TCRLA_Public/140317.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 17, 2014, Vol. 15, No. 53


                            Headlines



A R G E N T I N A

BANCO SAENZ: Moody's Withdraws Caa1 Currency Deposit Ratings
CAJA DE CREDITO: Moody's Withdraws 'Caa1' Currency Deposit Ratings
NACION SEGUROS: Moody's Withdraws B2 Rating; Outlook Negative


B R A Z I L

BANCO DAYCOVAL: S&P Assigns 'BB+' Rating to $500MM Sr. Notes
CSN: To Buy Back as Much as 10% of Freely Traded Shares
MARFRIG OVERSEAS: Fitch Rates 2020 Notes Issuance Reopening B/RR4
MARFRIG OVERSEAS: Moody's Puts B2 Foreign Currency Rating to Notes
MARFRIG OVERSEAS: S&P Retains 'B' Rating Following Proposed Add-On

OSX BRASIL: Batista's Shipbuilder Reaches Deal With Bondholders


C A Y M A N  I S L A N D S

EASYJET AIRCRAFT: Shareholders' Final Meeting Set for March 18
EMERGING COUNTRIES: Shareholder to Hear Wind-Up Report on March 25
F.S.C. LIMITED: Shareholders' Final Meeting Set for March 25
FOCUS 400: Shareholders' Final Meeting Set for March 18
HYDRIADES II: Shareholders' Final Meeting Set for March 27

LATIGO ULTRA: Shareholders' Final Meeting Set for April 10
O'CONNOR QUANTITATIVE: Shareholders' Meeting Set for March 28
OLD FIELD: Shareholders' Final Meeting Set for March 26
SANTIAGO OFFSHORE: Shareholders' Final Meeting Set for March 18
TRANSIT ALLIANCE: Shareholder to Hear Wind-Up Report on March 18


C O L O M B I A

* COLOMBIA: IMF Concludes 2014 Article IV Consultation


D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Lawsuit Latest Hurdle to Planned Mine


E L  S A L V A D O R

AES EL SALVADOR: Fitch Affirms Long-Term Currency Rating at 'BB'


M E X I C O

CREDITO REAL: S&P Affirms 'BB' Rating on Sr. Unsec. Notes Due 2019
GRUPO FAMSA: Fitch Keeps B+/RR4 Rating on USD250M 2020 Sr. Notes


X X X X X X X X X

BOND PRICING: For the Week From March 10 to March 14, 2014


                            - - - - -


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A R G E N T I N A
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BANCO SAENZ: Moody's Withdraws Caa1 Currency Deposit Ratings
------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Banco Saenz S.A. for
business reasons.

The following ratings of Banco Saenz S.A. were withdrawn:

Bank Financial Strength Rating: E, Stable

Long- and short-term global local-currency deposits: Caa1/Not
Prime, negative outlook

Long- and short-term foreign-currency deposits: Caa1/Not Prime,
negative outlook

Long- term global local-and foreign currency MTN debt rating:
(P)Caa1, negative outlook

Long-term National Scale local-currency deposit rating: Ba2.ar,
negative outlook

Long-term National Scale foreign-currency deposit rating: Ba2.ar,
negative outlook

Long-term National Scale local-and foreign currency MTN debt
rating: Ba2.ar, negative outlook

Ratings Rationale

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".

Banco Saenz S.A. is headquartered in Buenos Aires, Argentina, and
as of September 2013 it had $1183.6 million in assets and $158.2
million in equity.


CAJA DE CREDITO: Moody's Withdraws 'Caa1' Currency Deposit Ratings
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo announced
that it has withdrawn all of its ratings for Caja de Credito
Cuenca Coop. Ltda. for business reasons.

The following ratings of Caja de Credito Cuenca Coop. Ltda. were
withdrawn:

Bank Financial Strength Rating: to E, Stable

Long- and short-term global local-currency deposits: Caa1/Not
Prime, negative outlook

Long- and short-term foreign-currency deposits: Caa1/Not Prime,
negative outlook

Long- term global local-and foreign currency MTN debt rating:
(P)Caa1, negative outlook

Long-term National Scale local-currency deposit rating: Ba3.ar,
negative outlook

Long-term National Scale foreign-currency deposit rating: Ba3.ar,
negative outlook

Long-term National Scale local-and foreign currency MTN debt
rating: Ba3.ar, negative outlook

Ratings Rationale

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".

Caja de Credito Cuenca Coop. Ltda. is headquartered in Buenos
Aires, Argentina, and as of December 2013 it had $132.1 million in
assets and $66.1 million in equity.


NACION SEGUROS: Moody's Withdraws B2 Rating; Outlook Negative
-------------------------------------------------------------
Moody's Latin America has withdrawn Nacion Seguros' and Nacion
Retiro's B2 global local currency and Aa3.ar national scale
insurance financial strength ratings with a negative outlook.
Nacion Seguros and Nacion Retiro are, respectively, the general
insurance and annuity insurance subsidiaries of the state-owned
Banco de la Nacion Argentina, the largest bank in the country.

Ratings Rationale

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

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".

Regulatory Disclosures

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.

Regulatory disclosures contained in this press release apply to
the credit rating and, if applicable, the related rating outlook
or rating review.



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


BANCO DAYCOVAL: S&P Assigns 'BB+' Rating to $500MM Sr. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
senior unsecured long-term debt rating to Brazil-based bank Banco
Daycoval S.A.'s (Daycoval) $500 million, 5.875% senior unsecured
notes due 2019.

The rating on the notes is the same as S&P's counterparty credit
rating on Daycoval, reflecting its view that the notes rank pari
passu with its other senior unsecured debt, and that they are
direct, unsecured, unsubordinated, and unconditional obligations
of the bank.  The bank will use the proceeds for funding
diversification and expanding credit operations.

The ratings reflect Daycoval's "strong" capital and earnings,
"adequate" risk position, and "weak" business position, as defined
by S&P's criteria.  S&P considers Daycoval's funding to be "below
average" because of the bank's high reliance on institutional
investors. Daycoval's liquidity position remains "adequate," in
our view.

RATINGS LIST

Banco Daycoval S.A.
  Issuer credit rating                       BB+/Positive/--

Ratings assigned
  $500 mil 5.875% sen unscd notes due 2019   BB+


CSN: To Buy Back as Much as 10% of Freely Traded Shares
-------------------------------------------------------
Juan Pablo Spinetto and Ney Hayashi at Bloomberg News report that
Cia. Siderurgica Nacional SA (SID) said it will buy back as much
as 10 percent of its freely traded shares.

The board of CSN approved the buyback of as many as 70.2 million
shares, or 10 percent of the free float of the company, the
steelmaker said in a regulatory filing, according to Bloomberg
News.  The repurchase can take place from Mar 15 until April 14,
CSN said, Bloomberg News relates.

"A pledge to buy so many shares in such a short period of time
will sure keep the stock rising for a while," the report quoted
Joao Pedro Brugger, who helps oversee BRL400 million (US$170
million) at Leme Investimentos Ltda., through a phone interview
from Florianopolis, Brazil.  "The stock has performed poorly in
the past few years, and now the company might be trying to signal
that, in spite of that, it's confident in the outlook for its
business," Mr. Brugger said, Bloomberg News notes.

CSN is a vertically integrated, low-cost producer of flat-rolled
steel, including slabs, hot and cold rolled steel, and a wide
range of value-added steel products, such as galvanized sheet and
tinplate.  In addition, the company has downstream operations to
produce customized products, pre-painted steel and steel
packaging.

As reported in the Troubled Company Reporter-Latin America on
Sept. 6, 2012, Moody's Investors Service changed the outlook for
Companhia Siderurgica Nacional S.A. and its rated guaranteed
subsidiaries to stable from positive. Moody's also affirmed CSN's
corporate family rating of Ba1 on the global scale, its Aa1.br on
the Brazilian national scale and the Ba1 rating of the guaranteed
issuances of CSN Resources S.A. (Luxembourg), CSN Islands VIII
Corporation, CSN Islands IX Corporation, CSN Islands XI
Corporation, and CSN Islands XII Corporation.


MARFRIG OVERSEAS: Fitch Rates 2020 Notes Issuance Reopening B/RR4
-----------------------------------------------------------------
Fitch rates the tap issuance of the reopening that was issued by
Marfrig Overseas Ltd but guaranteed by Marfrig Global Foods S.A.
(Marfrig) of its USD500 million senior unsecured 2020 notes
'B/RR4'.

Proceeds are expected to be used to refinance debt maturities and
extend debt maturity schedule.

Key Rating Drivers

Focus On Deleveraging And Cash Flow:
Fitch expects Marfrig's net debt to EBITDA ratio to organically
fall to below 4.0x by 2015 from 4.2x (4Q13 annualized) at fiscal
year-end 2013 (FYE13).  Fitch expects Marfrig to gradually improve
free cash flow after 2014 and operating margin due to better asset
and logistics management, lower capex, lower working capital use
and interest expense post-divestment of Seara Brazil.

Simplified Business Profile:
Marfrig has simplified its organizational structure and decreased
execution risk with the divestment of Seara Brazil during 2013.
The group is implementing its strategy called 'Focus to Win',
which aims to improve profitability and revenues with a focus of
its commercial strategy towards the rapid development of the food
service and retail channels.

The group is now structured into three business units, Marfrig
beef (46% of revenues), the world's third largest beef producer;
Moy Park (25%), one of the largest poultry-based processed product
supplier in the UK; and Keystone Foods (28%), which processes food
for major restaurant chains (notably McDonald's).  The company's
product and geographic diversification continues to help to reduce
risks related to disease, trade restrictions and currency
fluctuation.  As end-2013, processed foods represented 40% of
sales. Revenues were primarily denominated in USD (43%),
Euro/Pound (22%) and the Brazilian real (21%).

No Major Acquisitions Anticipated:
Fitch does not foresee any major acquisitions for Marfrig in the
next 18 months as the company's management will need to focus on
improving cash flow generation.  Fitch expects Marfrig to focus on
developing its existing activities.  Key initiatives will be the
optimization of plants and distribution by Marfrig Beef, the
geographic expansion of Keystone, and the growth by Moy Park
through multi-protein retail sales in markets across UK and
Continental Europe.

Improved Debt Maturity And Liquidity:
The group has improved its debt maturity and liquidity profile
following the divestment of Seara.  At FYE13, the group held
BRL1.8 billion of cash and marketable securities with a current
debt at about BRL1.1billion.  Marfrig's short-term maturity
represented 12.6% of total debt as of FYE13. Marfrig's largest
bond refinancing requirements is now during 2017 (USD600 million).

Rating Sensitivities:

Considerations that could lead to a negative rating action (rating
or Outlook) include Marfrig's inability to start generating
positive free cash flow over the next 24 months and maintaining
net leverage above 4.0x.  An upgrade of Marfrig's ratings over the
medium term is possible should the company and new management be
able to improve the group's profitability and generate consistent
positive free cash flow and reduce leverage.

Fitch currently rates Marfrig s follows:

Marfrig Global food S.A.
--Local currency IDR 'B';
--Foreign currency IDR 'B';
--National scale rating 'BBB(bra)'.

Marfrig Overseas Ltd
--Foreign currency IDR 'B';
--Senior unsecured notes due 2016 'B/RR4';
--Senior unsecured notes due 2020 'B/RR4'.

Marfrig Holdings (Europe) B.V.
--Foreign currency IDR 'B';
--Senior unsecured notes due 2017 'B/RR4';
--Senior unsecured notes due 2018 'B/RR4';
--Senior unsecured note due 2021 'B/RR4.


MARFRIG OVERSEAS: Moody's Puts B2 Foreign Currency Rating to Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B2 foreign currency rating to
Marfrig's proposed senior unsecured notes due in 2020 to be issued
by Marfrig Overseas Limited and irrevocably and unconditionally
guaranteed by Marfrig Global Foods S.A., formerly Marfrig
Alimentos S.A., ("Marfrig") and by Marfrig Holdings (Europe) B.V.
The proposed notes are a reopening of the USD 500 million bond
issued in April 2010. The deal is part of Marfrig's liability
management strategy and net proceeds from the issuance will be
entirely used to pay existing debt within the company. The rating
outlook is stable.

Ratings unchanged:

Issuer: Marfrig Global Foods S.A.

Corporate Family Rating: B2 (global scale)

Issuer: Marfrig Overseas Limited:

USD 375 million 9.625% senior unsecured guaranteed notes due
2016: B2 (foreign currency)

USD 500 million 9.500% senior unsecured guaranteed notes due
2020: B2 (foreign currency)

Issuer: Marfrig Holdings (Europe) B.V.:

USD 750 million 8.375% senior unsecured guaranteed notes due
2018: B2 (foreign currency)

USD 600 million 9.875% senior unsecured guaranteed notes due
2017: B2 (foreign currency)

USD 400 million 11.250% senior unsecured guaranteed notes due
2021: B2 (foreign currency)

Ratings assigned:

Issuer: Marfrig Overseas Limited

Proposed senior unsecured guaranteed notes due 2020: B2

The outlook for all ratings is stable.

Ratings Rationale

Marfrig's B2 ratings are supported by its diversified portfolio of
animal proteins, as well as large geographic footprint and global
distribution capabilities. The company's diversity in terms of raw
material sourcing reduces risks related to weather and animal
diseases, while its large product portfolio helps mitigate the
volatilities inherent in commodity cycles and supply-demand
conditions for each specific protein. In addition, Moody's view
BNDES' (Brazilian National Development Bank) support to the
company as credit positive.

On the other hand, the ratings are constrained by Marfrig's still
elevated leverage and historically pressured operating performance
and credit metrics.

Following the sale of the Seara division to JBS (Ba3 Negative) for
BRL 5.85 billion, in June 2013, Marfrig was able to improve its
liquidity and debt profile. As of December 2013, total cash
covered 154% of the company's short term debt, as compared to a
coverage ratio of 87% as of March 2013. Also, the reduced capital
expenditures and lower working capital needs as a result of the
divestiture should allow Marfrig to continue gradually improving
its cash flow generation in the short to medium term.

The proposed reopening of its 2020 notes should further improve
Marfrig's liquidity profile as proceeds will be directed to pay
existing debt and lengthen the company's amortization schedule.
The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and assume that these
agreements are legally valid, binding and enforceable.

The stable outlook reflects our view that Marfrig will be able to
maintain operating margins near current levels and improve
liquidity over the near term.

The ratings or outlook could be upgraded if Marfrig demonstrates
consistent and predictable execution of its financial policy with
the ability to improve liquidity and keep operating margins at
least near current levels. In addition, it would require a CFO/
Net Debt approaching 15% and a Total Debt / EBITDA below 4.5x.

Marfrig's ratings could be downgraded if a consistent and
predictable financial policy execution is not observed going
forward. A downgrade could also be triggered if liquidity were to
deteriorate in a way that unrestricted cash position would
represent less than 80% of short term debt. Quantitatively,
downward pressure on Marfrig's B2 rating or outlook is likely if
Total Debt / EBITDA is sustained above 6.0x, EBITA to gross
interest expense falls below 1.0x or if Retained Cash Flow to Net
Debt is below 10%. All credit metrics are according to Moody's
standard adjustments and definitions.

The principal methodology used in this rating was the Global
Protein and Agriculture Industry published in May 2013.

Marfrig, headquartered in Sao Paulo, Brazil, is one of the largest
protein players globally, with consolidated revenues of BRL 18.7
billion (approximately USD 8.6 billion) at the end of 2013. The
company has significant scale and is diversified in terms of
sales, raw materials and product portfolio, with operations in
Brazil, US, UK and many other countries and presence in the beef,
poultry and food service segments.

Marfrig has three main business segments, which are Marfrig Beef,
Keystone Foods and Moy Park. The first accounts for about 45% of
the group's annual consolidated revenues, Keystone Foods
contributes with 28% of sales and Moy Park with the balance of
27%. More than half of its sales derive from international
operations, while 70% of EBITDA is tied to foreign currencies.


MARFRIG OVERSEAS: S&P Retains 'B' Rating Following Proposed Add-On
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' issue-level
rating on Marfrig Overseas Ltd. remains unchanged following the
proposed add-on to its existing senior unsecured unsubordinated
bonds due 2020.  Marfrig Overseas is the subsidiary of Brazil-
based Marfrig Alimentos S.A. (Marfrig; B/Positive/--).  The bonds
rank equal to Marfrig's other unsecured and unsubordinated debt.

The rating on the bonds reflects the credit quality of both
Marfrig, which will irrevocably and unconditionally guarantee the
bonds, and its subsidiaries.  S&P analyzes all entities as a
single group.  The bond add-on is part of Marfrig's liability
management to strengthen its financial risk profile by extending
debt maturities and lowering its funding costs.

S&P don't expect Marfrig to increase its gross debt as a result of
the bond add-on, as it believes the company will use the proceeds
to improve its capital structure by paying down short-term debt or
repurchasing some of its more expensive debt.  S&P expects that
the add-on will also help lower the company's sizable interest
burden.

RATINGS LIST

Marfrig Alimentos S.A.
  Corporate credit rating                        B/Positive/--

Marfrig Overseas Ltd.
  Sr unsec unsubordinated bonds due 2020         B


OSX BRASIL: Batista's Shipbuilder Reaches Deal With Bondholders
---------------------------------------------------------------
Luciana Magalhaes, writing for The Wall Street Journal, reported
that a shipbuilding firm controlled by former Brazilian tycoon
Eike Batista has reached an agreement with bondholders, marking
the second debt restructuring of his distressed industrial group
since December.

According to the report, OSX Brasil SA, which filed for bankruptcy
protection last year, said it has entered an agreement with the
majority of holders of its $500 million in bonds outstanding due
in 2015, which are guaranteed by its OSX-3 floating, production,
storage and offloading vessel registered in Netherlands and left
out from the court protection proceedings.

The agreement includes an increase to the coupon on the bonds,
from 9.25% to 13.00%, and a reduction on the daily rate OSX is
charging sister company Oleo e Gas Participacoes SA for use of its
OSX-3 vessel, currently at the Tubarao Martelo field, the report
related.

In December, OSX missed an $11.6 million interest payment and has
since been in discussions with bondholders, the report further
related.  In a statement on March 13, the company said the
agreement is still subject to a formal approval.

OSX, which operates a shipyard under construction at the Port of
Acu in the state of Rio de Janeiro, filed for court protection
shortly after its sister firm Oleo e Gas, formerly known as OGX
Petroleo e Gas Participacoes SA, sought bankruptcy protection from
creditors with some $5.8 billion in the debts, the report said.

                       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
==========================


EASYJET AIRCRAFT: Shareholders' Final Meeting Set for March 18
--------------------------------------------------------------
The shareholders of Easyjet Aircraft Company Limited 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:

          Rob Mcmahon
          c/o Louise Kitching
          Ernst & Young Ltd
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1 -1106
          Cayman Islands
          Telephone: +1 (345) 814 9077


EMERGING COUNTRIES: Shareholder to Hear Wind-Up Report on March 25
------------------------------------------------------------------
The shareholder of Emerging Countries Opportunity Fund, Ltd. will
hear on March 25, 2014, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Ogier
          c/o Jacqueline Haynes
          Telephone: (345) 815-1759
          Facsimile: (345) 949-9877


F.S.C. LIMITED: Shareholders' Final Meeting Set for March 25
------------------------------------------------------------
The shareholders of F.S.C. Limited will hold their final meeting
on March 25, 2014, to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Brott Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: 345-946-6145
          Facsimile: 345-946-6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 30691 Grand Cayman KY1-1203
          Cayman Islands


FOCUS 400: Shareholders' Final Meeting Set for March 18
-------------------------------------------------------
The shareholders of Focus 400 Ltd. will hold their final meeting
on March 18, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

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


HYDRIADES II: Shareholders' Final Meeting Set for March 27
----------------------------------------------------------
The shareholders of Hydriades II Limited will hold their final
meeting on March 27, 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


LATIGO ULTRA: Shareholders' Final Meeting Set for April 10
----------------------------------------------------------
The shareholders of Latigo Ultra Access Fund Ltd will hold their
final meeting on April 10, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


O'CONNOR QUANTITATIVE: Shareholders' Meeting Set for March 28
-------------------------------------------------------------
The shareholders of O'Connor Quantitative Trading Strategies
Master Limited will hold their final meeting on March 28, 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:

          Stuart Sybersma
          c/o Grant Hiley
          Deloitte & Touche
          Citrus Grove Building, 4th Floor
          Goring Avenue, George Town KY1-1109
          Cayman Islands
          Telephone: +1 (345) 814 2353
          Facsimile: +1 (345) 949 8258


OLD FIELD: Shareholders' Final Meeting Set for March 26
-------------------------------------------------------
The shareholders of Old Field Fund, LDC will hold their final
meeting on March 26, 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:

          Marwood Alternative Asset Management LLC
          733 Third Avenue, 11th Floor, New York
          New York


SANTIAGO OFFSHORE: Shareholders' Final Meeting Set for March 18
---------------------------------------------------------------
The shareholders of Santiago Offshore Gold Partners Ltd. 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:

          Techdis Limited
          Suite 2206, Cassia Court
          72 Market Street, Camana Bay
          P.O. Box 32302 Grand Cayman, KY1-1209
          Cayman Islands
          Smeets Law (Cayman)
          Attorneys-at-Law for the Company
          Reference: JAPF
          Telephone: (+1) 345 815 2800
          Facsimile: (+1) 345 947 4728


TRANSIT ALLIANCE: Shareholder to Hear Wind-Up Report on March 18
----------------------------------------------------------------
The shareholder of The Transit Alliance Insurance Co., Ltd. will
hear on March 18, 2014, at 10:00 a.m., the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Joel Hammer
          c/o Global Captive Management Ltd.
          Building 3, 2nd Floor, Governors Square
          23 Lime Tree bay Avenue
          P.O. Box 1363 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 949 7966
          Facsimile: +1 (345) 949 8068


===============
C O L O M B I A
===============


* COLOMBIA: IMF Concludes 2014 Article IV Consultation
------------------------------------------------------
An International Monetary Fund (IMF) mission, led by Valerie
Cerra, visited Bogota from March 3-13, 2014 to hold the annual
Article IV Consultation.

The team held discussions with authorities and private sector
representatives about recent economic and financial developments,
and the near-and medium-term outlook.

At the end of the mission, Ms. Cerra issued the following
statement in Bogota:

"Colombia has maintained sound macroeconomic performance,
weathering well the bouts of global economic and financial stress
of recent years.  A strong and competently-managed policy
framework-anchored by an inflation-targeting regime, a flexible
exchange rate, effective financial supervision and regulation, and
a prudent medium-term fiscal framework-has allowed the authorities
to respond adequately to shocks, using their policy tools to
stabilize growth.

"Economic growth accelerated during the course of 2013, lifted by
supportive monetary policy and fiscal measures that stimulated
activity in construction and civil works, with annual GDP growth
estimated at about 4 percent. Unemployment continued to decline,
averaging 9.7 percent, the lowest level since the 1990s, and labor
market formalization improved.  Inflation was subdued at 1.9
percent, as temporary supply shocks lowered food and electricity
prices late in the year.  The central bank took advantage of
buoyant capital inflows, mainly from foreign direct investment, to
further bolster its foreign exchange reserve buffers.

"Economic prospects are favorable in 2014, with growth expected to
be about 4.3 percent and inflation to remain within the 2-4
percent target band.  As inflation gradually rises toward the 3
percent mid-point of the target range as one-off factors
disappear, IMF staff considers that the policy rate could be
increased toward its neutral level.  The combined public sector
deficit is expected to remain broadly unchanged, with the central
government stance guided by the fiscal rule.  External risks
remain tilted to the downside; thus, it is expected that the
authorities will continue to use the flexible exchange rate and
monetary policy to cushion the impact of any external shocks.

"Colombia has a strong fiscal framework, with a commitment to
reducing the central government structural deficit and public debt
over the coming years.  To achieve this desirable goal, while also
providing fiscal space for outlays to reduce poverty and overcome
Colombia's infrastructure deficit, the authorities will need
strong efforts to expand non-oil fiscal revenues.

"As in other countries in the region, Colombia's key medium-term
challenge is to sustain stable and inclusive growth.  From this
perspective, the framework for sharing oil royalties across
regions and the 2012 reform to rationalize the tax system and make
it more equitable have been positive steps.  The mission also
supports the objective of increasing coverage and equity of the
pension system, while maintaining its fiscal sustainability, as
well as initiatives in the financial sector to foster inclusion.

"The consultation will conclude with the preparation of a report
to be discussed by the IMF Executive Board in May 2014.  The
mission wishes to thank the Colombian authorities for their warm
hospitality and open discussions during the mission."

Under Article IV of the IMF's Articles of Agreement, the IMF holds
bilateral discussions with members, usually every year.  A staff
team visits the country, collects economic and financial
information, and discusses with officials the country's economic
developments and policies.  On return to headquarters, the staff
prepares a report, which forms the basis for discussion by the
Executive Board.


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


XSTRATA PLC: Lawsuit Latest Hurdle to Planned Mine
--------------------------------------------------
Dominican Today reports that a civic group from the central city
of Cotui filed a complaint against Xstrata Nickel's Dominican
Republic operations (Falcondo) for damages to the Yuna River and
Hatillo Dam allegedly caused by the mining company.

The lawsuit is the latest in a series of obstacles Falcondo faces
to its planned extraction of nickel at nearby Loma Miranda, La
Vega province (central), which many sectors demand be converted
into a protected area, according to Dominican Today.

The report notes that Juan Frias, lawyer for the Cotui Unity and
Development Block, said the report "Impact of acid drainage from
the mines on the Margarita River basin and Hatillo dam" found the
presence of chromium and other metals in the waters, which they
blame on the mine.

Mr. Frias, the report notes, said that while chromium -- which
also poses health threats -- isn't associated with gold
extraction, it is linked to nickel mines.

Mr. Frias asked the Justice Ministry to conduct an immediate
inspection at the site located in Sanchez Ramirez province
(northwest) to verify the facts behind their complaint and proceed
against the company, the report relays.

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

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

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


====================
E L  S A L V A D O R
====================


AES EL SALVADOR: Fitch Affirms Long-Term Currency Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed the risk of long-term foreign and local
currency AES El Salvador Trust to 'BB'.  The rating action applies
to the issuance of bonds for $ 310 million maturing in 2023. The
Outlook is Negative the classification.  At the same time, Fitch
affirmed the classification of Electric Lighting Company of San
Salvador (CAESS) and Electricity Company of East (EEO) at 'A +
(slv)', Outlook Stable.  AES El Salvador Trust II (AES El
Salvador) is a vehicle for special purpose (SPV for its acronym in
English), located in Panama, which was created to issue USD310
million notes on behalf of AES El Salvador.  The AES El Salvador
Ratings are based on the combined credit strength of the operating
companies that guarantee this debt, reflecting the strong market
position of the Group, a low risk business and a generation of
predictable cash flow.  The ratings also reflect the high exposure
to sovereign and regulatory risk through subsidies. A significant
portion of the cash flow generation of AES El Salvador comes from
government subsidies, which exposes the company to the payment
capacity of El Salvador.  The negative outlook reflects the
classification of the negative outlook on the sovereign
classification of El Salvador 'BB-'.

Key Factors Standings

Market Wide Position and Low Risk Business

The low risk business AES El Salvador is the result of its stable
customer base and predictable cash flow.  Although the territories
of distribution services are not exclusive and distributors are
free to compete for customers, the risk of new competition is low,
given that distribution companies have economies of scale
significant so inefficient that more than one company operating in
the same area.  An important classification factor is the strong
market position of AES El Salvador because it is the largest group
of distribution of energy in the country.

The group serves about 1.3 million customers and covers 80% of the
electricity distribution area of Salvador.  AES El Salvador supply
in 2013 63% of the total energy demand in the country (66% in
2012).  The company's operations are considered efficient in
comparison with other distribution companies in the region.  In
2013, the nontechnical losses were reduced to 1.73% from 2.04% in
2012.  This is positive for the credit quality of the company and
limiting their exposure to costs that are not fully recognized
through rates.

High Exposure Risk of Government Intervention

The ratings incorporate AES El Salvador's high exposure to
regulatory risks and receiving government subsidies.  The
government currently subsidizes Salvadoreno residential customers
with a monthly consumption of 99 kilowatt hours (kWh) or less.  In
addition, the government implemented an extraordinary subsidy for
users with consumption below 200 kWh.  The continuance or
modification of this special allowance is reviewed quarterly by
the government.

The state-owned utilities, Executive Hydroelectric Commission of
the Lempa river - (CEL), partly funded these subsidies.  In 2013,
the subsidies received by AES El Salvador totaled USD136, 9
million, which represents approximately 16% of its consolidated
revenues (USD135.2 million and 17% respectively in 2012).
Approximately 87% of residential customers of the company received
subsidies in the last anions.  Although the government has been
paying subsidies promptly, payment delays or significant extension
of the collection period may affect the financial profile of AES
El Salvador and press rankings.

Strengthening the Foundations Loan Supported by Rate Structure

The credit profile of the company is supported by the generation
of stable and predictable flow of cash and strengthening credit
indicators as a result of a higher level of EBITDA due to the
tariff review for 2013-2017.  The rate adjustment was determined
with a new methodology that considers the actual costs of
distribution companies in El Salvador instead model optimization
company a model that was used in the previous methodology.  Fitch
believes that despite the new methodology is positive for the
sender, the continuous exposure to the intervention of the
Government. In 2013 the issuer reported a consolidated EBITDA and
EBITDA Margin of USD86 million and 10%, respectively (vs USD69.7
million and 8.2% in 2012).  Leverage, measured as total debt /
EBITDA is reduced to 3.5x from 4.5x in December 2013 in December
2012.  Fitch expects the company is able to maintain an indicator
of leverage in Anios like running in the absence of new debt or
changes in the operating environment.

Adequate Liquidity

The liquidity of AES El Salvador is supported by cash on hand,
which at the end of 2013 reached USD 32.7 million and USD 32.7
million of bank credit lines to buy short-term energy generators.
Liquidity can be affected if given higher energy prices for end
consumers that may lead to greater delays in accounts receivable.
What could compel companies to take more debt to fund its working
capital requirements, while continue distributing dividends, which
may impair their credit quality.  The credit quality of the
distribution companies could deteriorate if they are forced to
incur additional debt to finance its working capital needs while
distributing dividends continue.

Sensitivity Of Standings

Future events that could, individually or collectively, lead to a
negative rating action include:

* A drop in classification of the Sovereign;
* Weakening credit indicators;
* Deteriorating result of shortage of supply of electricity or a
regulatory or political intervention that negatively affects the
financial performance of the business operating environment.

Future events that could, individually or collectively, lead to
positive action classification include:

* Sustained Reduction in leverage;
* Regulatory stability, and improving macroeconomic conditions in
El Salvador.

Fitch performed the following actions in the national rankings:

Electric Lighting Company of San Salvador, SA de CV and
Subsidiaries.

Scale regulatory El Salvador
- Issuer Rating at 'EA + (slv)', Outlook Stable.

Scale Fitch
- Classification of long-term issuer affirmed at 'A + (slv)',
   Outlook Stable.

Empresa Electrica de Oriente, SA de CV
of Scale regulatory El Salvador
- Issuer Rating at 'EA + (slv)';
   Perspective Stable.

Scale Fitch
- Classification of long-term issuer affirmed at 'A + (slv)',
   Outlook Stable.


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


CREDITO REAL: S&P Affirms 'BB' Rating on Sr. Unsec. Notes Due 2019
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' issue-level
rating on Mexican finance company Credito Real, S.A.B. de C.V.,
SOFOM, E.N.R.'s (Credito Real) senior unsecured notes due 2019
remains unchanged following the reopening of the notes for
$75 million.  On March 6, 2014, Credito Real issued $350 million,
7.5% senior unsecured notes due March 13, 2019.  Following the
proposed $75 million reopening, the outstanding principal could
total $425 million.  In S&P's opinion, the increase will boost
Credito Real's financial position since the company will improve
its debt maturity profile and further ease short-term refinancing
pressures.  In addition to using part of the proceeds to repay
local market debt, the company will fund a higher percentage of
the tender offer of its senior notes due 2015 compared to the
$350 million issuance.  As of March 10, 2014 (the early tender
deadline), Credito Real had received tenders and consents from the
holders for approximately $181 million, or 86.1% of the note's
outstanding principal.

S&P believes that for the remainder of 2014 and the first half of
2015, the issuer's market debt amortizations will be manageable.
S&P expects Credito Real's market debt to represent no more than
70% of its total funding structure in the next two years, and that
its short-term market debt funding will not exceed 35% of its
total market debt.

The 'BB' rating on the notes is the same as the long-term global
scale issuer credit rating on Credito Real, and indicates that the
notes will rank equally in right of payment with all of the
company's existing and future senior unsecured debt.  The company
has the option to redeem the notes within three years after the
issuance date at a redemption price.  The rating on the notes
incorporates a cross-currency swap (CCS) on the principal and
interest during the issuance's term.  S&P expects the company to
complete a CCS for the whole amount of the issuance by June 30,
2014, at the latest.

RATINGS LIST
Credito Real, S.A.B. de C.V., SOFOM, E.N.R.

Counterparty Credit Rating
  Global scale rating                     BB/Stable/--
  CaVal (Mexico) National Scale           mxA/Stable/mxA-2

$425 mil senior unsecured notes due 2019   BB


GRUPO FAMSA: Fitch Keeps B+/RR4 Rating on USD250M 2020 Sr. Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Grupo Famsa SAB de CV
(FAMSA) as detailed below:

- Rating Long-Term National Scale to 'BBB (mex)';
- Rating of Short Term National Scale to 'F3 (mex)';
- Rating Issuer Default Rating (IDR) at international level to
   local and foreign currency 'B+';
- Issuance of share certificates for MXN1, 000 million due 2014
   at 'BBB (mex)';
- Issuance of share certificates for MXN1, 000 million due 2016
   at 'BBB (mex)';
- Program Certificates Short Term Stock Indexes MXN1, 000 million
   in 'F3 (mex)';
- Issuance of USD250 million Senior Notes due 2020 at 'B+/RR4';

The Rating Outlook is Stable.

FAMSA ratings reflect its market position in the Mexican retail
sector, geographic and product diversification, generation of
mostly stable operating cash flow by the commercial division.
Moreover, the ratings are constrained by historically low organic
growth in sales and a link with its banking subsidiary, Banco
Ahorro Famsa (Famsa Bank or the Bank), rated 'BBB (mex)' / Stable
Outlook. The qualification 'RR4' to the senior notes reflects an
average recovery expectation for breach between 30% and 50% of the
principal.

Key Rating Factors

Fitch ratings that incorporates in its commercial operation in
Mexico show moderate organic growth, the U.S. division to continue
generating positive EBITDA neutral, and that the banking business
continue to face pressure on their capital adequacy.  Famsa plans
to increase its total revenue from 5% to 7% in 2014 and open 10
shops / banks in Mexico.  Also plans to convert houses empenio
Montemex bank branches over the next 18 months, finally achieving
a national presence, with branches in all regions of the country
according to the definition of ANTAD.

Best desempenio in commercial sales in Mexico, ANTAD above average
VMT for department stores.

Recently, the company has tried to improve the mixing of
categories, trying to reduce emphasis on categories with low
margins and focusing on more profitable categories such as
furniture and motorcycles.  The company has also tried to increase
their geographical distribution in Mexico, in which the
acquisition of Montemex help generate some leads for goods such as
motorcycles.  FAMSA Mexican competes with larger retail chains
like Coppel and Elektra, which also focus the low-income segment
of the population.

Famsa Bank is in the process of operational consolidation.

The financial division of Famsa, Banco Famsa (with approximately
45% of the total assets of Famsa reflects a good brand positioning
in the sector of consumer credits, primarily in northeastern
Mexico.  Their financial desempenio is limited by the high
estimates for credit risks, however, BAF it is facing and still
shows a reasonable level of capitalization.  Additionally, BAF
continues to have a low cost of funding due to spray and growing
deposit base.  BAF also shows an intrinsic growth in its portfolio
of credits although the high sensitivity of its accredited to an
adverse economic environment is a limiting factor.

The acquisition increases the presence of Montemex Famsa all
regions of the country.  In October 2013, the Bank acquired 173
branches Famsa Montemex, brand empenio houses mostly based in
southern Mexico, to Advent International for MXN394 million.
These branches are expected to continue operating as houses
empenio while being converted into bank branches over the next 18
months. Also, existing branches of Bank began offering Famsa
empenio services to their existing customers.

The U.S. operations are positive EBITDA but face challenges.

At the end of 2013, the U.S. EBITDA is MXN46 million due to weak
results in 4Q13, due to unusually adverse weather in Texas.  Also,
the U.S. operation has seen annual falls in VMT over the past 5
yo.  The reduction outlets FAMSA USA in early 2012 resulted in a
drop in sales in the United States of 41.6% full anio 2011-2012,
but the EBITDA generation in the United States pass positive
negative MXN234 million MXN122 million the same periods, its first
positive results since 2009, because the operations of the West
were not financially viable.

Fitch expects that the level of debt to EBITDA (excluding bank
deposits) is kept constant in the short to medium term. The
consolidated leverage has increased due to the efforts of
capitalization of the bank and to fund working capital. Currently,
the reasons debt to EBITDA and net debt to EBITDA for 2013
(excluding bank deposits) are at levels of 4.3xy 3.4x,
respectively (2012: 2.6x 3.4xy).  Including bank deposits, these
indicators are 12.2xy 11.3x at the end of 2013.  The company has
not issued dividends in the past and projected Anios between
MXN250 MXN300 million to capital expenditures for 2014.
Liquidity should be adequate.

At the end of 2013, debt FAMSA ascended to MXN7.5 billion and bank
deposits to MXN13.9 billion.  FAMSA debt consists of senior notes,
bank loans, and CEBURES short and long term.  The short-term debt
at December 31, 2013 was MXN4.3 billion (pro forma short-term debt
after the issuance of Cebures March 2014 MXN3.3 billion), with box
MXN1.5 billion (MXN1 billion out of Bank Famsa).  This mostly
consists of programs Cebures short-term factoring and bank credit
lines and is mainly used to finance working capital.

Rating Sensitivity

The credit quality could be negatively affected by a decline in
bank credit Famsa by efforts to increase sales which could result
in lower profit margins, retail EBITDA generation in FAMSA USA
resulting in higher levels of leverage, as well as impairment in
the quality of its loan portfolio.

Also, the credit quality would benefit by an increase in the
generation of EBITDA due to better margins and / or organic sales
growth that consistently exceeds the industry as well as by lower
debt levels due to lower use of bank lines and factoring.


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


BOND PRICING: For the Week From March 10 to March 14, 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


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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