment is
also intensifying rapidly.

Fitch has affirmed the following ratings:

Consubanco, S.A., Institucion de Banca Multiple:

   -- Long-term IDR at 'BB-';
   -- Short-term IDR at 'B';
   -- Long-term local currency IDR at 'BB-';
   -- Short-term local currency IDR at 'B';
   -- Viability rating at 'bb-';
   -- Support rating at '5';
   -- Support rating floor at 'NF';
   -- Long-term national-scale rating at 'A-(mex)';
   -- Short-term national-scale rating at 'F2(mex)';
   -- Long-term national-scale rating for local unsecured debt at
      'A-(mex)'.

The Rating Outlook is Stable.


FINANCIERA INDEPENDENCIA: Fitch Keeps 'BB-' LT IDR; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term foreign and local
currency Issuer Default Ratings (IDRs) of Financiera Independencia
S.A.B. de C.V. (Findep) at 'BB-', and the Short-Term IDRs at 'B'.
National scale ratings have also been affirmed.  The Outlook is
Stable.

KEY RATING DRIVERS

The affirmation of Findep's ratings is driven by its sound
business franchise in the consumer finance sector, and its
adequate funding and liquidity positions.  The ratings also
reflect strategic actions on underwriting and collection processes
implemented for unsecured personal lending, later extended to
group lending, which resulted in some improvements on Findep's
portfolio quality, profitability and capitalization.

The ratings continue to be constrained by Findep's tight capital
ratios, with a tangible equity to tangible assets ratio of 13.8%
at YE13.  Findep has not yet compensated the goodwill generated
from the acquisitions of Apoyo Economico Familiar S.A. (AEF) and
Finsol S.A.

In Fitch's opinion, executed strategic changes have enhanced
Findep's ability to continue strengthening its financial
performance in the foreseeable future.  However, Fitch does not
anticipate a return on assets (ROA) to historical levels in the
near term (over 10%).  Still, broad volumes, ample margins and
tightened operational policies, together with AEF, AFI (Apoyo
Financiero) and Finsol Brazil's good performance and projected
growth, could underpin earnings; although increased competition
could continue constraining the speed of the recovery.  Capital
ratios may only recover gradually and converge toward 18.0% over
the next two years.

RATING SENSITIVITIES

Findep's ratings could be downgraded if: the recently recovered
operating ROA weakened to below 2%; the loan charge-off ratio had
an unexpected increase above 20%; and/or the tangible equity to
tangible assets ratio fell below 12%.  A downgrade could also
arise from negative changes on its funding profile.  Findep's
ratings could only benefit from a substantial enhancement of its
tangible capital ratios and from a quicker than expected
improvement on its overall performance.

CREDIT PROFILE

Findep is recognized as one of the leaders in the unsecured
personal lending sector. It has expanded its geographical and
group lending niche presence mainly through the acquisitions of
AEF, AFI, and Finsol in Mexico and Brazil.

Findep's ability to maintain and gradually increase its bank
facilities results in a reasonable wholesale funding mix.  Its
well-balanced funding structure is made up of bank credit lines,
and global and local market debt.  Liquidity levels are good for
2014, and are sustained by its loan portfolio's high turnover.
Nevertheless, the amount of global debt maturing in 2015 could
challenge the entity's capacity to roll it over.

The strategic measures undertaken since late 2012, boosted by
Findep's strong margins and broad volumes, rapidly reversed 2012's
net losses.  Profitability levels are sustainable in the medium
term, while the entity should be able to continue strengthening
its overall financial performance.

The enhanced underwriting and collection processes reduced
impairments and charges-off to 24% of the total portfolio as of
December 2013 (36% YE12).  While strategic actions have somewhat
reduced delinquency indicators, they still remain high compared to
its peers.  The entity expects to further improve on the asset
quality indicators, and to maintain 100% loan loss reserve
coverage.

While competition eased somewhat in 2013, the micro lending
industry in Mexico continues to be pressured by low entrance
barriers and less formal participants that increase the
indebtedness of Findep's customer-base.  The entity has taken
solid steps to adapt its business model to a more competitive
environment.

The rating actions are as follows:

Findep:

   -- Long-Term foreign and local currency IDRs affirmed at 'BB-';
      Outlook Stable;
   -- Short-Term foreign and local currency IDRs affirmed at 'B';
   -- USD200m senior unsecured notes affirmed at 'BB-';
   -- National-scale Long-Term rating affirmed at 'A-(mex)';
      Outlook Stable; and
   -- National-scale Short-Term rating affirmed at 'F2(mex)'.

Fitch has withdrawn the following rating:

National-scale Long-Term rating for local issues of senior
unsecured debt (Findep 11), prepaid by Findep on Feb. 27, 2014.


GEO SAB: Mexican Home Builder to File for Bankruptcy
----------------------------------------------------
Emily Glazer and Amy Guthrie, writing for The Wall Street Journal,
reported that home builder Corporacion Geo SAB is preparing to
file for bankruptcy protection in Mexico to restructure a roughly
$1.5 billion debt load that has brought its output to a near-
standstill, people familiar with the company's plans said.

According to the report, Geo, hurt by problems in Mexico's low-
income housing sector, is preparing to file a streamlined
bankruptcy in a Mexican court. The company is in talks with a
creditor group on a $200 million to $300 million loan to fund its
restructuring, some of these people said. Geo has been in talks
for months with creditors based in Mexico, the U.S. and elsewhere,
the people said.

The company has negotiated with its bank lenders to reopen
construction lines of financing that had been frozen, these people
said, the report related.  The funding would help Geo undertake
more than 20 projects and essentially restart its construction
business, they said.

Geo is one of three large Mexican home builders, along with Urbi
Desarrollos Urbanos SAB and Desarrolladora Homex SA, struggling
amid drastic changes in Mexico's housing sector, the report
further related.  Though questions remain, a Geo bankruptcy filing
is the first step in a process that could keep it in business. And
if banks, other creditors and government officials support Geo's
strategy, other builders may be able to follow the same path and
avoid a shutdown.

Geo's debt includes just over $700 million in U.S. dollar-
denominated bonds as well as loans from some of Mexico's biggest
commercial banks, the report said.


PRESTACIONES FINMART: Fitch Affirms 'B+/RR4' Rating on 8.5% Bonds
-----------------------------------------------------------------
Fitch Ratings has affirmed the international and national-scale
ratings of Mexican lender Prestaciones Finmart, S.A.P.I. de C.V.,
SOFOM, E.N.R. (Finmart).  The long-term Rating Outlook has been
revised to Positive from Stable.  In addition, Fitch has affirmed
Finmart's 8.5% bonds due 2015 at 'B+/RR4'.

Rating Drivers

The Outlook revision to Positive is driven by the sustained
improvements in Finmart's profitability, capital adequacy, funding
profile, risk concentrations, and franchise, while maintaining
sound asset quality metrics and a steadily growing business
volume.  Finmart's ratings could be upgraded over the next 24
months if these improvements are sustained, while further
strengthening its competitive position and containing business
risks.

Finmart's ratings factor in its favorable business model in terms
of credit risk, since loans are granted to stable public sector
employees with direct debit to their payrolls.  However, the
ratings also consider the relatively high operational, political,
and reputational risks associated with this sector, as well as the
exposure to fierce competition, and the potential for rapidly
changing market dynamics.

Finmart's ratings also reflect its growing franchise and overall
competitive position; sound operating and risk management
practices; and improving performance and capital adequacy metrics.
Over the past two years, Finmart has materially improved the terms
and flexibility of its funding base, which has underpinned a
sustained reduction of average funding costs and a material
improvement in its core and recurring profitability metrics.
The 'B+/RR4' rating on the notes reflects Fitch's opinion that
Finmart has enough available earning assets to ensure an average
recovery for bondholders in the case of liquidation.  This
underpins the Recovery Rating of 'RR4' and the alignment of the
notes' rating with Finmart's long-term IDR.
Rating Sensitivities

Finmart's ratings could be upgraded if the flexibility of funding
is further improved, with more diversified sources, an increasing
portion of more stable financing channels, and a continued shift
in the funding mix toward unsecured borrowing.  In addition,
rating upside could also arise from maintaining asset quality
under control, as well as the tangible equity to assets ratio and
operating ROA above 25% and 7%, respectively.

In turn, the Outlook on Finmart's ratings could be revised to
Stable if the recent improvements on earnings and capitalization
are not sustained (falling below the aforementioned levels),
and/or if the company is not able to materially improve further
the flexibility of its funding mix. Downward rating pressure could
also arise from asset quality deterioration and/or heightened
business risk.

The rating of the senior notes will likely remain aligned with
Finmart's IDRs, unless the portion of unpledged assets relative to
the outstanding unsecured liabilities decreases materially.

Credit Profile

Finmart, established in 2003, grants personal loans secured by
payroll withholdings to unionized public sector employees in
Mexico.  These employees, federal, state, and municipal
governments, often have limited access to financing products,
given their relatively lower income and limited credit track
record. However, public sector unionized jobs are usually stable
and have low turnover ratios.  Finmart offers medium-term loans
that are repaid in fixed installments. In 2012, EzCorp Inc.
(NASDAQ: EZPW), a consumer finance company based in Austin, Texas,
acquired 60% of Finmart. Since the acquisition of a majority stake
by EZPW, the shareholders have contributed new capital into
Finmart for roughly USD35 million.

Fitch has affirmed the ratings for Prestaciones Finmart, S.A.P.I.
de C.V., SOFOM E.N.R. as follows:

   -- Long-term foreign and local currency IDRs at 'B+';
   -- Short-term foreign and local currency IDRs at 'B';
   -- USD30million 8.5% bonds due 2015 at 'B+/RR4';
   -- National-scale long-term rating at 'BBB+(mex)';
   -- National-scale short-term rating at 'F2(mex)'.

The Rating Outlook for the long-term ratings (international- and
national-scale) has been revised to Positive from Stable.


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P E R U
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INTERBANK: Moody's Assigns Ba1 Debt Rating on $300MM Sub. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 foreign currency
subordinated debt rating to the US$ 300 million fixed to floating
rate Tier II-eligible subordinated notes to be issued by Banco
Internacional del Peru S.A.A. (Interbank), due 2029. The outlook
on the ratings is stable in line with the outlook on the bank's
other ratings. The notes are being issued as redeemable
subordinated notes under Article 233 of the Peruvian Banking Law
and will be governed by New York State law.

The following rating has been assigned:

Foreign currency subordinated debt rating: Ba1, stable outlook

Ratings Rationale

Moody's said that the Ba1 subordinated debt rating is one notch
below the bank's baa3 standalone baseline credit assessment (BCA)
in line with Moody's methodology for rating junior obligations,
and as such does not benefit from systemic support. The new notes
are subordinated to all of the bank's senior obligations but are
senior in right of payment to the bank's junior subordinated
securities. The notes are expected to qualify as Tier II
regulatory capital under Peruvian Banking Law.

Interbank's D+ BFSR and baa3 BCA reflect the bank's growing
earnings capacity and business diversification, as well as its
strong core funding base that benefits from its position as Peru's
fourth largest bank. Interbank has enhanced 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 segments. The
bank has the second largest market share in consumer credit cards
and consumer loans overall. Its track record of strong
profitability metrics relative to its peers include an ample net
interest margin and high operating efficiency despite maintaining
the second largest distribution network in Peru.

While Interbank's Baa3 long term deposit and senior debt ratings
incorporate an assessment of the probability of systemic support
for the bank's obligations in case of need due to its important
deposit and loan market shares, this assessment does not result in
further uplift given Interbank's current ratings levels.

Key risk challenges for Interbank include high loan growth
particularly in the higher risk retail and consumer segments, a
trend that may lead to rapid asset quality deterioration should
economic growth slow dramatically. This growth trend is supported
by Peru's dynamic economy and future prospects, said Moody's.
Interbank has managed its growth well, demonstrating good asset
quality metrics that are supported by a strategy of balancing the
risks of a higher than average exposure to consumer loans and
credit cards, by increasing its proportion of higher quality
commercial and residential mortgage lending and limiting its
activities in SME and microfinance lending.

Margin pressure as a result of competitive and regulatory
pressures and a lower interest rate environment is also a risk to
the bank's earnings performance. The bank is addressing these
pressures through efforts to increase low cost deposits from both
retail and commercial sources and a gradual adjustment of its
risk-based pricing.

The last rating action on Interbank was on 6 March 2014, when
Moody's affirmed the bank's D+ BFSR and Baa3 deposit and senior
debt ratings and raised the BCA to baa3 from ba1. In that same
action, Moody's upgraded the bank's junior subordinated debt to
Ba3 (hyb) from B1 (hyb), all with stable outlooks.

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.



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


PUERTO RICO: Moody's Lifts "Provisional" Designation on Ba2 Rating
------------------------------------------------------------------
Moody's Investors Service has removed the "provisional"
designation from the Ba2 rating assigned to the Commonwealth of
Puerto Rico's issuance of $3.5 billion 2014 A General Obligation
Bonds. The outlook is negative.

Summary Rating Rationale

The Ba2 rating was contingent on our assessment of legislation and
bond documents for potential inclusion of atypical terms and
conditions, as well as completion of the transaction and the
amount of proceeds. After our review of available documents and
legislation, Moody's believe that the transaction provides for New
York legal jurisdiction in the event of litigation related to the
bonds. The sale of $3.5 billion has priced and is expected to
close next week.

Supporting the Ba2 rating is the fact that Puerto Rico's current
administration has taken notable steps to rein in debt and
spending, to reform the retirement systems, and to promote
economic growth. The Ba2 rating also incorporates our belief that
the commonwealth would successfully raise enough cash in this
financing to maintain an adequate liquidity profile through the
end of fiscal 2015.

The Ba2 rating and negative outlook are also based on chronic
deficit financing, pension underfunding, and budgetary imbalance,
along with seven years of economic recession and uncertain
prospects for future economic growth. These factors, over a long
period, have driven up Puerto Rico's debt and fixed costs,
narrowed its liquidity, and hampered its bond-market access.
Puerto Rico faces years of difficult decisions, as its debt and
pension costs climb.

Credit Strengths

Political and economic links to the US, with benefit of the
nation's strong financial, legal, and regulatory systems

Large economy, with gross product exceeding that of 15 US states
and population exceeding that of 22 US states

Broad legal powers to raise revenues, adjust spending programs,
and borrow to maintain solvency

Major actions to stabilize finances, including significant reform
to main pension system, and tax increases to reduce budget deficit

Credit Challenges

Ongoing economic weakness due to long-term decline in dominant
manufacturing sector, decreased competitiveness as a result of
expired federal tax benefits, high energy costs, declining
population and high unemployment

Weak internal liquidity with reliance on GDB and external
financing

Very large unfunded pension liabilities relative to revenues,
even after major reforms to two main plans that helped reduce
cash-flow pressure

Very high government debt, equal to more than 50% of gross
domestic product

Multi-year trend of large general fund operating deficits
relative to revenues, financed by deficit borrowing

Outlook

The rating outlook is negative, based on our expectation of
continued economic stagnation or decline. The outlook also
incorporates continuing demands on liquidity, increased
refinancing risk and constrained market access.

What Could Make The Rating Go Up

Moody's do not expect the rating to go up in the near term

What Could Make The Rating Go Down

Indication that the commonwealth is actively considering debt
restructuring or other strategies adverse to bondholders

Evidence of significant further weakening of GDB liquidity

Continued economic weakness resulting in declining revenues and
accelerated out-migration of residents

Return to growing budget deficits

The principal methodology used in this rating was US States Rating
Methodology published in April 2013.


                            ***********


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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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202-241-8200.


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