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

           Thursday, March 27, 2014, Vol. 15, No. 61



CCF CREDITOS: Moody's Rates ARS21.8MM Certificates 'Caa3'


BR PROPERTIES: Fitch Affirms 'BB' IDR; Outlook Stable
CENTRAIS ELETRICAS: S&P Revises Outlook to Pos. & Keeps 'CCC+' CCR
CIMENTO TUPI: Fitch Affirms Issuer Default Rating at 'B'
VIRGOLINO DE OLIVEIRA SA: Fitch Puts 'B' IDR on Watch Negative

C A Y M A N  I S L A N D S

EVERGREEN AUSTRALIAN: Shareholders' Final Meeting Set for April 24
EVERGREEN MASTER: Shareholders' Final Meeting Set for April 24
KINESIS GLOBAL: Shareholders' Final Meeting Set for April 1
LIBERTY 2005: Creditors' Proofs of Debt Due April 7
LUISANA LTD: Creditors' Proofs of Debt Due April 1

MJM ADVISORS: Shareholders' Final Meeting Set for April 1
PRIMA HOLDINGS: Shareholders' Final Meeting Set for March 31
SHERMAN HEALTH: Commences Liquidation Proceedings
SURZUR OVERSEAS: Members' Final Meeting Set for April 11
TOP HAT: Members' Final Meeting Set for April 10

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Rebuffs Official Claim it Didn't Recover Forests


DIGICEL GROUP: Pays US$650 Million in Dividends to Shareholders


CEMEX S.A.B.: S&P Assigns 'B+' Rating on Unit's EUR300MM Sr. Notes
CEMEX S.A.B.: Fitch Rates Unit's EUR300MM Notes Issuance 'BB-/RR3'


LOS PORTALES: Fitch Assigns 'B+' Issuer Default Rating

T R I N I D A D  &  T O B A G O

FIRST CITIZENS: BIGWU Calls for Removal of Chairman; CRO Fired


PETROLEOS DE VENEZUELA: Fitch Cuts IDRs to 'B'; Outlook Negative
VENEZUELA: Fitch Cuts IDRs to 'B'; Outlook Negative

                            - - - - -


CCF CREDITOS: Moody's Rates ARS21.8MM Certificates 'Caa3'
Moody's Latin America Agente de Calificacion de Riesgo S.A.
(Moody's) has assigned ratings to the debt securities and
certificates of Fideicomiso Financiero CCF Creditos Serie 5. This
transaction will be issued by TMF Trust Company (Argentina) S.A. -
acting solely in its capacity as issuer and trustee.

Moody's notes the securities contemplated by this transaction have
not yet settled. The transaction is pending approval from the
"Comision Nacional de Valores", if any assumptions or factors
considered by Moody's in assigning the ratings change before
closing, Moody's could change the ratings assigned to the notes.

ARS 174,424,000 in Class A Floating Rate Debt Securities (VDF
TVA) of "Fideicomiso Financiero CCF Creditos Serie 5", rated (sf) (Argentine National Scale) and B1 (sf) (Global Scale,
Local Currency)

ARS 21,803,000 in Class B Floating Rate Debt Securities (VDF TVB)
of "Fideicomiso Financiero CCF Creditos Serie 5", rated (sf)
(Argentine National Scale) and Caa2 (sf) (Global Scale, Local

ARS 21,803,000 in Certificates (CP) of "Fideicomiso Financiero
CCF Creditos Serie 5", rated (sf) (Argentine National
Scale) and Caa3 (sf) (Global Scale, Local Currency)

The rating of the VDF TVA and VDF TVB securities addresses the
expected loss posed to investors related to the payment of
interest and principal by the legal final maturity date (December
12, 2016). The rating of the CP addresses the expected loss posed
to investors related to the repayment of the principal only by the
legal final maturity date. The rating of the CP does not address
any other interest or residual payments.

Ratings Rationale

The ratings are mainly based on the following factors:

The turbo sequential payment structure which captures all the
available excess spread in the transaction to pay down the VDF
securities (approximately 48.67% annually, assuming 0% defaults
and 0% prepayments, before expenses and taxes)

The ability of Cordial CompanĦa Financiera S.A. (CCF)
(Caa1/ to act as primary servicer of the pool

The ability of Banco Supervielle S.A. (Caa1/ to act as
backup servicer

The credit quality of the underlying loans

The availability of several reserve funds

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 29,197
eligible personal loans denominated in Argentine pesos, with a
fixed interest rate, originated by Cordial Compa¤Ħa Financiera
S.A. (CCF), in an aggregate amount of ARS 177,442,619.

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction. A worsening in macroeconomic
conditions such as an increase in unemployment could increase the
losses of the pool. Obligors in this transaction belong to low or
middle income socioeconomic segments, therefore they may be more
affected by a slowdown in the economic activity or higher
unemployment. However, Moody's believes CCF's has in place solid
collection and loss mitigation practices that should mitigate this
risk to some extent.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of CCF's
portfolio. In addition, Moody's considered factors common to
consumer loans securitizations such as delinquencies, prepayments
and losses; as well as specific factors related to the Argentine
market, such as the probability of an increase in losses if there
are changes in the macroeconomic scenario in Argentina.

These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults as follows: a mean of 14% and
a coefficient of variation of 60%. Moody's also assumed a
lognormal distribution for prepayments with a mean of 30% and a
coefficient of variation of 50%. These assumptions are derived
from the historical performance to date of the CCF pools. Servicer
default was modeled by simulating the default of CCF as the
servicer consistent with its current ratings. In the scenarios
where the servicer defaults, Moody's assumed that the defaults on
the pool would increase by 20 percentage points compared with the
base default assumption.

The model results showed 0.29% expected loss for the VDF TVA
securities, 12.10% for the VDF TVB and 39.35% for the CP

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. The transaction is linked to the credit
quality of the servicer, which will transfer collections to the
trust account every 72 hours. Therefore, there are three days of
commingling risk at the servicer level. If CCF is removed as
servicer, Banco Supervielle S.A. will be appointed as the backup
servicer. However, Banco Supervielle belongs to the same economic
group than the primary servicer. This is mitigated by the fact
that collections are initially received by two collection agents
before flowing into CCF's account. Borrowers should be able to
continue making payments at any of these two collection agents if
the servicer needs to be replaced. As a result, any potential
servicer replacement should be simpler in this case than in other
Argentine transactions.

CCF, the originator and primary servicer in the transaction, is a
financial company owned by Banco Supervielle (Caa1/ which
holds 95% of CCF's shares. CCF offers financial products such as
credit cards, personal and consumer loans to Wal-Mart customers in
Argentina, based on a commercial agreement with Wal-Mart Argentina
S.R.L. signed in July 2010. CCF current deposit ratings are
(national scale rating) and Caa1 (global scale, local currency).

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 6% from
the base case scenario, the ratings of the VDF TVA, VDF TVB and
the CP would be downgraded to B2 (sf), Caa3 (sf) and Ca (sf)

The principal methodology used in this rating was "Moody's
Approach to Rating Consumer Loan ABS Transactions" published in
May 2013.

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

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.


BR PROPERTIES: Fitch Affirms 'BB' IDR; Outlook Stable
Fitch Ratings has affirmed BR Properties S.A.'s (BR Properties)
foreign and local currency Issuer Default Ratings (IDR) at 'BB'
and long-term national scale at 'AA-(bra)'.  Fitch has also
affirmed the senior unsecured perpetual notes issuance, in the
amount of USD285 million, at 'BB'.  The Outlook for the corporate
ratings is Stable.


The ratings reflect BR Properties' leading position in the
Brazilian commercial properties segment and its predictable cash
flow generation from lease agreements during diverse macroeconomic
conditions.  The ratings also incorporate the high quality of the
properties and of its tenant base which, combined with the scale
of its business, adds more consistency to its results.

BR Properties has an adequate financial profile for its business
sector and a prudent risk management policy, preserving an
adequate cash reserve to cover annual debt amortization and an
eventual increase in the vacancy rates.  BR Properties' ratings
are constrained by the company's low financial flexibility from
unencumbered assets, the cyclicality of the commercial properties
business, and the company's reliance on long-term lines of credit
to finance its expansion plans.

The ratings consider that the possible sale of BR Properties'
industrial portfolio during the first half of 2014 should not
impact the ratings.  The company signed an agreement in March 2014
to sell 34 industrial warehouses to LPP Empreendimentos e
Participacoes Ltda. (an entity of the Global Logistic Properties
Limited group - GLP) for BRL3.18 billion.  The benefits from the
transaction to the company's liquidity and credit metrics should
be momentary and do not reflect Fitch's expectation for the
company's leverage in the long term.

Predictable Operational Cash Flow

BR Properties benefits from a predictable and consistent cash flow
from lease agreements.  A significant part of the proceeds from
the sale of industrial properties, if concluded, should be
directed to higher dividends distribution and free cash flow (FCF)
should be strongly negative in 2014. FCF should be positive in
2015.  The company has been efficient to increase revenues and
preserve robust EBITDA margins. In 2013, BR Properties generated
BRL811 million of EBITDA, with EBITDA margins of 87.8%, BRL168
million of funds from operations (FFO), and BRL194 million of cash
flow from operations (CFFO).  With investments of BRL230 million
and BRL160 million of dividends, FCF was negative BRL196 million.
Fitch expects an annual EBITDA reduction of BRL200 million as a
result of the sale of its industrial portfolio.

Moderate Leverage in the Medium Term

BR Properties' ratings incorporate Fitch's expectation that the
company's net leverage will be between 4.5x and 5.0x in the medium
term, due to the company's growth strategy.  Fitch expects a
punctual reduction of net debt/EBITDA ratio in 2014, to 3.5x, as
BR Properties should benefit from greater cash generation from
projects in development and sale of assets.  Total debt/EBITDA was
6.9x and net debt/EBITDA was 5.7x in 2013, compared to 9.9x and
8.8x, respectively, in 2012.  Relative to the value of the
company's property portfolio, leverage is manageable with a loan-
to-value ratio of about 41% and 34% on a net basis, at December

Manageable Liquidity

BR Properties has a prudent risk management policy and has
preserved an adequate cash reserve. As of Dec. 31, 2013, the
company reported cash and marketable securities of BRL951 million,
that covered 1.0x short-term debt of BRL923 million.  Total debt
was BRL5.6 billion and included two debentures issued in 2013, in
the amount of BRL850 million.  Fitch considers the concentration
of debt maturities of BRL1.6 billion in 2016 manageable and that
liquidity should benefit from the BRL3.18 billion sale of
properties in 2014, despite potential pressure of higher dividend
distribution.  Fitch also expects FFO interest coverage to remain
around 1.3x in the short term.  In 2013, FFO interest coverage was
1.3x, while EBITDA-to-gross interest expense ratio was 1.5x.
BR Properties has limited financial flexibility from its
unencumbered assets.  As of Dec. 31, 2013, about BRL3.5 billion of
total debt was guaranteed by receivables from rental agreements or
by the properties.  Unencumbered assets had an estimated market
value of BRL2.3 billion, which may be available for sale or serve
as collateral for a secured financing, if needed.  The estimated
value of unencumbered assets covered about 1.1x of unsecured debt
of BRL2.1 billion.  Fitch does not expect a reduction of the
portion of its encumbered assets in the medium term.

More Challenging Market Environment

BR Properties' higher vacancy rate is a concern.  Vacancy rates
increased in 2013 as a result of the deliveries of partially
leased properties, in a more challenging market environment.  The
financial and physical vacancy rates as of December 2013 were 8.6%
and 4.1%, respectively.  Higher stock in the market also
contributed to lower leasing spread in 2013, of 3% above
inflation, compared to higher levels reported in 2011 and 2012. BR
Properties' lease contract expiration timeline is well
distributed, with 8% of the contracts (by revenues) expiring up to
the end of 2014 and 12% in 2015.  The company has maintained low
delinquency rates, even under changing macroeconomic conditions.
The company's properties have a favorable leasing profile with
tenants representing a cross section of industries.  Fitch also
considers high the customer concentration, with the five and 10
largest tenants representing about 48% and 64%, respectively, of
the company's revenues in 2013.

Sale of Industrial Portfolio

The possible sale of 34 warehouses to GLP is positive in the short
term as should improve liquidity and allow some debt reduction.
However, it reduces the company's business diversification and
financial flexibility.  As of Dec. 31, 2013, the company had 120
properties, including projects under development, with a Gross
Leasable Area (GLA) of 2,186 thousand square meters and an
estimated market value of BRL13.8 billion.  Following the sale of
properties, GLA should reduce to 966 thousand square meters and
estimated market value to BRL10.5 billion.  The industrial
portfolio represented about 25% of the company's revenues in 2013.


BR Properties' rating could be positively affected if the company
preserves net leverage below 4.5x in the long term, cash to short
term debt ratio above 1.0x and FFO interest coverage beyond 2.0x.
The ratings could also be upgraded if the unsecured debt covered
by unencumbered assets increases significantly.

The rating could be negatively affected by an increase in leverage
to levels above 6.0x and liquidity falling to levels that
considerably weaken short-term debt coverage.  The ratings could
also be pressured by vacancy rates consistently above 10% and
higher delinquency rates, which could result in a reduction in
operational cash generation.

CENTRAIS ELETRICAS: S&P Revises Outlook to Pos. & Keeps 'CCC+' CCR
Standard & Poor's Ratings Services revised its outlook on Centrais
Eletricas do Para S.A. (Celpa) to positive from stable.  At the
same time, S&P affirmed its 'CCC+' corporate credit rating on the

The rating on Celpa reflects its "weak" business risk profile,
"highly leveraged" financial risk profile, "weak" liquidity, and
"unfavorable" comparable rating analysis.  Celpa has the
concession rights to distribute electricity in the state of Para
until 2028, renewable for additional 30 years.  As of Dec. 31,
2013, Celpa distributed 7,250.4 gigawatt hours (GWh) to about 2
million clients in the concession area.

The "unfavorable" comparable rating analysis assessment on Celpa
reflects S&P's view that the company will remain under judicial
reorganization until September 2014 -- 24 months after the
company's creditors approved the recovery plan -- when the court
will evaluate if Celpa fulfilled the plan's requirements.  "As of
the date of this report, it appears that Celpa has been complying
with the requirements, such as the minimum R$700 million capital
commitment, which the main shareholder, Equatorial Energia S.A.,
has injected beginning in December 2012.  However, the court will
make the final decision regarding the end of company's judicial
reorganization," said Standard & Poor's credit analyst Vinicius

CIMENTO TUPI: Fitch Affirms Issuer Default Rating at 'B'
Fitch Ratings has affirmed the following ratings of Cimento Tupi
S.A. (Tupi):

   -- Foreign currency Issuer Default Rating (IDR) at 'B';
   -- Local currency IDR at 'B',
   -- Senior Unsecured Notes Due 2018 at 'B/RR4';
   -- Long-Term National Rating at 'BBB-(bra)'.

The Rating Outlook has been revised to Negative from Stable.
The Negative Outlook reflects the challenges the company faces
following the expansion of the Pedro do Sino cement plant.  The
construction of this plant, which was completed during May 2013,
went approximately BRL100 million over budget.  Ramp-up of the
mill was hindered by equipment malfunctions during the third
quarter.  As a result, the company's net leverage for 2013 will be
higher than originally projected by Fitch. Tupi's net leverage as
of Sept. 30, 2013 was 4.6x.  The expansion project increased the
company's capacity to 3.2 million tons from 2.4 million tons.
Challenges faced by the company in 2014 include increasing
capacity utilization rates, which were around 56% in 2013.

Tupi has made a number of changes to its management team to face
an environment in which cement demand remains weak relative to
expectations.  The performance of the new sales and financing team
will be tested during 2014, as the growth in cement demand is not
anticipated to be robust.  During 2013, Brazilian cement demand
grew by around 2%.  At the end of 2014, the company faces a net
leverage covenant of 4.25x.  Fitch's base case shows Tupi's debt
at approximately BRL581 million in 2014 from approximately BRL658
million in 2013.  Fitch believes the lenders would likely waive or
amend the covenants.

Tupi's 'B' ratings reflect its small business position, high
leverage and the volatility of its cash flow generation due to the
cyclicality of the cement industry.  Fitch believes the company
will be able to slowly deleverage, as operating cash flow should
be begin to improve as volumes and sales prices increase.  If the
company achieves volumes of around 2.2 million tons, free cash
would likely turn positive, as capital expenditures are projected
to be low and dividends are not expected to be paid.


High Leverage and FX Risks

Tupi has maintained high leverage since it started construction on
the expansion of the Pedra do Sino plant in 2011.  Tupi was
forecasted to invest BRL250 million on its expansion plan;
however, overages ballooned the amount to BRL350 million.  Tupi
completed its capex project in early 2013. As cash flow is freed
up from capex projects, Tupi is focused on delevering to below
4.25x by the end of 2014. Fitch believes it will be a challenge
for Tupi to meet this leverage restriction by year end.
Furthermore, Tupi is exposed to currency mismatch (FX) risks.
About 60% of its debt is denominated in USD, and 100% of its cash
flow generation is in local currency.

Weak Business Profile

Tupi's small production scale and its lack of geographic
diversification heighten the risk of its exposure to the
volatility of the cement industry.  In 2013, Tupi had a 2.7%
market share in the domestic market and 5.8% of market share in
the Southwestern region.  As a result of its small size, Tupi has
a higher cost structure than the larger integrated Brazilian
cement producers.  The strong credit profile of these
conglomerates may allow them to pressure prices during a downturn
in the industry in an attempt to sustain volumes, which would
negatively affect Tupi's cash flow and ability to service its

Tight Liquidity and Refinancing Risks

Tupi's liquidity is weak. As of Sept. 30, 2013, Tupi had BRL89
million in cash and marketable securities and BRL89 million of
short-term debt.  Approximately BRL73 million of the company's
short-term debt is with local banks and is denominated in
Brazilian reais.  Most of this debt was raised during 2013 and
Fitch expects it to be rolled over.  The levels of short-term debt
coverage as measured by cash plus free cash flow (FCF) / short-
term debt was negative at (0.9x) and (1.3x), respectively for LTM
Sept. 30, 2013 and the fiscal year ended 2012.  Liquidity is
projected to remain tight over the next several years as Tupi uses
cash flow to repay debt.

Long-term Sector Prospects Favorable, Which Should Sustain Cement

Cement consumption is projected to grow by around 3% during 2014.
The outlook is more favorable in the medium- and longer-term.  The
expansion of the real estate segment and infrastructure works
should also favor Tupi's operations.  Nevertheless, profitability
margins should remain relatively flat, as a lot of new capacity is
being added by the leading cement producers.  Tupi's end-market,
which is highly oriented toward the refurbishment and construction
of homes, should not be affected materially by the high level of
infrastructure projects in Brazil, as it is linked more with
unemployment and income levels.


A rating downgrade could result from the company's inability to
reduce its high leverage position, resulting in a covenant default
or the need to refinance.  A significant deterioration in the
company's cash flow generation and operating margins due to a
downward turn in the Brazilian market and/or liquidity issues
would also pressure the ratings.

Key considerations for a positive rating action or Outlook would
be a faster deleveraging process, coupled with stronger than
expected volume growth and solid operations throughout the year.

VIRGOLINO DE OLIVEIRA SA: Fitch Puts 'B' IDR on Watch Negative
Fitch Ratings has placed Virgolino de Oliveira S.A. Acucar e
Alcool's (GVO) and Virgolino de Oliveira Finance S/A's ratings on
Rating Watch Negative.

The rating action reflects a more challenging environment to
refinance its relevant short-term debt.  The still stressed sugar
and ethanol sector and the recent financial problems of another
company in this sector (Aralco) may make it difficult for GVO to
roll over its debt.  The sector remains pressured by still
depressed sugar prices, uncertainties regarding the future
behaviour of ethanol prices, and unusual dry weather conditions in
Sao Paulo State in early 2014, which could affect agricultural
yields in the 2014/2015 season.

Positively, GVO has concluded its expansion program and free cash
flow (FCF) generation is expected to be positive in 2014. This,
together with potential higher sugar prices, may benefit GVO's
leverage ratios in the future.  Fitch believes that the bulk of
the recent price decline has been left behind, with main industry
fundamentals pointing to a gradual price recovery.  There is no
new capacity being added worldwide and demand continues to grow
steadily, driving the global supply-demand equation to a higher
deficit.  The company's strategic shareholding position in
Copersucar also benefits GVO as it implies a long-term commercial
partnership with this cooperative.

Challenging Refinancing Prospects

GVO's liquidity is under pressure, as the company has BRL834
million in short-term debt and cash reserves of BRL129 million as
of Jan. 31, 2014.  This has led to cash-to-short term debt
coverage of 15%, which would be 35% if Copersucar debt is excluded
from the calculations.  The company is taking a series of
initiatives to address its liquidity issue, which include
refinancing of a portion of its short-term debt with local banks
and negotiations with foreign funds over the possibility of doing
bilateral loan transactions.  One of these funds has already
agreed to lend the company a three-year USD60 million loan with a
six-month grace period.  The loan will be secured by a pledge of
sugar cane.  The company's prospects largely depend on the final
outcome of these negotiations.

The credit line made available by Copersucar partially mitigates
the company's weak liquidity as GVO can tap the financing as long
as it is able to crush sugar cane and deliver sugar and ethanol to
the cooperative.  This working capital financing line is
equivalent to 80% of GVO's inventories and limited to a maximum of
40% of the company's revenues.  This credit line, which is
equivalent to over BRL500 million, enhances financial flexibility
and is secured by inventories and/or linked to bank guarantees.
This facility is an important liquidity source for GVO, especially
in periods of more restrictive access to credit.  The beginning of
the crushing period in April 2014 may also enhance the company's
cash inflows in the next months.

High Leverage:

GVO presents a weak financial profile underpinned by its
aggressive capital structure in a volatile sector. In the LTM
ended Jan. 31, 2014, the company's consolidated net debt/EBITDA
ratio, considering Copersucar dividends, was 6.4x.  Excluding
advances from Copersucar backed by sugar and ethanol inventories
(BRL534 million), GVO's net debt/EBITDA would be 5.1x for the same
period.  This high leverage results from the combination of
pressured free cash flow (FCF) due to larger capital expenditures
during the last harvests, which included crop expansion to
increase the contribution of owned sugar cane supply, and the
negative impact of the FX variation on GVO's debt.

The recent investments in agricultural activities benefited GVO's
operational cash flow and the scale gains explain part of the
upward trend in FCF in the FY2013 and on Jan. 31, 2014.  During
the same LTM, the company's cash flow from operations of BRL436
million was able to meet capital expenditures of BRL365 million,
resulting in a positive FCF of BRL71 million.

Rating Sensitivities

A negative rating action could occur if the company does not roll
over a substantial portion of its short-term debt and if its
liquidity deteriorates further.

Liquidity improvement coupled with lower leverage ratios could
support an upgrade.

Fitch has placed the following ratings of GVO and Virgolino
Finance on Negative Watch:

Virgolino de Oliveira S.A. Acucar e Alcool

   -- Foreign and Local Currency Issuer Default Rating (IDR) 'B';
   -- Long term National Scale Rating 'BBB(bra)';
   -- BRL100 million Senior Unsecured debentures due 2014

Virgolino de Oliveira Finance S/A

   -- USD300 million Senior Unsecured Notes due 2022 'B/RR4';
   -- Foreign and Local Currency Issuer Default Rating (IDR) 'B'.

C A Y M A N  I S L A N D S

EVERGREEN AUSTRALIAN: Shareholders' Final Meeting Set for April 24
The shareholders of Evergreen Australian Equities Return Offshore
Fund will hold their final meeting on April 24, 2014, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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

EVERGREEN MASTER: Shareholders' Final Meeting Set for April 24
The shareholders of Evergreen Australian Equities Return Master
Fund will hold their final meeting on April 24, 2014, at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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

KINESIS GLOBAL: Shareholders' Final Meeting Set for April 1
The shareholders of Kinesis Global Fund Inc. will hold their final
meeting on April 1, 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, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands

LIBERTY 2005: Creditors' Proofs of Debt Due April 7
The creditors of Liberty 2005 Limited are required to file their
proofs of debt by April 7, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 20, 2014.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128

LUISANA LTD: Creditors' Proofs of Debt Due April 1
The creditors of Luisana Ltd. are required to file their proofs of
debt by April 1, 2014, to be included in the company's dividend

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

The company's liquidator is:

          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands

MJM ADVISORS: Shareholders' Final Meeting Set for April 1
The shareholders of MJM Advisors Ltd. will hold their final
meeting on April 1, 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, George Town
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands

PRIMA HOLDINGS: Shareholders' Final Meeting Set for March 31
The shareholders of Prima Holdings Company Ltd will hold their
final meeting on March 31, 2014, to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o James Diamond
          Telephone: +1 (345) 914 1344
          Facsimile: +1 (345) 945 4799
          Coutts & Co (Cayman) Limited
          Coutts House
          1446 West Bay Road
          P.O. Box 707 Grand Cayman KY1-1107
          Cayman Islands

SHERMAN HEALTH: Commences Liquidation Proceedings
On Feb. 19, 2014, the sole shareholder of Sherman Health Insurance
Company, Ltd resolved to voluntarily liquidate the company's

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

The company's liquidator is:

          Russell Homer
          c/o Tanya Armstrong
          Telephone: (345) 946-0820
          Facsimile: (345) 946-0864
          P.O. Box 2499, George Town
          Grand Cayman KY1-1104
          Cayman Islands

SURZUR OVERSEAS: Members' Final Meeting Set for April 11
The members of Surzur Overseas Limited will hold their final
meeting on April 11, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Emmanuel Mussche
          c/o Societe Generale
          17 cours Valmy
          92800 Puteaux

TOP HAT: Members' Final Meeting Set for April 10
The members of Top Hat Yachts Ltd. will hold their final meeting
on April 10, 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:

          Anthony McVeigh
          c/o 49 Bridge House
          18 St. Georges Wharf
          London SW8 2LP
          Telephone: +44 203 737 7507

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Rebuffs Official Claim it Didn't Recover Forests
Dominican Today reports that executives of Xstrata Nickel's
Dominican Republic operation rebuffed Environment minister
Bautista Rojas' claim that the Canada-based miner failed to
replace the exploited area's forest cover.

Xstrata Nickel Falcondo said they did in fact restore 53 percent
of the areas impacted by its operations at Loma Peguera and Loma
Ortega in La Vega province, not 40% as the official affirms,
according to Dominican Today.

On March 25, Mr. Rojas slammed Xstrata Nickel, claiming that
despite having exploited Peguera and Ortega during 30 years, the
miner has yet to comply with the environmental cleanup and forest

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.


DIGICEL GROUP: Pays US$650 Million in Dividends to Shareholders
RJR News, citing Irish Times newspaper, reports that Digicel Group
Limited paid a special dividend of US$650 million to its head
Denis O'Brien and other shareholders last month.

It will pay J$60million in share option payments to senior
executives of the company over the next two years, according to
RJR News.

The report notes that the dividend last month followed payments of
J$346.8 million last year.  The details are included in a document
to promote Digicel Group's latest fundraising, RJR News relates.

The company is seeking to raise J$1 billion from investors.

                        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.


CEMEX S.A.B.: S&P Assigns 'B+' Rating on Unit's EUR300MM Sr. Notes
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and a recovery rating of '3' to CEMEX Finance LLC's
proposed 10-year benchmark dollar bonds and EUR300 million senior
secured notes due 2021.  The recovery rating of '3' indicates that
bondholders can expect a meaningful (50% to 70%) recovery in the
event of a payment default.

CEMEX Finance LLC is an indirect majority-owned subsidiary of
CEMEX S.A.B. de C.V. (CEMEX; B+/Stable/--) and is incorporated for
an unlimited period of time as a private limited liability company
under the laws of Delaware.

CEMEX intends to use the net proceeds to repurchase its 2018 and
2020 dollar notes, retire the EUR130 million outstanding principal
amount of its 9.625% senior secured notes due 2017, and retire the
EUR115.4 million outstanding principal amount of its 8.875% senior
secured notes due 2017.  The proceeds will also be used for
general corporate purposes, in accordance with its Facilities
Agreement.  The notes benefit from a security package reflecting
the same terms as those of all of its other senior capital market
debt.  The security package under both instruments includes a full
and unconditional guarantee--on a joint and several, and general
senior basis--from CEMEX S.A.B. de C.V., CEMEX Mexico S.A. de
C.V., CEMEX Espana S.A., CEMEX Corp., New Sunward Holding B.V.,
and from subsidiaries that CEMEX owns directly or indirectly.


Issuer Credit Rating
CEMEX S.A.B. de C.V.                             B+/Stable/--

Ratings Assigned
Senior secured notes                             B+
  Recovery rating                                 3

EUR300 million senior secured notes due 2021     B+
  Recovery rating                                 3

CEMEX S.A.B.: Fitch Rates Unit's EUR300MM Notes Issuance 'BB-/RR3'
Fitch Ratings has assigned a rating 'BB-/RR3' (EXP) on a global
scale to the proposed issuance by CEMEX Finance LLC of notes
secured by 300 million euros maturing in 2021 and proposed
issuance of senior secured notes due in 2024 dollars. Both issues
will be guaranteed by CEMEX SAB de CV (CEMEX), CEMEX Mexico, SA de
CV, CEMEX Concrete, SA de CV, Empresas Tolteca de Mexico, SA de
CV, New Sunward Holding BV, CEMEX Spain, SA, CEMEX Asia BV; CEMEX
Corp., CEMEX Egyptian Investments BV, CEMEX Egyptian Investments
II BV, CEMEX France Gestion, CEMEX Research Group AG, CEMEX
Shipping BV, and CEMEX UK.  The guarantees are total and
unconditional for the full payment of principal and interest. The
proceeds from the note issuances will be used for general
corporate purposes and repayment of existing debt.
The Rating Outlook is Stable CEMEX.

Key Rating Factors

Business Position Strong
ratings of CEMEX and its subsidiaries reflect the strong and
diversified business position of the company.  CEMEX is one of the
largest cement, concrete and aggregate producers in the world. Its
main markets include the USA, Mexico, Colombia, Panama, Spain,
Egypt, Germany, France and the UK.  The geographic and product
diversification of the company compensates somewhat the volatility
inherent in the construction products industry.  The contribution
to EBITDA of CEMEX's main markets during 2013 was Mexico (30%),
United States (25%), Central and South America (20%),
Mediterranean (10%) and Northern Europe (10%).

High Leverage
The high leverage of the company limits its ratings on the level
'B +'. At December 31, 2013 CEMEX's total debt was USD17.6 billion
and the balance of cash and cash equivalents at the same date
amounted to USD1.2 billion.  During the fiscal year ended December
31, 2013 the company generated EBITDA USD2.6 billion, consistent
with the EBITDA recorded in the previous fiscal year, so that
levels of net leverage stood at 6.2x during both periods.

High leverage will remain by the end of 2014
Fitch estimates that leverage CEMEX remain high towards the end of
2015.  Fitch projects that CEMEX will generate EBITDA of
approximately USD3.1 billion in 2014 and $ 3.3 billion in 2015.
The projections consider net debt of CEMEX will not change
significantly in the next two years despite the expected recovery
in EBITDA due to higher capital requirements work associated with
growth and increases in capital expenditure (capex) and taxes. In
the absence of sales over USD100 million annual assets, Fitch
expects net leverage indicator of CEMEX in 2014 and 2015 will
stand at 4.4x and 5.1x, respectively.  The projected convertible
subordinated notes CEMEX USD715 million due 2015 conversion is a
key to powerful 4.4x net leverage factor in 2015.  During
February, CEMEX announced that holders of convertible bonds by
around USD280 million had agreed to convert the same into shares

Key to North American Market Recovery
Historically the U.S. market has been the most important to the
company.  On a pro forma basis, considering the results of Rinker
had been consolidated during the year 2007, this geography
generated $ 2.3 billion of EBITDA. CEMEX's operations in the U.S.
improved during 2013, generating USD255 million in EBITDA,
slightly below the $ 300 million projected by Fitch.  The company
has high operating leverage, since an increase of USD300 million
in sales resulted in increased EBITDA around USD200 million from
USD43 million registered in 2012.  Fitch believes that the EBITDA
generated by CEMEX's U.S. $ 500 million to improve in 2014 and
USD600 million in 2015.  A key factor for the projected growth in
EBITDA is the gradual recovery of the residential housing sector
in the U.S.. During 2013, sales volumes increased 3% of CEMEX
(cement), 6% (concrete) and 5% (aggregate), while prices for these
products rose 3%, 6% and 5%, respectively.

Debt Amortization Profile Handling
At December 31, 2013 the balance of cash and cash equivalents of
CEMEX was USD1.2 billion.  The payment schedule of the company's
debt is manageable with maturities of only USD382 million by the
end of 2014 and USD1.5 billion in 2015, which correspond to USD715
million convertible subordinated debentures, of which USD280
million were converted into shares during February 2014.  The
proceeds from this transaction will be used to improve the debt
profile, as CEMEX plans to refinance part of the notes maturing in
2017, 2018 and 2020.

Prospects of Higher Average Recovery to
CEMEX and its subsidiaries have issued debt through entities
located in Mexico, United States, British Virgin Islands, the
Netherlands and Spain.  Additionally the guarantors of these debt
instruments are domiciled in different countries.  As a result of
the complexity in the structure of debt and equity of the company
and the different legal jurisdictions, Fitch does not consider a
scenario of liquidation (bankruptcy) or insolvency (bankruptcy)
for CEMEX in case of major financial pressures, since creditors
probably not enter into a process with high uncertainty in the
final result.  In Fitch's opinion, the most likely scenario under
greater stress would be a negotiated debt restructuring.  The
rating of debt instruments is above CEMEX's credit rating of 'B
+', because the expected recovery is higher than average.

The expected recovery is strengthened by the issuance of
convertible subordinated notes CEMEX by USD2.4 billion, which can
only be replaced by capital or similar equity under the terms of
the Credit (Facilities Agreement) instruments.  Typically, Fitch
limited recovery levels (RR for short) for Mexican corporate level
RR3 considering various factors in the regulatory framework and
treatment of creditors even when the analysis indicates that it
could be higher. The rating of CEMEX has been limited to RR3
level, consistent with a recovery in the range of 50% to 70% by
default (default).

Rating Sensitivity
Several factors individually or collectively could result in a
negative rating action.  These include: drop in CEMEX's operations
in Mexico and Central and South America, which have been crucial
to offset the decline in North Europe and Mediterranean divisions,
lower than expected growth in the U.S. would have a significant
impact on the ability of the company to generate free cash flow in
2014 and 2015, loss of access to capital markets during 2014 and

Factors that individually or collectively could contribute to
positive rating actions include: accelerated recovery of the U.S.
economy that results in generation of free cash flow (FCF)
exceeding USD500 million by 2015, capital gains, or the conversion
of subordinated debt of the company capital.

Fitch currently rates CEMEX as follows:

- Rated Issuer Default Rating (IDR) to Global Scale foreign and
  local currency 'B +';
- Global Scale Rating to Senior unsecured notes 'BB-/RR3';
- Rating National Scale Long-term 'BBB-(mex)';
- National Scale Rating Short-term 'F3 (mex)'.

In addition to the ratings on foreign currency and local CEMEX,
Fitch currently at 'B +' global scale foreign currency to the
following entities that CEMEX has been used to issue debt, as well
as the qualification 'BB-/RR3' for debt instruments issued by

Cemex Spain SA
CEMEX Finance Europe BV, a company domiciled in the Netherlands.
CEMEX Materials Corporation, limited liability company domiciled
in the United States of America.
C5 Capital (SPV) Limited, limited purpose company domiciled in the
British Virgin Islands.
C8 Capital (SPV) Limited, limited purpose company domiciled in the
British Virgin Islands.
C10 Capital (SPV) Limited, limited purpose company domiciled in
the British Virgin Islands.
C-10 EUR Capital (SPV) Limited, a company limited purpose
domiciled in the British Virgin Islands.


LOS PORTALES: Fitch Assigns 'B+' Issuer Default Rating
Fitch Ratings has assigned the following initial ratings to Los
Portales S.A. (LP):

   -- Foreign currency Issuer Default Rating (IDR) 'B+';
   -- Local currency IDR 'B+'.

The Rating Outlook is Stable.

Fitch has also assigned an expected rating of 'B+/RR4' to LP's
proposed bond issuance.  The target amount of the proposed
issuance will be up to USD200 million.  The tenor is projected to
be from five to 10 years.  Proceeds will be used to refinance
existing debt, capital expenditures and to improve the company's
liquidity position.  The 'B+/RR4' (Exp) rating on the company's
unsecured senior notes debt reflect average recovery prospects in
the event of a default.

The ratings incorporate the company's solid business position as
the main land developer in Peru and its business model that
includes non-mortgage financing activities.  The company's
operations also include parking lots, hotel management, and mid-
income and low-income housing development.  In addition, through a
joint venture with Parque Arauco S.A., a Chilean shopping malls
operator, LP plans to develop and operate strip malls and shopping
centers in Peru.  The company's business position is viewed as
stable in the short to medium term.  The ratings also factor in
expectations of continued favorable operating environment for the
business, non-speculative land bank strategy, stable credit
quality for its account receivable portfolio, limited business
diversification, moderate leverage, manageable liquidity post
proposed issuance, and a negative free cash flow (FCF) generation
trend given strategic capex.


Core Business: Land Development Business & Non-Mortgage Financing:
LP is a leading real estate company in Peru with a market share of
approximately 30%.  LP's core business is land development for
residential housing and non-mortgage financing.  LP acquires
undeveloped plots of land, develops the residential housing lots
and sells those lots to home buyers that, in general, self-
construct their homes.  The company also provides non-mortgage
financing solutions to the majority of its customers through
installments pre-sale contracts.  These transactions include loan-
to-value levels of up to 80%.  The average annual effective
interest rate on the installment pre-sales contracts is
approximately 23% including fees and expenses. LP includes a title
retention provision in each of the installment pre-sales contracts
executed with its customers.  This provision allows LP to retain
legal title to the lot sold - before and after actual delivery of
the lot - until the customer pays in full all amounts due under
the installment pre-sales contracts.

Limited Business Diversification:

Negatively factored in the ratings is LP's limited business
diversification, the company is highly dependent on its real
estate sales and non-mortgage financing business segments, which
represent 46% and 40%, respectively, of LP's total adjusted
EBITDA.  LP's real estate segment sales are primarily the selling
of developed residential lots and includes a small homebuilding
unit oriented toward mid and low-income buyers; the homebuilding
unit represents only a small portion of total EBITDA.  Although
the company is taking steps to further develop its other business
segments, business diversification is not expected to materially
change over the medium term.

The company's real estate rentals business represents 14% of LP's
total adjusted EBITDA during 2013.  The company's real estate
rentals segment includes the subdivisions of parking lots, hotels,
and strip malls and shopping centers, which are operated through
Strip Centers del Peru S.A., an affiliate company that does not
consolidate in LP's consolidated financial statements.

Business Expected to Grow 10% in 2014:

The company has achieved significant business growth over the last
few years. LP's total revenues grew from USD83 million in 2010 to
approximately USD200 million in 2013.  Business growth has been
funded primarily with additional debt and with a USD19 million
equity increase completed during 2013.  Going forward, the company
is planning to grow at a more moderate pace, with expected annual
growth rates during 2014 and 2015 of approximately 10% and 8%,

LP's business has high levels of working capital needs primarily
driven by its operational cycle with presale/sale/construction
stage taking approximately 18 months and the its collection period
up to 72 months.  This is partially offset by the company's
ability to benefit from supplier and customer advances, i.e.
account payables.  LP is expected to reduce its working capital
needs during the 2014-2015 period as the company is targeting more
moderate revenue growth.

Land Bank Strategy and Account Receivable Portfolio:

LP manages its land reserves by only buying land for development
to be developed in the near term.  The company's land acquisition
strategy is balanced against market demand and it is not intended
to fit any government housing policy.  Over the last few years,
the company targeted a land bank reserve equivalent to three years
of operations, which was achieved this 2013.  The company's land
reserves increased from 201 hectares in 2010 to 421 hectares by
the end of 2013, with 86% of this land reserve segmented for land
development, 12% for homebuilding, and 2% for commercial use.
Geographically, LP's land reserve is mostly located in the cities
of Lima, Ica and Piura.

As of Dec. 31, 2013, LP's accounts receivable portfolio amounted
to USD126 million compared to USD117 million in 2012 and USD100
million in 2011.  This calculation includes the deferred interest
income to be charged over the installment contracts' collection
period. The credit quality of LP's account receivable portfolio
has remained stable during the last three years as the level of
non-performing loans ratio - as a percentage of the total
portfolio - reached levels of 0.43%, 0.40%, and 0.40% at March
2012, December 2012 and December 2013, respectively.  Non-
performing loan (NPL) ratio calculation considers the amount of
the installment due of clients past due with one installment, with
two installments; and, all installments due and payables of
clients with three or more installments past due.  LP's business
model for the installment sales contract financing activities
considers the repossession of the lots when an event of default is
declared upon three unpaid installments.  This business
characteristic supports low NPL levels.

Negative FCF Driven by Working Capital Needs and Capex:

The company has had negative FCF during the last three years
ending in 2013.  LP's FCF margin in 2013 was -24.7% driven by
business growth and the execution of strategic capex to build a
three-year land bank. LP's FCF margin is expected to remain
negative in 2014.

The company's capex levels relative to revenues have been around
5% to 10% during the last three years ending in 2013, including
the company's efforts to increase its land bank targeting levels
to approximately three years of operations. LP's 2014 capex levels
are expected to increase during 2014 to around 20% of LP's annual
revenues.  The company is executing strategic investments in its
shopping center segment through a joint venture with an important
regional player in the mall industry.  Starting 2015, LP's capex
levels are expected to be lower covering mostly land bank needs to
maintain the equivalent to three years of operations. The company
is expected to manage a dividend payout ratio around 20-25% during
the next several years, similar to historical levels.

Manageable Liquidity Post Issuance:

The company is seeking to improve its financial flexibility
through the refinancing of its debt through the proposed bond
transaction.  Post issuance, the company's only debt will be the
USD200 million unsecured notes.  The ratings incorporate the view
that LP will maintain low levels of cash which will be compensated
by a very flexible debt payment schedule with no major debt due
during the next years. LP could temporarily take short-term debt
to finance working capital needs.  Execution of the proposed bond
transaction will significantly improve the company's financial
flexibility, which has been factored into the ratings.

Gross Leverage Expected to Remain Around 3.5x:

LP's adjusted EBITDA during 2013 was USD49 million, resulting in
an adjusted EBITDA margin of 24.8%.  The ratings include the
expectation that LP will maintain stable Adjusted EBITDA margins
of around 25% over the next several years.  As of Dec. 31, 2013,
the company's total debt and cash positions were USD150 million
and USD19 million, respectively.  The company's total debt was
primarily composed of a secured bank debt. LP's gross leverage
(total debt/ total adjusted EBITDA) as of Dec. 31, 2013 was 3.1x.
Pro forma post issuance, the company's gross leverage is expected
to be around 4.1x.  The ratings incorporate the expectation that
LP's gross leverage will be around 3.5x during the 2014-2015


The Stable Outlook for Los Portales S.A.'s ratings incorporate the
view that the consolidated adjusted gross leverage will remain
around 3.5x during the 2014-2015 period.  The company's FCF is
expected to be negative around 25% in 2014 and improving during
the next few years trending to slightly negative to neutral.

Negative Rating Actions: A rating downgrade could be triggered by
a decline in the Peruvian macroeconomic environment affecting the
company's operations, leverage and liquidity.

Positive Rating Actions: Significant improvement in the company
liquidity driven improvement in the company FCF generation coupled
by improvement in consolidated margins, leverage and liquidity
above the levels incorporated in the ratings.

T R I N I D A D  &  T O B A G O

FIRST CITIZENS: BIGWU Calls for Removal of Chairman; CRO Fired
-------------------------------------------------------------- reports that the Banking, Insurance and General
Workers' Union (BIGWU) has called for the removal of the chair of
the state-owned First Citizens bank, Nyree Alfonso, after the
financial institution confirmed it had parted ways with the group
Chief Risk Officer Philip Rahaman.

The bank said it had lost confidence in Mr. Rahaman's ability to
carry out his duties, according to

Ms. Alfonso had publicly defended the dismissed bank official, who
was fired following an internal audit by the bank on his purchase
of 659,588 bank shares during its Initial Public Offering (IPO),
and the subsequent sale of 634,588 of those shares four months
later, the report notes.

The report relates that BIGWU President Vincent Cabrera said Ms.
Alfonso's public Defense of Mr. Rahaman before an audit was
completed was grounds enough for her dismissal from her
chairmanship position.

In a statement, BIGWU condemned comments made by Ms. Alfonso that
the union was to blame for the undersubscribed bucket of employee
shares which enabled Mr. Rahaman to purchase the large number of
bank shares, the report discloses.

However, the report relays that in a brief statement, First
Citizens said "as a result of an extensive internal investigation
carried out by First Citizens Bank, the chairperson and the board
of directors reached a determination that they have lost
confidence in its chief risk officer's ability to carry out his

"Consequently, he has been dismissed from his position.  First
Citizens Bank is committed to maintaining the trust of the public
and providing appropriate updates to its stakeholders. However,
given the other ongoing investigations, it would be inappropriate
to comment further at this time," the statement said, the report

As reported in the Troubled Company Reporter-Latin America on
Feb. 17, 2014, Trinidad Express said that Finance Minister Larry
Howai has ordered a full review into the First Citizens Bank
Limited Initial Public Offer (IPO) after reports the group's chief
risk officer, Phillip Rahaman, purchased TT$14 million worth of
shares through the special offer of the bank's shares for

Last year, the Government issued 48.5 million shares (just under
20 per cent of its 100 per cent stake) to be traded on the
Trinidad and Tobago Stock Exchange.  The group's 1,664 employees
were allotted 15 per cent (7.2 million).

Each staff member had the option of purchasing a guaranteed
maximum 5,000 shares at a ten per cent discount, and a guaranteed
minimum of 500 shares, according to Trinidad Express.

The report noted that several staff members did not participate,
so other employees -- including Mr. Rahaman -- were able to
purchase shares in excess of the discounted availability.

                    About First Citizens Bank

Headquartered in Trinidad and Tobago, First Citizens Bank Limited
--  together with its
subsidiaries, provides retail, commercial, corporate, and
investment banking services primarily in Trinidad and Tobago, and
the Eastern Caribbean region.


PETROLEOS DE VENEZUELA: Fitch Cuts IDRs to 'B'; Outlook Negative
Fitch Ratings has downgraded Petroleos de Venezuela, S.A.'s
(PDVSA) foreign and local currency issuer default ratings (IDRs)
to 'B' from 'B+', The Rating Outlook is Negative.  Fitch has also
downgraded approximately USD26.4 billion of senior unsecured debt
outstanding to 'B/RR4' from 'B+/RR4'.  Concurrently, Fitch has
affirmed PDVSA's national long-term rating at 'AAA(ven)'.

The rating downgrade follows downgrade of the sovereign ratings of
Venezuela to 'B' from 'B+' with a Negative Rating Outlook.  The
downgrade of the sovereign reflects heightened macroeconomic
instability and delays in the implementation of policies to
address rising inflation and distortions in the foreign exchange
(FX) market and the deterioration in Venezuela's external
accounts.  The Negative Outlook signals that the lack of sustained
and coherent policy adjustments could lead to further erosion in
external buffers, macroeconomic and financial instability, and
exacerbate the risk of social unrest given the high level of
political polarization.

PDVSA's credit quality reflects the company's linkage to the
government of Venezuela as a state-owned entity, combined with
increased government control over business strategies and internal
resources.  This underscores the close link between the company's
credit profile and that of the sovereign. PDVSA's ratings also
consider the company's strong balance sheet, sizeable proven
hydrocarbon reserves, and strategic interests in international
downstream assets.

Key Rating Drivers

Linkage to Sovereign: PDVSA's credit quality is inextricably
linked to the Venezuelan government.  It is a state-owned entity
whose royalties and tax payments have historically represented
more than 50% of the government's revenues, and it is of strategic
importance to the economic and social policies of the country.  In
2008, the government changed PDVSA's charter and mission statement
to allow it to participate in industries that contribute to the
country's social development, including healthcare, education, and

Limited Transparency of Sovereign: The Venezuelan government
displays limited transparency in the administration and use of
government-managed funds, and in its fiscal operations.  This
factor poses challenges to accurately assess the stance of fiscal
policy and the full financial strength of the sovereign.  As a
direct by-product of being a state-owned entity, PDVSA displays
similar characteristics, which reinforces the linkage of its
ratings to the sovereign.

Strong Stand-Alone Credit Profile: PDVSA continues to be an
important player in the global energy sector. The company's
competitive position is strong and supported by its sizeable
reported proven hydrocarbon reserves, strategic interests in
international downstream assets and private participation in
upstream operations.  The company also benefits from a strong, yet
debilitating balance sheet, which is in line with many of its
competitors.  These strong credit attributes are consistent with a
higher rating category, although sovereign-related risks offset
the strength of the financial profile and constrain the rating to
that of the sovereign.

Adequate Credit Metrics: PDVSA reported an EBITDA (after royalties
and social expenditure, which include most oil bartering
agreements) of approximately USD25.3 billion as of the LTM ending
June 30, 2013. Total financial debt as of December 31, 2013
increased to USD43.3billion, from USD40.0 billion in 2012.  The
leverage level is low for the rating category with a net debt to
EBITDA ratio of 1.3x. Capex continues to be moderate, totaling
USD89.3 billion over the past five years, which has somewhat
offset declining production levels from existing fields.

Large Hydrocarbon Reserves: PDVSA's reported hydrocarbon reserves
continue to rank among the largest in the world, with proven
hydrocarbon reserves of 332 billion barrels of oil equivalent
(boe) as of year-end 2013. Proven developed hydrocarbon reserves
were approximately 20 billion boe as of December 2012, which
represents around a 15-year proven developed reserve life.
Venezuela reported oil production of approximately 2.9 million
barrels per day (bpd) during the LTM ended June 30, 2013. Various
independent reports have estimated that production levels are
lower than reported by the company, which adds to risk and is
incorporated into the ratings.

Rating Sensitivities

Catalysts for a downgrade include a downgrade to Venezuela's
ratings, a substantial increase in leverage to finance capital
expenditures or government spending and a sharp and extended
commodity price downturn. Catalysts for an upgrade include an
upgrade to Venezuela's sovereign rating and/or real independence
from the government.

VENEZUELA: Fitch Cuts IDRs to 'B'; Outlook Negative
Fitch Ratings has downgraded Venezuela's ratings as follows:

-- Long-term foreign and local currency Issuer Default Ratings
  (IDRs) to 'B' from 'B+'; Outlook Negative;
-- Senior unsecured foreign and local currency bonds to 'B' from
-- Country Ceiling to 'B' from 'B+';

Fitch has affirmed the short-term foreign currency IDR at 'B'.

Key Rating Drivers
The downgrade reflects heightened macroeconomic instability and
delays in the implementation of policies to address rising
inflation and distortions in the foreign exchange (FX) market and
the deterioration in Venezuela's external accounts.  The Negative
Outlook signals that the lack of sustained and coherent policy
adjustments could lead to further erosion in external buffers,
macroeconomic and financial instability, and exacerbate the risk
of social unrest given the high level of political polarization.

Macroeconomic instability has increased in Venezuela as
highlighted by spiraling inflation and recessionary conditions in
the economy.  Growth has declined rapidly after the 2012 electoral
year to 1.3% in 2013, down from 5.6% in 2012 with Fitch
forecasting an economic contraction of 1% in 2014.  Inflation
reached 52.7% by the end of 2013.  The deterioration in
macroeconomic stability reflected FX rationing, increasing
shortages, increased state intervention and rapid growth in
financing by the BCV to the non-financial public sector.
Divisions within the government of President Nicolas Maduro and
weak political capital have delayed necessary policy adjustments
to address rising macroeconomic imbalances.

Heightened social unrest, most notably the ongoing wave of
demonstrations, highlights the high degree of political
polarization.  Additionally, continued high inflation or shortages
as well as increasing crime could exacerbate political
instability.  However, these developments do not presently
threaten the main sources of FX for the economy.

The progressive reduction of the current account surplus and
deterioration of the international reserves position amid high oil
prices and access to Chinese funds highlight the underlying
vulnerability of external accounts.  International reserves
dropped by USD8 billion to USD21.4 billion in 2013 reflecting
lower gold prices and continued transfers to the National
Development Fund (FONDEN).  Gold accounted for approximately 70%
of international reserves at the end of 2013.  The sovereign is a
net external debtor at 30% of current external receipts (CXR),
while external liquidity has fallen below 100% in 2014,
significantly below rating peers and increasing the country's
vulnerability given its high oil dependence for fiscal revenues
and exports.

The Maduro administration has recently put in place a new FX
policy framework that could potentially increase exchange rate
flexibility and hence the average depreciation of the VEF.  While
this development could help to ease public sector financing by the
central bank, provide a greater flow of FX to the economy and rein
in the depreciation in the black market, uncertainties remain
regarding the regime's efficiency and credibility as well as the
government's willingness to adjust monetary and fiscal policies.

Venezuela's central government deficit fell to an estimated 1.2%
of GDP in 2013 from 4.9% in 2012 driven by the 'devaluation
windfall' and lower than planned expenditure execution in the
early part of the year. Given expenditure pressures, the deficit
could rise again in 2014 above 4% of GDP and increase further in
2015 in the run-up to elections for the National Assembly.  The
sovereign's debt burden remains below similarly rated peers at
31.5% of GDP.  This measure is reduced by use of the official
exchange rate of VEF6.3, but its nominal growth has averaged a
vertiginous 52% since 2009.  The wider public sector is estimated
to have a significantly larger deficit.

High oil prices and financing agreements with China mitigate
external financing constraints.  Venezuela has received a total of
USD41 billion from China through Joint China Venezuela Fund (FCCV)
and the China-Venezuela Long-Term Financing Agreement (FGLVP)
since 2007. Sovereign amortizations are manageable, averaging 1%
of GDP in 2014-2015 with external debt repayments at 0.5% of GDP.
Moreover, FX assets in government-managed funds (i.e. FONDEN, FCCV
and FGLVP), a captive domestic market and government deposits
mitigate imminent financing risks.

Transparency of fiscal and external accounts, most notably the
management and execution of extra-budgetary funds and public
sector FX outside international reserves, remains weak.  Moreover,
there are no official figures for the consolidated public sector,
and timely reporting of public finances has faced delays since
2011, thus posing limits to assess the overall fiscal and external
strength of the sovereign. The official exchange rate is
overvalued and swells the USD value of GDP.

Rating Sensitivities
The Negative Outlook reflects the risk factors that may,
individually or collectively, result in a downgrade of the ratings
by up to one notch:

-- Further deterioration in Venezuela's external accounts and
   international reserves position;
-- Increased external and fiscal financing constraints;
-- Deepening of political instability that compromises Venezuela's
   FX revenues and results in further deterioration of Venezuela's
   policy environment;
-- A sustained decline in international oil prices;

Fitch's sensitivity analysis does not currently anticipate
developments with a material likelihood, individually or
collectively, of leading to a rating upgrade in the near term.
However, future developments that may, individually or
collectively, lead to a stabilization of the Outlook include:

-- Strengthening of Venezuela's external and fiscal buffers and
   increased data transparency;
-- Improvements in the coherence and credibility of the
   government's policy mix to address macroeconomic distortions;
-- Higher growth prospects in the context of improved
   macroeconomic stability.

Key Assumptions

The ratings and Outlooks are sensitive to a number of assumptions:

-- Fitch assumes that international oil prices will average USD105
   (Brent) in 2014 and USD100 in 2015;
-- Notwithstanding increased social unrest in Venezuela, Fitch
   considers that the risk of social and political unrest leading
   to disruption in oil-derived revenues remains presently low.


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.

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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
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