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        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 8, 2014, Vol. 15, No. 90


                            Headlines



A R G E N T I N A

ARGENTINA: Heading to Another Devaluation, BMA CEO Says


B R A Z I L

BANCO DO BRASIL: Misses Estimates as Provisions Increase
BANCO INDUSTRIAL: Moved Expiration Time for Consent Solicitation


C A Y M A N  I S L A N D S

ALL SEASONS: Shareholder to Receive Wind-Up Report on May 30
BLUE STONE: Shareholder Receives Wind-Up Report
J-MEZZ TMK: Shareholder to Receive Wind-Up Report on May 22
J-MEZZ TMK JAPAN: Shareholder to Receive Wind-Up Report on May 22
JADES ASIA: Shareholders' Final Meeting Set for May 22

K3 CAPITAL: Shareholder to Receive Wind-Up Report on May 14
NAPIER PARK: Members to Receive Wind-Up Report on May 20
NAPIER PARK CAYMAN: Members to Receive Wind-Up Report on May 20
NAPIER PARK MASTER: Members to Receive Wind-Up Report on May 20

RICAL INVESTMENTS: Shareholder to Receive Wind-Up Report on May 14


C H I L E

LATAM AIRLINES: To Spend US$12.2BB Through 2020 on 166 New Planes


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Exports Jump 8.53% in 1Q; Official Says


M E X I C O

DESARROLLADORA HOMEX: Files for Bankruptcy; NYSE Delists Shares


T R I N I D A D  &  T O B A G O

TRINIDAD CEMENT: Fitch Assigns 'B-' IDR; Outlook Stable
TRINIDAD CEMENT: S&P Assigns 'B' CCR; Outlook Stable


V E N E Z U E L A

VENEZUELA: To Ration Electricity After Colombia Cuts Gas


                            - - - - -


=================
A R G E N T I N A
=================


ARGENTINA: Heading to Another Devaluation, BMA CEO Says
-------------------------------------------------------
Camila Russo and Cristiane Lucchesi at Bloomberg News reports that
measures taken by Argentine President Cristina Fernandez de
Kirchner this year are unraveling as inflation erodes the benefits
of devaluing the peso and raising rates, said Jorge Brito, the
president of Banco Macro SA. (BMA)

"They're still not cutting spending and the fiscal deficit is
rising, and that's the most important factor to slow inflation,"
Mr. Brito told Bloomberg News in an interview.

Argentina devalued the peso by 19 percent in January and has
raised benchmark interest rates by as much as 13 percentage points
to reduce local demand for dollars that had helped drive foreign-
currency reserves to a seven-year low, according to Bloomberg
News.  The measures helped boost reserves, which the country uses
to pay foreign investors, by $1.2 billion to $28.2 billion in
April while helping to narrow the gap between official and
parallel exchange rates to the smallest since December 2012,
Bloomberg News relates.

Devaluing "isn't the solution," Mr. Brito said.  President
Fernandez needs to cut subsidies, which he says is the root cause
of inflation and an overvalued currency, the report notes.

                            Inflation Risk

Bloomberg News discloses that Argentina subsidizes public
transportation and utilities while spending heavily on welfare
programs for the poor and even financing soccer match broadcasts.

Government spending surged 31 percent in February, pushing the
budget deficit to ARS7.76 billion, compared with a shortfall of
526 million in the same period last year, Bloomberg News says.

Loans to the private sector were flat in March from a month
earlier, according to the latest central bank data, notes the
report.

Since the end of January, twelve-month non-deliverable peso
forwards, which allow investors to bet on Argentina's peso, have
rallied 8.5 percent to 11.17 per dollar, signaling the currency
will weaken 28.3 percent over the next year, Bloomberg News
relates.  In the days following the devaluation, traders were
betting the peso would fall to 12.3 per dollar, Bloomberg News
adds.



===========
B R A Z I L
===========


BANCO DO BRASIL: Misses Estimates as Provisions Increase
--------------------------------------------------------
Peter Eichenbaum at Bloomberg News reports that Banco do Brasil
SA, Latin America's largest bank by assets, said profit fell 9
percent in the first quarter, missing analysts' estimates as bad-
loan provisions and administrative expenses increased.

Adjusted net income, which excludes one-time charges, declined to
BRL2.44 billion (US$1.1 billion) from BRL2.69 billion a year
earlier, the Brasilia-based company said in a regulatory filing
obtained by Bloomberg.  Eight analysts surveyed by Bloomberg
estimated BRL2.58 billion.  Net income rose to BRL2.68 billion
from BRL2.56 billion.

Bloomberg News notes that Chief Executive Officer Aldemir Bendine
is boosting provisions as competitors that aren't owned by the
state decrease the amount they're setting aside for bad loans.
Itau Unibanco Holding SA and Banco Bradesco SA last month reported
profit that beat estimates as provisions dropped.

Banco do Brasil's bad-loan reserve rose 28 percent to BRL4.19
billion in the first quarter from a year earlier, according to the
filing, Bloomberg News relates.  Provisions and delinquency rates
will be unchanged or decline in coming quarters, Chief Financial
Officer Ivan Monteiro said on a conference call after earnings
were released, Bloomberg News says.

                         Expenses Rise

Administrative expenses climbed 9.7 percent to BRL7.75 billion,
above the bank's 2014 forecast for an increase of 5 percent to 8
percent, Bloomberg News notes.  Mr. Monteiro said on the call that
expense growth for the year will remain within that range,
Bloomberg News relates.

Bloomberg News discloses that lending increased 18 percent to
BRL699.3 billion during the first quarter.  The bank maintained
its February forecast that lending will increase 14 percent to 18
percent this year, while net interest income climbs 3 percent to 7
percent, Bloomberg News notes.

Banco do Brasil S.A. provides various banking services in Brazil
and internationally. Its Banking segment offers products and
services, such as deposits, loans, and services to retail,
wholesale, and government markets, as well as to micro-
entrepreneurs and the informal sector.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 21, 2014, Fitch currently rates BdB as follows:

-- Long-term foreign and local currency IDRs 'BBB', Outlook
    Stable;
-- Short-term foreign and local currency IDRs 'F2';
-- Viability Rating 'bb+';
-- Long-term national rating 'AAA(bra)', Outlook Stable;
-- Short-term national rating 'F1+(bra)';
-- Support Rating '2';
-- Support Rating Floor 'BBB'.


BANCO INDUSTRIAL: Moved Expiration Time for Consent Solicitation
----------------------------------------------------------------
Banco Industrial e Comercial S.A. amended its pending solicitation
of consents from holders of its 5.25 per cent. Notes due 2015 to
extend the expiration time from Wednesday, April 30, 2014 at 10:00
a.m. (London time) to Tuesday, May 6, 2014 at 10:00 a.m., unless
earlier terminated or further extended by the Bank in its sole
discretion.

Except as provided herein, all other terms, conditions and
provisions of the Consent Solicitation remain unchanged.

All holders of the Notes ("Noteholders") who have previously
delivered an Electronic Instruction (as defined in the Consent
Solicitation Statement) consenting to the Proposed Amendment do
not need to redeliver such Electronic Instruction or take any
other action.  Other Noteholders who have not yet delivered an
Electronic Instruction should follow the instructions set forth
under "The Consent Solicitation-Procedures for Consenting" in the
Consent Solicitation Statement.

For a complete statement of the terms and conditions of the
Consent Solicitation, the Noteholders should refer to the Consent
Solicitation Statement dated April 17, 2014 (as amended or
supplemented, including as amended by this announcement, the
"Consent Solicitation Statement").

The Bank will pay to each Noteholder from whom a valid Electronic
Instruction in favour of the Extraordinary Resolution is received
by the Tabulation Agent by the Expiration Time US$1.25 for each
US$1,000 principal amount of Notes (the "Consent Fee"), subject to
(i) such Electronic Instruction not being revoked (in the limited
circumstances in which such revocation is permitted), (ii) the
Extraordinary Resolution (as defined in the Consent Solicitation
Statement) being duly passed and (iii) the Bank not having
terminated the Consent Solicitation in accordance with the
provisions for such termination set out in the Consent
Solicitation Statement.  Where payable, the Bank will pay the
Consent Fee in respect of the Notes no later than the third
business day following the date on which the Supplemental Fiscal
Agency Agreement is executed.  Noteholders that have previously
delivered consents need not take any further action in order to
receive the Consent Fee if the Consent Solicitation is successful.
The purpose of the Consent Solicitation is to obtain the consent
of Noteholders at a duly convened meeting of the Noteholders to
vary Condition 6(g) (Repurchase at the Option of the Noteholders -
Change of Control) of the Terms and Conditions by passing an
extraordinary resolution amending the definition of "Change of
Control" so as to designate China Construction Bank Corporation
("CCB") as the controlling shareholder of the Bank following the
acquisition of control of the Bank by CCB.  Upon becoming
effective, the Proposed Amendment would ensure that no change of
control put right would be triggered under Condition 6(g) of the
Notes following the acquisition of control of the Bank by CCB.


As reported in the Troubled Company Reporter-Latin America on May
6, 2013, Banco Industrial e Comercial S.A. (Bicbanco) was placed
on Rating Watch Positive in November 2013, following the
announcement of the acquisition of a 72% stake in Bicbanco by CCB
from its current controlling shareholders.  The transaction is
still subject to necessary regulatory approvals in Brazil and
China.

The Positive Watch reflects Fitch's belief that once the
acquisition is complete, Bicbanco's ratings will benefit from
support from CCB, should this be required.  CCB's IDR reflects
Fitch's opinion that there is an extremely high probability that
the Chinese authorities will support CCB if needed.  CCB is 57%
owned by the Chinese government, and is an important player in the
Chinese banking system in addition to being the eighth largest
bank in the world.

Should the proposed acquisition be concluded, Bicbanco's National
Scale ratings would be driven by the expected support from CCB,
while the inclusion of a highly rated institutional parent may
also result in synergies and other benefits that may enhance
Bicbanco's business model.  After the transaction is completed,
Fitch will assess the importance of Bicbanco to CCB and decide the
appropriate level of support to be applied to Bicbanco's ratings.


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


ALL SEASONS: Shareholder to Receive Wind-Up Report on May 30
------------------------------------------------------------
The shareholder of All Seasons Investment Holdings Limited will
receive on May 30, 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:

          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


BLUE STONE: Shareholder Receives Wind-Up Report
-----------------------------------------------
The shareholder of Blue Stone Fund received on May 6, 2014, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ogier
          c/o David Cooney
          Telephone: 815 1851
          Facsimile: (345) 949-9877


J-MEZZ TMK: Shareholder to Receive Wind-Up Report on May 22
-----------------------------------------------------------
The shareholder of J-MEZZ TMK Investments, Ltd. will receive on
May 22, 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:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


J-MEZZ TMK JAPAN: Shareholder to Receive Wind-Up Report on May 22
-----------------------------------------------------------------
The shareholder of J-MEZZ TMK Japan Investments, Ltd. will receive
on May 22, 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:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877


JADES ASIA: Shareholders' Final Meeting Set for May 22
------------------------------------------------------
The shareholders of Jades Asia Dynamic Fund will hold their final
meeting on May 22, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Managementplus (Cayman) Limited
          c/o Frank Balderamos
          Buckingham Square, 2nd Floor
          West Bay Road
          P.O. Box 11735 Grand Cayman KY1-1009
          Cayman Islands
          e-mail: frank.balderamos@mplgroup.com
          Telephone: (345) 925 5976


K3 CAPITAL: Shareholder to Receive Wind-Up Report on May 14
-----------------------------------------------------------
The shareholder of K3 Capital Funds SPC will receive on May 14,
2014, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Ogier
          c/o Joanne Huckle
          Telephone: (345) 815-1895
          Facsimile: (345) 949-9877


NAPIER PARK: Members to Receive Wind-Up Report on May 20
--------------------------------------------------------
The members of Napier Park Global Macro Fund Ltd will receive on
May 20, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NAPIER PARK CAYMAN: Members to Receive Wind-Up Report on May 20
---------------------------------------------------------------
The members of Napier Park Global Macro Cayman Ltd will receive on
May 20, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

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


NAPIER PARK MASTER: Members to Receive Wind-Up Report on May 20
---------------------------------------------------------------
The members of Napier Park Global Macro Master Fund Ltd will
receive on May 20, 2014, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


RICAL INVESTMENTS: Shareholder to Receive Wind-Up Report on May 14
------------------------------------------------------------------
The shareholder of Rical Investments Corporation will receive on
May 14, 2014, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


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


LATAM AIRLINES: To Spend US$12.2BB Through 2020 on 166 New Planes
-----------------------------------------------------------------
Reuters reports that LATAM Airlines Group SA said it plans to
invest $12.2 billion through 2020 on 166 new planes.

LATAM, which was created via a tie-up of Chile's LAN and Brazil's
TAM in 2012, will add Boeing 787s and Airbus A320s and A350s,
among others, to its fleet, according to Reuters.

Headquartered in Santiago, Chile, LATAM Airlines Group S.A., --
http://www.latamairlinesgroup.net/-- together with its
subsidiaries, provides passenger and cargo air transportation
services in South America.  It provides domestic and international
passenger transport services to approximately 134 destinations in
22 countries and cargo services to approximately 143 destinations
in 27 countries.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 6, 2014, Fitch Ratings has affirmed the 'BB' FC IDRs and LC
IDRs of Latam Airlines Group S.A. (LATAM), TAM S.A. (TAM) and TAM
Linhas Aereas S.A. Fitch has simultaneously affirmed the Primera
Clase Nive 2 (cl) equity rating of LATAM and the 'A+ (bra)'
national scale ratings of TAM and TAM Linhas Aereas S.A


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


DOMINICAN REPUBLIC: Exports Jump 8.53% in 1Q; Official Says
-----------------------------------------------------------
Dominican Today reports that Dominican Republic Export and
Investment Center Director (CEI-RD) Jean Alain Rodriguez announced
a 8.53% jump in exports during the first quarter, paced by
industrial products.

The official revealed his agency's key accomplishments during the
first 20 months heading the entity, according to Dominican Today.

Mr. Rodriguez, the report notes, said President Danilo Medina
instructed him to strengthen Dominican exports and to implement
the policies for the country to attract investments which create
good jobs Dominicans demand.

Mr. Rodriguez said the increase results from 10.14% more domestic
exports and 7.18% in industrial and special free zones, the report
relates.

Mr. Rodriguez, the report discloses, said exports of:

   -- medical devices soared 1,390.4%;
   -- finished footwear (1,311.7%);
   -- bauxite (100.0%);
   -- cut parts for t-shirts (66.6%);
   -- bras (58.2%);
   -- scrap copper (54.8%);
   -- bananas (56.7%);
   -- gold and silver (dore) (49.5%);
   -- raw cacao (46.7%); and
   -- rebar, iron and steel bars (39.2%).)

The report notes that Mr. Rodriguez said the increase isn't just
of Dominican Republic's exports, but also its customer base and
commercial markets at regional and global levels, which he affirms
will positively impact the economy and in turn, on the life of
Dominicans.

The report adds that Mr. Rodriguez listed the climb in exports and
investment, and the creation of the one-stop Exporter and
Investment Bank, as the main accomplishments of his tenure.


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


DESARROLLADORA HOMEX: Files for Bankruptcy; NYSE Delists Shares
---------------------------------------------------------------
Anthony Harrup at Daily Bankruptcy Review reports that
Desarrolladora Homex SAB filed for bankruptcy protection in Mexico
after having hammered out an agreement with creditors.

In a statement to the Mexican Stock Exchange, the troubled builder
said it hopes the bankruptcy protection will allow the company to
restructure and remain viable, according to Daily Bankruptcy
Review.

Meanwhile, Anthony Harrup at The Wall Street Journal relates that
Desarrolladora Homex said its shares have been suspended on the
New York Stock Exchange, which intends to start delisting
procedures after the builder filed for bankruptcy protection in
Mexico and failed to submit its 20-F report on time.

Homex said in a filing with the Mexican stock market that the NYSE
suspended its American Depositary Shares, according to The
Journal.  The company didn't say whether it would seek a review of
the NYSE's decision to delist the shares, the report relates.

The WSJ notes that the NYSE considered that the company was no
longer suitable for listing after Homex filed for a prepackaged
restructuring in a Mexican court, noting the "uncertainty as to
the timing and outcome of the proceedings, as well as the ultimate
effect of this process on the value of the company's American
Depositary Shares."

Homex's shares on the Mexican stock exchange were suspended in
February following failure to report its fourth-quarter 2013
earnings, the report discloses.

Homex, along with Corporacion Geo SAB (GEO.MX) and Urbi
Desarrollos Urbanos (URBI.MX), is one of the three major Mexican
home builders that have fallen into debt problems, bringing their
operations to a virtual standstill, the WSJ relays.  Corporacion
Geo filed for bankruptcy protection in March to implement a pre-
arranged restructuring accord, the WSJ adds.

                     About Desarrolladora Homex

Desarrolladora Homex S.A.B. de C.V. (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx/-- is a vertically integrated home
development company focused on affordable entry-level and middle-
income housing in Mexico.  It is one of the most geographically
diverse homebuilders in the country.  Homex is the largest
homebuilder in Mexico, based on revenues, number of homes sold and
net income.

                           *      *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2013, Fitch Ratings downgraded Desarrolladora Homex,
S.A.B. de C.V.'s ratings as:

-- Foreign currency Issuer Default Rating (IDR) to 'B' from 'BB-';
-- Local currency IDR to 'B' from 'BB-';
-- USD250 million in senior notes due 2015 to 'B/RR4' from 'BB-';
-- USD250 million in senior notes due 2019 to 'B/RR4' from 'BB-';
-- USD400 million in senior notes due 2020 to 'B/RR4' from 'BB-'.

The ratings remain on Rating Watch Negative.



===============================
T R I N I D A D  &  T O B A G O
===============================


TRINIDAD CEMENT: Fitch Assigns 'B-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned the following initial ratings to
Trinidad Cement Limited Group (TCL Group):

--Foreign currency Issuer Default Rating (IDR) 'B-';
--Local currency IDR 'B-';
--Expected senior secured note issuance of up to USD325 million
'B-/RR4'.

The Rating Outlook is Stable.

TCL Group's 'B-' ratings reflect its business position in the
relatively small Caribbean cement market, high leverage, weak
liquidity, and volatility of its cash flow generation due to the
cyclicality of the cement industry. TCL Group has relatively small
operations with total capacity across its three cement operating
facilities of 1.5 metric tons (MT). Fitch believes the company
will be able to slowly deleverage, as operating cash flow should
continue to improve as volumes and sales prices increase. Further
factored into the ratings is the favorable outlook for the
Caribbean cement industry over the medium term driven by the
region's positive macroeconomic and business environment.
TCL Group's financial performance and cash flows stabilized in
2013 since the economic downturn during 2011-2012 with progressive
momentum into 2014. In addition, the company has no significant or
immediate capital expenditures required in the medium-term, which
should allow TCL to use its cash flow to repay debt and rebuild
its cash balances.

KEY RATING DRIVERS:

High Leverage and Poor Credit Metrics Compared to Industry Peers
TCL Group had net leverage peak at 18.5x at Dec. 31, 2011, which
declined to 13.2x at Dec. 31, 2012, and to 4.5x at Dec. 31, 2013.
The high leverage in 2011 and 2012 was attributable to the company
issuing additional debt to finance its capital expenditures
coupled with the poor macroeconomic environment during the period.
This resulted in a legal default for all loan agreements on Dec.
31, 2011. The TCL Group executed various agreements and
restructured its debt on May 10, 2012. Since then all terms of the
restructured debt have been met including all loan payments and
maintenance of specific financial ratios and negative covenants.
Despite the improvement in leverage, credit metrics are still
quite weak for TCL Group as evidenced by EBITDA/gross interest
expense coverage of 1.9x, funds from operations interest coverage
of 2.0x, and free cash flow (FCF) debt service coverage of 0.8x at
Dec. 31, 2013. Fitch projects TCL Group will achieve a net
leverage ratio of 3.8x during 2014. TCL's FCF was USD20 million
during 2013 and should remain positive over the near term.

Tight Liquidity Compared to Short-Term Debt

TCL Group reported cash and marketable securities of USD9 million,
which compared unfavorably to short-term debt of USD30 million as
of Dec. 31, 2013. The expected note issuance of USD325 would
refinance a majority of the company's short- and long-term
obligations and free up cash flow to improve the company's cash
position. Nevertheless, liquidity is projected to remain tight
over the next several years as the TCL Group is projected to
continue to use cash flow to repay debt.

Leading Caribbean Producer of Cement

TCL Group is the leading producer of cement with eight operating
companies in Trinidad, Barbados, Guyana, Jamaica and Anguilla. Its
product lines include various types of cement, concrete,
packaging, slings, and marketing. The company has a dominant
market position in the CARICOM region with market shares in
Trinidad & Tobago, Guyana, and Jamaica of 100%, 97%, and 85%,
respectively. Estimated CARICOM cement demand for 2014 is
projected to grow approximately 1.5% from 14MT for 2013 to 14.2MT
driven primarily by the general overall economic improvement in
the region. Regional prices are projected to increase by
approximately 3%.

Significant Barriers to Entry

A majority of the demand for shipments of cement to Caribbean
islands are for smaller quantities and, coupled with the shallow
ports at most of the islands, makes it cost prohibitive for many
of the larger cement players to penetrate the market. The small
size of the cement market in the Caribbean, as well as the
difficulty of logistics in this region, has limited the impact of
imports and provided TCL Group with an EBITDA margin of 22% for
2013. TCL Group's strategic locations, modernized facilities, and
strong reputation in the region translate into cost advantages
that are difficult for competitors to replicate.

RATING SENSITIVITIES:

Positive Rating Actions: TCL's rating could be positively affected
by significant improvement in its cash flow generation, leverage,
liquidity, and profitability metrics driven by higher than
expected volumes and stable prices.

Negative Rating Actions: TCL's rating could be negatively affected
by some combination of the following: significant deterioration in
the Caribbean macroeconomic and business environment resulting in
declining profitability and an inability to deleverage from its
high leverage position; increasing competition resulting in the
company's EBITDA margin deterioration; significantly higher levels
of capital expenditures.


TRINIDAD CEMENT: S&P Assigns 'B' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Trinidad Cement Limited Group (TCL).  The outlook
is stable.  At the same time, S&P assigned a 'B' issue-level
rating to the company's proposed $325 million seven-year secured
notes.

The rating on TCL reflects S&P's assessment of its "weak" business
risk profile, "highly leveraged" financial risk profile, and "less
than adequate" liquidity.

"We assess TCL's business risk profile as "weak," given the
company's scale relative to its global peers.  However, we believe
its regional scope and end-market diversification are favorable
compared to those of its Latin American peers.  We view the
company's leading position in the Caribbean as its main strength.
On the other hand, we consider that TCL's operating efficiency has
been hindered by low levels of investments in its production
facilities.  However, we believe that the company's ability to
strengthen its operating margins during 2013 shows the potential
for further improvements, once the company addresses its capital
expenditure requirements.  Additionally, exports generate about
30% of the company's total revenues, although an unusual practice
in the industry as operating efficiencies are lost due to high
transportation costs.  However, we believe that TCL's expertise of
more 60 years, together with its geographic location and limited
cement supply in the markets that it serves, increases its pricing
bargaining power, allowing it to easily pass through cost
increases to end-customers," S&P said.

"We assess TCL's financial risk profile as "highly leveraged."
TCL's aggressive debt-financed growth strategy, along with the
global financial crisis in 2008-2009, weakened EBITDA and cash
flow generation, leading the company to default on its debt
obligations in 2011.  After TCL finalized its restructuring in
2012, it gradually improved its operating margins and generated
positive free operating cash flow," S&P noted.



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


VENEZUELA: To Ration Electricity After Colombia Cuts Gas
--------------------------------------------------------
Pietro D. Pitts, Corina Pons and Anatoly Kurmanaev at Bloomberg
News report that Ford Motor (F) Co. has halted production in
Venezuela, as the country with the world's largest oil reserves
starts rationing electricity and water.

Ford joins competitor Toyota Motor Corp. and Dutch truck-maker CNH
Industrial NV (CNHI) in suspending assembly in the South American
country because of the difficulty of obtaining dollars to import
parts from the government, according to Bloomberg News.

Bloomberg News notes that shortages of everything from water to
car parts and flour to pregnancy tests come after three months of
protests against the government of President Nicolas Maduro that
has left at least 41 people dead.  The government said it will
start rationing electricity in western Zulia state and water in
Caracas as drought drains hydroelectric reservoirs, Bloomberg News
relates.

"This is another acknowledgment that the country is not working,"
Michael Shifter, president of Inter-American Dialogue in
Washington, told Bloomberg News in a phone interview.  "If this
spreads to the rest of the country and becomes a nationwide
rationing of electricity, it will significantly cut into Maduro's
support," Bloomberg News quoted Mr. Shifter as saying.

Bloomberg News says that Colombia stopped natural gas sales to
Venezuela to preserve fuel during the periodic regional dry spell
known as El Nino.  The last electricity crisis prompted by El Nino
in 2009 contributed to six straight quarters of negative economic
growth in Venezuela, Bloomberg News notes.

"We're running the risk of living a new electricity crisis like
the one that started in 2009 if water levels at the Guri dam do
not recover in the next four months," Miguel Lara, a former
president of Venezuela's grid regulator, said in a telephone
interview with Bloomberg News.

                     Economic Contraction

Venezuela's economy will shrink 1 percent this year, according to
a median estimate of eleven economists surveyed by Bloomberg last
month.  This compares to 0.5 percent growth they forecast in
February.

Venezuela suspended a nationwide electricity rationing plan in
June 2010 after it increased investment in thermoelectric
capacity, Bloomberg News recalls.

Today's energy-saving plan follows measures to ration water in the
capital, where residents are struggling with shortages of basic
goods including toilet paper and bottled water, Bloomberg News
discloses.

More than one in four basic goods was out of stock in Venezuela in
January, the most since records began, according to the central
bank, Bloomberg News relays.  The bank stopped publishing up-to-
date scarcity data in March.

The Dearborn, Michigan-based Ford, which took a US$310 million
charge in the first quarter for the sharp devaluation of the
Venezuelan bolivar, had already cut production in the South
American nation because a shortage of hard currency made it
difficult to purchase parts, Bloomberg News says.

                        Shortages, Inflation

"Ford's production operations have been suspended in Venezuela due
to material shortages," Kristina Adamski, a company spokeswoman,
said in an e-mailed statement obtained by Bloomberg News.  "We
have received a commitment from the Venezuela government to help
resolve the issues and to get our production up and running by the
start of next month," Bloomberg News quoted Ms. Adamski as saying.

Bloomberg News notes that dollar shortages have depressed car
sales in Venezuela by 86 percent in a year to March, according to
Venezuela's Automotive Chamber of Commerce.  Only 1,674 new cars
were sold in the country of about 28 million people that month,
Bloomberg News relays.

The decline of industry and dollar shortages pushed inflation to
59 percent in March, the highest in the world, notes the report.

State water utility Hidrocapital posted on its website a rationing
plan for Caracas.  No part of the metropolitan area will go
completely without water, and the government is preparing
rationing plans for other parts of the country, Environment
Minister Miguel Rodriguez said on state television, Bloomberg News
relates.

                         'Critical Time'

The eastern business district of Chacao, home to office towers,
restaurants and shopping malls, will not have water service on
Tuesdays and Saturdays, according to the plan.  On the remaining
five days of the week, water service will only be available in the
evenings, Hidrocapital said, Bloomberg News relays.

The rationing plan will be in place until the wet season starts
and water levels stabilize at major reservoirs, Mr. Rodriguez
said, Bloomberg News discloses.

Approval for Maduro fell to a record low 37 percent in April,
according to a poll from Caracas-based Datanalisis published by
newspaper El Universal May 5.

The utility "crisis has arrived at a bad moment for the
government, as it comes at a critical time for the country" Leon
told Bloomberg News by telephone from Caracas.  "The problems of
shortages of medicines and food are perceived much more acutely by
people who are having their water or lights cut off," Mr. Leon
said, 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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