TCRLA_Public/140522.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

           Thursday, May 22, 2014, Vol. 15, No. 100


                            Headlines



B A H A M A S

ULTRAPETROL (BAHAMAS): Incurs $4.8 Million Net Loss in 1Q
ULTRAPETROL (BAHAMAS): S&P Raises CCR to 'B'; Outlook Stable


B R A Z I L

JBS SA: Seeks Authorization to Break Brazil IPO Drought


C A Y M A N  I S L A N D S

CHESTER GLOBAL: Creditors' Proofs of Debt Due May 27
CHESTER GLOBAL: Shareholders' Final Meeting Set for May 28
ENHANCED GUARDIAN II: Creditors' Proofs of Debt Due May 27
ENHANCED GUARDIAN II: Shareholders' Final Meeting Set for May 28
FAIRFIELD WILSHIRE: Creditors' Proofs of Debt Due May 27

FAIRFIELD WILSHIRE: Shareholders' Final Meeting Set for May 28
IRONGATE GLOBAL: Creditors' Proofs of Debt Due May 27
IRONGATE GLOBAL: Shareholders' Final Meeting Set for May 28
WATER BEARER: Creditors' Proofs of Debt Due May 26
WATER BEARER: Members' Final Meeting Set for June 2


M E X I C O

CEMEX SAB: Names Fernando Gonzalez as Chief Executive Officer
EMPRESAS ICA:  Moody's Assigns B2 Rating on $600MM Senior Notes
FINANCIERA INDEPENDENCIA: S&P Assigns 'B+' Rating to $200MM Notes
FINANCIERA INDEPENDENCIA: Fitch Rates Proposed USD200MM Notes BB-


P U E R T O   R I C O

PUERTO RICO CABLE: Moody's Affirms B2 CFR; Outlook Revised to Neg.


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: New CEO Denies Scraping London Routes
CL FINANCIAL: 'Clico Not Sold Yet,' Finance Minister Says


                            - - - - -


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


ULTRAPETROL (BAHAMAS): Incurs $4.8 Million Net Loss in 1Q
---------------------------------------------------------
RTTNews reports that Ultrapetrol (Bahamas) Limited posted first-
quarter net loss attributable to the company of $4.8 million, or
$0.03 per share, narrower than $5.9 million or $0.04 per share in
the year-ago quarter.

Adjusted net loss for the latest first quarter was $4.6 million or
$0.03 per share, wider than $242 thousand or $0.00 per share in
the comparable quarter last year, according to RTTNews.  On
average, three analysts polled by Thomson Reuters expected the
company to earn $0.02 per share, RTTNews relates.

Analysts' estimates typically exclude special items.

Total revenues for the latest first quarter rose 11% to $86.34
million from $77.89 million a year earlier, RTTNews discloses.
Two analysts expected revenues of $69.46 per share, RTTNews notes.

Ultrapetrol (Bahamas) Limited, headquartered in Nassau, Bahamas,
is a diverse international marine transportation company. The
company operates in three segments: River, Offshore Supply, and
Ocean. Last twelve months ended June 30, 2013, revenues totaled
$369 million.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2013,
Moody's Investors Service said that Ultrapetrol (Bahamas)
Limited's $25 million add-on to its existing $200 million 8.875%
First Preferred Ship Mortgage Notes due 2021 will not impact the
company's B3 Corporate Family Rating and senior secured notes
rating, SGL-2 speculative grade liquidity rating, or stable
ratings outlook.


ULTRAPETROL (BAHAMAS): S&P Raises CCR to 'B'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Ultrapetrol (Bahamas) Ltd., including the corporate credit rating
to 'B' from 'B-'.  The outlook is stable.

The upgrade reflects the company's continued and steady growth due
to its efforts to strengthen its long-term contracted position,
with more favorable terms that allow for cost pass-through and
higher rates, as well as improved market conditions.  The upgrade
also reflects S&P's view of Ultrapetrol's positive free cash flow
generation prospects over the next two years and its expectations
that debt to EBITDA will be about 5.0x in 2014 and improve to
about 4.5x in 2015.

The cyclical swings in demand and unpredictable weather
conditions, which can affect the operating performance, constrain
Ultrapetrol's business risk profile.  Droughts or floods could
undermine the agricultural production or harm the navigability of
the rivers where the company operates, resulting in lower volumes
transported.  The "weak" business risk profile also reflects the
company's vulnerability to high customer concentration and
exposure to intense price competition from numerous small players
in the river business, Ultrapetrol's main source of revenue.
However, S&P expects the company to partly mitigate these risks
through long-term contracts, with cost pass-through clauses, which
now represent almost half of revenues.  Also, S&P believes that
the increase in the contracted position with fixed pricing, take
or pay clauses with minimum volumes, and fuel price adjustments
will mitigate the spot rates' inherent volatility risk.  This,
together with lower capital spending--following the company's
acquisition of three


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


JBS SA: Seeks Authorization to Break Brazil IPO Drought
-------------------------------------------------------
Felipe Frisch at Bloomberg News reports that JBS SA is seeking
regulatory approval to sell shares of its poultry and processed
food unit in what would be Brazil's first initial public offering
this year.

Voting shares of JBS Foods SA will be listed in Brazil's Novo
Mercado subject to regulatory approval and market conditions, the
Sao Paulo-based company said in a filing, according to Bloomberg
News.

Bloomberg News notes that the IPO would help unlock value by
separating the unit from the parent company.  JBS Foods was formed
after JBS agreed to buy Seara food processing assets from Marfrig
Global Foods SA for BRL5.85 billion in June 2013.

JBS hired units of JPMorgan Chase & Co. and Banco Bradesco SA for
a BRL3 billion ($1.3 billion) IPO of the unit, two people with
direct knowledge of the matter said in April, Bloomberg News
discloses.

The company also hired Banco Itau BBA SA, Banco Santander SA,
Grupo BTG Pactual and Banco do Brasil SA to underwrite the share
offering of JBS Foods, the people said, asking not to be
identified because negotiations are confidential, Bloomberg News
relays.

The timing of the sale will depend on market conditions, they
said, Bloomberg News adds.

JBS SA is a multinational food processing company, producing
factory processed beef, chicken and pork, and also selling by-
products from the processing of these meats.  It is headquartered
in Sao Paulo. It was founded in 1953 in Anapolis, Goias. The
company has 150 industrial plants around the world.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2014, Fitch Ratings has assigned an expected rating of
'BB-' to proposed benchmark-size senior unsecured notes offering
by JBS Investments GmbH.  These notes will be unconditionally
guaranteed by JBS S.A. and JBS Hungary Holdings Kft.  The notes
will rank equally in right of payment with all other present and
future senior unsecured obligations of the issuer and of the
guarantors.


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


CHESTER GLOBAL: Creditors' Proofs of Debt Due May 27
----------------------------------------------------
The creditors of Chester Global Strategy SPV Ltd. are required to
file their proofs of debt by May 27, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


CHESTER GLOBAL: Shareholders' Final Meeting Set for May 28
----------------------------------------------------------
The shareholders of Chester Global Strategy SPV Ltd. will hold
their final meeting on May 28, 2014, at 11:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


ENHANCED GUARDIAN II: Creditors' Proofs of Debt Due May 27
----------------------------------------------------------
The creditors of Enhanced Guardian II Fund, Ltd. are required to
file their proofs of debt by May 27, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


ENHANCED GUARDIAN II: Shareholders' Final Meeting Set for May 28
----------------------------------------------------------------
The shareholders of Enhanced Guardian II Fund, Ltd. will hold
their final meeting on May 28, 2014, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


FAIRFIELD WILSHIRE: Creditors' Proofs of Debt Due May 27
--------------------------------------------------------
The creditors of Fairfield Wilshire Portable Alpha Fund, Ltd. are
required to file their proofs of debt by May 27, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


FAIRFIELD WILSHIRE: Shareholders' Final Meeting Set for May 28
--------------------------------------------------------------
The shareholders of Fairfield Wilshire Portable Alpha Fund, Ltd.
will hold their final meeting on May 28, 2014, at 12:30 p.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


IRONGATE GLOBAL: Creditors' Proofs of Debt Due May 27
-----------------------------------------------------
The creditors of Irongate Global Strategy SPV Ltd. are required to
file their proofs of debt by May 27, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


IRONGATE GLOBAL: Shareholders' Final Meeting Set for May 28
-----------------------------------------------------------
The shareholders of Irongate Global Strategy SPV Ltd. will hold
their final meeting on May 28, 2014, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


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

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

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


WATER BEARER: Members' Final Meeting Set for June 2
---------------------------------------------------
The members of Water Bearer Holdings 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


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


CEMEX SAB: Names Fernando Gonzalez as Chief Executive Officer
-------------------------------------------------------------
Brendan Case at Bloomberg News reports that CEMEX, S.A.B. de C.V.
promoted Chief Financial Officer Fernando Gonzalez to Chief
Executive Officer following the death of former CEO Lorenzo
Zambrano who died at the age of 70.  The company also named
Rogelio Zambrano as chairman.

"The quick resolution of the succession issue underscores our view
that the experienced management team will ensure a smooth
transition," Adrian Huerta, an analyst with JPMorgan Chase & Co.
who has an overweight recommendation on the cement maker's
American depositary receipts, said in a report, according to
Bloomberg News.

Investors are likely to view Mr. Gonzalez's appointment favorably
"given his deep familiarity with the company, his role in guiding
Cemex through the global financial crisis and since the
appointment of a non-family member represents an important
development in Cemex's corporate governance," Mr. Huerta said,
Bloomberg News relates.

Rogelio Zambrano has been a director since 1987 and is a cousin of
Lorenzo Zambrano.   Mr. Gonzalez will start his new job
immediately.

                          About CEMEX SAB

Mexican corporation CEMEX, S.A.B. de C.V., is a holding company
of entities which main activities are oriented to the
construction industry, through the production, marketing,
distribution and sale of cement, ready-mix concrete, aggregates
and other construction materials.  CEMEX is a public stock
corporation with variable capital (S.A.B. de C.V.) organized
under the laws of the United Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Standard & Poor's Ratings Services assigned its
'B+' issue-level rating and a recovery rating of '3' to CEMEX
Finance LLC's proposed 10-year benchmark dollar bonds and EUR300
million senior secured notes due 2021.  The recovery rating of '3'
indicates that bondholders can expect a meaningful (50% to 70%)
recovery in the event of a payment default.


EMPRESAS ICA:  Moody's Assigns B2 Rating on $600MM Senior Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the up to $600
million guaranteed senior unsecured notes due in 2019 proposed by
Empresas ICA, S.A.B. de C.V. (ICA), and unconditionally and
irrevocably guaranteed by CICASA (Constructoras ICA), CONOISA
(Controladora de Operaciones de Infraestructuras) and CONEVISA
(Controladora de Empresas de Vivienda), the principal operating
subsidiaries of ICA. Joint ventures and project companies do not
guarantee the notes. The net proceeds from the issuance will be
primarily used to repay short term debt and to pay the tender
offer for USD 150 million under its USD 350 million global notes
due in 2017. The outlook is negative.

Assignments:

Issuer: Empresas ICA, S.A.B. de C.V.

Senior Unsecured Regular Bond/Debenture, Assigned B2

Ratings Rationale

ICA's B2 ratings are based on the company's weak credit metrics
related to debt leverage and interest coverage as well as weak
liquidity. The ratings also factor ICA's high dependence on short
term bank debt renewals as well as asset sales to fund operations
and committed equity injections to its portfolio of concessions.
Supporting ICA's ratings are its leading position in the
construction industry in Mexico, its long-term track record of
participating in the largest construction and infrastructure
projects in the country, and the company's diversified and solid
portfolio of concessions in the road, airport, water treatment,
and ports, among others, most of which have solid margins and
favorable earnings prospects.

ICA's liquidity risk is high. The company had about MXN 5 billion
in cash as of March 31, 2014, which negatively compares with
approximately MXN 10.4 billion in debt maturing in the next 12
months and about MXN 2.1 billion in capex related to committed
equity contributions to concessions, which must be funded before
the end of 2014. To some extent, the new USD600 million notes will
reduce that risk, as net proceeds will be used to repay short term
debt and to extend the maturity of a USD 150 million portion of
the USD 350 million global notes due in 2017. Pro forma for the
issuance, short term maturities will reduce to around USD 6.9
million, out of which around MXN 3.9 million will be related with
its construction business and MXN 2.4 million will be at corporate
level. ICA's liquidity has historically been influenced by working
capital swings related to the construction business. For this
purpose, ICA depends on approximately MXN 20 billion in
uncommitted revolving credit lines. Somewhat mitigating liquidity
risk is ICA's solid banking relationships as well as the
additional liquidity that could get from its concessions
portfolio. In Moody's most recent estimation, the four most
important projects in ICA's portfolio of 17 concessions are worth
about MXN 8 billion.

The negative outlook on ICA's ratings reflects the current weak
operating performance at the construction business given the low
number and aggregate peso amount of infrastructure projects
sponsored by the Mexican government so far in 2013. The negative
outlook also takes into account Moody's belief that upcoming
construction projects, when announced, will take some time to
materialize in terms of cash inflows to ICA given the lengthy
drafting and bidding process usually related to large
infrastructure projects. Moodys's could stabilize the outlook in
the next 12 to 18 months if there is better visibility about the
cash flows from construction business in Mexico, particularly for
ICA. Moody's will also consider any additional debt that ICA would
choose to raise to participate in new construction projects

It is unlikely that ICA's ratings will be upgraded in the next 12
to 18 months. However, if the company's maturing concession
portfolio either increase dividends to ICA or is monetized via
asset sales, with the proceeds used for significant debt
reduction, a positive credit momentum could develop. In this
regard, the ratings could be positively affected if the company
manages to reduce its consolidated Moody's-adjusted leverage to
around 8 times and reported leverage at construction business
below 4 times on a sustained basis, while maintaining positive
revenue growth. For an upgrade to be considered, ICA's operating
margins should be stable and it would have to maintain a backlog
sufficient to cover at least 12 months of execution.

ICA's ratings could be downgraded if the company's liquidity
position worsens with limited prospects for a short-term
improvement, if Moody's believe that revenue or margins during the
next 12 to 18 months will be weaker than expected, if debt
leverage increases further, or if it becomes difficult for the
company to renew its revolver credit lines, which fund its working
capital needs.

Before the action, the last action on ICA was on September 9, 2013
when Moody's confirmed ICA's Corporate Family and the senior
unsecured ratings of B2 concluding the review for downgrade
initiated in May 17, 2013 and changed the outlook to negative.

The principal methodology used in this rating was Global
Construction Methodology published in November 2010.

Headquartered in Mexico City, ICA is the largest engineering,
procurement and construction company in Mexico and the largest
provider of construction services to both public and private-
sector clients. In the last twelve months ended in March 31, 2014,
ICA's revenue as reported and Moody's adjusted EBITDA margin were
about USD2.4 billion and 24% respectively. ICA is also the main
sponsor in 17 concessions, from toll roads to water treatment
plants, among others.


FINANCIERA INDEPENDENCIA: S&P Assigns 'B+' Rating to $200MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' debt rating
to Financiera Independencia S.A.B. de C.V. SOFOM E.N.R.'s (Findep;
global scale: B+/Positive/--; CaVal [Mexico] national scale:
mxBBB/Positive/mxA-3) up to $200 Million proposed five-year senior
unsecured obligations.

The 'B+' rating on the notes is the same as the long-term global
scale issuer credit rating on Findep, and indicates that the notes
will rank equally in right of payment with all of the company's
existing and future senior unsecured debt.  S&P expects the
company to use the proceeds of the issuance to pay the tender
offer they announced on May 15, 2014.  S&P expects the market to
accept at least 80% of the tender offer, in which case,
incremental debt would be approximately $34 million.  In this
scenario, its market debt would continue to be below 70% of the
company's total debt. The rating on the notes considers a cross-
currency swap (CCS) on the principal and interest during the
issuance's term.

S&P's ratings on Mexico-based microfinance company Findep reflect
its below average (although improving) asset quality metrics
compared with those of its rated peers, the highly competitive
market in which it operates, its moderate profitability, and the
burden of intangibles in its adjusted capitalization.  Its good
market position and geographic diversification, and satisfactory
liquidity risk management continue to support the company's
business profile.

RATINGS LIST

Issuer credit rating
Global scale                               B+/Positive/--
CaVal (Mexico) national scale              mxBBB/Positive/mxA-3


Ratings Assigned
$200 mil. senior unsecd notes              B+


FINANCIERA INDEPENDENCIA: Fitch Rates Proposed USD200MM Notes BB-
-----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-(EXP)' to
Financiera Independencia S.A.B. de C.V., Sofom E.N.R.'s (Findep)
proposed issuance of USD200 million of senior unsecured fixed rate
notes.  The final rating is contingent upon the receipt of final
documents to confirm information already received.

The notes will mature in 2019 and will carry a fixed interest rate
to be set at the time of issuance; interest payments will be made
semi-annually until maturity; and principal will be payable at
maturity.

The notes will be unconditionally and irrevocably guaranteed by
two subsidiaries: Financiera Finsol, S.A. de C.V. Sofom E.N.R.
(Finsol Mexico) and Apoyo Economico Familiar, S.A. de C.V. Sofom
E.N.R. (AEF).  Findep intends to use the net proceeds from the
issuance: (1) to pay the consideration, fees and expenses for the
Tender Offer and Consent Solicitation and accrued and unpaid
interest on the 2015 senior notes, (2) to repay certain
indebtedness and (3) to the extent any proceeds remain, for
general corporate purposes.

Key Rating Drivers

The expected rating of the notes is at the same level as the
entity's long-term foreign currency Issuer Default Rating (IDR)
('BB-'), since these notes are senior unsecured obligations.
Findep's ratings are driven by its sound business franchise in the
consumer finance sector, and its adequate funding and liquidity
positions.  The ratings also reflect strategic actions on
underwriting and collection processes implemented for unsecured
personal lending, later extended to group lending, which resulted
in improvements on Findep's portfolio quality, profitability and
capitalization.

The ratings continue to be constrained by Findep's tight capital
ratios, with a tangible equity to tangible assets ratio of 15.2%
at the first quarter of 2014 (1Q'14).  Findep has not yet
compensated the goodwill generated from the acquisitions of AEF
and Finsol.

In Fitch's opinion, executed strategic changes have enhanced
Findep's ability to continue strengthening its financial
performance in the foreseeable future.  However, Fitch does not
anticipate a return on assets (ROA) to historical levels in the
near term (over 10%).  Still, broad volumes, ample margins and
tightened operational policies, together with AEF, AFI (Apoyo
Financiero) and Finsol Brazil's good performance and projected
growth, could underpin earnings; although increased competition
could continue constraining the speed of the recovery.  Capital
ratios may only recover gradually and converge toward 18% over the
next two years.

Rating Sensitivities

The senior unsecured notes' rating is sensitive to any changes in
Findep's IDR.  Findep's ratings could be downgraded if: the
recently recovered operating ROA weakened to below 2%; the loan
charge-off ratio had an unexpected increase above 20%; and/or the
tangible equity to tangible assets ratio fell below 12%.  A
downgrade could also arise from negative changes on its funding
profile.  Findep's ratings could only benefit from a substantial
enhancement of its tangible capital ratios and from a quicker than
expected improvement on its overall performance.



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


PUERTO RICO CABLE: Moody's Affirms B2 CFR; Outlook Revised to Neg.
------------------------------------------------------------------
Moody's Investors Service changed the outlook for Puerto Rico
Cable Acquisition Company, Inc. (Choice Cable) to negative from
stable and affirmed its B2 Corporate Family Rating (CFR). Moody's
also assigned a Caa1 rating to its proposed $33.5 million second
lien term loan and upgraded the first lien term loan to B1 from
B2. The company intends to use proceeds primarily to fund a
dividend to its sponsor owners.

A summary of the action follows.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Second lien term loan, assigned Caa1, LGD6, 93%

First lien term loan, upgraded to B1 from B2, LGD adjusted to
LGD3, 43% from LGD3, 35%

Outlook, Changed To Negative From Stable

Ratings Rationale

The outlook change incorporates concerns about the increase in
leverage given weak economic and demographic trends in Puerto
Rico, which Moody's believes will continue to constrain subscriber
growth. The proposed transaction would increase leverage to
approximately 5.7 times debt-to-EBITDA from 4.8 times. Choice
Cable offset lower than expected customer additions with better
than expected cost control, resulting in modest revenue growth and
strong EBITDA growth over the past year (about 2% and about 10%,
respectively, for the twelve months ended February 28). Moody's
believes the strong EBITDA margin and reduced capital intensity
will facilitate continued positive free cash flow, even with a
slight increase in interest expense. The good free cash flow
affords the company with flexibility to reduce debt if subscriber
trends deteriorate, but the dividend demonstrates an aggressive
fiscal policy.

Moody's upgraded the first lien term loan to B1 from B2 based on
the addition of the second lien term loan, which creates junior
capital likely to absorb the first loss in a distress scenario.
Moody's also changed the Probability of Default Rating to B2 from
B3 and the assumed family recovery to 50% from 65%. Moody's
believes a capital structure with both first and second lien debt
has a lower probability of default but also lower recovery value
for lenders relative to an all first lien debt capital structure.

Choice Cable's B2 corporate family rating incorporates its high
leverage, estimated at about 5.7 times debt-to-EBITDA pro forma
for the transaction, and expectations for operating metrics such
as revenue per homes passed and subscriber penetration to remain
well below stateside US cable operating peers. The high leverage
provides minimal flexibility for managing the weak economic and
demographic trends in Puerto Rico, which will likely continue to
limit subscriber growth. Geographic concentration and lack of
scale also constrain the rating, although the company benefits
from the management team's experience running other cable
operators, which facilitates better pricing on equipment,
services, and programming. Moody's anticipates strong positive
free cash flow since capital intensity waned in 2013 to a level
Moody's believes sustainable after a period of heavy investment
starting in 2009. The combination of EBITDA growth and some debt
reduction should lead to leverage in the low 5 times range over
the 18 months. Sponsor ownership weighs negatively on the rating;
Moody's expects the company to use free cash flow to pay down debt
over the next year or so, but beyond that timeframe a re-
leveraging event from either incremental distributions or a sale
of the company is likely, with timing somewhat dependent on market
conditions.

The negative outlook reflects the potential for a downgrade if
Moody's believes that either operating trends or fiscal policy
will result in leverage sustained above 5.5 times debt-to-EBITDA.
Lack of growth in high speed data subscribers, an acceleration of
video subscriber losses, a material weakening in pricing trends or
deterioration of the liquidity profile could also warrant a
downgrade.

Moody's would consider a stable outlook with expectations for
modest revenue and EBITDA growth and positive free cash flow and
for leverage to decline to the low 5 times range.

Geographic concentration, lack of scale, and the sponsor ownership
constrain the rating, and upward ratings momentum is highly
unlikely absent a transformative event that meaningfully expanded
the company's scale along with a commitment to maintaining a
strong credit profile.

Puerto Rico Cable Acquisition Company, Inc., operating under the
brand name Choice Cable TV, provides video, high speed data, and
voice services to approximately 115,000 residential and commercial
customers in the southern and western regions of Puerto Rico. Its
annual revenue is approximately $85 million, and the company is
owned by Spectrum Equity and Patriot Media. Executives from
Patriot Media, who run RCN Telecom Services LLC (B2 stable) and
Grande Communications Networks LLC (B2 stable), manage Choice
Cable.

The principal methodology used in these ratings was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.


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


CARIBBEAN AIRLINES: New CEO Denies Scraping London Routes
---------------------------------------------------------
Verne Burnett at Trinidad and Tobago Newsday reports that
Caribbean Airlines on May 20 introduced its new chief executive
officer, Canadian Michael DiLollo, at the same time denying claims
it had scrapped its London route.

In response to intense questioning from journalists at a news
conference at the Trinidad Hilton and Conference Centre, St Ann's,
Mr. DiLollo insisted there were no "preconceived ideas" about what
will or will not happen "until we can validate, assess, analyze
and ultimately come up with the decisions," according to Trinidad
and Tobago Newsday.

Although Finance Minister Larry Howai told Parliament last month
the London route was unprofitable, Mr. DiLollo said it would be
premature to say whether this was so, the report notes.

Mr. DiLollo, the report discloses, said the information about
whether the London route was profitable was "something of a
proprietary nature" to the airline.

Mr. DiLollo said a route analysis was underway.

Mr. DiLollo worked for 20 years at Air Transat, described as the
leading charter carrier in Canada and Mr. DiLollo held
progressively senior executive positions.  Mr. DiLollo is a former
Airbus 330 captain and a licensed maintenance engineer and has
served as a technical training director, flight safety director,
flight engineer and training pilot.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on May
20, 2013, Caribbean360.com said Trinidad and Tobago Finance
Minister Larry Howai said Caribbean Airlines Limited recorded
losses estimated at US$70 million in 2012.  In 2011, CAL had
recorded losses of US43.7 million.


CL FINANCIAL: 'Clico Not Sold Yet,' Finance Minister Says
---------------------------------------------------------
Trinidad and Tobago Newsday reports that Finance Minister Larry
Howai said there will be no immediate sale of Colonial Life
Insurance Company Ltd. (CLICO).

Responding to a question sent to him by Newsday prior to the
sitting of the Senate, Mr. Howai said, "The sale of the portfolio
is not likely to be an immediate event," notes Trinidad and Tobago
Newsday.

"The Central Bank has indicated that it has to do a valuation
which the actuarial firm has been engaged to get done. When this
is completed, an evaluation will be done and a decision would be
made as to the approach to be taken to effect the Central Bank's
objectives," the report quoted Mr. Howai as saying.

In a statement, Central Bank Governor Jwala Rambarran said as part
of its resolution strategy for Clico, it proposes "to transfer
Clico's traditional insurance portfolio for value to an acquiring
insurance company that is well capitalised, has a proven track
record and the capacity to honor all obligations to
policyholders," the report notes.

Mr. Rambarran, the report notes, said an "independent actuarial
firm has, therefore, been engaged to value Clico's traditional
business for this purpose and the exercise is still in progress."

Mr. Rambarran said the bank will subsequently "conduct the process
for the sale and transfer of Clico's traditional insurance
portfolio on a transparent, open market basis," the report
relates.

Mr. Rambarran stated that the Central Bank "has neither engaged
with any prospective buyers nor made any decision on the structure
of the portfolio transfer," the report discloses.

The Governor said the Central Bank remains committed to pursuing
the resolution of Clico in the interest of policyholders and
creditors in accordance with requirements of the law, notes the
report.

Mr. Rambarran said the Central Bank is in control of Clico,
pursuant to Section 44D of the Central Bank Act.

He recalled this regulatory action started on February 13, 2009,
in order to safeguard the interests of policyholders and creditors
and to prevent disruption, substantial damage or impairment of our
financial system, the report adds.


                       About CLICO International

Colonial Life Insurance Company Ltd. (CLICO) is a member of the CL
Financial Group.

                          About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company by Cyril Duprey,
Colonial Life Insurance Company was expanded into a diversified
company by his nephew, Lawrence Duprey.  CL Financial is now one
of the largest local conglomerates in the region, encompassing
over 65 companies in 32 countries worldwide with total assets
standing at roughly US$100 billion.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2013, Caribbean360.com said that over TT$8 billion worth
of Colonial Life Insurance Company Limited's (CLICO) profitable
business will be transferred to Atruis, a new company that will be
owned by the state.  CLICO is a subsidiary of CL Financial
Limited.  The Trinidad Express said that the Cabinet approved the
transfer as the Finance and General Purposes Committee continues
to discuss a letter of intent hammered out by the Ministry of
Finance and CL Financial's 400 shareholders, which envisions
taxpayers will recover the more than TT$20 billion Government has
injected since 2009 to keep CL subsidiary CLICO and other
companies afloat, according to Caribbean360.com.

Caribbean360.com noted that CLICO financially caved in on itself
at the end of 2008 after the investment instruments of major
policyholders matured and they wanted hundreds of millions of
dollars they were owed.

Caribbean360.com related that at its annual general meeting in
Sept. 2013, CL Financial shareholders voted to extend the
agreement with Government until August 25, 2014, while Cabinet
decides on a new framework accord to recover the debt owed to
Government through divestment of CL subsidiaries, including
Methanol Holdings, Republic Bank, Angostura Holdings, CL World
Brands and Home Construction Ltd.

Proceeds from the divestment of these assets will go toward
Government's recovery of the billions it pumped into CLICO,
Caribbean360.com said.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *