TCRLA_Public/140519.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 19, 2014, Vol. 15, No. 97


                            Headlines



A R G E N T I N A

ARGENTINA: Economy Contracts for First Time Since 2012
YAGANES: Co-Founder in Refinancing Talks for Bankrupt Venture


B A H A M A S

ARTOC BANK: Issues Notice of Final Dividend


B R A Z I L

OSX BRASIL: Proposes Repaying Creditors Over 25 Years


C A Y M A N  I S L A N D S

ACUMA LIMITED: Shareholders' Final Meeting Set for May 27
AMATHEA V: Members' Final Meeting Set for June 2
CONOCOPHILLIPS LNG: Shareholders' Final Meeting Set for June 4
GENESIS PARTNERS II: Shareholders' Final Meeting Set for May 28
INNOFIDEI INC: Members' Final Meeting Set for May 27

KINGS CROSS: Shareholders' Final Meeting Set for May 30
MIDDLESEX HOLDINGS: Shareholders' Final Meeting Set for May 30
NS CAPITAL MASTER: Shareholder to Receive Wind-Up Report on May 26
NS CAPITAL: Shareholder to Receive Wind-Up Report on May 26
RYE SELECT: Creditors' Meeting Scheduled for May 26

WMA-WEALTH: Members' Final Meeting Set for June 19


D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms Long-term Currency IDR at 'B'
BANCO MULTIPLE LEON: Fitch Affirms Currency LT IDR at 'B'
XSTRATA PLC: Bill to Create Park at Planned Mine Stalls in Senate


J A M A I C A

JAMAICA: IMF Issues Statement in Conclusion of Staff Mission


M E X I C O

BANCO MERCANTIL: Moody's Confirms Ba3 Rating on Class B BNTECB


X X X X X X X X X

BOND PRICING: For the Week From May 12 to May 16, 2014


                            - - - - -


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


ARGENTINA: Economy Contracts for First Time Since 2012
------------------------------------------------------
Charlie Devereux at Bloomberg News reports that Argentina's
economy contracted for the first time since September 2012,
surprising analysts after the government devalued the peso and
raised interest rates.

Economic activity, a proxy for gross domestic product, fell 0.9
percent in March from a year earlier, Argentina's statistics
agency said in a statement obtained by Bloomberg News.  The median
estimate in a Bloomberg survey of nine economists was for growth
of 0.8 percent.  Economic activity fell 0.9 percent from February.

Argentina's economy is slowing as the government implements
policies to stem a drain on the country's foreign reserves, which
are hovering near a seven-year low, Bloomberg News notes.  Vehicle
sales fell 40 percent in March from a year earlier after President
Cristina Fernandez de Kirchner's government devalued the peso by
19 percent in January and Brazil's economy showed signs of
slowing, the reports adds.

"The devaluation ended up complicating economic activity that
already showed signs of difficulties," Belen Olaiz, an analyst at
Buenos Aires-based research company abeceb.com, said in a
telephone interview with Bloomberg News.  "Private consumption was
the biggest driver of growth in the past 11 years, and this year
it's becoming one of the main drags," Ms. Olaiz added.

Industries such as electronics and construction have been affected
as the government reduced imports to preserve dollars, the
reported quoted Ms. Olaiz as saying.  Abeceb.com expects the
economy to contract 1.5 percent in the first quarter from a year
earlier and by the same amount in 2014, she said, Bloomberg News
relays.

Bloomberg News notes that central bank reserves have fallen 28
percent in the past year to $28.4 billion.  Imports in March fell
4 percent from a year earlier even as consumer prices have risen
an accumulated 11.5 percent in the first four months of the year.

Construction activity contracted 4.2 percent in March from the
same period a year earlier, Bloomberg News adds.


YAGANES: Co-Founder in Refinancing Talks for Bankrupt Venture
-------------------------------------------------------------
Eva Tallaksen at Undercurrent News reports that Charles Anastasia,
the founder and chief executive officer of US shellfish supplier
Orion Seafood International, said talks are underway with a large
seafood group to rescue the Argentinian crab venture Yaganes.

Although Mr. Anastasia as recently as late March denied talks that
Yaganes was heading towards bankruptcy, he now confirmed that the
company filed for the equivalent of Chapter 11 -- bankruptcy
protection -- in April, according to Undercurrent News.

The company was faced with no alternative, Mr. Anastasia told
Undercurrent News.

The report notes that Mr. Anastasia, who co-founded Yaganes with
Andrea Marcela Torres Espinoza in June 2012, is confident that the
venture will be back on its feet for the start of the next season
in October.

"We are currently working on refinancing the business," Mr.
Anastasia told Undercurrent on May 15.  We're taking on a partner
with significant financial means to renegotiate the debt," Mr.
Anastasia said.

The report relates that the talks are at an advanced stage and
should complete within the next 60 days, Mr. Anastasia said.  Mr.
Anastasia declined to divulge the name of the partner, but
described it as a "well established and very sound seafood group".

The deal will also involve a capital injection.  "Chapter 11 is
about a major reorganization of the business.  We're changing
every aspect, and injecting more capital," Mr. Anastasia said, the
report notes.

The report relays that the Argentinian crab fishing season runs
mainly from October to the end of April.  The aim is therefore to
have Yaganes back on its feet by October, the report notes.

Several industry sources have in the past weeks and months told
Undercurrent that Yaganes was in difficulty, and struggling to
meet its payments both to suppliers and workers, the report
discloses.

Speaking in March, Mr. Anastasia had pointed out that business in
Argentina is challenging, citing the country's spiraling
inflation, currency devaluation and costs, and militant unions as
workers see their earnings get wiped out, the report recalls.
Indeed Yaganes is hardly the only example of a company struggling
to cope with Argentina's business climate, the report notes.

              Under Fire for 'Ghost Fishing'

According to Argentinian media, Yaganes is now also under fire for
leaving crab traps in the water after the end of the season,
leaving it accused of "ghost fishing," the report relays.

The report notes that Mr. Anastasia confirmed the company still
has traps out at sea, but said they have a boat ready in the docks
and fueled to go fetch them.  The delay, Mr. Anastasia said, is
down to negotiations with the unions, which are not recognizing
Yaganes' Chapter 11 status, the report says.

The company employs some 200 workers during the fishing season.
These are represented by six different unions.

Yaganes has two plants and owns or leases six fresh crab vessels
delivering to the plants.  The first plant was acquired in Caleta
Paula from a firm that was shutting down.  The second plant is in
Puerto Madryn, where it has licenses to capture crab from the
Golfo San Jorge.


=============
B A H A M A S
=============


ARTOC BANK: Issues Notice of Final Dividend
-------------------------------------------
Artoc Bank & Trust Limited issued a notice of final dividend of
8.75 cents per $1.00.  The dividend is payable on May 20, 2014 at
Pannell House, Elizabeth Avenue, in Nassau, Bahamas.

Attorneys for the Liquidator can be reached at:

         McKinney, Bancroft & Hughes
         Mareva House 4 George Street
         Nassau, Bahamas

Artoc Bank & Trust Limited is a Bank and Trust Company located at
3rd Floor, Charlotte House, Charlotte Street, Nassau.


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


OSX BRASIL: Proposes Repaying Creditors Over 25 Years
-----------------------------------------------------
Juan Pablo Spinetto and Peter Millard at Bloomberg News report
that OSX Brasil SA, former billionaire Eike Batista's shipbuilder
that filed for bankruptcy protection last year, is seeking
approval to pay back creditors over 25 years in a restructuring
plan released May 17.

The company is also looking for partners to finish building a
shipyard at the Acu port in Rio de Janeiro state and may seek more
funds to stay afloat, it said in the plan delivered to a Rio
court, according to Bloomberg News.  Approval is "essential" for
the company to sell two production vessels to help pay debt, it
said. Debt, including money owed by a leasing unit excluded from
the judicial process, is calculated at $2.6 billion, Bloomberg
News relates.

Bloomberg News notes that OSX sought protection from creditors
last year after Batista's oil company, the shipbuilder's main
client, abandoned fields it had previously declared commercial.
OSX began building floating production vessels for its sister
company before Batista tested the geology at offshore exploration
wells that struck oil but failed to maintain production, Bloomberg
News relates.

"It's essential that the OSX Group restructures its debt with
creditors to achieve the desired financial and operational
recovery," the company said in the regulatory filing obtained by
Bloomberg News.  "The goal is to develop the shipyard activities
and with that generate cash to fulfill the company's obligations,"
the company said, Bloomberg News discloses.

OSX proposed to repay creditors in 22 annual installments after a
three-year grace period, it said in the plan, Bloomberg News
notes.

                     About OSX Brasil

Brazilian shipbuilding firm OSX Brasil SA, controlled by
businessman Eike Batista, filed for protection from creditors on
November 2013 on liabilities of BRL5.34 billion (US$2.30 billion).
OSX Brasil filed for bankruptcy -- called "judicial recovery" in
Brazil -- after Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes, filed for bankruptcy on Oct. 30,
2013.

OSX had outstanding debts of around US$2.2 billion as of June 30,
2013, including dollar-and real-denominated loans and bonds held
by a mix of banks, investors and government institutions, such as
Brazil's Merchant Marine Fund, according to The Wall Street
Journal.

The move on Nov. 11 at a Rio de Janeiro court follows a default
and bankruptcy filing the prior month for Mr. Batista's flagship
oil firm OGX Petroleo e Gas Participacoes SA, n/k/a Oleo e Gas,
according to the WSJ report.  The firm went public in 2008 for
$4.1 billion but failed to produce nearly any of the up to 10.8
billion barrels it claimed to have.


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


ACUMA LIMITED: Shareholders' Final Meeting Set for May 27
---------------------------------------------------------
The shareholders of Acuma Limited will hold their final meeting on
May 27, 2014, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Jean-Marc Lesieur
          10 Market Street, Suite 711, Camana Bay
          Grand Cayman, KY1-9006
          Cayman Islands


AMATHEA V: Members' Final Meeting Set for June 2
------------------------------------------------
The members of Amathea V Ltd. will hold their final meeting on
June 2, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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


CONOCOPHILLIPS LNG: Shareholders' Final Meeting Set for June 4
--------------------------------------------------------------
The shareholders of Conocophillips LNG, Ltd. will hold their final
meeting on June 4, 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:

          Trident Liquidators (Cayman) Limited
          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


GENESIS PARTNERS II: Shareholders' Final Meeting Set for May 28
---------------------------------------------------------------
The shareholders of Genesis Partners II LDC will hold their final
meeting on May 28, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          CIBC Private Equity Management, Inc.
          E. Shalev Management 2000 (1999) Ltd.
          Barnaby Gowrie of Walkers
          Telephone: +1 (345) 914-6365


INNOFIDEI INC: Members' Final Meeting Set for May 27
----------------------------------------------------
The members of Innofidei Inc will hold their final meeting on
May 27, 2014, at 10:00 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Yuan Kai Tsai
          Telephone: +8610 8215 1933
          Facsimile: +8610 8215 1813
          11th Floor, No. 79
          Sec. 1, Hsin Tai Wu Road
          His Chi, Taipei Hsien
          Taiwan, Province of China


KINGS CROSS: Shareholders' Final Meeting Set for May 30
-------------------------------------------------------
The shareholders of Kings Cross Holding Limited will hold their
final meeting on May 30, 2014, at 10:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Anthony Beovich
          c/o The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5877


MIDDLESEX HOLDINGS: Shareholders' Final Meeting Set for May 30
--------------------------------------------------------------
The shareholders of Middlesex Holdings JV Ltd. will hold their
final meeting on May 30, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Anthony Beovich
          c/o The Blackstone Group
          345 Park Avenue, 31st Floor
          New York, New York 10154
          United States of America
          Telephone: +1 (212) 583 5877


NS CAPITAL MASTER: Shareholder to Receive Wind-Up Report on May 26
------------------------------------------------------------------
The shareholder of NS Capital Master Fund, Ltd. will receive on
May 26, 2014, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


NS CAPITAL: Shareholder to Receive Wind-Up Report on May 26
-----------------------------------------------------------
The shareholder of NS Capital Offshore, Ltd. will receive on
May 26, 2014, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

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


RYE SELECT: Creditors' Meeting Scheduled for May 26
---------------------------------------------------
The Joint Official Liquidators of Rye Select Broad Market
Insurance Portfolio LDC will be holding a meeting of creditors,
via teleconference on May 26, 2014 at 10:00 a.m. Cayman Islands
time.

Creditors will be able to participate in this meeting in person or
by proxy provided that they have submitted a completed proxy form
no later than May 22, 2014.  Creditors wishing to join the
conference call should contact:

          Liam Hardie
          Zolfo Cooper
          Suite 776
          10 Market Street
          Camana Bay
          Grand Cayman
          KY1-9006 Cayman Islands
          Telephone: (345) 814-4037
          Fax: (345) 946 0082
          E-mail: liam.hardie@zolfocooper.ky


WMA-WEALTH: Members' Final Meeting Set for June 19
--------------------------------------------------
The members of WMA-Wealth Management Advisory Ltd will hold their
final meeting on June 19, 2014, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


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


BANCO BHD: Fitch Affirms Long-term Currency IDR at 'B'
------------------------------------------------------
Fitch Ratings has completed the sectoral review of three private
sector banks and related companies, as well as a state-owned bank
in the Dominican Republic.

A full list of rating actions is at the end of this press release.

The four banks included in this peer review are the largest in its
market and have assets between USD7.2 billion and USD1.2 billion,
with operations primarily in Dominican Republic.  The
International Ratings (IDR) to Banco Popular Dominicano (BPD),
Banco BHD SA (BHD) and Reserve Bank of the Dominican Republic,
Banco Multiple Services (BANRESERVAS), are driven by their
Viability Ratings (VR) or strengths intrinsic financial.  The IDRs
Banco Multiple Leon (BML), consider the extraordinary potential
institutional support.

Based on the financial statements of 2013, indicators of asset
quality remained stable or improved in all banks covered in this
review, reflecting the moderate loan growth and a strengthening of
the local economy.  However, the asset quality indicators of
Dominican banks remained weaker than their international peers;
commercial / universal banks with VR in the category of b.  Given
the improved economic conditions in Dominican Republic, Fitch
believes that trends in asset quality indicators are sustainable
2014.

While the profitability of BML was reduced, this was stable in the
other private banks in 2013.  Growth assets increased efficiency
and improved profitability BANRESERVAS during the same period.
Fitch expects the domestic economy stronger strengthen the
financial performance of banks next year due to accelerating
growth and improving credit quality.

The preferred measure of capitalization Fitch is the indicator of
Capital Base Fitch / Risk Weighted Assets; however, in light of
the significant exposure of banks to sovereign tangible indicator
/ total assets for comparative purposes heritage was used.  This
measure had the strongest BHD capitalization, while BANRESERVAS
was the weakest among the big banks Dominicans at the end of 2013.

BHD capitalization was in line with their national peers and
outperformed its peers with similar qualifications at the end of
2013.  Contrast, BPD, BML and BANRESERVAS had a weaker than
average capitalization of both the financial system and their
international peers.  However, even with the acceleration of
growth in assets, Fitch expects the capitalization of banks to
remain stable or improve in 2014 to the extent that the internal
generation of capital increases.

Common to other banks in emerging markets, all Dominicans banks
included in this review have a broad negative mismatch between
assets and current liabilities.  A high proportion of the
investment portfolio of these banks was issued by the Dominican
government.  Fitch notes that the same may have limited liquidity
in a stress scenario, given the shallowness of the domestic debt
market.  This contractual maturity gap is partially mitigated by
higher deposit reserve requirements, stability of deposits in
larger banks, and the availability of lines of credit from other
financial institutions.

The rating actions presented below are the result of a periodic
review of these four banks. Fitch concludes that the great
Dominican banks are well positioned to take advantage of the
faster growth of the local economy.


International and national ratings affirmed as part of this sector
review were:

BPD
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)'.
- National Emission Rate Subordinated Debt at 'A + (dom)'

BHD
- Long-term foreign and local currency IDR at 'B', Outlook Stable;
- Classification of Short-term foreign and local currency IDR at
'B'
- Viability Rating at 'b';
- Support rating at '5 ';
- Support Floor at 'NF';
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)'.

BML
- Long-term foreign and local currency IDR at 'B', Outlook Stable;
- Classification of Short-term foreign and local currency IDR at
'B'
- Viability Rating at 'b-';
- Support Rating to '4 ';
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)'.
- National Emission Rate Subordinated Debt at 'A + (dom)'.

BANRESERVAS
- Long-term foreign and local currency IDR at 'B', Outlook Stable;
- Classification of Short-term foreign and local currency IDR at
'B'
- Viability Rating at 'b';
- Support rating at '4 ';
- Support Floor at 'B';
- Long-term subordinated debt to 'B-';
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)'.

Additionally, Fitch has affirmed the ratings of the related
entities of banks as follows:

Popular Bank Ltd. Inc and Subsidiary (People's Bank)
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)';
- National long-term rating to 'BB + (pan)'; Outlook Stable;
- National short-term rating at 'B (pan)'.

BHD International Bank (Panama)
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)'.

BHD Valores Puesto de Bolsa SA:
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)';
- National Commercial Paper rating at 'F1 + (dom)'.

Values Leon SA:
- National long-term rating to 'AA-(dom)'; Outlook Stable;
- National short-term rating at 'F1 + (dom)';
- National Corporate Bonds Rated 'AA-(dom)'.


BANCO MULTIPLE LEON: Fitch Affirms Currency LT IDR at 'B'
---------------------------------------------------------
Fitch Ratings has completed its peer review for three private
sector banks and their related entities as well as one state-owned
bank in the Dominican Republic.  The rating actions are listed at
the end of this commentary.

The four banks included in this peer review are among the largest
banks in their market and had assets between USD7.2 billion and
USD1.2 billion, with operations primarily in the Dominican
Republic. The Issuer Default Ratings (IDRs) of Banco Popular
Dominicano (BPD) and Banco BHD S.A.(BHD) and Banco de Reservas de
la Republica Dominicana, Banco de Servicios Multiples
(BANRESERVAS) are driven by their Viability Ratings (VRs), or
stand-alone intrinsic financial strengths. Banco Multiple Leon's
(BML) IDRs factor in potential extraordinary institutional
support.

Based on 2013 financial statements, asset quality indicators
remained stable or improved at all the banks covered in this
review, driven by moderate loan growth and a strengthening local
economy. However, asset quality indicators at Dominican banks were
weaker than international peers (emerging market
commercial/universal banks with a 'b' category VR). Given better
economic conditions in the Dominican Republic, Fitch believes
asset quality indicator trends will be sustained in 2014.

While BML's profitability declined, it remained flat at the other
private sector banks in 2013. Asset growth and better efficiency
increased BANRESERVAS' profitability during this same period.
Fitch expects a stronger domestic economy to strengthen the banks'
financial performance over the next year due to accelerating
growth and improvements in loan quality.

Fitch's preferred measure of capitalization is its Fitch Core
Capital/Weighted Risks ratio. However, in light of the banks'
material exposure to the sovereign, banks' tangible common
equity/total assets ratios were used for comparison purposes.

By this measure, BHD had the strongest capitalization, while
BANRESERVAS had the weakest among large Dominican banks at year-
end 2013 (YE2013). BHD's capitalization was in line with domestic
peers and exceeded that of similarly rated peers at YE2013. By
contrast, BPD, BML and BANRESERVAS all had weaker capitalization
than both the system average and international peers. However,
even with accelerating asset growth Fitch expects bank
capitalization to remain stable or improve in 2014 as internal
capital generation increases.

As is common to other emerging market banks, all of the Dominican
banks included in this review have a large negative mismatch
between short-term assets and liabilities. A high proportion of
these banks' securities holdings were issued by the Dominican
government. Fitch notes these can be of limited liquidity in a
stress scenario, given the shallow domestic debt market. This
contractual maturity gap is somewhat mitigated by high deposit
reserve requirements, deposit stability at the largest banks, and
the availability of credit lines from other financial
institutions.

The international and national ratings affirmed as part of this
peer review were as follows:

BPD
--Long-term National rating at 'AA-(dom)'; Stable Outlook;
--Short-term National rating at 'F1+(dom)'.
--Long-term National subordinated debt at 'A+(dom)'

BHD
--Foreign and local currency long-term IDR at 'B'; Stable Outlook;
--Foreign and local currency short term IDR at 'B';
--Viability Rating at 'b';
--Support at '5';
--Support Floor at 'NF';
--Long-term National rating at 'AA-(dom)'; Stable Outlook;
--Short-term National rating at 'F1+(dom)'.

BML
--Foreign and local currency long-term IDR at 'B'; Stable Outlook;
--Foreign and local currency short term IDR at 'B';
--Viability Rating at 'b-';
--Support at '4';
--Long-term National rating at 'AA-(dom)'; Stable Outlook;
--Short-term National rating at 'F1+(dom)';
--Long-term National subordinated debt at 'A+(dom)'.

BANRESERVAS
--Foreign and local currency IDRs at 'B'; Stable Outlook;
--Short-term foreign and local currency IDRs at 'B';
--Viability Rating at 'b';
--Support Rating at '4';
--Support Floor at 'B';
--Long-term subordinated notes at 'B-';
--National long-term rating at 'AA-(dom)'; Stable Outlook;
--National short-term rating at 'F1+(dom)'.

In addition, Fitch has affirmed the banks' related entities
ratings as follow:

Popular Bank Ltd. Inc y Subsidiaria (Popular Bank)
--Long-term national rating at 'AA-(dom)'; Stable Outlook;
--Short-term national rating at 'F1+(dom)';
--Long-term national rating at 'BB+(pan)'; Stable Outlook;
--Short-term national rating at 'B(pan)'.

BHD International Bank (Panama):
--Long-term National rating at 'AA-(dom)'; Stable Outlook;
--Short-term National rating at 'F1+(dom)'.

BHD Valores Puesto de Bolsa SA:
--Long-term National rating at 'AA-(dom)'; Stable Outlook;
--Short-term National rating at 'F1+(dom)';
--Short-term National senior unsecured debt rating at 'F1+(dom)'.

Valores Leon S.A:
--Long-term National rating at 'AA-(dom)'; Stable Outlook;
--Short-term National rating at 'F1+(dom)';
--Long-term National senior unsecured debt rating at 'AA-(dom)'.


XSTRATA PLC: Bill to Create Park at Planned Mine Stalls in Senate
-----------------------------------------------------------------
Dominican Today reports that Senate issued a 30-day deadline to
its commission charged with studying the bill to create Loma
Miranda National Park, after La Vega senator Euclides Sanchez ask
the full floor to strip the commissioners of their duty for in his
view failing to render their report on time.

Loma Miranda is the site where Xstrata Nickel currently seeks
authorization to extract metal ores.

The deadline, approved by 19 senators of the 24 of the lawmakers
present, orders the Special Commission chaired by Rafael Calderon
to render the report on June 14, according to Dominican Today.

Mr. Sanchez demanded that his colleagues strip the Commission of
its duty after it failed to issue its report on December 19, and
had yet to request an extension, Dominican Today notes.

Dominican Today discloses that Jose Maria Sosa, spokesman for the
ruling PLD party senators, said Mr. Sanchez's request surprised
his colleague, and that the PLD caucuses agreed give the
Commission 15 more days to render its report.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report
related.

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.


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


JAMAICA: IMF Issues Statement in Conclusion of Staff Mission
------------------------------------------------------------
An International Monetary Fund (IMF) mission visited Jamaica
during May 5-16, 2014 to conduct discussions on the Article IV
Consultation and fourth review of Jamaica's IMF-supported program
under the Extended Fund Facility (EFF).

The mission met with the Prime Minister, Hon. Portia Simpson-
Miller, the Minister of Finance and Planning, Hon. Peter Phillips,
Bank of Jamaica Governor Brian Wynter, Financial Secretary Devon
Rowe, senior government officials, as well as representatives of
the private sector and civil society.

The Article IV Consultation provided an opportunity to take a
fresh look at the reform strategy, take stock of achievements in
the first year of program implementation, and consider critical
reforms to be implemented in the remainder of the program period.
At the conclusion of the mission, Mr. Jan Kees Martijn, the IMF's
mission chief for Jamaica, issued the following statement in
Kingston:

"The economic outlook is improving.  Since the start of the
program in early 2013, crisis risks have receded, growth has
picked up, net exports are stronger, inflation has been brought
under control, and reserves are starting to recover.  Economic
activity is tentatively estimated to have expanded by 0.9 percent
in 2013/14, with year-on-year growth amounting to 1.6 percent in
the first quarter of 2014. Consumer price inflation moderated to
7.6 percent in April.  The unemployment rate declined to 13.4
percent in January 2014, down from 14.9 percent in October and
from 14.5 percent in January of last year.  The current account
has shown an ongoing improvement, and net international reserves
increased to US$1.3 billion by end-April (with gross reserves at
US$2.1 billion, equivalent to 3« months of imports).  The
execution of the 2013/14 budget has been broadly on track, as the
shortfalls in tax revenues due to weak economic demand were offset
through strict expenditure control.  The 2013/14 central
government primary surplus amounted to 71/2 percent of GDP, as
planned.

"The program is on track.  The IMF mission reached preliminary
understandings with the authorities on a set of economic policies
detailed in an updated Letter of Intent.  These preliminary
understandings are subject to approval by the IMF's Management and
Executive Board.  Overall policy implementation under the program
remains strong.  All quantitative performance targets for end-
March were met, as was the indicative target on social spending.
The indicative target on tax collection was missed.  Structural
reforms are on track, albeit with some minor delays.  Provided
that performance remains strong, Board consideration of the fourth
review of Jamaica's IMF-supported program under the EFF could take
place in June.  Upon approval, SDR 45.95 million (about US$71
million) would be made available to Jamaica.

"Much has been achieved in the first year of program
implementation.  There has been significant progress in
implementing the needed reforms.  A large fiscal adjustment has
been put in place, achieving a primary surplus that is exceptional
by international standards.  Important steps to sustain that
adjustment have has been made in the areas of tax reform and in
institutionalizing a meaningful fiscal rule.  The framework for
the financial system has been fortified, monetary policy has been
restrained, and the exchange rate has helped to restore a good
deal of Jamaica's lost competitiveness.

"This is a marathon effort and there are no shortcuts.  Jamaica's
economic transformation program offers a path from decades of
stagnation to a future of sustained and vibrant growth.  Emerging
from the ingrained trap of low-growth and high debt requires a
fundamental reorientation of policies.  This will not happen
overnight but will take several years of concerted economic
restructuring.  The government's program is appropriately centered
on a sustained fiscal consolidation supported by wide-ranging
supply side reforms to kick-start growth.  Reducing debt to a
sustainable level is expected to take a decade of fiscal restraint
and multiple years of productivity-enhancing policies.

"Broad social support for the reform program needs to be
maintained.  The recovery remains tentative and the social costs
of the adjustment effort have been substantial.  Investor
confidence remains hesitant and higher growth and job creation are
needed. Without these, there is a risk that societal support for
the reform effort will be undermined.  In this context, an ongoing
emphasis on safeguarding social spending and increasing the social
safety net is critical.

"The reform agenda is challenging.  A reorientation of fiscal
policy remains at the core of the adjustment effort.  The
immediate weakness of fiscal revenues calls for the prompt and
steadfast implementation of the action plan to improve tax
collection.  Public sector reform needs to be stepped up without
delay; a lasting fiscal consolidation that supports rather than
hinders private sector growth will require a smaller and more
efficient public service.  The growth impact of scarce public
investment needs to be leveraged through structured investment
planning, prioritization and budgeting.  Fiscal risks need to be
carefully managed through tackling public sector inefficiencies,
lessening unfunded pension obligations, commercializing loss-
making public enterprises, and putting in place well-structured
public-private partnerships.

"Determined action to boost growth is a must. Removing red tape
and boosting competitiveness will bolster growth and job creation.
The return to a more flexible exchange rate has resulted in
important improvements in price competitiveness, and should be
maintained.  Confidence in the coherence of policies will be
critical for boosting investor sentiment but private investment
will only return if efforts are also focused on removing pervasive
red tape and bureaucracy.

"While the overall stance of monetary policy has been broadly
appropriate, policy should shift towards greater reliance on
interest rate channels.  Containing inflationary pressures in face
of exchange rate depreciation, and restoring an adequate level of
reserves, necessitate a cautious monetary policy stance.  This,
however, needs to be weighed against the risk of excessively tight
liquidity conditions undermining investment and creating risks in
the financial system.  The recent creation of a standing liquidity
window and the expansion of repo instruments are welcome steps,
but their design should be improved.

"Vulnerabilities within the financial system need to be
proactively addressed.  The business model of the securities
dealers needs to be reoriented.  The next steps of the reform of
the "retails repo" model should be implemented as soon as adequate
safeguards have been put in place.

"The mission would like to thank the authorities and technical
staff for their excellent cooperation."


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


BANCO MERCANTIL: Moody's Confirms Ba3 Rating on Class B BNTECB
--------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has confirmed its Baa3 (sf) (Global
Scale) and Aa2.mx (sf) (National Scale) ratings on BNTECB 07
senior debt certificates. Moody's also has confirmed its Ba3 (sf)
(Global Scale) and A3.mx (sf) (National Scale) ratings on BNTECB
07-2 subordinated debt certificates. This action concludes the
review Moody's initiated on 14 May 2013, when it placed the
ratings on review for downgrade.

Interest and principal payments to certificate holders are backed
by cash flow from a portfolio of loans to Mexican states and
municipalities by Banco Mercantil del Norte S.A., Institucion de
Banca Multiple, Grupo Financiero Banorte (A3 bank deposits and
local currency, Aaa.mx Mexican National Scale). Most of the
securitized loans are backed by federal participation revenues
assigned to a trust established under the laws of Mexico.

Originator: Banco Mercantil del Norte S.A., Institucion de Banca
Multiple, Grupo Financiero Banorte

Trustee: CI Banco S.A., Institucion de Banca Multiple

Class A BNTECB 07: Ratings confirmed to Baa3 (sf) / Aa2.mx (sf)
Global Scale and Mexican National Scale

Class B BNTECB 07-2: Ratings confirmed to Ba3 (sf) / A3.mx (sf)
Global Scale and Mexican National Scale

Ratings Rationale

The ratings confirmation is based on the improvement in the credit
quality of the portfolio as reflected in Moody's assessment of the
credit quality of the underlying loans and Moody's upgrades of the
credit estimates of some of these loans. As of April 2014, Moody's
had upgraded its credit estimates on 47% of pool, following the
upgrade to Mexico's sovereign rating in February to A3 from Baa1.

The BNTECB 07 certificates have a minimum established credit
enhancement of 6% of the total loan balance, in the form of
subordination and over-collateralization. As of May 2014, the
total credit enhancement for BNTECB 07 was 9.2%. The BNTECB 07-2
certificates are subordinate to the BNTECB 07 and benefit from a
minimum of 2% of the total loan balance in the form of over-
collateralization. Moody's ratings also reflect the role of
Banorte as collateral manager, as well as a fully funded cash
reserve equivalent to one coupon payment. These factors mitigate
the liquidity risks associated with this transaction's dual
waterfall structure. As of May 2014, the interest coverage ratio
(ICR) over the previous 12 months averaged 1.3x for the BNTECB 07
certificates, 2.3x if the cash reserve fund is taken into account.

The loan portfolio is relatively concentrated and contains 29
loans to 13 obligors. The average obligor concentration is 7.7%,
and the maximum is 15.8%. According to the collateral manager
report, as of May 2014 all of the loans are current. Trust assets
are currently in the form of loans (88.5%) and cash (11.5%). Last
December, one of the pool's loan prepaid, with the proceeds
deposited in the general cash account. The collateral manager has
indicated its intention to use the cash to purchase another loan
to substitute for the prepaid loan. Moody's will monitor the use
of the resources and assess the credit quality of the substitute
loan.

Moody's analyzed the underlying collateral pool of loans in a base
case scenario to derive a default probability, taking into account
the credit quality of the securitized assets and the expected
average life of each loan. The expected loss for both certificates
took into account the resulted weighted average default
probability (an implied weighted average rating factor, or WARF,
of 803.9), a target over-collateralization level, a 50% recovery
rate and the liability structure of this transaction. The BNTECB
07 and BNTECB 07-2 certificates pay interest monthly and will
amortize at the legal final maturity date, 15 May 2037. However,
if total credit enhancement is not met at any coupon date, the
certificates will receive principal payments until the minimum
credit enhancement is met. As of May 2014, both certificates had
been paid down by around 21.1%.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

Moody's considered the servicer's practices and considers them
adequate.

The period of time covered in the financial information used to
determine the BNTECB 07 and BNTECB 07-2 ratings is between
February 2008 and May 2014; the financial information came from
parties related to the rating.

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

Factors that would lead to an upgrade are a significant
improvement in the credit quality of the pool.

Factors that would lead to a downgrade are deterioration of the
collateral performance and a decline of the total collections.

Stress Scenarios:

With respect to the sensitivity of the ratings, if Moody's assumed
that (a) the BNTECB 07 and BNTECB 07-2 certificates benefitted
from the minimum 6% and 2% credit enhancement, and that (b) one of
the top obligors (assessed via credit estimates) in the pool had
jumped to default to the Caa2 level, the agency would not likely
change the rating on the senior certificates, but would likely
downgrade the rating on the subordinate certificates by as much as
a four notch downgrade, to Caa1 (sf) from Ba3 (sf).


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


BOND PRICING: For the Week From May 12 to May 16, 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.
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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.

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                            ***********


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.
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Chapman, Editors.

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

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