TCRLA_Public/140520.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 20, 2014, Vol. 15, No. 98



EDENOR SA: Incurs ARS 738.6 Million Net Loss in 1stQ 2014


BRAZIL: Economists Cut Their 2014 Growth Forecast to Slowest Ever
MENDES JUNIOR: Fitch Affirms 'B+' IDR; Outlook Stable
OGX PETROLEO: Batista Presents Defense in Insider-Trading Suit

C A Y M A N  I S L A N D S

47 DEGREES: Shareholders Receive Wind-Up Report
ASIAN CENTURY: Member to Hear Wind-Up Report on May 27
ASIAN CENTURY MASTER: Member to Hear Wind-Up Report on May 27
ASIAN CENTURY OFFSHORE: Member to Hear Wind-Up Report on May 27
CAPITAL GREEN: Shareholders' Final Meeting Set for May 26

COMNET COMPANY: Shareholders' Final Meeting Set for June 3
KEYSTONE PRIVATE: Creditors' Proofs of Debt Due May 31
MSR ASIA: Members' Final Meeting Set for June 2
POINT LOBOS: Shareholder to Hear Wind-Up Report on June 19
RYE SELECT: To Hold Meeting for Investors and Creditors on June 2

UBS CAPITAL: Shareholders' Final Meeting Set for May 28
VALLAR SERVICES: Shareholder to Hear Wind-Up Report on June 2

D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms 'B' IDR; Outlook Stable
BANCO DE RESERVAS: Fitch Affirms 'B' IDR; Outlook Stable
BANCO MULTIPLE: Fitch Affirms 'B' IDR; Outlook Stable


UC RUSAL: Signals Pick-up in Global Demand for Metal


ARENDAL: Fitch Affirms 'B' IDR; Outlook Stable

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Lack of $US Still Plaguing Business


Large Companies With Insolvent Balance Sheets

                            - - - - -


EDENOR SA: Incurs ARS 738.6 Million Net Loss in 1stQ 2014
EDENOR announced its results for the first quarter of 2014.
Net Sales increased 7.7 percent to ARS 900.6 million in the first
quarter of 2014 from ARS 836.4 million in the first quarter of
2013, mainly due to the increase in the volume of energy sold
partially offset by a decrease in the income from the Resolution
No. 347/12.

Net Loss increased ARS 228.1 million to a loss of ARS 738.6
million in the first quarter of 2014 from a loss of ARS 510.4
million in the same period of 2013, mainly due to the increase in
operating costs, negative exchange differences of ARS 260.9
million due to devaluation of US dollars in January 2014,
commercial interests accrued to CAMMESA of ARS 12.9 million and
ARS 18 million in income tax loss.

Adjusted EBITDA has decreased to a loss of ARS 201 million as of
March 31, 2014, vis a vis a loss of ARS 97.3 million for the same
period of 2013.

As of March 31, 2014, the Company had ARS 7.56 billion in total
assets, ARS 437.7 million in total equity and ARS 7.12 billion in
total liabilities.

A copy of the Report is available for free at:


                         About Edenor SA

Headquartered in Buenos Aires, Argentina, Edenor S.A. (NYSE: EDN;
Buenos Aires Stock Exchange: EDN) is the largest electricity
distribution company in Argentina in terms of number of customers
and electricity sold (both in GWh and Pesos).  Through a
concession, Edenor distributes electricity exclusively to the
northwestern zone of the greater Buenos Aires metropolitan area
and the northern part of the city of Buenos Aires.

Edenor SA reported profit of ARS 772.7 million on ARS 3.44 billion
of revenue from sales for the year ended Dec. 31, 2013, as
compared with a loss of ARS 1.01 billion on ARS 2.97 billion of
revenue from sales in 2012.  Edenor reported a net loss of
ARS 291.38 million in 2011.


BRAZIL: Economists Cut Their 2014 Growth Forecast to Slowest Ever
David Biller and Matthew Malinowski at Bloomberg News report that
economists covering the Brazilian economy cut their 2014 growth
forecast to the slowest ever as the central bank raises interest
rates to tame inflation.

The economy will expand 1.62 percent this year, compared with the
previous week's forecast of 1.69, according to the May 16 central
bank survey of about 100 analysts published, Bloomberg News
relays.  Inflation will quicken to 6.43 percent by year end, the
survey also showed.

President Dilma Rousseff's administration has been struggling to
revive growth as above-target inflation slows demand, according to
Bloomberg News.  Economic activity as reported by the central bank
contracted in March, as retail sales and industrial output shrank.
Traders expect the central bank to hold interest rates unchanged
this month after raising it nine consecutive times, swap rates
show, notes the report.

Retail sales in March unexpectedly contracted from February as
sales at supermarkets and supermarkets declined, the national
statistics agency said on May 15, Bloomberg News discloses.  The
government reported a week earlier that industrial production fell
in the same month on a drop in capital goods output.

Brazil's consumer inflation as measured by the benchmark IPCA
index decelerated in April to 0.67 percent from 0.92 percent the
month prior, reports Bloomberg News.

Still, annual inflation quickened to 6.28 percent from 6.15
percent, Bloomberg News notes.  Annual inflation has remained
above the central bank's 4.5 percent target during Rousseff's
entire term, Bloomberg News discloses.

The central bank on April 2 raised the Selic by 25 basis points to
11 percent, marking the ninth straight rate increase in efforts to
slow consumer prices.  That's the highest borrowing cost level in
two years, and the most among major rate-setting nations in Latin
America, according to data compiled by Bloomberg.

MENDES JUNIOR: Fitch Affirms 'B+' IDR; Outlook Stable
Fitch Ratings has affirmed Mendes Junior Trading e Engenharia
S.A.'s (MJTE) Foreign and Local Currency Issuer Default Ratings
(IDR) at 'B+' and the National long-term rating at 'BBB+(bra)'.
The Outlook is Stable.

Key Rating Drivers

MJTE's ratings reflect its moderate business scale and
concentrated backlog on a small set of large projects linked with
public sector clients.  It also lacks the conservative liquidity
policy necessary to support a growing business model that relies
on relevant working capital needs and is also exposed to the
intense volatility inherent to the heavy construction sector.

Other limiting factors for MJTE's credit include its restricted
access to the debt market, influenced by the historical contingent
liability linked with other subsidiaries of the Mendes Junior
Group, and its limited track record of debt issuance.  The ratings
incorporate that MJTE will not increase the support to its
affiliates as part of the strategy to ring-fence its operations.
The analysis also considers the company's low leverage and that
MJTE will successfully manage to improve its debt maturity
schedule, improving its liquidity and its competitiveness to bid
on larger projects.  The company also has a favorable volume of
backlog, equivalent to approximately two years of operations,
which is an important factor for sustaining its future cash

Expectation of No Additional Support to Affiliates

MJTE is the main operating company and cash generator of the
Mendes Junior Group.  A credit concern is the exposure risk of
MJTE towards other affiliates, including Mendes Junior S.A. (MJE).
MJE is a non-operating company with significant debt liabilities
linked to litigation of asset receivables also under
jurisdictional discussion.  The maintenance of MJE's legal and
administrative structure has been financed by resources from MJTE,
mainly obtained through the assignment of receivables.  The amount
of this kind of support increased to BRL311 million as of Dec. 31,
2013, from BRL246 million by the end of 2012, which Fitch was not
expecting to occur.

Fitch also incorporates in the current IDRs no additional
financial support from MJTE to affiliates.  The agency also
believes in potential cash inflow to MJE, given a favorable
jurisdictional decision regarding some of its receivables under
discussion, which should provide MJE with resources to support its
legal and administrative expenses.  The implementation of ring-
fencing strategy, currently underway, should also limit the
support to affiliates through the establishment of financial and
non-financial covenants, which should also contribute to improving
company access to the credit market.

Tight Liquidity

MJTE's liquidity is tight in order to support its long business
financial cycle.  By the end of December 2013, MJTE's cash
reserves were equivalent to BRL103 million, which covered 0.5x of
its short-term debt of BRL207 million.  The limited liquidity
combined with a scenario of potentially growing working capital
needs imposes a challenge for the company in managing its
refinancing risk as it develops its operations.  MJTE also has a
limited track record of accessing the debt market and has reported
high financial costs.

The company has the challenge to implement its financial strategy
of lengthening the debt maturity profile.  By the end of December
2013, MJTE's total debt was BRL309 million, with 59% maturing in
2014 and the remaining portion in November 2015.  Until 2011, the
company had more conservative coverage ratios of short-term debt
by cash and marketable securities of 1.2x in December 2011 and
4.5x in December 2010, which is positive in volatile sectors such
as heavy construction.  Total debt is mostly secured by
receivables related to ongoing projects in its backlog.

Fitch expects MJTE to succeed in obtaining a more adequate debt
profile.  The ratings incorporate that the company will restore
its short-term debt coverage ratios to levels that are more
consistent with the volatile nature of its business and closer to
those reported in previous years, important for avoiding future
pressure on its current ratings.

Adequate Leverage

MJTE has historically presented low leverage. In December 2013,
the company's leverage was adequate and equivalent to 1.8x,
measured by the total adjusted debt/EBITDA, and 1.2x on a net
basis.  These metrics represent a slight improvement compared to
2012 figures of 2.0x and 1.4x, respectively.  The company's total
debt proceeds have been mainly used to support its relevant
working capital needs.  Fitch expects MJTE to continue growing
while maintaining net leverage below 2.0x.

Lower Working Capital Pressures on CFFO Expected

MJTE's operating cash flow from operations (CFFO) has been
pressured by the high volume of working capital needs.  Fitch
expects lower working capital requirements with improving project
management procedures particularly on works developed for
Petrobras, the company's main client.  In 2013, the company's CFFO
of BRL96 million benefited from positive working capital of BRL107
million from settlement of receivables with Petrobras related to
projects concluded in 2012 contributed BRL326 million.  CFFO in
2013 favorably compares to negative CFFO of BRL81 million in 2012.
In 2013, free cash flow (FCF) was negative at BRL7 million, after
BRL68 million CAPEX and BRL35 million dividends.

The company's EBITDA margin is in line within the industry peers.
In 2013, the company reported EBITDA of BRL167 million and margin
of 9.5%, which compares to BRL114 million in 2012 and BRL57
million in 2011, with respective margins of 8.8% and 4.5%.  The
results in 2011 were heavily affected by costs incurred and the
renegotiations with Petrobras regarding changes in the projects,
which resulted in revenue postponement.

Concentrated Backlog

At the end of 2013, MJTE's backlog was sizeable and totaled BRL5
billion, equivalent to approximately two years of operations and
stable compared to December 2012.  The company's proven expertise
in project execution, mainly for Petrobras, and demand in the
construction sector should support the growth of MJTE's operations
in the next three years.  Operations should also benefit from the
infrastructure bottlenecks in the country and the projects related
to the oil and gas industry.

Also at the end of 2013, the company's backlog was highly
concentrated, with 20% on projects for Petrobras and about 85%
linked with public sector clients.  Of MJTE's backlog, the 10
largest projects represented 70% of its total backlog by December
2013.  The expectation is that the company will benefit its EBITDA
margin and reduce backlog concentration through geographical
expansion, following its strategy of focusing on the development
of international projects in Africa and Latin America.

Rating Sensitivities

Deterioration in operating performance evidenced by prolonged
margin reduction, increased net leverage to ratios higher than
2.0x with the debt maturity profile concentrated in the short
term, or further support to affiliates, may lead to a negative
rating action.

A positive rating action is not likely in the short term.  In the
medium term, it will depend on the company maintaining high
margins coupled with significant improvement on liquidity levels,
diversification of its backlog, and implementation of a robust
structure for ring-fencing the transfer of resources to

OGX PETROLEO: Batista Presents Defense in Insider-Trading Suit
Dan Horch, writing for The New York Times' DealBook, reported that
the onetime Brazilian billionaire Eike Batista has begun his
formal defense against the insider-trading allegations brought by
Brazil's main securities regulator, the C.V.M.

According to the report, federal prosecutors in the country are
also investigating Mr. Batista's actions. But Mr. Batista's
ultimate saving grace may be that no one in Brazil has ever gone
to jail for insider trading, and lawyers say that is unlikely to
change now. Based on the track record of previous cases, the worst
outcome Mr. Batista probably faces is a fine.

Ever since Mr. Batista's six publicly listed firms began their
stock market collapse last year, minority shareholders have
accused him of foul play, the report related.

This April, an internal committee at the C.V.M. recommended that
Mr. Batista be charged with insider trading and manipulating stock
market prices in his petroleum exploration company, OGX, the
report further related.  The federal prosecutor's office
subsequently opened a criminal investigation into the case.

Mr. Batista sold 126.6 million shares in OGX last May and June,
the report added.  On July 1, the company publicly acknowledged
that three of its most promising oil fields were probably not
viable, and its stock price plunged.

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

47 DEGREES: Shareholders Receive Wind-Up Report
The shareholders of 47 Degrees North Innovation Fund Ltd. received
on May 5, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Avalon Ltd.
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715 Grand Cayman KY1-1107
          Cayman Islands
          Facsimile: +1 (345) 769-9351

ASIAN CENTURY: Member to Hear Wind-Up Report on May 27
The member of Asian Century Quest Offshore Fund, Ltd. will hear on
May 27, 2014, at 11:10 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Desiree Jacob
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877

ASIAN CENTURY MASTER: Member to Hear Wind-Up Report on May 27
The member of Asian Century Quest Smaller Companies Master Fund,
Ltd. will hear on May 27, 2014, at 11:05 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Desiree Jacob
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877

ASIAN CENTURY OFFSHORE: Member to Hear Wind-Up Report on May 27
The member of Asian Century Quest Smaller Companies Offshore Fund,
Ltd. will hear on May 27, 2014, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Desiree Jacob
          Telephone: (345) 815-1779
          Facsimile: (345) 949-9877

CAPITAL GREEN: Shareholders' Final Meeting Set for May 26
The shareholders of Capital Green Investments will hold their
final meeting on May 26, 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:

          Jonathan Pierre
          541 Prospect Drive, P.O. Box 12422
          Grand Cayman KY1-1011
          Cayman Islands

COMNET COMPANY: Shareholders' Final Meeting Set for June 3
The shareholders of Comnet Company Limited will hold their final
meeting on June 3, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Miu, Te-Tse is the company's liquidator.

KEYSTONE PRIVATE: Creditors' Proofs of Debt Due May 31
The creditors of Keystone Private Equity Investments Limited are
required to file their proofs of debt by May 31, 2014, to be
included in the company's dividend distribution.

The company held the creditors' first meeting on May 16, 2014.

The company's liquidator is:

          Russell Crumpler
          P.O. Box 4467 Road Town
          British Virgin Islands
          c/o Deborah Bell
          Telephone: +1 (284) 494 1134
          Facsimile: +1 (284) 494 9009

MSR ASIA: Members' Final Meeting Set for June 2
The members of MSR Asia Acquisitions XVII, Inc. 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

POINT LOBOS: Shareholder to Hear Wind-Up Report on June 19
The shareholder of Point Lobos Partners Offshore, Ltd. will hear
on June 19, 2014, at 4:00 p.m., 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) 946 7666
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands

RYE SELECT: To Hold Meeting for Investors and Creditors on June 2
The investors and creditors of Rye select Broad Market XL
Portfolio Limited will hold a meeting for investors and creditors
on June 2, 2014, at 10:00 a.m.

Creditors and investors are required to submit a completed proxy
by May 29, 2014, to participate in the meeting.

The company's liquidator is:

          Eleanor Fisher
          c/o Liam Hardie
          Zolfo Cooper Suite 776
          10 Market Street, Camana Bay
          Grand Cayman KYI-9006
          Cayman Islands
          Telephone: (345) 814-4037
          Facsimile: (345) 946-0082

UBS CAPITAL: Shareholders' Final Meeting Set for May 28
The shareholders of UBS Capital Latin America LDC will hold their
final meeting on May 28, 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:

          John T. Connors
          c/o UBS AG Investment Bank
          677 Washington Boulevard
          8th Floor, Stamford
          CT 06901
          United States of America
          Telephone: +1 (203) 719 4737

VALLAR SERVICES: Shareholder to Hear Wind-Up Report on June 2
The shareholder of Vallar Services Limited will hear on June 2,
2014, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          c/o Piers Dryden
          Telephone: 815-1842
          Facsimile: (345) 949-9877

D O M I N I C A N   R E P U B L I C

BANCO BHD: Fitch Affirms 'B' IDR; Outlook Stable
Fitch Ratings has affirmed Banco BHD (BHD) and its related
entities' BHD Valores Puesto de Bolsa (BHD Valores) and BHD
International Bank (Panama) - BHDIB ratings.  The Rating Outlooks
are Stable.  A complete list of ratings actions is provided at the
end of this press release.

BHD's Viability Rating (VR), or standalone creditworthiness,
drives its long-term Issuer Default Ratings (IDR) and national
ratings.  The bank's ratings do not consider any support,
resulting in a Support Rating of '5' and a Support Floor of 'NF'.

The bank's operating environment, asset quality and funding highly
influence its VR.  Additionally, the bank's VR also considers its
sound franchise resilient profitability, adequate capitalization,
reserve cushion, and improving funding base.  BHD's ratings are
constrained by the sovereign's ratings.

BHD's franchise is well-known and strong locally.  The bank has
positioned itself as a highly competitive entity in the corporate
business segment.  BHD has also successfully increased its
penetration in the fast growing and profitable retail segment,
which has widened its deposit base and reduced funding costs.
BHD improved its sound asset quality and continued to outperform
the Dominican market average in 2013.  Nevertheless, this ratio
remained relatively high compared with international peers
(emerging market commercial banks with VR of 'b-/b/b+').  Past due
loans declined to 1.67% of total loans at year-end 2013 (YE13)
from 2.05% the year before, reflecting a nominal decline in
impaired loans and increased net charge-offs as well as
conservative credit origination policies and effective collection

BHD's financial performance has been consistently strong driven by
high margins, sizable trading gains, adequate operating expense
control and moderate to low credit costs.  Fitch expects a
favorable economic environment to result in higher and healthy
loan growth.  Nevertheless, higher operational costs and lower
non-operating income related to the merger with Banco Multiple
Leon (BML) could hinder the bank's profitability in 2014.

Besides sound profitability and retention of about 50% of its net
income, the bank maintains ample reserve coverage thus creating a
strong capital/reserves cushion against unexpected losses.  Fitch
core capital to risk-weighted assets ratio increased to 15.86%,
slightly higher than the median of international peers.

BHD's successful franchise, distribution network, and reputation
have allowed it to enjoy a well-diversified, stable and low-cost
funding base.  The bank's deposit mix has changed over time as
demand deposits increased, while institutional funding has reduced
its participation.

Following an agreement between Centro Financiero BHD (CFBHD) and
Grupo Financiero Leon (GFL), the new entity, Centro Financiero BHD
Leon (CFBHDL) will merge BML and BHD, where the latter will be the
surviving entity.  The brand 'Leon' will be integrated to the name
of the merged bank 'Banco BHD Leon'.  This merger is subject to
regulatory and other approvals and is expected to be completed
during the first half of 2014.  Fitch expects the merger to
benefit BHD with larger scale, important operational and financial
synergies, stronger and more diversified revenue sources, as well
as improved operating efficiency over the medium term.

BHD Valores and BHDIB ratings reflect the operational and
financial support provided by BHD and its sole shareholder CFBHDL.
In Fitch's view, both entities are core for CFBHDL, as they are
key and integral part of its business and provide some financial
products to core clients.  Furthermore, a clear commercial
identification among these entities with BHD and CFBHDL, and the
reputation risk at which they would be exposed in the case of
eventual troubles at these entities results in a high probability
of direct or indirect support by BHD and CFBHDL, should it be


An upgrade of the sovereign's ratings could lead to an upgrade of
BHD's ratings, if the bank sustains its current strong financial
performance and adequate capitalization.  Deterioration in the
bank's capital metrics - such as Fitch core capital to risk-
weighted assets ratio below 8% - together with asset quality
deterioration and/or a disruptive merger process, could pressure


An upgrade in BHD's ratings could lead to an upgrade of BHD
Valores and BHDIB.  A negative change in the capacity or
propensity of CFBHDL to provide support could pressure


BHD is the third largest commercial bank in the Dominican
Republic, with a 12% market share of total financial system assets
as of December 2013.  BHD is 98% owned by CFBHD and is its largest
subsidiary.  Other subsidiaries of CFBHD are BHD Valores, a
brokerage company with a growing investment banking business in
the Dominican market; BHDIB, a bank which operates under an
international license in Panama and offers USD denominated
financial services to Dominicans; and other minor financial

Fitch has affirmed the following ratings:

Banco BHD S.A.:
--Foreign and local currency long-term IDR at 'B'; Outlook Stable;
--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)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)'.

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

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

BANCO DE RESERVAS: Fitch Affirms 'B' IDR; Outlook Stable
Fitch Ratings has affirmed Banco de Reservas de la Republica
Dominicana Banco de Reservas de la Republica Dominicana, Banco de
Servicios Multiples y Subsidiarias' (Banreservas) long-term
International Default Ratings (IDRs).  The Ratings Outlook is
Stable.  A complete list of rating actions is provided at the end
of this press release.

Fitch affirmed Banereservas' Viability Rating (VR) at 'b' as the
deterioration of the bank's financial profile through mid-2013 has
reversed as anticipated.  The Stable Outlooks on Banreservas'
long-term IDRs and National rating are in line with those of the

KEY RATING DRIVERS - IDRs, VR, National Ratings and Subordinated

Banreservas' VR drives its IDR and National ratings.  The
operating environment highly influences Banreservas' VR given the
challenges associated with operating in a small island economy
relative to banks operating in larger Latin American economies.
Other factors that weigh heavily on the bank's VR include its high
and volatile public sector exposure and low capital base.
Furthermore, swings in profitability and asset quality metrics
relative to both domestic and similarly rated international peers
(emerging market commercial banks with a VR of 'b-', 'b', or 'b+')
also drive the bank's VR.

The rating on Banreservas' subordinated notes is one notch below
its VR, reflecting one notch for loss severity, but no notches for
incremental non-performance risk relative to the bank's VR.

Fitch views the bank's capitalization as weak relative to domestic
and international peers, given its large public sector exposure
and lower reserve coverage of problem assets.  Banreservas'
tangible common equity/tangible assets ratio of 6.6% as of
March 31, 2014, is the lowest among large Dominican banks as asset
growth significantly exceeded internal capital generation in 2013.

Banreservas' lower yield on its loan portfolio contributes to its
weak net interest margin (NIM) relative to other large domestic
banks.  However, better efficiency and asset growth continued to
bolster profitability into the first quarter of 2014.  The
profitability gap with the market average and international peers
has been narrowing.  With a reduction in credit costs starting in
2014, the bank's operating ROAA is expected to remain between 2.0%
and 2.5% over the medium term.

Loan quality improved in 2013 reflecting a combination of charge-
offs, restructurings and robust loan growth.  Private sector
impaired loans/gross private sector loans declined to 3.2% at end-
March 2014 from 10.9% at YE2012.  Reserves for impaired loans also
increased slightly in nominal terms, which combined with lower
impaired loans led to an improvement in the bank's reserve
coverage of impaired loans to 143% from 64% during this same
period.  Nevertheless, this ratio continued to compare unfavorably
to both large domestic and international peers.

The bank's liquidity was in line with domestic peers. Like most
emerging market banks, Banreservas has a significant negative
contractual maturity gap for assets and liabilities maturing in
less than one year.  The cumulative gap for less than one year was
covered by the bank's liquid assets at the end of December 2013
(cash and other securities excluding treasury bonds).  Similar to
other domestic banks, a high proportion of Banreservas' securities
holdings (47% at YE2013) were issued domestically by the Dominican
government.  Fitch notes these can be of limited liquidity in a
stress scenario, given the shallow domestic debt market.

As of March 31, 2014, Banreservas was the largest bank out of 15
commercial and multiple service banks, with 28% of total financial
system assets.  The bank is the government's main paying agent and
also holds the largest share of deposits in the system.

RATING SENSITIVITIES - IDRs, VRs, National Ratings and
Subordinated Notes

Changes in the IDRs and National ratings are contingent on
sovereign rating actions.

An unexpected deterioration in asset quality or profitability and
sustained high disbursements of income to the government that
pressures Banreservas' equity/assets ratio below 5.5% could
trigger a downgrade of its VR.  Even in the event of a sovereign
upgrade, upside potential for Banreservas' VR is limited in the
medium term given important asset and liability concentrations and
the bank's comparatively weaker loan quality and capitalization.
The subordinated debt rating is sensitive to any change in
Banreservas' VR.

KEY RATING DRIVERS - Support and Support Rating Floor

The bank's systemic importance, its role as the government's main
paying agent and provider of domestic loans, results in an
equalization of its Support Rating Floor with the sovereign's LT
IDR of 'B'.  Additionally, Fitch believes the government's
willingness to support Banreservas should it be required is
substantial given its 100% stake in the bank. '.  However, the
Dominican Republic's speculative-grade rating limits the
sovereign's capacity of support, resulting in a Support rating of

RATING SENSITIVITIES - Support and Support Rating Floor
Any changes to the bank's Support Rating and Support Rating Floor
will depend on future sovereign rating actions.  Currently, the
Outlook on the Dominican Republic's long-term local- and foreign-
currency IDRs is Stable.

Fitch affirmed Banreservas' ratings as follows:

--Foreign and local currency IDRs at 'B'; Outlook Stable;
--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)'; Outlook Stable;
--National short-term rating at 'F1+(dom)'.

BANCO MULTIPLE: Fitch Affirms 'B' IDR; Outlook Stable
Fitch Ratings has affirmed Banco Multiple Leon (BML) and its
related entity's Valores Leon ratings.  The Rating Outlook is
Stable.  A complete list of ratings actions is provided at the end
of this press release.

Banco Multiple Leon (BML) Issuer Default Ratings (IDRs) reflect
the support provided by its shareholder Centro Financiero BHD Leon
(CFBHDL).  On Jan. 31, 2014, Grupo Financiero Leon (GFL)
contributed its financial companies to Centro Financiero BHD
(CFBHD), thus BML became one of its core subsidiaries.  Hence, the
IDRs and National Ratings for BML have been equalized with those
of Banco BHD.  The operating environment, assets quality and
profitability highly influence the bank's Viability Rating (VR) of

CFBHDL will carry out the merger by absorption of BML and BHD,
where the latter will be the surviving entity and brand 'Leon'
will be integrated to the name of the merged bank 'Banco BHD
Leon'.  This merger is subject to regulatory and other approvals
and is expected to be completed during the first half of 2014.
Upon completion, BML's ratings will be withdrawn.

BML's net interest margin is high and resilient.  However,
provisioning expenses and high overhead costs pressured
profitability in 2013.  ROAA declined to 0.97% at year-end 2013
(YE13), weaker than the Dominican average and regional peers
median (emerging market commercial banks with VRs of 'b-', 'b' and

BML's asset quality has consistently improved over the last four
years, as a result of enhanced credit risk controls, but still lag
the Dominican market average and regional peers.  Credit growth is
significantly lower than that of its peers, whereas net charge-
offs have shown a decreasing trend.

Adequate capitalization is based on moderate cash dividend payouts
and prudent growth.  At YE13, the Fitch core capital to risk-
weighted assets ratio increased to 15.3%, similar to regional
peers median.

The subordinated debt rating reflects the expected support of
BML's new shareholder.  However, the rating remains one notch
below the bank's national IDR given its subordination to all
senior creditors.


Valores Leon's ratings reflect the operational and financial
support provided by BML.  In Fitch's view, the entity is important
to GFL, as it is a key and integral part of its business, and
provides some financial products to core clients.


BML's IDRs, VR, Support Rating and National Ratings will be
withdrawn once the merger with Banco BHD occurs.  This is expected
to be completed during the first half of 2014.  A change in the
capacity or propensity of CFBHDL to provide support could result
in a revision to BML's IDRs.


Valores Leon's National Ratings will be withdrawn once the actual
merger with BHD Valores occurs.  This is expected to be completed
during the first half of 2014.  A change in the capacity or
propensity of BML to provide support could result in a revision to
Valores Leon's ratings.


BML ranked fifth out of 15 commercial banks in the Dominican
Republic, with a 5% market share by total assets at December 2013.
Since Feb. 1, 2014, GFL is 99.36% owned by CFBHDL.

Fitch has affirmed the following ratings:

Banco Multiple Leon SA:
--Foreign and local currency long-term IDR at 'B'; Outlook Stable;
--Foreign and local currency short-term IDR at 'B';
--Viability Rating at 'b-';
--Support at '4';
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Long-term National subordinated debt at 'A+(dom)'.
Valores Leon S.A:
--Long-term National rating at 'AA-(dom)'; Outlook Stable;
--Short-term National rating at 'F1+(dom)';
--Long-term National senior unsecured debt at 'AA-(dom)'.


UC RUSAL: Signals Pick-up in Global Demand for Metal
RJR News reports that UC Rusal has seen its net loss in the first
three months of 2014 narrow sharply and signaled a pick-up in
global demand for the metal.

Losses for the January to March period totaled $325 million
compared to a US$2.7 billion loss in the previous quarter,
according to RJR News.  Total revenue shrank $559 million to $2.1
billion year-on-year.

RJR News notes that Chief Executive Officer, Oleg Deripaska, said
cost cutting and curtailing of inefficient capacity had led to
significant improvement in the firm's bottom line.

UC Rusal has been hit by record-low aluminum prices triggered by
excess global supply and economic uncertainty and it suffered a
loss of US3.2 billion last year owing to tumbling prices and
restructuring costs.  UC Rusal controls 65 per cent of Jamaica's
alumina production capacity and operates three of the island's
four alumina refineries, the report relates.


ARENDAL: Fitch Affirms 'B' IDR; Outlook Stable
Fitch Ratings has affirmed Arendal, S. de R.L. de C.V.'s (Arendal)
local and foreign currency Issuer Default Ratings (IDRs) at 'B'
and assigned a 'B(exp)/RR4' rating to its proposed issuance of up
to USD100 million under a medium-term note program.  The expected
maturity of the first tranche is up to two years.

The Rating Outlook is Stable.

The proceeds from the issuance are expected to be used for general
corporate purposes.  The company expects to issue USD75 million-
USD100 million in its first issuance under the program, with
subsequent financing of future projects to continue to be a
combination of individual project cash flows pledged to specific
debt instruments and subsequent issuances under the program.
Fitch estimates that unsecured debt could represent 40%-55% of
total debt.

Fitch has assigned an 'RR4' Recovery Rating to the proposed
issuance reflecting average recovery prospects given default.
'RR4' rated securities have characteristics consistent with
securities historically recovering 31%-50% of current principal
and related interest.

Arendal's ratings are supported by the company's track record and
technical experience in the Mexican heavy construction industry as
a recognized player in the construction of fluid transportation
systems and plants, its participation in both public and private
sector projects across Mexico, and its positive operating
performance despite a challenging economic environment.
Conversely, the ratings are limited by the characteristics of the
industry, which is highly linked to economic cycles, project
concentration of revenues and cash flow, as well as the current
process of institutionalization and adoption of corporate
governance practices.


Relevant Business Position

The company has a significant business position in the
construction of pipelines when measured in kilometers built during
the last few years.  Arendal engages primarily in project
contracts that include full or partial engineering, procurement
and construction of pipelines and plants.  Also, the company has
the capacity to execute projects across all of the Mexican
territory and to efficiently manage its technical and workforce
resources.  Arendal's competitive advantage among industry peers
includes a historical project completion rate of 98% before or on
settled dates.  Fitch considers that these elements can contribute
to Arendal maintaining its business position in the long term.

Revenue Diversification Potential

Fitch considers that the company's strategy to increase revenue
diversification could contribute to a reduction of business risks
and cash flow volatility over the long term.  In Fitch's opinion,
Arendal's recent experience in the construction of the Federal
Prison will allow it to gradually participate in larger
infrastructure projects as well as in the construction of energy
projects and plants.  Additionally, Arendal is expanding its
presence in the oil and gas services industry, which presents
attractive growth prospects.  The company is likely to continue to
enter into joint ventures (JVs) or consortiums to serve different
projects that are expected to come on line in the near term, which
in turn will strengthen its business profile.

Project Concentration Risk

Arendal has gained increasingly larger projects over the years
which have helped the company grow rapidly, but this growth has
come with large-project concentration risks.  A single large
project can at times represent 40% of revenues or more.
Additionally, the company's revenue mix is significantly oriented
toward the public sector, with the Federal Government (Secretaria
de Seguridad Publica) being its main customer during the last
three years.  During 2013, Arendal generated 53% of its revenues
from contracts with Pemex.  With the available backlog,
concentration in the public sector and revenues from Pemex as the
ultimate client will likely continue to represent a large portion
of the company's revenue source.

Fast-Growing Resilient Operations

In the last five years, the company has continued to grow
organically.  As of Dec. 31, 2013, the company has more than
tripled its yearly revenues to MXN3,306 million from the MXN952
million pre-crisis levels in 2007. Compounded annual growth rate
(CAGR) of revenues and operating income for the last five years
ended Dec. 31, 2013 was 33% and 28%, respectively.  These factors,
in Fitch's opinion, reflect management's ability to adjust its
operating and business strategies depending on economic
environment, and they also reflect management's ability to bid
for, secure and execute larger size contracts.

Growth Likely to Continue

Fitch expects Arendal to continue to grow rapidly in 2014
supported by a robust backlog and potentially from increased
availability of energy-related infrastructure projects in Mexico.
Fitch estimates Arendal's current backlog is over 1.7x 2013 sales.
In addition, Arendal recently obtained a project for the
construction of a gas plant in Veracruz, Mexico with a contract
value of MXN2.2 billion.  Furthermore, in April, 2014, Arendal
entered a consortium formed with Odebrecht and Techint, into an
early-works agreement for engineering, procurement & construction
services for the Ramones II Norte project, a portion of a larger
project aiming to increase the supply of natural gas in Mexico via
the construction of a pipeline system extending from the U.S.
border city of Camargo, Tamaulipas to El Alto, Guanajuato.  Such
agreement has potential to translate into future revenue for

Short-term Debt Financing

Projects will require larger investments in working capital and to
less extent capex and Fitch expects that most of these
requirements will be funded with debt.  Arendal's financing
strategy has been primarily to raise new debt after securing a
project, allowing the company to match debt payments with specific
project revenues.  Given that most projects have periods of
completion that range between 18-24 months, financing tends to be
short term, resulting in high levels of short-term debt.
Liquidity and profitability depend on timely collection of
accounts receivable and to a lesser extent on the availability of
credit lines or alternative financing to support working capital

Increasing Leverage

Fitch expects Arendal's leverage metrics to increase as a result
of financing the start-up of incremental construction engagements
and that future financing will continue to be a combination of
individual project cash flow pledged to specific debt instruments
and subsequent issuances under the program.  Fitch also expects
that the company's long-term leverage measured as total
debt/EBITDA will be in the range of 4.5x to 5.0x.  Total debt
including leases as of March 31, 2014 was MXN1,288 million, 66% of
which was guaranteed by project cash flows.  As of the LTM ended
March 31, 2014, EBITDA/Interest Expense and total debt-to-EBITDA
ratios were 2.0 and 4.5x, respectively, compared to year-end
figures of 2.1x and 3.6x in 2013, 7.2x and 1.0x in 2012, and 5.6x
and 1.9x in 2011.


Poor FCF generation and reliance on short-term debt financing can
pressure the company's liquidity.  Fitch expects high working
capital needs resulting from rapid growth to lead to negative FCF
in the medium term.  However, sound cash flow generation after
interest paid and before net working capital requirements will be
considered a positive indicator of company performance.  In its
base case, Fitch considers that the company's cash balance will
continue to be strong and recognizes that refinancing risk can be
partially mitigated by the company's access to bank lending mainly
as a result of the credit characteristics of the company's
receivables. Company cash as of March 31, 2014 was MXN718 million.

Recovery Prospects

In Fitch's opinion, under a stress scenario recovery of debt
instruments associated with pledged contracts would have access to
the existing accounts receivable to cover outstanding debt; the
remaining balances would form part of the mass of unsecured
creditors with average prospects of recovery between 31%-50%.


The ratings could be negatively pressured by a combination of the
following factors, among others: Deterioration of Arendal's credit
metrics as a result of higher than expected competition which
pressures operating performance or, alternatively, delays in
collectability of receivables that pressure cash flow.  A rating
downgrade could also be driven by limited access to financing
sources affecting the company's liquidity position.

Factors which could lead to positive rating actions include lower
project concentration, high level of repeat business or service
type contracts in conjunction with strong credit metrics,
liquidity, and full implementation of corporate governance

T R I N I D A D  &  T O B A G O

TRINIDAD & TOBAGO: Lack of $US Still Plaguing Business
Trinidad Express reports that the Trinidad and Tobago Chamber of
Commerce believes it is time to collaborate on a solution for the
challenge being experienced by business people who say they now
have to "shop around" to get United States dollars.

In September 2013, the chamber said it spoke directly with some
members who indicated that they were again experiencing a severe
shortage of foreign exchange to meet their various companies'
operational needs and payments to their suppliers, the business
group said in a statement, according to Trinidad Express.

"These concerns we brought to the attention of the Governor of the
Central Bank.  A follow up survey in 2014 has indicated that our
business community is continuing to be plagued by the lack of
available foreign exchange in US dollars in the local market," the
report quoted the chamber as saying.

In spite of the Central Bank's new system of allocation of US
dollars to the authorized dealers and despite the recent further
injection of US$50 million into the local foreign exchange market,
a third follow up survey with members has indicated that the
situation has not improved, it added, the report discloses.

"Some of our businesses are experiencing severe difficulties with
respect to meeting their foreign exchange needs to pay suppliers
for imported goods, which can have a detrimental impact on their
operations and viability of their businesses," the report quoted
Chamber Chief Executive Catherine Kumar as saying.

"Our members have also expressed some concern with the new
arrangement for allocation to the authorized dealers.  The private
sector is now being advised to 'shop around' for foreign exchange,
but this is not an efficient way for them to conduct their
business.  And even when this is done, their requirements are not
being met.  Additionally, the business purchaser ends up paying a
higher rate for their US dollars," Ms. Kumar said, the report

Given the current scenario, the chamber said it will be hosting a
meeting on June 6 at the chamber building, Westmoorings which will
bring together the business community, the president of the
Bankers Association and the Governor of the Central Bank, to allow
direct conversation and understanding of each of the parties'
roles in the distribution of US dollars, the report adds.


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 * * *