TCRLA_Public/140513.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

           Tuesday, May 13, 2014, Vol. 15, No. 93



PETROBRAS ARGENTINA: Concessions in Patagonia Extended for 10yrs
PETROBRAS ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
YPF SA: Quarterly Profit More Than Doubles After Repsol's Exit


BELIZE: IMF Issues Statement at Conclusion of Article IV Mission


GENERAL SHOPPING: Moody's Lowers Sr. Unsecured Debt Rating to B1
OGX PETROLEO: Eike Batista Says Brazil Court Froze $55.2 Million

C A Y M A N  I S L A N D S

ASIA EQUITY: Creditors' Proofs of Debt Due June 4
CONOCOPHILLIPS LNG: Placed Under Voluntary Wind-Up
FMCP EMERGING: Creditors' Proofs of Debt Due June 5
FMCP EMERGING MASTER: Creditors' Proofs of Debt Due June 5
NE ASIA MASTER: Placed Under Voluntary Wind-Up

NE ASIA OFFSHORE: Placed Under Voluntary Wind-Up
PADMORE LTD: Placed Under Voluntary Wind-Up
SANTA ROBERTA: Placed Under Voluntary Wind-Up
SANTA ROMANA: Placed Under Voluntary Wind-Up
WMA-WEALTH: Creditors' Proofs of Debt Due June 4


DIGICEL GROUP: Customers Experience Service Outage


BANCO MONEX: S&P Affirms BB+ Rating; Outlook Stable


Large Companies With Insolvent Balance Sheets

                            - - - - -


PETROBRAS ARGENTINA: Concessions in Patagonia Extended for 10yrs
Merco Press reports that the Argentine unit of Brazilian state-
controlled oil giant Petrobras has signed an agreement with the
Patagonian province of Rio Negro that extends its three
concessions in that region for 10 years.

The new deal was inked after the company renegotiated its
contractual conditions with the provincial government, according
to Merco Press.

"Petrobras Argentina plans to invest an estimated total of 819
million dollars in hydrocarbon exploration and production from the
effective date of the agreement to the new expiration of the
concessions," the company said in a statement obtained by the news

The agreement, which still requires the approval of the provincial
legislature, establishes "the payment of a fixed bonus of 92.8
million and the payment of a complementary contribution equivalent
to 3.5% of hydrocarbon output (in addition to a 12% royalty
payment)," the company said, the report notes.

"Petrobras Argentina also will invest an additional 18.5 million
in infrastructure and equipment for health and educational
institutions and state agencies," it added, Merco Press relates.

Merco Press discloses that the provincial government and Petrobras
Argentina renegotiated the conditions for oil and gas development
in Rio Negro after the provincial legislature passed a new
hydrocarbons law in 2012.

The new regulations affect concessions held by 10 companies in 23
areas of northwestern Rio Negro, Merco Press says.

The report notes that the goal of the new regulations and the
renegotiation of the contracts is "to increase hydrocarbon
reserves and production" and "boost investments in exploration,"
the provincial government said.

Petrobras Argentina is the first of those companies to reach an
agreement with Rio Negro's government.

Petrobras Argentina is an oil producer and natural gas producer in
Rio Negro.

PETROBRAS ARGENTINA: S&P Affirms 'CCC+' Rating; Outlook Negative
Standard & Poor's Ratings Services affirmed its 'CCC+' foreign
currency ratings on Petrobras Argentina S.A. (PESA).  The outlook
remains negative.

The 'BBB-' issue-level rating on PESA's $300 million 2017 bond
equals the corporate credit rating on the parent, Petroleo
Brasileiro S.A. - Petrobras (Petrobras; BBB-/Stable/--) due to its
full and unconditional payment guarantee.

S&P's 'CCC+' foreign currency ratings on PESA mainly reflect its
opinion that the company won't be able to honor potential foreign
currency nonguaranteed obligations under a scenario of
restrictions to access foreign currency and/or restrictions on
transferring money abroad.  As a result, S&P's foreign currency
ratings on PESA are the same as its T&C assessment for Argentina.

YPF SA: Quarterly Profit More Than Doubles After Repsol's Exit
Pablo Gonzalez at Bloomberg News reports that YPF SA said first-
quarter profit more than doubled on higher oil and gas production.

Net income increased to ARS2.88 billion (US$360 million), or
ARS7.34 a share, in the quarter from ARS1.26 billion, or ARS3.2, a
year earlier, Buenos Aires-based YPF said in a statement to
Argentina's regulator, according to Bloomberg News. YPF beat an
estimate of 5.68 pesos per share by Raymond James analyst Santiago
Wesenack, according to data compiled by Bloomberg.

President Cristina Fernandez de Kirchner's government gave Repsol
SA bonds on May 9 with a market value of US$4.67 billion for the
YPF nationalization, Bloomberg News discloses.  Since the
expropriation, YPF secured a venture with Chevron Corp. to jointly
develop part of Vaca Muerta, a Connecticut-sized formation in
southern Argentina considered the world's second-largest shale gas
deposit and fourth-largest shale oil field which helped the
company to boost crude and gas production, Bloomberg News notes.

"We have hired consultants to help us produce a new strategic plan
for the future," Daniel Gonzalez, YPF's chief financial officer,
told investors on an earnings conference call, Bloomberg News
relates.  "I can't provide an estimate of when we will come up
with a new plan as we are just beginning the process," Mr.
Gonzales said, Bloomberg News adds.

Mr. Gonzalez declined to provide well costs for the shale area
saying it will be provided in the future, notes Bloomberg News.

YPF and Neuquen province have agreed to extend until 2048 the
concession that represents 3 percent of Vaca Muerta where it is
jointly developing shale with Chevron, Bloomberg News notes.  YPF
will need to renegotiate other Vaca Muerta concessions with owner
Neuquen province, Bloomberg News relates.

                          Concession Dispute

"There is a dispute between YPF and the provinces, especially
Neuquen, where Vaca Muerta is located, that is hitting the shares
and not being communicated to the market," Carlos Aszpis, an
equity strategist at Schweber & Cia. Sociedad de Bolsa SA, said in
a telephone interview with Bloomberg News.

Quarterly crude output increased 6.8 percent from a year earlier,
YPF said, Bloomberg News relates.  Natural gas production rose 19
percent to 37.2 million cubic meters a day.  Total output gained
11 percent. Argentina seized the 51 percent YPF stake in April
2012 after claiming that Madrid-based Repsol failed to replace
reserves and output was declining, Bloomberg News notes.

                         Repsol Departure

In exchange for the bonds, Repsol is dropping all legal action
against Argentina.  The Spanish producer had threatened to sue any
companies that partnered with YPF in Argentina while it sought
compensation for the nationalization, Bloomberg News recalls.

The compensation, paid with bonds totaling US$5.32 billion in
nominal value maturing as late as 2033, is less than half the
US$10.5 billion the company sought initially, Bloomberg News
notes.  Repsol, which won't be able to get more than US$5 billion
if it sells the bonds before maturity, on May 6 sold a 12 percent
stake in YPF through Morgan Stanley for US$1.3 billion, Bloomberg
News discloses.

The report, citing Mr. Aszpis, says YPF rallied as much 10 percent
the following day as investors celebrated the departure of the
hostile shareholder.

"Repsol's departure is very good news for YPF as it is much better
to have several funds holding 12 percent than one single holder of
such a stake," Bloomberg News quoted Mr. Azpiz as saying.  "The
company won't have board members against management, which is what
any minority shareholder wants."

Repsol will keep a stake of less than 0.5 percent after the
disposal, Bloomberg News notes.

YPF said it set aside ARS465 million for a dividend payment to be
determined later this year, Bloomberg News adds.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 1, 2014, Fitch Ratings expects to assign a rating of 'B-
/RR4' to YPF S.A.'s (YPF) proposed senior unsecured debt issuance
for up to US$1 billion with a 10-year maturity and amortizations
in years eight (30%), nine (30%) and 10 (40%).


BELIZE: IMF Issues Statement at Conclusion of Article IV Mission
An International Monetary Fund (IMF) team led by Jacques Bouhga-
Hagbe visited Belize during April 28-May 9 to hold discussions in
the context of the country's 2014 Article IV Consultation.  At the
conclusion of the visit, Mr. Bouhga-Hagbe issued the following

"The Belizean economy is estimated to have grown by only 0.7
percent in 2013 mainly because of continued decline in oil
production and weak agricultural output, especially sugarcane and
citrus.  Inflation eased to 0.5 percent from 1.3 percent a year
ago, as commodity price pressures abated.  Private sector credit
grew by 3.8 percent (y/y) in March 2014.  While declining, Non-
Performing Loans (NPLs) remained high at 17.6 percent of total
loans at end 2013.  The banking system's capital buffers improved
and weaknesses in the system are being addressed.  The external
current account deficit widened to 4.5 percent of GDP up from 1.2
percent in 2012, as exports of oil and agricultural products fell
sharply, while imports of fuel and electricity picked up.

"Nonetheless, international reserves improved to 4.3 months of
imports (up from 3.3 months at end-2012) owing mainly to
PetroCaribe financing and private capital inflows.  The primary
fiscal surplus for FY2013/14 is estimated to have fallen to 1
percent of GDP, from 1.4 percent of GDP in FY2012/13.  Revenue
collection was better than budgeted, as robust tax revenues more
than offset the decline in non-tax revenues.  However, substantial
increases in wages and salaries, transfers and interest payments
drove up current expenditure.  Capital expenditures were higher
than budgeted because of the need to rebuild the infrastructure
that was badly damaged by rain.

"Over the medium-term, real GDP growth is expected to hover around
2.5 percent a year as declining oil production would be offset by
higher output of other commodity exports, tourism and
construction.  Inflation is projected to remain low owing to the
exchange rate peg and subdued inflation in trading partners.  The
authorities' medium-term policy plans would maintain the primary
surplus around 1 percent of GDP, as in 2013, which could lead to
significant increases in public debt as a share of GDP, especially
if a court decision calls for the payment of compensation to the
former owners of the recently nationalized companies.

"Risks continue to be tilted to the downside as additional
external vulnerabilities could arise from a protracted period of
weak growth in advanced economies or complications with
PetroCaribe financing.  New oil discoveries and growth-enhancing
projects that are currently being implemented or envisaged could
mitigate these risks.

"In this context, the mission pointed to the benefits of a more
ambitious fiscal stance to create credible policy buffers that
would help address downside risks.  This could be achieved by a
combination of revenue, expenditure, public financial management,
and debt management measures.  The mission also expressed the view
that current efforts to further strengthen the banking system
should continue.  There are also significant gains to the adoption
of growth-enhancing reforms, such as allowing for quicker judicial
resolution of contract disputes and making it easier to start a
new business and to register property.  Greater flexibility in
labor markets, especially working hours, and greater
liberalization of the economy would foster Belize's

"The mission expresses its gratitude to the authorities for their
openness, cooperation, assistance, and hospitality."

During its visit, the IMF team met with Prime Minister Dean
Barrow, Financial Secretary Joseph Waight, Central Bank Governor
Glenford Ysaguirre, other government and central bank officials,
representatives of the private sector, labor unions and members of
the opposition.


GENERAL SHOPPING: Moody's Lowers Sr. Unsecured Debt Rating to B1
Moody's Investors Service downgraded the senior unsecured debt
rating of General Shopping Finance Limited to B1 from Ba3 and the
subordinated debt rating of General Shopping Investments Limited
to B3 from B2. The rating outlook remains stable.

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 more 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,
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 ratings were downgraded with a stable outlook:

  General Shopping Finance Limited -- senior unsecured debt
  rating to B1 from Ba3

  General Shopping Investments Limited -- subordinated debt
  rating to B3 from B2

The last rating action with respect to General Shopping was on
February 27, 2012 when Moody's assigned a (P)B2 rating to the
proposed US dollar perpetual subordinated notes issuance of
General Shopping Investments Limited with a stable outlook.
Concurrently, Moody's affirmed General Shopping Finance Limited's
Ba3 senior unsecured debt rating with a stable ratings 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: Eike Batista Says Brazil Court Froze $55.2 Million
Luciana Magalhaes at Daily Bankruptcy News reports that troubled
businessman Eike Batista confirmed that a Brazilian court has
frozen part of his assets, following a request by prosecutors in
Rio de Janeiro state.

In a note to the market, a spokeswoman for Mr. Batista confirmed
he was formally informed of the decision taken by the court
earlier last week and said that BRL122 million (US$55.2 million)
of his assets deposited at Brazilian investment bank BTG Pactual
have been frozen, according to Daily Bankruptcy News.

As reported in the Troubled Company Reporter-Latin America on
May 12, 2014, Luciana Magalhaes at Bloomberg News said 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

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

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.

C A Y M A N  I S L A N D S

ASIA EQUITY: Creditors' Proofs of Debt Due June 4
The creditors of Asia Equity Partners 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 4, 2014.

The company's liquidator is:

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

CONOCOPHILLIPS LNG: Placed Under Voluntary Wind-Up
On April 21, 2014, the shareholders of Conocophillips LNG, 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
          c/o 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

FMCP EMERGING: Creditors' Proofs of Debt Due June 5
The creditors of FMCP Emerging Markets Hedged Fund Ltd are
required to file their proofs of debt by June 5, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2014.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone (345) 947 4700

FMCP EMERGING MASTER: Creditors' Proofs of Debt Due June 5
The creditors of FMCP Emerging Markets Hedged Master Fund Ltd are
required to file their proofs of debt by June 5, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 8, 2014.

The company's liquidator is:

          KRyS Global, Governors Square
          Building 6, 2nd Floor
          23 Lime Tree Bay Avenue
          P.O. Box 31237 Grand Cayman KY1-1205
          c/o Christopher Smith
          Telephone (345) 947 4700

NE ASIA MASTER: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on April 16, 2014, the
shareholder of NE Asia Value Master Fund, 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:

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

NE ASIA OFFSHORE: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on April 16, 2014, the
shareholder of NE Asia Value Offshore Partners, 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:

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

PADMORE LTD: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on April 17, 2014, the
shareholder of Padmore 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:

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

SANTA ROBERTA: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on April 15, 2014, the
shareholder of Santa Roberta 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 ROMANA: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on April 17, 2014, the
shareholder of Santa Romana 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

WMA-WEALTH: Creditors' Proofs of Debt Due June 4
The creditors of WMA-Wealth Management Advisory Ltd 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 15, 2014.

The company's liquidator is:

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


DIGICEL GROUP: Customers Experience Service Outage
Trinidad and Tobago Newsday reports that Digicel Group Limited has
apologized to customers for a service outage.

Digicel Group noted their technicians were working hard to resolve
the issue in the shortest possible time, apologized for the
inconvenience and thanked customers for their patience, according
to Trinidad and Tobago Newsday.

Digicel Group posted that the cause of the service disruption had
been identified and their technicians were on location working to
resolve the issue, the report notes.

Digicel Group advised that their technicians had addressed the
root cause of the issue, the report relates.  Digicel reported
that voice and SMS services were fully functional but they were
aware that some customers may still have been experiencing
difficulty in using data services, the report adds.

                    About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

As reported in the Troubled Company Reporter on Dec 13, 2013,
Moody's Investors Service has affirmed Digicel Group Limited B2
Corporate Family Rating (CFR), B2-PD Probability of Default Rating
and the existing debt instrument ratings at DGL and Digicel
Limited ("DL") following the company's recent announcement that it
plans to issue up to $500 million of add-on notes to DGL's
existing $1.5 billion 8.25% senior unsecured notes due 2020. The
rating outlook remains stable.


BANCO MONEX: S&P Affirms BB+ Rating; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'BB+/B' global
scale and 'mxA+/mxA-1' national scale ratings on Banco Monex S.A.
(Banco Monex).  The outlook is stable.

S&P's ratings on Banco Monex reflect its "strong" capital and
earnings, its "moderate" business and risk positions, as well as
S&P's assessment of "below average" funding and "adequate"
liquidity (as S&P's criteria defines these terms).  The bank's
stand-alone credit profile (SACP) is 'bb+'.

S&P's bank criteria use its Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR).  S&P's anchor for a commercial bank
operating only in Mexico is 'bbb'.  In S&P's view, the main risk
for the banks operating in Mexico is economic risk.  This is due
to the population's low income level (from a global perspective)
and the decrease in payment capacity amid a low level of domestic
savings.  In addition, banks face challenges associated with
lending within a legal framework that is still establishing a
track record of creditor rights.  However, underwriting standards
have improved.  Additionally, S&P do not view any asset bubbles in
the Mexican economy. Industry risk is not as high, because of
conservative regulation, but supervision still needs to improve.
Healthy competitive dynamics drive the lending system.  Funding is
based on stable deposits, and the domestic debt markets are
rapidly expanding.  S&P classifies the Mexican government as
supportive to its banking system because of past experience and
its belief that it has the capacity to help banks withstand

S&P continues to view Banco Monex's business position as
"moderate."  "The assessment mainly reflects the bank's less-
diversified revenue base, compared with the industry's average,
which could weaken its business stability," said Standard & Poor's
credit analyst Barbara Carreon.  Although its loan portfolio
continues to grow, income from the bank's national and
international foreign exchange (FX) business continues to drive
revenue generation.  The bank continues to maintain a leading
position in the FX sector in Mexico despite the intense
competition in this market.  However, it remains vulnerable to
market conditions--such as trading volumes and margins--that could
affect the bank's profitability.  The bank's credit business
represents less than 0.2% in terms of the Mexican banking
industry's total loans.  In S&P's view, Banco Monex has adequate
management despite the bank's aggressive loan portfolio growth
prospects because it plans to targets less risky business segments
for its FX and credit operations.


Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------

AGRENCO LTD            AGRE LX          339244073      -561405847

AGRENCO LTD            AGRE LX          339244073      -561405847
AGRENCO LTD-BDR        AGEN33 BZ        339244073      -561405847
AGRENCO LTD-BDR        AGEN11 BZ        339244073      -561405847
ALL ORE MINERACA       AORE3 BZ         10519766.1     -18449684.9
ALL ORE MINERACA       STLB3 BZ         10519766.1     -18449684.9
ARTHUR LAN-DVD C       ARLA11 BZ        11642254.9     -17154460.3
ARTHUR LAN-DVD P       ARLA12 BZ        11642254.9     -17154460.3
ARTHUR LANGE           ARLA3 BZ         11642254.9     -17154460.3
ARTHUR LANGE SA        ALICON BZ        11642254.9     -17154460.3
ARTHUR LANGE-PRF       ARLA4 BZ         11642254.9     -17154460.3
ARTHUR LANGE-PRF       ALICPN BZ        11642254.9     -17154460.3
ARTHUR LANG-RC C       ARLA9 BZ         11642254.9     -17154460.3
ARTHUR LANG-RC P       ARLA10 BZ        11642254.9     -17154460.3
ARTHUR LANG-RT C       ARLA1 BZ         11642254.9     -17154460.3
ARTHUR LANG-RT P       ARLA2 BZ         11642254.9     -17154460.3
B&D FOOD CORP          BDFCE US         14423532       -3506007
B&D FOOD CORP          BDFC US          14423532       -3506007
BALADARE               BLDR3 BZ         159449535      -52990723.7
BATTISTELLA            BTTL3 BZ         161941587      -30698112.2
BATTISTELLA-PREF       BTTL4 BZ         161941587      -30698112.2
BATTISTELLA-RECE       BTTL9 BZ         161941587      -30698112.2
BATTISTELLA-RECP       BTTL10 BZ        161941587      -30698112.2
BATTISTELLA-RI P       BTTL2 BZ         161941587      -30698112.2
BATTISTELLA-RIGH       BTTL1 BZ         161941587      -30698112.2
BIOMM SA               BIOM3M BZ        14879155       -13567385
BIOMM SA               BIOM3 BZ         14879155       -13567385
BIOMM SA - RCT         BIOM9 BZ         14879155       -13567385
BIOMM SA-PREF          BIOM4 BZ         14879155       -13567385
BIOMM SA-RT            0905492D BZ      14879155       -13567385
BIOMM SA-RT            BIOM2 BZ         14879155       -13567385
BIOMM SA-RTS           0905518D BZ      14879155       -13567385
BIOMM SA-RTS           BIOM10 BZ        14879155       -13567385
BIOMM SA-RTS           BIOM1 BZ         14879155       -13567385
BOMBRIL                BMBBF US         324115454      -16635219.6
BOMBRIL                FPXE4 BZ         19416013.9     -489914853
BOMBRIL                BOBR3 BZ         324115454      -16635219.6
BOMBRIL CIRIO SA       BOBRON BZ        324115454      -16635219.6
BOMBRIL CIRIO-PF       BOBRPN BZ        324115454      -16635219.6
BOMBRIL HOLDING        FPXE3 BZ         19416013.9     -489914853
BOMBRIL SA-ADR         BMBPY US         324115454      -16635219.6
BOMBRIL SA-ADR         BMBBY US         324115454      -16635219.6
BOMBRIL-PREF           BOBR4 BZ         324115454      -16635219.6
BOMBRIL-RGTS PRE       BOBR2 BZ         324115454      -16635219.6
BOMBRIL-RIGHTS         BOBR1 BZ         324115454      -16635219.6
BOTUCATU TEXTIL        STRP3 BZ         27663605.3     -7174512.12
BOTUCATU-PREF          STRP4 BZ         27663605.3     -7174512.12
BUETTNER               BUET3 BZ         96231802.9     -32473494
BUETTNER SA            BUETON BZ        96231802.9     -32473494
BUETTNER SA-PRF        BUETPN BZ        96231802.9     -32473494
BUETTNER SA-RT P       BUET2 BZ         96231802.9     -32473494
BUETTNER SA-RTS        BUET1 BZ         96231802.9     -32473494
BUETTNER-PREF          BUET4 BZ         96231802.9     -32473494
CAF BRASILIA           CAFE3 BZ         160933830      -149277092
CAF BRASILIA-PRF       CAFE4 BZ         160933830      -149277092
CAFE BRASILIA SA       CSBRON BZ        160933830      -149277092
CAFE BRASILIA-PR       CSBRPN BZ        160933830      -149277092
CAIUA ELEC-C RT        ELCA1 BZ         1059986022     -76183286
CAIUA SA               ELCON BZ         1059986022     -76183286
CAIUA SA-DVD CMN       ELCA11 BZ        1059986022     -76183286
CAIUA SA-DVD COM       ELCA12 BZ        1059986022     -76183286
CAIUA SA-PREF          ELCPN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCAN BZ         1059986022     -76183286
CAIUA SA-PRF A         ELCA5 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCA6 BZ         1059986022     -76183286
CAIUA SA-PRF B         ELCBN BZ         1059986022     -76183286
CAIUA SA-RCT PRF       ELCA10 BZ        1059986022     -76183286
CAIUA SA-RTS           ELCA2 BZ         1059986022     -76183286
CAIVA SERV DE EL       1315Z BZ         1059986022     -76183286
CELGPAR                GPAR3 BZ         204382297      -934172491
CENTRAL COST-ADR       CCSA LI          319571114      -114350021
CENTRAL COSTAN-B       CRCBF US         319571114      -114350021
CENTRAL COSTAN-B       CNRBF US         319571114      -114350021
CENTRAL COSTAN-C       CECO3 AR         319571114      -114350021
CENTRAL COST-BLK       CECOB AR         319571114      -114350021
CIA PETROLIFERA        MRLM3 BZ         377592596      -3014215.1
CIA PETROLIFERA        MRLM3B BZ        377592596      -3014215.1
CIA PETROLIFERA        1CPMON BZ        377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4 BZ         377592596      -3014215.1
CIA PETROLIF-PRF       MRLM4B BZ        377592596      -3014215.1
CIA PETROLIF-PRF       1CPMPN BZ        377592596      -3014215.1
CIMOB PARTIC SA        GAFP3 BZ         44047412.2     -45669964.1
CIMOB PARTIC SA        GAFON BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFP4 BZ         44047412.2     -45669964.1
CIMOB PART-PREF        GAFPN BZ         44047412.2     -45669964.1
COBRASMA               CBMA3 BZ         75391731.7     -2212560088
COBRASMA SA            COBRON BZ        75391731.7     -2212560088
COBRASMA SA-PREF       COBRPN BZ        75391731.7     -2212560088
COBRASMA-PREF          CBMA4 BZ         75391731.7     -2212560088
D H B                  DHBI3 BZ         100548065      -171900717
D H B-PREF             DHBI4 BZ         100548065      -171900717
DHB IND E COM          DHBON BZ         100548065      -171900717
DHB IND E COM-PR       DHBPN BZ         100548065      -171900717
DOCA INVESTIMENT       DOCA3 BZ         273120349      -211736213
DOCA INVESTI-PFD       DOCA4 BZ         273120349      -211736213
DOCAS SA               DOCAON BZ        273120349      -211736213
DOCAS SA-PREF          DOCAPN BZ        273120349      -211736213
DOCAS SA-RTS PRF       DOCA2 BZ         273120349      -211736213
ELEC ARG SA-PREF       EASA6 AR         1395153160     -106158748
ELEC ARGENT-ADR        EASA LX          1395153160     -106158748
ELEC DE ARGE-ADR       1262Q US         1395153160     -106158748
ELECTRICIDAD ARG       3447811Z AR      1395153160     -106158748
ENDESA - RTS           CECOX AR         319571114      -114350021
ENDESA COST-ADR        CRCNY US         319571114      -114350021
ENDESA COSTAN-         CECO2 AR         319571114      -114350021
ENDESA COSTAN-         CECOD AR         319571114      -114350021
ENDESA COSTAN-         CECOC AR         319571114      -114350021
ENDESA COSTAN-         EDCFF US         319571114      -114350021
ENDESA COSTAN-A        CECO1 AR         319571114      -114350021
ESTRELA SA             ESTR3 BZ         71379826.3     -111239817
ESTRELA SA             ESTRON BZ        71379826.3     -111239817
ESTRELA SA-PREF        ESTR4 BZ         71379826.3     -111239817
ESTRELA SA-PREF        ESTRPN BZ        71379826.3     -111239817
F GUIMARAES            FGUI3 BZ         11016542.2     -151840378
F GUIMARAES-PREF       FGUI4 BZ         11016542.2     -151840378
FABRICA RENAUX         FTRX3 BZ         66603695.4     -76419246.3
FABRICA RENAUX         FRNXON BZ        66603695.4     -76419246.3
FABRICA RENAUX-P       FTRX4 BZ         66603695.4     -76419246.3
FABRICA RENAUX-P       FRNXPN BZ        66603695.4     -76419246.3
FABRICA TECID-RT       FTRX1 BZ         66603695.4     -76419246.3
FER HAGA-PREF          HAGA4 BZ         18439489.1     -40509835.2
FERRAGENS HAGA         HAGAON BZ        18439489.1     -40509835.2
FERRAGENS HAGA-P       HAGAPN BZ        18439489.1     -40509835.2
FERREIRA GUIMARA       FGUION BZ        11016542.2     -151840378
FERREIRA GUIM-PR       FGUIPN BZ        11016542.2     -151840378
GRADIENTE ELETR        IGBON BZ         381918698      -32078427.7
GRADIENTE EL-PRA       IGBAN BZ         381918698      -32078427.7
GRADIENTE EL-PRB       IGBBN BZ         381918698      -32078427.7
GRADIENTE EL-PRC       IGBCN BZ         381918698      -32078427.7
GRADIENTE-PREF A       IGBR5 BZ         381918698      -32078427.7
GRADIENTE-PREF B       IGBR6 BZ         381918698      -32078427.7
GRADIENTE-PREF C       IGBR7 BZ         381918698      -32078427.7
HAGA                   HAGA3 BZ         18439489.1     -40509835.2
HOTEIS OTHON SA        HOOT3 BZ         227388586      -68129377.9
HOTEIS OTHON SA        HOTHON BZ        227388586      -68129377.9
HOTEIS OTHON-PRF       HOOT4 BZ         227388586      -68129377.9
HOTEIS OTHON-PRF       HOTHPN BZ        227388586      -68129377.9
IGB ELETRONICA         IGBR3 BZ         381918698      -32078427.7
IGUACU CAFE            IGUA3 BZ         224229556      -68866571
IGUACU CAFE            IGCSON BZ        224229556      -6886657
IGUACU CAFE            IGUCF US         224229556      -68866571
IGUACU CAFE-PR A       IGUA5 BZ         224229556      -68866571
IGUACU CAFE-PR A       IGCSAN BZ        224229556      -68866571
IGUACU CAFE-PR A       IGUAF US         224229556      -68866571
IGUACU CAFE-PR B       IGUA6 BZ         224229556      -68866571
IGUACU CAFE-PR B       IGCSBN BZ        224229556      -68866571
IMPSAT FIBER NET       IMPTQ US         535007008      -17164978
IMPSAT FIBER NET       330902Q GR       535007008      -17164978
IMPSAT FIBER NET       XIMPT SM         535007008      -17164978
IMPSAT FIBER-$US       IMPTD AR         535007008      -17164978
IMPSAT FIBER-BLK       IMPTB AR         535007008      -17164978
IMPSAT FIBER-C/E       IMPTC AR         535007008      -17164978
IMPSAT FIBER-CED       IMPT AR          535007008      -17164978
INVERS ELEC BUEN       IEBAA AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBAB AR         260343959      -14950013.8
INVERS ELEC BUEN       IEBA AR          260343959      -14950013.8
LAEP INVES-BDR B       0163599D BZ      222902269      -255311026
LAEP INVESTMEN-B       0122427D LX      222902269      -255311026
LAEP INVESTMENTS       LEAP LX          222902269      -255311026
LAEP-BDR               MILK33 BZ        222902269      -255311026
LAEP-BDR               MILK11 BZ        222902269      -255311026
LATTENO FOOD COR       LATF US          14423532       -3506007
LOJAS ARAPUA           LOAR3 BZ         38302784.1     -3417423475
LOJAS ARAPUA           LOARON BZ        38302784.1     -3417423475
LOJAS ARAPUA-GDR       3429T US         38302784.1     -3417423475
LOJAS ARAPUA-GDR       LJPSF US         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOAR4 BZ         38302784.1     -3417423475
LOJAS ARAPUA-PRF       LOARPN BZ        38302784.1     -3417423475
LOJAS ARAPUA-PRF       52353Z US        38302784.1     -3417423475
LUPATECH SA            LUPA3 BZ         665993697      -188699451
LUPATECH SA            LUPAF US         665993697      -188699451
LUPATECH SA -RCT       LUPA9 BZ         665993697      -188699451
LUPATECH SA-ADR        LUPAY US         665993697      -188699451
LUPATECH SA-RT         LUPA11 BZ        665993697      -188699451
LUPATECH SA-RTS        LUPA1 BZ         665993697      -188699451
MANGELS INDL           MGEL3 BZ         223698552      -29148696.3
MANGELS INDL SA        MISAON BZ        223698552      -29148696.3
MANGELS INDL-PRF       MGIRF US         223698552      -29148696.3
MANGELS INDL-PRF       MGEL4 BZ         223698552      -29148696.3
MANGELS INDL-PRF       MISAPN BZ        223698552      -29148696.3
MINUPAR                MNPR3 BZ         115960018      -93783465.1
MINUPAR SA             MNPRON BZ        115960018      -93783465.1
MINUPAR SA-PREF        MNPRPN BZ        115960018      -93783465.1
MINUPAR-PREF           MNPR4 BZ         115960018      -93783465.1
MINUPAR-RCT            9314634Q BZ      115960018      -93783465.1
MINUPAR-RCT            0599564D BZ      115960018      -93783465.1
MINUPAR-RCT            MNPR9 BZ         115960018      -93783465.1
MINUPAR-RT             9314542Q BZ      115960018      -93783465.1
MINUPAR-RT             0599562D BZ      115960018      -93783465.1
MINUPAR-RTS            MNPR1 BZ         115960018      -93783465.1
NORDON MET             NORD3 BZ         11025606.1     -32196764.5
NORDON METAL           NORDON BZ        11025606.1     -32196764.5
NORDON MET-RTS         NORD1 BZ         11025606.1     -32196764.5
NOVA AMERICA SA        NOVA3 BZ         21287488.9     -183535526
NOVA AMERICA SA        NOVA3B BZ        21287488.9     -183535526
NOVA AMERICA SA        NOVAON BZ        21287488.9     -183535526
NOVA AMERICA SA        1NOVON BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4 BZ         21287488.9     -183535526
NOVA AMERICA-PRF       NOVA4B BZ        21287488.9     -183535526
NOVA AMERICA-PRF       NOVAPN BZ        21287488.9     -183535526
NOVA AMERICA-PRF       1NOVPN BZ        21287488.9     -183535526
PADMA INDUSTRIA        LCSA4 BZ         388720096      -213641152
PARMALAT               LCSA3 BZ         388720096      -213641152
PARMALAT BRASIL        LCSAON BZ        388720096      -213641152
PARMALAT BRAS-PF       LCSAPN BZ        388720096      -213641152
PARMALAT BR-RT C       LCSA5 BZ         388720096      -213641152
PARMALAT BR-RT P       LCSA6 BZ         388720096      -213641152
PET MANG-RECEIPT       0229292Q BZ      155768607      -254677565
PET MANG-RECEIPT       0229296Q BZ      155768607      -254677565
PET MANG-RECEIPT       RPMG9 BZ         155768607      -254677565
PET MANG-RECEIPT       RPMG10 BZ        155768607      -254677565
PET MANG-RIGHTS        3678565Q BZ      155768607      -254677565
PET MANG-RIGHTS        3678569Q BZ      155768607      -254677565
PET MANG-RT            4115360Q BZ      155768607      -254677565
PET MANG-RT            4115364Q BZ      155768607      -254677565
PET MANG-RT            0229249Q BZ      155768607      -254677565
PET MANG-RT            0229268Q BZ      155768607      -254677565
PET MANG-RT            RPMG2 BZ         155768607      -254677565
PET MANG-RT            0848424D BZ      155768607      -254677565
PET MANG-RTS           RPMG1 BZ         155768607      -254677565
PET MANGUINH-PRF       RPMG4 BZ         155768607      -254677565
PETRO MANGUINHOS       RPMG3 BZ         155768607      -254677565
PETRO MANGUINHOS       MANGON BZ        155768607      -254677565
PETRO MANGUIN-PF       MANGPN BZ        155768607      -254677565
PETROLERA DEL CO       PSUR AR          66017869       -5551136.01
PORTX OPERACOES        PRTX3 BZ         976769385      -9407990.18
PORTX OPERA-GDR        PXTPY US         976769385      -9407990.18
PUYEHUE                PUYEH CI         23402631.8     -5029378.21
PUYEHUE RIGHT          PUYEHUOS CI      23402631.8     -5029378.21
RECRUSUL               RCSL3 BZ         42021562       -18866127
RECRUSUL - RCT         4529789Q BZ      42021562       -18866127
RECRUSUL - RCT         4529793Q BZ      42021562       -18866127
RECRUSUL - RCT         0163582D BZ      42021562       -18866127
RECRUSUL - RCT         0163583D BZ      42021562       -18866127
RECRUSUL - RCT         0614675D BZ      42021562       -18866127
RECRUSUL - RCT         0614676D BZ      42021562       -18866127
RECRUSUL - RCT         RCSL10 BZ        42021562       -18866127
RECRUSUL - RT          4529781Q BZ      42021562       -18866127
RECRUSUL - RT          4529785Q BZ      42021562       -18866127
RECRUSUL - RT          0163579D BZ      42021562       -18866127
RECRUSUL - RT          0163580D BZ      42021562       -18866127
RECRUSUL - RT          0614673D BZ      42021562       -18866127
RECRUSUL - RT          0614674D BZ      42021562       -18866127
RECRUSUL SA            RESLON BZ        42021562       -18866127
RECRUSUL SA-PREF       RESLPN BZ        42021562       -18866127
RECRUSUL SA-RCT        RCSL9 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL1 BZ         42021562       -18866127
RECRUSUL SA-RTS        RCSL2 BZ         42021562       -18866127
RECRUSUL-BON RT        RCSL11 BZ        42021562       -18866127
RECRUSUL-BON RT        RCSL12 BZ        42021562       -18866127
RECRUSUL-PREF          RCSL4 BZ         42021562       -18866127
REDE EMP ENE ELE       ELCA4 BZ         1059986022     -76183286
REDE EMP ENE ELE       ELCA3 BZ         1059986022     -76183286
REDE EMPRESAS-PR       REDE4 BZ         1059986022     -76183286
REDE ENERGIA SA        REDE3 BZ         1059986022     -76183286
REDE ENERG-UNIT        REDE11 BZ        1059986022     -76183286
REDE ENER-RCT          3907731Q BZ      1059986022     -76183286
REDE ENER-RCT          REDE9 BZ         1059986022     -76183286
REDE ENER-RCT          REDE10 BZ        1059986022     -76183286
REDE ENER-RT           3907727Q BZ      1059986022     -76183286
REDE ENER-RT           REDE1 BZ         1059986022     -76183286
REDE ENER-RT           REDE2 BZ         1059986022     -76183286
REII INC               REIC US          14423532       -3506007
RENAUXVIEW SA          TXRX3 BZ         56213385.5     -85196762.8
RENAUXVIEW SA-PF       TXRX4 BZ         56213385.5     -85196762.8
RIMET                  REEM3 BZ         103098359      -185417651
RIMET                  REEMON BZ        103098359      -185417651
RIMET-PREF             REEM4 BZ         103098359      -185417651
RIMET-PREF             REEMPN BZ        103098359      -185417651
SANESALTO              SNST3 BZ         21873314.7     -5053458.96
SANSUY                 SNSY3 BZ         189305928      -145401613
SANSUY SA              SNSYON BZ        189305928      -145401613
SANSUY SA-PREF A       SNSYAN BZ        189305928      -145401613
SANSUY SA-PREF B       SNSYBN BZ        189305928      -145401613
SANSUY-PREF A          SNSY5 BZ         189305928      -145401613
SANSUY-PREF B          SNSY6 BZ         189305928      -145401613
SAUIPE                 PSEG3 BZ         14685534.1     -4799640.46
SAUIPE SA              PSEGON BZ        14685534.1     -4799640.46
SAUIPE SA-PREF         PSEGPN BZ        14685534.1     -4799640.46
SAUIPE-PREF            PSEG4 BZ         14685534.1     -4799640.46
SCHLOSSER              SCLO3 BZ         51944742.3     -56657680.1
SCHLOSSER SA           SCHON BZ         51944742.3     -56657680.1
SCHLOSSER SA-PRF       SCHPN BZ         51944742.3     -56657680.1
SCHLOSSER-PREF         SCLO4 BZ         51944742.3     -56657680.1
SNIAFA SA              SNIA AR          11229696.2     -2670544.86
SNIAFA SA-B            SDAGF US         11229696.2     -2670544.86
SNIAFA SA-B            SNIA5 AR         11229696.2     -2670544.86
STAROUP SA             STARON BZ        27663605.3     -7174512.12
STAROUP SA-PREF        STARPN BZ        27663605.3     -7174512.12
STEEL - RCT ORD        STLB9 BZ         10519766.1     -18449684.9
STEEL - RT             STLB1 BZ         10519766.1     -18449684.9
TEKA                   TKTQF US         375873311      -389045810
TEKA                   TEKA3 BZ         375873311      -389045810
TEKA                   TEKAON BZ        375873311      -389045810
TEKA-ADR               TEKAY US         375873311      -389045810
TEKA-ADR               TKTPY US         375873311      -389045810
TEKA-ADR               TKTQY US         375873311      -389045810
TEKA-PREF              TKTPF US         375873311      -389045810
TEKA-PREF              TEKA4 BZ         375873311      -389045810
TEKA-PREF              TEKAPN BZ        375873311      -389045810
TEKA-RCT               TEKA9 BZ         375873311      -389045810
TEKA-RCT               TEKA10 BZ        375873311      -389045810
TEKA-RTS               TEKA1 BZ         375873311      -389045810
TEKA-RTS               TEKA2 BZ         375873311      -389045810
TEXTEIS RENA-RCT       TXRX9 BZ         56213385.5     -85196762.8
TEXTEIS RENA-RCT       TXRX10 BZ        56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX1 BZ         56213385.5     -85196762.8
TEXTEIS RENAU-RT       TXRX2 BZ         56213385.5     -85196762.8
TEXTEIS RENAUX         RENXON BZ        56213385.5     -85196762.8
TEXTEIS RENAUX         RENXPN BZ        56213385.5     -85196762.8
VARIG PART EM SE       VPSC3 BZ         83017828       -495721697
VARIG PART EM TR       VPTA3 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPTA4 BZ         49432119.3     -399290357
VARIG PART EM-PR       VPSC4 BZ         83017828       -495721697
VARIG SA               VAGV3 BZ         966298048      -4695211008
VARIG SA               VARGON BZ        966298048      -4695211008
VARIG SA-PREF          VAGV4 BZ         966298048      -4695211008
VARIG SA-PREF          VARGPN BZ        966298048      -4695211008
VULCABRAS AZALEI       VULC3 BZ         602662162      -27406558
VULCABRAS AZ-PRF       VULC4 BZ         602662162      -27406558
VULCABRAS SA           VULCON BZ        602662162      -27406558
VULCABRAS SA-PRF       VULCPN BZ        602662162      -27406558
VULCABRAS-RCT          0893211D BZ      602662162      -27406558
VULCABRAS-RCT          VULC9 BZ         602662162      -27406558
VULCABRAS-REC PR       VULC10 BZ        602662162      -27406558
VULCABRAS-RECEIP       0853207D BZ      602662162      -27406558
VULCABRAS-RIGHT        0853205D BZ      602662162      -27406558
VULCABRAS-RIGHT        VULC2 BZ         602662162      -27406558
VULCABRAS-RT PRF       VULC11 BZ        602662162      -27406558
VULCABRAS-RTS          0893207D BZ      602662162      -27406558
VULCABRAS-RTS          VULC1 BZ         602662162      -27406558
WETZEL SA              MWET3 BZ         96094336.6     -4635219.98
WETZEL SA              MWELON BZ        96094336.6     -4635219.98
WETZEL SA-PREF         MWET4 BZ         96094336.6     -4635219.98
WETZEL SA-PREF         MWELPN BZ        96094336.6     -4635219.98
WIEST                  WISA3 BZ         34107195.1     -126993682
WIEST SA               WISAON BZ        34107195.1     -126993682
WIEST SA-PREF          WISAPN BZ        34107195.1     -126993682
WIEST-PREF             WISA4 BZ         34107195.1     -126993682


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


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

                   * * * End of Transmission * * *