TCRLA_Public/140421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, April 21, 2014, Vol. 15, No. 77


                            Headlines



A R G E N T I N A

CIMA RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating


B E R M U D A

STRATUS TECH: Relays Info on Potential Issuance of Series B Shares


B R A Z I L

AGROPECUARIA NOSSA: Moody's Puts B3 Rating on Review for Downgrade
BRAZIL: February Economic Activity Slows More Than Forecast
BROOKFIELD INC: Moody's Cuts Global Scale CFR to 'B1'
COMPANHIA DE SANEAMENTO: To Cut Costs, Delay Rate Increase
CYRELA COMMERCIAL: Fitch Affirms IDRs at 'BB+'; Outlook Stable

ENERGISA SA: Fitch Lowers IDR to 'BB-' & Removes from Watch Neg.


C A Y M A N  I S L A N D S

AD LIB: Creditors' Proofs of Debt Due May 7
CRESCENT HOLDINGS: Shareholders to Hear Wind-Up Report on April 29
HF MOERDIJK FUNDING: Creditors' Proofs of Debt Due May 26
HF MOERDIJK OWNER: Creditors' Proofs of Debt Due May 26
HF MOERDIJK PROJECT: Creditors' Proofs of Debt Due May 26

KITTYHAWK LIMITED: Shareholders to Hear Wind-Up Report on April 29
MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due May 8
RSH 1928: Creditors' Proofs of Debt Due April 28
RUSSET LIMITED: Shareholders to Receive Wind-Up Report on April 29
SALSA LTD: Creditors' Proofs of Debt Due May 7


J A M A I C A

JAMAICA: Sees Continued Decline in Cruise Tourism Figures


P A N A M A

BANCO DE LA PRODUCCION: PFC Buys Majority Stake in Firm


X X X X X X X X X

BOND PRICING: For the Week From April 14 to April 18, 2014


                            - - - - -


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A R G E N T I N A
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CIMA RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Cima Renta Fija Nacional (the Fund),
a new bond fund domiciled in Argentina that will be managed by
CIMA SGFCI S.A..

The ratings assigned are as follows:

Global scale bond fund rating: B-bf

National scale bond fund rating: A-bf.ar

Ratings Rationale

The fund ratings are based on Moody's expectation that the Fund
will maintain over 60% of invested assets in corporate bonds and
ABS securities with an average rating of B2/Aa3.ar - A2.ar," said
Moody's lead analyst Carlos de Nevares. The remainder of the
Fund's asset allocation will be to liquid assets, including
Treasury bonds and Treasury bills issued by Argentinean Central
Bank. This fund will attempt to provide a BADLAR (30 days
Institutional TD interest rate) yield with an average duration not
exceeding 3 years.

Moody's noted that this is a new fund and hence has no track
record. The fund analysis is based on a pro-forma portfolio
received from the fund manager. The Fund is expected to be
launched within the next weeks.

Additionally, the portfolio manager expects as key shareholders
institutional investors, such as local insurance companies and
high net worth individuals, which have been historical clients of
affiliates of CIMA SGFCI.

The principal methodology used in this rating was the "Moody's
Bond Fund Rating Methodology" published in May 2013.

CIMA SGFI SA. is an Argentinean-domiciled asset manager, having
one year of track record, being a business unit of CIMA INVESTMENT
S.A. financial group. CIMA INVESTMENT S.A.is a local financial
group which provided investment advisory and high qualified
research for their institutional and high net-worth clients.

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


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B E R M U D A
=============


STRATUS TECH: Relays Info on Potential Issuance of Series B Shares
------------------------------------------------------------------
Stratus Technologies Bermuda Holdings Ltd. disclosed information
relating to the potential issuance of Series B shares by it to
certain existing shareholders on April 30, 2014 (the Third Closing
Date), pursuant to its Subscription and Shareholders Agreement
dated as of April 8, 2010.

The share issuances will only be made if the previously announced
sale by Stratus of its wholly owned subsidiary, Stratus
Technologies Bermuda Ltd., to an affiliate of Siris Capital Group,
LLC has not occurred, and if the second lien credit facility of
Stratus and its subsidiaries consequently has not been repaid,
prior to the Third Closing Date.

To facilitate the share issuances on the Third Closing Date, the
Company is establishing an effective record date of April 22,
2014.  Accordingly, from the Record Date through the Third Closing
Date, the settlement of any assignments of loan positions under
the second lien credit facility and the registration of any
transfers of Series B ordinary shares or Series B preference
shares of Stratus will be delayed.  Any such settlements or
transfers would be processed as soon as practicable following the
Third Closing Date.

Prior to the Third Closing Date, Stratus will provide separate
notices to each of its shareholders that may be entitled to
receive such share issuances on the Third Closing Date.  Such
notice will specify the number of shares that may be issued to
each such holder and will include additional instructions
regarding receipt of shares in the issuance.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 15, 2014, Moody's Investors Service has assigned corporate
family and probability of default ratings ("CFR" and "PDR",
respectively) of B2 and B3-PD, respectively, to Stratus
Technologies Bermuda Ltd.  Concurrently, Moody's assigned B2
ratings to the proposed $20 million senior secured revolving
credit facility due 2019 and $225 million first lien term loan due
2021.  The rating outlook is stable.


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B R A Z I L
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AGROPECUARIA NOSSA: Moody's Puts B3 Rating on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has placed GVO's B3 ratings under review
for downgrade. The review process will focus on the company's
ability to refinance short term debt maturities and on the
maintenance of adequate liquidity to support operations during the
2014/2015 harvest.

Ratings placed under review as follows:

Issuer: Agropecuaria Nossa Senhora do Carmo

Corporate Family Rating: B3

Issuer: Virgolino de Oliveira Finance Limited

USD 300 million senior unsecured notes due 2018: B3

USD 300 million senior unsecured notes due 2022: B3

Ratings Rationale

"Placing GVO's ratings under review for downgrade reflects the
company's weak liquidity profile and Moody's concerns regarding
the refinancing of its short term debt", says Moody's Assistant
Vice President and lead analyst for the company, Erick Rodrigues.
"The review process will focus on GVO's ability to extend debt
profile, while maintaining a minimum liquidity cushion to support
operations in the next harvest year", added Rodrigues. Although
the company has been able to roll over its short term debt over
the last several quarters, the current capital structure implies
no liquidity cushion and leaves the company too exposed to changes
in the macro environment and to the risks present in the inherent
volatility of the sugar-ethanol sector, such as commodity prices
and weather conditions. Accordingly, if the company is unable to
refinance and extend its upcoming debt maturities within the next
few months the ratings will be downgraded.

Over the last few quarters, GVO was able to partially offset the
impact of the drop in international sugar prices in its top line
by increasing the volume of sugarcane crushed and improving
capacity utilization. As a result adjusted EBITDA margin increased
to 51.6% 9M14 from 46.6% 9M13. The depreciation of the Brazilian
Real during the last harvest also contributed to mitigate the
negative revenue impact and to improve profitability, but cash
flow pressures arising from high capital expenditures and more
expensive dollar-denominated debt constrained the company's free
cash flow generation.

Headquartered in Sao Paulo, Brazil, Agropecuaria Nossa Senhora do
Carmo S/A ("GVO") is a privately-held sugar and ethanol producer.
The company founded in the 1920s by Comendador Virgolino de
Oliveira is still controlled by the family, while higher
management positions are filled by family and professionals. With
annual sugarcane crushing capacity close to 12.0 million tons,
Virgolino posted revenues of BRL 1.3 billion (approximately USD
582 million converted by the average exchange rate) for the last
twelve months period (LTM) ending in December, 2013.

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


BRAZIL: February Economic Activity Slows More Than Forecast
-----------------------------------------------------------
Matthew Malinowski at Bloomberg News reports that Brazil's
economic activity in February slowed more than economists
expected, as high inflation curbs purchasing power in the world's
second-largest emerging market.

The report said seasonally adjusted economic activity index, a
proxy for gross domestic product, rose 0.24 percent in February
from the prior month, the central bank said in a report posted on
its website.  The median estimate of 30 economists surveyed by
Bloomberg was for a 0.3 percent expansion.  The central bank also
revised its January growth figure to 2.35 percent from 1.26
percent, Bloomberg News relates.

Bloomberg News discloses that President Dilma Rousseff's
administration is struggling to sustain economic activity while
controlling above-target inflation.

Bloomberg News says economists have cut their 2014 growth
expectations by more than half, as consumption wanes and
confidence remains muted.  The report relays that central bank's
375 basis points in key rate increases implemented in the past
year have been undercut by a food price shock that's renewing
pressure on consumer prices.

Bloomberg News notes that both retail sales and industrial output
in February grew at a slower pace compared to January, the
national statistics agency said this month.  Economists surveyed
by the central bank have cut their 2014 economic growth forecast
to 1.65 percent from 3.50 percent a year ago, according to the
study published on April 14, Bloomberg News relays.

                          Lowest Level

Consumer confidence has tumbled since mid-2012 and in February
reached its lowest level in more than 4 1/2 years, according to
the Getulio Vargas Foundation, Bloomberg News notes.  It rose
slightly in March.

Brazil's central bank on April 2 raised the Selic by 25 basis
points to 11 percent, Bloomberg News relays.  Prices have not felt
the full brunt of total borrowing cost increases implemented since
last April, policy makers said in the minutes to their April 1-2
meeting, the report discloses.

Annual inflation in mid-April quickened to 6.26 percent, marking
the fastest price increase since July, according to the median
estimate from 34 economists surveyed by Bloomberg.

Brazil is experiencing a food price shock, and consumer prices
will fall once it passes, central bank President Alexandre Tombini
told reporters in Washington on April 10, Bloomberg News recalls.
The central bank targets annual inflation of 4.5 percent, plus or
minus two percentage points, the report adds.

Tombini's outlook contrasts with views of economists in the
central bank survey, who expect consumer prices to rise 6.47
percent this year, Bloomberg News says.  Annual inflation was 6.49
percent when policy makers started tightening borrowing costs last
April.


BROOKFIELD INC: Moody's Cuts Global Scale CFR to 'B1'
-----------------------------------------------------
Moody's America Latina has downgraded the corporate family ratings
assigned to Brookfield Incorporacoes S.A. (Brookfield) to B1 from
Ba3 on the global scale and to Baa2.br from A3.br on the Brazilian
national scale. At the same time, Moody's downgraded to B1/Baa2.br
from Ba3/A3.br the ratings assigned to the company's fourth senior
unsecured debentures issuance in the amount of BRL300 million
issued by Brookfield in August 2011. All the ratings remain under
review for downgrade.

Ratings downgraded:

Corporate Family Rating: to B1 from Ba3 (global scale); to
Baa2.br from A3.br (national scale)

BRL300 million senior unsecured debentures due in 2015 and 2016
(4th debentures issuance): to B1 from Ba3 (global scale); to
Baa2.br from A3.br (national scale)

Ratings Rationale

The downgrade in Brookfield's ratings was prompted by the release
of much weaker than anticipated 2013 results, mainly as a
consequence of financial restatements related to additional cost
overruns, land bank impairments and provisions for future losses
due to construction delays. The results were also pressured by
softer than expected operating performance, leading to higher
leverage and overall weak credit metrics.

The ratings remain under review given the company's current
limited liquidity to address significant debt maturities over the
next two years and the challenges to improve profitability and
deleverage its balance sheet on a timely basis, amid evolving
industry fundamentals and ongoing changes in its governance
structure.

Brookfield reported negative gross margin of 1.4% for FYE 2013
(vs. 8.4% in FYE 2012), while the leverage measured by total
adjusted debt to book capitalization ratio deteriorated to 67%
(vs. 62% in FYE2012). On the other hand, there were some
improvements in the Free Cash Flow (FCF) generation reflecting the
successful transfer of BRL1.5 billion in contracts to financial
institutions in 2013 (+76.8% from 2012), as well as lower launches
of BRL1.2 billion during the year (-62% from 2012).

The ratings review process, which Moody's expects to conclude
swiftly, will focus on Brookfield's expected capital structure
after the completion of the planned tender offer for outstanding
shares, along with the company's initiatives to lengthen its debt
profile. Brookfield has adequate funding sources to meet its
operating requirements in 2014, but there is limited liquidity to
address about BRL2.1 billion in corporate debt maturing until
2015.

Accordingly, the ratings could be further downgraded if Brookfield
proves unable to address such debt maturities or indicate a clear
deleveraging trend within a reasonable timeframe. In Moody's view,
although cash generation could improve, supported by the high
number of project deliveries combined with lower launches,
liquidity and leverage should remain pressured in the absence of a
substantial capital increase or a major land bank divesture.

The review will also revisit the company's strategies to improve
its current margins and support its market position in an evolving
competitive environment. Moody's will also review the company's
debt structure to assess the potential impact on the subordination
level of unsecured creditors, which could be reflected in a multi-
notch downgrade.

Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A.
(Brookfield) is the result from the combination of Brascan,
Company and MB Engenharia, all strong brand names with over 25
year experience in the Brazilian homebuilding market. Brookfield
develops, builds, and sells residential projects in virtually all
price segments, as well as, office buildings. The largest
shareholder is Brookfield Asset Management (Baa2/Stable) with an
indirect stake of 44.17% of the shares. The company currently has
97 projects under development to be delivered between 2014 and
2016, mainly in the states of Sao Paulo, Rio de Janeiro, Parana
and the mid-west region of Brazil, including the Federal District.
In last 2013, Brookfield reported net revenues of BRL3.0 billion
(USD1.4 billion) and net losses of BRL686 million (USD318
million).


COMPANHIA DE SANEAMENTO: To Cut Costs, Delay Rate Increase
----------------------------------------------------------
Denyse Godoy at Bloomberg News reports that Companhia de
Saneamento Basico do Estado de Sao Paulo-SABESP will reduce
spending and postpone a rate increase to as late as December as it
gives discounts to clients who cut consumption amid the worst
drought in at least four decades.

The utility's board decided on April 16 to cut costs by BRL900
million (US$402 million) to "preserve the company's economic and
financial sustainability," according to a filing, Bloomberg News
notes.

The decision came after regulator Arsesp gave it approval to raise
rates by as much as 5.4 percent effective May 11, then asked
Sabesp to hold off until conditions improve, according to
Bloomberg News.

The water and energy regulator announced the decision in a
statement on its website, adding that the higher rate might be
"impractical or undesirable" now considering that Sabesp (SBSP3)
already offered discounts of 30 percent for customers who reduce
consumption by at least 20 percent of their 12-month average,
Bloomberg News relates.

The four-year rate review released also set 0.9386 percent as the
efficiency factor that will be used to calculate adjustments in
2015 and 2016, Bloomberg News discloses.  The efficiency factor is
part of the formula used to calculate future increases and
measures improvements to service the regulator requires before
rates can be raised, Bloomberg News relates.

"The rate review was concluded at a moment of prospects for
unusual and unforeseen water supply," Arsesp said in the statement
obtained by Bloomberg News.  "Considering the atypical situation
on the utility's market, the drought and the measures it has
adopted to encourage reduction in water consumption in order to
ensure supply, the agency decided to allow the company to apply
the raise at a more suitable date in the future," Arsesp said,
note the report.

                        Rate Expectations

Bloomberg News discloses that the rate increase for 2014 is higher
than the 4.7 percent preliminary proposal announced in February
and incorporates compensation for delays in the process, according
to Arsesp's statement.  The review was scheduled to be finished by
August 2012.

Sabesp is battling record-low reservoir levels that could prompt
rationing during the World Cup, Bloomberg News relays.  The shares
of Sabesp have declined 32 percent in the past year on lower-than-
expected increases in regulated prices as it struggles to curb
expenditures amid rising costs to pump water from lakes that are
drying up, Bloomberg News adds.

Sabesp on March 31 doubled to 17 million the number of clients who
get a discount on their bills for cutting water consumption,
Bloomberg News notes.  Water levels at the Cantareira basin, which
supplies almost half of the 20 million residents of metropolitan
Sao Paulo, are at the lowest levels since the National Water
Agency began collecting data in 1982, Bloomberg News discloses.

Sabesp's adjusted net income will fall 11 percent to BRL1.63
billion this year from 2013, according to the average estimate
among seven analysts surveyed by Bloomberg.

Sao Paulo, Brazil-based Companhia de Saneamento Basico do Estado
de Sao Paulo-SABESP is a water company that serves more than 26
million people. The Company provides water services and waste
water services to 60 percent of the population of the state of
Sao Paulo.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2013, Standard & Poor's Ratings Services affirmed its
'BB+' global scale and 'brAA+' national scale corporate credit
ratings on Companhia de Saneamento Basico do Estado de Sao Paulo
(SABESP). The outlook on both scales remains positive.  The
company's stand-alone credit profile (SACP) is 'bb+'.


CYRELA COMMERCIAL: Fitch Affirms IDRs at 'BB+'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Cyrela Commercial
Properties S.A. Empreendimentos e Participacoes (CCP) as follows:

-- Long-term Foreign Currency Issuer Default Rating (IDR) at
   'BB+';
-- Long-term Local Currency IDR at 'BB+';
-- Long-term National Scale rating at 'AA(bra)';
-- Second debenture issuance, in the amount of BRL204.4 million,
   due in 2017, at 'AA(bra)';
-- Third debenture issuance, in the amount of BRL150 million, due
   in 2018, at 'AA(bra)';
-- Fifth debenture issuance, in the amount of BRL200 million, due
   in 2019, at 'AA(bra)'.

The Outlook for the corporate ratings is Stable.

Key Rating Drivers

The affirmation of CCP's ratings reflects the company's consistent
and growing operating results and the company's healthy strategy
to continue to manage its liquidity and debt maturity schedule.
The ratings incorporate the expectation that the company will
carefully manage its higher leverage, reported in 2013,
maintaining these ratios close to the current level, as they are
already high with limited space for further growth.  A more
aggressive investment strategy that is not followed by an eventual
sale of properties could pressure CCP's leverage ratios, and
consequently pressure the ratings.

The classification is also supported by its diversified asset
portfolio and position as one of the leaders in the leasing of
high-quality corporate buildings in Brazil, which adds more
consistency to its results.  The company's credit profile also
benefits from its stable business base and competitive advantage
of an integrated business model in a highly fragmented industry,
and its financial flexibility due to a significant volume of
unencumbered assets, which could potentially be sold.  CCP has the
challenge to reduce vacancy rates and preserve the average value
of lease contracts, in a more volatile market environment.  The
ratings are constrained by the cyclicality of the commercial
properties business and its vulnerability to fluctuations in the
domestic economy and the availability of long term credit lines.

The classifications also incorporate the strength of the CCP brand
and its operational synergies and integration with Cyrela Brazil
Realty S.A. Empreendimentos e Participacoes (Cyrela, IDRs in
Foreign and Local Currency 'BB' and Long-Term National Scale
Rating 'AA-(bra)' with a Stable Outlook).

Predictable Operational Cash Flow

CCP's cash flow from lease agreements is predictable and growing,
and has benefited from the occasional sale of assets.  The
company's revenues and EBITDA were affected by the new standard
accounting requirements related to consolidation of properties.
Considering pro-forma results, net revenues was BRL434 million in
2013, compared to BRL485 million in 2012, and included BRL158
million from the sale of assets (BRL285 million in 2012).  CCP's
net operating income (NOI), which considers only the lease
revenue, was BRL238 million in 2013, compared with BRL195 million
in 2012.   Adjusted EBITDA, including dividends of BRL98 million
from properties that are not consolidated, was BRL292 million.
Projects under development could add about BRL100 million of lease
revenue up to 2016.

The large capex plan is expected to continue to pressure CCP's
free cash flow (FCF), which is likely to remain negative in 2014
and in 2015, excluding occasional property sales.  In 2013, the
company's funds from operations (FFO) totaled BRL310 million,
while its cash flow from operations (CFFO) was BRL311 million.
With investments of BRL1.1 billion and dividends of BRL73 million,
FCF was a negative BRL839 million.  In 2013, FFO interest coverage
remained strong, at 4.5x, while adjusted EBITDA/interest expense
ratio was 3.3x.

Leverage Remains Manageable

High investment initially planned could pressure CCP's leverage.
The company plans to invest about BRL810 million in 2014 and 2015,
which, absent the sale of assets, could increase leverage to
levels high for the rating category.  Fitch expects CCP to
continue to conservatively manage its net leverage below 5.5x in
periods of high investments to prevent any pressure on its
ratings.  As of Dec. 31, 2013, total debt/adjusted EBITDA
(including dividends from properties that are not consolidated)
was 5.6x and net debt/adjusted EBITDA was 4.7x, in line with
Fitch's expectations. FFO net adjusted leverage increased to 3.4x
in 2013, from 2.0x in 2012, and reflects higher debt to finance
the company investments of BRL1.1 billion in 2013.

When compared with the economic value of the CCP's commercial
properties, leverage is manageable.  The ratio loan-to-value,
measured by net debt/estimated market value of assets, was of 35%
at end 2013 (23% in 2012), and is not expected to exceed 50%,
considering the projects under development.

Adequate Liquidity and Debt Profile

CCP's liquidity is comfortable for debt maturities due by year-end
2015 and is an important rating consideration.  As of Dec. 31,
2013, cash and marketable securities totaled BRL264 million and
total debt, BRL1.6 billion.  The company has BRL240 million of
debt maturing in the short term, BRL135 million in 2015 and BRL240
million in 2016, of which BRL172 million, BRL63 million and BRL165
million, respectively, consisted of corporate debt.  Debt
amortization profile was extended in January 2014, following its
6th debentures issuance in the amount of BRL150 million.  On a
pro-forma basis, cash increases to BRL324 million and short term
debt reduces to BRL150 million, of which BRL82 million is
corporate debt.  Fitch expects the company to continue to manage
its liquidity conservatively and benefit from an increasing lease
base and growing EBITDA generation.

CCP counts on good financial flexibility, since around 63% of the
estimated market value of its assets were unencumbered and may be
available for sale or serve as collateral for a secured financing,
if needed.  In December 2013, unencumbered assets had an estimated
market value of BRL1.7 billion and covered about 1.8x the
corporate debt of BRL924 million.

More Challenging Market Environment

The company's high portfolio quality supports its positive
operational track record, with low tenant turnover and delinquency
rates.  However, CCP's higher vacancy rate is a concern.  As of
Dec. 31, 2013, physical and financial vacancy rates were 12.6% and
8.5%, respectively.  Fitch does not expect vacancy rates to return
to the historical low levels e should remain pressured by the more
challenging environment.  Higher stock in the market also
contributed to lower leasing spread in 2013, of 7%, compared to
higher levels reported in 2011 and 2012.  The lease maturity
profile remains well distributed, with 8.2% of the contracts (by
revenues) maturing in 2014 and 7.5% in 2015.  CCP has a
concentration of tenants and the 20 largest represented 82% of its
total monthly revenues in 2013.  This risk is partially mitigated
by the high quality of tenants and property portfolio.

CCP is one of the largest companies of investment, lease and
commercialization of commercial properties in Brazil.  At end
2013, the company owned 27 commercial properties, with an
estimated market value of BRL2.7 billion and gross leasable area
(GLA) of 329 thousand sqm. CCP currently develops 18 projects,
which should add 410 thousand sqm of GLA.

Rating Sensitivities

CCP's ratings could be negatively affected if the company does not
preserve on a sustainable basis net debt/EBITDA adjusted by
dividends below 5.5x, and FFO net adjusted leverage below 4.0x.
The ratings could also be pressured by FFO interest coverage below
2.0x, liquidity falling to levels that considerably weaken short-
term debt coverage, and vacancy rates consistently above 10%,
which could result in a reduction in operational cash generation.
Positive rating action is unlikely in the medium term.


ENERGISA SA: Fitch Lowers IDRs to 'BB-' & Removes from Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has removed from Rating Watch Negative and
downgraded, the ratings for Energisa S.A. (Energisa) and its
subsidiaries.  Fitch downgraded the local and Foreign Currency
Issuer Default Ratings (IDRs) for Energisa to 'BB-' from 'BB', and
for its subsidiaries to 'BB' from 'BB+'.  The Rating Outlook is
Stable.  A full list of rating actions follows at the end of this
press release.

Key Rating Drivers

The downgrade reflects the pressure expected on Energisa's
consolidated credit metrics from its recently concluded
acquisition of Grupo Rede.  Fitch also considered the challenges
Energisa will face in improving the currently below average
operational performance and cash flow generation of the eight
distribution companies acquired.

On Dec. 17, 2013 the Brazilian Regulatory Agency (Aneel) approved
the reorganization and investment plan submitted by Energisa for
Grupo Rede.  The plan comprises the incorporation of BRL4.5
billion of Grupo Rede's net debt (after the write-off of part of
the debt at Grupo Rede's holdings level) and operating integration
of its assets. The acquisition concluded on April 11, 2014.

The one-notch difference between Energisa's ratings and those of
its subsidiaries is based on the relevance and structural
subordination of the holding company's debt compared to that of
the operating companies.  The holding company debt represented
approximately 22% of net consolidated debt as of Dec. 31, 2013.
Leverage to Increase After Grupo Rede Acquisiton

Fitch expects the acquisition of Grupo Rede will have a material
impact on Energisa's leverage ratios.  Fitch expects a
consolidated net leverage between 4.0 times (x) and 5.0x in 2014,
which incorporates BRL4.5 billion in net debt of the acquired
group, including the upfront payment of approx. BRL450 million for
Grupo Rede's creditors. Energisa issued BRL1.5 billion in
debentures in March 2014 for the upfront payment and to refinance
around BRL1 billion of debt at the acquired distribution
companies' level.  In 2013, Energisa presented a total debt-to-
EBITDA ratio of 4.8x and a net debt-to-EBITDA ratio of 3.5x.

High Capex Needs to Pressure FCF

The acquisition of Grupo Rede will initially add pressure on
Energisa's cash flow as a result of additional capital
expenditures requirements.  Energisa's free cash flow (FCF) is
expected to stay negative in the following years as operational
improvements and synergies should be obtained gradually.  In 2013,
cash flow from operations (CFFO) of BRL505 million was
insufficient to fund capital expenditures of BRL723 million and
the dividend distribution of BRL181 million, resulting in a
negative FCF of BRL399 million.

Acquisition Funding

Fitch expects Energisa to fund part of the acquisition and the new
capex requirements with appropriate funding and potential equity
contribution from shareholders of BRL500 million.  The ratings
also factor in Fitch's expectation that Energisa will succeed in
refinancing the existing debt of Grupo Rede's subsidiaries at a
lower interest rate and lengthened maturity profile.

Rating Sensitivities

Fitch will monitor Energisa's operational and financial
performance with the new distributors, mainly in cash flow
generation and credit metrics and its impact in the overall credit
profile of the group.  A downgrade can be considered if Energisa
sustains its consolidated leverage measured by net debt to EBITDA
ratio above 4.0x after 2015.  An upgrade, although unlikely in the
short term, could be considered if in the medium term leverage
ratios return to levels historically reported of around 3.0x.

Fitch has downgraded the following ratings:

Energisa S/A
--Foreign currency IDR to 'BB-' from 'BB';
--Local currency IDR to 'BB-' from 'BB';
--Long-term national scale rating to 'A(bra)' from 'A+(bra)'
Energisa Paraiba - Distribuidora de Energia S/A (Energisa Paraiba)
--Foreign currency IDR to 'BB' from 'BB+';
--Local currency IDR to 'BB' from 'BB+';
--Long-term national scale rating to 'A+(bra)' from 'AA-(bra)';
--Long-term national rating of the first debentures issuance, in
the amount of BRL80 million, due in 2014, to 'A+(bra)' from 'AA-
(bra)'.
Energisa Sergipe - Distribuidora de Energia S/A (Energisa Sergipe)
--Foreign currency IDR to 'BB' from 'BB+';
--Local currency IDR to 'BB' from 'BB+';
--Long-term national scale rating to 'A+(bra)' from 'AA-(bra)';
--Long-term national rating of the second debentures issuance, in
the amount of BRL60 million, due in 2014, to 'A+(bra)' from 'AA-
(bra)'.
Energisa Minas Gerais - Distribuidora de Energia S/A (Energisa
Minas Gerais)
--Foreign currency IDR to 'BB' from 'BB+';
--Local currency IDR to 'BB' from 'BB+';
--Long-term national scale rating to 'A+(bra)' from 'AA-(bra)';
--Long-term national rating of the seventh debentures issuance, in
the amount of BRL60 million, due in 2014, to 'A+(bra)' from 'AA-
(bra)'.



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


AD LIB: Creditors' Proofs of Debt Due May 7
-------------------------------------------
The creditors of Ad Lib Ltd. are required to file their proofs of
debt by May 7, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

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


CRESCENT HOLDINGS: Shareholders to Hear Wind-Up Report on April 29
------------------------------------------------------------------
The shareholders of Crescent Holdings Limited will hear on
April 29, 2014, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          BNP Paribas Jersey Trust Corporation Limited
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


HF MOERDIJK FUNDING: Creditors' Proofs of Debt Due May 26
---------------------------------------------------------
The creditors of HF Moerdijk Funding Company, Ltd are required to
file their proofs of debt by May 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

           Westport Services Ltd.
           c/o Avril Brophy
           Telephone: (345) 949 5122
           Facsimile: (345) 949 7920
           P.O. Box 1111 Grand Cayman KY1-1102
           Cayman Islands


HF MOERDIJK OWNER: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of HF Moerdijk Owner Company, Ltd. are required to
file their proofs of debt by May 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

           Westport Services Ltd.
           c/o Avril Brophy
           Telephone: (345) 949 5122
           Facsimile: (345) 949 7920
           P.O. Box 1111 Grand Cayman KY1-1102
           Cayman Islands


HF MOERDIJK PROJECT: Creditors' Proofs of Debt Due May 26
---------------------------------------------------------
The creditors of HF Moerdijk Project Company, Ltd are required to
file their proofs of debt by May 26, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

           Westport Services Ltd.
           c/o Avril Brophy
           Telephone: (345) 949 5122
           Facsimile: (345) 949 7920
           P.O. Box 1111 Grand Cayman KY1-1102
           Cayman Islands


KITTYHAWK LIMITED: Shareholders to Hear Wind-Up Report on April 29
------------------------------------------------------------------
The shareholders of Kittyhawk Limited will hear on April 29, 2014,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due May 8
-----------------------------------------------------------
The creditors of Marathon International Oil Morado Limited are
required to file their proofs of debt by May 8, 2014, to be
included in the company's dividend distribution.

The company's liquidator is:

          Y.R. Kunetka,
          5555 San Felipe St.
          Houston, Texas 77056
          U.S.A.


RSH 1928: Creditors' Proofs of Debt Due April 28
------------------------------------------------
The creditors of RSH 1928 Ltd. are required to file their proofs
of debt by April 28, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


RUSSET LIMITED: Shareholders to Receive Wind-Up Report on April 29
------------------------------------------------------------------
The shareholders of Russet Limited will receive on April 29, 2014,
at 10:30 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


SALSA LTD: Creditors' Proofs of Debt Due May 7
----------------------------------------------
The creditors of Salsa Ltd. are required to file their proofs of
debt by May 7, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on March 28, 2014.

The company's liquidator is:

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


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


JAMAICA: Sees Continued Decline in Cruise Tourism Figures
---------------------------------------------------------
RJR News reports that Jamaica continued to see lower cruise
tourist figures into the second month of this year as the ports of
Falmouth and Montego Bay recorded heavy declines in arrivals.  For
the combined months of January and February, cruise arrivals have
declined 8% to 293,000, according to RJR News.

Data from the Jamaica Tourist Board show cruise arrivals in
February declined 5% to under 132,000, RJR News reports.

The report notes that Falmouth, which is the biggest port for
cruise arrivals in Jamaica, recorded a 16% decline in arrivals
while Montego Bay saw its arrivals dip 13.5%.


===========
P A N A M A
===========


BANCO DE LA PRODUCCION: PFC Buys Majority Stake in Firm
-------------------------------------------------------
Fitch Ratings continues to monitor the potential effect of the
imminent merger of Banco de la Produccion, S. A. (Produbanco),
rated 'B' with a Stable Outlook, and Banco Promerica Ecuador
(Promerica, not rated by Fitch), with the former as the prevailing
institution.  The merger follows the acquisition of a 56% stake in
Produbanco by Promerica Financial Corporation (PFC).

After PFC's formal intent to purchase a majority stake in
Produbanco was authorized by the Ecuadorian Superintendence of
Market Power Control in March 2014, the transaction was completed
at the Guayaquil Stock Exchange on March 12, 2014, when PFC
received and paid 108.6 million shares, at a price of USD1.20 per
share, according to Diario El Comercio.  The acquisition was
followed by the resignation of Produbanco's President Abelardo
Pachano. Fitch expects further changes in the board of directors
and management team, but these have not been disclosed.  The
agency is monitoring the process and expects more detailed
information as soon as possible.

In Fitch's opinion, based on a preliminary analysis of the
financial effect of the merger, the merged bank would have more
than USD4,000 million in assets and a loan portfolio of more than
USD2,000 million. Promerica's asset quality and capital ratios
compare negatively with Produbanco's; however, the relative size
of Promerica's balance sheet minimizes their impact on the merged
institution. Promerica accounted for 25% of Produbanco's assets as
of December 2013.

Fitch believes Produbanco's franchise will remain strong in the
local market and its asset quality will remain consistent with its
rating category. Capitalization levels may be challenged by the
possible costs of the merger.  Changes in the bank's risk profile
could affect its ratings, as Produbanco's ratings are driven by
its Viability Rating and the Issuer Default Ratings (long-term
foreign currency IDR of 'B' and short-term IDR of 'B') do not take
into account any institutional or government support.

PFC is a Central American financial holding company based in
Panama.  PFC has market presence in Ecuador, Costa Rica, El
Salvador, Guatemala, Honduras, Nicaragua, Panama, Dominican
Republic, and Cayman Islands.  After the purchase, the group's
assets will add up to USD9,500 million, according to public
sources.


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


BOND PRICING: For the Week From April 14 to April 18, 2014
----------------------------------------------------------

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

Aguas Andinas SA               4.15    12/1/2026   CLP    70.91
Almendral
Telecomunicaciones SA          3.5     12/15/2014  CLP    22.55
Argentina Bocon                2       1/3/2016    ARS    68.5
Argentina Boden Bonds          2       9/30/2014   ARS    31.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    75.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    74
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    50
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    55
Argentina Government
Int'l Bond                     4.33   12/31/2033   JPY    36.5
Argentina Government
Int'l Bond                    0.45    12/31/2038   JPY    15
Argentina Government
Int'l Bond                    4.33    12/31/2033   JPY    36.5
Automotores
Gildemeister SA               8.25     5/24/2021   USD    69
Automotores
Gildemeister SA               6.75     1/15/2023   USD    65
Automotores
Gildemeister SA               8.25     5/24/2021   USD    68.4
Automotores
Gildemeister SA               6.75     1/15/2023   USD    64.02
Banco BPI SA/
Cayman Islands                4.15    11/14/2035   EUR    62.5
Banco Supervielle SA          7        8/20/2020   USD    74.12
Banif Finance Ltd             1.68                 EUR    35
Bank Austria
Creditanstalt
Finance Cayman Ltd            2.16                 EUR     74.8
BCP Finance Co Ltd            5.54                 EUR     62.82
BCP Finance Co Ltd            4.24                 EUR     60.37
Republic of Venezuela         7        3/31/2038   USD     65.59
Caixa Geral De
Depositos Finance             1.12                 EUR     42.5
CAM Global Finance            6.08     12/22/2030  EUR     64.87
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Precious Metal
Resources Holdings Co Ltd     7.25      2/4/2018   HKD     65.97
Cia Cervecerias Unidas SA     4        12/1/2024   CLP     57.05
Transener SA                  9.75     8/15/2021   USD     68
Transener SA                  8.88    12/15/2016   USD     67.6
Transener SA                  9.75     8/15/2021   USD     67.5
Cia Energetica de Sao Paulo   9.75     1/15/2015   BRL
Cia Sud Americana de
Vapores SA                    6.4     10/1/2022    CLP     61.42
City of Buenos
Aires Argentina               1.95     1/28/2020   USD     70.125
City of Buenos Aires
Argentina                     1.95    12/20/2019   USD     70.875
Daphne International
Holdings Ltd                  3.13     6/11/2014   CNY      5.25
Decimo Primer
Fideicomiso                   4.54    10/25/2041   USD     57.25
Decimo Primer Fideicomiso     6       10/25/2041   USD     69
Empresa Distribuidora
Y Comercializadora Norte      9.75    10/25/2022   USD     66.99
Empresa Distribuidora Y
Comercializadora Norte        9.75    10/25/2022   USD     66.125
ERB Hellas Cayman
Islands Ltd                   9         3/8/2019   EUR     68.375
Glorious Property
Holdings Ltd                 13.3       3/4/2018   USD     71.24
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     53.25

Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     52.75
Inversiones Alsacia SA        8        8/18/2018   USD     65.25
Inversiones Alsacia SA        8        8/18/2018   USD
Inversora de Electrica
de Buenos Aires SA            6.5      9/26/2017   USD     43.25
MetroGas SA                   8.88    12/31/2018   USD     71.875
Mongolian Mining Corp         8.88     3/29/2017   USD     66
Mongolian Mining Corp         8.88     3/29/2017   USD     64.75
Petroleos de Venezuela SA     6       11/15/2026   USD     60.75
Petroleos de Venezuela SA     5.38     4/12/2027   USD     58
Petroleos de Venezuela SA     5.5      4/12/2037   USD     55
Petroleos de Venezuela SA     6       11/15/2026   USD     59.41
Provincia del Chaco           4        11/4/2023   USD     75
Provincia del Chaco           4        12/4/2026   USD     51.125
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     68.5
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     69.5
Ruta del Bosque Sociedad
Concesionaria SA              6.3      3/15/2021   CLP     73.66
Sifco SA                     11.5      6/06/2016   USD     29
SMU SA                        7.7       2/8/2020   USD     71.5
SMU SA                        7.75      2/8/2020   USD     69.21
Talca Chillan Sociedad
Concesionaria SA              2.75    12/15/2019   CLP     56.46
Uruguay Notas
del Tesoro                    2.5      9/27/2022   UYU     72.08
Venezuela Government
International Bond            6        12/9/2020   USD     72.75
Venezuela Government
International Bond            7.65      4/21/2025  USD     73
Venezuela Government
International Bond            7         3/31/2038  USD     65.75
Virgolino de Oliveira
Finance Ltd                   10.5      1/28/2018  USD     67.52
Virgolino de Oliveira
Finance Ltd                   11.8       2/9/2022  USD     67.2
Virgolino de Oliveira
Finance Ltd                   10.5       1/28/2018 USD     67.62
Virgolino de Oliveira
Finance Ltd                   11.8        2/9/2022 USD     66.75



                            ***********


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

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

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *