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                     L A T I N   A M E R I C A

           Monday, March 24, 2014, Vol. 15, No. 58



ARGENTINA: Posts Biggest Annual Current Account Gap Since 2000
CAPEX S.A.: S&P Affirms 'B-' Local Currency Rating; Outlook Neg.


MINERVA S.A.: Fitch Rates Local Currency IDR at 'BB-'

C A Y M A N  I S L A N D S

GELSOMINA FINANCE: Placed Under Voluntary Wind-Up
HIGGS CAPITAL: Creditors' Proofs of Debt Due April 10
MAPLE LEAF 7: Placed Under Voluntary Wind-Up
MAPLE LEAF 8: Placed Under Voluntary Wind-Up
MAPLE LEAF 9: Placed Under Voluntary Wind-Up

MAPLE LEAF 10: Placed Under Voluntary Wind-Up
OROX CAPITAL: Creditors' Proofs of Debt Due March 31
PRAGMA UNIVERSAL: Creditors' Proofs of Debt Due April 11
PRAGMA UNIVERSAL 3: Creditors' Proofs of Debt Due April 11
SWAN ABSOLUTE: Placed Under Voluntary Wind-Up

C O S T A    R I C A



* COLOMBIA: To Get US$12MM IDB Loan to Improve Tax Collection


* DOMINICA: Raises EC$20 Million on Regional Securities Market


BANCO INDUSTRIAL: S&P Affirms LT ICR at 'BB'; Outlook Stable


BANCO AZTECA: Moody's Assigns D- Standalone Bank Financial Rating
CORPORACION GEO: Files for Bankruptcy in Mexico
FINANCIERA INDEPENDENCIA: S&P Revises Outlook & Affirms B+ Rating


CORPORACION PESQUERA: Fitch Affirms FC IDR at 'B+'; Outlook Stable


BOND PRICING: For the Week From March 17 to March 21, 2014

                            - - - - -


ARGENTINA: Posts Biggest Annual Current Account Gap Since 2000
Charlie Devereux at Bloomberg News reports that Argentina posted
the biggest current account deficit last year since 2000, the year
before it defaulted on a record US$95 billion in debt.

The South American nation had US$4.33 billion deficit last year,
the national statistics agency said, according to Bloomberg News.
That's the biggest since a US$9 billion gap in 2000.

For the fourth quarter, Argentina had a current account deficit of
US$1.7 billion, beating the US$1.4 billion median estimate of six
analysts surveyed by Bloomberg.

Bloomberg News notes that Argentina in January devalued the peso
19 percent to boost exports and is seeking to mend relations with
international investors in a bid to issue debt for the first time
since the default with reserves at a seven-year low.  Government
spending jumped 46 percent in January even after Argentina in 2013
posted the biggest primary budget deficit in at least 21 years,
Bloomberg News relates.

"It's not going to be easy to reverse this situation," Bloomberg
News quoted Mariano Lamothe, an economist at in Buenos
Aires, as saying.  "The government is already addressing the issue
of the external account but now it needs to deal with the fiscal

The deficit was led by repayment of debt and multinationals
repatriating dividends, Mr. Lamothe said, Bloomberg News notes.
Since 2010, President Cristina Fernandez de Kirchner's government,
which has avoided borrowing internationally at rates that would be
among the highest in emerging markets, has drained reserves to
US$27.3 billion to pay foreign-currency obligations, says the

Argentina's trade surplus fell 92 percent to US$44 million in
February from the same period a year earlier as grain exports fell
54 percent and fuel imports rose 43 percent, Bloomberg News
reports. Argentina's trade surplus of US$33 million in January was
the smallest since 2001, Bloomberg News discloses.

According to Bloomberg, consumer prices rose 3.4 percent in
February, the highest monthly gain in the region after the
government introduced a new inflation index Feb. 13 to assuage
criticism by the International Monetary Fund that it misreports
economic data.

Locked out of international debt markets since the default in
2001, the government is seeking to repair relations with the IMF,
World Bank and the Paris Club of creditors to access new
financing, Bloomberg News relays.

President Fernandez has promoted measures to curb the decline in
foreign currency holdings used to pay international creditors,
including raising a tax on credit-card purchases abroad for
Argentines and promoting a bill to raise taxes on luxury imports,
Bloomberg News notes.

The capital account deficit was US$1.9 billion in the fourth
quarter of 2013 and US$3.9 billion in 2013, the statistics agency
said, Bloomberg News adds.

CAPEX S.A.: S&P Affirms 'B-' Local Currency Rating; Outlook Neg.
Standard & Poor's Ratings Services affirmed its 'B-' local
currency and 'CCC+' foreign currency ratings on CAPEX S.A.  The
outlook remains negative.

The 'B-' local currency rating reflects S&P's expectation that the
company will continue to honor its financial obligations under
stressful conditions associated with a sovereign default thanks to
its dollar-denominated cash holdings.  On the other hand, the
'CCC+' foreign currency rating is limited by Standard & Poor's
Transfer and Convertibility Assessment on Argentina, which is
currently at 'CCC+'.

The ratings also reflect S&P's view of CAPEX's "vulnerable"
business risk profile and its "aggressive" financial risk profile.
S&P's analysis incorporates the high regulatory risk the company
faces in Argentina and low electricity prices compared with those
across the region.  "However, CAPEX's integrated business as a
power producer, which has its own natural gas production, and
supplies part of its power plant fuel needs, partly offsets these
negative factors.  CAPEX also benefits from its oil and liquid
processed natural gas operations that continue to be the main
contributors of its EBITDA generation, and from a debt maturity
profile with no significant maturities until 2018 when its $200
million notes mature, which adds some flexibility in the short
term," said Standard & Poor's credit analyst Andrea Zombory.


MINERVA S.A.: Fitch Rates Local Currency IDR at 'BB-'
Fitch Ratings has assigned an expected rating of 'BB-'(Exp) to
Minerva Luxembourg S.A.'s proposed perpetual notes. The purpose of
the notes is to repay outstanding indebtedness and for general
purpose.  The notes are issued by Minerva Luxembourg S.A. and
guaranteed by Minerva S.A.

The notes will be unsecured, unsubordinated obligations of the
issuer and will rank equally in right of payment with unsecured
and unsubordinated indebtedness.  The notes are perpetual with no
fixed final maturity date and will be repaid only in the event the
issuer redeems or repurchases the notes or upon acceleration
following an event of default.

Key Rating Drivers

Positive Industry Fundamentals

The fundamentals of the Brazilian beef industry remain positive
due to the abundant cattle herd, low cost structure and positive
revenue momentum derived from strong revenue growth from exports,
a situation that Fitch does not expect to change in the short-
term.  The industry has been through a consolidation process over
the last few years that culminated in the creation of three large
export players.  Fitch expects this consolidation process to give
more stability to the industry at the end of the positive cattle
cycle in Brazil.

Positive Performance

Minerva reported improving revenues and EBITDA in 2013.  The
company's net revenue reached BRL5.5 billion in 2013, which is 25%
higher than in 2012.  The beef division performed well during the
year with domestic sales growing by 17% and exports increasing by
29%. Minerva's EBITDA increased 16% to BRL551 million from BRL475
million in 2012.  EBITDA margins remained relatively flat at 10.1%
compared to 10.3% in 2012.  The company benefits from a
comfortable liquidity position with cash and cash equivalents of
BRL1.5 billion.  The next material maturity date is 2023 when the
USD850 million unsecured notes are due.

Improve Credit Metrics Expected

Fitch expects Minerva's net debt to EBITDA ratio to improve toward
or below 3x over the next two years (3.3x as of the FYE13), as a
result of improved EBITDA due to strong international demand for
beef and the company's focus on free cash flow generation despite
bolt-on acquisition to increase its production capacity.  During
2013 the company, inaugurated two distribution centers (of a total
of six to be opened by 2015), started the investments for the
expansion of Minerva Fine Foods and announced the acquisition of
two plants from BRF in Mato Grosso State.  In early 2014, the
company announced the acquisition of a slaughtering and deboning
plant in Janauba, Minas Gerais state for BRL40 million and in
Uruguay, of Frigorifico Matadero Carrasco S.A. for USD37 million.

Product and Country Concentration Risks

The ratings incorporate risks associated with geographic and
product concentration in beef protein.  Being mainly an exports
company, Minerva's performance is exposed to exchange rate
variations; a downturn in the economy of a given export market;
imposition of increased tariffs or commercial or sanitary
barriers; strikes or other events that may affect the availability
of ports and transportation.  Minerva is more exposed to these
risks than Brazilian competitors such as JBS S.A. and Marfrig S.A.
because of its higher export concentration.  Exports represented
about 70% of revenues at FYE13.

Rating Sensitivities

A negative rating action could occur as a result of a sharp
contraction of the group's performance, increased of net leverage
as a result of either a large debt-financed acquisition, or as a
result of a sharp operational deterioration due to disruptions in

A positive rating action could be triggered by additional
geographic and protein diversification and substantial decrease in
gross and net leverage.

Fitch rates the following:

Minerva S.A.:
-- Local Currency Issuer Default Rating (IDR) 'BB-';
-- Foreign currency IDR 'BB-';
-- National scale rating 'A-(bra) ';

Minerva Luxembourg S.A.:
-- Local currency IDR 'BB-' ';
-- Foreign currency IDR 'BB-'';
-- Senior unsecured notes due in 2017, 2019, 2022 and 2023 'BB-'.
-- Perpetual notes 'BB-' (Exp)

The corporate Rating Outlook is Stable.

C A Y M A N  I S L A N D S

GELSOMINA FINANCE: Placed Under Voluntary Wind-Up
On Feb. 19, 2014, the shareholders of Gelsomina Finance Limited
resolved to voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626

HIGGS CAPITAL: Creditors' Proofs of Debt Due April 10
The creditors of Higgs Capital Master Fund Limited are required to
file their proofs of debt by April 10, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2014.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands

MAPLE LEAF 7: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 7 Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626

MAPLE LEAF 8: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 8 Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626

MAPLE LEAF 9: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 9 Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626

MAPLE LEAF 10: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on Feb. 19, 2014, the
shareholders of Maple Leaf Leasing 10 Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626

OROX CAPITAL: Creditors' Proofs of Debt Due March 31
The creditors of Orox Capital Management are required to file
their proofs of debt by March 31, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

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

PRAGMA UNIVERSAL: Creditors' Proofs of Debt Due April 11
The creditors of Pragma Universal Fund Limited are required to
file their proofs of debt by April 11, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 19, 2014.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700

PRAGMA UNIVERSAL 3: Creditors' Proofs of Debt Due April 11
The creditors of Pragma Universal Fund (Series Three) Limited are
required to file their proofs of debt by April 11, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 14, 2014.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone: (345) 947 4700

SWAN ABSOLUTE: Placed Under Voluntary Wind-Up
On Feb. 28, 2014, the sole member of Swan Absolute Return Fund
Limited resolved to voluntarily wind up the company's operations.

Only creditors who were able to file their proofs of debt by
March 10, 2014, will be included in the company's dividend

The company's liquidator is:

          Consuelo Nardon
          Telephone: +31 88 146 0100
          c/o Arcari Fund Solutions BV
          Suikersilo-Oost 21
          1165 MS Halfweg
          The Netherlands

C O S T A    R I C A

Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) foreign and local-currency Issuer
Default Ratings (IDRs) at 'BB+' as well as its national scale
ratings at 'AAA(cri)' and 'AAA(slv)'.  The Rating Outlook is
Stable. Concurrently, Fitch affirmed Compania Nacional de Fuerza y
Luz's (CNFL) ratings at 'AAA(cri)'.

Key Rating Drivers

Grupo ICE's ratings are supported by the company's linkage to the
Sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+'/Stable
Outlook by Fitch) which stems from government ownership.  The link
between Grupo ICE and the government also reflects the company's
political risk resulting from its tariff approval process and
government-mandated strategy to assure the country's electric
supply, which temper the ratings to that of the sovereign.  The
ratings also reflect the government's implicit and explicit
support, the company's diversified portfolio of assets, and its
adequate financial profile.  Also factored into Grupo ICE's
ratings is its aggressive capital expenditure program oriented
toward increasing renewable generation capacity and maintaining a
strong market share position in the telecommunications business.

Diversified Asset Portfolio:

Grupo ICE has a diversified portfolio of assets and a strong
business position in electricity and telecommunications markets in
Costa Rica.  The ratings reflect the company's low business risk
resulting from its business diversification and positive
characteristics as a utility service provider.

Grupo ICE has a legal monopoly in the electricity sector in Costa
Rica. The issuer is the largest power generator and electric
distribution company in the country.  As of year-end 2013, Grupo
ICE had an installed electric generation capacity of 2,067
megawatts (MW) (national capacity of 2,731MW) and was the
exclusive owner of the national transmission grid.  The national
electric industry includes private generation, municipal
distribution and electric cooperatives that can generate energy in
coordination with Grupo ICE or sell their energy to Grupo ICE.
The company is expected to remain a leader in the
telecommunications industry in the country, notwithstanding recent
changes that opened the industry to competition.  Although this
has resulted in increased competition, it is also expected to
enhance regulatory transparency.  ICE's market share in terms of
subscribers is approximately 100% in fixed telephony and 70% in

During the last 12 months (LTM) ended September 2013, the company
generated revenues and EBITDA of CRC1,314,436 million and
CRC388,299 million, respectively (CRC1,184,950 million and
CRC326,506 million in year 2012).  The company's electricity
segment represented approximately 61% of revenues, with the
telecommunications division contributing the rest.  Fitch expects
ICE's electricity business to increase its contribution given
current and future expansion projects, as well as its relatively
stable results in the telecommunications segment.

Moderated Leverage Driven By Capex:
Grupo ICE's ratings reflect the company's moderate leverage and
adequate interest coverage, yet with some exposure to foreign
exchange risk.  In the last few years, the company's leverage
weakened as a result of the ongoing large capital expenditures
program, which has been financed mainly with debt.  Fitch expects
the company will be able to reduce leverage as new generation
projects, such as PH Reventazon, come online in the next few
years, absent significant changes in the tariff scheme.

As of September 2013, Grupo ICE reported consolidated debt of
USD3.5 billion, of which USD352 million was short-term and nearly
79% was denominated in USD.  The company benefits from a very
favorable debt maturity schedule - only 32% of total financial
debt matures in the next five years.  For the LTM ended September
2013, financial leverage, as measured by total adjusted debt-to-
EBITDAR, totaled 5.1x (vs. 5.8x in December 2012).

Aggressive Capital Expenditure Plan:
Grupo ICE's capital investment plan is considered aggressive and
could weaken the company's financial profile, without increased
cash flow generation and adequate tariff adjustments.  The company
plans to invest approximately USD3.7 billion over the next five
years to increase renewable generation capacity and maintain its
leadership position in telecommunications in Costa Rica.

Going forward, Grupo ICE's credit metrics could deteriorate
significantly.  Leverage could increase consistently to over 6.0x
if the company finances its capital investment plan heavily with
debt and the revenues associated with these investments are
delayed beyond the expected ramp-up timeframe or do not receive
tariff adjustments.  Grupo ICE expects to finance its investments
with a combination of internal cash flow, debt, Build Operate and
Transfer (BOT) transactions, project finance vehicles and
operating leases.

High Exposure To Regulatory And Political Interference:
Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schedules.
Each year, the company proposes electricity tariffs for end-users
to the regulator; in previous years, regulatory and political
interference affected the tariff adjustment process.

Since 2013, tariffs reflect fossil fuel cost variations on a
quarterly basis.  This change had a positive impact on Grupo ICE's
cash generation and reduced its exposure to hydrology risk.
Previously, tariffs did not fully recognize the company's moderate
exposure to fuel prices which is borne by its thermoelectric
generation business (8%-10% of annual generation on average).

The recent Telecom regulatory framework considers changes in
tariffs and competition rules.  Fitch expects that new regulations
could enhance regulatory transparency.  Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain
relative stable cash flow generation.  Also, the company is
exposed to political interference given that the government
appoints and removes ICE's directors and executives, sets and
approves the company's tariffs, and regulates its budget.

Ratings Sensitivity

-- Grupo ICE's ratings could be negatively affected by any
combination of the following factors: sovereign downgrades;
weakening of legal, operational and/or strategic ties with the
government; or regulatory intervention that negatively affects the
company's financial performance.

-- Grupo ICE's ratings could be positively affected by an upgrade
of Costa Rica's sovereign rating, or if the company is materially
isolated from government interference.

Fitch has affirmed the following ratings for Grupo ICE:

-- Long-term FC IDR at 'BB+'; Stable Outlook;
-- Long-term LC IDR at 'BB+'; Stable Outlook;
-- Senior unsecured debt at 'BB+';
-- Long-term national scale (Costa Rica) at 'AAA(cri)'; Stable
-- Senior unsecured domestic long-term debt (Costa Rica) at
'AAA(cri)'; Stable Outlook;
-- Short-term debt at 'F1+(cri)';
-- Long-term national scale (El Salvador) at 'AAA(slv)'; Stable
-- Senior unsecured domestic long-term debt (El Salvador) at

Fitch has also affirmed the following ratings for ICE Subsidiary,
Compania Nacional de Fuerza y Luz S.A. (CNFL):

-- Long-term national scale (Costa Rica) at 'AAA(cri)'; Stable
-- Senior unsecured domestic long-term debt (Costa Rica) at


* COLOMBIA: To Get US$12MM IDB Loan to Improve Tax Collection
The Inter-American Development Bank (IDB) has approved a US$12
million loan to Colombia that will allow it to develop and
implement a system of electronic invoicing, which will increase
the country's tax and customs-duty collection capability and will
ease Colombia's insertion into the international economy.

The Promotion and Extension of an Electronic Invoice in Colombia
will be a vital tool in the government's efforts to combat tax
evasion, which in the case of VAT stands at about 25 percent.

Besides reducing companies' costs in complying with tax
regulations, electronic invoicing will enhance the
interoperability of billing systems with other countries in the
region, which will contribute to the goal of increasing and
facilitating trade within Latin America.

The project calls for the design and implementation of an
electronic invoicing technological platform, and includes the
provision of free computer services to small-and medium-size
companies that are less developed from a business standpoint.

The IDB loan for US$12 million will have a bullet repayment in
2029, a grace period of 15.25 years and an interest rate based on


* DOMINICA: Raises EC$20 Million on Regional Securities Market
-------------------------------------------------------------- reports that Dominica raised EC$20 million on
the Regional Government Securities Market (RGSM) on March 17, with
with Prime Minister Roosevelt Skerrit saying it represents
confidence in the policies of his administration.

The money was raised at a record low 1.999 per cent through the
first of a series of three 91-day Treasury Bill offerings,
according to

"Many countries in the developed world especially in Europe have
had difficulty in raising monies at concessionary rates.  The
discount rate achieved in Monday's Treasury bill offering means
that government can now raise the financing it needs at a lower
cost to the taxpayers of Dominica," the report quoted Mr. Skerrit,
who is also finance minister, as saying.

Prime Minister Skerrit said his administration has had to grapple
with Dominica's own challenges "but we have worked actively to
build a strong platform for sustained economic growth."

"Our prudent fiscal and economic policies have insulated the
country from the more severe effects of the global recession,"
Prime Minister Skerrit added, the report notes.

The report relates that a government statement said that the rate
of 1.999% is 50 basis points below the previous record of 2.49 per

"Investors view the purchase of the 91 day Treasury bill as a low-
risk investment opportunity.  The low Treasury bill rate
demonstrated the ability of the Government of Dominica to raise
money at relatively low cost," the statement said, the report

It said that as a result, the government will seek to raise an
additional EC$65 million on the RGSM through the remaining two, 91
day Treasury bills and one five year, EC$25 million bond, the
report discloses.

"This is to finance part of government's operating budget and
refinance existing government debt, the interest rate on which is
much higher than the interest rate government obtains on its
Treasury bills. Treasury Bills present an avenue to invest outside
of the normal banking system," the statement added, the report


BANCO INDUSTRIAL: S&P Affirms LT ICR at 'BB'; Outlook Stable
Standard & Poor's Ratings Services affirmed its Long-term 'BB' and
short-term 'B' issuer credit ratings on Banco Industrial S.A.
(BI).  The stand-alone credit profile (SACP) is 'bb+'.  The
outlook is stable.

The ratings reflect BI's "strong" business position, S&P's
"moderate" capital and earnings assessment, the bank's "moderate"
risk position, "average" funding and "adequate" liquidity.  The
ratings on the Republic of Guatemala limit the ratings on the bank
because, in S&P's view, neither BI nor its subsidiaries could
withstand a liquidity shortage without any government support.
Furthermore, BI is highly exposed to the sovereign.

S&P's bank criteria uses its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR).  The anchor for a bank operating only
in Guatemala is 'bb+'.

In S&P's view, economic risk in Guatemala has not changed since
its last revision.  S&P's economic risk score reflects the
country's limited fiscal flexibility, primarily stemming from a
low tax base.  Although sovereign debt levels will remain low
relative to GDP, total debt will likely increase over the next
several years unless the government successfully implements tax
reforms and boosts GDP growth prospects.  Poor economic
performance has prevented any significant income improvements and
continues to limit private-sector debt capacity, which, combined
with significant foreign currency lending, results in very high
credit risks in the economy.

Industry risks in Guatemala have also remained unchanged.  Recent
amendments continue to strengthen the regulatory framework, and
other projects, such as extending supervision over microfinance
institutions, are in the pipeline.  "Competitive dynamics" risks
remain moderate thanks to the banking sector's sound
profitability, a focus on traditional banking products, and
absence of significant market distortions.  Guatemala's banking
system has a historically stable core customer deposit base and
access to external credit lines, but the underdeveloped domestic
capital debt markets constrain funding diversification.

"The stable outlook mirrors that on the sovereign. We expect BI to
keep its leading position in the Guatemalan banking system, and
maintain its moderate capital and earnings during the next 12 to
18 months, while it expands its loan portfolio and boosts internal
capital generation," said Standard & Poor's credit analyst Jesus


BANCO AZTECA: Moody's Assigns D- Standalone Bank Financial Rating
Moody's de Mexico assigned a D- (D minus) standalone bank
financial strength rating (BFSR) to Banco Azteca, S.A. (Banco
Azteca), which maps to a standalone baseline credit assessment
(BCA) of ba3. At the same time, Moody's assigned long and short
term local and foreign currency deposit ratings of Ba1/Not Prime,
respectively, to the bank. Moody's also assigned long and short
term Mexican National Scale deposit ratings of to
Banco Azteca. The outlook on all ratings is stable.

List Of Ratings Assigned

The following ratings were assigned to Banco Azteca:

Bank financial strength rating of D- (D minus), stable outlook

Long term local currency deposit rating: Ba1, stable outlook

Short term local currency deposit rating: Not Prime

Long term foreign currency deposit rating: Ba1, stable outlook

Short term foreign currency deposit rating: Not Prime

Long term Mexican National Scale rating:, stable outlook

Short term Mexican National Scale rating: MX-2

Ratings Rationale

Standalone Ratings

Banco Azteca's standalone BFSR of D- mapping to a ba3 standalone
BCA takes into account the bank's strong market share in the
consumer lending segment in Mexico, which is balanced by a higher
risk profile overall. Particularly, Moody's cited the bank's
strong know-how and specialization in providing financing to low-
income consumers in Mexico Banco Azteca's deep knowledge and
expertise in lending to a higher risk lending segment has allowed
it to be among the largest consumer finance banks in Mexico.
Moreover, Banco Azteca's core target segment provides good growth
prospects given the large critical mass of potential customers
inherent to this segment and because it is largely unattended by
the large universal banks in Mexico.

The rating agency also mentioned that Banco Azteca's nationwide
branch network and synergies with retail subsidiaries of parent
company Grupo Elektra, S.A.B. de C.V. (Elektra, Ba3 stable) have
allowed it to build a defensible geographic footprint and attract
an ample and stable base of low-cost core deposits. Moreover, the
bank holds a good ability to generate ample and consistent
intermediation spreads (NIM of 49.4% as of year-end 2013) from its
core customers. Moody's noted that the bank's strong loan
collection practices have been instrumental in limiting credit
losses over time despite relative high NPLs that result from rapid
growth of loans to high risk customers. However this also leads to
high collection costs that consume around 80% of revenues,
ultimately leading to profitability ratios that are in line with
those of most universal banks in Mexico despite Azteca's higher

Moody's also cited that while the bank has ample liquidity and its
capitalization levels are relatively strong, with a reported Tier
1 ratio of 13.3% as of end 31 December 2013, the standalone BCA is
nevertheless constrained by potential high credit risks posted by
the bank's small, yet highly concentrated commercial portfolio
composed of high-risk profile companies, and notable exposure to
related-party loans. Effectively, these credit exposures offset
the benefits derived from the bank's very granular consumer loan
portfolio. Moody's noted that the bank's 20-largest credit
exposures are significant at 183% Tier 1 capital. Loans to related
parties increased to 48% of Tier 1 capital at the end of 2013,
from a 3-year average of 31%. The high level of related-party
lending, although within regulatory limits, underscores concerns
in terms of potential risks in corporate governance stemming from
the bank's closely-held family-based ownership structure, which
could make it more difficult for the board or management to handle
resulting conflicts of interest.

Moody's also noted the negative trend in the bank's asset quality
metrics derived from a still unseasoned microfinance business,
which overall brought the bank's delinquency ratio to 8.35% at end
2013, from 6.52% a year before. While management has taken
measures to reduce the level of delinquencies in its microfinance
portfolio, the effectiveness of such measures is yet to be proven.
Separately, additional deterioration in asset quality could result
if the bank faces pressure to increase its consumer loan portfolio
in order to support increased sales at Elektra stores.

Deposit Ratings

Banco Azteca's Ba1 deposit ratings benefit from two notches of
uplift from the bank's standalone BCA of ba3, in line with Moody's
assessment of high systemic support probability owing to the
bank's important market share within the consumer lending business
and focus on low income depositors, both of which the current
government has prioritized as key sectors for increasing
intermediation in Mexico. In terms of parental support,
notwithstanding the important synergies between Banco Azteca and
Elektra, the deposit rating incorporates no parent or group
extraordinary support benefit because the holding company depends
for nearly 70% of its revenues from Banco Azteca.

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

The period of time covered in the financial information used to
determine Banco Azteca's rating is between 1 January 2006 and 31
December 2013 (source: Moody's, Issuers' financial statements,
CNBV and Banxico).

The sources and items of information used to determine the rating
include 2012 and 2013 interim financial statements (source:
Moody's and Issuers' financial statements); year-end 2012 and 2013
audited financial statements (source: Moody's and Issuers' annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).

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 M'xico. 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".

The long term Mexican National Scale rating of indicates
issuers or issues with very strong creditworthiness relative to
other domestic issuers.

The short term Mexican National Scale rating of MX-2 indicates
issuers or issues with above average ability to repay short-term
senior unsecured debt obligations relative to other domestic

Banco Azteca is headquartered in Mexico City. As of December 2013,
it had Mx$100.3 billion in assets.

CORPORACION GEO: Files for Bankruptcy in Mexico
Amy Guthrie at The Wall Street Journal reports that Corporacion
GEO SAB de CV said it filed for bankruptcy protection in Mexico
with a prearranged restructuring plan it hopes will get the
struggling company building again.

In a statement, GEO SAB said several bank creditors and
bondholders signed off on the plan, according to The Wall Street

The WSJ notes that GEO SAB said the banks on board are Citigroup's
Mexican unit, Banamex; HSBC; Mexican bank Banorte; Santander;
Carlos Slim's Inbursa; and BBVA Bancomer.

GEO SAB is one of three major Mexican home builders-along with
Urbi Desarrollos Urbanos SAB and Desarrolladora Homex SAB --
struggling with serious cash restraints amid drastic changes in
Mexico's low-income housing sector, the report notes.

As reported in the Troubled Company Reporter on March 14, 2014,
The WSJ said that Corporacion GEO SAB is preparing to file for
bankruptcy protection in Mexico to restructure a roughly US$1.5
billion debt load that has brought its output to a near-
standstill, people familiar with the company's plans said.
According to the report, Geo, hurt by problems in Mexico's low-
income housing sector, is preparing to file a streamlined
bankruptcy in a Mexican court. The company was in talks with a
creditor group on a US$200 million to US$300 million loan to fund
its restructuring, some of these people said. Geo has been in
talks for months with creditors based in Mexico, the U.S. and
elsewhere, the people said.  The company has negotiated with its
bank lenders to reopen construction lines of financing that had
been frozen, these people said, the report related.  The funding
would help Geo undertake more than 20 projects and essentially
restart its construction business, they added.  Geo's debt
includes just over US$700 million in U.S. dollar-denominated bonds
as well as loans from some of Mexico's biggest commercial banks,
WSJ said.

Last April, the WSJ recalls, Geo stopped making bond payments and
fell behind on its loans.  In May, Mexico's Infonavit, which
originated three-quarters of Geo's mortgage loans, cut off
payments to the builder to comply with court orders secured by
creditors, the WSJ relays. disclosed that Cleary Gottlieb Steen & Hamilton LLP
will represent GEO SAB in its US$1.5 billion insolvency, the first
of its kind under the country's recently revised bankruptcy laws.

                       About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

Fitch Ratings downgraded Corporacion GEO, S.A. de C.V. (GEO)'s
Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'C' and
Local Currency IDR to 'RD' from 'C'.  The company's MXN400 million
Certificados Bursatiles due 2014 is also downgraded to 'D(Mex)'
from 'C(Mex).'

FINANCIERA INDEPENDENCIA: S&P Revises Outlook & Affirms B+ Rating
Standard & Poor's Ratings Services revised its outlook on
Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. (Findep) to
positive from stable.  At the same time, S&P affirmed its 'B+'
global scale and 'mxBBB/mxA-3' Mexican national scale ratings on
the company.  S&P also affirmed its 'B+' rating on Findep's $200
million senior unsecured notes due March 2015.

The outlook revision reflects S&P's opinion that Findep has
adequately addressed the causes that led to a deterioration of its
loan portfolio in the past two years.  S&P believes the company
will improve its bottom-line results as it resumes loan portfolio
growth, aligning the profitability and capitalization metrics with
the risk it underwrites.

S&P's ratings on Findep reflect its below-average asset quality
metrics compared with those of its rated peers, the highly
competitive market in which it operates, its moderate
profitability, and the burden of intangibles in its adjusted
capitalization.  S&P continues to consider the company's business
profile, underpinned by its good market position and geographic
diversification, as well as its satisfactory liquidity risk
management as positive rating factors.

S&P considers Findep's below-average asset quality compared with
those of its rated peers as its major rating weakness, reflecting
the nature of its business--unsecured personal loans--and its
riskier customer profiles.  The revised policies and procedures
for new originations since the fourth quarter of 2012 and the
focus on early delinquencies improved the company's asset quality
performance in 2013.  Findep made additional enhancements to its
origination and collection practices during the year, such as
increasing the proportion of loans to the formal segments,
cancelling unused revolving lines, and realigning incentives in
its internal collection area.


CORPORACION PESQUERA: Fitch Affirms FC IDR at 'B+'; Outlook Stable
Fitch Ratings has affirmed the ratings for Copeinca ASA (Copeinca)
and its wholly-owned subsidiary Corporacion Pesquera Inca SAC
(COPEINCA) as follows:

--Foreign Currency Issuer Default Rating (IDR) at 'B+'; Outlook

--Foreign Currency IDR at 'B+'; Outlook Stable;
--USD250 million senior unsecured notes at 'B+/RR4'.

The 'B+' rating reflects the strategic importance of Copeinca for
China Fishery Group Limited (CFGL, 'BB-'/Outlook Negative), which
is in process of refinancing its bridge loan and integrating its
Peruvian operations with those of Copeinca.

Importance of China Fishery: The 'B+' rating incorporates the
strategic and material importance of Copeinca for CFGL due to its
recent acquisition by CFGL.  Fitch estimates that CFGL's Peruvian
operations (including Copeinca) will represent about half of
CFGL's total EBITDA. CFGL's credit profile has weakened following
the acquisition of Copeinca ASA for USD778 million in August 2013.
CFGL net leverage reached 4.9x at FYE13.  Fitch understands that
CFLG is working on its refinancing and aims to deleverage.

Refinancing of CFGL: CFGL has proposed the delisting of Copeinca.
CFGL is expected to refinance its bridge loan with its core banks
with medium-to long-term bank loans.  In Copeinca's bond
documentation a merger, or Copeinca's providing guarantees,
triggers the repayment of its outstanding bonds if bondholders do
not provide a waiver.  The repayment of these credits is expected
to facilitate the integration of the Peruvian operations of both

Industry Risk and Product Concentration: Copeinca's ratings
reflect the company's solid market position as the second largest
producer in the Peruvian fishmeal industry, with a 10.7% fishing
quota in Peru's northern zone.  The ratings are constrained by
seasonality, industry risks such as price fluctuation on fishmeal
and fish oil products, climatic events such as El Nino and La
Nina, and unexpected migrations of the anchovy biomass.  The
company's product and customer diversification are limited.
Fishmeal and fish oil represent 100% of the company's sales, and
China is the company's main market.

Increased Leverage: Copeinca net leverage increased to 5.9x from
1.8x as a result of the decline of its operating performance in
2013 because of lower beginning inventory of fishmeal and fish oil
from the second fishing season of 2012 due to significant
reduction in the quota awarded (810,000 Metrics Tons [MT] in 2012
versus 2,500,000 in 2011).  The deterioration of Copeinca's net
leverage is also the consequence of an increase of its
inventories, short-term borrowings and transfer of funds to
intermediate holding company.  Fitch notes an increase of USD220
million which is reported as an amount due from intermediate
holding company in Copeinca's balance sheet as of FYE13 which
follows its acquisition from China Fishery.  Fitch expects
Copeinca's performance to improve in 2014 thanks to an increase of
its fishmeal production.

Debt Structure and Short-Term debt: The group's liquidity position
is more aggressive given Copeinca's increase of short-term debt
and limited cash balance, which was reduced to USD8 million as of
FYE13 from USD39 million in FYE12.  Copeinca's debt includes
USD250 million of unsecured notes due in 2017 and short-term debt,
mainly working capital lines and inventory financing (USD130
million in total as of FYE13).

Rating Sensitivities:
Negative Rating Action: Factors that could result in a negative
rating action include significant disruptions or failure of the
integration of Copeinca's operations within CFGL.  A further
increase in net leverage of CFGL would also be viewed negatively,
as would adverse performance due to climatic conditions, declining
fishmeal and fish oil prices and weak liquidity position not
supported by bank lines.

Positive Rating Action: Factors that could trigger a positive
rating action include a good visibility on the group's future
financial and business strategy under the new shareholder
structure with a significant reduction in leverage levels on a
sustained basis.


BOND PRICING: For the Week From March 17 to March 21, 2014

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026    CLP    72.61
Aguas Andinas SA               4.15    12/1/2026    CLP    69.55
Telecomunicaciones SA          3.5    12/15/2014    CLP    22.19
Argentina Bocon                2      1/3/2016      ARS     9.05
Argentina Bocon                2      3/15/2014     ARS    13.8
Argentina Boden Bonds          2      9/30/2014     ARS    55.13
Argentine International Bond   7.82  12/31/2033     EUR    67.75
Argentine International Bond   7.82  12/31/2033     EUR    66.7
Argentine International Bond   8.28  12/31/2033     USD    67.5
Argentine International Bond   1.18  12/31/2038     ARS    42.26
Argentine International Bond   8.28  12/31/2033     USD    70.5
Argentine International Bond   7.82  12/31/2033     EUR    67.63
Argentine International Bond   8.28  12/31/2033     USD    71.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   4.33  12/31/2033     JPY    39.5
Argentine International Bond   0.45  12/31/2038     JPY    15.5
Argentine International Bond   8.28  12/31/2033     USD    69
Automotores Gildemeister SA    6.75  1/15/2023      USD    72.14
BA-CA Finance Cayman 2 Ltd     1.838                EUR    68.5
BCP Finance Co Ltd             5.543                EUR    50.75
BCP Finance Co Ltd             4.239                EUR    50.42
BES Finance Ltd                4.5                  EUR    71.17
Banco BPI SA/Cayman Islands    4.15  11/14/2035     EUR    57.38
Banco BVA SA                   9.125  2/7/2014      USD    10.01
Banif Finance Ltd              1.663                EUR    44
Bank Austria Creditanstalt
Finance Cayman Ltd             2.156                EUR    68.25
Bolivarian Republic
of Venezuela                   9.25   9/15/2027     USD    73.68
Bolivarian Republic of
Venezuela                      7      3/31/2038     USD    60.12
CA La Electricidad
de Caracas                     8.5    4/10/2018     USD    74.7
Caixa Geral De
Depositos Finance              1.064                EUR    41.14
Caixa Geral De
Depositos Finance              1.094                EUR    39
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    38.6
China Forestry
Holdings Co Ltd               10.25   11/17/2015    USD    36.5
China Precious Metal
Resources Holdings Co Ltd      7.25     2/4/2018    HKD    69.78
Cia Cervecerias Unidas SA      4      12/1/2024     CLP    55.51
Cia Sud Americana
de Vapores SA                  6.4    10/1/2022     CLP    65.75
Transener S.A                  9.75   8/15/2021     USD    68
Transener S.A                  9.75   8/15/2021     USD    67.13
City of Buenos
Aires Argentina                3.95   5/17/2019     USD    73
ERB Hellas Cayman
ERB Hellas Cayman Islands Ltd  9      3/8/2019      EUR    56
ESFG International Ltd         5.753                EUR    59
Empresa Distribuidora
Y Comercializadora Norte       9.75  10/25/2022     USD    66.5
Empresa Distribuidora
Y Comercializadora Norte       10.5  10/9/2017      USD    64.5
Empresa Distribuidora
Y Comercializadora Norte        9.75 10/25/2022     USD    63.63
Formosa Province of Argentina   5     2/27/2022     USD    71.25
Gol Finance                     8.75                USD    67.5
Gol Finance                     8.75                USD    67.38
Hidili Industry International
Development Ltd                 8.6   11/4/2015     USD    75.63
Inversiones Alsacia SA          8     8/18/2018     USD    72.53
Inversora de Electrica
de Buenos Aires SA              6.5   9/26/2017     USD    43.75
MTR Corp Cayman Islands Ltd     3.25  3/12/2043     HKD    73.01
MTR Corp Cayman Islands Ltd     3.25  1/28/2043     HKD    72.13
Petroleos de Venezuela SA       6    11/15/2026     USD    55.75
Petroleos de Venezuela SA       5.37  4/12/2027     USD    53.25
Petroleos de Venezuela SA       5.25  4/12/2017     USD    72
Petroleos de Venezuela SA       9.75  5/17/2035     USD    70
Petroleos de Venezuela SA       9    11/17/2021     USD    73
Petroleos de Venezuela SA       5.5   4/12/2037     USD    50
Petroleos de Venezuela SA       6    11/15/2026     USD    55.16
Petroleos de Venezuela SA       9    11/17/2021     USD    71.46
Petroleos de Venezuela SA       9.75  5/17/2035     USD    68.66
Provincia del Chaco             4    11/4/2023      USD    62.38
Provincia del Chaco             4    12/4/2026      USD    33
Renhe Commercial Holdings
Co Ltd                         13    3/10/2016      USD    69.13
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
Renhe Commercial
Holdings Co Ltd                13    3/10/2016      USD    69.88
Renhe Commercial
Holdings Co Ltd                11.75 5/18/2015      USD    72.38
SMU SA                         7.75  2/8/2020       USD    73.03
SMU SA                         7.75  2/8/2020       USD    72.63
Sifco SA                      11.5   6/6/2016       USD    33.5
Talca Chillan Sociedad
Concesionaria SA               2.75 12/15/2019      CLP    55.64
Venezuela International Bond   7.75 10/13/2019      USD    71.75
Venezuela International Bond   9      5/7/2023      USD    70
Venezuela International Bond   9.375  1/13/2034     USD    69.75
Venezuela International Bond   7     12/1/2018      USD    73.75
Venezuela International Bond   9.25   5/7/2028      USD    69
Venezuela International Bond   8.25  10/13/2024     USD    66
Venezuela International Bond   7.65   4/21/2025     USD    64.25
Venezuela International Bond   6     12/9/2020      USD    64.25
Venezuela International Bond   9.25   9/15/2027     USD    72.25
Venezuela International Bond   7      3/31/2038     USD    60.5
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    67
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    66.45
Virgolino de Oliveira
Finance Ltd                   10.5    1/28/2018     USD    65
Virgolino de Oliveira
Finance Ltd                   11.75    2/9/2022     USD    65.13


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
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S U B S C R I P T I O N   I N F O R M A T I O N

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

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

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