TCRLA_Public/140523.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

           Friday, May 23, 2014, Vol. 15, No. 101


                            Headlines



B O L I V I A

BANCO ECONOMICO: Moody's Affirms E+ Bank Fin'l Strength Rating
BANCO GANADERO: Moody's Affirms E+ Bank Financial Strength Rating


B R A Z I L

BANCO DO BRASIL: S&P Cuts Jr. Sub. Equity Instrument Rating to B+
BANCO DO ESTADO: S&P Lowers Global Scale Rating to 'BB/B'
OSX BRASIL: Restructuring Plan Foresees Leasing
TONON BIOENERGIA: Fitch Rates Foreign and Local Currency IDR 'B'


C A Y M A N  I S L A N D S

BLUE HOLDINGS: Creditors' Proofs of Debt Due June 20
CFS CORPORATION: Creditors' Proofs of Debt Due June 10
CUMULUS FAHRENHEIT: Creditors' Proofs of Debt Due June 19
FARYNER'S HOUSE: Creditors' Proofs of Debt Due June 18
FRM CONDUIT: Creditors' Proofs of Debt Due June 10

HSBC ALPHA: Creditors' Proofs of Debt Due June 10
HSBC EUROPEAN: Creditors' Proofs of Debt Due June 10
METHOD CREDIT: Creditors' Proofs of Debt Due June 20
ROSSANO LTD: Creditors' Proofs of Debt Due June 10
SLJ MACRO: Creditors' Proofs of Debt Due June 10

VANTAGE DRILLING: S&P Affirms 'B-' Corp. Credit Rating


C H I L E

MASISA SA: S&P Rates $300MM 9.5% Coupon Bond 'BB-'


C O S T A   R I C A

BANCO INTERNACIONAL: Fitch Affirms 'BB+' Issuer Default Rating


D O M I N I C A N   R E P U B L I C

DOMINICAN REP: Obtained US$20BB From Foreign Investment in 10Yrs


G U A T E M A L A

BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB-' IDR; Outlook Stable


J A M A I C A

JAMAICA: BOJ Governor Upbeat on Currency, Economic Growth
NATIONAL COMMERCIAL: Fitch Affirms 'B-' IDR & Revises Outlook


M E X I C O

BANCO INBURSA: Fitch Assigns 'BB+' Support Rating Floor
BANCA MIFEL: S&P Alters Outlook to Neg., Affirms B- Notes Rating
EMPRESAS ICA: S&P Rates Proposed $500MM Sr. Unsecured Notes 'B'
EMPRESAS ICA: Discloses Tender Offer for $150MM of 2017 Notes
GRUPO SENDA: S&P Affirms 'B' CCR; Outlook Stable

PATRIMONIO S.A: Moody's Upgrades Rating on 3 RMBS to 'Ba2'
SU CASITA: Moody's Upgrades Rating on Class A RMBS to 'B2'


P A N A M A

AES PANAMA: S&P Puts 'BB+' CCR on CreditWatch Negative


P E R U

CORPORACION AZUCARERA: S&P Lowers CCR to 'BB' and Revises Outlook
FERREYCORP S.A.A.: S&P Affirms 'BB+' CCR; Outlook Stable


P U E R T O   R I C O

CHOICE CABLE: S&P Puts 'CCC+' Issue-Level Rating on $33.5M Loan
SANTANDER BANCORP: Fitch Affirms, Withdraws bb+ Viability Rating
* Puerto Rico Banks Weighed Down by Weak Economy, Fitch Says


S T.   K I T T S  &  N E V I S

ST KITTS & NEVIS: IMF Gives Statement at Conclusion of Mission


                            - - - - -


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B O L I V I A
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BANCO ECONOMICO: Moody's Affirms E+ Bank Fin'l Strength Rating
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
Banco Economico S.A.'s (Economico) bank financial strength rating
of E+, which maps to a baseline credit assessment of b1, its
global local currency deposit rating of Ba3/Not Prime and its
global foreign currency deposit ratings of B1/Not Prime (long term
and short term respectively). In addition, Moody's affirmed the
national scale local and foreign currency deposit rating at Aa1.bo
and Aa2.bo respectively and the bank's subordinated debt ratings
at B2 and Aa3.bo on a global and national scale basis.

All the ratings have a stable outlook.

The following ratings of Banco Economico S.A. were affirmed:

Bank Financial Strength Rating: E+

Global Local Currency Deposit Rating: Ba3/Not Prime

Global Foreign Currency Deposit Rating: B1/Not Prime

Global Local and Foreign Currency Subordinated Debt Rating: B2

Global Local and Foreign Currency Subordinated MTN Rating: (P)B2

Long Term Local Currency National Scale Deposit Rating: Aa1.bo

Long Term Foreign Currency National Scale Deposit Rating: Aa2.bo

Local Currency National Scale Subordinated Debt Rating: Aa3.bo

Foreign Currency National Scale Subordinated Debt Rating: Aa3.bo

Ratings Rationale

In affirming Economico's ratings, Moody's noted the bank's
established position as a lender to small and medium size
companies (SME) and its growing diversification into microfinance
over past two years, which benefits the granularity of its loan
book and access to stable funding. The ratings also incorporate
the generally riskier nature of SME and microfinance customers,
which are highly sensitive to economic cycles, as well as
Economico's geographical concentration in Santa Cruz de la Sierra,
despite efforts to expand to other provinces of the country. The
complex regulatory environment for Bolivian banks and its effect
on profitability were also taken into account.

Since entering the segment in 2011, Economico has seen its
microfinance loans grow to represent 22.7% of the total portfolio,
with a sizable 43.7% lent to SMEs, a mix that supports its long-
term strategy and business prospects. This change has led to
higher interest margins, but operating costs to serve the labor-
intensive microfinance segment have also grown. While the bank's
expansion has required Economico to grow its workforce and
branches, additional lending growth will allow for better use of
the current capacity, with further efficiency improvements.
However, Moody's notes that regulatory changes yet to be defined
under the new financial law passed late in 2013, will likely
impose lending rates caps and minimum deposit rates, which will
pinch the bank's margins and profitability in the coming years.

Moody's said that Economico's asset quality remains good and in
line with that of its peers. Following a cumulative annual loan
growth rate of 17.3% over the past three years, which is lower
than the system, non-performing loans as a percentage of gross
loans increased slightly in 2013. Delinquency remains manageable
in light of the secured nature of the loan book (with real
guarantees on 75% of loans), the adequate reserves at 194% of
total non-performing loans, and a Tier 1 capitalization ratio at
8.3%, all of which limit potential losses in adverse
circumstances. Nevertheless, Moody's notes that the bank's
business expansion may require higher capital levels, above those
that would result from internal earnings generation.

Moody's noted the bank's favorable deposit mix, with core deposits
comprising nearly 90% of the bank's total liabilities as of March
2014, mainly in the form of time deposits, as well as its access
to multilateral funding and to the domestic capital markets, where
Economico has issued subordinated debt.

Economico's Ba3 deposit ratings incorporate one notch of uplift
from its stand-alone baseline credit assessment of b1, reflecting
Moody's views about the moderate probability of systemic support
to the bank's deposits.

Banco Economico S.A. is located in Santa Cruz de la Sierra,
Bolivia, and has US$873 million in assets, US$732 million in
deposits and US$56.1 million in equity as of March 2014.


BANCO GANADERO: Moody's Affirms E+ Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
all ratings for Banco Ganadero S.A. (Ganadero). These are the E+
bank financial strength rating, which maps to a baseline credit
assessment of b1, the Ba3/Not Prime global local currency and the
B1/Not Prime global foreign currency deposit ratings, for long and
short-term respectively. At the same time, the B2 global local and
foreign currency subordinated debt and (P)B2 MTN ratings were
affirmed.

Additionally, the long-term local currency Aa1.bo and foreign
currency Aa2.bo national scale deposit ratings were affirmed, as
well as the Aa3.bo long-term national scale rating assigned to
Ganadero's local currency subordinated debt.

The outlook on all ratings is stable.

The following ratings assigned to Banco Ganadero S.A. were
affirmed:

Bank Financial Strength Rating: E+

Global Local Currency Deposit Rating: Ba3/NP

Global Foreign Currency Deposit Rating: B1/NP

Global Local and Foreign Currency Subordinated Debt Rating: B2

Global Local and Foreign Currency Subordinated MTN Rating: (P)B2

Long Term Local Currency National Scale Deposit Rating: Aa1.bo

Long Term Foreign Currency National Scale Deposit Rating: Aa2.bo

Local Currency National Scale Subordinated Debt Rating: Aa3.bo

Foreign Currency National Scale Subordinated Debt Rating: Aa3.bo

Ratings Rationale

In affirming Ganadero's ratings, Moody's noted its well-
established corporate and commercial-oriented franchise based in
Santa Cruz de la Sierra, and growing housing finance operation, a
business mix that provides income diversification, good asset
quality and access to core deposit funding. The ratings however,
are constrained by Ganadero's geographical and loan
concentrations, which expose its asset quality and earnings to
potential swings in the regional economy, by the lower than
banking system core capitalization ratio and the complex
regulatory environment that will affect profitability for Bolivian
banks.

As of March 2014, Ganadero's loan portfolio was mainly composed of
loans to small and medium size companies (SME, 32.8%), corporate
loans (32.2%) and mortgages (23%), a segment in which it has been
gaining market share. With loan growth reaching a cumulative
annual rate of 22.1% since 2011, Ganadero's non-performing loan
ratio has been stable at less than 1.7% of total loans over the
past three years. In part, this performance reflects management's
experience in the target segments and disciplined risk
origination. Moreover, about 97% of the loan book are secured by
real estate or receivables, which limit potential losses in any
stressed scenarios.

Ganadero's focus in the corporate and SME segments yields relevant
non-interest income from foreign exchange trading and money
transfers. This operation represents an important earnings driver
enhancing the bank's profitability, which has been consistently
higher than the banking system's average since 2009. As of year-
end 2013, non-interest income net of fees expenses contributed 73%
of Ganadero's pre-provision income.

As to funding, institutional and corporate funding obtained
through term deposits and demand accounts have supported
Ganadero's business development, because their average tenor tends
to be longer than the system's. This competitive advantage allows
the bank to offer longer term commercial loans, while boosting its
housing loan portfolio. Also, Ganadero's loan to deposit ratio is
at 68.6% as of March 2014, which reflects its conservative
liquidity management.

With a total capitalization ratio of 12.04%, and Tier 1 ratio at
8.78% as of March 2014, Ganadero's capital stands lower that the
banking system's average of 13.04% and 10.73% respectively,
reflecting its recent loan growth. Capitalization has been boosted
by earnings reinvestment, at a rate of 62% of net income in 2013,
and the issuance of $10 million of subordinated debt. Moody's
considers that current level of capitalization provides adequate
loss absorption capacity in stressed scenarios.

Moody's views Ganadero as relatively well-positioned to face the
requirements under the new financial services law, which though
yet to be defined, are likely to include rates ceilings and
floors, and limits to banking fees. Ganadero's sizable exposure to
productive loans, currently at 42.7% relative to the system's
30.7%, its experience in mortgage financing backed by its long-
term funding structure, and its diversified earnings generation
may limit the effects of the new rules on its performance.

Ganadero's Ba3 deposit ratings incorporate one notch of uplift
from its stand-alone baseline credit assessment of b1, reflecting
Moody's views about the moderate probability of systemic support
to the bank's deposits.

Ganadero's Ba3 deposit ratings incorporate one notch of uplift
from its stand-alone baseline credit assessment of b1, reflecting
Moody's views about the moderate probability of systemic support
to the bank's deposits.

Banco Ganadero S.A. is located in Santa Cruz de la Sierra,
Bolivia, and has US$988 million in assets, US$785 million in
deposits and US$54.7 million in equity as of March 2014.


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


BANCO DO BRASIL: S&P Cuts Jr. Sub. Equity Instrument Rating to B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on Banco
do Brasil S.A.'s (BdB; BBB-/Stable/A-3) perpetual, unsecured,
junior subordinated, non-cumulative hybrid equity instruments to
'B+' from 'BB-' as S&P expect its principal capital trigger to
remain  below 301 basis points (bps) of its risk weighted assets
over the next 18 months to two years. The bank's principal capital
has fallen following Brazilian central bank's mandate for stricter
capital requirements as part of Basel III implementation, which
began in October 2013. As of March 2014, BdB's principal capital
ratio fell to 7.8% from 8.2% at year-end 2013. Consequently,
the buffer to the write down trigger of the equity instruments has
fallen below 301 bps. The trigger is 5.125%.  "Considering our
forecast for the bank's growth and profitability, and more strict
capital requirements, we don't expect BdB's principal capital to
recover in the next 18 to 24 months. In our view, this increases
the risk of write-down on these equity instruments," said S&P.

BdB issued the equity instruments in January 2012 and January 2013
for $1.75 billion and $2 billion, respectively. They will be
callable on the 10th anniversary from issuance and on every coupon
payment thereafter. There is no provision for a step-up in the
interest-rate margin at any time, or any other explicit incentive
for BdB to call the securities. The rating on these securities
also reflects subordination risk, partial or untimely payment
risk, and principal write-down risk.

The equity instruments include a clause that allows the central
bank to determine their write-down according to the criteria
established by the Resolution 4,279. "Therefore, we consider these
instruments to have 'intermediate' equity content as we believe
they are able to absorb losses while the bank is a going concern,"
S&P said.

"Our ratings on BdB reflect its 'very strong' business position,
'moderate' capital and earnings, 'adequate' risk position, 'above
average' funding and "adequate" liquidity compared with other
banks in the Brazilian financial system. We view BdB as a
government-related entity (GRE), as the Federative Republic of
Brazil (foreign currency: BBB-/Stable/A-3; local currency:
BBB+/Stable/A-2) is its majority owner, and we believe there is a
'very high' likelihood that the government would provide timely
and sufficient extraordinary support to BdB if needed," said S&P.

RATINGS LIST

Banco do Brasil S.A.
Corporate Credit Rating       BBB-/Stable/A-3

Ratings Lowered
                              To             From
Hybrid equity instruments     B+              BB-


BANCO DO ESTADO: S&P Lowers Global Scale Rating to 'BB/B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
following banks after revising Brazil's BICRA to group '5' from
group '4' and the anchor to 'bbb-' from 'bbb':

  Banco do Estado do Para S.A. (Banpara) to 'BB/B' from 'BB+/B' on
  global scale and to 'brAA-/brA-1' from 'brAA+/brA-1' on national
  scale;

  Banco Gerador S.A. to 'brB+' from 'brBB';

  Banco Votorantim S.A. S.A. to 'BB+/B' from 'BBB-/A-3' and to
  'brAA+/brA-1' from 'brAAA/brA-1'; and

  The latter's subsidiary, Votorantim Finan‡as, to 'brAA+/braA-1'
  from 'brAAA/brA-1'.

"In addition, we removed the ratings on these entities from
CreditWatch negative, where we placed them on March 26, 2014
(please see "Ratings On 13 Brazilian Financial Institutions
Lowered; 27 Entities Placed On Watch Negative On Sovereign
Downgrade"). At the same time, we affirmed our 'BBB-' global
scale and 'brAAA' national scale ratings on Banco do Estado do Rio
Grande do Sul S.A. (Banrisul) and removed them from CreditWatch
negative as well. The outlook on these entities is stable," said
S&P.

"We have reviewed the ratings on the four Brazilian banks for
which we needed additional information to assess the revised
BICRA's impact on them. In the case of Banpara and Banrisul, we
reviewed the creditworthiness of the banks' shareholders," said
S&P.

"In our opinion, the still strong credit growth in Brazil amid the
softer economic growth increased risk appetite mainly among
government-owned banks.  In addition, the market distortions -- as
seen in the deteriorating profitability -- have weakened the
overall creditworthiness of the Brazilian financial system. We
consider that banks now face tougher operating conditions, which
we believe weakened their financial profiles, notably in terms of
asset quality and capital and earnings. These combined effects
have led to the downgrade of the three banks," said S&P.

These higher risks have weakened the anchor when assigning a
rating to a bank that operates in Brazil. In addition, the higher
economic risk score, which calibrates the risk weights for our
risk-adjusted capital (RAC) framework, has led to higher risk
charges, and therefore, lower RAC ratios for banks operating in
Brazil.

The affirmation of rating on Banrisul reflects S&P's opinion that
its business and financial profiles remain consistent with S&P's
current issuer credit ratings, even after S&P incorporates the
negative impact of the heightened economic and industry risks in
Brazil.


OSX BRASIL: Restructuring Plan Foresees Leasing
-----------------------------------------------
Luciana Magalhaes at The Wall Street Journal reports that Eike
Batista hopes to save his indebted shipbuilding firm, OSX Brasil
SA, by focusing on leasing space at its shipyard, according to the
company's restructuring plan, presented to a Rio de Janeiro court.

OSX has BRL4.5 billion ($2 billion) in debt and intends to ask
creditors for a grace period of three years without making
payments and up to 25 years to pay off its debt, according to The
WSJ.

The report notes that the company has a shipyard under
construction at the Port of Acu in Rio de Janeiro state, where it
has been planning for some time to lease space to several
companies in the oil and gas industry.

"The restructuring is basically a plan of developing (the port)
somehow as a real-estate business, with several tenants," a person
close to Mr. Batista told The Wall Street Journal before the plan
was filed.  The person noted that OSX won't abandon its
shipbuilding operation.  The problem, however, is that there
aren't many clients for this business in Brazil apart from
Petroleo Brasileiro, or Petrobras, the person told the news
agency.

The WSJ relays that the plan gives OSX the option of raising
additional funds through the sale of assets or other methods
permitted by bankruptcy rules.  The person close to Mr. Batista
told The Wall Street Journal that the company would like to raise
between $100 million and $150 million.  The restructuring plan
didn't mention any amounts.

The report discloses that a lawyer representing several of OSX's
creditors, including Spanish builder Acciona SA, said he considers
the plan unfair.

"The plan as presented forces creditors to assume risk related to
OSX" for many years, the report quoted Leonardo Antonelli, of
Antonelli Advogados Associados, a Rio-based law firm, as saying.

The report notes that OSX was started mainly to build platforms
for Mr. Batista's oil firm, formerly known as OGX Petroleo e Gas
Participacoes, which filed for court protection in 2013.  Without
its top client, the shipbuilder lost its main source of revenue
and its debts piled up, the report relays.

OSX has been trying since last year to sell two of its three oil-
drilling platforms, but a sale still could take many months, the
person said, because there are several other similar platforms for
sale globally, the report notes.

The large vessels are registered abroad by the company's leasing
arm, which is based in the Netherlands, and weren't included in
the bankruptcy-protection filling, reports WSJ.

The platforms have been targeted in a lawsuit by OSX creditors who
fear they won't be repaid, the WSJ relates.  One of the vessels
was used as a guarantee for some $500 million in outstanding OSX
bonds, the report notes.

Formerly a billionaire, Mr. Batista has sold several assets in the
last year in an attempt to save part of the infrastructure empire
he built from scratch over a decade, the report relates. OSX
remains under his control.

                     About OSX Brasil

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

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

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


TONON BIOENERGIA: Fitch Rates Foreign and Local Currency IDR 'B'
----------------------------------------------------------------
Fitch issued a statement correcting the release that went out on
May 7, 2014, which attributed the issuance to Tonon Bioenergia
S.A. instead of its offshore investment vehicle Tonon Luxembourg
S.A.  The corrected press release states that:

Fitch Ratings has assigned a 'B/RR4' rating to Tonon Luxembourg
S.A.'s USD230 million proposed senior secured notes due 2024,
which will be unconditionally and irrevocably guaranteed by Tonon
Bioenergia S.A. (Tonon).  Net proceeds from this issuance will be
used to fully prepay existing senior secured debt.  Fitch
currently has 'B' foreign and local currency Issuer Default
Ratings (IDRs) for Tonon.  A complete list of ratings follows at
the end of this press release.

KEY RATING DRIVERS

Tonon's ratings reflect the limited scale of its businesses and
the company's exposure to the cyclical sugar and ethanol industry,
which is characterized by strong price volatility and risks
inherent to the agribusiness sector.  Tonon's ethanol business is
also exposed to industry dynamics with prices linked to Brazil's
regulated gasoline prices.  The government energy policies can
potentially impact the profitability of the ethanol business.  The
ratings also incorporate Tonon's sizeable investment plans for the
upcoming years, which should pressure the company's free cash flow
(FCF).

Average Business Position

Tonon is a medium-sized sugar and ethanol company in a fragmented
commodity sector in which scale is relevant and volatility is
high.  The company has 8.2 million tons of crushing capacity per
year, distributed in three industrial units located in the states
of Sao Paulo and Mato Grosso do Sul.  Capital expenditures should
increase crushing capacity to 9.4 million tons, while maintaining
flexibility to produce up to approximately 60% of sugar or
ethanol.  Tonon's sugar production is mostly exported while around
80% of its ethanol production is sold to domestic market.

Sizeable capex program pressuring Free Cash Flow

Fitch expects Tonon's FCF to be negative in the next two years.
Up to the 2015/2016 harvest period, total investment should reach
approximately BRL710 million, primarily in the expansion of the
Vista Alegre Unit in the state of Mato Grosso do Sul.  Investments
in the expansion of Vista Alegre's cane fields should be relevant
as virtually all of Vista Alegre's sugar cane is self-supplied.
This plant should have its capacity raised to 3.7 million tons
from 2.5 million tons by the beginning of the 2015/2016 season and
Tonon's total capacity will grow to 9.4 million tons from the
current 8.2 million tons.  In the last 12 months (LTM) ended in
Dec. 31, 2013, Tonon's free cash flow (FCF) was negative BRL18
million, including Paraiso Bioenergia.  The pro forma capex figure
was BRL239 million in the same period.  During the same period,
Tonon's revenues were BRL799 million, while its EBITDA was BRL353
million.

Leverage Increasing

Fitch expects the company will be able to manage its net leverage
at an adequate level of below 3.0x in the medium term.  On a pro
forma basis, considering 12 months of Paraiso Bioenergia's
operations, Tonon's net adjusted leverage has increased to 3.7x
for the LTM ended Dec. 31, 2013, compared to 3.0x in March 2013.
Fitch's projections consider mid-cycle prices of sugar and
ethanol, assuming USD20 cents per pound for the next harvest
periods.  The company's results will ultimately depend on the
company's ability to complete the necessary investments and
increase its capacity utilization within the expected schedule, in
order to avoid pressure on its capital structure.

Moderate liquidity

Tonon reported manageable debt repayment profile and moderate
liquidity as of Dec. 31 2013.  Tonon has maintained part of the
USD300 million seven-year unsecured notes in cash.  The proposed
USD230 million issuance should improve the company's debt maturity
schedule.  As of Dec. 31 2013, the company's cash reserves
amounted to BRL184 million represented 80% of its short-term debt
of BRL233 million (as per Fitch's internal methodologies).
Tonon's long-term debt accounted for 83% of the on-balance gross
debt outstanding as of Dec. 31 2013, of which 58% will fall due in
January 2020 (the BRL300 million unsecured notes).  On a pro forma
basis, after this new transaction, cash should cover 217% of
short-term debt.

Rating Sensitivities

A negative rating action could be triggered if the company's
liquidity deteriorates and/or if leverage increases on a
consistent basis.  A downgrade will also occur if the expected
improvement of Cash Flow from Operations (CFO) does not
materialize.

A positive rating action will occur if leverage goes down on a
consistent basis and if the company manages to maintain or improve
liquidity.

Fitch currently rates Tonon as follows:

Tonon Bioenergia S.A.

--Foreign and local currency IDR 'B';
--USD300 million senior unsecured notes due 2020 'B/RR4';

Tonon Luxembourg S.A.
--USD230 million senior secured notes guaranteed by Tonon
Bioenergia S.A. due in 2024 at 'B/RR4'.
The Rating Outlook is Stable.


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


BLUE HOLDINGS: Creditors' Proofs of Debt Due June 20
----------------------------------------------------
The creditors of Blue Holdings Limited are required to file their
proofs of debt by June 20, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 2, 2014.

The company's liquidator is:

          Bridge Street Services Limited
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          Bridge Street Services Limited
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands


CFS CORPORATION: Creditors' Proofs of Debt Due June 10
------------------------------------------------------
The creditors of CFS Corporation Ltd. are required to file their
proofs of debt by June 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 29, 2014.

The company's liquidator is:

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


CUMULUS FAHRENHEIT: Creditors' Proofs of Debt Due June 19
---------------------------------------------------------
The creditors of Cumulus Fahrenheit Fund are required to file
their proofs of debt by June 19, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 1, 2014.

The company's liquidator is:

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


FARYNER'S HOUSE: Creditors' Proofs of Debt Due June 18
------------------------------------------------------
The creditors of Faryner's House Funding Limited are required to
file their proofs of debt by June 18, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 1, 2014.

The company's liquidator is:

          Keiran Hutchison
          c/o Barry MacManus
          Telephone: (345) 814 8997
          Facsimile: (345) 814 8529
          Ernst & Young Ltd, 62 Forum Lane
          Camana Bay, P.O. Box 510
          Grand Cayman KY1-1106
          Cayman Islands


FRM CONDUIT: Creditors' Proofs of Debt Due June 10
--------------------------------------------------
The creditors of FRM Conduit Fund SPC are required to file their
proofs of debt by June 10, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 24, 2014.

The company's liquidator is:

          Ogier
          c/o Jo-Anne Maher
          Telephone: (345) 815-1762
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HSBC ALPHA: Creditors' Proofs of Debt Due June 10
-------------------------------------------------
The creditors of HSBC Alpha Funds, Ltd. are required to file their
proofs of debt by June 10, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 30, 2014.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


HSBC EUROPEAN: Creditors' Proofs of Debt Due June 10
----------------------------------------------------
The creditors of HSBC European Leveraged Trading Limited are
required to file their proofs of debt by June 10, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 30, 2014.

The company's liquidator is:

          Ogier
          c/o Madeleine Welham
          Telephone: (345) 815-1750
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


METHOD CREDIT: Creditors' Proofs of Debt Due June 20
----------------------------------------------------
The creditors of Method Credit Fund are required to file their
proofs of debt by June 20, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 25, 2014.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          P.O. Box 30116
          Landmark Square, 2nd Floor
          64 Earth Close Seven Mile Beach
          Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


ROSSANO LTD: Creditors' Proofs of Debt Due June 10
--------------------------------------------------
The creditors of Rossano Ltd. are required to file their proofs of
debt by June 10, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 28, 2014.

The company's liquidator is:

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


SLJ MACRO: Creditors' Proofs of Debt Due June 10
------------------------------------------------
The creditors of SLJ Macro (GP) Limited are required to file their
proofs of debt by June 10, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 30, 2014.

The company's liquidator is:

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


VANTAGE DRILLING: S&P Affirms 'B-' Corp. Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Vantage Drilling Co. The outlook is stable.

"Our affirmation reflects Vantage's weak competitive position, its
"highly leveraged" financial risk, and its "adequate" liquidity.
Our competitive position assessment incorporates the company's
limited operating diversity," said S&P.

Vantage has a small fleet compared with rated peers, consisting of
three premium ultra-deepwater drillships and four premium jack-ups
that are currently working for customers. Vantage also has one
ultra-deepwater drillship (the Cobalt Explorer) that is under
construction and scheduled for delivery in 2015.

"The outlook is stable because we do not expect to raise or lower
our rating on Vantage Drilling Co. over the next 12 months," said
Standard & Poor's credit analyst Marc Bromberg. "The company is
well contracted on its drillship and jack-up rigs for the
remainder of 2014. We believe that Vantage will maintain adequate
liquidity during this period. Since Vantage's vessels are
relatively new, we expect that Vantage will encounter little
unexpected downtime on its drillship or jack-up vessels," S&P
related.

"We could lower the rating if Vantage's liquidity, including
projected funds from operations (FFO), weakens to less than $220
million, which we consider a minimum for the company to meet its
spending obligations for the next year. We could envision this
scenario if Vantage experiences significant unexpected
downtime on its drillships or if day rates weaken materially,"
said S&P.

"An upgrade to 'B' will require run rate FFO to debt above 20% or
debt to EBITDA leverage of less than 4x for a sustained period of
time. Given Vantage's very aggressive debt balance and its
newbuild construction program, which we expect the company will
fund mostly with debt, we do not expect to raise the rating within
the next year," S&P added.


=========
C H I L E
=========


MASISA SA: S&P Rates $300MM 9.5% Coupon Bond 'BB-'
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' ratings to
Masisa S.A. and to its $300 million 9.5% coupon bond, issued on
April 28, 2014. The outlook is stable.

"We are assigning our final ratings to Masisa following the bond
issuance," said S&P.

The ratings reflect the company's "fair" business risk profile and
"aggressive" financial risk profile, as our criteria define these
terms.

The company's business risk profile incorporates its exposure to
Argentina (Unsolicited Ratings, CCC+/Negative/C) and Venezuela (B-
/Negative/B).  "Operations in these two countries contribute about
50% of Masisa's consolidated EBITDA. Mitigating factors include
Masisa's solid position in the markets in which it operates and
its vertically integrated business model, which allows the company
to reduce its dependence on retailers and result in less volatile
operating profitability than those of its peers operating in the
wood panels business," said Standard & Poor's credit analyst Diego
Ocampo.

"Our "aggressive" financial risk profile assessment reflects the
company's extensive use of debt to fund growth; its exposure to
volatile currencies, specifically the Argentine peso and
Venezuelan bolivar; and its ambitious growth model," said S&P.


===================
C O S T A   R I C A
===================


BANCO INTERNACIONAL: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Banco Internacional de Costa Rica's
(BICSA) Issuer Default Rating (IDR) at 'BB+'.  The Bank's
Viability Rating (VR) and National Ratings in Panama were also
affirmed.  See the full list of rating actions at the end of this
rating action commentary.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS AND SENIOR DEBT

The bank's IDRs, National and senior debt ratings reflect the
support it would receive from its main shareholder, Banco de Costa
Rica (BCR, rated 'BB+' with a Stable Outlook by Fitch), should it
be required.  The ratings of the bonds issued correspond to
BISCA's International rating of 'BB+'.  No rating action is taken
on bank's debt issued in El Salvador.

BICSA is considered by Fitch to be a core operation for BCR.
Originally created as a vehicle to extend the operations of the
state-owned banks outside Costa Rica, BICSA has successfully grown
its regional portfolio, maintaining sound asset quality and
adequate profitability.  Its contribution to the consolidated
business complements its parent's strong market position in Costa
Rica.  Fitch believes that extraordinary support from the parent
would be forthcoming to manage reputational risk.

The bank's IDR and long-term National rating have a Stable
Outlook, in line with those of its main shareholder, BCR.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SENIOR DEBT

The bank's IDRs, National and senior debt ratings are sensitive to
a change in Fitch's assumptions as to BCR's capacity or
willingness to support BICSA.

KEY RATING DRIVERS - VR

BICSA's VR reflects its stable and sound asset quality, which
benefits from geographic and economic sector diversification.  The
bank has a consistent track record of low delinquencies and high
reserve coverage.  However, concentrations by economic group are
high (the 20 largest borrowers represented 30% of the total loan
portfolio in 2012 and 2013) due to the bank's strong corporate
focus.  BICSA's profitability is moderate and below the system's
average.  The bank compensates for the relatively low net interest
margins, through high operational efficiency and low costs of
funding.

BICSA's funding is stable, but highly concentrated (the 20 largest
depositors represent 55% of total deposits).  BICSA has adequate
asset-liability management and a good liquidity position, which
exceeds the system's average.  The short-term nature of its
lending operations, the recurrent generation of cash and the high
renewal of deposits, to a certain degree, for the risks associated
with its high depositor concentration.

The bank's capitalization is adequate (Fitch Core Capital was
11.9% of risk-weighted assets as of December 2013), but below the
system's average.  The pressures on the bank's capital ratios are
mitigated by the moderate growth of the entity's asset base and
its traditional no-dividend policy.  While not contemplated in
Fitch's base-case scenario, an equity injection from its
shareholders would be available, if needed.

BICSA has registered high management turnover over the past two
years.  While this has had a temporary negative impact on the
entity's corporate governance, its senior management has a good
banking background.

RATING SENSITIVITIES - VR

The bank's VRs are sensitive to a change in Fitch's assumptions
regarding profitability, asset quality deterioration, or a decline
in the bank's capital position.  On the other hand, a significant
improvement in the diversification of its loans and funding
sources could also improve the bank's VR in the long run.

Fitch affirmed BICSA's ratings as follows:

International ratings
--Long-term IDR at 'BB+'; Outlook Stable;
--Short-term IDR at 'B';
--Viability Rating at 'bb';
--Support Rating at '3'.
National ratings
--Long-term National rating at 'AA-(pan)'; Outlook Stable;
--Short-term National rating at 'F1+(pan)';
--Long-term senior unsecured bonds at 'AA-(pan)';
--Commercial Paper at 'F1+(pan)'.


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


DOMINICAN REP: Obtained US$20BB From Foreign Investment in 10Yrs
-----------------------------------------------------------------
Dominican Today reports that Dominican Republic Export and
Investment Center (CEI-RD) Director Jean Alain Rodriguez revealed
that the country has obtained around US$20 billion through foreign
investment in the past 10 years, for an annual average of US$1.99
billion.

Mr. Rodriguez said foreign investment in the last two years has
provided the Dominican Republic with US$5.0 billion in revenue,
according to Dominican Today.

Mr. Rodriguez said foreign investment and exports are important to
develop the national economy, which he affirms forms part of
President Danilo Medina's goal to create 400,000 jobs, with an
estimated 108,000 job openings through the two sectors, the report
notes.



=================
G U A T E M A L A
=================


BANCO DE LOS TRABAJADORES: Fitch Affirms 'BB-' IDR; Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Banco de los Trabajadores' (Bantrab, or
the Bank) long-term Issuer Default Rating (IDR) at 'BB-'.  The
Rating Outlook is Stable.  A full list of rating actions follows
at the end of this press release.

BANTRAB'S KEY RATING DRIVERS

Bantrab's long-term IDR is driven by its intrinsic
creditworthiness, as reflected in its Viability Rating (VR).  The
VR reflects Bantrab's moderate franchise, sound and recurring
profitability driven by ample margins and good asset quality.  The
rating also considers the bank's concentration in the public
sector, rapid loan growth and pressured capitalization.

Bantrab's support rating and support rating floor of '5' and 'NF',
respectively, indicates that, although possible, external support
cannot be relied upon, given the current low state ownership and
limited systematic importance.

Capital represents the most significant constraint on Bantrab's
future growth.  Although the bank has sustained good
profitability, internally generated capital has been offset by the
more rapid growth of risk-weighted assets, as a result of the
strong loan growth.  Preferred shares which benefit the regulatory
capital ratios are excluded from the FCC ratios. Fitch expects the
FCC ratio to be sustained above 11% in the medium term.

Credit quality ratios have significantly improved since 2009, and
now compare adequately with local peers.  Credit quality is
benefitted by the bank's collection structure based on payroll
deduction (92% of total loans by December 2013).  Reserves
coverage for non-performing loans (NPLs) has gradually improved,
reaching 148.31% of NPLs as of end-2013, providing a good cushion
for the sustainability of its credit quality.

Bantrab relies principally on its loan portfolio for income
generation, which is focused on consumption loans to low and
middle income employees, mainly from the public sector.  Non-
interest income accounts for 9.6% of gross revenues and is
unlikely to increase given the bank's business model, which is
focused primarily on lending rates.

Weak efficiency levels continue to challenge the bank's
performance; however in 2013, the bank successfully arrested a
negative trend in profitability, as a result of lower loan
impairment charges and double-digit loan growth.  Fitch expects
Bantrab's profitability to start a positive trend into 2014, as
loan growth continues while preserving its ample margin.

The bank continued to enhance its liquidity position in
anticipation of further asset growth.  Bantrab's liquidity
position stems from its robust internal cash generation, its well-
structured amortization schedule, as well as its stable deposit
base.  Nevertheless, Fitch expects liquidity to decrease as
resources are redirected to portfolio placement.

BST'S KEY RATING DRIVERS

Bantrab Senior Tust's (BST) rating is in line with Bantrab's IDR
reflecting that the senior unsecured obligations rank equally to
the bank's unsecured and unsubordinated obligations.

BANTRAB'S RATING SENSITIVITIES

The Stable Outlook reflects Fitch's expectation of no substantial
changes in Bantrab's risk profile in the foreseeable future.
However, the bank's ratings are sensitive to a change in Fitch's
assumptions around asset quality, profitability and capital
position.  A significant and unexpected reduction of the bank's
capital ratios (fitch core capital < 11%), a period of sustained
low earnings (ROAA < 1%) or an important deterioration in its
asset quality would trigger a negative rating action.

Bantrab's upside potential is considered limited by its relatively
narrow business model that results in concentrations on its
revenue sources.  However, Bantrab's rating could be upgraded
should it successful grow with greater revenue diversification and
further consolidation of its franchise, while sustaining an
adequate capital position.

BST'S RATINGS SENSITIVITIES

Changes in the notes' rating are contingent on rating actions for
Bantrab.

Fitch has affirmed the following ratings:

Banco de los Trabajadores
--Long-term foreign currency IDR at 'BB-'; Outlook Stable;
--Short-term foreign currency IDR at 'B';
--Long-term local currency IDR at 'BB-'; Outlook Stable;
--Short-term local currency IDR at 'B';
--Viability rating at 'bb-';
--Support at '5';
--Support Rating Floor at 'NF';
--Long-term national rating at 'A(gtm)', Outlook Stable;
--Short-term national rating at 'F1(gtm)'.
Bantrab Senior Trust
--Long-term foreign currency loan participation notes at 'BB-'.



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


JAMAICA: BOJ Governor Upbeat on Currency, Economic Growth
---------------------------------------------------------
RJR News reports that Brian Wynter, governor of the Bank of
Jamaica, has declared that he's expecting a slowdown in the pace
of depreciation of the Jamaican dollar this fiscal year.

Mr. Wynter made the assessment at the Central Bank's quarterly
luncheon, after noting that there had been a considerable
reduction in the over-valuation of the Jamaican dollar compared to
a year ago, according to RJR News.

The report notes that given that correction, Mr. Wynter said any
depreciation that is faster than the difference between Jamaica's
inflation rate and the inflation rate of the United States may be
unwarranted.

Accordingly, Mr. Wynter stressed, "Bank of Jamaica does not expect
to see market movements falling outside of a reasonable range
relating to this inflation differential," the report notes.

Should any sign of such unwarranted movements be detected, Mr.
Wynter said the Central Bank "will act decisively to discourage
any disorder that may emerge in the market," the report discloses.

Mr. Wynter reiterated, however, that the main driver of
depreciation is the country earning less than it consumes, notes
the report.

Mr. Wynter, the report relays, said that with the recent build-up
of the Net International Reserves (NIR) the BoJ is in a position
to dissuade speculators from having a run on the currency.

                     Growth Expected

The report notes that Mr. Wynter added that, while the Jamaican
economy remains fragile, he is expecting growth to pick up this
year.

In that regard, the BOJ Governer said he was reiterating the
message of the IMF, and added that the program was more than just
passing quarterly tests, the report discloses.

"More important for us all than meeting the test targets is the
fact that the economic outlook is improving, crisis risks have
receded, growth has picked up, net exports are stronger, inflation
has been brought under control and reserves are starting to
recover," the report quoted Mr. Wynter as saying.


NATIONAL COMMERCIAL: Fitch Affirms 'B-' IDR & Revises Outlook
-------------------------------------------------------------
Fitch Ratings has affirmed the long-term foreign currency and
local currency IDRs for National Commercial Bank Jamaica Ltd.
(NCBJ) at 'B-'. Fitch has also revised NCBJ's Rating Outlook to
Stable from Negative.  Additionally, Fitch has affirmed NCBJ's
Viability Rating (VR) at 'b-' and revised its Support Rating Floor
(SRF) to 'B-' from 'CCC.'  A full list of rating actions is at the
end of this rating action commentary.

Fitch revised the Outlook on NCBJ's long-term IDRs due to its
resilient financial performance under sovereign stress.  NCBJ's
'B-' SRF is now pari passu with Jamaica's long-term IDR due to the
bank's systemic importance.

KEY RATING DRIVERS - IDRS AND VR

The operating environment has a high influence on National
Commercial Bank Jamaica Ltd.'s (NCBJ) Viability Rating (VR).
Jamaica's small and weak economy limits the bank's overall
financial profile relative to higher rated emerging market peers
(universal/commercial banks).  Asset quality also weighs heavily
on the bank's ratings due to weaker loan quality ratios and still
high asset concentrations, particularly its exposure Jamaican
government.  However, Fitch views the bank's capitalization as
sufficient for its risk profile.

Investments and loans to the Jamaican government, public sector
entities, or entities that have a government guarantee represent a
declining, but still significant share of NCBJ's total assets
(48%, or 2.96x equity) as of fiscal year ended September 2013
(FYE13).  Fitch views this concentration as NCBJ's primary source
of credit risk given the sovereign's speculative grade rating
(long-term IDR rated 'B-' with a Stable Outlook).  The Outlooks on
NCBJ's long-term IDRs are now in line with those of the
sovereign's IDRs.

The bank's loan quality indicators have improved since FY11-FY12
when a relative few, large credits affected the bank's impairment
ratio.  In addition, loan loss reserves are adequate, representing
more than 100% of nonperforming loans as of March 2014.  However,
loan quality indicators continue to compare unfavourably with
peers.  Moreover, loan concentration, which has contributed to
loan quality volatility in prior periods, continues to be
material, as is typical in a smaller economy.

NCBJ's capital compares favourably to international peers, aided
by an improving rate of internal capital generation and a policy
limiting dividend pay-outs.  At March 2014, tangible common equity
represented 15.2% of tangible assets.  However, Fitch views NCBJ's
capitalization as adequate in light of its exposure to the
Jamaican government.

NCBJ's financial performance has proven resilient to significant
sovereign stress, thanks to its scale, stable and low cost funding
and improving diversity of local income sources.  Greater cross-
selling to existing clients and the acquisition of a general
insurance company in FY13 supported non-interest income growth.
Fitch expects this trend to continue over the rating horizon.

RATING SENSITIVITIES - IDRS AND VR

NCBJ's ratings are sensitive to a change in Fitch's view of the
sovereign given the bank's sizable sovereign exposure.  In
addition, factors that could trigger a downgrade include a marked
deterioration in financial performance, including a decline in
asset quality, weakened profitability that pressures the bank's
capital position, or sudden deposit instability, to a level that
is inconsistent with its current peers (emerging market commercial
banks with a VR of 'b-', 'b' or 'b+').

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR

The sovereign's speculative grade rating limits the government's
capacity to provide support, resulting in a support rating of '5'.
However, the Support Rating Floor of 'B-' reflects NCBJ's systemic
importance, as well as the Jamaican government's provision of
extraordinary support to the banking system during prior crises.

RATING SENSITVITIES - SUPPORT RATING 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 Jamaica's long-term local- and foreign foreign-currency
IDRs is Stable.

The rating actions are as follows:

National Commercial Bank Jamaica Ltd.

--Long-term foreign and local currency IDR affirmed at 'B-';
Outlook to Stable from Negative
--Short-term foreign and local currency IDR affirmed at 'B';
--Viability Rating affirmed at 'b-';
--Support Rating affirmed at '5';
--Support floor revised to 'B-' from 'CCC'.



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


BANCO INBURSA: Fitch Assigns 'BB+' Support Rating Floor
-------------------------------------------------------
Fitch Ratings has assigned the following ratings to Mexico's Banco
Inbursa, S.A. (BInbursa).

--Viability Rating (VR) of 'bbb+',
--Issuer Default Ratings (IDRs) of 'BBB+'/'F2',
--National scale ratings of 'AAA(mex)'/'F1+(mex)'.

The Support Rating (SR) and Support Rating Floor (SRF) were also
assigned at '3'/'BB+'.  See the full list of rating actions at the
end of this rating action commentary.

KEY RATING DRIVERS

Banco Inbursa's VR, IDRs, and National scale ratings are driven by
its robust loss-absorbing capacity, adequate funding and liquidity
profile, and its historically low and contained credit losses.
These ratings also factor in BInbursa's strong and enhancing
franchise, especially when assessed together with the other
financial companies of its parent, Grupo Financiero Inbursa, and
also given the strong synergies with other non-financial companies
related to the controlling shareholders.  The bank's sound and
relatively stable earnings are also considered.

The VR, IDRs, and National scale ratings also consider the
relatively higher than its peers business, risk, and funding
concentrations, although these have continued to decline
gradually.  The relatively high and volatile contribution of
trading revenues is also factored in, although this item is
typically positive and highly influenced by the mark-to-market of
the bank's hedging positions.  Also, Inbursa is seeking to reduce
the volatility of trading revenues by shifting the mix of its
hedging positions.

The bank's SR and SRF are driven by its moderate systemic
importance and the growing share of retail deposits, although this
is still modest.  If the bank were to need it, Fitch considers
that there is a moderate probability of receiving sovereign
support, which underpins the bank's SR and SRF.  Fitch's SRFs
indicate a level below which the agency would not lower the bank's
long-term IDRs.

RATING SENSITIVITIES

The VR and IDRs could be upgraded over the medium term if business
and risk diversification continues to improve steadily, when the
longer-term assets are entirely funded with stable customer
deposits and/or wholesale debt that completely offset tenor
mismatches, and if the bank reduces earnings volatility driven by
market-related revenues.

In turn, downside potential for these ratings and the National
scale ratings would arise if the bank's capital adequacy metrics
or internal capital generation deteriorate materially (Fitch core
capital ratio below 15%), or in the event of a reversal in the
improving trends in funding and liquidity, and/or business and
revenue diversification.

Upside potential for the SR and SRF is limited, and can only occur
over time with a material gain of the bank's systemic importance.
These ratings could be downgraded if the bank loses material
market share in terms of retail customer deposits.

Credit Profile

BInbursa is Mexico's sixth largest bank by loans, with 6.2% of the
system's lending portfolio as of March 2014.  It ranks seventh by
deposits, with 5.9% of the sector's total.  Initially oriented
toward corporate banking, it has grown recently with a more
diversified business mix among corporate, retail, infrastructure,
and public sector loans.  It is financed mostly through deposits
and local issues of long-term debt.

BInbursa has a strong capital position and an ample loan loss
reserve cushion that provide a high capacity to absorb losses.  It
also has sound profitability, driven by stable margins,
outstanding operating cost efficiency, and well-contained credit
costs.  Its funding and liquidity profile is adequate and
improving, while risk concentrations continue declining gradually,
although these remain relatively high.

Fitch has assigned the following ratings:

Banco Inbursa, S.A.:

-- Long-term foreign and local currency IDRs 'BBB+'; Outlook
Stable;
-- Short-term foreign and local currency IDRs 'F2':
-- Viability Rating 'bbb+';
-- Support Rating '3';
-- Support Rating Floor 'BB+';
-- National scale long term rating 'AAA(mex)'; Outlook Stable;
-- National scale short term rating 'F1+(mex)'.


BANCA MIFEL: S&P Alters Outlook to Neg., Affirms B- Notes Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Banca
Mifel S.A. to negative from stable. "We also are affirming our
'BB-/B' global scale and 'mxBBB+/mxA-2' national scale
ratings on the bank, and affirming our 'B-' rating on its
cumulative fixed-rate, unsecured, subordinated notes," said S&P.

"Our ratings on Banca Mifel reflect our assessment of its
"moderate" business position, capital and earnings, and risk
position, and "below-average" funding and "adequate" liquidity
relative to its Mexican peers," according to S&P.

"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic and industry risk scores to determine
a bank's anchor, the starting point in assigning an issuer credit
rating. Our anchor for a commercial bank operating only in Mexico
is 'bbb'. In our view, the main risk for the banks operating in
Mexico is economic risk. This is because of the population's low
income level (from a global perspective), and a decrease in
payment capacity amid a low level of domestic savings. Mexican
banks face challenges associated with lending within a legal
framework that is still establishing a track record of creditor
rights. However, underwriting standards have improved," said S&P.

"Also, we do not view any asset bubbles in the Mexican economy.
Industry risk is not as high, because of conservative regulation,
but supervision still needs to be strengthened. Healthy
competitive dynamics drive the lending system. Funding is based on
stable deposits, while the domestic debt markets are rapidly
expanding. We classify the Mexican government as "supportive" to
its banking system based on past experience and our belief that it
has the capacity to help banks withstand problems," said S&P.

"We continue to view Banca Mifel's overall business position as
'moderate' based on less diversification in its products and
geographic concentration. The bank traditionally has focused on
commercial loans, which represented about 54% of its total loan
portfolio as of March 31, 2014. As we expected, the proportion of
mortgages in its portfolio has increased to 27% from 13% since
March 2013, due to the bank's participation through the Mexican
mortgage institute's products" said Standard & Poor's credit
analyst Barbara Carreon.

Banca Mifel's loan portfolio is still concentrated in the Mexico
City metropolitan area, and S&P does not expect significant
geographic diversification  beyond the city. "In our opinion, this
could result in lower business stability amid economic
instability, compared to more diversified banks or those that
have a broader geographic presence. Additionally, high competition
in the industry could pressure new originations or net interest
margins (NIMs) where mid-size banks find it difficult to compete
with prices compared to larger banks with lower funding costs. We
believe the bank's long-standing customer relationships in its
traditional niche market partially offset these factors. Despite
significant loan growth in 2012 and 2013, as of first-quarter
2014, Banca Mifel's market share remained small, ranking 19th by
assets in the Mexican banking system.  We expect no significant
changes in Banca Mifel's market position and the bank will
continue to focus on middle-market companies. The bank's low
profitability in the past several years continues to hamper
improvement in its financial performance," said S&P.


EMPRESAS ICA: S&P Rates Proposed $500MM Sr. Unsecured Notes 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' global scale
and 'mxBBB' national scale corporate credit ratings on Empresas
ICA S.A.B. de C.V. (ICA). At the same time, S&P assigned its 'B'
issue-level rating on the company's proposed $500 million
senior unsecured notes. The recovery rating of '5' on the notes,
indicating expectation of modest (10% to 30%) recovery in the
event of a payment default, remains unchanged. The outlook is
negative.

The ratings on ICA reflects S&P's assessment of the company's
"fair" business risk profile, "highly leveraged" financial risk
profile, "less-than-adequate" liquidity, and "satisfactory"
management and governance.

"The negative outlook continues to reflect downside risks
associated with some uncertainty over the extent to which ICA will
be able to maintain its existing backlog levels, given the still
sluggish construction activity in public works and infrastructure
projects in Mexico," said Standard & Poor's credit analyst
Luis Manuel Martinez.

In S&P's view, such downside risk, coupled with high cash
requirements to address working capital needs and accelerate
revenue growth could complicate a material deleverage over the
next twelve months. Moreover, liquidity could come under
additional pressure if the company's working capital cycle is
further extended and short-term debt maturities increase
significantly.


EMPRESAS ICA: Discloses Tender Offer for $150MM of 2017 Notes
-------------------------------------------------------------
EMPRESAS ICA, S.A.B. DE C.V. has commenced an offer to purchase up
to US$150 million aggregate principal amount of its outstanding
8.375% Senior Notes due 2017 (CUSIP Nos. 29246D AB0 / P37149 AQ7;
ISIN Nos. US29246DAB01 / USP37149AQ72) upon the terms and subject
to the conditions set forth in the Offer Documents.

Concurrently with the Tender Offer, the Company announced it
intends to conduct an offering of new notes exempt from the
registration requirements of the U.S. Securities Act of 1933, as
amended.

A full text copy of the press release is available free at:

                       http://is.gd/uBSe95

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.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2014, 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.


GRUPO SENDA: S&P Affirms 'B' CCR; Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' global scale
long-term corporate credit rating on Grupo Senda Autotransporte
S.A. de C.V. (Senda).  S&P also affirmed its 'mxBBB-/mxA-3'
national scale ratings.  S&P withdrew its 'B' issue-level an '3'
recovery ratings on the company's $150 million senior secured
notes following full prepayment.  The outlook remains stable.

The ratings on Senda reflect its "weak" business risk profile,
"aggressive" financial risk profile, and "less than adequate"
liquidity, as per S&P's rating criteria.

"Our assessment of Senda's "weak" business risk profile reflects
the "high" industry risk, "moderately high" country risk, and the
company's "fair" competitive position.  In our view, the company's
business risk profile is constrained by our view of its small size
relative to its rated peers, the competitive Mexican bus
transportation market, the industry's slow growth and sluggish
demand in the regions in which the company operates.  On the other
hand, we view Senda's strong market position in Mexico's
northeastern and central regions, significant market share in the
southeastern U.S., low average fleet age of about 7.5 years, and
improving revenue diversification as the company continues to
expand its personnel transportation segment, as positive factors
in our business risk profile assessment," S&P said.


PATRIMONIO S.A: Moody's Upgrades Rating on 3 RMBS to 'Ba2'
----------------------------------------------------------
Moody's de Mexico has upgraded three residential mortgage backed
securitizations (RMBS) serviced by Patrimonio, S.A. de C.V.,
SOFOM, E.N.R. This rating action follows the recent upgrade of the
ratings of the financial guarantors MBIA Insurance Corporation
(MBIA) and MBIA Mexico (MBIA Mexico). This action concludes the
review Moody's initiated on February 19, 2014, when it placed the
ratings on review for upgrade.

The rating action is as follows:

Issuer: HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Division Fiduciaria, acting solely as trustee.

MXMACFW 07-3U Class A, upgraded to B2 (sf) (Global Scale, Local
Currency) and Ba1.mx (sf) (Mexican National Scale) from B3 (sf)
(Global Scale, Local Currency) and B1.mx (sf) (Mexican National
Scale). The certificates' underlying ratings (reflecting the
certificates' intrinsic credit quality absent the financial
guarantee that MBIA provides) are Ca (sf) and Ca.mx (sf).

MXMACFW 07-5U Class A, upgraded to B2 (sf) (Global Scale, Local
Currency) and Ba1.mx (sf) (Mexican National Scale) from B3 (sf)
(Global Scale, Local Currency) and B1.mx (sf) (Mexican National
Scale). The certificates' underlying ratings (reflecting the
certificates' intrinsic credit quality absent the financial
guarantee that MBIA Mexico provides) are C (sf) and C.mx (sf).

BRHCCB 07-2U Class A-2, upgraded to B2 (sf) (Global Scale, Local
Currency) and Ba1.mx (sf) (Mexican National Scale) from B3 (sf)
(Global Scale, Local Currency) and B1.mx (sf) (Mexican National
Scale). The certificates' underlying ratings (reflecting the
certificates' intrinsic credit quality absent the financial
guarantee that MBIA Mexico provides) are Ca (sf) and Ca.mx (sf).

Ratings Rationale

This action is solely driven by Moody's announcement on 21 May
2014 that it has upgraded the Insurance Financial Strength (IFS)
ratings of MBIA Insurance Corporation (MBIA Corp.), and of MBIA
Mexico.

MXMACFW 07-3U benefits from a financial guaranty insurance policy
issued by MBIA Insurance Corp., while MXMACFW 07-5U and BRHCCB 07-
2U benefit from a similar guaranty issued by MBIA Mexico, that
covers timely interest payment and ultimate principal payment by
the legal final maturity date of the certificates.

The certificates' current ratings are consistent with Moody's
modified approach to rating structured finance securities wrapped
by financial guarantors at the higher of (1) the guarantor's
insurance financial strength rating and (2) the underlying
ratings, which reflect the intrinsic credit quality of the
certificates in the absence of the guarantee. In the case of
MXMACFW 07-3U Class A, MXMACFW 07-5U Class A and BRHCCB 07-2U
Class A-2, since MBIA's financial strength ratings are higher than
the certificates' underlying ratings, the certificates' ratings
are in line with MBIA's current ratings.

As part of evaluating the current ratings of these transactions,
Moody's also reviewed the certificates' underlying ratings, which
are as follows:

MXMACFW07-3U Class A: Ca.mx (sf), Ca (sf)

MXMACFW07-5U Class A: C.mx (sf), C (sf)

RHCCB 07-2U Class A-2: Ca.mx (sf), Ca (sf)

Regarding the variability of these transactions, any change in
MBIA insurance financial strength rating would result in a change
in the ratings of the affected certificates.

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

Given the low underlying ratings of the certificates compared to
the guarantor's rating, the ratings are directly affected by any
change in the insurance financial strength of the guarantor.

With respect to the underlying ratings, the primary sources of
uncertainty are related to the macroeconomic environment,
particularly regarding the dynamics of the labor market, and the
severity of loss assumption for defaulted loans.

Moody's considered the originator and servicer's practices in its
analysis; the evaluation of such practices informs some of the
assumptions of the deals.

Rating Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS using the MILAN Framework" published in
November 2013.

However, this action is driven solely by the rating action on MBIA
and is not a result of change in key assumptions, expected losses,
cash flows and stress scenarios on the underlying assets.

The period of time covered in the financial information used to
determine the listed deals' ratings is between March 31, 2007 and
March 31, 2014. (source: periodic collections and remittances
reports sent by the servicers, trustees and common representative
agents)

The transactions are backed by residential mortgage loans granted
to middle and low income borrowers, denominated in UDIS. The
analysis of the collateral is performed under the MILAN
methodology, which take into account the characteristics of the
loans in order to assess potential losses on the structures.


SU CASITA: Moody's Upgrades Rating on Class A RMBS to 'B2'
----------------------------------------------------------
Moody's Investors Service has upgraded Su Casita - Cross-border
Class A Insured Residential Mortgage Backed Floating Rate Notes, a
Mexican RMBS guaranteed by MBIA Insurance Corp. This rating action
follows the recent upgrade of the ratings of the financial
guarantor MBIA Insurance Corporation (MBIA). This action concludes
the review Moody's initiated on 14 February 2014, when it placed
the ratings on review for upgrade.

The rating action is as follows:

Issuer: CIBanco S.A Institucion de Banca Multiple, acting solely
as trustee.

Hipotecaria Su Casita - Cross-border, Class A Insured Residential
Mortgage Backed Floating Rate Notes, rating upgraded to B2 (sf)
from B3 (sf) (Global Scale, Foreign Currency) ; previously on
February 14, 2014 placed on review for possible upgrade. The
notes' underlying rating (reflecting the notes' intrinsic credit
quality absent the financial guarantee that MBIA provides) is
currently Caa3 (sf).

Ratings Rationale

This action is solely driven by Moody's announcement on 21 May
2014 that it has upgraded the Insurance Financial Strength (IFS)
ratings of MBIA Insurance Corporation (MBIA Corp.) to B2 from B3.

The Hipotecaria Su Casita Cross-border Class A Insured Residential
Mortgage Backed Floating Rate Notes benefit from a financial
guaranty insurance policy issued by MBIA Insurance Corp. that
covers timely interest payment and ultimate principal payment by
the legal final maturity date of the notes.

Moody's ratings on structured finances securities that are
guaranteed or "wrapped" by a financial guarantor are generally
maintained at a level equal to the higher of the following: a) the
rating of the guarantor; or b) the published or unpublished
underlying rating.

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

Given the low underlying ratings of the certificates compared to
the guarantor's rating, the ratings are directly affected by any
change in the insurance financial strength of the guarantor.


===========
P A N A M A
===========


AES PANAMA: S&P Puts 'BB+' CCR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Rating Services placed its 'BB+' long-term
corporate credit and issue-level ratings on AES Panama S.A. on
CreditWatch with negative implications.

"The CreditWatch placement reflects AES Panama's weaker than
expected financial ratios in December 2013, and our expectation
that the highly likely El Nino phenomenon will further lower
rainfall levels in the region during 2014 and 2015 weakening
EBITDA generation," said Standard & Poor's credit analyst Maria
del Sol Gonzalez.  AES Panama's adjusted net debt to EBITDA was
5.8 at the end of 2013 and funds from operations (FFO) to adjusted
debt was 10%, which was weaker than expected.  Although it's not
certain how strong the effects of El Nino will be in 2014, AES
Panama's high contracted firm capacity (93% for 2014 and 91% for
2015), makes it particularly vulnerable to hydrological risk.  In
the first three months of 2014, AES Panama was forced to purchase
energy in the spot market to fulfill its agreements as its power
generation remained low due to low rainfall and river levels.
This trend will likely continue throughout the year.


=======
P E R U
=======


CORPORACION AZUCARERA: S&P Lowers CCR to 'BB' and Revises Outlook
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and issue-level ratings on Corporacion Azucarera del Peru S.A.
(Coazucar) to 'BB' from 'BB+'.  At the same time, S&P revised the
outlook on the corporate credit rating to stable from negative.

"The downgrade incorporates the unfavorable market dynamics for
the sugar industry in 2013. In particular, depressed international
prices along with higher sugar supply in Peru resulted in lower
domestic pricing, thus weakening Coazucar's operating and
financial performance," said Standard & Poor's credit analyst Juan
Patricio Bayona.  The stable outlook reflects S&P's forecast for a
slow recovery in sugar prices that could lead to the gradual
improvement in the company's overall credit metrics and operating
results.


FERREYCORP S.A.A.: S&P Affirms 'BB+' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' global scale
corporate credit rating on Ferreycorp S.A.A.  S&P also affirmed
its 'BB+' issue-level rating on Ferreycorp S.A.A.'s $300 million
senior unsecured notes due 2020.  The outlook is stable.

The rating affirmation reflects S&P's assessment of Ferreycorp's
"fair" business risk profile, "significant" financial risk
profile, and "adequate" liquidity position.

Ferreycorp's "fair" business risk profile reflects S&P's view of
the capital goods industry's "intermediate" risk and "moderately
high" weighted average country risk, considering that nearly 90%
of the company's revenues are generated in Peru, while the
remaining 10% in Central America.  The company's "fair" business
risk profile also reflects its solid and established relationship
with Caterpillar Inc. (A/Stable/A-1) as an exclusive dealer in
Peru, its leading market position within the Peruvian capital
goods market, its extensive product portfolio--with strong brand
recognition--and its diversified end markets and client base.  "It
also reflects the company's long track record and expertise in
delivering premium quality after-sale services, which are critical
to Caterpillar's global business model," said Standard & Poor's
credit analyst Luis Martinez.  S&P also incorporated the rapid
growth of the Peruvian market for capital goods over the last
decade, which S&P expects to remain consistent over 2014 and 2015,
with demand buoyed by mining companies' capital spending on trucks
and equipment, as well as heavy construction machinery for the
development of infrastructure projects.  The partly offsetting
factors are the company's exposure to cyclical resource-based
industries, such as energy and mining, as well as its limited
geographic diversification as compared to global players.



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


CHOICE CABLE: S&P Puts 'CCC+' Issue-Level Rating on $33.5M Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Puerto Rico-based Choice Cable TV following the
company's plan to borrow under a proposed $33.5 million second-
lien term loan due 2019. The rating outlook is stable. S&P expects
the company to use proceeds to pay a distribution to shareholders.

"At the same time, we assigned our 'CCC+' issue-level rating and
'6' recovery rating to the proposed term loan. The '6' recovery
rating indicates our expectation for negligible (0%-10%) recovery
in the event of a payment default. Our 'B' issue-level rating and
'3' recovery rating on the company's existing first-lien credit
facilities remain unchanged," said S&P.

"The rating affirmation reflects our expectation that despite
increased leverage due to the proposed dividend, the company will
continue to generate positive free cash flow which, combined with
low-single digit percent EBITDA growth, should allow for modest
deleveraging over the next few years," said Standard & Poor's
credit analyst Michael Altberg.

"We expect lease-adjusted leverage to remain high in fiscal 2015
(year ended May 31) at about 5.7x, declining to the low-to-mid 5x
area in fiscal 2016.  Further deleveraging will depend upon the
level of voluntary debt repayment," said S&P.

"Our assessment of Choice's business risk profile reflects the
company's position as the incumbent cable operator in its markets,
its limited competition for high-speed data (HSD), and its healthy
EBITDA margins relative to those of larger operators. These
factors are more than offset by the company's exposure to weaker
macroeconomic and pay-TV fundamentals in Puerto Rico, market
penetration rates lagging those of its U.S. peers, competition
from satellite direct-to-home (DTH) providers, and significant
pay-TV piracy in its markets, which supports our overall "fair"
business risk assessment," said S&P.

The stable rating outlook reflects S&P's expectation that, while
near-term revenue growth will be muted by economic and competitive
pressures, the company will generate positive FOCF that could
support modest leverage reduction over the next 12 months.

"A rating downgrade, which we view as unlikely over the next 12
months, could result if leverage exceeded 7x for a sustained
period, or if liquidity became constrained by tightening covenants
in conjunction with weaker than expected operating performance. We
believe deteriorating operating performance amid weak economic
conditions and increased competition, coupled with a leveraging
event such as a dividend recapitalization, would be the most
likely reasons for a downgrade scenario," said S&P.

"We view a rating upgrade as unlikely over the near term. The
chance of an upgrade is constrained by financial policy
considerations, and would involve our expectation of leverage
remaining below 5x on a sustained basis, regardless of potential
shareholder distributions. An upgrade scenario would also require
continued improvement in the Puerto Rican economy, stable EBITDA
margins, and relatively steady market penetration rates for
Choice's product offerings, especially with the potential for
heightened competition from Claro and DISH," said S&P.


SANTANDER BANCORP: Fitch Affirms, Withdraws bb+ Viability Rating
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings for Santander
Bancorp (SBP) and its subsidiaries at 'BBB' and Viability Rating
(VR) at 'bb+'.  Fitch has withdrawn the ratings as SBP has chosen
to stop participating in the rating process.  Therefore, Fitch
will no longer have sufficient information to maintain the
ratings.  Accordingly, Fitch will no longer provide ratings or
analytical coverage for SBP.  A full list of ratings follows at
the end of this release.

Fitch notes that there has been no material change in SBP's credit
risk profile since the bank's ratings were affirmed at the Puerto
Rico Bank Peer committee in December 2013.

KEY RATING DRIVERS - VRS, IDRS AND SENIOR DEBT

SBP's IDRs are correlated with Banco Santander's; therefore,
changes in Banco Santander's IDRs and/or Outlook result in changes
to SBP's.  SBP's IDRs would also be affected should Fitch's view
of support change.

Fitch has affirmed SBP's standalone 'BBB' rating and VR at 'bb+'.
The affirmation is supported by the company's sound operating
performance and solid capital position while operating in the
challenging Puerto Rico market. Similarly to local peers, asset
quality remains a challenge.

Through the credit downturn, SBP's standalone performance has been
better than peers as evidenced by above-average profitability,
capital and credit measures.  Despite the headwinds from the weak
local economy, SBP's results have held up well.  More recently,
the company has experienced a decline in profitability measures,
although they are still in-line with current ratings level.

Given continued profitability, the company's capital position has
remained solid with a TCE ratio at 14.47% and Fitch Core
Capital/Risk Weighted Assets of 23.08% for 4Q'13.

SBP's loan portfolio exhibits better credit performance due to
more conservative underwriting and overall risk management
practices (including a relatively low concentration in
construction lending and commercial real estate).  Nonetheless,
Fitch is concerned with SBP's elevated levels of NPAs at 5.7%,
although it compares well to local peers with an average NPA of
10.8% at 4Q'13.

SBP is the third largest bank in Puerto Rico by deposits with
approximately a 12% share.  SBP offers banking and other financial
services through its subsidiaries, Banco Santander Puerto Rico,
Santander Financial Services, Santander Securities Corporation
among other smaller subsidiaries. Since 2010, SBP is wholly owned
by Banco Santander (in Spain)

KEY RATING SENSITIVITIES -VR, IDRS AND SENIOR DEBT

Rating sensitivities are no longer relevant given today's rating
withdrawal.

KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital issued by SBP, and its
subsidiaries are all notched from SBP's Long-term 'BBB' IDR
Rating, which is tied to its parent company, Banco Santander.  In
Fitch's view, the parent would continue to support the obligations
of SBP, its wholly-owned subsidiary.

Fitch notes that SBP does not have any preferred stock outstanding
as of May, 21, 2014.

RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES

Rating sensitivities are no longer relevant given today's rating
withdrawal.

KEY RATING DRIVERS - SUPPORT RATING

The Support Rating is '2', which reflects Fitch's view that there
is still a high probability of support for SBP by its parent in
the event of need.

Fitch considers SBP to be strategically important to, but not a
core subsidiary of, Banco Santander.  This is reflected in the
support-driven IDR, which is notched one notch below the parent
company's IDRs at 'BBB'.  Since SBP's support reflects
institutional support, no support rating floor is assigned.

RATING SENSITIVITIES - SUPPORT RATING

Rating sensitivities are no longer relevant given today's rating
withdrawal.

KEY RATING DRIVERS - HOLDING COMPANY

SBP's IDR and VR are equalized with those of Banco Santander
Puerto Rico, reflecting its role as the bank holding company,
which is mandated in the U.S. to act as a source of strength for
its bank subsidiaries.

RATING SENSITIVITIES - HOLDING COMPANY

Rating sensitivities are no longer relevant given today's rating
withdrawal.

KEY RATING DRIVERS - SUBSIDIARY AND AFFILIATED COMPANY

Banco Santander Puerto Rico is a wholly owned subsidiary of
Santander Bancorp.  Banco Santander Puerto Rico's ratings are
aligned with SBP reflecting Fitch's view that the bank subsidiary
is core to the franchise.

RATING SENSITIVITIES - SUBSIDIARY AND AFFILIATED COMPANY

Rating sensitivities are no longer relevant given today's rating
withdrawal.

KEY RATING DRIVERS - LONG- AND SHORT-TERM DEPOSITS

Banco Santander Puerto Rico's long- and short-term deposit ratings
reflect Fitch's view of how these deposits would be treated in a
liquidation by the FDIC.

RATING SENSITIVITIES - LONG AND SHORT TERM DEPOSITS

Rating sensitivities are no longer relevant given today's rating
withdrawal.

Fitch has affirmed and withdrawn the following ratings:

Santander Bancorp
--Long-term IDR at 'BBB'; Outlook Stable;
--Short-term IDR at 'F2';
--Viability Rating at 'bb+';
--Support Rating at '2';
--Subordinated debt at 'BBB-'.
Banco Santander Puerto Rico
--Long-term IDR at 'BBB'; Outlook Stable;
--Short-term IDR at 'F2';
--Viability Rating at 'bb+';
--Support Rating at '2';
--Long-term deposit rating at 'BBB+';
--Short-term deposit rating at 'F2'.
Santander PR Capital Trust I
--Preferred stock at 'BB'.


* Puerto Rico Banks Weighed Down by Weak Economy, Fitch Says
------------------------------------------------------------
Weak economic fundamentals in Puerto Rico and ongoing budgetary
challenges for the island's government are likely to weigh on the
operating performance and credit profiles of local banks,
according to Fitch Ratings.

Economic conditions in Puerto Rico have kept the non-performing
assets (NPAs) of banks on the island very high relative to U.S.
midtier and community bank peer groups.  Combined, the NPA rate of
Fitch-rated Puerto Rican banks was 11.9% at the end of 4Q13,
compared with 2.5% for mainland peers.

Unemployment in Puerto Rico remains high, running at over 14%.
Labor market conditions are restraining recovery potential in the
local housing market and worsening the recoveries on defaulted
loans.  The government's high debt levels, pension funding
requirements and still-sluggish growth have exacerbated the banks'
challenges.

The core deposit base of the Puerto Rican banks is not sufficient
to support local banks' funding requirements.  Heavy reliance on
non-core funding, particularly brokered CDs and other wholesale
sources, could constrain liquidity if economic conditions worsen.
Doral Financial (DRL), which had $1.4 billion in brokered deposits
at year end 2013, or 28% of total deposits and 18% of total
funding, saw its use of brokered deposits frozen by the FDIC on
May 1.  The bank must resubmit a revised capital plan to resume
access to the brokered deposit market. DRL's IDR was downgraded to
'C' from 'CCC' on May 5.

Maintaining a good measure of stability in the Puerto Rican banks'
capital positions is critical to supporting current ratings in
light of the poor economic environment.  Favorably, most banks'
capital positions have improved somewhat over the past two years
as a result of equity issuances that have helped to shore up
credit quality.

While all of Puerto Rico's banks have suffered from market
weakness, DRL entered 2014 as already the weakest of the island's
rated banks.  The FDIC advised the bank and the Office of
Financial Commissions, Puerto Rico's local bank regulator, that it
could no longer include some or all of certain tax receivables due
from the government of Puerto Rico as part of its Tier 1 capital
calculation.  The tax receivables, totaling $289 million, account
for roughly 43% of DRL's current Tier 1 capital.  With the
exclusion of these assets, DRL is no longer compliant with its
minimum regulatory capital requirement.

For most of Puerto Rico's banks, better profitability will be key
in determining whether capital ratios and other financial measures
can continue improving in the face of macro headwinds.


==============================
S T.   K I T T S  &  N E V I S
==============================


ST KITTS & NEVIS: IMF Gives Statement at Conclusion of Mission
--------------------------------------------------------------
An International Monetary Fund mission (IMF), led by Judith Gold,
visited St. Kitts and Nevis during May 12-21 to conduct the ninth
and final review under the three-year Stand-By Arrangement (SBA).
The program was approved on July 27, 2011 in a total amount
equivalent to SDR 52.51 million (US$ 84 million)

At the conclusion of the visit, Ms. Gold made the following
statement:

"The economic recovery in St. Kitts and Nevis has gathered
momentum, with real GDP growing at an estimated 3.8 percent in
2013 reflecting a pickup in tourism, a strong expansion in
construction activity related to large Citizenship-by-Investment
(CBI) inflows, a substantial increase in public sector investment,
and impetus from the People Employment Program (PEP).

Preliminary data for 2013 shows wages increased by 10 percent
while employment expanded by 19 percent, mainly reflecting the
impact of the PEP.  Inflation declined to 0.4 percent at end-2013,
and continues to be low, at 0.1 percent at end-March 2014 (y/y).

The financial system is stable although the recovery in economic
activity has not yet translated into increased lending to the
private sector, as banks remain cautious.  The external position
continues to benefit from the recovery in tourism receipts and a
strong increase in CBI inflows.  At end-2013 international
reserves were at a comfortable level of about 8 months of imports
(or 6 months excluding IMF disbursements).

"The focus of this mission was to assess the quantitative
performance at end-March 2014 under the SBA, review the ongoing
structural reforms, and confirm fiscal targets for 2014.  The
fiscal out turn for March 2014 was in line with program targets as
a result of strong revenue performance notwithstanding somewhat
higher than anticipated capital expenditure.  These first quarter
results suggest that the fiscal targets for the remainder of 2014
are achievable with continued policy efforts to contain government
employment, and consequently, the public sector wage bill, as well
as spending, while continuing to strengthen revenue collections.
Progress was made on structural reforms.

The implementing regulations of the 2011 Civil Service Act
(pertaining to recruiting, discipline, promotion, and standing
orders) were made operational by Official Gazette on May 15, ahead
of the end-June 2014 scheduled date, while a new Customs Law is
expected to be submitted to Parliament by end-May.

"The mission would like to commend the authorities for the
substantial progress made under the St. Kitts and Nevis' home-
grown program, supported by the three-year SBA.  Public debt,
which was at 164 percent of GDP in 2010, has been reduced to 104
percent of GDP at end-2013 and is on the path to reach the ECCU
target of 60 percent of GDP by 2020.  The fiscal balance went from
a deficit of 7.8 percent of GDP to a surplus of 12.2 percent in
2013.  These achievements reflect substantial policy efforts,
adjustments, and reforms, including an ambitious debt
restructuring exercise.  They are also the result of very large
inflows under the CBI program that provided resources to gear up
public spending, address social needs, and support private
investment.

"Considerable progress was also made with the initiation and
implementation of major structural reforms under the program.  We
expect that 20 of the 24 structural benchmarks relating to
strengthening fiscal management, completing the debt restructuring
and maintaining financial stability, will have been implemented by
the end of the program period, and a further two will be completed
within the year.  As a result of these efforts, tax administration
has been restructured, public expenditure management improved, and
the overall public sector is now considerably more effective.
Nevertheless, continued efforts to sustain implementation and make
further progress in completing the outstanding structural
benchmarks will be needed for the structural reforms to deliver on
the promised improvement and strengthening of public financial
management and continued decline of indebtedness.

"Nonetheless there are still critical challenges facing the
nation.  First and foremost continued effort is needed to sustain
the recovery and ensure that growth continues.  This will require
further reforms to improve the business environment, for both
domestic and foreign investment, sustain the recovery in tourism,
and maintain sound macro-economic policies.  In this regard,
fiscal discipline and ongoing reforms will be needed, as well as
an effective and transparent framework to manage CBI and SIDF
resources to reduce the country's high vulnerability to exogenous
shocks, to continue to strengthen public sector finances, and to
ensure that resources are used productively. In this context,
while PEP has played a pivotal role in accelerating the economic
recovery and creating jobs, we support efforts to contain its
costs, including by having the private sector shoulder part of the
employment expense.

"The mission met with the Prime Minister, the Premier of Nevis,
the Cabinet, the Financial Secretary of St. Kitts and Nevis, the
Acting Permanent Secretary of Finance in the Nevis Island
Administration, other senior government and ECCB officials, as
well as representatives of the banking and business community. The
mission made a presentation to the Chamber of Industry and
Commerce as part of the IMF's ongoing outreach initiative in St.
Kitts and Nevis.  Although the SBA ends on July 26, 2014, the IMF
will continue to maintain its close policy dialogue with the
Government of St. Kitts and Nevis in the context of the Fund's
Post-Program Monitoring Framework.

"The mission would like to thank the authorities and technical
staff for their open discussions and excellent cooperation during
this review and over the course of the IMF supported program."


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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.


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