TCRLA_Public/140620.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, June 20, 2014, Vol. 15, No. 121


                            Headlines



A R G E N T I N A

ARGENTINA: Battle Between Country & Hedge Funds Continues in NY
BANCO HIPOTECARIO: S&P Cuts Foreign Currency Rating to CCC-
BUENOS AIRES: S&P Lowers Foreign Currency Rating to 'CCC-'


C A Y M A N  I S L A N D S

AMREA LIMITED: Creditors' Proofs of Debt Due July 17
AMREK LIMITED: Creditors' Proofs of Debt Due July 17
CHINA INVEST: Commences Liquidation Proceedings
DENTON INTERNATIONAL: Creditors' Proofs of Debt Due July 15
NEUBERGER BERMAN: Creditors' Proofs of Debt Due July 8

NEUBERGER BERMAN GTAA: Creditors' Proofs of Debt Due July 8
NEUBERGER BERMAN MASTER: Creditors' Proofs of Debt Due July 8
NEUBERGER BERMAN MASTER II: Creditors' Proofs of Debt Due July 8
OAKRIDGE LTD: Creditors' Proofs of Debt Due July 10
WEST TRADE: Creditors' Proofs of Debt Due July 17


C O L O M B I A

* COLOMBIA: IMF Ends Performance Review Under Flexible Credit Line


D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Glencore Asks Gov't. Not to Rush Halting Mine


E C U A D O R

* ECUADOR: IDB OKs $220M Loan for Electricity Distribution Program


J A M A I C A

DIGICEL GROUP: Shifts Strategy to Tackle Depreciation Problem


P U E R T O   R I C O

LIBERTY CABLEVISION: Moody's Affirms B3 Corporate Family Rating


T R I N I D A D  &  T O B A G O

CL FIN'L: Imbert Says Central Bank Must Come Clean on Asset Sale
HFC BANK: Republic Expresses Regrets on Takeover Oppositions


U R U G U A Y

DISCOUNT BANK: S&P Raises Issuer Credit Rating to 'BB+'


                            - - - - -


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


ARGENTINA: Battle Between Country & Hedge Funds Continues in NY
---------------------------------------------------------------
Peter Eavis, writing for The New York Times' DealBook, reported
that a fierce legal battle between Argentina and New York hedge
funds took a new twist when the country offered to negotiate with
the funds just hours after announcing measures that would help it
avoid a settlement.  According to the report, the dispute returned
to the Federal District Court in Manhattan where the hedge funds,
including a unit of Elliott Management, had previously gained
important victories.

Appearing before Judge Thomas P. Griesa, Argentina's lawyer,
Carmine Boccuzzi -- cboccuzzi@cgsh.com -- of Cleary Gottlieb, said
that officials from Argentina's government would be traveling to
New York next week to negotiate with the hedge funds, which are
suing to be paid in full on $1.3 billion of bonds, the report
related.  Judge Griesa, however, expressed skepticism about
Argentina's willingness to make payments on the hedge funds'
bonds, the report further related.


BANCO HIPOTECARIO: S&P Cuts Foreign Currency Rating to CCC-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
foreign currency ratings on Banco Hipotecario S.A., Banco
Patagonia S.A., Banco de Galicia y Buenos Aires S.A., and Banco de
la Provincia de Buenos Aires S.A. to 'CCC-' from 'CCC+'.  The
outlook on these ratings is negative and reflects the outlook on
the sovereign.  At the same time, S&P is placing the 'CCC+' global
scale local currency ratings on these banks on CreditWatch with
negative implications.

The downgrade of these banks follows a similar action on the
Republic of Argentina (foreign currency: CCC-/Negative/C; local
currency: CCC+/Negative/C) and the revision of our T&C assessment
on it to 'CCC-' from 'CCC+'.  S&P believes that these banks won't
overcome a sovereign default stress scenario on its foreign
currency.

The CreditWatch listing on the local currency ratings on the banks
reflects that S&P will be assessing the impact of more adverse
economic and operating conditions (including the change in
variables, such as interest rates, inflation, exchange rate, and
regulation) on the banks' creditworthiness.

The downgrade of Argentina reflects the heightened risk of default
on its foreign currency debt following a recent decision by the
U.S. Supreme Court not to hear the Argentine government's appeal
against a previous decision by the U.S. Second Circuit Court of
Appeals in favor of plaintiffs against the sovereign.  The
plaintiffs are bondholders who did not participate in the 2005 and
2010 debt exchanges and who have sought to block payments to
bondholders who did participate until they obtain full payment on
their claims.

The T&C revision reflects the risk that the government could
further tighten its exchange control regime to the extent that it
impairs the private-sector's ability to service its foreign
currency debt.

The affirmation of the 'CCC+' sovereign local currency ratings
reflects S&P's view that the potential disruptions on payments
resulting from adverse court rulings are not likely to affect the
government's ability to service debt issued in local currency
under local law.


BUENOS AIRES: S&P Lowers Foreign Currency Rating to 'CCC-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its foreign currency
global scale ratings on the city of Buenos Aires and the provinces
of Buenos Aires, Cordoba, and Mendoza to 'CCC-' from 'CCC+'.  The
outlook remains negative.  At the same time, S&P placed its 'CCC+'
local currency global scale ratings on these four entities on
CreditWatch with negative implications.

S&P also lowered its global scale foreign currency debt ratings on
the provinces of Salta and Neuquen to 'CCC-' from 'CCC+'.

RATIONALE

The rating actions follow the lowering of S&P's unsolicited long-
term foreign currency rating and revision of its transfer and
convertibility (T&C) assessment on the Republic of Argentina to
'CCC-' from 'CCC+'.  The rating actions on these local and
regional governments (LRGs) reflect the close linkage between them
and the sovereign.  In addition, the rating actions reflect the
increasing risks for the Argentinean LRGs to access to financing
given the risks of sovereign default.  According to S&P's
criteria, the foreign currency global scale ratings on LRGs are
capped at the T&C level.  Additionally, S&P believes the local
currency ratings on Argentinean LRGs could be above the sovereign
ratings if an LRG exhibits sufficient operating and financial
flexibility to address sovereign and country risks, even in a
stress scenario.  In order to rate the entities above 'CCC-', S&P
will assess the degree of financial stress on the LRGs,
considering their issuances and the timeframe for anticipated
default.  S&P will assess if any of the Argentinean LRGs has
sufficient liquidity to continue to service its financial
obligations on time in local and foreign currency.  S&P also
incorporate all local currency debt with cross-default clauses to
be settled in local currency.  For this, S&P will be assuming that
local currency creditors with cross-default clauses would
accelerate debt repayment upon the first material foreign currency
default.

The CreditWatch placement indicates a one-in-two chance for a
downgrade within the next three months following S&P's analysis of
the LRGs' fiscal position and its assessment of whether they would
have sufficient liquidity to meet all foreign currency obligations
and all local currency obligations with cross-default clauses to
be settled in local currency.  S&P expects to resolve the
CreditWatch placement within the next three months, following an
analysis of Argentina's sovereign stress scenario and its impact
on the LRGs' overall financing needs and fiscal position.

As stated in S&P's criteria, the local currency global scale
ratings on any given LRG could be above the sovereign ratings if
there's a measurable likelihood that its credit characteristics
will remain stronger than those of the sovereign in a scenario of
economic or political stress.  At the same time, given that
Argentina is rated at a low-speculative grade, S&P incorporates
additional, more specific considerations, because it has more
visibility on the potential sovereign default scenario at this
rating level.

In addition to facing similar economic challenges, most
Argentinean LRGs share critical links with the central government
because its revenue distribution to them represents a significant
portion of their finances--coparticipation transfers account for
about 40% of rated LRGs' total revenues, and discretionary
transfers.  The central government directly finances
infrastructure projects and regulates LRGs' new debt issuances.

Under S&P's ratings definition, the local currency ratings on all
non-sovereign entities, including LRGs, reflect our opinion of the
entity's creditworthiness, largely its willingness and ability to
service its financial obligations in both local and foreign
currency in the absence of restrictions on access to foreign
exchange for debt service.  S&P's T&C assessment is the rating
that reflects the sovereign's likelihood of restricting non-
sovereign entities' access to foreign exchange for debt service.

The downgrade of Argentina reflects the heightened risk of default
on foreign currency debt following a recent decision by the U.S.
Supreme Court not to hear the Argentinean government's appeal of a
previous decision by the U.S. Second Circuit Court of Appeals in
favor of plaintiffs against the sovereign.  The plaintiffs are
bondholders who did not participate in the 2005 and 2010 debt
exchanges and who have sought to block payments to bondholders who
did participate until they obtain full payment on their claims.

The government already uses a variety of exchange controls, and
there is a disparity between the official and parallel market
exchange rates.  S&P's 'CCC-' T&C assessment reflects the risk
that the government could further tighten its exchange control
regime to the extent that it impairs the private-sector's ability
to service its foreign currency debt.

OUTLOOK

The negative outlook on the foreign currency global scale ratings
on the city of Buenos Aires and the provinces of Buenos Aires,
Cordoba, and Mendoza mirrors that of the sovereign and reflects
the potential implications on the LRGs' access to financing given
the increasing risks of a sovereign default.  S&P could lower the
ratings on rated Argentinean LRGs if it perceives that the central
government could further tighten its exchange control regime,
which could impair LRGs' ability to service foreign currency debt.
S&P could revise the outlook to stable following a similar action
on the sovereign or if it foresees that even in a sovereign
default scenario, the LRG can effectively service its debt
obligations.

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 LIST

Ratings affirmed; Outlook Action
                           To                  From
Province of Buenos Aires
City of Buenos Aires
Province of Mendoza
Province of Cordoba
Corporate Credit Rating
  Local Currency        CCC+/Watch Neg/--      CCC+/Negative/--

City of Buenos Aires
Senior Unsecured
  Local Currency        CCC+/Watch Neg         CCC+

Province of Neuquen
Senior Secured
  Local Currency        CCC+/Watch Neg         CCC+

Ratings Lowered
                            To                  From
Province of Buenos Aires
City of Buenos Aires
Province of Mendoza
Province of Cordoba
Corporate Credit Rating
  Foreign Currency      CCC-/Negative/--      CCC+/Negative/--
   Senior Unsecured
    Foreign Currency    CCC-                  CCC+

Province of Salta
Senior Secured
  Foreign Currency      CCC-                  CCC+



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


AMREA LIMITED: Creditors' Proofs of Debt Due July 17
----------------------------------------------------
The creditors of Amrea Limited are required to file their proofs
of debt by July 17, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 1, 2014.

The company's liquidator is:

          Fides Limited
          c/o Clive Gibbons and Michelle McLaughlin
          P.O. Box 10338, Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345)-949-7232


AMREK LIMITED: Creditors' Proofs of Debt Due July 17
----------------------------------------------------
The creditors of Amrek Limited are required to file their proofs
of debt by July 17, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 1, 2014.

The company's liquidator is:

          Fides Limited
          c/o Clive Gibbons and Michelle McLaughlin
          P.O. Box 10338, Grand Cayman KY1-1003
          Cayman Islands
          Telephone: (345)-949-7232


CHINA INVEST: Commences Liquidation Proceedings
-----------------------------------------------
On April 29, 2014, the members of China Invest & Trade Ltd.
1536395 resolved to voluntarily liquidate the company's business.

The company's liquidator is:

          Christopher Martin Allen
          Panama Bella Vista
          Nuevo Reparto El Carmen Via GR
          Edlf. Angie Luiggie, Piso 3, Apto 8


DENTON INTERNATIONAL: Creditors' Proofs of Debt Due July 15
-----------------------------------------------------------
The creditors of Denton International Holdings are required to
file their proofs of debt by July 15, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 23, 2014.

The company's liquidator is:

          Lion International Management Limited
          HSBC House, 68 West Bay Road
          Grand Cayman Cayman Islands
          c/o Mr. Philip C Pedro
          HSBC International Trustee Limited
          Compass Point
          Bermudiana Road
          Hamilton HM 11
          Bermuda
          Telephone: (441) 299-6482
          Facsimile: (441) 299-6526


NEUBERGER BERMAN: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
The creditors of Neuberger Berman GTAA (Commodities) Fund II Ltd
are required to file their proofs of debt by July 8, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2014.

The company's liquidator is:

          Richard Fear
          Conyers Dill & Pearman (Cayman) Limited
          Cricket Square, George Town
          P.O. Box 2681
          Grand Cayman KY1-1111
          Cayman Islands
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902


NEUBERGER BERMAN GTAA: Creditors' Proofs of Debt Due July 8
-----------------------------------------------------------
The creditors of Neuberger Berman GTAA Fund I Ltd are required to
file their proofs of debt by July 8, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2014.

The company's liquidator is:

          Richard Fear
          Conyers Dill & Pearman (Cayman) Limited
          Cricket Square, George Town
          P.O. Box 2681
          Grand Cayman KY1-1111
          Cayman Islands
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902


NEUBERGER BERMAN MASTER: Creditors' Proofs of Debt Due July 8
-------------------------------------------------------------
The creditors of Neuberger Berman GTAA Master Fund I Ltd are
required to file their proofs of debt by July 8, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2014.

The company's liquidator is:

          Richard Fear
          Conyers Dill & Pearman (Cayman) Limited
          Cricket Square, George Town
          P.O. Box 2681
          Grand Cayman KY1-1111
          Cayman Islands
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902


NEUBERGER BERMAN MASTER II: Creditors' Proofs of Debt Due July 8
----------------------------------------------------------------
The creditors of Neuberger Berman GTAA Master Fund II Ltd are
required to file their proofs of debt by July 8, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2014.

The company's liquidator is:

          Richard Fear
          Conyers Dill & Pearman (Cayman) Limited
          Cricket Square, George Town
          P.O. Box 2681
          Grand Cayman KY1-1111
          Cayman Islands
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902


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

The company commenced wind-up proceedings on May 16, 2014.

The company's liquidator is:

          Ogier Fiduciary Services (Cayman) Limited
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands
          c/o Justin Savage
          Telephone: (345) 815 1816
          Facsimile: (345) 949-9877


WEST TRADE: Creditors' Proofs of Debt Due July 17
-------------------------------------------------
The creditors of West Trade Funding CDO III Ltd. are required to
file their proofs of debt by July 17, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 27, 2014.

The company's liquidator is:

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


===============
C O L O M B I A
===============


* COLOMBIA: IMF Ends Performance Review Under Flexible Credit Line
------------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed its review of Colombia's qualification for the
arrangement under the Flexible Credit Line (FCL) and reaffirmed
Colombia's continued qualification to access FCL resources.  The
Colombian authorities have indicated that they intend to continue
treating the arrangement as precautionary.
The current two-year SDR 3.87 billion (about US$5.96 billion) FCL
arrangement was approved on June 24, 2013.

Colombia's first FCL arrangement was approved on May 11, 2009, and
two successor arrangements were approved on May 7, 2010 and May 6,
2011.

Following the Executive Board discussion of Colombia, Mr. David
Lipton, Deputy Managing Director and Acting Chairman of the Board,
made the following statement:

"The Fund's Flexible Credit Line (FCL) arrangement with Colombia
has helped reduce the perception of risks by providing Colombia
with a buffer against adverse external shocks, and allowed
Colombia to restore orderly financial market conditions despite
increased volatility in financial markets over the past year.

Today, the Executive Board reaffirmed that Colombia continues to
meet the qualification criteria for access to FCL resources.
"Colombia has maintained a robust economic performance in recent
years.  This is underpinned by a very strong policy framework,
anchored by an inflation-targeting regime, a flexible exchange
rate, a sound fiscal rule, and effective financial supervision and
regulation.

"At the same time, important downside risks remain for emerging
market economies and they continue to present challenges even for
strong and well-managed economies like Colombia.  While Colombia
has ample policy space to contain the fallout from normal external
shocks, the additional buffer provided by the FCL arrangement
would continue to play an important role in mitigating tail risks.
The authorities remain committed to strengthening buffers,
including international reserves, and plan to take further steps
toward exit from the FCL arrangement when external conditions
allow."


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


XSTRATA PLC: Glencore Asks Gov't. Not to Rush Halting Mine
----------------------------------------------------------
Dominican Today reports that Glencore's Dominican Republic
operation (Falcondo) called for prudence from Congress and the
Presidency on whether to go ahead with the legislation to create
Loma Miranda National Park at their planned nickel mine, and avert
jeopardizing the country's buoyant mining sector and the climate
for doing business.

Falcondo's call comes amid mounting opposition to its planned mine
at the contested site, where church and community leaders and
environmentalists have set up a campsite on vows to stop the
extraction of ore and declare its 350 hectares of lands of land
part of the protected area, according to Dominican Today.

In a news conference at Hotel Embajador in the capital, Falcondo
mines director Edwin Deveaux cautioned that without the
exploitation of Loma Miranda, the company's permanent operations
in the country could be "untenable," the report relates.

                            Prudence

The report notes that Falcondo Operations Director Juan Jose Fana
said the lawmakers should consider statements by government
officials and business organizations, which call for calm and
weighed decisions.

"The legislative initiative not only affects Falcondo, but also
the future of Dominican Republic's mining industry, so we call on
all sensible and thinking sectors of society to carefully analyze
that legislation, which contradicts with the plans in the National
Development Strategy. . . . " the report quoted Mr. Fana as
saying.

Mr. Fana, the report relates, noted that as Falcondo's majority
stakeholder, Dominican Republic receives 55% of the income from
its current mining operation at Bonao (central).

Mr. Fana said that and the fact that nickel's price is expected to
soar, makes the relationship with the State worth protecting, the
report adds.  "No one would invest in a country that has no legal
security," Mr. Fana said, the report relates.

Falcondo legal adviser Rafael Caceres and external consultant
Eduardo Jorge Prats also spoke at the press conference, where they
agreed that denying the miner the right to extract minerals at the
site could further tarnish the country's image on doing business,
and cited a recent study where Dominican Republic was ranked last
in that area, notes the report.

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

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

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


=============
E C U A D O R
=============


* ECUADOR: IDB OKs $220M Loan for Electricity Distribution Program
------------------------------------------------------------------
The Inter-American Development Bank (IDB) disclosed approval of a
$220 million loan to Ecuador to finance the strengthening of
Ecuador's National Electricity Distribution System (SND), in order
to support a change in the country's energy matrix and to improve
the delivery of quality electricity service to residential
customers.

The specific objectives of this loan program are to: contribute to
strengthening the SND, to operate at 220 Volts on the low-voltage
grid; increase the reliability of the SND; and contribute to
developing a strategy to replace consumption of liquefied
petroleum gas (LPG) with electricity for residential customers.
The IDB will work closely with Ecuador's Ministry of Electricity
and Renewable Energy (MEER) to implement this program.

This program's primary component will finance works in Ecuador's
National Electricity Distribution System (SND), to address
Ecuador's projected electricity demand, throughout the
strengthening of sub transmission lines and the distribution
network.

The program's second component will fund the planning for
implementation of a strategy to migrate from Liquefied Petroleum
Gas (LPG) to electricity in Ecuador's residential sector.

Program's third component will finance various activities related
to the strengthening of the Electricity Distribution Enterprises
(EDE), including: implementation of a program to train EDE
personnel involved in program execution; and support for the EDEs
in works execution.

This project is also align with the overall goals of the
Sustainable Energy for All (SE4ALL) promoted by the United Nations
initiative that the IDB is committed and which seeks to achieve
twice the penetration of energy efficiency measures by 2030

The $220 million IDB loan is for a 25-year term, with a 48-month
disbursement period and an interest rate based on LIBOR.  The loan
includes $50 million from the China Co-financing Fund for Latin
America and the Caribbean as well as a local counterpart
contribution totaling $27.4 million.  The entire loan package for
the project will total $247.4 million.


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


DIGICEL GROUP: Shifts Strategy to Tackle Depreciation Problem
-------------------------------------------------------------
Jamaica Gleaner reports that the depreciation in the value of the
Jamaican dollar against other currencies is the biggest challenge
facing Digicel Jamaica, according to Barry O'Brien, chief
executive officer of Digicel Group Limited.

The negative effect on its core business of voice revenues is
driving the company to create a new strategy based on
diversification, according to Jamaica Gleaner.

The report notes that an average of a one per cent per month
depreciation against the US dollar since the company came to
Jamaica a little over a year ago "is a very tough challenge," the
Irish executive said.

The company earns most of its revenue in Jamaican dollars, "but we
report in US dollars and have debt in US dollars," Mr. O'Brien
said, the report relates.

While Digicel Group is still performing well as part of an
international group, Digicel Jamaica has to compete for funds with
other of the company's operations like those in Haiti and Papua,
New Guinea, Mr. O'Brien said, the report relates.

"Everything looks pretty when you look at Digicel's numbers in
Jamaican dollars," the report quoted Mr. O'Brien as saying.  But
it's "not as pretty when you convert to US dollars," he added.

The situation is not helped by the rate of inflation as any upside
that Digicel Group might get from some costs being in Jamaican
dollars is eroded as the inflation rate is comparable to the
depreciation rate, Mr. O'Brien said, the report notes.

"Depreciation is driving inflation," the report quoted Mr. O'Brien
as saying.

And the effect on wages is also negative as Jamaican salaries do
not keep pace with the inflation rate, eroding purchasing power
and directly affecting spending on mobile top-up, the report
relates.

Jamaica is "full of challenges, but also has loads of
opportunities," Mr. O'Brien said, the report relays.

The report notes that inflation is not the only factor hitting
core voice revenues.  Mr. O'Brien, the report notes, said that
another rising challenge Digicel is facing is "over-the-top
applications" such as WhatsApp and Viber which allow free
messaging and calls via the Internet.

                        Diversification

As a result, relates Jamaica Gleaner, the company is concentrating
on its key strategy of diversification, especially in the area of
information and communication technologies (ICT), lessening its
dependence on its core voice revenues, Mr. O'Brien said.

"For our business to grow, we need to grow ICT," Mr. O'Brien said,
adding that the company increased its ICT revenues by more than 50
per cent in the last financial year, the report says.

"We've got to change what we're doing, and we are changing to ICT
and mobile data," Mr. O'Brien said, the report discloses.

With ICT now making up more than 10 per cent of entire revenue,
the company will be working to increase that to its target of 25
per cent, the report relates.  The company is investing in cloud
technology and has just finished installing 20 kilometres of its
subterranean fiber network in Kingston.

Apart from the benefits to Digicel's bottom line, the move towards
ICT should also be of benefit to Jamaica, Mr. O'Brien said, the
report notes.

Meanwhile, the report relates that the company has recently found
reason to work with its main competitor LIME to tackle a common
problem of bypass, where international incoming calls are diverted
from the legal route.  That results in loss of revenue to both
Government and the telecoms providers of "in excess of $100
million per month," Mr. O'Brien said, the report adds.

                    About Digicel Group

Headquartered in Jamaica, Digicel Group Limited provides mobile
telecommunications services in the Caribbean and the Central
American markets.   The company's services include rollover
minutes, GPRS data services, prepaid roaming, SMS to e-mail, and
multimedia messaging, as well as broadband.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May
27, 2014, Fitch Ratings has affirmed the ratings of Digicel Group
Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred as 'Digicel' as:

DGL
--Long-term Issuer Default Rating (IDR) at 'B' with a Stable
Outlook;
--USD 2 billion 8.25% senior subordinated notes due 2020 at 'B-
/RR5';
--USD 1 billion 7.125% senior unsecured notes due 2022 at 'B-
/RR5'.

DL
--Long-term IDR at 'B' with a Stable Outlook;
--USD 800 million 8.25% senior notes due 2017 at 'B/RR4';
--USD 250 million 7% senior notes due 2020 at 'B/RR4';
--USD 1.3 billion 6% senior notes due 2021 at 'B/RR4'.

DIFL
--Long-term IDR at 'B' with a Stable Outlook;
--Senior secured credit facility at 'B+/RR3'.



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


LIBERTY CABLEVISION: Moody's Affirms B3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
and B3-PD Probability of Default Rating of Liberty Cablevision
Puerto Rico LLC (LCPR) and changed the outlook to stable from
negative. Moody's also assigned a B2 to LCPR's proposed first lien
credit facility and a Caa2 to its proposed second lien term loan.
The company expects to use proceeds primarily to repay existing
debt.

Moody's expects to withdraw ratings on the existing credit
facility upon close of the transaction. A summary of the actions
follows:

Liberty Cablevision of Puerto Rico LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

First Lien Revolver due June 30, 2020, Assigned B2, LGD3, 40%

First Lien Term Loan due Dec 31, 2021, Assigned B2, LGD3, 40%

Second Lien Term Loan due June 30, 2023, Assigned Caa2, LGD6, 90%

Outlook, Changed To Stable From Negative

Ratings Rationale

The transaction improves liquidity, which, together with evidence
of improved operating trends which facilitated a decline in
leverage, led to the outlook change to stable from negative. The
proposed credit facility would extend the maturity profile, boost
the total revolver capacity to $40 million from $25 million, lower
interest expense, and improve cushion under financial maintenance
covenants. Furthermore, LCPR consistently added revenue generating
units (RGUs) across all products (video, high speed data and
voice) on a sequential basis since the end of 2012, despite weak
economic and demographic trends in Puerto Rico. The positive
subscriber trends together with evidence of execution on cost
savings contributed to estimated leverage of about 6 times debt-
to-EBITDA pro forma for the proposed transaction (per Moody's
standard adjustments, includes shareholder loan in definition of
total debt, based on trailing twelve months results through March
31) compared to about 7 times at the end of 2012.

LCPR's B3 corporate family rating incorporates expectations for
leverage, estimated at about 6 times debt-to-EBITDA (pro forma for
the proposed refinancing, per Moody's standard adjustments,
includes shareholder loan in definition of total debt, based on
trailing twelve months results through March 31), to remain high
and for free cash flow to improve from negative with the fall-off
of one time integration costs but to remain low. The weak capital
structure provides minimal flexibility for managing the weak
economic and demographic trends in Puerto Rico. LCPR reported
subscriber growth over the past year despite these conditions, but
Moody's believes operating metrics such as revenue per homes
passed and subscriber penetration will remain well below stateside
US cable operating peers . Geographic concentration and lack of
scale also constrain the rating, although the company benefits
from the scale of its 60% owner Liberty Global, plc (Ba3 stable).

The stable outlook assumes LCPR will achieve modest EBITDA growth,
generate positive free cash flow, and maintain adequate or better
liquidity.

Moody's would consider a positive rating action with expectations
for sustained leverage around 5.5 times debt-to-EBITDA or better
and sustained free cash flow-to-debt above 3%. An upgrade would
also require expectations for adequate or better liquidity and a
management commitment to maintaining the stronger credit profile,
including the ability and willingness to offset negative economic
and demographic trends in Puerto Rico which could depress growth
prospects with debt reduction.

An increase in leverage to the high 6 times range, whether due to
debt financed acquisitions or dividends or fundamental operating
weakness, or deterioration of the liquidity profile would likely
warrant a negative rating action.

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

Liberty Cablevision of Puerto Rico LLC (LCPR) provides video, high
speed data, and telephone services to residential and commercial
customers in Puerto Rico. The company is indirectly 60% owned by
LGI Broadband Operations, Inc. an entity 100% owned by Liberty
Global plc (Ba3 stable) and 40% owned by Searchlight Capital
Partners L.P. Its annual revenue is approximately $300 million,
and as of March 31 the company had approximately 214,200 video,
197,000 high speed data and 141,800 phone RGUs.


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


CL FIN'L: Imbert Says Central Bank Must Come Clean on Asset Sale
----------------------------------------------------------------
Kim Boodram at Trinidad and Tobago Newsday reports that the
People's National Movement's (PNM) Colm Imbert said Central Bank
Governor Jwala Rambarran and the Government must come clean about
plans to dispose of the assets of CL Financial Limited.

Mr. Imbert said too much silence surrounds the handling of Clico's
substantial assets and it could lead to the perception that "deals
are being made" to dispose of the assets before the next general
election, according to Trinidad and Tobago Newsday.

The Diego Martin North/East MP was speaking at a press conference
at the Office of the Leader of the Opposition on Charles Street,
Port of Spain, called to address the party's concerns over the new
foreign exchange system implemented by the Central Bank and the
handling of Colonial Life Insurance Company Ltd. (CLICO),the
report says.

Mr. Imbert, the report notes, said the assets of the fallen
financial giant were still considerable and included One Woodbrook
Place, Angostura Ltd, Home Construction Ltd, Colfire, Millennium
Park and Methanol Holdings.

"People don't realise the assets the Central Bank is playing
with," the report quoted Mr. Imbert as saying.

Mr. Imbert said a wall of secrecy has gone up around the disposal
plans and the Opposition maintains its call for a clear Government
policy on the matter, relates the report.

Mr. Imbert said hint of sales of some assets have so far come
"through the grapevine" and include the sale of Atlantic Plaza and
Valpark Shopping Plaza, the report adds.

The report relays that Mr. Imbert said Mr. Rambarran is more or
less sitting in complete control of the situation but that no
information is forthcoming.

The report discloses that the PNM had in May this year criticized
the Bank's new system as having the potential to create a foreign
exchange black market that has not been seen in Trinidad and
Tobago since the 1980s.

Opposition Senator Dr. Lester Henry, who also spoke, said in May
that the new system, introduced on April 1, expanded the pool of
authorised dealers for US currency from the six commercial banks
to 12 entities, including  Development Finance Ltd, Neal and Massy
Finance, Ansa McAL Finance, and General Finance Corporation, the
report notes.

Dr. Henry had said that the Central Bank now also allowed the big
foreign exchange earners such as Petrotrin, NGC, PCS Nitrogen and
bpTT (who earn approximately US$5 billion a year), to allocate a
25 per cent portion of their foreign exchange earnings to any one
of the 12 players, the report relays.

Dr. Henry said the only way the current system will be able to
sustain itself is through frequent injections of foreign exchange
and that what is now being experience is an "artificial shortage,"
the report notes.

The currency is there, Dr. Henry said, but is simply not available
to small users, the report adds.

                        About CLICO International

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

                          About CL Financial

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

                            *     *     *

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

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

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

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


HFC BANK: Republic Expresses Regrets on Takeover Oppositions
------------------------------------------------------------
Trinidad and Tobago Newsday reports that Trinidad & Tobago's
Republic Bank expressed disappointment that parties opposed to its
takeover of HFC Bank Ghana have filed for an injunction to prevent
its mandatory takeover of the Ghanian bank.

In a statement, Republic Bank confirmed that it along with Ghana's
Securities and Exchange Commission have been named as defendants
in the action taken on behalf of HFC Bank in the high court of
Ghana, according to Trinidad and Tobago Newsday.

The statement said, "These proceedings seek an injunction to
prevent Republic Bank from continuing the process for a mandatory
offer to all shareholders of HFC Bank Ghana," the report notes.

The report relates that Republic Bank filed an application to
dismiss the action, and on June 16, 2014, the hearing of the
application was adjourned to allow the parties to file written
submissions.

A judgment is scheduled to be issued on June 23, 2014.

The report discloses that Republic Bank said: "The bank is
disappointed that these legal proceedings have been resorted to as
they have delayed the mandatory takeover process.  Republic Bank
is confident, however, that the matter will be successfully
resolved, thereby allowing shareholders to exercise their rights
to consider whether to sell their shares."


=============
U R U G U A Y
=============


DISCOUNT BANK: S&P Raises Issuer Credit Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term, global-
scale issuer credit ratings on Discount Bank Latin America S.A.
(DBLA) to 'BB+' from 'BB' and its national-scale long-term rating
to 'uyAA+' from 'uyAA'.  At the same time, S&P affirmed its 'B'
short-term global-scale rating on the bank.  S&P also revised its
stand-alone credit profile (SACP) to 'bb+' from 'bb'.  The outlook
on the long-term ratings remains stable.  At the same time, S&P
affirmed the 'BBB-/Stable/A-3' global scale and 'uyAAA/Stable/--'
national scale rating on ratings on Banco Bilbao Vizcaya
Argentaria Uruguay (BBVA Uruguay) and revised its SACP to 'bbb-'
from 'bb+'.

These ratings actions follow S&P's revision of our BICRA on
Uruguay to group '6' from group '7' and on its anchor to 'bb+'
from 'bb'.

"We consider credit risk in Uruguay has lessened because income
levels have significantly improved in the last decade while
private sector leverage has remained flat.  These factors have led
us to enhance our assessment on the economic risk in the country
and anchor for banks operating in Uruguay," said Standard & Poor's
credit analyst Amalia Bulacios.

S&P is affirming its 'BBB-/Stable/A-3' issuer credit ratings (ICR)
on BBVA Uruguay despite the improvements in its SACP to 'bbb-'
from 'bb+'.  The ICR on the bank no longer incorporates notching
from group support.  S&P considers BBVA Uruguay to be a
"moderately strategic" subsidiary to its parent, Banco Bilbao
Vizcaya Argentaria S.A. (BBB/Stable/A-2), which owns 100% of the
bank's equity.  Under S&P's group methodology, the long-term ICR
on a "moderately strategic" subsidiary is generally one notch
above its SACP; however, it's subject to a cap of one notch below
the credit rating on the parent.


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


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