TCRLA_Public/140603.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Tuesday, June 3, 2014, Vol. 15, No. 108


A N T I G U A  &  B A R B U D A

LIAT: Airline to Establish Technical Working Panel, Chairman Says


OGX PETROLEO: Creditors to Vote on Restructuring Plan Today
OMNI SA: Fitch Affirms 'B' Issuer Default Rating
VIRGOLINO DE OLIVEIRA: Fitch Lowers IDR to 'B-'; CreditWatch Neg.

C A Y M A N  I S L A N D S

CONOCOPHILLIPS EXPLORATION: Members' Final Meeting Set for June 18
EXIMIUS CAPITAL: Shareholders' Final Meeting Set for June 23
GREENCOURSE INVESTMENT: Shareholders Receive Wind-Up Report
HARMONY STAR: Sole Member to Receive Wind-Up Report on June 30
IBERLOAN 2000-2: Shareholders' Final Meeting Set for June 23

IBERLOAN 2000-3: Shareholders' Final Meeting Set for June 23
MBF NO.5: Shareholders' Final Meeting Set for June 23
MONEY MARKET: Members' Final Meeting Set for June 19
SAAR HOLDINGS: Shareholders' Final Meeting Set for June 23
WITHIN LTD: Shareholders' Final Meeting Set for June 30


AES CHIVOR: Moody's Withdraws "Ba1" Corporate Family Rating

D O M I N I C A N   R E P U B L I C

COGENTRIX ENERGY: Seeks Cleansing With Natural Gas
DOMINICAN REPUBLIC: S&P Affirms B+/B Credit Rating; Outlook Stable


BANCO DE DESARROLLO: Fitch Affirms 'BB+' LT Foreign Currency IDR


CABLE & WIRELESS: S&P Revises Outlook to Stable, Affirms 'BB' CCR


BANCA MIFEL: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
INDUSTRIAS UNIDAS: Incurs Ps. 122.3MM Operating Loss in Q1 2014
METROFINANCIERA: Fitch Retains 'RD' Issuer Default Rating


NICARAGUA: To Get $45 Million IDB Loan to Improve Productivity


MULTIBANK: Fitch Affirms 'BB+' Issuer Default Rating

P U E R T O   R I C O

CHOICE CABLE: S&P Retains 'B' CCR Following Upsizing of Debt


Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

LIAT: Airline to Establish Technical Working Panel, Chairman Says
----------------------------------------------------------------- reports that Leeward Islands Air Transport (LIAT)
Chairman, Dr. Ralph Gonzalves, said a technical committee is to be
established between management and workers to oversee the smooth
and improved daily operations of the company.

Dr. Gonzalves said the decision was made at a meeting earlier last
week between the chairman of the shareholders committee and
chairman of the board of directors, the new chief executive
officer and the unions representing the workers across the region,
according to

The report notes that the basis of the meeting was to review an
eight-page document submitted by the unions representing workers,
analyzing the failings of the company and providing
recommendations for urgent measures to stem the downward spiral of
the regional airline.  The document was submitted to the LIAT
Chairman in February of this year.

Dr. Gonsalves told CMC that during the meeting "some decisions
which had been taken hitherto for partnership, working
cooperation, have been sharpened-given greater focus," the report

Dr. Gonsalves, the report notes, also said new LIAT CEO David
Evans presented a broad overview of his vision and "strategic
frame" for the airline's future which he plans to make available
in detail to all LIAT stakeholders including workers.

Dr. Gonzalves said there was also a suggestion from the CEO for
similar quarterly consultative meetings between the stakeholders
in order to have buy-in to plans and projections for the future of
the airline, the report relays.

                           About LIAT

Headquartered in V. C. Bird International Airport in Saint George
Parish, Antigua, Leeward Islands Air Transport, known as LIAT,
operates high-frequency interisland scheduled services serving 22
destinations in the Caribbean.  The airline's main base is VC
Bird International Airport, Antigua and Barbuda, with bases at
Grantley Adams International Airport, Barbados and Piarco
International Airport, Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 10, 2014, said that Leeward Islands Air
Transport (LIAT) said it will take "decisive action" to deal with
unprofitable routes as the Antigua-based airline seeks to make its
operations financially variable.

On Sept. 23, 2013, the TCRLA, citing Trinidad and Tobago Newsday,
reported that there's much upheaval at the highest levels of LIAT
-- the Board and the Executive. Following the sudden resignation
of Chief Executive Officer Captain Ian Brunton, comes the news
from highly reliable sources that long time chairman Jean Holder
is all set to follow.

David Evans replaced Mr. Brunton as chief executive officer.


OGX PETROLEO: Creditors to Vote on Restructuring Plan Today
Luciana Magalhaes at The Wall Street Journal reports that the
rescue of the troubled oil firm founded by Brazilian businessman
Eike Batista is becoming a legal battlefield.

Creditors are scheduled to vote today, June 3, 2014, on a plan to
restructure Oleo e Gas Participacoes SA, formerly known as OGX
Petroleo e Gas Participacoes SA, which filed for bankruptcy
protection last year, according to The Wall Street Journal.  But
two creditors have come forward to try to block the vote, the
report relates.

The report notes that the latest is UK-based Perenco, an
independent service provider, which has asked a judge in Rio de
Janeiro to give the company's many bondholders only a single vote
on the restructuring plan.  Such a move would give remaining
creditors, mainly suppliers such as Perenco, more influence in the
vote and in shaping the future of Oleo e Gas, the report

The report relates that Judge Jesse Torres hasn't made a
resolution on Perenco's injunction request, according to Darwin
Correa, a lawyer at Paulo Cezar Pinheiro Carneiro law firm, which
represents Mr. Batista's oil firm.

Earlier this week, the WSJ discloses, a subsidiary of U.S.-based
drilling firm Diamond Offshore was granted a similar injunction
from the same judge.  That order prevents bondholders from voting
on the plan individually, the report notes.  Instead, it allows
only the trustee, Deutsche Bank AG, to vote in the creditors'
assembly on behalf of all of them, the report relays.

But Diamond Offshore said it plans to withdraw that request,
according to lawyers representing Oleo e Gas, the report notes.
They didn't provide further details on why Diamond Offshore made
such a move, the report relates.

"Diamond Offshore has informed us they will give up on their
request," the report quoted Marcelo Lamego Carpenter at Sergio
Bermudes Law Office, which also represents OGX, as saying.

Both OGX lawyers said they believe they would be able to overturn
any new injunction that may be granted before the voting of the
company's reorganization plan, the report relates.

In an interview in Rio de Janeiro, Oleo e Gas Chief Executive
Paulo Narcelio said he was confident the firm would manage to exit
bankruptcy protection despite the obstacles, the WSJ discloses.

The report notes that some smaller bondholders aren't happy with
the plan to be voted on.  They complained they weren't given the
same opportunity to invest in the company as the large ones,
lawyer Felipe Galea said last month, the report relates.  His law
office, Barbosa, Mussnich & Aragao, represents one of the small

At the end of last year, a group of Oleo e Gas large bondholders,
including Pacific Investment Management Co., agreed to invest $215
million in the company to help make it viable, the report recalls.
If the plan is approved, they will become the firm's controlling
group, the report says.

                      About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.

OMNI SA: Fitch Affirms 'B' Issuer Default Rating
Fitch Ratings has affirmed the ratings of Omni S.A. Credito,
Financiamento e Investimento (Omni), including the Issuer Default
Ratings (IDRs) at 'B'.  In addition, the Viability Rating was
affirmed and withdrawn.  See the full list of rating actions at
the end of this release.


Fitch has affirmed the ratings of Omni.  The ratings are driven by
the institution's good systems and risk controls, as well as
adequate profitability ratios.  They also consider Omni's
experience in its main business line - financing autos (cars,
trucks and utility vehicles, especially used, up to 25-years old,
as well as new and used motorcycles) for the lower purchasing-
power classes ('C' and 'D'), a segment less targeted by the

The ratings also consider Omni's small size compared with its
peers, its higher leverage, business market, greater
susceptibility to fluctuations in the economy, and the finance
company's still limited access to long-term funding sources.  This
presupposes high revenue and business concentrations, typical of
institutions with these characteristics.

Omni continued to present operating results slightly above the
average of banks and finance companies that focus on this
consumer-finance niche.  Given the nature of consumer credit to
the low-income classes, Omni's delinquency ratios continued to be
higher than those reported in traditional financing activities.
However, these higher levels have been well-managed and were
within the expectations and pricing parameters that Omni has for
its successful business model.  Its asset quality indicators are
well-monitored and offset by the higher interest rates that are
charged and mitigated by the size of the transaction and large
number of borrowers.  Omni's funding is expected to continue to
mostly rely on the securitization of assets for receivables-backed
investment funds (FIDCs), as well as time deposits with special
guarantees (DPGEs).  Omni also currently has about BRL210 million
(time deposits, notes and hybrid capital) funded by its
shareholder.  Omni is studying future overseas issuances to
complement existing issues.  Even though Omni faces a low level of
competition, their expectation for growth during 2014 is between
10% and 12%, which enables the company to continue to be selective
with its underwriting policies.

Profitability contributed to an improved capitalization level.
Fitch's calculation of core capital-to-total weighted risk assets
remained improved from 9.9% in 2012 to 12.6% in 2013.  The agency
weighs loans sold to FIDCs at 75%. Hybrid capital and debt
instruments, considered in regulatory capital as Tier 2, were not
included in this calculation, although Fitch recognizes the
benefits of this additional long-term source of funding.

The Viability Rating was affirmed and withdrawn to align it with
Fitch's rating criteria applied to other non-bank financial
institutions.  In Fitch's view, given the absence of regular
support available for banks, a non-bank financial institution's
risk of failure is no different than its default risk captured by
the entity's long-term IDR.


Omni's ratings could benefit from growth in its operational
income, increased funding diversification, and a sustained
improvement in its asset quality ratios, which include a lower
level of charge-offs.  Specifically, Omni's ratings may be
upgraded if the company manages to preserve its operational ROAA
at around 2% within the economic cycle and preserve its
capitalization levels; and maintains adequate asset and liability
management and loan loss reserves aligned with its asset quality
trends.  On the other hand, negative pressures on the rating may
come from: a decrease in operating earnings and operational ROAA
falling below 1.0% combined with a Fitch core capital ratio below
9%; a relevant increase in the level of encumbered assets; and/or
a significant deterioration of its asset quality ratios.

Founded in 1968 as Distribuidora de Titulos e Valores Mobiliarios
(DTVM), a securities dealer, Omni was converted into a finance
company in 1994.  At Dec. 31, 2013, Omni presented total assets of
nearly BRL1.8 billion (about USD750 million), net worth of BRL215
million (USD91 million) and net income of about BRL51 million
(USD22 million).

Fitch has affirmed the following ratings:

Omni S.A.:
--Long-term foreign and local currency IDRs at 'B'; Outlook
--Short-term foreign and local currency IDRs at 'B';
--National Long-term rating at 'BBB-(bra)'; Outlook Stable;
--National short-term rating at 'F3(bra)';
--Viability Rating at 'b'; affirmed and withdrawn;
--Support rating at '5';
--Support rating floor at 'NF' (No Floor).
Senior notes due 2015:
--Long-term foreign currency at 'B/RR4'.

VIRGOLINO DE OLIVEIRA: Fitch Lowers IDR to 'B-'; CreditWatch Neg.
Fitch Ratings has downgraded Virgolino de Oliveira S.A. Acucar e
Alcool's (GVO) and Virgolino de Oliveira Finance S/A's (Virgolino
Finance) foreign and local currency Issuer Default Ratings (IDRs)
to 'B-' from 'B'.  At the same time, GVO's long-term National
Scale Rating was downgraded to 'BB+(bra)' from 'BBB(bra)'.  All
ratings remain on Rating Watch Negative. A complete list of rating
actions follows at the end of this release.


The downgrade is based on GVO's weaker financial profile in the
volatile sugar and ethanol business, underpinned by increasing
leverage ratios, low liquidity position and high short-term debt
concentration.  The company still faces a stressed scenario for
the sugar and ethanol prices, which adds challenges to GVO to
improve its operational cash flow generation in order to benefit
its credit metrics.  In addition, unusually dry weather conditions
in Sao Paulo State in early 2014 are likely to affect agricultural
yields in the 2014/2015 season.

The Watch Negative reflects Fitch's concerns about GVO's
escalating debt refinancing risks.  The negotiations with domestic
banks to rollover its short-term debt are taking longer than
expected and the amounts involved are deemed insufficient compared
to the company's overall refinancing needs.  The agency also
considers that at the average price levels of the last 12 months
GVO's current operating cash generation should be barely
sufficient to cover interest expenses and the maintenance capital
expenditures, leading to the necessity of increasing debt levels.
The recent financial problems of another company in the sugar and
ethanol business (Aralco) also negatively impact GVO's ability to
raise cash.

High Refinancing Risk

GVO's liquidity is under pressure and the company's initiatives to
address this issue are taking longer-than-expected to materialize.
The amounts involved are also deemed insufficient compared to the
company's overall refinancing needs in the coming months.  Among
the initiatives, only the rollover of a BRL95 million debt with
Banco Votorantim has been announced, compared to a short-term debt
(principal plus interest)position of BRL834 million as of Jan. 31,
2014 (including BRL467 million of the revolving Copersucar debt).
The cash and marketable securities of BRL129 million remains tight
and was covering only 0.15 times the short-term debt at the same
date. GVO has pending negotiations with lenders, not already
completed.  Assuming that negotiations with those creditors go
according to GVO's plan, the company will rollover additional
BRL220 million of principal debt amounts due originally in 2014
and 2015.  The unencumbered own land of 15,000 hectares may give
some financial flexibility to GVO as the company can use it as
collateral for debt issuances.

Fitch contemplates in the analysis that GVO has some flexibility
related to its debt with Copersucar, as the main shareholder of
this cooperative.  Those loans, included in the debt amount as per
Fitch's criteria, typically involve lower refinancing risks than a
regular bank or capital market debt. GVO can tap its credit line
with Copersucar of over BRL500 million as long as it is able to
crush sugar cane and deliver sugar and ethanol to the cooperative.
This facility is an important liquidity source for GVO, especially
in periods of more restrictive access to credit.  As of Jan. 31,
2014, GVO's debt with Copersucar was BRL534 million or 17% of
total adjusted debt of BRL3.1 billion.  The short-term debt with
this cooperative of BRL467 million represented 56% of total short-
term debt.

Increased Leverage:

GVO presents a weak financial profile underpinned by its
aggressive capital structure in a volatile sector.  In the last 12
months (LTM) ended Jan. 31, 2014, the company's consolidated net
adjusted debt/EBITDAR ratio, considering Copersucar dividends, was
6.1x, compared with 5.1x on April 2013 and 4.8x on April 2012.
Excluding advances from Copersucar backed by sugar and ethanol
inventories (BRL534 million), GVO's net adjusted debt/EBITDAR
would be 5.0x for the same period.  This high leverage results
from the combination of pressured free cash flow (FCF) due to
larger capital expenditures during the last harvests, which
included crop expansion to increase the contribution of owned
sugar cane supply.  In the LTM ended on Jan. 31, 2014, GVO's
EBITDAR was BRL500 million, with the EBITDAR margin of 40%
consistent within the industry.


The failure or delay to roll over its short-term debt in the near
term should place GVO on a difficult financial situation and
negatively pressure the ratings.  The Watch Negative may be
removed should significant liquidity improvements occur.

Fitch has downgraded the following ratings of GVO and Virgolino

Virgolino de Oliveira S.A. Acucar e Alcool

--Foreign and local currency IDRs downgraded to 'B-' from 'B';
--Long term National Scale Rating downgraded to 'BB+(bra)' from
'BBB(bra)'; and
--BRL100 million Senior Unsecured debentures due 2014 to 'BB+
(bra)' from 'BBB(bra)'.

Virgolino de Oliveira Finance S/A
--USD300 million Senior Unsecured Notes due 2022 downgraded to 'B-
/RR4' from 'B/RR4'; and
--Foreign and local currency IDRs downgraded to 'B-' from 'B'.

C A Y M A N  I S L A N D S

CONOCOPHILLIPS EXPLORATION: Members' Final Meeting Set for June 18
The members of Conocophillips Exploration Kazakhstan Ltd. will
hold their final meeting on June 18, 2014, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Limited
          c/o Eva Moore
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881

EXIMIUS CAPITAL: Shareholders' Final Meeting Set for June 23
The shareholders of Eximius Capital Funding, Ltd will hold their
final meeting on June 23, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands

GREENCOURSE INVESTMENT: Shareholders Receive Wind-Up Report
The shareholders of Greencourse Investment Ltd. received on
May 26, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          MBT Trustees Ltd.
          Telephone: 945-8859
          Facsimile: 949-9793/4
          P.O. Box 30622
          Grand Cayman KY1-1203
          Cayman Islands

HARMONY STAR: Sole Member to Receive Wind-Up Report on June 30
The sole member of Harmony Star Holdings (Cayman) Ltd. will
receive on June 30, 2014, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Lion International Management Limited
          Craigmuir Chambers
          P.O. Box 71, Road Town
          Tortola, British Virgin Islands

IBERLOAN 2000-2: Shareholders' Final Meeting Set for June 23
The shareholders of Iberloan 2000-2 Limited will hold their final
meeting on June 23, 2014, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands

IBERLOAN 2000-3: Shareholders' Final Meeting Set for June 23
The shareholders of Iberloan 2000-3 Limited will hold their final
meeting on June 23, 2014, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands

MBF NO.5: Shareholders' Final Meeting Set for June 23
The shareholders of MBF No.5 Inc. will hold their final meeting on
June 23, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands

MONEY MARKET: Members' Final Meeting Set for June 19
The members of Money Market Plus Fund Ltd. will hold their final
meeting on June 19, 2014, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Ghassan Hitti
          c/o Alan de Saram
          CARD Corporate Services Ltd.
          Telephone: 949 4544
          Facsimile: 949 8460
          Zephyr House, 122 Mary Street
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands

SAAR HOLDINGS: Shareholders' Final Meeting Set for June 23
The shareholders of Saar Holdings CDO, Limited will hold their
final meeting on June 23, 2014, to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          David Dyer
          Telephone: (345) 949-8244
          Facsimile: (345) 949-5223
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands

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

The company's liquidator is:

          Westport Services Ltd.
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


AES CHIVOR: Moody's Withdraws "Ba1" Corporate Family Rating
Moody's Investors Service upgraded the senior secured rating of
AES Chivor to Baa3 from Ba1.  Concurrently, Moody's also withdrew
AES Chivor's Ba1 Corporate Family Rating. The outlook is stable.

Rating Rationale

"The rating action is largely driven by Moody's expectation that
Chivor will be able to further report key credit metrics that are
robust for its current Ba1-rating category" said Natividad Martel,
a Moody's Vice President; Specifically, its 2011-2013 CFO pre W/C
to debt, interest coverage and Retained Cash Flow (RCF) to debt
averaged around 84%, 9x and 18.7%, respectively.

The rating continues to factor the issuer's aggressive cash
distribution policy (in the form of dividends or loans) as it is
expected to remain a key source of cash flow for its parent
company, AES Gener (Baa3, stable). That said, Moody's has gained
some clarity about how Gener will fund its material capex program,
including the US$150 million equity issuance completed in May
2014. Therefore, the rating action also reflects Moody's
expectation that Chivor will be able to further record over the
medium-term positive free cash flow considering dividend payments
(according to Moody's definition) as has been the case in most
recent years. Chivor's ability to generate strong cash flows is
enhanced by its overall prudent commercial policy in terms of
contracted output. This consists of committing to sell between 75%
and 85% of its expected output (4,160 MWh) under short and
intermediate term bilateral contracts largely with electric
utilities.  This has provided Chivor a stable base of contracted
cash flows which reduces the likelihood of being over-contracted
during those years when the El Nino phenomena results in lower
than usual hydrology levels in Colombia. Moody's notes that
although no El Nino phenomena developed during 2013 Chivor was
able to only generate 3,373GWh of output as the water inflows in
its reservoir were lower than its historical average (86%) which
highlights the concentration risk associated with a single cash
generating asset. As a result, the company was required to procure
power in the spot market to meet its 3,517GWh contracted load amid
volatile spot power prices which negatively impacted its EBITDA
margin. Nevertheless, despite these challenges, Chivor was able to
report at year-end 2013 a very strong CFO pre-W/C to debt metric
of 77.6%.

The rating action further assumes that Chivor will successfully
refinance its US$170 million 144RegA Notes due in December 2014
and that this will not result in a material increase in its
interest costs associated with this outstanding indebtedness. To
that end, Moody's understands that the issuer is currently
considering different refinancing alternatives.

Chivor's stable outlook largely reflects the issuer's overall
prudent commercial policy which is expected to further underpin
its ability to generate cash flows and maintain its strong
financial profile which substantially offsets the material
business concentration risks. The stable outlook also reflects
Moody's expectation that Gener's needs for cash upstreams will not
jeopardize Chivor's overall prudent financial policy and financial

The Baa3 rating is also currently capped by Chivor's exposure to
single-asset risk along with the company's single fuel source and
geographical concentration. Furthermore, limited prospects exist
for a further rating upgrade given the continuing call on cash
upstreams to support Gener's material construction program while
also remaining an important source of dividends for AES
Corporation. That said, factors that could trigger positive
momentum include a further improvement in its operating cash
flows, such that the issuer reports RCF to debt in the high

Factors that could create downward rating pressure include: a
significant deterioration in Colombia's political and economic
environment, changes to the country's regulatory framework that
have an adverse impact on the power markets and Chivor, a
significant and prolonged devaluation of the Colombian peso vis-a-
vis the U.S. dollar that renders Chivor's hedging strategy
inadequate or significantly higher distributions to Gener
resulting in a meaningful deterioration in Chivor's credit
metrics, such that its 3-year average RCF to debt falls below 14%
on a sustainable basis. In addition, if the rating of Gener or AES
were to experience a multi-notch downgrade, the rating of Chivor
could be affected.

The principal methodology used in this rating was Unregulated
Utilities and Power Companies published in August 2009.

AES Chivor & Cia. S.C.A. E.S.P. (Chivor; Corporate Family Rating
(CFR: Ba1; stable) is a wholesale power generation company
(1,000MW installed capacity with an additional 19.8MW mini hydro-
electric plant currently under construction) in Colombia (FC Gov.
bond: Baa3; positive). Since 1996, it has been a wholly-owned
subsidiary of AES Gener (Gener; Baa3; stable) and since 2001 it
has been an indirect subsidiary of the AES Corporation (CFR: Ba3;

D O M I N I C A N   R E P U B L I C

COGENTRIX ENERGY: Seeks Cleansing With Natural Gas
Dominican Today reports that the name 'Cogentrix' Energy, Inc.
conjures up images of mistrust in the Dominican Republic, where
its "bad reputation" is even acknowledged by Roberto Herrera,
general manager of CESPEM, which operates a fuel oil-fired power
plant in San Pedro (east).

The company's image stems from the fact that taxpayers are forced
to pay it US$4 million even when it's shut down, which is very
often given its high cost, according to Dominican Today.

However, as Mr. Herrera points out in an interview with, that Congetrix's was the only contract signed as
a result of a call for tenders -- approved by Congress -- when the
Senate was controlled by the opposition PRD party and the
Presidency by the still ruling PLD, the report notes.

The report discloses that Cogentrix's 300- MW contract with the
State-owned Electricity Utility (CDEEE) was signed in 1997, when
the fuel oil cost US$28 per barrel, but its spiraling price made
the plant's operation untenable.

Since then, "we operate when the system needs us," said Mr.
Herrera, and even when it doesn't, the Government pays "a fee on
capacity" currently of US$4 million per month, the report relates.

The report notes that Ruben Jimenez Bichara, chief executive
office of the Utility, recently announced a renegotiation of
Cogentrix's contract to extend its expiration until 2037, from its
current 2022, aimed at paving the way to convert it to natural
gas, which Mr. Herrera said will cost US$60 million.

Jimenez Bichara warns that if not renegotiated, the country would
be forced to pay US$5 million until 2022, without receiving
anything in return, but Mr. Herrera affirms that "there are voices
which attack because it will be extended," the report relates.

                 Natural Gas From the U.S., Canada

However, the report discloses that amid mounting suspicion of
various sectors over what's considered government corruption in
cahoots with the private sector, at least two U.S. companies have
announced projects to supply natural gas at competitive prices.

The U.S. based companies Chenier Energy as well as North Energy
Central (NEC) have been discussing a deal aimed at supplying
natural gas during at least the next 20 years, while doubts about
the progress of two coal-fired plants being built near Bani
(south) also mount, the report notes.


To be sure, Cogentrix is just one of prior shady deals with local
and foreign power companies, the most notorious being Hydro
Quebec-Sofaty, a Canadian company which scammed millions of
dollars from Dominican taxpayers, using officials of the Joaquin
Balaguer administration in the late 1980s, the report discloses.

Another scam involved the Spanish group Union Fenosa, during the
Hipolito Mejia's Presidency (2000-2004), in which the money
embezzled has yet to be tallied, the report adds.

                     About Cogentrix Energy

Cogentrix Energy, Inc., headquartered in Charlotte, NC, acquires,
develops, owns and operates electric generation and other power
assets in the United States and internationally.

CDC's investment in the San Pedro de Macoris Power Project takes
its portfolio in the Dominican Republic to over US$100 million and
builds on its strong portfolio in the region, which includes power
investments in Costa Rica, Guatemala and Nicaragua.  The Americas
are one of CDC's leading areas of investment, with 29% of its
current portfolio invested in the region.

DOMINICAN REPUBLIC: S&P Affirms B+/B Credit Rating; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term sovereign credit ratings on the Dominican Republic.
The outlook remains stable.  S&P also affirmed its transfer and
convertibility assessment of 'BB'.


The ratings on the Dominican Republic reflect the combination of
its persistent fiscal and external deficits and weak political
institutions, offset by its diversified economic structure that
supports medium-term growth (despite the recent deceleration in
GDP growth rates).  S&P projects real GDP will expand by 4.5% in
2014-2015.  Weaknesses in monetary policy (low domestic credit
with significant dollarization and quasi-fiscal deficits of the
central bank) are another key constraint on the ratings.

Nevertheless, President Danilo Medina (elected in 2012)
successfully reduced the general government fiscal deficit to 5%
of GDP in 2013 while keeping his campaign promise to increase
social expenditure.  The fiscal outcome in 2012 was significantly
worse than previous years (the general government deficit reached
8.2% of GDP), partly because of accelerated spending on public
works before the presidential election.  With a large majority in
Congress, the new Administration passed a significant tax reform
after taking office in 2012, boosting revenues in 2013.  At the
same time, the government capital expenditure fell to more
historical levels with the completion of the Santo Domingo metro
and major road works.

"We expect the fiscal deficit to only gradually diminish, to about
4.5% of GDP in 2014 (including the deficit of the central bank)
and to decrease marginally in 2015 before it faces new pressures
from the electoral process in 2016.  Despite the lower deficits,
we expect the net general government debt burden to continue to
increase marginally over the next two years from 45% of GDP in
2013 to about 48% in 2016 (including central bank certificates and
excluding recapitalization bonds)," S&P said.

The Dominican Republic's US$1.25 billion (2% of GDP) international
bond issuance in April 2014 met a substantial portion of fiscal
and external financing needs for the year.  The government's
financing program for the year totals 5.8% of GDP, with about two-
thirds coming from external sources, including 1% of GDP from
Venezuela's Petrocaribe program, and one-third from the growing
domestic debt market.  While Petrocaribe has already committed
external financing for 2014, future financing will increasingly
depend on political developments in Venezuela.

From 2014 onward, the Dominican Republic will benefit from the
exports of gold after large investments in the sector.  S&P
expects gold exports to reach 1.7% of GDP.  Despite the heavy
dependence on oil imports (representing close to 8% of GDP), S&P
projects the current account deficit to narrow marginally to close
to 4.0% in 2014 from 4.3% of GDP in 2013.  S&P estimates gross
external financing needs at 110% of current account receipts and
usable reserves, on average, for 2013-2016.  Narrow net external
debt was 53% of current account receipts in 2013, well below the
net external liability position of 151%, primarily because of the
importance of foreign direct investment.

Financial intermediation is low in the Dominican Republic.
Private-sector domestic credit is only 25% of GDP and has grown
little in real terms for a decade.  State-owned Banco de la
Reservas has a nearly 40% market share of deposits and is one of
the largest external debtors outside of the central government.
(It is also an important fiscal agent of the government.)


The Dominican Republic continues to face significant fiscal and
external vulnerabilities.  Efforts to mitigate these
vulnerabilities would likely lead to improved creditworthiness.  A
faster pace of fiscal adjustment that stabilizes and gradually
reduces the government's debt burden, as well as improvements in
the country's external liquidity through a further accumulation of
international reserves, could lead to an upgrade of the Dominican
Republic.  Addressing the structural deficiencies in the
electricity sector and at the central bank would also help to
improve the country's fiscal position (and monetary policy
effectiveness) and, in turn, boost creditworthiness.

On the other hand, fiscal slippage, which would likely exacerbate
the external vulnerability, would be a negative factor and could
lead us to lower the rating, especially if the political
willingness to reverse the slippage is lacking.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Ratings Affirmed

Dominican Republic
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment   BB
Senior Unsecured                       B+


BANCO DE DESARROLLO: Fitch Affirms 'BB+' LT Foreign Currency IDR
Upon completion of a peer review, Fitch Rating has affirmed the
ratings for Guatemala's three largest banks: Banco Industrial,
S.A. (Industrial), Banco G&T Continental S.A. (G&TC) and Banco de
Desarrollo Rural, S.A. (Banrural).  A full list of rating actions
follows at the end of this press release.


Fitch has affirmed all the ratings of the largest Guatemalan banks
as their intrinsic creditworthiness and performance relative to
international peers remain unchanged.  Fitch has also affirmed the
rating of Industrial's subordinated Tier I capital notes debt and
the ratings of the issuances of Industrial Subordinated Trust
(ISbT) and Industrial Senior Trust (ISnT), which are Industrial's
special vehicles for these issuances.  In addition, Fitch affirmed
the national ratings for the subsidiaries of these banks, with the
exception of Industrial's subsidiary Contecnica, S.A. (Contecnica)
and G&TC's subsidiary G&T Conticredit, S.A. (Conticredit), whose
national ratings were upgraded.  Both Contecnica's and
Conticredit's have consistently developed a key role for their
shareholders' business model and, in Fitch's view, they are core
subsidiaries for their parents.

Guatemala's largest banks have assets between USD5 billion and
USD10 billion.  Industrial and G&TC have expanded operations to
other Central American countries, while Banrural has concentrated
in Guatemala.  These three banks together managed 67% of total
system's assets as of December 2013.

G&TC and Industrial share a strategic orientation toward serving
the corporate sector and have similar risk appetites.  They also
register comparably sound asset quality.  However, they exhibit
differences in profitability (higher in the case of Industrial).
In Fitch's opinion, G&TC and Industrial have a similar credit risk
profile, which is reflected in their shared national and
international ratings.

By contrast, Banrural has a very strong franchise in the retail
sector resulting in long track record of relatively higher
profitability.  The bank's high profitability, healthy asset
quality and moderate dividend distribution, have allowed it to
lead the peer reviewed banks in capitalization.  Banrural's
ratings are above Industrial's and G&TC's as a result of its
stronger capital position and its sustained internal capital

All of the banks have significant exposure to Guatemala's
sovereign.  With respect to Industrial and G&TC, their high
exposures to Guatemalan government bonds (currently rated 'BB+'
with a Negative Outlook by Fitch) constrain their IDRs' and VRs'
upside potential up to the sovereign's rating.  Banrural has less
direct exposure to the government but receives a significant share
of its funding from public sector institutions.  As a result, its
ratings are also constrained up to the sovereign's ratings.  The
Negative Rating Outlook on Banrural's IDRs implies that a
downgrade of Guatemala's sovereign ratings will result in a
downgrade of Banrural's IDRs.  Banrural's VR could also be
downgraded given the bank's exposure to the public sector.


Banrural's IDRs and VR reflect its strong capitalization and
sustainably high profitability, which compare positively with its
main local and international peers. Banrural's ratings also
reflect the bank's good credit quality and stable and diversified
deposit base.  The ratings also take into account Banrural's
moderate concentrations in public sector funding as well as its
limited revenue diversification and lower efficiency levels,
resulting from its micro-finance orientation.  Banrural's national
ratings were affirmed with a Stable Outlook reflecting its strong
financial profile relative to its local market.

Banrural's support rating of '3' reflects Fitch's opinion that the
bank maintains a moderate probability of support from the state,
given its systemic importance in the banking system.  The current
support rating floor ('BB-'), two notches below the sovereign
rating, is explained by the moderate financial flexibility of the
government to provide support to systemically important banks in
the country and the significant presence of foreign currency

G&TC's IDRs and VR are driven by its sound market position and
franchise, good asset quality and efficiency, ample deposit base,
and adequate liquidity position.  G&TC's ratings are tempered by
its moderate capitalization and profitability, and its relatively
high exposure to its largest debtors, related-party borrowers, and
the local sovereign ('BB+'/Outlook Negative).

The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system.  The current
support rating floor ('BB-'), two notches below the sovereign
rating, is explained by the moderate financial flexibility of the
government to provide support to systemically important banks in
the country and the significant presence of foreign currency

G&TC's national ratings were affirmed and its Outlook remains
Stable as the bank's relative strength in the local market remains
unchanged.  In turn, both G&T Conticredit, S.A. and GTC Bank, Inc.
are considered core subsidiaries for G&TC.  These subsidiaries are
highly integrated to its parent and complement G&TC's business
model by providing services to a large part of the bank's credit
card customers and off-shore banking products to corporate and
high-net worth customers, respectively.  As a result their
national scale ratings are equalized with those of its controlling


Industrial's IDRs are driven by its strong franchise, sound asset
quality, good profitability, ample deposit base, and sound
liquidity, which, in turn, are reflected in the bank's VR.
Industrial's ratings are limited by the moderate capitalization
and the relatively high exposure of its investment portfolio to
the local sovereign ('BB+'/Negative Outlook).  Industrial is the
largest Guatemalan bank in terms of assets and deposits with a
corporate orientation; it is also an important player in Central

The support rating of '3' reflects Fitch's opinion that the bank
maintains a moderate probability of support from the state, given
its systemic importance in the banking system.  The current
support rating floor ('BB-'), two notches below the sovereign
rating, is explained by the moderate financial flexibility of the
government to provide support to systemically important banks in
the country and the significant presence of foreign currency

Industrial's national ratings were affirmed and its Outlook
remains Stable as the bank's relative strength in the local market
remains unchanged.  Contecnica, S.A. is considered a core
subsidiary for Industrial.  This subsidiary is highly integrated
to its parent and complements Industrial's business model by
providing services to a large part of the bank's credit card
customers. As such, its national scale ratings are equalized to
those of its parent.


Industrial's subordinated Tier I capital notes debt is four
notches below the bank's long-term IDR given its deep
subordination status and discretionary coupon omission.
ISbT is one notch below Industrial's long-term IDR reflecting the
subordinated status, ranking junior to all Industrial's present
and future senior indebtedness, pari passu with all other
unsecured subordinated debt and senior to Industrial's capital and
tier I hybrid securities.

ISnT's rating is in line with Industrial's long-term IDR
reflecting that the senior unsecured obligations rank equally to
Industrial's unsecured and unsubordinated obligations.


As reflected by the Negative Outlook, a downgrade of Guatemala's
sovereign ratings will result in a downgrade of Banrural's IDRs
and VR.  On the other hand, if the sovereign ratings are
eventually affirmed at 'BB+' and the Outlook revised to Stable
from Negative, it is highly likely that Banrural's Rating Outlook
would be revised accordingly.  Banrural's national ratings would
not be affected should Guatemala's sovereign be downgraded.  A
sustained reduction of its Fitch Core Capital below 10% and/or
profitability lower than 1% may trigger a negative review on its
VR and its National Scale Ratings.


Industrial's and G&TC's VR and IDR upside potential is considered
limited given the banks' high exposure to the sovereign in their
investment portfolio; as a result, their ratings are also
constrained up to the sovereign's ratings.

A sustained reduction of Industrial's Fitch Core Capital below 10%
and/or its Return on Average Assets (ROAA) consistently below 1%
may trigger a negative review on the bank's VR and its national
scale ratings.

G&TC's VR and national scale ratings could be pressured downward
should the bank fail to reverse the negative trend of its
profitability metrics and reaches a Fitch Core Capital below 10%.
The national ratings of Industrial and G&TC's subsidiaries will
mirror changes on the national scale ratings of the parent.


Industrial's subordinated Tier I capital notes debt, ISnT and
ISbT's ratings downgrade potential will be derived from changes in
the same direction in Industrial's IDR.

Fitch has affirmed the following ratings:


--Long-term foreign currency IDR at 'BB+'; Outlook Negative;
--Short-term foreign currency IDR at 'B';
--Long-term local currency IDR at 'BB+'; Outlook Negative;
--Short-term local currency IDR at 'B';
--Viability rating at 'bb+';
--Support at '3';
--Support Rating Floor at 'BB-';
--National long -term rating at 'AA+(gtm)'; Outlook Stable;
--National scale short-term affirmed at 'F1+(gtm)'.

--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 '3';
--Subordinated Tier I Capital Notes debt at 'B-';
--Support Rating Floor at 'BB-';
--National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
--National scale short-term rating at 'F1+(gtm)'.
Industrial Subordinated Trust:
--Long-term Senior Unsecured Debt at 'BB-'.
Industrial Senior Trust:
--Long-term Senior Unsecured Debt at 'BB'.

--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 '3';
--Support Rating Floor at 'BB-';
--National scale long-term rating at 'AA-(gtm)'; Outlook Stable;
--National scale short-term rating at 'F1+(gtm)'.

GTC Bank Inc.:
--National scale long-term rating at 'A+(pan)'; Outlook Stable
--National short term rating at 'F1(pan)';

Fitch upgraded the following ratings

--National scale long-term rating to 'AA-(gtm)' from 'A(gtm)';
Outlook Stable;
--National scale short-term rating to 'F1+(gtm)' from 'F1(gtm)'
--National scale long-term rating to 'AA-(gtm)' from 'A(gtm)';
Outlook Stable
--National scale short-term rating to 'F1+(gtm)' from 'F1(gtm)';


CABLE & WIRELESS: S&P Revises Outlook to Stable, Affirms 'BB' CCR
Standard & Poor's Ratings Services revised its outlook on Miami-
based (London headquartered) telecommunications group Cable &
Wireless Communications PLC (CWC) to stable from negative.

At the same time, S&P affirmed its 'BB' long-term corporate credit
rating on CWC.

In addition, S&P affirmed its 'B+' and 'BB' issue ratings on the
various senior notes issued by CWC's subsidiaries.

The outlook revision follows the completion of CWC's divestment
plan.  This has provided S&P with greater understanding of the
group's strategy and intentions.  S&P notes that CWC has used a
large portion of the disposal proceeds to repay debt and is
refocusing its strategy on the Latin-American and Caribbean
regions.  Therefore, S&P sees limited risks that the group may
reinvest in weaker businesses with high country risks or that
leverage will increase in the near term.

Over the past year, CWC announced $1.75 billion worth of disposals
-- including the recent disposal of its participation in Monaco
Telecom.  CWC used some of these proceeds to repay almost $1.0
billion of debt, comprising debt at the subsidiary level, the
drawn amount under CWC's revolving credit facility (RCF), and the
group's senior notes due 2017.  This has led to a significant
leverage reduction.

CWC is also using a portion of the proceeds to fund its recently
announced $200 million, two-year restructuring plan for the
Caribbean region.  CWC intends to significantly improve its margin
in the region through this plan -- the medium-term target is a 30%
unadjusted EBITDA margin (up from about 24.5% in financial year
ending March 31, 2013).  The group also invested $100 million in
spectrum and license extensions in Panama and $30 million in
spectrum and license extensions in Jamaica, highlighting its
strong commitment to these regions.  While these regions carry
meaningful country risks in S&P's view, it sees the additional
investment as supportive of CWC's local competitive position.  In
addition, S&P anticipates that CWC will reap the benefits of being
a more integrated, regional player in the Caribbean, now that it
has a narrower scope and has relocated its corporate hub to Miami.

CWC has leading positions in most of the other markets in which it
operates, including Panama.  The group also enjoys solid
profitability and has good geographical, product, and customer

These positive factors are partially offset by S&P's view that CWC
will continue to face regulatory risks (even if S&P sees these as
easing in Jamaica) and fierce competition in most of its markets.
Among CWC's main markets, S&P considers that country risks are
highest in Jamaica.

From a financial standpoint, S&P expects CWC to run a
significantly less-leveraged balance sheet following its debt
repayment.  It is important to note that S&P excludes a
significant portion of the cash coming from the sale of the Monaco
business as it anticipates that a material amount will be
reinvested in the business in the coming months.  Despite this,
S&P continues to forecast relatively strong metrics, on a
proportionate basis, for a "significant" financial risk profile,
as defined by S&P's criteria.  Metrics for this category include
Standard & Poor's-adjusted leverage of 3.2x and adjusted funds
from operations (FFO)-to-debt of 24%; both forecast for financial

S&P's financial risk profile assessment also reflects its view of
the risks associated with the group not having full ownership of
its key assets (for instance, in Panama and the Bahamas), which
leads to meaningful leakage of dividends to minority interests.
The uncertainties S&P sees over the timing and future cash
generation of reinvestments also make CWC's future discretionary
cash flow generation after dividends uncertain.

However, these weaknesses are partly offset by CWC's well-
controlled management of its key assets and its subsidiaries'
track record of steadily upstreaming dividends to CWC, based on a
long-established dividend policy.  The group's solid operating
cash flow generation and significant cash balances provide further
support to the financial risk profile.

S&P's base case assumes:

   -- Minor real GDP growth for the Caribbean region (Barbados:
      about 1.0%;

   -- Jamaica: 1.5%; Bahamas: 2.0%), while Panama should continue
      to grow at a high single-digit rate (7.0% for 2014).

   -- A slight revenue decline in financial 2015 (excluding
      Monaco) with slow growth in Panama not completely
      offsetting the anticipated decline in the Caribbean.

   -- An improvement in the EBITDA margin, on the back of the
      optimization plan in the Caribbean region--reaching an
      adjusted margin of 33.5% in financial year 2015.

   -- An increase in capital expenditure as the company will
      continue to invest in its networks, both mobile and fixed.

Based on these assumptions, S&P arrives at the following credit

   -- Adjusted proportionate leverage expected to stand at 3.2x
      in financial 2015--anticipated to decline to 3.0x in two

   -- Adjusted proportionate FFO-to-debt at 24% in financial
      2015; S&P expects this to significantly improve.

   -- Discretionary cash flow anticipated to return to positive
      for financial 2015, but still be relatively weak.

The stable outlook reflects S&P's view that CWC's credit metrics
are likely to improve as a result of better cash generation, which
will help to naturally reduce leverage.  It also reflects S&P's
view that CWC will maintain its leading market positions, and is
likely to report broadly stable revenues and sustain an EBITDA
margin of about 30%.

Additionally, S&P anticipates that underlying operating cash flow
generation will remain solid, at or above the current level, and
that discretionary cash flow will return to at least break-even
over the next 12-18 months as cash flow generation continues to
improve.  This should enable the group to maintain adjusted
leverage at a level below 3.5x on a proportionate basis (or less
than 2.5x on a consolidated basis).

S&P considers rating upside in the near term as limited, chiefly
owing to significant country risks and CWC's lack of full
ownership of its key assets.  A further constraint is the group's
limited headroom under the leverage threshold that S&P deems
commensurate with the current ratings.  S&P would require adjusted
leverage to be well below 3.0x and adjusted FFO-to-debt to be
comfortably higher than 30% -- both on a proportionate basis --
before considering an upgrade.

The ratings could come under pressure if the improvement S&P
anticipates in discretionary cash flow generation appears unlikely
to materialize in the near term -- particularly if it were to
remain negative for an extended period of time.  Ratings pressure
could also arise if management takes a more aggressive attitude
toward shareholder returns or mergers and acquisitions.  Such a
scenario could result in leverage exceeding the aforementioned
levels that S&P deems commensurate with the rating.


BANCA MIFEL: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
Fitch Ratings has affirmed Banca Mifel (Mifel)'s Viability Rating
(VR) at 'bb-'.  Fitch has also affirmed Mifel's other outstanding
ratings, which are detailed at the end of the press release.

Key Rating Drivers

Mifel's VR, IDRs and National scale ratings consider its gradually
improved asset quality metrics through lower impairments and
higher reserve coverage.  The ratings also consider Mifel's
adequate and relatively stable funding base, benefited from a
well-positioned customer deposit base that has proven steady and
recurring and its relatively weak, although recently enhanced
capital position supported by capital injections in view of high
loan growth.

The ratings are driven as well by the high concentrations still
present among Mifel's main creditors, together with geographic and
sector concentrations of the loan portfolio.  However, these have
been gradually easing in recent periods.  Also factored into
Mifel's ratings are:

  --Mifel's historically low overall profitability metrics by
year-end 2013 especially lower operating profits and efficiency in
view of higher expenses associated mainly to recent banking
enhancements and employee costs;
  --Its constrained liquidity; and
  --Somehow deteriorated loans to deposits ratio.

Mifel's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, in view of the bank's low systemic
importance, indicating that, although possible, external support
cannot be relied upon.

Mifel's global subordinated securities are rated at 'B', two
notches below the applicable anchor rating, Mifel's VR of 'bb-'.
The issue rating is driven by Fitch's approach to factor in its
loss severity and non-performance risk.  Similar securities would
typically be two notches lower for non-performance risk and an
additional notch lower for loss severity.  However, in the case of
Mifel, the overall notching is limited to two notches, due to
compression considerations (as per Fitch's existing criteria).
This issue receives no equity credit under Fitch's approach, since
these are dated securities without a loss absorbing feature that
triggers before the point of non-viability.


Mifel's VR and IDRs could benefit from significant and sustained
improvements on its overall profitability, particularly its
operating ROA and efficiency levels.  Thus, a rating revision
could be triggered by a cost to income ratio at around 55%, and an
enhanced and sustained Operating ROA above 1%.  A reduction of
asset-liability mismatches and a contained non-performing loan
(NPL) ratio are also expected to consider an upgrade.  Conversely,
Fitch may downgrade Mifel's ratings if there are material
deteriorations of its asset quality metrics and additional
pressures of its liquidity profile, together with a deterioration
of its capitalization levels, with a Fitch core capital to risk
weighted assets below 8%.

Potential for an upgrade of Mifel's Support Rating and Support
Rating Floor is limited at present, since external support cannot
be relied upon, although it is possible.

The bank's subordinated debt ratings will likely mirror any change
in the bank's VR, as these are expected to maintain the same
relativity to Mifel's credit rating.  However, a wider notching
from the anchor rating cannot be ruled out in the event of an
upgrade of the VR, since the issue rating currently benefits from
compression at relatively low levels.


Mifel is one of the remaining locally owned banks in Mexico, which
concentrates an important part of its activities in Mexico City.
However, it has been gradually expanding to other major cities
since 2005.  Mifel's market penetration is low, less than 1% of
the banking system's total assets and deposits as of March 2014.
Mifel is mainly focused on providing commercial and corporate
banking services regionally, like SMEs, medium-sized real estate
developers, and the agricultural and transportation business
sector.  Mifel also targets upper-middle income and upper-income
customers.  In recent years, mortgage loans have been gaining
share of the total loan portfolio as Mifel participates in
government mortgage programs.  Mifel has historically benefited
from a stable customer base through strong relationships with its

Fitch affirms the following ratings:

Banco Mifel, S.A.:

--Long-term foreign and local currency IDRs at 'BB-';
--Short-term foreign and local currency IDRs at 'B';
--Viability rating at 'bb-';
--Support rating at '5';
--Support rating floor at 'NF';
--National-scale long-term rating at 'A-(mex)';
--National-scale short-term rating at 'F2(mex)';
--Long-term cumulative subordinated preferred notes at 'B'.
The Outlook for the long-term ratings is Stable.

INDUSTRIAS UNIDAS: Incurs Ps. 122.3MM Operating Loss in Q1 2014
Industrias Unidas, S.A. de C.V. disclosed its unaudited results
for the first three months ended March 31 of 2014.

The company reported that gross profit in the first three months
ended March 31, 2014 increased 21.1% to Ps.359.3 million from
Ps.296.6 million in the same period of 2013.  As a percentage of
sales, Gross profit was 13.2% in the first three months ended
March 31, 2014, versus 11.1% in the same period of 2013.

The company had an operating loss in the first three months ended
March 31, 2014, of Ps. 122.3 million, compared to an operating
loss of Ps.75.7 million in the same period of 2013.

A full text copy of the company's financial result is available
free at:


                     About Industrias Unidas

Industrias Unidas, S.A. de C.V. is a Mexican diversified
industrial group, manufacturing a wide range of copper-based and
electrical products for the housing and electrical power sectors
mainly in Mexico and the U.S.  As of September 2009, last twelve
month revenues were about US$1.3 billion.

                           *     *     *

The company continues to carry Moody's "Caa3" long-term rating.

As reported in the Troubled Company Reporter-Latin America on
May 5, 2014, the company's consolidated net loss for the twelve
months ended December 31, 2013 was Ps.465.7 million (U.S.$35.6
million), compared to a net loss of Ps.190.6 million in the same
period of 2012, due to an increase in the Comprehensive Financial
Result and lower operating income driven by lower sales.

METROFINANCIERA: Fitch Retains 'RD' Issuer Default Rating
Fitch Ratings has maintained the ratings for Metrofinanciera,
S.A.P.I. de C.V., SOFOM, E.N.R. (Metrofinanciera) as follows:

--Foreign and Local Currency long-term Issuer Default Ratings
(IDRs) at 'RD';
--Foreign and Local Currency short-term IDR at 'RD'.

Based on National scale ratings definitions, Metrofinanciera's
long- and short-term national scale ratings were modified to
'RD(mex)' from 'D(mex)'.


Metrofinanciera's ratings remain on default status because the
debt exchange of METROFI 10 has not yet been fully completed.  At
present, roughly 81% of those bonds have been exchanged for the
combination of new senior notes (METROFI 12), subordinated notes
(METROFI 12-2) and equity shares.


On Sept. 26 2013, Fitch indicated that Metrofinanciera's IDRs and
national-scale ratings would be revised when more than 90% of the
METROFI 10 bonds have been tendered and exchanged.


In February 2014, the issuer began the process of distressed debt
exchange of METROFI 12-2 bonds to shares of equity.  This due to
the capitalization ratio (calculated based on the methodology of
the local development bank Sociedad Hipotecaria Federal) was below
of 10% as of December 2013 (1Q'14: 12.9%).  The conversion took
place in 100% of those bonds.  At the 1Q'14, the capitalization
ratio measured as tangible equity to tangible assets, stood at low
4.3%.  In Fitch's view, an equity loss greater than 20% would put
the issuer into insolvency.

During 1Q'14, improvements in the debt profile and lower loan
impairment charges, allowed Metrofinanciera to reduce net losses
by 22.9% over the same period of 2013.  Nevertheless, the recent
suspension of residential mortgage loans originations could, in
Fitch's opinion, shrink the interest income of the entity.

Metrofinanciera's asset quality remains weak. As of March 2014,
the impairment ratio stood at a high 41.7%; also, the reserve
coverage relative to impaired loans was 60.5% (average of 2009 to
2013) and it is considered low by Fitch.  Moreover, the issuer has
an important amount of foreclosed assets, which represented 87.4%
of total equity.

In Fitch's opinion, the liquidity risk of Metrofinanciera is
partially mitigated.  This is due to the fact that the METROFI 12
bonds have a two year grace period on interest payments and a
significantly more benign amortization schedule, given that
principal payments will be contingent on Metrofinanciera's cash
flow capacities.  Also, the issuer's liabilities are still largely
associated with credit lines from Sociedad Hipotecaria Federal.
Nonetheless, Fitch perceives as a material source of risk the
upcoming end of the grace period by the end of 2014.

As of March 2014, Metrofinanciera's gross loan portfolio amounted
to MXN 8,550.2 million (USD 653.5 million).  It was composed of
residential mortgage loans (59.5%) and commercial loans (40.5%).


NICARAGUA: To Get $45 Million IDB Loan to Improve Productivity
The Inter-American Development Bank (IDB) has approved $45 million
loan to help improve productivity in Nicaragua.

Boosting productivity is the key to increasing living standards
and reducing poverty in the country.  Nicaragua's economic
structure is based on small, low-productivity companies: micro,
small, and medium sized enterprises represent more than 90% of the
business universe, contribute close to 40% of GDP, and generate
approximately 60% of jobs.  The agricultural sector plays a
leading role in the economy, representing 22% of GDP, 60% of jobs,
and 75 percent of exports.

The resources will assist the country in maintaining a stable
macroeconomic environment and strengthening financial regulation
to improve access to finance for companies and production-oriented
projects.  Moreover, they will contribute to improve regulation to
enhance business and competition climates, and strengthen
institutions for productive development.

The IDB financing consists of a $22.5 million 30-year loan from
the Bank's ordinary capital with a 51/2-year grace period and
fixed interest rate.  An additional $22.5 million is from the Fund
for Special Operations for a 40-year term, with a 40-year grace
period and 0.25% interest rate.


MULTIBANK: Fitch Affirms 'BB+' Issuer Default Rating
Fitch Ratings has affirmed Multibank's (MB) viability (VR) and
long-term Issuer Default Rating (IDR) at 'bb+' and 'BB+'
respectively.  The Rating Outlook is Stable.  Fitch has also
affirmed the bank's national ratings.  A full list of rating
actions follows at the end of this press release.

Key Rating Drivers -- IDRs, VR and National Ratings

MB's viability rating (VR) drives its Long-term IDR and national
ratings.  The bank's risk appetite for growth and capitalization
levels highly influences its VR.  The ratings also consider sound
asset quality, an improved funding mix and adequate liquidity.

The Rating Outlook on the bank's long-term IDRs is Stable given
MBs consistent financial performance.  Nevertheless, it remains
challenging for MB to improve its competitive position and enhance
its profitability metrics to support internal capital generation
and future growth in a highly competitive market.

MB has emerged as a relevant contender in the middle market and
retail segments in Panama. MB has steadily expanded its network,
heightened its profile and improved its franchise as the bank
increased its market share to 3.7% of general licensed banks'
total unconsolidated assets by YE13.

Resilient margins and growing loan volumes coupled with moderate
credit costs allowed MB to post moderate but consistent
profitability ratios.  MB will need further income diversification
and cost control to face competition and rising interest rates.

Sound credit origination, adequate remedial management and a
positive operating environment underpinned asset quality.  Past
due loans (PDLs) for 90-plus days stood at approximately 1% at
YE13 and are well covered by reserves.  Concentration on both
sides of the balance sheet is moderate after years of continuous

The overhauled commercial strategy helped widen the deposit base
while changing the deposit mix and lowering funding costs.  MB's
liquidity remains sound and is supplemented by adequate
contingency plans.  However, the increase of longer-tenor loans
creates the need to further diversify funding to prevent undesired
asset/liability gaps in a highly competitive market that could
create pressures to become more aggressive in credit or pricing.

As the Panamanian economy boomed, MB grew into retail and SME but
also found opportunities arising from the consolidation at the top
of the market.  Accordingly, MB gained in market share and
diversified and strengthened its balance sheet.  Moreover, the
bank has embarked on an expansion abroad leveraging its expertise
in SME and consumer sectors.

Key Rating Drivers: Support Rating And Support Rating Floor

The banks' Support Rating (SR) of '5' and Support Rating Floor
(SRF) of 'NF' reflect Fitch's expectation of no support.  As a
longstanding dollarized economy, Panama lacks a lender of last
resort, though Banco Nacional de Panama, the largest state
controlled bank, could provide temporary liquidity loans.

Rating Sensitivities - VR, IDRs And National Ratings

A sustained improvement in the bank's capital position (FCC above
11%) driven by sufficient internal capital generation to support
MB's expected asset growth could lead to an improvement in the
bank's ratings.  Additionally, the ratings could improve in the
medium term if the bank continues to solidify its franchise and
diversify its revenues while maintaining low concentrations on
both sides of the balance sheet and good asset quality.

Multibank's ratings could be negatively affected by a decline in
its capital and reserves cushion, or a significant weakening of
its profitability (ROAA below 1.2%).  Additionally, rapid growth
which pressures the bank's Fitch Core Capital ratio below 9% could
also be negative.

Support Rating And Support Rating Floor

Given Fitch's view of Panama's limited ability and willingness to
support MB, Fitch considers that there is no upside potential in
these ratings over the foreseeable future.

Fitch has affirmed MB's ratings as follows:

--Long-term IDR at 'BB+'; Outlook Stable;
--Short-term IDR at 'B';
--Viability Rating at 'bb+';
--Support Rating at '5';
--Support Rating Floor at 'NF';
--National scale long-term rating at 'AA-(pan)'; Outlook Stable;
--National scale short-term rating at 'F1+(pan)'.

P U E R T O   R I C O

CHOICE CABLE: S&P Retains 'B' CCR Following Upsizing of Debt
Standard & Poor's Ratings Services said its issue and recovery
ratings on Puerto Rico-based Choice Cable TV's first-lien and
second-lien debt are unchanged following the company's upsizing of
its proposed second-lien term loan due 2019 to $41.5 million from
$33.5 million.  S&P expects the company to use proceeds to pay a
distribution to shareholders.

Pro forma for the proposed upsizing, S&P expects lease-adjusted
leverage to remain high in fiscal 2015 (year ended May 31) at
about 5.9x, declining to the mid-to-high 5x area in fiscal 2016.
Further deleveraging will depend upon the level of voluntary debt


Choice Cable TV
Corporate Credit Rating                 B/Stable/--
  Senior Secured first lien              B
   Recovery Rating                       3
  Senior Secured $41.5 mil. second-lien
  term loan due 2019                     CCC+
   Recovery Rating                       6


Large Companies With Insolvent Balance Sheets

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

AGRENCO LTD            AGRE LX          339244073      -561405847

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


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

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

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


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

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

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

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

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

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

                   * * * End of Transmission * * *