TCRLA_Public/140318.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

           Tuesday, March 18, 2014, Vol. 15, No. 54



ENERGY XXI (BERMUDA): Fitch Cuts Issuer Default Rating to 'B-'


BANCO DAYCOVAL: S&P Assigns 'BB+' Rating to $500M Sr. Unsec. Notes
BANCO FIBRA: S&P Lowers Global Rating to 'B+'; Outlook Negative
BANCO BMG: Fitch Affirms Issuer Default Ratings at 'B'
JHSF PARTICIPACOES: Moody's Withdraws Ba3 Corp. Family Rating
MARFRIG OVERSEAS: S&P Retains 'B' Rating Following Bonds Add-On

PETROLEO BRASILEIRO: Gets Advise to Cut Debt Before US$8.5BB Bond

C A Y M A N  I S L A N D S

AL KANZ: Shareholder to Receive Wind-Up Report on March 28
CHINA OIL: Members' Final Meeting Set for Today
FEIGG INVESTMENTS: Shareholders' Final Meeting Set for March 25
ICONS INTERNATIONAL: Shareholders' Final Meeting Set for March 24
NS INVESTMENTS X: Shareholder to Receive Wind-Up Report on April 4

NS INVESTMENTS XI: Shareholder to Hear Wind-Up Report on April 4
PERCA INVESTMENT: Shareholders' Final Meeting Set for March 25
RIVERS INTERNATIONAL: Shareholders' Final Meeting Set for March 24
SOL PROPERTIES: Shareholder to Receive Wind-Up Report on March 27
TACTICAL EQUITY: Shareholders' Final Meeting Set for March 20

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: President Still Upbeat on Mine Despite Opposition


* JAMAICA: Oil Bill Fell Last Year


CREDITO REAL: S&P Affirms 'BB' Rating Following Reopening of Notes
GRUPO KUO: Fitch Affirms 'BB' Issuer Default Rating

P U E R T O   R I C O

GOVERNMENT DEVELOPMENT: S&P Affirms 'BB' ICR & Removes from Watch
PUERTO RICO: S&P Affirms BB+ Rating on GO Debt, Removes from Watch
PUERTO RICO AQUEDUCT: S&P Affirms 'BB+' Rating on Revenue Bonds
UNIV. OF PUERTO RICO: S&P Removes from Watch & Affirms 'BB+' SPUR


BANCO EXTERIOR: Fitch Affirms 'B+' IDR; Outlook Negative


Large Companies With Insolvent Balance Sheets

                            - - - - -


ENERGY XXI (BERMUDA): Fitch Cuts Issuer Default Rating to 'B-'
Fitch Ratings has downgraded the Issuer Default Rating (IDR) of
Energy XXI Gulf Coast (Delaware) to 'B' from 'B+' and downgraded
the IDR of Energy XXI (Bermuda) to 'B-' from 'B' following the
company's announcement that it would acquire EPL Oil and Gas Inc.
(EPL) for total consideration of approximately $2.3 billion.
As calculated by Fitch, approximately $2.12 billion in debt with
equity credit is affected by today's rating decision.

Fitch has downgraded the following, with a Stable Outlook:

Energy XXI (Bermuda)
--IDR to 'B-' from 'B';
--Convertible perpetual preferred to 'CCC/RR6' from 'CCC+/RR6';
--Convertible notes to 'CCC/RR6' from 'B'/RR4.

Energy XXI Gulf Coast (Delaware)
--IDR to 'B' from 'B+';
--Senior secured revolver to 'BB/RR1'from 'BB+/RR1';
--Senior unsecured notes to 'B/RR4' from 'B+/RR4'.

Key Ratings Drivers

Epl Acquisition
Under announced terms of the deal, Energy XXI will acquire EPL for
total consideration of $2.3 billion, including the assumption of
existing EPL debt.  Following completion of the deal, EXXI will be
the largest publicly traded pure-play company in the Gulf of
Mexico (GoM), with production of approximately 65,000 barrels of
oil equivalent per day (boepd), versus approximately 44,000 boepd.
The combined company's output mix is expected to be 70% oil, while
its proven (1p) reserve base will increase from 171 MMboe to 243
MMboe.  The combined company will operate 10 of the largest oil
fields in the Gulf of Mexico shelf. EPL's asset profile is very
similar to EXXI's, and should allow for meaningful cost savings

The deal will also significantly increase EXXI's leverage on a pro
forma basis.  As calculated by Fitch, pro forma debt/boe 1p
reserves will increase above $14, debt/boe PD will rise above $23,
and debt/flowing barrel will rise above $53,000/barrel.  This
compares to levels of just $8.36/boe, $13.64/boe, and
approximately $35,000/barrel at June 30, 2013.

Energy XXI's ratings are supported by the company's growing scale
and robust organic drilling program; high exposure to liquids,
composed mostly of higher-value black oil linked to waterborne
grade pricing; historically strong production economics and cash
generation; operator status on a majority of its properties; and
the short-term cash flow protections of its hedging position.

Ratings issues for bondholders include higher leverage; the
company's status as a small offshore GoM producer; lack of basin
diversification; the relatively flat production outlook over the
next few years; increasing structural subordination at EXXI
Bermuda; and exposure to the riskier ultra-deep shelf exploration

Increase In 2013 Reserves

EXXI reported a large (50%) increase in audited proven (1p)
reserves at June 30, 2013, resulting in a 2013 reserve replacement
ratio of 393% on an organic basis, and 475% on an all-in basis, as
calculated by Fitch.  Total 1p reserves climbed to 179 MMboe from
119 MMboe the year prior, comprised primarily of extensions and
discoveries (62 MMboe), and to a lesser degree acquisitions (13
MMboe).  A significant driver of the increase was the company's
horizontal drilling program in the GoM, which consists of short
laterals (less than 1000 feet) drilled in EXXI's mature offshore
properties.  Fitch would note that there is a sizable backlog of
such drilling opportunities across EXXI's portfolio.

Increased Subordination At Exxi Bermuda

The notching between the IDRs of EXXI Gulf Coast and EXXI Bermuda
is driven by recognition of the significant legal separations
between the stronger EXXI Gulf Coast subsidiary (which houses most
of the corporation's assets and cash flows) and the weaker EXXI
Bermuda parent (which depends on distributions from EXXI Gulf
Coast), as well as the increased structural subordination that has
arisen from issuing additional securities at the weaker Bermuda

Fitch would note that despite reasonably strong operational ties,
the legal separations between EXXI Gulf Coast and Bermuda are
significant and include restrictions on dividend payments from
Gulf Coast to the parent; a lack of guarantees from the subsidiary
up to the parent; and separate legal jurisdictions (Bermuda vs.
the U.S.).

Limited Ultra-Deep Shelf Commitment

EXXI has participated in 8 ultra-deep shelf wells to date with
participation levels of 9%-20%.  The company seeks to limit its
total exposure to these projects to less than 10% of expected cash
flow in any one year, and EXXI's strategy has been to fund this
higher risk exploration drilling with lower risk drilling
prospects across the rest of its portfolio.


EXXI's liquidity was good at Dec. 31, 2013, and included
availability on its main revolver of approximately $710 million,
or 65.3% after borrowings of $152.3 million and Letters of Credit
of $225.3 million.  The revolver, which expires in April 2018, is
secured by a borrowing base linked to at least 85% of the
company's proven properties.  Similar to other borrowing-based
revolvers, the base periodically resizes in line with the
underlying value of the collateral.

Key revolver covenants include maximum leverage of 3.5x; minimum
interest coverage of 3.0x; and a minimum current ratio of 1.0x, as
well as change of control provisions and restricted payments.  The
company had ample headroom on all covenants at Dec. 31, 2013.
Restrictions on dividends from EXXI Gulf Coast to its Bermuda
parent were recently loosened to include $350 million per year,
subject to liquidity and minimum cumulative consolidated net
income tests.  EXXI's other maturities are light, with the no
major bonds maturities due over the next three years.

Recovery Rating

Fitch's Recovery Rating (RR) of '1' on EXXI's secured revolving
credit facility indicates outstanding recovery prospects (91%-
100%) for holders of this debt.  The revolver is secured by at
least 85% of the total value of proven reserves of the company and
its subsidiaries.  The RR for EXXI's senior unsecured notes of '4'
indicates average recovery prospects for holders of these issues,
while the RR of EXXI's junior securities of '6' indicates poor
recovery prospects for these securities.

Other Liabilities

EXXI's other liabilities are manageable.  The company's Asset
Retirement Obligation (ARO) was approximately $307.1 million at YE
2013. EXXI has provided a guarantee to its 20% joint venture M21k
for the payment of that company's ARO and other minor liabilities
($1.8 million) in exchange for a $6.3 million payment from M21k.
EXXI hedges a significant portion of its expected output using a
range of instruments, including swaps, collars, 3-way collars, and

Ratings Sensitivities

Positive: Future developments that may lead to positive rating
actions include:

-- Increased size, scale and portfolio diversification,
    accompanied by sustained improvement in debt/boe metrics;
-- A demonstrated managerial commitment to lower debt levels.

Negative: Future developments that could lead to negative rating
action include:

-- Additional increase in debt/boe metrics from current levels;
-- A change in philosophy on the use of balance sheet;
-- A major operational issue such as sustained difficulty in
integrating the new acquisition or a well blowout;
-- A sustained collapse in oil prices without other adjustments
to capex.


BANCO DAYCOVAL: S&P Assigns 'BB+' Rating to $500M Sr. Unsec. 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.


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

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

BANCO FIBRA: S&P Lowers Global Rating to 'B+'; Outlook Negative
Standard & Poor's Ratings Services lowered its global scale, long-
and short-term  ratings on Banco Fibra S.A. to 'B+/B' from 'BB-
/B', and its national scale, long- and short-term  ratings to
'brBBB/brA-3' from 'brA/brA-2'.  The outlook remains negative.

"The downgrade reflects the bank's weakening business profile as a
result of the challenges it has faced as it shifts its strategic
focus on small and mid-size enterprises and corporate lending,
while exiting retail operations that continue to cause significant
losses," said Standard & Poor's credit analyst Vitor Garcia.  We
believe the bank business stability has been jeopardized as its
market share drops, while it struggles to improve its customer
base in a lower risk segment amid increasing competition.
Although, we consider this new strategy to be more conservative
and sustainable and which could result in longer term improvements
in the bank's business prospects, we believe the challenges the
bank is facing will continue to hurt its operating performance
over the short to medium term.  Moreover, Banco Fibra is focusing
on a segment that is becoming increasingly competitive among other
midsize banks, some of which have a well-defined strategy
dedicated to this segment for years.  Therefore, this has led us
to revise the bank's business position to "weak" from "moderate.

BANCO BMG: Fitch Affirms Issuer Default Ratings at 'B'
Fitch Ratings has taken rating actions on three Brazilian payroll
deductible loan banks. Banco BMG S.A.'s (BMG) Viability Rating
(VR) was upgraded to 'B' and the Outlook on long-term (LT) Issuer
Default Rating (IDR) was revised to Positive from Stable; Banco
Bonsucesso S.A.'s (Bonsucesso) ratings were affirmed with a
Negative Outlook, while Parana Banco S.A.'s (Parana) ratings were
affirmed with a Stable Outlook. A full list of rating actions
follows at the end of this rating action commentary.

The rating actions reflect Fitch's view of these issuers within
the highly competitive environment for payroll deductible loans in
Brazil in 2014, dominated by stronger, larger and better-
capitalized banks. The rapid increase in loans in Brazil in the
last years (17% per year, between 2010 and 2013, reaching 55% of
GDP in September 2013) was mainly driven by public banks, which
accounted for 45.2% of outstanding loans in the system in
September 2013. Rapid growth has led to generally higher
delinquency levels, which peaked in 2012. In order to improve the
overall quality of its credit portfolios, most large retail banks
put greater emphasis on expanding their lower-risk lending
segments such as mortgage and payroll deductible loans in the last
years. This has resulted in an improvement in system asset quality
indicators (past-due loans over 90 days fell to 3.0% in January
2014, from an average of 3.8% in the second half of 2012), but has
led to a more difficult competitive environment for smaller
wholesale-funded payroll lenders.

The enhanced growth in the payroll lending segment during 2013 at
BMG and Itau Unibanco S.A. (IU; LT Foreign Currency [FC] IDR
'BBB+'/Outlook Stable, part of Itau Unibanco Holding S.A., the
largest private financial institution in Brazil), along with the
greater competition from the other large banks, such as Banco do
Brasil, Caixa Economica Federal, Banco Bradesco and Banco
Santander (Brasil), has put further pressure on players with
smaller market shares in this segment. These smaller institutions
also face other considerable challenges such as higher commission
costs and rate restrictions such as fixed rates and other
government-determined rate ceilings for the most profitable
contracts (e.g. INSS - the Brazilian social security agency) while
funding remains wholesale in nature and hence exposed to sudden
changes in market sentiment as seen in 2008-2010 .

Among the three banks, BMG is the largest by equity (BRL3.4
billion in 2013), followed by Parana (BRL1.3 billion) and
Bonsucesso (BRL386 million). Payroll deductible loans remain the
core product for each bank. In 2013, Parana's asset quality,
performance and capitalization ratios remained better than those
of BMG and Bonsucesso. In the same year, past-due loans over 90
days were 2.7%, 3.8% and 7.0% for Parana, BMG and Bonsucesso,
respectively, while ROAs were 2.95%, 1.60% and 1.06%,
respectively. Bonsucesso's higher delinquency ratios reflect the
problems it had in its SME loans book, whereas the quality of its
payroll loans is closer to its peers. Parana also had the highest
Fitch Core Capital (FCC) ratio at 14.4%, compared to 12.4% and
5.1% for Bonsucesso and BMG, respectively. Parana's profitability
has been underpinned by the above-average diversification of its
revenue sources derived from its successful insurance operations,
which mitigates the challenges on their main bank business niche.
The funding strategies of the three banks differ significantly, as
BMG and Bonsucesso rely heavily on loan portfolio sales, while
Parana has not used this source of funding since 2008. At end-
2013, BMG utilized 73% of its limit of deposits with special
guarantees (DPGE I and II) with the Fundo Garantidor de Credito
(FGC), Bonsucesso utilized 56%, while Parana utilized only 23% of
its DPGE I limit and does not plan to realize any funding through
DPGE I or II. All three banks, similar to most mid-sized Brazilian
banks, face the continuous challenge of diversifying and
prolonging their funding base.

Fitch recognizes these institutions' efforts in improving their
funding structures and searching for alternatives to reduce the
dependence on payroll deductible loans. Among the three banks,
Fitch views Bonsucesso as the bank that will face the most severe
difficulties in achieving its targets, although all three banks
will continue to operate in a challenging operating environment in
Brazil in 2014. This is expected due to the persistence of modest
economic growth, relatively high volatility (exacerbated by the
upcoming presidential elections in October 2014), increased
competition from larger institutions pressuring margins, and asset
quality indicators susceptible to adverse economic developments
and a potential rise in unemployment.


BMG's VR, and National Ratings have been upgraded because of the
bank's improved capital position, its significant increase in
profitability, improved asset quality, and enhanced funding
position which has benefited from its association with IU and
other diversifications to its funding over the past few years. It
also reflects its continued expertise as one of the founding banks
in the development of this segment along with its improved
corporate governance in 2013 as BMG added several new members to
its senior management team and also more independent members to
its board of directors. These new team members are highly
respected in the industry and have vast experience, as most were
previously senior managers at some of the largest private sector
retail banks. The rating also considers BMG's challenge to improve
its FCC, which has improved since its low point in 2012, but still
is pressured by its large goodwill amount of BRL1.1 billion. BMG
saw a sharp turnaround in its profitability during 2013 through a
combination of lower funding and credit costs and the continued
high demand for its services during a period of favorable net
interest margins. The bank recognizes that margins have become
less favorable and plans to mitigate this by increasing its focus
on cross-selling, increasing fee revenue from its credit card and
other businesses, and cost control.

BMG was one of the founding banks in the payroll lending segment
and this form of secured lending represents nearly 89% of its
business. As a result of its wholesale funding model, changes in
regulatory and economic environment, combined with problems with
other payroll lenders, inexpensive funding became more difficult
to source and the bank posted significant losses in 2012. Also,
the purchase of a smaller payroll lending bank, Banco Schahin in
2011, resulted in most of the aforementioned goodwill amount that
Fitch excludes from its FCC calculation, even though goodwill is
still mostly included in the Total Regulatory Capital ratio.
In mid-2012 BMG entered into a very favorable funding agreement
with IU. The agreement provides for asset purchases, which enables
funding stability and lower funding costs. This, in turn, resulted
in other institutions also providing funding at more favorable
rates. Despite the agreement, BMG limits its dependence on the IU
agreement by also selling to other large well-known banks. Other
funding sources have also grown and include FIDCs, financial bills
(letras financeiras), subordinated debt and external funding.
In addition to the funding agreement with IU, BMG and IU also
formed a payroll lending joint venture, known as Banco Itau BMG
Consignado S.A., with BMG as a 30% participant which allowed for a
substantial reduction in expenses and additional equity earnings
since it began operating in early 2013. The combination of these
adjustments and the strong demand for their product resulted in a
significant turnaround in earnings resulting in a stronger capital
position that Fitch expects will continue in 2014.

The affirmation of the support rating reflects Fitch's belief that
the Brazilian government would provide support if needed given the
relevancy of BMG in the payroll-deductible loan market in Brazil.
The Support Floor of 'B' means that BMG's IDRs would not fall
below 'B' as long the assessment of support does not change.

The affirmation of Bonsucesso's IDRs, National and senior debt
ratings is driven by the affirmation of its VR. This, in turn,
considers the bank's dependence on payroll and deductible lending,
the still improving asset quality, as well as the bank's still low
profitability. In addition, it also contemplates Bonsucesso's
relatively modest size - limiting potential support from the
government - and FCC ratio, as well as its still limited revenue
generating capacity. This combination accentuates specific
vulnerabilities, revealing a bank more susceptible to fluctuations
of the economy when compared to peers.

Overall, Bonsucesso's strategy is to change its business model to
a lighter structure as a service provider and to focus on
deleveraging. Efforts are underway to review the organization of
the bank and bolster its performance. Although the bank has been
able to quickly develop new products and implement them, revenues
originating from these new products may take some time to
stabilize. Currently, the bank's main earning generators are still
payroll deductible loans (88% of total revenues).

Bonsucesso has had relative success in its strategy of selling
payroll loans so far. However, the positive result of this
strategy has been partially offset by the large loan loss
provisions made for problematic loans in the middle market. As a
result the bank's profitability still compares poorly with peers.
Overall, Bonsucesso's asset quality slightly worsened in the last
quarter of 2013. Nevertheless, Fitch continues to closely monitor
it, since the bank's total impaired loans "D-H" to total loans
ratio remains relatively high (10.2% in Dec. 2013 up from 9.6% in
Dec. 2012), as does the ratio of past-due loans over 90 days-to-
total loans (at 7.0% by the end of 2013). This, however, was
already expected as a result of the reduction of the total credit
portfolio - from BRL2.2 billion by end 2012 to BRL 1.9 billion by
end 2013. In absolute terms, loans classified between "D-H", as
per the central bank's definitions, fell by 13.5% from BRL 235.5
million in Dec.2012 to BRL 203.7 million in Dec. 2013. Also,
reserves-to-total loans classified in the D to H categories
improved to 65% in FYE13 from 54% in FYE12.

The Negative Outlook reflects the bank's still tight profitability
(which is expected to continue in 2014), higher competition in its
main business line, and still high delinquency levels compared to
peers in a more challenging operating environment.


The affirmation of Parana's National ratings and Stable Outlook
reflects its proven track record of maintaining good performance,
even during periods of economic deceleration, driven by its
conservative risk appetite and relatively diversified revenue base
supported by its insurance subsidiaries and the growing SME
lending business. The ratings also take into account the bank's
adequate liquidity and capitalization, as well as its relatively
concentrated funding base.

On the lending side, payroll deductible loans remain as the bank's
core product, notwithstanding the gradual growth of the SME loans
and the recent entry into the home equity loans segment in October
2013. In 2013, payroll deductible and SME loans made up 78.4% and
17.4% of Parana's total loans (79.9% and 16.5%, in 2012,
respectively), while home equity loans corresponded to less than
0.05% of the total. The bank plans to grow cautiously in all
segments with continued focus on asset quality. In 2013, asset
quality remained good, with PDLs over 90 days at 2.7% (3.0% in
2012) and loans classified between D-H, as per the central bank's
definitions, at 3.91% (3.83% in 2012).

On the insurance side, Parana is active in the surety segment
through its 50.5% share in the holding company: J. Malucelli
Participacoes em Seguros e Resseguros (JMPSR), which, in turn,
controls J. Malucelli Seguradora S.A. (JM) e J. Malucelli
Resseguradora S.A. (JM Re) (both with National Insurer Financial
Strength rating of 'AA-(bra)'/Outlook Stable). In 2013, 47% of
Parana's capital was deployed in the insurance operations.
In 2013, Parana's performance ratios remained solid, despite the
challenging operating environment. The insurance operations
accounted for 23% of Parana's net income in 2013 (28% in 2012).
Parana's capitalization ratios remain adequate, despite strong
loan growth in the recent years (22% between 2010 and 2013). Its
FCC ratio (14.42% and 14.00% in 2013 and 2012, respectively) is
significantly lower than its regulatory capital ratio (27.40% and
27.08% in 2013 and 2012, respectively), as the former deducts the
investment in the insurance operations from the equity base. The
agency believes that the bank`s capital base is sufficient for
continued growth and absorption of potential losses.
In 2013, Parana continued to diversify its funding base in terms
of products, particularly through the issue of financial bills
(letras financeiras), but concentration per investor remains high.
The top 20 investors made up 55% and 58% of total funding in 2013
and 2012, respectively. The bank plans to fund its home equity
loans portfolio through credit linked funding (letras de credito
imobiliario, LCIs) in 2014 and through securitization possibly
from 4Q'14 onwards, which would benefit the bank's asset liability
management ALM.


BMG's IDRs, VR, National and senior debt ratings are sensitive to
further improvements or an unexpected deterioration in their FCC
ratio and other leverage and asset quality indicators. An increase
in the FCC ratio to over 7% or a decrease below 5% could lead to a
review of the ratings, which would take into account other factors
such asset quality and liquidity. Fitch expects that BMG's
profitability will continue to be aligned with the current trends.
Bonsucesso's IDRs, VR, National and senior debt ratings are
sensitive to a change in Fitch's considerations around
profitability and asset quality. Should ROA and ROE remain lower
than 1.5% and 10%, respectively, the bank's ratings could be
downgraded. A key focus of the review will be the bank's ability
to stabilize asset quality, which has deteriorated considerably
during the last fiscal years. A more robust recovery of operating
profits and better expense' balance could result in a new review
of its Outlook.

Parana's National ratings are sensitive to a change in Fitch's
assumptions around performance, capitalization, asset quality and
liquidity. They could be upgraded if Parana diversifies and
extends the maturity of its funding base and improves the asset
and liability maturity mismatches. They could be downgraded if
there is a sustained and substantial worsening in performance,
asset quality and capitalization (ROA remaining below 1.5%, D-H
loans remaining above 4.5%, and FCC ratio falling below 11% for a
prolonged period). In addition, a significant change in the
performance or ratings of the insurance companies could also lead
to a parallel change in Parana's ratings.

The rating actions are as follows:

--Long-term Foreign Currency IDR affirmed at 'B'; Outlook Positive
--Short-term Foreign Currency IDR affirmed at 'B'
--Long-term Local Currency IDR affirmed at 'B'; Outlook Positive
--Short-term Local Currency IDR affirmed at 'B'
--Viability Rating upgraded to 'b' from 'b-'
--Support rating affirmed at '4'
--Support Rating Floor at 'B'
--National Long Term Rating upgraded to 'BBB+(bra)' from
'BBB(bra)', Outlook Positive
--National Short Term Rating upgraded to 'F2(bra)' from 'F3(bra)'
--Subordinated notes due 2019
--Long-Term foreign currency rating affirmed at 'CCC/RR6'
--Subordinated notes due 2020
--LT FC rating affirmed at 'CCC/RR6'

--Long-term IDR affirmed at 'B'; Outlook Negative
--Short-term IDR affirmed at 'B'
--Long-term Local Currency IDR affirmed at 'B'; Outlook Negative
--Short-term Local Currency IDR affirmed at 'B'
--Viability Rating affirmed at 'b'
--Support Rating affirmed at '5'
--Support Rating Floor affirmed at 'NF'
--National Long-term Rating affirmed at 'BBB(bra)', Outlook
--National Short-term Rating affirmed at 'F3(bra)'
--National Long-term Rating affirmed at 'A+(bra)', Outlook Stable
--National Short-term Rating affirmed at 'F1(bra)'

JHSF PARTICIPACOES: Moody's Withdraws Ba3 Corp. Family Rating
Moody's America Latina has withdrawn the Corporate Family Rating
(CFR) assigned to JHSF Participacoes S.A.(JHSF) of Ba3 rating on
the global scale and on the Brazilian national scale for
business reasons. At the same time, Moody's withdraw the
Ba2/ ratings assigned to the third issuance of senior
secured debentures in the amount of BRL270 million due to its
early redemption in December 2013.

Ratings Rationale

Moody's has withdrawn JHSF' corporate family ratings for its own
business reasons. In December 2013, the company executed a
liability management strategy and redeemed all debentures
outstanding from the third issue with final maturity in December
2020. As a result, the contract with Moody's has been terminated.

Moody's last rating action on JHSF was on November 18, 2010,
Moody's America Latina (Moody's) assigned first-time JHSF's
corporate family ratings at Ba3 on the global scale and on
the Brazilian national scale and Ba2/ to its proposed BRL270
million senior secured debentures. The outlook for the ratings was
set as stable.

Moody's National Scale 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 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 ratings, please refer to Moody's Rating Methodology
published in October 2012 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".

JHSF is a holding company with activities in the mixed-use
residential and office projects, development and management of
shopping malls, office properties rentals, and luxury hotel
business. Established in 1972, the company has a large track
record of operations in the Sao Paulo high-end real estate market,
with over 40 years of experience and more than six million square
meters of real estate projects built.

MARFRIG OVERSEAS: S&P Retains 'B' Rating Following Bonds 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


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

Marfrig Overseas Ltd.
  Sr unsec unsubordinated bonds due 2020         B

PETROLEO BRASILEIRO: Gets Advise to Cut Debt Before US$8.5BB Bond
Rodrigo Orihuela and Christiana Sciaudone at Bloomberg News report
that Petroleo Brasileiro SA was advised by its audit committee to
reduce debt less than two weeks before the most indebted oil
company sold US$8.5 billion in bonds.

"This committee advises management make efforts to cut leverage
given that the deterioration of the ratio places the company's
credit rating at risk," the committee said, according to minutes
of a Feb. 25 meeting released by Petrobras in a March 14
regulatory filing, according to Bloomberg News.

Bloomberg News notes that Petrobras sold the dollar bonds March 10
in the world's biggest debt offering since September.  The company
in January sold US$5.1 billion of notes denominated in euros and
pounds in the largest emerging market euro-offering since the
currency was created, and in May raised US$11 billion in a record-
high emerging market corporate issuance, Bloomberg News relates.

Petrobras's debt was BRL268 billion (US$114 billion) at the end of
2013, a more than fourfold increase in five years as it boosts
spending to more than double output by 2020, according to data
compiled by Bloomberg.  Its ratio of debt to earnings before
interest, taxes, depreciation and amortization surpassed 3.5 last
year, missing the target of 2.5, the audit committee said,
Bloomberg News discloses.

                     'Entirely Appropriate'

Bloomberg News relays that the state-controlled company last month
said it would use debt to fund spending of US$221 billion through

The audit committee "recommendation is entirely appropriate, but
it's easier said than done," Pavel Molchanov, an analyst at
Raymond James & Associates Inc., said in an e-mailed response to
questions, Bloomberg News notes.  "There is no escaping the fact
that leverage metrics are set to continue to rise for the
foreseeable future," the report quoted Mr. Molchanov as saying.

Chief Executive Officer Maria das Gracas Foster said there is no
incongruity in the audit committee's advice and the company's
fund-raising strategies, Bloomberg News relays.

"It's in line with what the board wants; that is, to lower
leverage within 24 months," Mr. Foster told reporters at a
conference in Rio de Janeiro, Bloomberg News notes.

Bloomberg News says that Petrobras, which doesn't expect to
generate positive cash flow until 2016, has been struggling with
weak results since the government started using it in 2011 to
subsidize domestic fuel prices by importing gasoline and diesel at
a loss.  The government owns a majority of the company's voting

The company's net income dropped to BRL6.28 billion, or 48
centavos a share, from BRL7.75 billion, or 59 centavos, a year
earlier, Bloomberg News discloses.  The company's five-year
business plan calls for US$12.1 billion in yearly borrowing on
average, Bloomberg News adds.

                       About Petroleo Brasileiro

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

                          *     *     *

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

C A Y M A N  I S L A N D S

AL KANZ: Shareholder to Receive Wind-Up Report on March 28
The shareholder of Al Kanz Certificate Company (Cayman) No. 1
Limited will receive on March 28, 2014, at 9:00 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

CHINA OIL: Members' Final Meeting Set for Today
The members of China Oil & Gas Fund will hold their final meeting
today, 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

FEIGG INVESTMENTS: Shareholders' Final Meeting Set for March 25
The shareholders of Feigg Investments Limited will hold their
final meeting on March 25, 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:

          Alexandria Bancorp Limtied
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111
          Facsimile: (345) 945-1122

ICONS INTERNATIONAL: Shareholders' Final Meeting Set for March 24
The shareholders of Icons International Ltd. will hold their final
meeting on March 24, 2014, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

NS INVESTMENTS X: Shareholder to Receive Wind-Up Report on April 4
The shareholder of NS Investments X, Inc. will receive on April 4,
2014, at 8:45 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

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

NS INVESTMENTS XI: Shareholder to Hear Wind-Up Report on April 4
The shareholder of NS Investments XI, Inc. will receive on
April 4, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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

PERCA INVESTMENT: Shareholders' Final Meeting Set for March 25
The shareholders of Perca Investment Co. will hold their final
meeting on March 25, 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:

          Alexandria Bancorp Limtied
          The Grand Pavilion Commercial Centre
          802 West Bay Road
          P.O. Box 2428 Grand Cayman KY1-1105
          Cayman Islands
          Telephone: (345) 945-1111
          Facsimile: (345) 945-1122

RIVERS INTERNATIONAL: Shareholders' Final Meeting Set for March 24
The shareholders of Rivers International Ltd. will hold their
final meeting on March 24, 2014, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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

SOL PROPERTIES: Shareholder to Receive Wind-Up Report on March 27
The shareholder of Sol Properties, Inc. (CR-57377) will receive on
March 27, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Khairuddin Abd Hamid
          c/o Shakira Gourzong
          Telephone: +1 345 949 9876
          Facsimile: +1 345 945 6265
          Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

TACTICAL EQUITY: Shareholders' Final Meeting Set for March 20
The shareholders of Tactical Equity Partners, Ltd. will hold their
final meeting on March 20, 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

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: President Still Upbeat on Mine Despite Opposition
The Dominican Today reports that David Soares, the president of
Xstrata Nickel's Dominican Republic operations (Falcondo), said
he's confident the government will issue the permit to mine Loma
Miranda (central), once the follow-up studies they requested from
the Environment Ministry conclude.

Mr. Soares affirmed that president Danilo Medina awaits only for
Environment to finish the work to make a decision, according to
The Dominican Today.

Mr. Soares, the report notes, said he expects the additional
studies recommended by the UN Development Program to be ready this
year to submit them to the Environment Ministry to make a decision
on the request for the permit to start mining.

The report discloses that Mr. Soares said Falcondo guarantees it
will provide all the pertinent information when Environment
requires it.

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.
David 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

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.


RJR News reports that Digicel Group Limited has asked the Office
of Utilities Regulation (OUR) to investigate its competitor LIME.

Digicel Group said it asked for the intervention of the regulator
after it saw a pattern of unfair charges being levied against its
customers calling LIME numbers, according to RJR News.   The
report notes that it has also asked for the regulator to ensure
LIME compensates consumers who were affected by the charges.

The report relates that Digicel Group said it first detected an
unusual calling pattern to LIME numbers in November 2013 across 12
markets in the region.

RJR notes that Digicel Group said its own investigations show
consumers may be improperly charged for calls to LIME numbers.

Digicel Group, the report relays, said it tried to work with LIME
to rectify the situation and had been assured many times that the
situation had been corrected.  The report discloses that it said
it however continues to find examples of the issue continuing in
various LIME markets in the region.

Digicel Group said it has lost faith in LIME to resolve the issue
hence the request that the OUR steps in to protect consumers, the
report says.

                        About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.

* JAMAICA: Oil Bill Fell Last Year
RJR News reports that data from the Statistical Institute of
Jamaica (Statin) show that the Jamaica's oil bill fell in 2013 as
prices rose and the economy softened, cutting demand.

Oil imports for the first 11 months of 2013 were valued at under
US$2 billion, according to RJR News.  The report relates that this
was down 10% from a year ago and about a third lower than the
value of oil imports in 2008, when more than US$3 billion worth of
oil came into Jamaica.

Oil accounts for 35 per cent of Jamaica's imports, the report


Moody's Investors Service withdrew the B2 corporate family rating
on Corporacion Interamericana de Entretenimiento, S.A.B. de C.V.'s
("CIE") due to business reasons. There were no ratings assigned to
specific debt instruments.

Ratings Rationale

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

Moody's last rating action on CIE was on December 19th, 2013, when
the agency upgraded the corporate family rating to B2 from B3 and
changed the outlook to positive.

Analysis of the company's credit risk was not based exclusively on
any of Moody's industry rating methodologies. CIE's rating have
been assigned by evaluating factors that Moody's considers
relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared with
others within the industry; (ii) capital structure and financial
risk; (iii) projected performance over the near to intermediate
term; and (iv) management's track record and tolerance for risk.
Moody's compared these attributes against other issuers both
within and outside the company's core industry and believes CIE'S
ratings are comparable to those of other issuers with similar
credit risk.

CIE is the sole vertically integrated out-of-home entertainment
group in Mexico. During the last twelve months ending September
30, 2013, the company generated over 70% of its revenues from the
Entertainment division (50% of EBITDA) and about 25% from the
Commercial division (nearly 42% of EBITDA), which manages
marketing and publicity services. During the LTM ended September
30, 2013, revenues and adjusted EBITDA amounted to about USD 546
million and USD 78 million, respectively.

CREDITO REAL: S&P Affirms 'BB' Rating Following Reopening of Notes
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.

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 KUO: Fitch Affirms 'BB' Issuer Default Rating
Fitch Ratings has affirmed Grupo KUO, S.A.B. de C.V. (KUO)'s
ratings as follows:

   -- Long-term foreign currency Issuer Default Rating (IDR) at

   -- Long-term local currency IDR at 'BB';

   -- Long-term National Scale Rating at 'A(mex)';

   -- USD325 million senior notes due 2022 at 'BB';

   -- MXN700 million Certificados Bursatiles due in 2015 at

   -- MXN700 million Certificados Bursatiles due in 2019 at

The Rating Outlook is Stable.

Key Rating Drivers

The ratings reflect KUO's diversified business portfolio in the
chemical, consumer and automotive industries with leading market
position in most of its markets, and stable financial profile.
The ratings also incorporate the company's strategy oriented to
developing high value added products with attractive returns as
well as its joint ventures (JVs) with international industry
leaders.  The ratings are limited by the exposure to volatility in
demand and input costs related to commodity prices across business

KUO's adoption of International Accounting Standards Board (IASB)
IFRS 11 'Joint Arrangements' does not impact its underlying credit
quality.  KUO started on Jan. 1, 2013 to report under IFRS the
financial information of its JVs by the equity method instead of
the proportional consolidation method (IAS 31 'Interests in Joint
Ventures') to comply with the new compulsory accounting
pronouncement from the IASB IFRS 11 'Joint Arrangements'.  Fitch
has considered for its analysis the consolidated figures reported
under IFRS as well as the cash flows from unconsolidated entities.
In addition, proportional consolidation of the company's JVs
continues to be incorporated for analytical purposes.

Stable Profitability despite Challenging Environment

Fitch expects that KUO will continue facing a challenging
operating environment in 2014.  Low raw material prices that
decrease average sales prices in its chemical business segment
combined with a weak demand in the power system business unit
could offset an increase in sales from its consumer business
sector.  For 2013 on a pro forma basis including the proportional
consolidation of its JVs, KUO's comparable revenues and EBITDA
decreased 5% and 6%, respectively, when compared to previous year.
KUO's initiatives towards higher margins products across it
businesses and strict controls over costs and expenses contributed
to maintain the EBITDA margin relatively stable at 9% in 2013.
During 2013 KUO completed the divestiture of different assets to
strength its business portfolio.  In the chemical division the
company sold its equity ownership in the carbon black business
Nhumo, S.A. de C.V. for USD105 million, out of which USD80 million
was received in 2013 and the rest will be received through five
years with an annual dividend of 6%. Also, in this division KUO
sold its business related to the establishment and harvesting of
eucalyptus in Mexico, Forestaciones Operativas de Mexico, S.A. de
C.V., for USD30.6 million. In addition, the company concluded the
sale of its particle board and laminated business for USD54
million.  The total proceeds obtained from the sale of assets were
USD164 million and KUO plans to use these resources to support a
portion of its capital expenditures program in 2014 for USD122

Stable Credit Metrics

Fitch expects that KUO's leverage will remain relatively stable
during the next 12 months. For 2013 considering the equity method,
the company's consolidated gross leverage measured as total debt
to EBITDA increased to 4.0x from 3.3x the previous year, while the
net to EBITDA was slightly lower at 3.0x from 3.1x a year ago.  On
a pro forma basis for 2013, considering the proportional share of
its JVs, KUO's total debt to EBITDA increased to 2.9x from 2.7x
last year, while the net to EBITDA remained relatively stable at
1.9x from 2.0x a year ago.  Fitch considers that these levels of
leverage are in line with the current rating category.  KUO's
consolidated total debt as of Dec. 31, 2013 was USD495 million.

Low Liquidity Risk

KUO's liquidity profile is ample and debt profile is manageable.
The company's cash balance under IFRS with the equity method as of
Dec. 31. 2013 was around USD119 million with short-term debt of
USD7 million.  Considering the proportional share of its JVs,
KUO's cash balance was USD164 million at year end 2013.  The
company's next significant debt amortizations are in 2015 and 2016
when USD54 million (MXN700 million) of local issuances and USD54
million of bank loans come due, respectively.  KUO's liquidity is
further supported by an available committed credit line for USD20
million that expires in 2016.

Fitch incorporates in the ratings KUO's financial strategy which
historically has funded its indebtedness needs at the holding
company and then has distributed the funds to subsidiaries through
intercompany lending or equity injections.  KUO at the holding
company services its debt mainly through dividends and payments of
intercompany loans from its subsidiaries.

Rating Sensitivities

Factors that could lead to a consideration of a negative rating
action include a sustained deterioration of its operating
performance, large debt financed acquisitions, or a change in
management's strategy with regard to its long-term net debt target
between 1.5x to 2.5x, accounting the proportional share of its

Positive factors for the ratings include a combination of stable
profitability across business segments, neutral to positive free
cash flow generation through the cycle and consistent leverage
below current levels.

P U E R T O   R I C O

GOVERNMENT DEVELOPMENT: S&P Affirms 'BB' ICR & Removes from Watch
Standard & Poor's Ratings Services said it affirmed its 'BB' long-
term issuer credit rating on the Government Development Bank for
Puerto Rico (GDB) and its 'B' short-term issuer credit rating.  At
the same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where it had placed them
on Feb. 4, 2014.  The outlook is negative.

In the past several months, GDB had experienced constrained market
access, which had led to a material deterioration in its liquidity
profile, in S&P's view.  At the same time, the creditworthiness of
the Commonwealth of Puerto Rico deteriorated.  Given GDB's high
lending concentration to the Commonwealth and other government
related entities as well as the weak economic trends in Puerto
Rico, S&P downgraded GDB to 'BB' and placed it on CreditWatch with
negative implications on Feb. 4, 2014.  At that time, S&P stated
that it would view a debt placement by either GDB or the
Commonwealth of $1 billion or more as an important credit
stabilizing factor.

The removal of the ratings from CreditWatch reflects Puerto Rico's
successful sale this week of $3.5 billion of GO debt at an
effective yield of 8.73% and the fact that GDB will receive
approximately $1.9 billion to refinance certain obligations of the
Commonwealth.  The proceeds to the Commonwealth are well above the
$1 billion level we previously quoted.

"In our opinion, the sale will relieve liquidity pressure on the
Commonwealth and on GDB, such that GDB will now have enough
liquidity beyond the end of fiscal 2015," said Standard & Poor's
credit analyst Sunsierre Newsome.  Therefore, S&P revised its
liquidity score to "adequate" from "moderate" (as S&P's criteria
describe the terms).  Accordingly, the GDB's stand-alone credit
profile (SACP) is no longer capped at 'bb'.

GDB's liquidity resources consist of $261 million of cash, $117
million of federal funds sold and securities purchased under
agreements to resell, and $1.85 billion in investment securities.
The investment portfolio, as of Jan. 31, 2014, consists primarily
of U.S. Treasury securities, U.S. agency securities, mortgage-
backed securities, and money market investments.  Approximately $1
billion of the portfolio is pledged, which leaves about $850
million, by S&P's calculation, available as collateral to obtain
secured funding.  GDB is not regulated and supervised by the
Federal Reserve Board or the Federal Deposit Insurance Corp., and
the bank currently is not a member of any Federal Home Loan Bank
(FHLB).  Therefore, it cannot borrow from an FHLB, nor does it
have access to a central bank for contingent liquidity.

"We still anticipate economic challenges to persist in Puerto Rico
over the next two years, with very high unemployment and budget
deficits in fiscal 2014 and the potential for general fund
operating deficits in fiscal 2015, although the Administration has
announced its intention to introduce a balanced budget for fiscal
2015.  We believe that certain political and economic trends will
continue to weaken the creditworthiness of GDB, so we are applying
a one notch downward adjustment to the issuer credit rating.  The
liquidity score revision and the one notch downward adjustment
leave the issuer credit rating unaffected at 'BB'.  We further
believe that GDB is structurally subordinated to the Commonwealth
and the one-notch distinction is warranted," S&P said.

"We view GDB as a government-related entity based on our view that
the link between GDB and the Commonwealth is very strong.  GDB
plays a very important role for the government, given that it
provides funding to the Commonwealth and other Puerto Rican public
corporations and that it is a fiscal agent to the Commonwealth and
its instrumentalities.  Given the proximity of GDB's SACP to the
rating on the Commonwealth, we currently do not ascribe any uplift
into our rating on GDB," S&P added.

"The negative outlook is in line with the negative outlook on the
Commonwealth," said Ms. Newsome.  In our view, GDB remains
vulnerable given its high lending concentration and
interconnectedness to the Commonwealth, which is experiencing a
weak economy, including very high unemployment and the potential
for deficits in fiscal 2014 and 2015, although the Administration
has announced its intention to introduce a balanced budget for
fiscal 2015.  We could lower our rating on GDB if we lower the
rating on Puerto Rico.  Alternatively, we could revise the outlook
to stable if we revise the rating outlook on the Commonwealth to
stable.  The outlook on a speculative-grade company is for a 12
month period.  Although we don't anticipate a liquidity issue over
this timeframe, we will continue to monitor GDB's liquidity
position and funding requirements closely".

PUERTO RICO: S&P Affirms BB+ Rating on GO Debt, Removes from Watch
Standard & Poor's Ratings Services has affirmed its 'BB+' rating
on the Commonwealth of Puerto Rico's general obligation (GO) debt,
and affirmed the ratings on various general fund-supported and
highways and transportation authority debt.  At the same time,
Standard & Poor's has removed the ratings from CreditWatch, where
they had been placed with negative implications earlier this year.
The outlook on the debt is negative, reflecting long-term economic
and financial trends.

"The removal of the ratings from CreditWatch reflects Puerto
Rico's successful sale this week of $3.5 billion of GO term bonds
with an 8.0% coupon and an effective yield of 8.73%," said
Standard & Poor's credit analyst David Hitchcock.  "In our
opinion, the sale will relieve near-term liquidity pressure on the
commonwealth," Mr. Hitchcock added.

S&P understands that sale proceeds will be used to finance the
remaining general fund deficit in fiscal 2014; terminate all
interest rate swap agreements except for a basis swap, which in
S&P's opinion mitigates previous swap termination risk; refinance
$466.6 million of variable-rate demand obligation debt that had
previous acceleration risk; provide long-term take-out financing
for $342 million of Puerto Rico Sales Tax Corp. (COFINA) bond
anticipation notes; and pay almost $1.9 billion to refinance loans
to the Government Development Bank for Puerto Rico (GDB).  It also
capitalizes all but a small portion of interest on the new bonds
until fiscal 2016.  S&P believes the sale of the series 2014 GO
bonds mitigates some short-term risks regarding financing this
year's deficit, by mitigating swap termination and debt
acceleration risks, and recapitalizing the GDB, a potential source
of commonwealth liquidity.

"While we have removed the CreditWatch designation, we have
assigned a negative rating outlook, reflecting long-term economic
and financial trends we see over the next two years.  These
include the potential for a larger deficit in fiscal 2014 than the
$650 million that Puerto Rico now projects after the passage of
$170 million of mid-fiscal 2014 budget adjustments, and the
potential for general fund operating deficits in fiscal 2015,
although the administration has announced its intention to
introduce a balanced budget for fiscal 2015.  There also remain
potential ongoing working-capital liquidity needs for fiscal 2015
and plans by the commonwealth for additional bond sales in fiscal
2015.  Puerto Rico will also need to start paying interest on the
2014A bonds beginning in fiscal 2016," S&P said.

PUERTO RICO AQUEDUCT: S&P Affirms 'BB+' Rating on Revenue Bonds
Standard & Poor's Ratings Services said it affirmed its 'BB+'
rating on Puerto Rico Aqueduct & Sewer Authority's (PRASA) revenue
bonds guaranteed by the Commonwealth of Puerto Rico, and removed
it from CreditWatch with negative implications.  The outlook is

"This action follows our similar action on the GO debt rating on
the commonwealth earlier today," said Standard & Poor's credit
analyst Theodore Chapman.

In addition, S&P affirmed the 'BB+' rating on PRASA's senior-lien
(gross pledge) revenue bonds and removed it from CreditWatch
Negative.  The outlook is also negative.  The ratings were placed
on CreditWatch on Jan. 24, 2014.  Although the senior-lien bonds
are not affected by S&P's Feb. 4, 2014, downgrade of Puerto Rice's
GO debt, the negative outlook reflects the relationship between
PRASA, as a governmental-related entity (GRE), and the

PRASA's stand-alone credit profile remains 'bb+', which reflects
S&P's view of the authority's general creditworthiness solely on
its own fundamentals.  S&P deems PRASA to be a GRE of the
commonwealth.  In S&P's view, there is a high likelihood of
extraordinary government support given the authority's role and
link to the general government.  Therefore, should the GO debt
rating on Puerto Rico be lowered again, S&P would also downgrade
the commonwealth-supported PRASA bonds as well as PRASA's revenue

The stand-alone credit profile could face downward pressure in the
next two years if PRASA is still unable to fully self-support its
total financing obligations with additional financial capacity,
improve its financial risk profile, and address the myriad of
system improvements as currently identified as the authority moves
beyond commonwealth subsidization.

For additional information regarding the stand-alone credit
profile and the rating on PRASA's senior-lien revenue bonds,
please see the summary analysis published Jan. 27, 2014, on

UNIV. OF PUERTO RICO: S&P Removes from Watch & Affirms 'BB+' SPUR
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed its 'BB+' underlying rating (SPUR) and long-term rating
on the University of Puerto Rico's (UPR) existing university
system revenue bonds, some of which were issued by the Puerto Rico
Industrial, Tourist, Educational, Medical, & Environmental Control
Facilities Finance Authority.  The outlook is negative.

"Per our government related entities (GRE) criteria, a rating or
outlook change on Puerto Rico (BB+/Negative) would result in a
rating or outlook change to the UPR given the high likelihood of
extraordinary support," said Standard & Poor's credit analyst
Bianca Gaytan Burrell.


BANCO EXTERIOR: Fitch Affirms 'B+' IDR; Outlook Negative
Fitch Ratings has affirmed Banco Exterior, C.A. Banco Universal's
(Exterior) long-term Issuer Default Rating (IDR) at 'B+'.  The
Rating Outlook is Negative.

Fitch has affirmed Exterior's ratings as the bank remains
positioned to deliver strong financial results (even when
adjusting for inflation) despite the high degree of government
intervention in the banking business.  In Fitch's opinion, the
bank's focus on risk management, its stable profitability and
solid asset quality ratios, combined with its competitive
advantage serving the small- to medium-sized business segment will
continue to underpin the resilience of Exterior's credit profile,
even with the expected weakening of the operating environment this


Exterior's Viability Rating (VR) drives its IDR. The operating
environment has a material influence on the bank's ratings.
Additionally, high inflation, which reached 56.2% at year-end
2013, distorts financial ratios.

The Negative Outlook is in line with the Outlook of the sovereign
and reflects the challenging economic and regulatory environment.
Exterior's ratings are constrained by the creditworthiness of the
sovereign due to the bank's substantial holdings of sovereign
bonds, the high level of government intervention in terms of
pricing and compulsory lending, as well as the expected
deterioration in the operating environment due to the evolving
exchange rate regime.

Exterior's capital base remains adequate and high quality, with no
subordinated debt or preferred shares.  However, consistently high
year-over-year growth has led to a steady increase in leverage as
asset growth has outpaced growth in retained earnings.  In
addition, in September 2013, the local regulator increased the
minimum capital required as a percentage of total assets (less
securities issued or guaranteed by the government).  A widely
expected devaluation of the currency in 2014 should largely help
Exterior meet the new requirement. However, nominal asset growth
may also have to decelerate in 2014.

Exterior's liquidity ratios were weaker than those of its domestic
peers (private sector universal banks with market share of assets
greater than 4.5%).  The bank's strong franchise helps compensate
for this risk, as Exterior has historically acted as a safe haven
for depositors in times of systemic stress.  Like other Venezuelan
banks, Exterior had a large negative mismatch between short-term
assets and liabilities.  However, this mismatch is currently
manageable under Venezuela's foreign exchange controls.

Exterior continues to exhibit robust asset quality ratios.
Impaired loans as a percentage of gross loans have remained below
0.5% since 2011, comparing favorably with both domestic and
international peers (emerging market commercial banks with VR of
'b-/b/b+').  However, Fitch notes that credit growth significantly
exceeded that of its peers. Net charge-offs also remained stable.
Fitch believes that asset quality ratios could deteriorate in the
short term due to a moderation of credit growth, a seasoning of
outstanding loans, and a deteriorating business environment.

Exterior has a track record of higher than average profitability
among domestic banks underpinned by a growing base of low-cost
demand deposits, strong credit growth and better efficiency. ROAA
averaged 4.66% for 2010-2013.  Fitch expects that moderating
credit growth and higher credit and operating costs will pressure
earnings in 2014.


The bank's ratings are sensitive to further government
intervention that pressures Exterior's financial performance.
There is no upside potential to the bank's international ratings
in the near term as the IDRs currently have a Negative Outlook, in
line with those of the sovereign.  Future rating actions will
mirror those of the sovereign.

Additionally, the bank's ratings are sensitive to a sustained
deterioration in profitability or asset quality that pressures
capitalization ratios to levels that are no longer consistent with
its current rating.


The IDRs and national ratings do not incorporate any external
support.  Fitch believes that the shareholders' willingness to
provide support should it be required is possible, though it
cannot be relied upon due to the governments interference with the
banking system, which underpins Exterior's Support rating of '5'.
Exterior's support floor of 'No Floor' (NF) reflects Venezuela's
speculative-grade rating, and the government's mixed history in
providing bank support.


There is limited upside to the bank's Support Rating and Support
Floor over the medium term given the sovereign's current ratings
and Outlooks and the government's propensity to intervene in the
banking business and overall private sector activities.

Additionally, Exterior's size and the lack of systemic importance
also makes it unlikely that it would receive any support.

Fitch affirms the following ratings:
Banco Exterior, C.A. Banco Universal

   -- Long-term foreign and local currency IDR at 'B+'; Outlook
   -- Short-term foreign and local currency IDR at 'B';
   -- Viability at 'b+';
   -- Support at '5';
   -- Support floor at 'NF';
   -- Long-term national scale rating at 'AA(ven)'; Stable
   -- Short-term national scale rating at 'F1+(ven)'.


Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         10519766.1     -18449684.9
ALL ORE MINERACA       STLB3 BZ         10519766.1     -18449684.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159449535      -52990723.7
BATTISTELLA            BTTL3 BZ         161941587      -30698112.2
BATTISTELLA-PREF       BTTL4 BZ         161941587      -30698112.2
BATTISTELLA-RECE       BTTL9 BZ         161941587      -30698112.2
BATTISTELLA-RECP       BTTL10 BZ        161941587      -30698112.2
BATTISTELLA-RI P       BTTL2 BZ         161941587      -30698112.2
BATTISTELLA-RIGH       BTTL1 BZ         161941587      -30698112.2
BIOMM SA               BIOM3M BZ        14879155       -13567385
BIOMM SA               BIOM3 BZ         14879155       -13567385
BIOMM SA - RCT         BIOM9 BZ         14879155       -13567385
BIOMM SA-PREF          BIOM4 BZ         14879155       -13567385
BIOMM SA-RT            0905492D BZ      14879155       -13567385
BIOMM SA-RT            BIOM2 BZ         14879155       -13567385
BIOMM SA-RTS           0905518D BZ      14879155       -13567385
BIOMM SA-RTS           BIOM10 BZ        14879155       -13567385
BIOMM SA-RTS           BIOM1 BZ         14879155       -13567385
BOMBRIL                BMBBF US         324115454      -16635219.6
BOMBRIL                FPXE4 BZ         19416013.9     -489914853
BOMBRIL                BOBR3 BZ         324115454      -16635219.6
BOMBRIL CIRIO SA       BOBRON BZ        324115454      -16635219.6
BOMBRIL CIRIO-PF       BOBRPN BZ        324115454      -16635219.6
BOMBRIL HOLDING        FPXE3 BZ         19416013.9     -489914853
BOMBRIL SA-ADR         BMBPY US         324115454      -16635219.6
BOMBRIL SA-ADR         BMBBY US         324115454      -16635219.6
BOMBRIL-PREF           BOBR4 BZ         324115454      -16635219.6
BOMBRIL-RGTS PRE       BOBR2 BZ         324115454      -16635219.6
BOMBRIL-RIGHTS         BOBR1 BZ         324115454      -16635219.6
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         96231802.9     -32473494
BUETTNER SA            BUETON BZ        96231802.9     -32473494
BUETTNER SA-PRF        BUETPN BZ        96231802.9     -32473494
BUETTNER SA-RT P       BUET2 BZ         96231802.9     -32473494
BUETTNER SA-RTS        BUET1 BZ         96231802.9     -32473494
BUETTNER-PREF          BUET4 BZ         96231802.9     -32473494
CAF BRASILIA           CAFE3 BZ         160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ         160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ        160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ        160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ         1059986022     -76183286
CAIUA SA               ELCON BZ         1059986022     -76183286
CAIUA SA-DVD CMN       ELCA11 BZ        1059986022     -76183286
CAIUA SA-DVD COM       ELCA12 BZ        1059986022     -76183286
CAIUA SA-PREF          ELCPN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCAN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCA5 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCA6 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCBN BZ         1059986022     -76183286
CAIUA SA-RCT PRF       ELCA10 BZ        1059986022     -76183286
CAIUA SA-RTS           ELCA2 BZ         1059986022     -76183286
CAIVA SERV DE EL       1315Z BZ         1059986022     -76183286
CELGPAR                GPAR3 BZ         204382297      -934172491
CENTRAL COST-ADR       CCSA LI          319571114      -114350021
CENTRAL COSTAN-B       CRCBF US         319571114      -114350021
CENTRAL COSTAN-B       CNRBF US         319571114      -114350021
CENTRAL COSTAN-C       CECO3 AR         319571114      -114350021
CENTRAL COST-BLK       CECOB AR         319571114      -114350021
CIA PETROLIFERA        MRLM3 BZ         377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ        377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ        377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ        377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ        377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75391731.7     -2212560088
COBRASMA SA            COBRON BZ        75391731.7     -2212560088
COBRASMA SA-PREF       COBRPN BZ        75391731.7     -2212560088
COBRASMA-PREF          CBMA4 BZ         75391731.7     -2212560088
D H B                  DHBI3 BZ         100548065      -171900717
D H B-PREF             DHBI4 BZ         100548065      -171900717
DHB IND E COM          DHBON BZ         100548065      -171900717
DHB IND E COM-PR       DHBPN BZ         100548065      -171900717
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
ENDESA - RTS           CECOX AR         319571114      -114350021
ENDESA COST-ADR        CRCNY US         319571114      -114350021
ENDESA COSTAN-         CECO2 AR         319571114      -114350021
ENDESA COSTAN-         CECOD AR         319571114      -114350021
ENDESA COSTAN-         CECOC AR         319571114      -114350021
ENDESA COSTAN-         EDCFF US         319571114      -114350021
ENDESA COSTAN-A        CECO1 AR         319571114      -114350021
ESTRELA SA             ESTR3 BZ         71379826.3     -111239817
ESTRELA SA             ESTRON BZ        71379826.3     -111239817
ESTRELA SA-PREF        ESTR4 BZ         71379826.3     -111239817
ESTRELA SA-PREF        ESTRPN BZ        71379826.3     -111239817
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18439489.1     -40509835.2
FERRAGENS HAGA         HAGAON BZ        18439489.1     -40509835.2
FERRAGENS HAGA-P       HAGAPN BZ        18439489.1     -40509835.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18439489.1     -40509835.2
HOTEIS OTHON SA        HOOT3 BZ         227388586      -68129377.9
HOTEIS OTHON SA        HOTHON BZ        227388586      -68129377.9
HOTEIS OTHON-PRF       HOOT4 BZ         227388586      -68129377.9
HOTEIS OTHON-PRF       HOTHPN BZ        227388586      -68129377.9
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         224229556      -68866571
IGUACU CAFE            IGCSON BZ        224229556      -6886657
IGUACU CAFE            IGUCF US         224229556      -68866571
IGUACU CAFE-PR A       IGUA5 BZ         224229556      -68866571
IGUACU CAFE-PR A       IGCSAN BZ        224229556      -68866571
IGUACU CAFE-PR A       IGUAF US         224229556      -68866571
IGUACU CAFE-PR B       IGUA6 BZ         224229556      -68866571
IGUACU CAFE-PR B       IGCSBN BZ        224229556      -68866571
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
INVERS ELEC BUEN       IEBAA AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBAB AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBA AR          260343959      -14950013.8
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         38302784.1     -3417423475
LOJAS ARAPUA           LOARON BZ        38302784.1     -3417423475
LOJAS ARAPUA-GDR       3429T US         38302784.1     -3417423475
LOJAS ARAPUA-GDR       LJPSF US         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOAR4 BZ         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOARPN BZ        38302784.1     -3417423475
LOJAS ARAPUA-PRF       52353Z US        38302784.1     -3417423475
LUPATECH SA            LUPA3 BZ         665993697      -188699451
LUPATECH SA            LUPAF US         665993697      -188699451
LUPATECH SA -RCT       LUPA9 BZ         665993697      -188699451
LUPATECH SA-ADR        LUPAY US         665993697      -188699451
LUPATECH SA-RT         LUPA11 BZ        665993697      -188699451
LUPATECH SA-RTS        LUPA1 BZ         665993697      -188699451
MANGELS INDL           MGEL3 BZ         223698552      -29148696.3
MANGELS INDL SA        MISAON BZ        223698552      -29148696.3
MANGELS INDL-PRF       MGIRF US         223698552      -29148696.3
MANGELS INDL-PRF       MGEL4 BZ         223698552      -29148696.3
MANGELS INDL-PRF       MISAPN BZ        223698552      -29148696.3
MINUPAR                MNPR3 BZ         115960018      -93783465.1
MINUPAR SA             MNPRON BZ        115960018      -93783465.1
MINUPAR SA-PREF        MNPRPN BZ        115960018      -93783465.1
MINUPAR-PREF           MNPR4 BZ         115960018      -93783465.1
MINUPAR-RCT            9314634Q BZ      115960018      -93783465.1
MINUPAR-RCT            0599564D BZ      115960018      -93783465.1
MINUPAR-RCT            MNPR9 BZ         115960018      -93783465.1
MINUPAR-RT             9314542Q BZ      115960018      -93783465.1
MINUPAR-RT             0599562D BZ      115960018      -93783465.1
MINUPAR-RTS            MNPR1 BZ         115960018      -93783465.1
NORDON MET             NORD3 BZ         11025606.1     -32196764.5
NORDON METAL           NORDON BZ        11025606.1     -32196764.5
NORDON MET-RTS         NORD1 BZ         11025606.1     -32196764.5
NOVA AMERICA SA        NOVA3 BZ         21287488.9     -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9     -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9     -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9     -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9     -183535526
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          66017869       -5551136.01
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23402631.8     -5029378.21
PUYEHUE RIGHT          PUYEHUOS CI      23402631.8     -5029378.21
RECRUSUL               RCSL3 BZ         42021562       -18866127
RECRUSUL - RCT         4529789Q BZ      42021562       -18866127
RECRUSUL - RCT         4529793Q BZ      42021562       -18866127
RECRUSUL - RCT         0163582D BZ      42021562       -18866127
RECRUSUL - RCT         0163583D BZ      42021562       -18866127
RECRUSUL - RCT         0614675D BZ      42021562       -18866127
RECRUSUL - RCT         0614676D BZ      42021562       -18866127
RECRUSUL - RCT         RCSL10 BZ        42021562       -18866127
RECRUSUL - RT          4529781Q BZ      42021562       -18866127
RECRUSUL - RT          4529785Q BZ      42021562       -18866127
RECRUSUL - RT          0163579D BZ      42021562       -18866127
RECRUSUL - RT          0163580D BZ      42021562       -18866127
RECRUSUL - RT          0614673D BZ      42021562       -18866127
RECRUSUL - RT          0614674D BZ      42021562       -18866127
RECRUSUL SA            RESLON BZ        42021562       -18866127
RECRUSUL SA-PREF       RESLPN BZ        42021562       -18866127
RECRUSUL SA-RCT        RCSL9 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL1 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL2 BZ         42021562       -18866127
RECRUSUL-BON RT        RCSL11 BZ        42021562       -18866127
RECRUSUL-BON RT        RCSL12 BZ        42021562       -18866127
RECRUSUL-PREF          RCSL4 BZ         42021562       -18866127
REDE EMP ENE ELE       ELCA4 BZ         1059986022     -76183286
REDE EMP ENE ELE       ELCA3 BZ         1059986022     -76183286
REDE EMPRESAS-PR       REDE4 BZ         1059986022     -76183286
REDE ENERGIA SA        REDE3 BZ         1059986022     -76183286
REDE ENERG-UNIT        REDE11 BZ        1059986022     -76183286
REDE ENER-RCT          3907731Q BZ      1059986022     -76183286
REDE ENER-RCT          REDE9 BZ         1059986022     -76183286
REDE ENER-RCT          REDE10 BZ        1059986022     -76183286
REDE ENER-RT           3907727Q BZ      1059986022     -76183286
REDE ENER-RT           REDE1 BZ         1059986022     -76183286
REDE ENER-RT           REDE2 BZ         1059986022     -76183286
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         56213385.5     -85196762.8
RENAUXVIEW SA-PF       TXRX4 BZ         56213385.5     -85196762.8
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         21873314.7     -5053458.96
SANSUY                 SNSY3 BZ         189305928      -145401613
SANSUY SA              SNSYON BZ        189305928      -145401613
SANSUY SA-PREF A       SNSYAN BZ        189305928      -145401613
SANSUY SA-PREF B       SNSYBN BZ        189305928      -145401613
SANSUY-PREF A          SNSY5 BZ         189305928      -145401613
SANSUY-PREF B          SNSY6 BZ         189305928      -145401613
SAUIPE                 PSEG3 BZ         14685534.1     -4799640.46
SAUIPE SA              PSEGON BZ        14685534.1     -4799640.46
SAUIPE SA-PREF         PSEGPN BZ        14685534.1     -4799640.46
SAUIPE-PREF            PSEG4 BZ         14685534.1     -4799640.46
SCHLOSSER              SCLO3 BZ         51944742.3     -56657680.1
SCHLOSSER SA           SCHON BZ         51944742.3     -56657680.1
SCHLOSSER SA-PRF       SCHPN BZ         51944742.3     -56657680.1
SCHLOSSER-PREF         SCLO4 BZ         51944742.3     -56657680.1
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         10519766.1     -18449684.9
STEEL - RT             STLB1 BZ         10519766.1     -18449684.9
TEKA                   TKTQF US         375873311      -389045810
TEKA                   TEKA3 BZ         375873311      -389045810
TEKA                   TEKAON BZ        375873311      -389045810
TEKA-ADR               TEKAY US         375873311      -389045810
TEKA-ADR               TKTPY US         375873311      -389045810
TEKA-ADR               TKTQY US         375873311      -389045810
TEKA-PREF              TKTPF US         375873311      -389045810
TEKA-PREF              TEKA4 BZ         375873311      -389045810
TEKA-PREF              TEKAPN BZ        375873311      -389045810
TEKA-RCT               TEKA9 BZ         375873311      -389045810
TEKA-RCT               TEKA10 BZ        375873311      -389045810
TEKA-RTS               TEKA1 BZ         375873311      -389045810
TEKA-RTS               TEKA2 BZ         375873311      -389045810
TEXTEIS RENA-RCT       TXRX9 BZ         56213385.5     -85196762.8
TEXTEIS RENA-RCT       TXRX10 BZ        56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX1 BZ         56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX2 BZ         56213385.5     -85196762.8
TEXTEIS RENAUX         RENXON BZ        56213385.5     -85196762.8
TEXTEIS RENAUX         RENXPN BZ        56213385.5     -85196762.8
VARIG PART EM SE       VPSC3 BZ         83017828       -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPSC4 BZ         83017828       -495721697
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         602662162      -27406558
VULCABRAS AZ-PRF       VULC4 BZ         602662162      -27406558
VULCABRAS SA           VULCON BZ        602662162      -27406558
VULCABRAS SA-PRF       VULCPN BZ        602662162      -27406558
VULCABRAS-RCT          0893211D BZ      602662162      -27406558
VULCABRAS-RCT          VULC9 BZ         602662162      -27406558
VULCABRAS-REC PR       VULC10 BZ        602662162      -27406558
VULCABRAS-RECEIP       0853207D BZ      602662162      -27406558
VULCABRAS-RIGHT        0853205D BZ      602662162      -27406558
VULCABRAS-RIGHT        VULC2 BZ         602662162      -27406558
VULCABRAS-RT PRF       VULC11 BZ        602662162      -27406558
VULCABRAS-RTS          0893207D BZ      602662162      -27406558
VULCABRAS-RTS          VULC1 BZ         602662162      -27406558
WETZEL SA              MWET3 BZ         96094336.6     -4635219.98
WETZEL SA              MWELON BZ        96094336.6     -4635219.98
WETZEL SA-PREF         MWET4 BZ         96094336.6     -4635219.98
WETZEL SA-PREF         MWELPN BZ        96094336.6     -4635219.98
WIEST                  WISA3 BZ         34107195.1     -126993682
WIEST SA               WISAON BZ        34107195.1     -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1     -126993682
WIEST-PREF             WISA4 BZ         34107195.1     -126993682


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


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

                   * * * End of Transmission * * *