TCRLA_Public/140512.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, May 12, 2014, Vol. 15, No. 92


                            Headlines




A R G E N T I N A

ARGENTINA: JPMorgan Buys $2.8BB of Bonds From Repsol
ARGENTINA: Cuts GDP Estimates for Jan.-Sept. 2013 by a Third


B R A Z I L

GENERAL SHOPPING: Moody's Cuts Corporate Family Rating to B1
OGX PETROLEO: Prosecutors Ask Court to Freeze Batista's Assets
TONON BIOENERGIA: S&P Cuts Issue-Level Rating to 'B-'


C A Y M A N  I S L A N D S

AL JEMAIL: Creditors' Proofs of Debt Due June 4
CONOCOPHILLIPS KAZAKHSTAN: Placed Under Voluntary Wind-Up
PENN REINSURANCE: Commences Liquidation Proceedings
SANTA RAFAELA: Placed Under Voluntary Wind-Up
SANTA REBECCA: Placed Under Voluntary Wind-Up

SANTA RICARDA: Placed Under Voluntary Wind-Up
SANTA ROSANNA: Placed Under Voluntary Wind-Up
SANTA RUFINA: Placed Under Voluntary Wind-Up
SKYIE LIMITED: Shareholders' Final Meeting Set for May 13
STW INTERNATIONAL: Creditors' Proofs of Debt Due May 26


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: New Deal to Restore Sugar Industry in Monte Plata
MULTICAT MEXICO: S&P Affirms 'B' Rating on $140MM Class A Notes


P A R A G U A Y

BANCO BILBAO: Moody's Hikes Bank Financial Strength Rating to D
BANCO CONTINENTAL: Moody's Hikes Bank Fin'l Strength Rating to D
BANCO REGIONAL: Moody's Hikes Bank Financial Strength Rating to D
PARAGUAY: Moody's Assigns Ba2 Rating; Outlook Positive


P U E R T O   R I C O

CARIBBEAN PETROLEUM: 3rd Cir. Affirms Ruling on Intertek Claims


T R I N I D A D  &  T O B A G O

PETROTRIN: Stable After Ratings Downgrade, President Says


V E N E Z U E L A

BANCO NACIONAL: Fitch Assigns 'b' Viability Rating


X X X X X X X X X

BOND PRICING: For the Week From May 5 to May 9, 2014


                            - - - - -


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


ARGENTINA: JPMorgan Buys $2.8BB of Bonds From Repsol
----------------------------------------------------
Rodrigo Orihuela and Camila Russo at Bloomberg News report that
JPMorgan Chase & Co. (JPM) bought $2.8 billion of Argentine bonds
at a discount from Repsol SA (REP) two days after the oil company
received them as compensation for the government's seizure of its
local unit.

The bonds, due in 2024, have a nominal value of $3.25 billion, the
Spanish oil producer said in a regulatory filing in Madrid,
according to Bloomberg News.  The transaction is expected to close
by May 13, and for seven days Repsol will refrain from selling its
remaining Argentine bonds to other parties except under certain
unspecified conditions, according to the filing obtained by
Bloomberg News.

Bloomberg News reports that Repsol is reducing its ties to
Argentina after receiving $5.32 billion of bonds as payment for
the government's April 2012 nationalization of the company's 51
percent stake in local oil producer YPF.  JPMorgan probably
believes it can resell the bonds to investors in the market, said
Fernando Recalde, portfolio manager at Galileo Argentina SG FCI SA
in Buenos Aires, Bloomberg News discloses.

"This was a way for Argentina to sell bonds indirectly," Bloomberg
News quoted Mr. Recalde as saying.  "It shows there's appetite for
Argentine risk," Mr. Recalde said, Bloomberg News adds.

Argentine bonds have returned 11.7 percent this year, double the
emerging-market average, notes the report.  South America's
second-biggest economy hasn't sold bonds in international markets
since its $95 billion default in 2001, and is locked in a dispute
with some creditors in a case that is now before the U.S. Supreme
Court, Bloomberg News notes.

                            'No Hurry'

Argentina's global 8.75 percent bonds due 2017, the closest in
maturity to the 2024 notes, rallied 2.8 cents on the dollar on May
10 to 93.66 cents, bringing yields down to 11.26 percent.

Earlier last week, Repsol disclosed that it had sold its remaining
12 percent equity stake in YPF for $1.3 billion through Morgan
Stanley, another New York-based bank, Bloomberg News notes.

Antonio Brufau, who was Repsol's chief executive officer, said
Feb. 26 said that the company probably would sell the Argentine
bonds after receiving them, though it was in no hurry to do so,
Bloomberg News discloses.  In addition to the 2024 bonds, the
Madrid-based company received bonds due in 2015, 2017 and 2033.
Mr. Brufau stepped down as CEO and is now executive chairman,
Bloomberg News says.

The company said in a filing that the bonds have a market value of
$4.67 billion, or $650 million below their nominal value,
Bloomberg News reports.


ARGENTINA: Cuts GDP Estimates for Jan.-Sept. 2013 by a Third
-------------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina reduced
economic growth estimates for the first three quarters of 2013 by
more than a third after the government changed the base year used
in its calculations following last year's censure by the IMF for
misreporting economic data.

Argentina's economy grew by an average of 3.5 percent in the first
three quarters of the year, the national statistics agency said
after releasing calculations using a base year of 2004, according
to Bloomberg News.  The report relates that Argentina last year
said GDP rose 5.6 percent in the same period using a base year of
1993.

Argentina's statistics institute said the economy grew 1.4 percent
in the fourth quarter of 2013 and maintained its estimate for 2013
growth at 3 percent, below the 3.22 percent threshold at which it
would pay GDP warrant holders an estimated $3 billion.

"My impression is that the numbers are more accurate than before
but they're still not the same numbers that we had," Fausto
Spotorno, chief economist at Buenos Aires-based research firm
Orlando Ferreres y Asociado, said in a telephone interview
obtained by Bloomberg News.

The economy grew an average of 4.6 percent a year between 2005 and
2012 according to Spotorno's estimates, Bloomberg News relates.

Argentina's economy grew by an average of 5.9 percent a year
between 2005 and 2012, 0.9 percentage points less a year than
previously reported after the government changed the base year for
gross domestic product estimates, Bloomberg News says.

The national statistics agency rounded down growth by about 13
percent in the period by changing the base year for calculations
to 2004 from 1993, Bloomberg News discloses.


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


GENERAL SHOPPING: Moody's Cuts Corporate Family Rating to B1
------------------------------------------------------------
Moody's America Latina Ltda downgraded the global scale, foreign
currency corporate family rating of General Shopping Brasil S.A.
to B1 from Ba3 (national scale, local currency corporate family
rating to Baa2.br from A3.br). The rating outlook is stable.
Moody's notes that the releasing office for General Shopping's
corporate family rating has changed to Moody's America Latina Ltda
from Moody's Investors Service.

Ratings Rationale

According to Moody's, the downgrade reflects General Shopping's
aggressive strategic profile and pressured credit metrics.
Excluding the effect of foreign exchange fluctuations related to
its US dollar denominated perpetual bonds General Shopping has
maintained high effective leverage (54% at YE13 vs. 46% at YE11),
high net debt to EBITDA (6.5x at YE13 vs. 4.5x at YE11) and high
levels of secured debt (28% of gross assets at YE13 vs. 17% at
YE11). General Shopping has also maintained a low fixed charge
ratio of approximately 1x.

The stable credit outlook reflects Moody's expectation that these
credit statistics will remain under pressure in the short-term and
are consistent with a B1 rating. Furthermore, General Shopping
continues to maintain a sizeable development pipeline that
represents 16% of gross assets, adding volatility and risk to its
earnings and capital structure.

General Shopping benefits from a high and stable occupancy and
consistent year-over-year rent growth and a defensible position in
the state of Sao Paolo. These strengths, however, are mitigated by
the deceleration in growth of retail sales for the sector as a
whole, continued increase in new supply of malls, particularly in
the state of Sao Paulo, and the potential for continued
adjustments to monetary policy resulting in higher interest rates
are key credit concerns. In addition, other challenges include the
company's modest size and lease-up risk associated with Parque
Shopping Sulacap, that opened in 2013, and the three Greenfield
developments that have yet to come online.

Moody's stated that an upgrade would reflect General Shopping
achieving a stable fixed charge coverage of around 1.5x, effective
leverage below 50% (excluding the effect of foreign exchange
fluctuations) and secured debt levels in the mid-teens (as a
percentage of gross assets) all on a consistent basis. A rating
downgrade would occur should secured debt levels reach 35% of
gross assets, fixed charge coverage remains consistently in the
low 1.0x range, and/or net debt to EBITDA remains consistently
above 7.0x (excluding the effect of foreign exchange
fluctuations). Negative ratings action would also occur should the
company experience any difficulty with the execution and lease-up
of newly delivered malls or the malls currently in the pipeline.

The following rating was downgraded with a stable outlook:

General Shopping Brasil S.A. -- global scale, foreign currency
corporate family rating to B1 from Ba3 (national scale, local
currency corporate family rating to Baa2.br from A3.br)

The last rating action with respect to General Shopping Brasil
S.A. was on February 27, 2012 when Moody's affirmed the corporate
family rating of Ba3 (global scale, local currency) and A3.br
(national scale, local currency) with a stable outlook.

General Shopping Brasil S.A. [BOVESPA: GSHP3] is headquartered in
Sao Paulo, Brazil. The company owns interests in 18 shopping
centers in which it has a proportional interest of approximately
75%. These shopping centers have an aggregate of 357,860 square
meters (m2) of gross leasable area (GLA) and focuses on serving
the class B and C consumer. At December 31, 2013 General Shopping
reported total assets of approximately R$2.2 billion, and equity
of approximately R$125 million.


OGX PETROLEO: Prosecutors Ask Court to Freeze Batista's Assets
--------------------------------------------------------------
Luciana Magalhaes at Bloomberg News reports that Prosecutors in
Rio de Janeiro state have asked a Brazilian court to freeze the
assets of businessman Eike Batista as a precautionary measure, a
spokesman for the public prosecutors said.

As reported in the Troubled Company Reporter Latin America on
April 24, 2014, Daily Bankruptcy Review said that Brazilian
entrepreneur Eike Batista said he isn't concerned about
a reported criminal investigation into the collapse of his once-
highflying oil company.

Reuters said that Brazil's federal police have opened an
investigation into former billionaire Eike Batista for financial
crimes, including insider trading, manipulation of markets and
money laundering, Brazilian media reported.

If the police probe leads to criminal charges against Mr. Batista,
it would be yet another major blow for a businessman once hailed
as Brazil's model entrepreneur and symbol of its economic success,
according to Reuters.

Mr. Batista's EBX oil, mining and logistics empire, which two
years ago was valued at US$60 billion, collapsed last year in a
mountain of debt and massive filings for bankruptcy protection,
Reuters noted.

Brazil's securities commission, CVM, announced that Mr. Batista
was under investigation for insider trading as chairman of his
now-bankrupt oil-producing company Oleo and Gas Participacoes SA,
formerly known as OGX, and its sister company, shipbuilder OSX
Brasil SA, Reuters disclosed.

The police probe will focus on the sale of shares last year in oil
producer OGX before the company informed the market that much of
its reserves were not commercially viable, Folha de S. Paulo
newspaper said, Reuters related.

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.


TONON BIOENERGIA: S&P Cuts Issue-Level Rating to 'B-'
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue-level
rating to Tonon Luxembourg S.A.'s proposed $230 million secured
notes due 2024 in four tranches.  At the same time, S&P lowered
its issue-level rating on Tonon Bioenergia S.A. (Tonon; B/Stable/-
-) to 'B-' from 'B' on subordination.  The outlook on the
corporate credit rating remains stable.

The proposed senior secured notes will rank senior in payment to
Tonon's other debt, including the outstanding senior unsecured
notes, given the security and guarantee package.  The rating on
these instruments is the same as the corporate credit rating on
Tonon.

S&P is lowering the rating on Tonon's existing $300 million
unsecured notes, as the percentage of secured debt represents
about 28% of Tonon's total assets, resulting in a one-notch
downgrade as per S&P's criteria, due to their unsecured status and
the significant amount of prior-ranking senior secured liabilities
under a default scenario.

S&P believes this transaction is favorable, as the extended debt
maturity profile reduces refinancing pressures and can improve
Tonon's liquidity in the short term.  S&P believes that given
lower interest payments, the company's expected improvement of
operating cash flow generation will be faster.



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


AL JEMAIL: Creditors' Proofs of Debt Due June 4
-----------------------------------------------
The creditors of Al Jemail Leasing Limited are required to file
their proofs of debt by June 4, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 11, 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


CONOCOPHILLIPS KAZAKHSTAN: Placed Under Voluntary Wind-Up
---------------------------------------------------------
On April 4, 2014, the shareholders of Conocophillips Kazakhstan
Ventures Ltd. resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd
          Mrs. Eva Moore
          Trident Trust Company (Cayman) Limited
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          P.O. Box 847, George Town Grand Cayman KY1-1103
          Cayman Islands


PENN REINSURANCE: Commences Liquidation Proceedings
---------------------------------------------------
On April 15, 2014, the members of Penn Reinsurance 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:

          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


SANTA RAFAELA: Placed Under Voluntary Wind-Up
---------------------------------------------
On April 14, 2014, the shareholder of Santa Rafaela Shipping
Company Limited resolved to voluntarily wind up the company's
operations.

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

The company's liquidator is:

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


SANTA REBECCA: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 9, 2014, the
shareholder of Santa Rebecca Shipping Company Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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


SANTA RICARDA: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 11, 2014, the
shareholder of Santa Ricarda Shipping Company Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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


SANTA ROSANNA: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 21, 2014, the
shareholder of Santa Rosanna Shipping Company Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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


SANTA RUFINA: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on April 23, 2014, the
shareholder of Santa Rufina Shipping Company Limited resolved to
voluntarily wind up the company's operations.

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

The company's liquidator is:

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


SKYIE LIMITED: Shareholders' Final Meeting Set for May 13
---------------------------------------------------------
The shareholders of Skyie Limited will hold their final meeting on
May 13, 2014, at 11:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Judith Hamburger
          Parkring 7
          8002 Zurich
          Switzerland


STW INTERNATIONAL: Creditors' Proofs of Debt Due May 26
-------------------------------------------------------
The creditors of STW International Ltd. are required to file their
proofs of debt by May 26, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 27, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands



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


DOMINICAN REP: New Deal to Restore Sugar Industry in Monte Plata
----------------------------------------------------------------
Dominican Today reports that Senator Charlie Mariotti, Dominican
Republic's Sugar Council (CEA), the Sugarcane Landowners
Federation (FEDOCA) and the Association of Monte Plata Sugarcane
Growers (ACAMOPLA) signed an agreement that seeks to restore
agricultural production of sugarcane in this province and its
surroundings.

The agreement also proposes the installation of processing
industries of sugar cane molasses and production of by-products
for human and animal consumption, according to Dominican Today.
In addition, it seeks the support of the Agricultural Bank to fund
20 thousand jobs, the report relates.


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


MULTICAT MEXICO: S&P Affirms 'B' Rating on $140MM Class A Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B (sf)' rating on
the $140 million class A series 2012-1 principal-at-risk variable-
rate notes issued by MultiCat Mexico Ltd. (MultiCat).

The notes were issued under an insurance-linked securitization
sponsored by Swiss Reinsurance Co. Ltd. (Swiss Re).  Swiss Re
reinsures AGROASEMEX S.A., a state-owned insurance institution set
up to protect the estate and production capabilities of the
agricultural sector in Mexico.  MultiCat's class A notes cover
losses from earthquakes in five different zones in Mexico between
October 2012 and December 2015.  MultiCat is a Cayman Island-
domiciled, special-purpose, private limited company.

On April 30, 2014, Swiss Re submitted an event notice to the
calculation agent, AIR Worldwide Corp.  S&P received a copy of
this notice on May 5, 2014.  The notice follows the April 18, 2014
earthquake in the state of Guerrero, which was located within the
earthquake zones stipulated by the transaction documents.  AIR
will now determine if the earthquake meets the location, depth,
and magnitude conditions for a triggering event, as defined in the
transaction documents, and produce an event report.

S&P's criteria state that if the ceding reinsurer submits an event
notice to the issuer instructing the calculation agent to provide
an event report, it will place the rating affected on CreditWatch
with negative implications.  However, in this case, the event
parameters available on the U.S. Geological Survey Web site
indicate to S&P that the event is unlikely to qualify as a
triggering event.  Therefore, S&P do not consider it appropriate
to place the rating on CreditWatch negative at this time.


===============
P A R A G U A Y
===============


BANCO BILBAO: Moody's Hikes Bank Financial Strength Rating to D
---------------------------------------------------------------
Moody's Investors Service has upgraded Banco Bilbao Vizcaya
Argentaria Paraguay's (BBVA Paraguay) standalone bank financial
strength rating to D from D-, reassessing the baseline credit
assessment (BCA) to ba2 from ba3. In addition, Moody's affirmed
the bank's Ba1/Not Prime and Ba3/Not Prime global long- and short-
term local and foreign currency deposit ratings, as well as the
Ba1 global foreign currency debt rating.

The outlook on all ratings is stable.

The following ratings of BBVA Paraguay were upgraded:

Standalone Bank Financial Strength Rating: to D from D-

Standalone baseline credit assessment, raised to ba2 from ba3

The following ratings of BBVA Paraguay were affirmed:

Global Local Currency Deposit Rating: Ba1/Not Prime

Global Foreign Currency Deposit Rating: Ba3/Not Prime

Global Foreign Currency Debt Rating: Ba1

Ratings Rationale

In upgrading BBVA Paraguay's standalone rating, Moody's recognizes
the bank's funding profile and earnings generation capacity,
coupled with its satisfactory capital base and adequate risk
management practices that are aligned to those of its parent, BBVA
Spain.

BBVA Paraguay's steady funding sources derive from deposits in the
domestic market, credit lines from international financial
institutions, and a senior debt issuance in the international
market. The bank's nationwide network also ensures broad access to
core customer deposits, which are stable and relatively
inexpensive, thus supporting the bank's financial margins.

BBVA Paraguay has a good ability to generate earnings and sustain
profitability ratios, as indicated in an average net interest
margin of 4.2% over the last three years. The bank's corporate
business and medium-sized enterprise business are significant
profitability drivers. They are largely targeted to the
agribusiness sector, which provides substantial business
prospects, as the sector is one of the main drivers of the
Paraguayan GDP.

However, it also suggests a significant loan concentration given
that roughly 47% of the bank's total lending are loans to the
agribusiness sector. The retail banking unit has recently been
enlarged, with the acquisition of Citibank's credit card's
portfolio in late 2012. The households portfolio, coupled with
income from fees and FX related income, have also boosted the
bank's bottom line. The bank's rating also captures its modest
efficiency ratio, which deteriorated slightly to 55.8% in 2013
from 55.5% the previous year, largely influenced by personnel
expenses.

The bank has prudent risk management practices, as indicated in
its 2.2% non-performing loan ratio as of YE2013, down from the
2.9% registered the previous year. Reserves coverage at 125.1% of
impaired loans is an adequate buffer to withstand loan losses. The
rating captures the 16.8% loan growth experienced over the last
year, which is below that of its peers. Over the last few years
the bank has seen a contraction in its shares of the loan and
deposits markets, but has maintained the fourth position it has
had in the system since 2011, with 10.7% of market share of the
system's deposits.

BBVA Paraguay's 11.4% Tier 1 ratio will allow the bank to deepen
its business and further loan growth in 2014. The bank's business
opportunities will benefit in the coming quarters from increasing
domestic credit demand in a benign scenario of an expected 4%
growth in real GDP and a loan to GDP ratio roughly below 40%,
according to Moody's. The bank nevertheless faces increasing
competition in the Paraguayan banking system.

The bank's long- and short-term global local-currency deposit
ratings of Ba1 derive from BBVA Paraguay's ba2 BCA and Moody's
assessment of high parental support to be provided by its parent,
Banco Bilbao Vizcaya Argentaria, S.A., rated Baa2 with positive(m)
outlook.

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


BANCO CONTINENTAL: Moody's Hikes Bank Fin'l Strength Rating to D
----------------------------------------------------------------
Moody's Investors Service upgraded Banco Continental S.A.E.C.A.'s
(Continental) standalone bank financial strength rating to D from
D-, reassessing the baseline credit assessment (BCA) to ba2 from
ba3. In addition, Moody's affirmed the bank's Ba2/Not Prime and
Ba3/Not Prime global long- and short-term local and foreign
currency deposit ratings, as well as the Ba2 global foreign
currency debt rating.

The outlook on all ratings is stable.

The following ratings of Continental were upgraded:

Standalone Bank Financial Strength Rating: to D from D-

Standalone baseline credit assessment, raised to ba2 from ba3

The following ratings of Continental were affirmed:

Global Local Currency Deposit Rating: Ba2/Not Prime

Global Foreign Currency Deposit Rating: Ba3/Not Prime

Global Foreign Currency Debt Rating: Ba2

Ratings Rationale

Moody's rating action reflects the improvement of Continental's
financial fundamentals over the last two years, particularly its
earnings generation power, which derives from diversified loan
book and funding sources, its above average efficiency metrics, as
well as its prudent risk management practices as illustrated in a
lower than average nonperforming loan ratio and ample reserve
coverage.

The rating captures Continental's position as one of the largest
banks in the Paraguayan banking system, with a 15.9% market share
of deposits as of March 2014, and its regional business strategy,
after the acquisition of NBC Bank in Brazil in late 2012. It also
considers the bank's well-defined footprint in the small- and
medium-sized enterprise (SME) and corporate lending segments, with
an 18.4% loan share in the Paraguayan system.

Moody's also highlights the presence of the IFC (International
Finance Corporation, a member of the World Bank Group) as a
shareholder since March 2009, with a 15.7% stake in Continental's
equity and representation on the board. Continental's controlling
shareholder is the Espinola family, with around 30% of equity.
Continental's 10.4% Tier 1 ratio as of December 2013 is the result
of a three-year capitalization plan agreed to with its
shareholders. Nevertheless, the bank's capitalization ratio has
been on a downward trend, in light of the fast loan growth
Continental has experienced over the last few years, which has led
to its loan to deposits ratio increasing to 98.8%.

Continental's satisfactory risk management practices are evidenced
in a low NPL ratios (less than 1% on average), which is partly
masked by the bank's rapid lending growth. The bank's reserve
coverage of impaired loans is above 200%, indicating a more robust
coverage as compared to its peers. Lending related to agribusiness
represents almost one third of the total portfolio, in line with
the average for the system.

The bank's business opportunities will benefit in 2014 from
increasing domestic credit demand in a benign scenario of an
expected 4% growth in real GDP and a loan to GDP ratio roughly
just below 40%, according to Moody's. Continental's ratings also
capture the highly competitive environment among the four largest
Paraguayan banks, which together accounted for 62.3% of the total
assets and 61.5% of the total deposits.

Continental's nationwide network of 54 branches ensures broad
access to core customer deposits, which are stable and relatively
inexpensive, and thus support the bank's growing financial margins
of 4.5% and the net income of $73 million as of year-end 2013
(which is 12% higher than the registered in 2012). As a result of
a significant lending appetite, Continental's loan book expanded
at annual rate of 25% over the past three year, a pace that
reflects the dynamic agribusiness sector, where its commercial
loan portfolio is focused on. Additionally, Continental's
operating efficiency compares favorably with its peers' and the
system's average, with a cost to income ratio reaching 42% at
year-end 2013.

Continental's long- and short-term global local-currency deposit
ratings of Ba2, derives from the bank's ba2 BCA.

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


BANCO REGIONAL: Moody's Hikes Bank Financial Strength Rating to D
-----------------------------------------------------------------
Moody's Investors Service has upgraded Banco Regional S.A.E.C.A.'s
(Regional) standalone bank financial strength rating to D from D-,
reassessing the baseline credit assessment (BCA) to ba2 from ba3.
In addition, Moody's affirmed the bank's Ba2/Not Prime and Ba3/Not
Prime global long- and short-term local and foreign currency
deposit ratings, as well as the Ba2 global foreign currency debt
rating.

The outlook on all ratings is stable.

The following ratings of Regional were upgraded:

Standalone Bank Financial Strength Rating: to D from D-

Standalone baseline credit assessment, raised to ba2 from ba3

The following ratings of Regional were affirmed:

Global Local Currency Deposit Rating: Ba2/Not Prime

Global Foreign Currency Deposit Rating: Ba3/Not Prime

Global Foreign Currency Debt Rating: Ba2

Ratings Rationale

In upgrading Regional's standalone rating, Moody's recognizes the
bank's consolidated position in the Paraguayan banking system as
one of the leaders in the market, with a 16.8% of market share of
the system's deposits. The rating also incorporates the bank's
improving funding profile and earnings generation.

Regional's strong franchise in the agribusiness sector, which is
key to the Paraguayan economy, provides substantial business and
earnings opportunities. Its exposures to small- and medium-sized
enterprises are also sizable, at one third of its loans, and
support earnings. However, the direct and indirect exposures to
agribusiness also suggest a significant sector concentration given
that roughly 40% of Regional's total loans are to this sector.

Regional benefits from its partnership with Rabobank Netherlands,
which holds a 40% ownership stake, and provides management
assistance and technical expertise. In Moody's view, Rabobank's
risk-management practices and expertise in the agribusiness
segment support Regional's performance and risk discipline,
despite the sizable concentration risk in the segment. The bank
has a satisfactory asset quality profile, as evidenced in a 2.3%
NPL ratio and a reserve coverage of impaired loans of 123.9%,
indicating that the bank has ample provisions to withstand
potential loans losses.

Moody's also points to Regional's steady funding sources as a
positive rating driver. Regional has improved its funding mix,
which is not only driven by deposits in the domestic market, but
also by credit lines from international financial institutions
and, more recently, by a senior debt issuance in the international
market. The bank's nationwide network also ensures broad access to
core customer deposits, which are stable and relatively
inexpensive, thus supporting the bank's financial margins.

Regional has good earnings power generation and sustained
profitability ratios. The bank's SMEs business is the main driver
of the average 4.7% net interest margin over the last four years.
Fee income has also became relevant. Nevertheless, Regional's
ratings also capture its modest operating efficiency, which has
deteriorated to 67% from 60.2% the previous year, and will be
pressured mostly by increasing personnel expenses.

Regional's 11.8% Tier 1 ratio will allow the bank to deepen its
business and further loan growth in coming quarters. Increasing
domestic credit demand in a benign scenario of an expected 4%
growth in real GDP will ensure that Regional's business
opportunities are sustainable, according to Moody's. Regional
nevertheless faces increasing competition in the Paraguayan
banking system.

The bank's long- and short-term global local-currency deposit
ratings of Ba2, derives from the bank's ba2 BCA.

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


PARAGUAY: Moody's Assigns Ba2 Rating; Outlook Positive
------------------------------------------------------
The government of Paraguay's fiscal position is likely to remain
favorable despite the volatility in economic growth the country
has been exhibiting in recent years, says Moody's Investors
Service in the report "Paraguay: Fiscal Position to Remain Robust
Despite Growth Volatility." Although tax revenues are highly
correlated with economic performance, non-tax revenues are
providing the government with a fiscal buffer.

In addition, Moody's says policymakers have shown they are able to
manage expenditures effectively despite the volatility. Moody's
also expects sound fiscal management to become institutionalized
because of recently passed legislation.

Moody's rates Paraguay Ba2, with a positive outlook.

Paraguay's economy depends heavily on agriculture, which accounts
for nearly 20% of its GDP. The instability of this sector has
caused the country's real GDP growth to range from -4% to nearly
14% over the last five years.

With revenue from taxes tending to follow the volatility of GDP,
non-tax revenues are important to fiscal stability. These account
for roughly one-quarter of the government's total revenue,
consisting mainly of revenue in US dollars from the Itaipu and
Yacyreta hydroelectric dams.

"Dam-related revenues are denominated in US dollars and are not
directly correlated with Paraguay's GDP growth," explains Sarah
Glendon, a Moody's Assistant Vice President. "Rather, the prices
and amounts sold are set in contracts with Brazil and Argentina."

Since dollar-denominated revenue from the dams only ameliorates
but does not eliminate total revenue volatility, sound fiscal
management is important in Paraguay.

Moody's says the Ministry of Finance has exhibited restraint in
expenditures, typically spending far less than what is included in
the budget, which has led to fiscal surpluses -- or small deficits
-- over the past decade.

Fiscal discipline is set to be institutionalized going forward,
says Moody's. Last year, Paraguay's Congress approved a raft of
new laws, the overarching goal of which is to create fiscal
institutions such that sound fiscal management does not depend on
any given administration.


=====================
P U E R T O   R I C O
=====================


CARIBBEAN PETROLEUM: 3rd Cir. Affirms Ruling on Intertek Claims
---------------------------------------------------------------
Intertek USA, Inc. appealed the District Court's order affirming
the decision of the Bankruptcy Court for the District of Delaware,
which granted the motion of Liquidation Trustee FTI Consulting,
Inc. to disallow Intertek's proofs of claim against Caribbean
Petroleum Corp., pursuant to 11 U.S.C. Sec. 502(e)(1)(B).  Section
502(e)(1)(B) is a Bankruptcy Code provision "which requires
disallowance of contingent claims for reimbursement or
contribution from a debtor."  Because Intertek seeks contribution
from the Debtors in the event it is ultimately found liable in
civil litigation which remains ongoing, the Bankruptcy Court as
well as the District Court found that Intertek's claims were
contingent and therefore disallowed under Sec. 502(e)(1)(B).

Intertek asserted that the Bankruptcy and District Courts
incorrectly applied the Bankruptcy Code to disallow claims against
a post-confirmation liquidation trust, erroneously relied on FTI's
unsupported factual allegations, violated principles of Delaware
trust law, and deprived Intertek of its property interest without
due process.

Finding no merit to these contentions and concluding that the
Intertek proofs of claim at issue plainly satisfy the criteria for
disallowance under Sec. 502(e)(1)(B), the U.S. Court of Appeals
for the Third Circuit affirmed the lower courts' rulings in a May
6, 2014 Opinion available at http://is.gd/jUZjJzfrom Leagle.com.

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico, for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

The Fourth Amended Joint Plan of Liquidation for Caribbean
Petroleum and its debtor affiliates became effective on June 3,
2011.


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


PETROTRIN: Stable After Ratings Downgrade, President Says
---------------------------------------------------------
Trinidad Express reports that Petroleum Company of Trinidad and
Tobago (Petrotrin) President Khalid Hassanali maintained the
state-owned oil company was experiencing a turnaround in its crude
oil production.

President Hassanali said this followed the completion of the
results of seismic data, both on land and offshore, according to
Trinidad Express.

The company, President Hassanali said, was heading into a phase of
growth and development which will result in a reassessment by
international ratings agencies, the report notes.

President Hassanali was responding to Standard & Poor's Financial
Services' report that Petrotrin's long-term corporate credit
rating has been downgraded.  The American ratings agency said the
company's credit rating went from BBB to BBB-.  The report said
the company's outlook was now "stable".  According to the ratings
agency, the downgrade was based on "Petrotrin's weaker-than-
expected operating performance that is exposing the company to
higher operating costs and would cause tightening cash flow
leverage metrics in the next 12-18 months".  Standard & Poor also
said operational disruptions and several overdue turnarounds in
its refinery affected the company's operations during 2013.

                            About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of a what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


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


BANCO NACIONAL: Fitch Assigns 'b' Viability Rating
--------------------------------------------------
Fitch Ratings has assigned a 'b' rating to Banco Nacional de
Credito's (BNC) viability rating (VR).  In addition, Fitch rates
BNC's Issuer Default Ratings (IDR) 'B'.  Fitch also affirms BNC's
long-term and short-term national ratings at 'BBB(Ven)' and
'F3(Ven)' respectively.

Key Rating Drivers

VR, IDRs AND NATIONAL RATINGS

BNC's VR, IDR and national ratings reflect the bank's growing
franchise, improved capital ratios, good asset quality, as well as
adequate liquidity and funding.  The ratings also consider the
bank's moderate profitability, rapid credit growth, relatively low
loan loss reserves and high exposure to the government.  Fitch's
view of BNC's creditworthiness is further tempered by the
challenges of its operating environment characterized by a fragile
economic performance, unorthodox economic policy, deep
macroeconomic imbalances and intrusive bank regulation.

Given its focus on corporate customers, conservative policies, low
risk products, short turnover of the loan portfolio and rapid loan
growth, BNC shows sound asset quality metrics.  Loan loss reserves
appear to be adequate to cover the current impaired portfolio but
should - as asset quality metrics - be seen in the light of high
inflation, loan concentration and the fragility of the economic
environment. Loan loss reserves to gross loans have decreased to
1.8%; a level below the banks previous average and the median of
its peers.

While BNC's profitability (operating ROA above 2% for the past two
years) looks adequate, it is below that of key players in the
market and is distorted by high inflation and margins that mask
the underlying weaknesses of the bank; namely its lower efficiency
and limited cross-selling. When adjusted for inflation, the bank
shows a loss that would be offset by unrealized exchange rate
profits.

Due to constant and growing liquidity in the economy, and the lack
of investment alternatives, deposits grow steadily and make up
most of the funding at a relatively low cost.  However, they are
largely demand deposits and very short term.  Nevertheless,
deposits have been growing and show relative stability in part due
to the government's tight monetary/capital controls.

Contributing to the strength of capital ratios are: high nominal
profitability, curbs on dividend payouts, the benefits of the
unrealized and non-recurring foreign exchange gains (recorded as a
reserve on the capital account - 14% of total reported equity),
and fresh capital injections.  Capital ratios also benefit from
the low risk weighting of government securities and compulsory
loan portfolios.  The bank's equity to assets ratio has improved
consistently and is now at par with similarly rated banks.
However, capital ratios runs close to local regulatory minimums
and remain exposed to the overall performance of the economy and,
as such, are not considered a key strength.

Although it is an oil-rich country, Venezuela's economic
performance is volatile.  This volatility is a result of a mixture
of political turmoil, regulatory uncertainty and unorthodox
economic management.  Severe foreign exchange distortions, rampant
inflation, capital controls and weak external balances have also
weighed on Venezuela's growth and create a very challenging
environment that could worsen rapidly and affect banking
operations. This is reflected in the country's sovereign rating
(rated 'B' by Fitch with a Negative Outlook)

The Negative Outlook is aligned with that of the Sovereign and
reflects Fitch's belief that the bank's direct exposure to the
government and the government's high influence on BNC's operations
and performance may result, if the sovereign continues to
deteriorate, in an even weaker operating environment and weaken
the bank's profitability.  BNC's government investments portfolio
represent 3.6x of its equity.

Support Rating And Support Rating Floor

BNC's Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'NF' reflect Fitch's expectation of no support.  Given its modest
systemic importance, support cannot be relied upon considering
Venezuela's speculative-grade rating and lack of a consistent
policy on bank support.  Government interference in the banking
system could also negatively influence shareholder support if
these banks were to require financial assistance.

Rating Sensitivities

VR, IDRs And National Ratings

Should Venezuela's macroeconomic/ political woes deepen, as
reflected in its sovereign ratings, BNC ratings could be
downgraded.  This is the main downside risk for BNC and the rest
of Venezuela's banks.

BNC's ratings could be upgraded if the operating environment
improves - i.e. the Sovereign rating is upgraded - with a more
stable economic background, less intrusive regulation and/or if
the bank is able to significantly lower its exposure to the
sovereign.  The national ratings being an ordinal assessment of
the relative strength of local banks, improvements in these
ratings would be driven by a sustained improvement of the bank's
financial profile especially in terms of efficiency (convergence
towards the industry average) and stability of its deposits.

Support Rating And Support Rating Floor

Venezuela's propensity or ability to provide timely support to
these banks is not likely to change given the sovereign's low
speculative-grade ratings. As such, the SR and SRF have no upgrade
potential, particularly as the sovereign has a Negative Outlook.

Fitch rates the following:

Banco Nacional de Credito:
-- Long-term foreign currency IDR 'B'; Negative Outlook;
-- Short-term foreign currency IDR 'B';
-- Short-term local currency IDR 'B';
-- Viability rating 'b';
-- Support rating '5';
-- Support floor 'NF';

The following rating is being published in this Rating Action
Commentary:
--Long-term local currency IDR 'B'; Negative Outlook;

In addition, Fitch has affirmed BNC's national ratings as follows:
-- Long Term National Rating at 'BBB(Ven)';
-- Sort Term National Rating at 'F3(Ven)'



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



BOND PRICING: For the Week From May 5 to May 9, 2014
----------------------------------------------------

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

Aguas Andinas SA               4.15    12/1/2026   CLP    70.91
Almendral
Telecomunicaciones SA          3.5     12/15/2014  CLP    22.55
Argentina Bocon                2       1/3/2016    ARS    68.5
Argentina Boden Bonds          2       9/30/2014   ARS    31.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    75.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    74
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    50
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    55
Argentina Government
Int'l Bond                     4.33   12/31/2033   JPY    36.5
Argentina Government
Int'l Bond                    0.45    12/31/2038   JPY    15
Argentina Government
Int'l Bond                    4.33    12/31/2033   JPY    36.5
Automotores
Gildemeister SA               8.25     5/24/2021   USD    69
Automotores
Gildemeister SA               6.75     1/15/2023   USD    65
Automotores
Gildemeister SA               8.25     5/24/2021   USD    68.4
Automotores
Gildemeister SA               6.75     1/15/2023   USD    64.02
Banco BPI SA/
Cayman Islands                4.15    11/14/2035   EUR    62.5
Banco Supervielle SA          7        8/20/2020   USD    74.12
Banif Finance Ltd             1.68                 EUR    35
Bank Austria
Creditanstalt
Finance Cayman Ltd            2.16                 EUR     74.8
BCP Finance Co Ltd            5.54                 EUR     62.82
BCP Finance Co Ltd            4.24                 EUR     60.37
Republic of Venezuela         7        3/31/2038   USD     65.59
Caixa Geral De
Depositos Finance             1.12                 EUR     42.5
CAM Global Finance            6.08     12/22/2030  EUR     64.87
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Precious Metal
Resources Holdings Co Ltd     7.25      2/4/2018   HKD     65.97
Cia Cervecerias Unidas SA     4        12/1/2024   CLP     57.05
Transener SA                  9.75     8/15/2021   USD     68
Transener SA                  8.88    12/15/2016   USD     67.6
Transener SA                  9.75     8/15/2021   USD     67.5
Cia Energetica de Sao Paulo   9.75     1/15/2015   BRL
Cia Sud Americana de
Vapores SA                    6.4     10/1/2022    CLP     61.42
City of Buenos
Aires Argentina               1.95     1/28/2020   USD     70.125
City of Buenos Aires
Argentina                     1.95    12/20/2019   USD     70.875
Daphne International
Holdings Ltd                  3.13     6/11/2014   CNY      5.25
Decimo Primer
Fideicomiso                   4.54    10/25/2041   USD     57.25
Decimo Primer Fideicomiso     6       10/25/2041   USD     69
Empresa Distribuidora
Y Comercializadora Norte      9.75    10/25/2022   USD     66.99
Empresa Distribuidora Y
Comercializadora Norte        9.75    10/25/2022   USD     66.125
ERB Hellas Cayman
Islands Ltd                   9         3/8/2019   EUR     68.375
Glorious Property
Holdings Ltd                 13.3       3/4/2018   USD     71.24
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     53.25
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     52.75
Inversiones Alsacia SA        8        8/18/2018   USD     65.25
Inversiones Alsacia SA        8        8/18/2018   USD
Inversora de Electrica
de Buenos Aires SA            6.5      9/26/2017   USD     43.25
MetroGas SA                   8.88    12/31/2018   USD     71.875
Mongolian Mining Corp         8.88     3/29/2017   USD     66
Mongolian Mining Corp         8.88     3/29/2017   USD     64.75
Petroleos de Venezuela SA     6       11/15/2026   USD     60.75
Petroleos de Venezuela SA     5.38     4/12/2027   USD     58
Petroleos de Venezuela SA     5.5      4/12/2037   USD     55
Petroleos de Venezuela SA     6       11/15/2026   USD     59.41
Provincia del Chaco           4        11/4/2023   USD     75
Provincia del Chaco           4        12/4/2026   USD     51.125
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     68.5
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     69.5
Ruta del Bosque Sociedad
Concesionaria SA              6.3      3/15/2021   CLP     73.66
Sifco SA                     11.5      6/06/2016   USD     29
SMU SA                        7.7       2/8/2020   USD     71.5
SMU SA                        7.75      2/8/2020   USD     69.21
Talca Chillan Sociedad
Concesionaria SA              2.75    12/15/2019   CLP     56.46
Uruguay Notas
del Tesoro                    2.5      9/27/2022   UYU     72.08
Venezuela Government
International Bond            6        12/9/2020   USD     72.75
Venezuela Government
International Bond            7.65      4/21/2025  USD     73
Venezuela Government
International Bond            7         3/31/2038  USD     65.75
Virgolino de Oliveira
Finance Ltd                   10.5      1/28/2018  USD     67.52
Virgolino de Oliveira
Finance Ltd                   11.8       2/9/2022  USD     67.2
Virgolino de Oliveira
Finance Ltd                   10.5       1/28/2018 USD     67.62
Virgolino de Oliveira
Finance Ltd                   11.8        2/9/2022 USD     66.75



                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *