TCRLA_Public/140501.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

           Thursday, May 1, 2014, Vol. 15, No. 85


                            Headlines




B R A Z I L

BANCO DO ESTADO: Moody's Assigns D Bank Financial Strength Rating
BES INVESTIMENTO: Moody's Assigns Ba3 Sr. Secured Debt Rating
BRAZIL: Broad Inflation Measure Eased More Than Expected in April
BRAZIL: Fitch Says Operating Efficiency Key for Water Operators
MGI-MINAS: Moody's Confirms Ba1 Rating on 3rd Debenture Issuance

MILLS ESTRUTURAS: Moody's Rates BRL200MM Sr. Unsec. Debentures Ba2
OLEO E GAS: S&P Withdraws 'D' CCR at Issuer's Request


C A Y M A N  I S L A N D S

ALL SEASONS: Creditors' Proofs of Debt Due May 22
CHALLENGER INVESTMENT: Creditors' Proofs of Debt Due May 22
J-MEZZ TMK: Creditors' Proofs of Debt Due May 13
J-MEZZ TMK JAPAN: Creditors' Proofs of Debt Due May 13
JADES ASIA: Creditors' Proofs of Debt Due May 22

K3 CAPITAL: Creditors' Proofs of Debt Due May 14
NAPIER PARK: Creditors' Proofs of Debt Due May 13
NAPIER PARK MASTER: Creditors' Proofs of Debt Due May 13
OXFORD INSURANCE: Commences Liquidation Proceedings
TSF0301: Creditors' Proofs of Debt Due May 22


C H I L E

MASISA S.A.: Fitch Assigns 'BB' Rating to USD300MM Sr. Notes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: UN Revises Growth Forecast to 5%


E L  S A L V A D O R

BANCO AGRICOLA: Fitch Affirms Int'l Classification of IDR at BB +
BANCO DAVIVIENDA: Fitch Affirms LT International Rating at 'BB +'
FONAVIPO: Fitch Affirms Long-term Rating at 'B + (slv)'


M E X I C O

CENTRO VILLAHERMOSA: Moody's Assigns Ba3 Global Scale Rating


V E N E Z U E L A

VENEZUELA: Not Paying Airlines US$3.9 Billion Promised, IATA Says


                            - - - - -


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B R A Z I L
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BANCO DO ESTADO: Moody's Assigns D Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned Banco do Estado de Sergipe
S.A. (Banese) a bank financial strength rating of D, which maps to
a ba2 baseline credit assessment in the global rating scale. At
the same time, Moody's assigned Banese Ba2 and Not Prime global
local- and foreign-currency long- and short-term deposit ratings,
and A1.br and BR-1 Brazilian national scale long- and short-term
deposit ratings. All ratings have a stable outlook.

The following ratings were assigned to Banco do Estado de Sergipe
S.A. (Banese):

Bank financial strength rating: D, stable outlook

Long-term global local-currency deposit rating: Ba2, stable
outlook

Short-term global local-currency deposit rating: Not Prime

Long-term foreign-currency deposit rating: Ba2, stable outlook

Short-term foreign-currency deposit rating: Not Prime

Long-term Brazilian national scale deposit ratings: A1.br

Short-term Brazilian national scale deposit ratings: BR-1

Ratings Rationale

The ba2 standalone credit assessment acknowledges Banese's
entrenched local franchise as the wholly-owned bank of the State
of Sergipe, with a relevant 30% market share in the state's
deposits and loans. Though small in size, with total assets of
approximately USD1 billion, Banese's defensible position in the
local market derives from its focus on banking the state's civil
servants as well as small and medium size companies, which are
intrinsically connected to Sergipe's economy. As such, the bank's
adequate business diversification, access to inexpensive deposits,
and low-risk operations sustain earnings recurrence and asset
quality, which are key rating drivers.

Banese's granular loan portfolio reflects its predominantly retail
- oriented strategy, with 41% composed of low-risk payroll loans
to individuals and 24% of secured loans to small and medium size
companies. The bank also has a growing credit card finance
operation that provides for 30% market share in the state. Other
direct lending activities, including mortgage and long-term
financing sourced from development bank BNDES, result in an
overall low risk profile, as indicated by non-performing loan
ratios that have been consistently below 1% for the past five past
years. Banese's asset quality also benefits from improved risk
management and controls, while good capitalization and reserve
coverage offer protection against credit losses.

Moody's noted that the bank's profitability compares favorably to
that of other state-owned banks in Brazil, aided by comfortable
net interest margins of 10.11% and low credit costs. The bank's
steady earnings generation is the key contributor to capital, with
dividend payout at average levels of 50% for the past three years.
Core capitalization ratios of 10.6% are in line the system's.
However, competition by large retail banks, in particular in its
core product (payroll loans), and recent efforts to diversify
funding sources have resulted in margins narrowing by 300 basis
points over the past 12 months. While loan-to-deposit ratio
remains adequate at 62.16% in 2013, well below the industry's
110%, Banese's management is seeking to diversify funding sources
to improve its liquidity gap and support growth. A larger share of
market funds in its balance sheet, however, may affect the bank's
profitability

Banese's business potential is somewhat limited because its
footprint is constrained within Sergipe, one of the smallest and
poorest states in Brazil. The flat loan book in 2013 is a
reflection of the low demand from local corporate clients in the
period, and the bank's selective credit guidelines in face of the
slow economic growth. Nevertheless, Sergipe has grown slightly
above the national average, driven by government spending and
growing regional demand by an emerging middle class.

The key challenges facing the bank and its Ba2 rating are (1)
increasing competition that may pressure financial margins as
Banese is compelled to defend its market share; (2) weakening
asset quality and capitalization, if the bank pursues a robust
expansion into higher risk assets to defend its market position, a
strategy that could result in adverse selection, and (3) inherent
risk of political influence related to its ownership structure,
subject to frequent changes in management and policy mandate.

As a state-owned bank, Banese's strategy is aligned to the state
government's economic and political plans, which may require the
bank's support to social and development programs. Its role as a
government agent provides the bank with stable customer and
deposit bases, but it could lead to potential asset quality and
earnings pressures that would weaken future profitability and
capital-replenishment capacity.

Banese's Ba2 global local-currency deposit rating is aligned to
the ba2 baseline credit assessment, and therefore, does not
incorporate any support assessment from its shareholder, the State
Government of Sergipe, nor systemic support. Nevertheless, Moody's
notes that in the event of stress, Banese could reinforce its
capital through reduced dividend payout or retained earnings
reserves, if needed.

The principal methodology used in this rating was Global Banks
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 Credit Ratings to Global
Scale Credit Ratings".

Banco do Estado de Sergipe S.A. is headquartered in Aracaju,
Brazil, with total assets of BRL3.54 billion (USD1.50 billion) and
shareholders' equity of BRL279.5 million (USD118.4 million) as of
December 31 2013.


BES INVESTIMENTO: Moody's Assigns Ba3 Sr. Secured Debt Rating
-------------------------------------------------------------
Moody's America Latina Ltda. has assigned a Ba3 senior unsecured
debt rating and A2.br National Scale debt rating to BES
Investimento do Brasil S.A.'s (BESI) proposed senior unsecured
debt under the program of "Letras Financeiras" in the amount of
BRL200.0 million, due in 2016. The notes are a public offering
with limited efforts, under CVM instruction 476. The outlook on
the ratings is stable.

Assignments:

Issuer: BES Investimento do Brasil S.A. (BESI)

Senior Unsecured Regular Debt (letras financeiras)

The following ratings were assigned to BES Investimento do Brasil
S.A.'s BRL200.0 million senior debt:

Long-term local-currency senior unsecured debt rating of Ba3,
stable

Long-term Brazilian national scale senior unsecured debt rating
(letras financeiras) of A2.br, stable

Ratings Rationale

The rating agency noted that Ba3 global local currency senior debt
rating derives from BESI's Ba3 global local currency deposit
rating, which incorporates the bank's standalone bank financial
strength of D- (equivalent to ba3 baseline credit assessment).
This is the first instance of local currency senior unsecured debt
(letras financeiras) to which Moody's has assigned a rating.

Moody's Ba3 rating for BESI incorporates its adequate risk
management track record and capital position, as well as the
inherently volatile nature of its investment banking revenue
generation. The bank has adequately managed a growing loan book,
which now accounts for one third of the bank's total assets and is
predominantly related to its investment banking business. BESI's
asset quality has been stable, a trend we expect to continue,
although loan concentration is high. BESI maintains an appropriate
capital level to sustain its risk taking, with loan leverage ratio
of around 3.0x, despite the 40% increase in the loan portfolio
over last year. BESI's also maintains defensive liquidity
management, which has led to the bank holding an amount of liquid
assets, equivalent to 24% of total assets as of December 2013,
that exceeds its internal targets. At the same time, BESI's rating
incorporates the inherent volatility of its investment banking
operations, particularly in the currently challenging environment
for domestic capital markets.

The last rating action on BESI was on 28 April 2014, when Moody's
affirmed the bank financial strength (BFSR) of D- and the long-
term global local and foreign currency deposit ratings of Ba3, and
the long-term Brazilian national scale deposit rating of A2.br.
Also, the outlook on all ratings was changed to stable from
negative.

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

BES Investimento do Brasil S.A. is headquartered in Sao Paulo,
Brazil and reported total assets of BRL8.1 billion (USD3.5
billion) and equity of BRL665.7 million (USD284.2 million) as of
December 31, 2013.


BRAZIL: Broad Inflation Measure Eased More Than Expected in April
-----------------------------------------------------------------
Matthew Malinowski at Bloomberg News reports that Brazil's
broadest measure of inflation fell more than analysts forecast in
April, as policy makers work to tame above-target prices in the
world's second-largest emerging market.

Wholesale, consumer and construction prices, as measured by the
IGP-M index, rose 0.78 percent [in April], less than half the 1.67
percent jump in March, the Getulio Vargas Foundation said on its
website, according to Bloomberg News.  The gain was lower than
median estimate of a 0.81 percent increase from 24 economists
surveyed by Bloomberg.  The index, which is weighted 60 percent in
wholesale prices, rose 7.98 percent in the past 12 months,
Bloomberg News relates.

President Dilma Rousseff's administration is struggling to contain
inflation levels curbing purchasing power and consumer confidence,
Bloomberg News discloses.  Dry weather has sparked a jump in food
and beverage costs that has undermined nine straight key rate
increases aimed at taming prices, Bloomberg News relates.
Economists expect the official inflation figure to accelerate to
the upper limit of the target range this year for the first time
since 2011, Bloomberg News says.

Wholesale prices increased 0.79 percent in April after rising 2.2
percent last month, according to April 29's report, Bloomberg News
relays.  Consumer prices climbed 0.82 percent after increasing by
the same amount in March, Bloomberg News relates.  Food jumped
1.62 percent, above the 1.55 percent increase recorded the prior
month, Bloomberg News notes.

                          Benchmark Rate

Bloomberg News notes that Brazil's central bank on April 2 lifted
the benchmark Selic by a quarter-point to 11 percent, the highest
in more than two years.

Since last April policy makers have lifted borrowing costs the
most in the world after Turkey to combat consumer price increases,
the report notes.

Still, Bloomberg News discloses that economists in a weekly
central bank survey have lifted their 2014 inflation expectations
to 6.5 percent from 5.71 percent a year ago, according to the
study published on April 28.  Brazil's central bank targets
inflation at 4.5 percent, plus or minus two percentage points,
Bloomberg News relays.

Recent statistics show a food price shock is starting to ease,
central bank President Alexandre Tombini told reporters and
government officials on April 16, Bloomberg News relates.  Finance
Minister Guido Mantega reiterated that message 12 days later, and
added inflation is being kept in the target range, Bloomberg News
notes.

Bloomberg News says that consumer confidence as measured in April
by the Getulio Vargas Foundation fell to the lowest level since
May 2009.  Both retail sales and industrial output in February
grew at a slower pace compared with January's, the report relays.

Latin America's largest economy will expand 2 percent this year,
according to central bank estimates, Bloomberg News relates.  That
compares with 2.3 percent growth in 2013, Bloomberg News adds.


BRAZIL: Fitch Says Operating Efficiency Key for Water Operators
---------------------------------------------------------------
Fitch Ratings has published a new report on the Brazilian
water/wastewater sector that highlights the industry's need for
adequate operating efficiency and generation of cash flow from
operations (CFFO).  Both will be necessary to support the strong
investments forecast for the sector during the next five years.
Potential regulatory development is also expected to put pressure
on the industry's operators, particularly regarding higher demand
for efficiency improvements.  Private players are likely to
benefit given their overall higher capacity and greater
flexibility to enhance efficiency than that of state owned
companies.

'The significant capex estimated for the next five years should
continue to pressure the industry FCF.  This highlights the
importance of adequate CFFO to mitigate pressure on companies'
financial profiles and credit metrics', said Gustavo Mueller,
Associate Director at Fitch.

The report also highlights key issues in assessing
water/wastewater companies in Brazil including: water losses and
delinquency ratios, financial profile, cost structure and
regulatory and hydrologic risks.

Industry fundamentals in the country remain strong and supported
by resilient demand, which favors the companies' cash flow
predictability, particularly for those with adequate levels of
operating efficiency.  The regulatory environment is still new,
but tariff increases have been implemented satisfactorily thus
far.

For 2014, leverage is expected to remain moderate and liquidity is
to be observed, particularly for the lower rated players given
their reduced capacity to generate CFFO.  Private players'
operating growth should continue to be driven by developments of
public private partnership and acquisition moves, either by
incorporation of new concessions or through acquisition of smaller
operators.  Fitch expects state government companies to increase
activity supported by organic growth of base operations and tariff
readjustments.


MGI-MINAS: Moody's Confirms Ba1 Rating on 3rd Debenture Issuance
----------------------------------------------------------------
Moody's America Latina has confirmed the Ba1 (sf) (Global Scale)
and Aa2.br (sf) (National Scale) ratings on the third issuance of
senior debentures backed by re-performing ICMS taxes issued by MGI
- Minas Gerais Participacoes (not rated).  This action concludes
the review Moody's initiated on January 21, 2014, when it placed
the ratings under review for downgrade.

The senior debentures are backed by the right to receive 60% of
collections from monthly payments of renegotiated ICMS taxes
(Imposto sobre Operacoes Relativas a Circulacao de Mercadorias e
Prestacao Servi‡os de Transporte Interestadual e Intermunicipal e
de Comunicacao) originally owed to the State of Minas Gerais.

MGI is a public limited company almost wholly owned (99.8%) by the
State of Minas Gerais (Baa3, Global scale).

Ratings Rationale

The ratings confirmation is based on (1) the sufficiency of cash
flows to repay the debt, (2) the resolution of reporting
inconsistencies, and (3) the State of Minas Gerais' ownership of
MGI and Moody's opinion that the state would be proactive in
taking the necessary measures to shore up this transaction'
performance in the event of stress.

Moody's analyzed the transaction to determine whether cash flows
will be sufficient to repay the debt after the extraordinary
amortization of BRL31.6 million that took place on 26 February
2014, when investors accepted a principal prepayment of 10% of the
original issuance amount. The debt service coverage ratio (DSCR)
trigger, set at a conservative level of 1.80x, had been breached
in June, when it declined to 1.68x; in September, when it declined
to 1.67x; and again in November 2013, when it declined to 1.75x.
The repeated trigger breach led to an evaluation event and a
bondholder meeting at which investors agreed to waive the June and
September DSCR breaches, but not the November 2013 DSCR breach.
The extraordinary amortization eased the pressure on the DSCR by
reducing the monthly principal and interest payments due. As a
result of this action, as of February 2014, the DSCR was 2.01x,
adequately above the 1.8x trigger.

According to Moody's adjusted cash flow projections (based on
actual collections since the transaction's inception), the cash
flows from the expected collections from the monthly payments of
the ICMS taxes will be sufficient to repay the rated debt,
although eventually at a level below the DSCR trigger. Moody's
expects that upon the transaction's maturity, the DSCR will be
around 1.5x, still sufficient for full repayment of principal and
interest on the debenture.

In addition, MGI has resolved its reporting inconsistencies,
whereby receivables due after the transaction's maturity had
increased (which would be inconsistent with the static pool nature
of this transaction), while the company's reports indicated a
decline in the amount of delinquent receivables, without a
corresponding increase in collections. As of February 2014, the
State of Minas Gerais had refinanced receivables constituting 9.4%
of the original pool balance and related to securitized
receivables that had become delinquent after the transaction
closed. MGI and the State of Minas Gerais argue that, because (1)
these loans have started to perform again as expected and are
generating cash and (2) the balance of receivables due before the
debentures' legal maturity has not changed, the refinancing has
not negatively affected the noteholders.

As a result, the composition of receivables for the remaining life
of the debenture has changed and a higher amount of receivables is
now due after the transaction's maturity date; delinquent
receivables have declined as well. However, the State of Minas
Gerais could continue to refinance additional receivables so that
the amount of receivables due before the legal final maturity date
could decrease and as such, the cash flow might not be sufficient
to repay the debentures. After the refinancings to date, the
expected cash flows to be received before the legal final maturity
date have not decreased compared to cash flows expected at the
transaction's closing, because of higher interest and penalties
charged, as well as additional tax receivables that have been
added to the refinanced receivables. The asset coverage ratio,
which includes the refinanced receivables due before legal final
maturity, was 358% as of February 2014, well above the 200%
trigger.

Moody's will continue to monitor the refinancing taking place in
the pool and the subsequent performance of these receivables.

Finally, although MGI is the sole obligor under the debentures and
investors have no recourse against the State of Minas Gerais in
the transaction, there is a close relationship between MGI and the
State of Minas Gerais, given the extent (1) of the state's
ownership of MGI and (2) of the portion it holds of the
transaction's subordinated debt. Moody's expects that the state
will continue to pro-actively take the necessary measures to
support the transaction's performance, through MGI's governing
bodies or as otherwise needed.

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

Although the underlying assets were existing at closing, the
approach used to monitor the transaction cash flows, follows the
future receivables methodology.

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

Factors that would lead to a downgrade would be a further
deterioration of the collateral performance and a decline in the
quality and consistency of the performance information provided.

Factors that would lead to an upgrade would be a significant
improvement in collateral performance.

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


MILLS ESTRUTURAS: Moody's Rates BRL200MM Sr. Unsec. Debentures Ba2
------------------------------------------------------------------
Moody's America Latina assigned a Ba2 global scale local currency
rating and a Aa3.br national scale rating to the proposed BRL 200
million 5-year senior unsecured debentures to be issued by Mills
Estruturas e Servi‡os de Engenharia S.A. ("Mills"). The outlook
for the ratings is stable.

The rating of the proposed notes assumes that the final
transaction documents will not be materially different from draft
legal documentation reviewed by Moody's to date and assume that
these agreements are legally valid, binding and enforceable.

Ratings assigned:

Issuer: Mills Estruturas e Servi‡os de Engenharia S.A.

BRL 200 million 5-year senior unsecured debentures: Ba2 (global
scale)/Aa3.br (national scale)

The company's existing ratings are unchanged. Moody's now
maintains the following ratings for Mills Estruturas e Servi‡os de
Engenharia S.A.:

Corporate Family Rating: Ba2 (global scale)/Aa3.br (national
scale)

BRL 270 million senior unsecured debentures due 2016: Ba2 (global
scale)/Aa3.br (national scale)

BRL 270 million senior unsecured debentures due 2017 and 2020:
Ba2 (global scale)/Aa3.br (national scale)

The outlook for all ratings is stable.

Ratings Rationale

Mills' Ba2/Aa3.br corporate family rating incorporates its leading
position in the Brazilian concrete formwork and tubular structures
sector backed by its longstanding relationship with the major
local construction companies engaged in complex infrastructure,
commercial, industrial and residential projects, supported by the
offering of innovative solutions and updated technology. With the
divestiture of its industrial services division in 2013, Mills has
increased its focus in the core, higher-margin, businesses that
includes construction (infrastructure and homebuilding) and
equipment rental. The company is well positioned to benefit from
the growth in heavy construction, infrastructure and housing
sector in Brazil, which is expected to last several years.


The rating is also supported by Mills' strong operating margins
(above 30% in the past couple of years) based on a track record of
high capacity utilization, and by its prudent financial management
that includes a target leverage of Net Debt to Ebitda of 1x and a
moderate dividend payout policy. Mills is run by professional
executives with long experience in the industry, which potentially
reduces the company's execution risk, and has a good level of
disclosure.

Despite the strong revenue growth observed in the past couple of
years, fueled mainly by the heavy construction and rental
segments, Mills' small size relative to global peers, its high
dependence on the cyclical construction industry, and aggressive
growth plans that include capital investments of BRL 231 million
in 2014 are constraining factors to the rating. Notwithstanding,
the short cycle of its investments provides flexibility to
efficiently react to potential slowdowns in the construction
industry.

Mills has strongly expanded in the past four years (accumulated
capex of BRL 1.5 billion from 2010 to 2013), which resulted in
negative free cash flow since 2010 and pressured liquidity in some
periods to levels below the minimum cash balance target (around
BRL 40 million). Nevertheless, the company has good access to
capital markets and issued two debentures (BRL 270 million each)
in 2011 and 2012 to fund its expansion, which was also supported
by internal cash flow generation. The proposed BRL 200 million
debentures will be used to pay down the existing promissory notes
issued in April 2014 and to finance future capex. The promissory
notes were issued to meet debt amortization needs in the amount of
BRL 90 million in April.

The stable outlook considers that Mills will continue to prudently
manage dividends and leverage based on its long term target of Net
Debt to EBITDA of 1.0x while maintaining solid liquidity position.
The outlook also considers the benefits of the booming heavy
construction sector and infrastructure investments in Brazil that
will allow Mills to grow its operations organically rather than
through acquisitions. Mills is expected to maintain its leadership
position, ensure healthy operating margins and debt protection
metrics even during the down cycles of the construction industry
by efficiently managing its capex program in anticipation of
declining demand for its services.

Despite Mills' small size relative to global peers, positive
pressure on ratings could arise if the company is able to sustain
its margins at the same time it expands its market position on key
segments. Additionally, the ratings might be positive affected if
the company generates positive free cash flow on a sustainable
basis.

The ratings could be negatively impacted in case the company
remains significantly free cash flow negative, resulting in a
substantial increase in leverage and/or liquidity deterioration.
Further downgrade pressure may arise in case Mills cannot sustain
current margin levels and lead market position across key lines of
business. Also, a significant increase in the level of secured
debt could cause a downgrade of the rated unsecured debentures.

The principal methodology used in this rating was Moody's Business
and Consumer Service Industry rating methodology published in
October 2010.

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

Mills Estruturas e Servi‡os de Engenharia S.A., headquartered in
Rio de Janeiro, is a leading provider of concrete formwork and
tubular structures services to construction companies, industrial
services and rental of motorized access equipment in Brazil,
having reported BRL 832 million (USD 385 million converted by the
average exchange rate for the period) in revenues in the last
twelve months ended December 2013.


OLEO E GAS: S&P Withdraws 'D' CCR at Issuer's Request
-----------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' corporate
credit rating on Brazilian exploration and production company Oleo
e Gas Participacoes S.A. (OGPar) at its request.

Prior to the withdrawal, the rating reflected the company's
failure to pay interest on its notes and the filing for judicial
reorganization in late 2013.  Interest currently remains unpaid,
and the company is continuing to pursue the court approval for its
reorganization plan.


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


ALL SEASONS: Creditors' Proofs of Debt Due May 22
-------------------------------------------------
The creditors of All Seasons Investment Holdings Limited are
required to file their proofs of debt by May 22, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 9, 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


CHALLENGER INVESTMENT: Creditors' Proofs of Debt Due May 22
-----------------------------------------------------------
The creditors of Challenger Investment Holdings Limited are
required to file their proofs of debt by May 22, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 9, 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-MEZZ TMK: Creditors' Proofs of Debt Due May 13
------------------------------------------------
The creditors of J-MEZZ TMK Investments, Ltd. are required to file
their proofs of debt by May 13, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 8, 2014.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


J-MEZZ TMK JAPAN: Creditors' Proofs of Debt Due May 13
------------------------------------------------------
The creditors of J-MEZZ TMK Japan Investments, Ltd are required to
file their proofs of debt by May 13, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 8, 2014.

The company's liquidator is:

          Ogier
          c/o Joanne Huckle
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


JADES ASIA: Creditors' Proofs of Debt Due May 22
------------------------------------------------
The creditors of Jades Asia Dynamic Fund are required to file
their proofs of debt by May 22, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 4, 2014.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Telephone: (345) 925-5976
          Facsimile: (345) 743-6770
          Buckingham Square, 2nd Floor
          720 West Bay Rd
          P.O. Box 11735 Grand Cayman KY1-1009
          Cayman Islands


K3 CAPITAL: Creditors' Proofs of Debt Due May 14
------------------------------------------------
The creditors of K3 Capital Funds SPC are required to file their
proofs of debt by May 14, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 7, 2014.

The company's liquidator is:

          Ogier
          c/o Joanne Huckle
          Telephone: (345) 949 9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


NAPIER PARK: Creditors' Proofs of Debt Due May 13
-------------------------------------------------
The creditors of Napier Park Global Macro Fund Ltd are required to
file their proofs of debt by May 13, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2014.

The company's liquidator is:

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


NAPIER PARK MASTER: Creditors' Proofs of Debt Due May 13
--------------------------------------------------------
The creditors of Napier Park Global Macro Master Fund Ltd are
required to file their proofs of debt by May 13, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2014.

The company's liquidator is:

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


OXFORD INSURANCE: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary meeting held on March 27, 2014, the
shareholders of Oxford Insurance SPC, Ltd. resolved to voluntarily
liquidate the company's business.

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

The company's liquidator is:

          Mr. Stuart Jessop
          Windward 3, 5th Floor
          Regatta Office Park
          West Bay Road, Grand Cayman KY1-1105
          Cayman Islands
          Telephone: 949-1599
          e-mail: s.jessop@aih.com.ky


TSF0301: Creditors' Proofs of Debt Due May 22
---------------------------------------------
The creditors of TSF0301 are required to file their proofs of debt
by May 22, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 8, 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


=========
C H I L E
=========


MASISA S.A.: Fitch Assigns 'BB' Rating to USD300MM Sr. Notes
------------------------------------------------------------
Fitch Ratings publishes a rating of 'BB' for the USD300 million
senior unsecured 9.5% notes due 2019 issued by Masisa S.A.
(Masisa).  The notes are unconditionally guaranteed by Forestal
Tornagaleones and Masisa Forestal.  Proceeds from the notes will
primarily be used to refinance Masisa's medium- and short-term
debt.

Key Rating Drivers

High Exposure To Argentina And Venezuela

Masisa's ratings are constrained by the company's large exposure
to Venezuela and Argentina.  Combined these markets represented
55% of Masisa's consolidated EBITDA as of Dec. 31, 2013.
Challenges in these markets include non-stable currencies,
political interference as well as foreign currency transfer
restrictions.  Masisa's net leverage of 3.0x as of Dec. 31, 2013
is below the 3.4x the company averaged during the past five years.
Excluding the EBITDA from these markets, the company's net
leverage ratio is around 6.8x.

Sound Business Position

The ratings of Masisa incorporate its sound business position
within Latin America as a leading producer of wood boards with 3.4
million cubic meters of installed capacity.  The company's
operations are concentrated in Chile, Brazil, Argentina,
Venezuela, and Mexico.  Masisa has Placentro retail stores and
commercial offices in Peru, Colombia and Ecuador, and exports to
countries outside the region such as the U.S.  An additional
credit consideration is the company's continued uses of equity to
partially fund growth.  Increases of equity occurred in 2003,
2005, 2009 and 2013.

Forestry Assets Are Important Credit Consideration

The ratings further incorporate Masisa's ownership of 226,433
hectares of plantations in South America, which along with its
forestry land, had an accounting value of USD912 million as of
Dec. 31, 2013.  During March 2014, the company reached an
agreement to sell 32,500 hectares of plantations in Chile to
Hancock Natural Resource Group ('Hancock') for USD204 million.  To
implement the transaction, Masisa will provide these forestry
assets to a New Co., based in Chile and Hancock will subscribe to
80% of the New Co's. shares, with Masisa holding the remaining
20%. Masisa and Hancock will subsequently enter a long term fiber
supply agreement, which gives Masisa the option to purchase wood
fiber.  During 2013 Masisa supplied 3% of its Chilean industrial
fiber needs from these forests.  This sale (on a pro forma basis)
reduces the company's 2013 net leverage ratios to 2.2x and 4.9x
(excluding Venezuela and Argentina).

Ebitda Growth During 2013, Despite Devaluation In Venezuela

Masisa generated an EBITDA of USD241 million during 2013, an
increase from USD224 million during 2012 mainly driven by improved
performance in Brazil, Chile and Mexico.  The company's
performance in Argentina has remained weak to relative potential,
while its EBITDA in Venezuela increased to USD76 million from
USD70 million during 2012, despite the company`s decision to
present its 2013 financial statements with the 160% devaluation of
the bolivar against the dollar during January 2014.  Masisa's
Brazilian operations benefited from lower energy costs, which
offset a 2.7% volume decrease due to a fire at the Montenegro MDP
plant during September 2012.  Its Chilean operations benefited
from a turnaround in the U.S. housing market, which increased
demand for MDF moldings (+76%).  During 2013 Masisa repatriated
USD38 million of dividends from its Argentinean subsidiary.

Modest Increase In Net Debt

Masisa had USD866 million of consolidated debt and USD137 million
of cash and marketable securities as of Dec. 31, 2013, resulting
in USD729 million of net debt.  This figure compares with USD724
million as of Dec. 31, 2012.  As of Dec. 31, 2013, USD643 million,
or 74% of Masisa's consolidated debt is long term.  This debt
consists of USD373 million of bonds, USD262 million of bank debt
and USD1.5 million of financing leases.  About USD50 million of
the company's cash is trapped in Venezuela, which increases its
affective net leverage to USD780 million prior to the receipt of
USD204 million from the forestry asset sale to Hancock.

Manageable Liquidity Profile

During December 2013 Masisa refinanced part of its debt with a
USD150 million 18-months bridge loan.  This bridge is expected to
be taken out with some of the proceeds of the USD300 million
international 9.5% senior unsecured notes.  The sale of non-
strategic forestry assets should further bolster the company's
liquidity.  Masisa's Board of Directors approved a USD100 million
capital increase, of which Masisa placed USD80 million during the
pre-emptive right period.  As of Dec. 31, 2013, Masisa had USD222
million of short-term debt.

Significant Capex Program

Masisa's capex program has been oriented toward strengthening its
Mexican operations due to the strong growth potential of the
market, as per-capita consumption of boards is low and the housing
deficit is high.  Between 2013 and 2015, Masisa plans to invest
USD600 million.  Key investments include the acquisition of Rexcel
and Arclin's assets (concluded), which increased coating capacity
in Chile and Brazil, and constructing a new MDF plant in Mexico
with 200,000 cubic meter annual capacity.  This mill includes a
100,000 cubic meter melamine facility.  Financing for these
investments should be through the USD100 million capital increase,
USD300 million of cash flow from operations (Ex-Venezuela), and
USD204 million of proceeds from the divestiture of non-strategic
forestry assets.

Rating Sensitivities

Negative rating actions could occur if there is a sustained net
debt increase, operating cash flow weakens, or the political
environment in Argentina or Venezuela deteriorates further.
Absent significant debt reduction, positive rating actions are not
likely in the short term due to Masisa's reliance upon Venezuela
and Argentina for around 50% of its EBITDA.

Fitch currently rates Masisa as follows:

--Foreign and local currency Issuer Default Ratings 'BB';
--National scale rating of Bond Line No. 355, No. 356, No. 439,
No. 440,No. 560, No. 724 and No. 725 'A-(cl)';
--National short-term rating 'N1(cl)'';
--Long-term national scale rating 'A- (cl)'.
--Equity rating 'Primera Clase Nivel 3(cl)'

The Rating Outlook is Stable.


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


DOMINICAN REPUBLIC: UN Revises Growth Forecast to 5%
----------------------------------------------------
Dominican Today reports that the Latin American and Caribbean
countries will grow 2.7% on average in 2014, stymied by limited
dynamism of the region's major economies, according to new
projections from the UN Economic Commission for Latin America and
the Caribbean (ECLAC).

For the Dominican Republic the regional organization forecasts a
growth equal to or higher than 5 % in 2014, according to Dominican
Today.

The report notes that ECLAC unveiled its updated Economic Results
for Latin America and the Caribbean 2013, which reviews data on
the main economic variables from 2013 and presents new estimates
on the region's growth.

The report discloses that ECLAC said regional growth in 2014 would
be slightly higher than in 2013 (2.5%) and lower than the forecast
in December (3.2%), "due to the external context still marked by
uncertainty and lower-than-expected growth for the region's
biggest economies, Brazil and Mexico, that will grow 2.3 percent
and 3 percent, respectively."


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


BANCO AGRICOLA: Fitch Affirms Int'l Classification of IDR at BB +
-----------------------------------------------------------------
Fitch Ratings has affirmed the international classification of
long-term (IDR), for its acronym in English, at 'BB +' and the
classification of viability (VR), for its acronym in English at
'bb +' to Banco Agricola, SA (Agricultural). Seen in the long-term
ratings remains Negative

Key Factors Standings

International Agricultural rankings are based on; robusta bank
franchise and dominant market position, solid and stable
profitability, strong absorption capacity loss, good asset quality
and broad base of depositors.  Agricultural rankings also consider
the ability of the bank demonstrated resistance in adverse stages
of the economic cycle, loan concentration and the challenging
economic conditions in El Salvador that could have some impact on
growth prospects and quality of bank assets.

International Agricultural rankings are restricted by the country
ceiling; currently remain two levels on the sovereign rating of El
Salvador.  In Fitch's view, there is a close relationship between
the bank and sovereign credit risk, and thus ratings, making it
exceptional for banks to be rated above the domestic sovereign.
Importantly, in the absence of a strong individual performance,
the International Classification of Agricultural remain at the
same level as the support they receive, upon request, its parent,
Bancolombia with Fitch international rating of 'BBB'. This is
reflected in the Agricultural support classification of '3 ',
indicating a moderate probability of support.

Agriculture continues to exhibit robust capitalization reflected
in Capital Base, Fitch, around 20% of risk-weighted assets for the
past four years; comparing well above the average for the banking
system and major international peers. In Fitch's view, the loss
absorption capacity remains strong and above that of their peers
in the medium term. The solid financial performance in different
phases of agricultural economic cycle has been driven by costs
stable and relatively low supplies, good operating efficiency and
lower financing costs.

Good quality agricultural assets compares favorably with that of
some of its major peers and the local banking system. The bank
reached the level of nonperforming loans lowest since 2008, while
maintaining a conservative hedging policy reserves. Good asset
quality due to its conservative underwriting standards, payroll
deductions for a portion of consumer loans, permanent punishment
policy and good collector's procedures.

The concentration of the principal debtor is relatively high. The
bank's funding and liquidity remain stable, with low
concentrations of depositors.  The bank's ability to access and
maintain a large and stable deposit base low cost is one of its
main strengths. The bank maintains a good liquidity position; Cash
accounted for 22.1% of total deposits.

Agriculture is considered a Fundamental subsidiary Bancolombia.
In Fitch's opinion, Agricultural and provides a significant
participation of recurrent income from its parent and subsidiary
is important for both growth and diversification in Central
America for Bancolombia.  The recent expansion of Bancolombia in
other Central American markets increases the relative importance
of its international network in the medium and long term.

Sensitivity Of Standings

The negative outlook of the International Classification of
Agricultural reflects an eventual decrease in the classification
of the Salvadoran sovereign 'BB-' / Negative result in a decrease
of the Country Ceiling 'BB +', which in turn, lead to a decline in
the international classification bank.

A significant decrease in profitability and capitalization of
Agriculture could be reflected in a decline in the bank's
viability rating (VR).  An eventual assertion of sovereign rating
to 'BB-' and revised the Outlook to Stable from Negative, lead,
most likely, to asserting the International Documentary
classification and Agricultural Outlook is revised to Stable from
Negative.

National Agricultural ratings would not be affected by the decline
of the sovereign ratings and country ceiling since the relative
strength of the bank in the local market remain unchanged.
National classifications of Agricultural Bank Investments (IFBA)
reflect national rankings Agricultural and your changes, as the
bank is about 99% of its assets and income.

Fitch has affirmed the following ratings for Banco Agricola SA:

Fitch Scale:
- International Classification of Long-term 'BB +'; Outlook
Negative;
- International Classification of Viability at 'bb +';
- International Classification of Short-term 'B';
- International Classification of Support '3 ';
- National Long-Term Rating at 'AAA (slv)'; Outlook Stable;
- National Classification of Short-term 'F1 + (slv)';
- National Qualifiers titles No Guarantee Long-Term 'AAA (slv)';
- National Qualifiers securities Guarantee Long-Term 'AAA (slv )
'.

Regulatory Scale:
- National Long-Term Rating at 'AASEs (slv)'; Outlook Stable;
- National Qualifiers titles No Guarantee Long-Term 'AAA (slv)';
- National Qualifiers securities Guarantee Long-Term 'AAA (slv)'.

Fitch has affirmed the following ratings for Banco Agricola SA
Investments:

Fitch Scale:
- National Long-Term Rating at 'AAA (slv)'; Outlook Stable;
- National Short-Term Rating at 'F1 + (slv)'.

Regulatory Scale:
- National Long-Term Rating at 'AASEs (slv)'; Outlook Stable;


BANCO DAVIVIENDA: Fitch Affirms LT International Rating at 'BB +'
-----------------------------------------------------------------
Fitch Ratings has affirmed the long-term international rating
(IDR, for its acronym in English), the Banco Davivienda
Salvadoreno, S.A  (Davivienda Sal) at 'BB +'.  Seen in the long-
term ratings remains Negative.

Key Factors Standings - IDR And National

Sal Davivienda's ratings reflect the support, in Fitch's opinion,
would receive its ultimate shareholder, the Colombian Banco
Davivienda, SA; Davivienda; 'BBB-' / Outlook Stable / 'bbb-'.
Fitch considers Davivienda Sal e IFDavivienda as strategically
important to its main shareholder.  This review is based on the
fact that Davivienda has driven the expansion and diversification
in Central America to implement a balanced business plan will
contribute positively to the consolidated operation.

Fitch estimates that the acquired operations in Central and
contribute a significant proportion of recurring revenues of the
consolidated entity in the medium term. He also believes that the
support would be appropriate and sufficient, given the
reputational risk associated with the franchise brand and shared.

Ratings Key Factors - VR

The Viability Rating (VR, for its acronym in English) of
Davivienda Sal are based on its moderate franchise, strong capital
position and adequate asset quality.  The ratings also reflect
indicators of low efficiency, low profitability and moderate
income diversification.

Credit quality indices have improved significantly since 2009,
compared with banks properly classified similarly.  Past due
loans> 90 days accounted for 3.0% of gross loans at end-2013;
2009-2012: 5.0%.  The loan loss reserves of Davivienda Sal have
not yet achieved full coverage, although Fitch notes that
collateral coverage, mainly mortgage, is comfortably above the
level of overdue loans.

The profitability of Davivienda Sal is modest, but is recovering
from a very low base.  Continuous improvements in efficiency along
with lower provision charges and increased recoveries for loans
written off have benefited the bank's financial performance.
Fitch expects profitability of Davivienda Sal, though is
improving, remain under their potential in 2014 due to weak
economic growth and strong competition in the square.

In Fitch's view, the bank has a strong ability to absorb losses,
showing a rate of Capital Base Fitch, Fitch Core Capital, FCC,
from 17% at end-2013.  This, coupled with moderate reservations,
will help absorb unexpected losses in an adverse economic
environment.  The regulatory capital ratios comfortably should
fluctuate between 15% -19%, supported by an adequate internal
generation of capital and good asset quality.

Sensitivity Standings - IDR and VR


The negative outlook of the international classification of
Davivienda Sal reflects that an eventual decrease in the 'BB-' /
Outlook Negative Salvadoran ruler, result in a decrease of the
Country Ceiling, which in turn lead to a decrease in the
classification international bank.  An eventual assertion of
sovereign rating to 'BB-' and revised the Outlook to Stable from
Negative, most likely lead to the affirmation of the international
classification of Davivienda Sal and his perspective would be
reviewed as well.  The VR is limited by the rating of the
Sovereign of El Salvador, as the bank has no record of overcoming
system performance.

Sensitivity Of Standings - National

The ratings and outlook are sensitive to changes in the ability
and / or propensity of Davivienda to support these operations.

Fitch affirmed the following ratings:

Banco Davivienda SA Salvadore¤o:
Scale Fitch
- International Classification of Long-term 'BB +'; Outlook
Negative;
- International Classification of Viability at 'bb +';
- International Classification of Short-term 'B';
- International Classification of Support '3 ';
- Classification of issuer long-term 'AA + (slv)'; Outlook Stable;
- Classification emitter short-term 'F1 + (slv)';
- National Qualifiers titles long term unsecured at 'AA + (slv)';
- National Qualifiers long-term securities guaranteed at 'AAA (
slv) ';
- National Qualifiers titles short term unsecured rating at 'F1 +
(slv)';
- National Qualifiers short-term securities guaranteed at 'F1 +
(slv)'.

Scale regulatory El Salvador
- Classification issuer 'EAA + (slv)'; Outlook Stable;
- National Qualifiers titles long term unsecured at 'AA + (slv)';
- National Qualifiers long-term securities guaranteed at 'AAA
(slv)';
- National Qualifiers titles short term unsecured 'N-1 (slv)';
- National Qualifiers short-term securities with collateral 'N-1
(slv)'.

Investments Davivienda SA:
Scale Fitch
Rating - Long-term issuer 'AA + (slv)'; Outlook Stable;
- Issuer Rating Short-term 'F1 + (slv)'.

Scale regulatory El Salvador
- Classification issuer 'EAA + (slv)'; Outlook Stable. Fitch
Ratings


FONAVIPO: Fitch Affirms Long-term Rating at 'B + (slv)'
-------------------------------------------------------
Fitch Ratings has affirmed the ratings of National Housing Fund
(FONAVIPO).  Seen in the long term rating remains Stable.


Key Factors Standings - ISSUER

The risk ratings assigned to FONAVIPO are based on the financial
profile of the company, including asset quality and adequate
capital position.  They also reflect lower expected liquidity
pressures in the short term for the payment of its financial
obligations after the company restructured its liabilities by
issuing a long-term bond.  However, both are limited by the
challenge of housing and land market sufficient to address the
issue of payment when due in a timely manner, as well as the
challenge of reviving its financial intermediation activity, which
decreased in recent years .

By issuing debt, the company replaced short-term financing with
financial institutions and substantially improved the fit of
maturity of their operations.  FONAVIPO expects to complete the
payment of the bonds by cash flows from the sale of houses and
land.  In recent years, the company expanded its activities with
the housing program Home for All, through the development and
marketing of residential projects.

A March 2014 has four real estate projects, which accounted for
2,577 housing units, including houses and apartments; only 29.3%
of the houses have been sold demonstrating a level lower than
projected by the entity.  The goal of management is FONAVIPO
complete the sale of 70% of the homes at the end of 2015, which is
a major challenge for an entity that has no experience in the
development and marketing of properties.  The effective marketing
of properties is subject to factors beyond the control of
FONAVIPO, as the economic environment, which may limit
homeownership factors of potential customers.

In recent years the results have deteriorated significantly due to
the increased volume of funding for the development of residential
projects, as well as the administrative burden associated with
these projects.  The slowdown in lending activity and housing
marketing and the accounting adjustment in its results in 2013,
enjoyed the entity take on important, to reverse the revenue
forgone losses during the financial year.

FONAVIPO was established as an apex institution to develop
financial intermediation.  Until some years ago, its sole activity
was to allocate resources to other financial institutions, mostly
unregulated, to finance the acquisition and improvement of housing
for low-income people.  One of its main strengths is the solid
quality of its portfolio, which has no arrears because the
intermediary institutions are their primary source of payments and
not end users.  It also has mechanisms to mitigate risks such as
Escrow and the ability to move their portfolio to other entities
in order to not default on payments.

The entity has a high capital base, capital base according to
Fitch Weighted Assets: 27.1%; however, it has been compromised by
rapid active hitherto increased unproductive.  This heritage was
established with funds from public institutions and is
strengthened by the accumulation of profits.  Is expected to
remain stable in the future.

Key Factors In Standings - Issue

The risk rating of the investment certificates issued by FONAVIPO
reflects the creditworthiness of the State of El Salvador, as this
is the guarantor of that obligation.  This guarantee allows the
risk rating of the issue exceeds the issuer.

Sensitivity Of Standings - Issuer

Classifications on stage FONAVIPO improve the marketing of
properties evolve favorably in the coming months, suggesting that
the company could meet the payment of the bonds in a timely
manner.

Conversely, the ratings could be adjusted downward in the scenario
that the entity continues to report delays in marketing the
property, which derive struggling to pay the bond in accordance
with the terms originally subscribed.

Sensitivity Of Standings - Issue

In Fitch's view, improved risk classification of the issue are
unlikely due to their correlation with the credit quality of the
sovereign. For its part, the classification of the issue could be
affected to a weakening in the credit quality of the Government of
El Salvador, relative to other domestic issuers.

Key Assumptions

Fitch assumes that FONAVIPO continue to develop, as appropriate,
the financial intermediation and credit quality remains strong.
In this sense, loan impairments that could compromise the assets
of the entity are expected.

In the scenario that fails FONAVIPO sell properties in a timely
manner and not have the liquidity to pay the debt issue, the State
of El Salvador will honor the payment of these creditors in a
timely manner.

Fitch has affirmed the following ratings FONAVIPO:

Scale regulatory El Salvador
- Rating issuer 'EB + (slv)';
- Match of CIFONA2 bonds at 'AA-(slv)',
Outlook Stable.

Scale Fitch
- Long-term Rating 'B + (slv)';
- Match Short-term 'B (slv)';
- Match of CIFONA2 bonds at 'AA-(slv)',
Outlook Stable. Fitch Ratings



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


CENTRO VILLAHERMOSA: Moody's Assigns Ba3 Global Scale Rating
------------------------------------------------------------
Moody's de Mexico assigned issuer ratings of A3.mx (Mexico
National Scale) and Ba3 (Global Scale, local currency), with
stable outlook, to the municipality of Centro (Villahermosa).

Ratings Rationale

The Ba3/A3.mx ratings assigned to the municipality of Centro
reflect negative operating balances and cash financing deficits
during the 2009-2013 period. While the municipality's debt stock
increased in recent years, its debt-to-revenue ratio was moderate
and its liquidity position positive at year-end 2013.

Centro registered negative gross operating balances reflecting
pressures in its current expenditures mainly related to the water
company. During the 2009 -- 2013 period, gross operating balances
were equivalent to -9.8% of operating revenues. Nevertheless, the
municipality successfully implemented expenditure cuts in 2013
evidencing stronger governance and budget management practices. As
a result, Centro's gross operating balance to operating revenue
ratio improved to 0.1% compared to -19.2% in 2011.

The municipality's cash financing results, averaging -6.3% of
total revenues over the last five years, result from Centro's
relatively large infrastructure needs, including water and sewer.
In 2013, Centro posted a cash financing surplus equivalent to 2.3%
of total revenues, reflecting the improvement of gross operating
balances and a decrease in capital expenditures.

The municipality has covered its financial deficits through debt.
At the end of 2013, the municipality posted moderate net direct
and indirect debt levels equivalent to 22.6% of operating
revenues. Moody's expects the municipality's debt ratio to
decrease in 2014 as it does not have plans to contract additional
debt.

During the 2009-2013 period, the municipality posted positive
liquidity. Measured as net working capital (current assets less
current liabilities), liquidity was equivalent to 5.2% of total
expenditures at the end of 2013.

What Could Change The Rating Up/Down

Sustainable positive gross operating margins resulting in balanced
or positive cash financing results combined with moderate debt
levels and positive net working capital, could exert upward
pressure to the ratings. A deterioration in gross operating
balances leading to higher than expected debt levels and negative
liquidity position, could exert downward pressure to the ratings.

The principal methodology used in this rating was Regional and
Local Governments published in January, 2013.

The period of time covered in the financial information used to
determine municipality of Centro's rating is between 1 January
2009 and 31 December 2013.

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


=================
V E N E Z U E L A
=================


VENEZUELA: Not Paying Airlines US$3.9 Billion Promised, IATA Says
-----------------------------------------------------------------
Anatoly Kurmanaev at Bloomberg News reports that Venezuela's
government isn't honoring its pledge to provide as much as US$3.9
billion to airlines with bolivars trapped in the country, said the
International Air Transport Association, known as IATA.

President Nicolas Maduro last month authorized the release of
dollars owed to 24 airlines operating in the country, basing the
total on the official exchange rate at the time of the ticket
sales, Venezuelan Airlines Association President Humberto Figuera
told reporters March 28, according to Bloomberg News.

"Since then there has been very little progress," Tony Tyler,
IATA's General Director, said in a statement published on the
organization's website, Bloomberg News notes.  "The situation is
unacceptable," Mr. Tyler added, Bloomberg News relates.

At least 11 airlines have cut capacity on Venezuelan flights in
the past year, some by as much as 78 percent, as the currency
controls made it increasingly difficult to expatriate local
earnings, according IATA, Bloomberg News discloses.  Air Canada
stopped flying to Caracas in March.

The value of revenue trapped in bolivars is being whittled away by
the highest inflation in the world and frequent devaluations of
Venezuela's currency, Bloomberg News relates.

Colombia's Avianca Holdings SA (PFAVH) has about US$300 million in
cash in the country, or about 40 percent of its total cash
holdings, according to company filings and conference calls,
Bloomberg News notes.

Panama City-based Copa Holdings SA (CPA) has US$487 million in
Venezuela, Bloomberg News adds.


                            ***********


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.


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