TCRLA_Public/140623.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

           Monday, June 23, 2014, Vol. 15, No. 122


                            Headlines



A R G E N T I N A

CONSULTATIO INFRAESTRUCTURA: Moody's Cuts GS Rating to Caa-bf


B R A Z I L

CAMARGO CORREA: Fitch Affirms 'BB' IDR; Outlook Stable


C A Y M A N  I S L A N D S

CHESTER PROPERTIES: Creditors' Proofs of Debt Due July 17
EBINA: Creditors' Proofs of Debt Due July 8
MEGATRON ENTERPRISE: Creditors' Proofs of Debt Due July 17
NEUBERGER BERMAN: Creditors' Proofs of Debt Due July 8
NEUBERGER BERMAN II: Creditors' Proofs of Debt Due July 8

SPURS HOLDINGS: Creditors' Proofs of Debt Due July 15
UFG CREDIT: Creditors' Proofs of Debt Due July 11
UFG CREDIT MASTER: Creditors' Proofs of Debt Due July 11
UFG DEBT: Creditors' Proofs of Debt Due July 11
UFG DEBT MASTER: Creditors' Proofs of Debt Due July 11


C O S T A  R I C A

INSTITUTO COSTARRICENSE: Fitch Affirms 'BB+' IDR; Outlook Stable


D O M I N I C A N   R E P U B L I C

CEMEX SAB: Wagers on the Dominican Republic With Investment


J A M A I C A

JAMAICA: IMF Concludes 2014 Article IV Consultation and Review
SAGICOR GROUP: Senior Manager Cashes in J$16 Million of Shares


M E X I C O

EMPRESAS ICA: Accident Results in Death of 7 Workers


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Profit Ups to $15.8 Billion in 2013


X X X X X X X X X

BOND PRICING: For the Week From June 16 to June 20, 2014


                            - - - - -


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A R G E N T I N A
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CONSULTATIO INFRAESTRUCTURA: Moody's Cuts GS Rating to Caa-bf
-------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded the global scale ratings of four Argentine
infrastructure bond funds and confirmed their national scale
ratings. Moody's has also confirmed the global and national scale
ratings of five other Argentine bond funds. Moody's has maintained
the rating review for downgrade the global and national scale
ratings of four other bond funds. The ratings of all these bond
funds were placed on review for downgrade on March 19th, 2014.

1. The global scale ratings of the following bond funds (the
"Infrastructure Funds") were downgraded and their national scale
ratings were confirmed:

Consultatio Infraestructura FCI

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating confirmed at Baa-bf.ar

Desarrollo Argentino II

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating confirmed at Baa-bf.ar

Pellegrini Desarrollo FCI Abierto

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating confirmed at Baa-bf.ar

Schroder Infraestructura

* Global scale rating lowered to Caa-bf from B-bf (RUR DNG)

* National scale rating confirmed at Baa-bf.ar

2. The global scale and national scale ratings of the following
bond funds (the "Confirmed Funds") were confirmed:

GPS LATAM

* Global scale rating confirmed at B-bf

* National scale rating confirmed at A-bf.ar

Premier RF Crecimiento FCI

* Global scale rating confirmed at B-bf

* National scale rating confirmed at A-bf.ar

Schroder Corto Plazo FCI

* Global scale rating confirmed at B-bf

* National scale rating confirmed at A-bf.ar

Schroder Renta Global Tres FCI

* Global scale rating confirmed at B-bf

* National scale rating confirmed at A-bf.ar

Schroder Argentina

* Global scale rating confirmed at B-bf

* National scale rating confirmed at A-bf.ar

3. The global and national scale ratings of the following bond
funds (the "Reviewed Funds") remain on review for downgrade:

Balanz Capital Renta Fija FCI

* Global scale rating at B-bf (RUR DNG)

* National scale rating at A-bf.ar (RUR DNG)

Optimum FAE FCI

* Global scale rating at B-bf (RUR DNG)

* National scale rating at A-bf.ar (RUR DNG)

Galileo Premium

* Global scale rating at B-bf (RUR DNG)

* National scale rating at A-bf.ar (RUR DNG)

Compass Renta Fija III FCI

* Global scale rating at B-bf (RUR DNG)

* National scale rating at A-bf.ar (RUR DNG)

Ratings Rationale

The downgrade of the Infrastructure Funds' global scale ratings to
Caa-bf from B-bf is based on the funds' investment strategy, which
is centered on investing in Argentine asset-backed securities
backed by government-guaranteed infrastructure projects (mainly
housing, roads and energy) or corporate bonds. Where there is a
government guarantee, it is primarily backed by the Argentinean
Central Government and Provinces, which carry an average rating of
Caa1 /Baa1.ar- Ba1.ar The confirmation of the national scale
ratings of the Infrastructure Funds was based on the appropriate
positioning of these national scale ratings according to Moody's
mapping of national scale ratings to global scale ratings in
Argentina.

The rating confirmation of the ratings of the Confimed Funds is
based on an improvement in the credit quality of the portfolios of
these funds, as observed during the review period that began on
March 19th, 2014.

Moody's maintained the rating review for downgrade of the Reviewed
Funds in reflection of the continued credit weakness of their
portfolios, which place them near the low-end of their current
rating level. Moody's will continue to monitor these funds in the
coming months.

The principal methodology used in rating the funds was Moody's
Revised Bond Fund Rating Methodology and Symbols, dated May 2013.


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B R A Z I L
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CAMARGO CORREA: Fitch Affirms 'BB' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed the ratings of Brazilian conglomerate
Camargo Correa S.A. (Camargo) and its subsidiaries as follows:
Camargo:

   -- Foreign currency Issuer Default Rating (IDR) at 'BB';
   -- Local currency IDR at 'BB';
   -- National scale rating at 'AA-(bra)';
   -- BRL1 billion debentures 2nd issuance (due 2014) at 'AA-
(bra)'.
CCSA Finance Limited:
   -- Foreign currency IDR at 'BB';
   -- Local currency IDR at 'BB';
   -- US$250 million senior unsecured bonds due 2016 at 'BB'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Business Diversification & Stable Dividend Flow:

Camargo's ratings incorporate its broad business diversification
and an expectation of continued stable dividend flow from its main
business segments.  Business diversification is reflected in the
composition of its 2013 consolidated EBITDA of BRL3.6 billion with
the cement, energy, transportation, engineering & construction,
and footwear segments representing 44%, 19%, 13%, 12%, and 11%,
respectively.  The ratings consider the diversification and credit
quality of Camargo's dividend flow, with approximately 78% of the
company's dividend receipts expected to come from its cement, toll
road concession (CCR), energy concession businesses (CPFL), and
engineering & construction (E&C).  During 2013, Camargo received
dividends of BRL1.2 billion; this dividend flow is expected to
remain similar in 2014.

Adequate Liquidity and Debt Service Coverage:

Camargo maintains adequate liquidity with BRL7.1 billion of
consolidated cash and marketable securities as of Dec. 31, 2013.
The companies directly controlled by Camargo face debt
amortizations of BRL3 billion during 2014, which is comfortably
covered by BRL7.1 billion of cash at these subsidiaries; most of
this cash is held within the company's cement division.  On a
stand-alone basis, Camargo faces debt amortizations of BRL575
million and BRL687 million during 2014 and 2015, which will be
mostly covered by its received dividends levels, which are
expected to remain stable at around BRL1 billion the next two
years.  Camargo's liquidity is further supported by the company's
access to credit, as well as by its capacity to execute non-core
assets sales if required.

Moderate Leverage:

Camargo has steadily deleveraged since the Cimpor acquisition by
InterCement; however, leverage still remains moderate for its
rating category.  Net leverage declined to 3.6x at Dec. 31, 2013
from 4.8x at Dec. 31, 2012 due to a strong improvement in adjusted
EBITDA coupled with a BRL600 million reduction in debt
outstanding.  Adjusted EBITDA improved to BRL3.4 billion for 2013
from BRL2.9 billion for 2012 due to improved financial results in
all businesses during the year, with the exception of platforms
within the shipbuilding business unit.  Camargo is focused on
reducing net leverage to 3.0x by 2014 through a combination of
strong cash flow generation, amortization of outstanding debt,
reducing capital expenditures, and no acquisitions during the
year.  Fitch projects Camargo will have difficulty reaching its
net leverage target of 3.0x by Dec. 31, 2014 and that the company
will finish the year with net leverage more towards 3.3x.

Cement Business Performance Key Credit Factor:

The cement division accounted for 29% of Camargo's consolidated
revenues and 44% of its EBITDA during 2013.  Net leverage within
this business unit was 3.3x.  In Brazil, which is the fourth-
largest global cement market, Camargo is the second-largest cement
producer, with a market share of 18%.  Fitch views Camargo's
market position in Brazilian cement as solid and sustainable for
the medium term due to its scale of operations, with approximately
28 million tons in annual sales, regional diversification within
the country, and strong brand recognition.  Brazil accounts for
53% of the EBITDA of the company's cement division.  Other
important regions for the company are South America (ex-Brazil),
Africa, and other markets, representing 19%, 16%, and 12% of the
cement division EBITDA, respectively.  The company maintains 40
cement production units globally with an estimated annual
installed production capacity of 46 million tons.  Camargo is
well-positioned to capture growth in the Brazilian market as a
result of its 16 plants with approximately 18 million tons of
capacity in the region.

Rating Sensitivities

Camargo's ratings could be affected positively by significant
improvement in its cash flow generation, sustained net leverage
below 3.0x and strong liquidity metrics.

Fitch would view a combination of the following as negative to
credit quality: the company's lack of capacity or willingness to
maintain its net financial leverage in line with those levels
considered in the ratings; adverse macroeconomic trends leading to
weaker credit metrics; debt-funded acquisitions; and/or a change
in the company's received dividends from those levels incorporated
in the ratings.


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C A Y M A N  I S L A N D S
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CHESTER PROPERTIES: Creditors' Proofs of Debt Due July 17
---------------------------------------------------------
The creditors of Chester Properties 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 March 26, 2014.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


EBINA: Creditors' Proofs of Debt Due July 8
-------------------------------------------
The creditors of Ebina 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 26, 2014.

The company's liquidator is:

          Richard Fear
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


MEGATRON ENTERPRISE: Creditors' Proofs of Debt Due July 17
----------------------------------------------------------
The creditors of Megatron Enterprise 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 29, 2014.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


NEUBERGER BERMAN: Creditors' Proofs of Debt Due July 8
------------------------------------------------------
The creditors of Neuberger Berman GTAA (Commodities) 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
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


NEUBERGER BERMAN II: Creditors' Proofs of Debt Due July 8
---------------------------------------------------------
The creditors of Neuberger Berman GTAA 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
          c/o Daniel Woolston
          Telephone: (345) 814 7782
          Facsimile: (345) 945 3902
          P.O. Box 2681 Grand Cayman KY1-1111
          Cayman Islands


SPURS HOLDINGS: Creditors' Proofs of Debt Due July 15
-----------------------------------------------------
The creditors of Spurs Holdings Limited 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 28, 2014.

The company's liquidator is:

          Chan Mei Lan
          KPMG
          8th Floor, Prince's Building
          10 Chater Road Central
          Hong Kong; or

          KPMG
          P.O Box 493, Century Yard, Cricket Square
          Grand Cayman KY1-1106
          Cayman Islands
          c/o James Macfee
          Telephone: +1 (345) 914-4465/ (852) 2522 6022
          Facsimile: +1 (345) 949-7164/ (852) 2869 7357


UFG CREDIT: Creditors' Proofs of Debt Due July 11
-------------------------------------------------
The creditors of UFG Credit Opportunities Fund Ltd. are required
to file their proofs of debt by July 11, 2014, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


UFG CREDIT MASTER: Creditors' Proofs of Debt Due July 11
--------------------------------------------------------
The creditors of UFG Credit Opportunities Master Fund Ltd. are
required to file their proofs of debt by July 11, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


UFG DEBT: Creditors' Proofs of Debt Due July 11
-----------------------------------------------
The creditors of UFG Debt Fund Ltd. are required to file their
proofs of debt by July 11, 2014, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 28, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


UFG DEBT MASTER: Creditors' Proofs of Debt Due July 11
------------------------------------------------------
The creditors of UFG Debt Master Account Ltd. are required to file
their proofs of debt by July 11, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 28, 2014.

The company's liquidator is:

          Ogier
          c/o Piers Dryden
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


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C O S T A  R I C A
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INSTITUTO COSTARRICENSE: Fitch Affirms 'BB+' IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Instituto Costarricense de Electricidad
y Subsidiarias' (Grupo ICE) foreign- and local-currency Issuer
Default Ratings (IDRs) at 'BB+' as well as its national scale
ratings at 'AAA(cri)' and 'AAA(slv)'.  The Rating Outlook is
Stable.

KEY RATING DRIVERS

Grupo ICE's ratings are supported by the company's linkage to the
Sovereign rating of Costa Rica (FC and LC IDRs rated 'BB+'/Stable
Outlook by Fitch) which stems from the government ownership and
government's implicit and explicit support.  The company holds
strategic importance for the government given the growing demand
of electricity in the country and government's plans to increase
renewable generation and to reduce exposure to fluctuations in
fossil fuel prices.  The ratings also reflect company's
diversified portfolio of assets, adequate financial profile,
aggressive capital expenditure program oriented to increase
renewable generation capacity and maintaining a strong market
share position in the telecommunications business.

DIVERSIFIED ASSET PORTFOLIO

Grupo Ice is a vertically integrated monopoly in the electricity
industry and the incumbent player in the Telecom industry in Costa
Rica.  The ratings reflect the company's low business risk
resulting from its business diversification and positive
characteristics as a utility service provider.

As of year-end 2013, Grupo ICE had an installed electric
generation capacity of 2,067 megawatts (MW) (national capacity of
2,731MW) and is the exclusive owner of the national transmission
grid.  The national electric industry includes private generation,
municipal distribution and electric cooperatives that can generate
energy in coordination with Grupo ICE or sell their energy to
Grupo ICE.  The company is expected to remain a leader in the
telecommunications industry in the country, notwithstanding recent
changes that opened the industry to competition.  Although this
will increase competition, it is also expected to enhance
regulatory transparency.  ICE's market share in terms of
subscribers was near to 100% in fixed telephony and 70% in mobile
at 2013-end.

In YE 2013, the company generated revenues and EBITDAR of USD
2,647 million and 936 million, respectively (USD 2,375 million and
USD844 million in 2012).  The company's electricity segment
represented approximately 59% of revenues, with the
telecommunications division contributing the rest.  Fitch expects
ICE's electricity business to increase its contribution given the
current and future expansion projects, as well as relatively
stable results in the telecommunications segment.

LEVERAGE DRIVEN BY CAPEX

Grupo ICE's ratings reflect the company's leverage, satisfactory
interest coverage and exposure to foreign exchange risk.  In the
last few years, company leverage weakened as result of the ongoing
large capital expenditure program, which is mainly financed with
debt.  Fitch expects the company will be able to reduce leverage
as new generation projects, such as PH Reventazon, become online
in the next few years, absent of significant changes in tariffs.

As December 2013, Grupo ICE reported consolidated debt of
USD3.7 billion, of which USD423 million was short-term and near
85% was denominated in USD, which exposes the company to
fluctuations in the exchange rate.  The company benefit from a
very favorable debt schedule, approximately 25% of its debt
matures in the next five years.  Financial leverage ratio, as
measured by total adjusted debt-to-EBITDAR, totaled 5.6x.

In the short-term, credit metrics could deteriorate as result of
adverse weather conditions and a lag in regulated tariffs to
incorporate the costs of thermal generation and net electricity
imports.  A further devaluation of the local currency may also
impact leverage ratios.  These factors could reduce company's
ability to meet some financial covenants and financial
flexibility.  A breach of covenants could limit temporarily
issuer's ability to take new debt.

AGGRESSIVE CAPITAL EXPENDITURE PLAN

Grupo ICE's capital investment plan is considered aggressive and
could weaken the company's financial profile, absent increased
cash flow generation and adequate tariff adjustments.  The company
plans to invest approximately USD3.7 billion over the next five
years in order to supply electricity to meet demand and maintain
its leadership position in telecommunications in Costa Rica.

Going forward, leverage could increase consistently to over 6.0x
if the company finances its capital investment plan heavily with
debt and the revenues associated with these investments are
delayed beyond the expected ramp-up timeframe or don't received
opportunely the tariff adjustments.  Grupo ICE expects to finance
its investments with a combination of internal cash flow, debt,
Build Operate and Transfer (BOT) transactions, project finance
vehicles and operating leases.

HIGH EXPOSURE TO REGULATORY AND POLITICAL INTERFERENCE

Grupo ICE is highly exposed to regulatory interference risk given
the lack of clear and transparent electricity tariff schedules.
The company annually proposes to the regulator electricity tariffs
for end-users; in previous years, the regulatory and political
interference affected the tariff adjustment process.

Positive for the company's business and financial profile is the
approved mechanism to adjust tariffs to reflect fuel cost
variations on a quarterly basis, starting in 2013.  This change
has a positive effect on Grupo ICE's working capital and reduces
its exposure to hydrology risk.  Before 2012, the regulator
approved tariffs that do not fully recognized the company's
moderate exposure to fuel prices borne by its thermoelectric
generation business (8% - 10% of annual generation on average).
Currently the issuer is proposing to modify the existing tariff
scheme to incorporate the costs of net electricity imports given
ongoing adverse weather conditions.

The recent Telecom regulatory framework considers changes in
tariffs and competition rules.  Fitch expects that new regulations
could enhance regulatory transparency.  Nevertheless,
telecommunications tariffs have been unchanged since 2006.

Despite the regulatory risk, Grupo ICE has managed to maintain a
relative stable cash flow generation.  Also, the company is
exposed to political interference given that the government
appoints and removes ICE's directors and executives, sets and
approves the company's tariffs, and regulates its budget.

RATINGS SENSITIVITY

--Grupo ICE's ratings could be negatively affected by any
combination of the following factors: sovereign downgrades;
weakening of legal, operational and/or strategic ties with the
government; or regulatory intervention that negatively affects the
company's financial performance.

   -- Grupo ICE's ratings could be positively affected by an
upgrade of Costa Rica's sovereign rating, or if the company is
materially isolated from government interference.

Fitch has affirmed the following ratings for Grupo ICE:

   -- Long-term FC IDR at 'BB+'; Stable Outlook;
   -- Long-term LC IDR at 'BB+'; Stable Outlook;
   -- Senior unsecured debt at 'BB+';
   -- Long-term national scale (Costa Rica) at 'AAA(cri)'; Stable
Outlook;
   -- Senior unsecured domestic long-term debt (Costa Rica) at
'AAA(cri)';
   -- Short-term debt at 'F1+(cri)';
   -- Long-term national scale (El Salvador) at 'AAA(slv)'; Stable
Outlook
   -- Senior unsecured domestic long-term debt (El Salvador) at
'AAA(slv)'.


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


CEMEX SAB: Wagers on the Dominican Republic With Investment
----------------------------------------------------------
Dominican Today reports that CEMEX, S.A.B. de C.V. said it
will continue to invest in the country, including San Pedro
(east), where its plant was expanded at a cost of RD$800 million,
in addition to RD$189 million in new and various operations to
boost its business.

"The investments include a system to harness residual heat to
produce 7 megawatts of electricity, the acquisition of several
equipment to increase operational efficiency on packaging by 30%,
and significant improvements in the  calcinations system to
further reduce the company's carbon footprint," Cemex said in a
statement obtained by Dominican Today.

It also announced that to satisfy customer demand it acquired
additional concrete mixer trucks , which now total 110, making it
the biggest fleet in the entire Caribbean, the report notes.

Meanwhile, the report notes that Cemex SAB continues to strengthen
Construrama, the country's largest network of hardware stores that
currently has more than 100 members across the country, "to
continue bolstering this important distribution channel."

                         About CEMEX SAB

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

                           *     *     *

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


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


JAMAICA: IMF Concludes 2014 Article IV Consultation and Review
--------------------------------------------------------------
On June 20, 2014, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation and
fourth review through the Extended Arrangement under the Extended
Fund Facility (EFF) with Jamaica.  The completion of the review
enables the disbursement of an amount equivalent to SDR 45.95
million (about US$70.9 million) bringing the total disbursements
under the arrangement to SDR 268.59 million (about US$414.4
million).

The Executive Board approved the EFF arrangement for four years
and a total of SDR 615.38 million (about US$948.1 million, the
equivalent of 225 percent of Jamaica's quota in the IMF on May 1,
2013.

In early 2013, the Jamaican authorities adopted a comprehensive
economic reform program to tackle the challenges of low growth and
high debt head-on.  Since then, fiscal policy has been tightened
further and extensive structural reforms have been implemented,
including wide-ranging tax reform and a fiscal rule anchored on a
reduction in public debt to 60 percent of GDP by 2025/26. The
authorities also initiated significant reforms in the financial
sector, and have allowed the exchange rate to depreciate.  In
addition, and in view of minimizing the social impact of the
reform program, the government has taken steps to strengthen
social protection programs, including through the cash transfer
program (PATH), a vital component of the social safety net.

Following the Board discussion of the review, Mr. Naoyuki
Shinohara, Deputy Managing Director, and Acting Chair made the
following statement:
"Jamaica's program implementation under the Extended Fund Facility
has been commendable.  The achievement of a primary surplus in a
short time is impressive.  Essential social spending has been
safeguarded and steps are being taken to strengthen the social
safety net. Continued support by the international community
remains crucial as Jamaica is undertaking this difficult
adjustment.

"With upfront fiscal adjustment and the steadfast implementation
of an ambitious and wide-ranging structural reform agenda, the
initial dividends from the reorientation of policies are emerging.
The government's economic strategy aims to boost growth and
employment, place public debt on a sustainable path, restore
competitiveness, and strengthen the social safety net. Its full
implementation will bring about tangible benefits for Jamaica and
its people."

The Executive Board also concluded the 2014 Article IV
consultation with Jamaica.

A gradual economic recovery appears to be under way.  Growth is
estimated at 0.9 percent in FY2013/14, as mining, agriculture and
tourism picked up.  Recorded unemployment remains high, but fell
from 16 percent to 13.5 percent (in seasonally adjusted terms)
from April 2013 to January 2014.  Inflation declined to 7.6
percent (year-on-year) at end-April, as the impact of the ongoing
depreciation of the exchange rate was countered by weak domestic
demand.  These factors also caused a sharp reduction in the
current account deficit to 9.5 percent in FY2013/14. Gross
international reserves increased to US$2 billion at end-March
2014.

The public sector's fiscal position was balanced in FY2013/14,
following a deficit exceeding 4 percent of GDP in the previous
year.  This resulted from lower interest costs and an increase in
the primary surplus of the central government to 7.5 percent of
GDP.  The 2014/15 budget aims to maintain this primary surplus.
The authorities' ongoing fiscal consolidation efforts and gains
from the early 2013 debt exchange have reduced public sector debt
from 147 percent of GDP in March 2013 to 140 percent a year later.

Standard indicators of the soundness of the financial sector
remain broadly positive, including the share of non-performing
loans and capital-asset ratios.  Stress test results from the Bank
of Jamaica confirmed that banks largely remained in compliance
with capital requirements under a range of shocks.  However, the
financial system is still heavily exposed to government debt
holdings and a decline in the market value of government bonds
could have a negative impact on financial institutions' capital.
The steadfast implementation of planned policies should support a
gradual economic recovery.  Growth is projected to reach almost 1«
percent in 2014/15, as the negative fiscal impulse comes to an
end.  The gradual impact of various supply side reforms and rising
confidence with implementation of the authorities' comprehensive
reform program are expected to help raise growth to beyond two
percent over the medium term.  The risks to the outlook remain
high, however, and include a possible disruption of external
financing flows, natural disasters, lower partner-country growth,
and oil price shocks.

                   Executive Board Assessment

Executive Directors welcomed the emerging signs of economic
recovery and the marked improvements in fiscal and external
balances.  Directors commended the authorities for the impressive
implementation of their economic transformation program, notably
the ambitious fiscal adjustment.  They stressed that steadfast
implementation of the economic strategy and sustained broad public
support for the reform agenda would be critical to achieving the
objectives of growth, employment, and poverty reduction.

Directors noted that downside risks to the outlook remain high,
and that the economic and social costs of the adjustment effort
have been substantial.  Careful sequencing and prioritizing of
wide-ranging reforms, with the full support of the international
community, will be important.  Directors welcomed as critical the
steps being taken to safeguard social spending and improve the
social safety net to protect the most vulnerable.

Directors commended the authorities for the remarkable front-
loaded fiscal consolidation aimed at reducing public debt to
sustainable levels.  They welcomed in particular the achievement
of a primary surplus that is exceptional by international
standards, progress on tax reform, and the adoption of a fiscal
rule.  Directors agreed that efforts should focus on improving tax
collection.  At the same time, accelerated efforts are needed to
reform the public sector and contain the wage bill, address
contingent fiscal risks by strengthening the performance of public
entities, and improve public financial management to better
leverage the growth impact of scarce public investment.

Directors also looked forward to progress on strengthening debt
management.

Directors supported the overall stance of monetary policy, which
aims to balance the multiple objectives of containing inflation,
rebuilding reserves, and ensuring sufficient credit to the real
economy.  They recommended increasing reliance on interest rate
channels and expanding the monetary policy toolkit for liquidity
management, while maintaining exchange rate flexibility. Directors
welcomed the plan to adopt inflation targeting once prior
conditions have been met.

Directors welcomed progress in strengthening the banking system,
including the adoption of legislation on bank supervision.  They
encouraged a proactive approach to address remaining
vulnerabilities in the financial system, giving priority to
reforming the business model of the securities dealers.

Further consolidating supervision and enhancing the bank
resolution framework are also crucial.

Directors stressed the importance of promoting growth and job
creation, by reducing red tape, improving infrastructure, and
boosting competitiveness.  They welcomed the improvement in price
competitiveness resulting from a flexible exchange rate. Reducing
the price of electricity and focusing training on critical skills
remain important priorities.


SAGICOR GROUP: Senior Manager Cashes in J$16 Million of Shares
--------------------------------------------------------------
RJR News reports that Sagicor Group Jamaica Ltd. is reporting that
one of its senior managers cashed in more than J$16 million of
its shares.

The indication came in a release to the Jamaica Stock Exchange,
according to RJR News.

The report relates that the senior manager sold more than 1.8
million shares under the SGJ Executive Long Term Incentive Scheme
plan.

The shares were transacted at a price of $8.89 each, the report
notes.

Headquartered in St. Michael, Barbados, Sagicor Financial
Corporation -- http://www.sagicorlife.com/-- is a financial
services company, and through its subsidiaries, offers life and
health insurance, annuities, pensions, property and casualty
insurance, and banking services in the Caribbean, Latin America,
the United Kingdom, and the United States.  Its Sagicor Life Inc
segment offers life and health insurance, annuities, and pension
investment administration services in Barbados, Eastern Caribbean,
Dutch Caribbean, Bahamas, Central America, and Trinidad and
Tobago.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2013, Standard & Poor's Ratings Services said that the
'BB+' financial strength and counterparty credit ratings on
Sagicor Life Inc. (Sagicor) and its 'BB-' issue-level ratings on
Sagicor Finance Ltd. remain on CreditWatch with negative
implications where S&P placed them on Feb. 13, 2012.


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


EMPRESAS ICA: Accident Results in Death of 7 Workers
----------------------------------------------------
Empresas ICA, S.A.B. de C.V. disclosed that on June 11, 2014 an
accident occurred at the construction site of its affiliate
Industria del Hierro, for the Ayatsil - C Platform in the
facilities located in Matarredonda, Veracruz.  Seven workers are
confirmed dead and one is injured.

Based on the information available at this time, the accident
occurred when a group of workers was dismantling scaffolding from
the marine platform at a height of approximately 40 meters.  The
workers were in a man basket held by a Manitowoc 600 Ton Crane,
which fell with the workers in it. The cause of the accident is
unknown. Industria del Hierro is conducting the site
investigations in coordination with the government authorities.

"The safety and security of our colleagues is of utmost importance
for our company.  We are currently reaching out to assist the
injured and the families of those who lost their lives.  We will
allocate the necessary resources to determine as soon as possible
the cause of the accident and implement any necessary preventive
measures in the future," the company said.

Empresas ICA, S.A.B. de C.V. is an infrastructure company in
Mexico.  ICA carries out large-scale civil and industrial
construction projects and operates a portfolio of long-term
assets, including airports, toll roads, water systems, and real
estate.  Founded in 1947, ICA is listed on the Mexican and New
York Stock exchanges.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2014, Standard & Poor's Ratings Services affirmed its 'B+'
global scale and 'mxBBB' national scale corporate credit ratings
on Empresas ICA S.A.B. de C.V. (ICA). At the same time, S&P
assigned its 'B' issue-level rating on the company's proposed $500
million senior unsecured notes. The recovery rating of '5' on the
notes, indicating expectation of modest (10% to 30%) recovery in
the event of a payment default, remains unchanged. The outlook is
negative.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Profit Ups to $15.8 Billion in 2013
-----------------------------------------------------------
Pietro D. Pitts at Bloomberg News reports that Petroleos de
Venezuela SA's annual net income rose more than three-fold as the
state-owned oil producer spent less on social programs, reduced
costs after currency devaluation and sold assets.

Profit rose to $15.8 billion last year from $4.3 billion in 2012,
according to a bond offering circular dated May 14, a copy of
which was obtained by Bloomberg.  So-called comprehensive net
income was $12.9 billion, up from $5.1 billion.

Spending on social projects declined to $13 billion from $17.3
billion in 2012, according to Bloomberg News.  Ousted Planning
Minister Jorge Giordani, who was also removed from PDVSA's board
this month, said in a June 18 letter that the company had started
to show "signs of independence" under President Nicolas Maduro,
derailing the long-term development goals of former President Hugo
Chavez, Bloomberg News notes.

Bloomberg News discloses that Venezuela devalued the bolivar by 32
percent in February, 2013, taking the primary official rate to 6.3
bolivars per dollar.  The country has since introduced multiple
exchange rates, opening up in March an alternative system known as
Sicad II that sells dollars for about 50 bolivars, Bloomberg News
relates.

Bloomberg News discloses that PDVSA's oil sales fell to $114
billion from $124.4 billion the previous year.  The result was
boosted by a foreign currency gain of $7.8 billion from last
year's devaluation and a one-time sale of a subsidiary for $9.5
billion, Bloomberg News relates.

Bloomberg News notes that output fell about 11,000 barrels a day
in 2013 to 2.9 million, while exports fell 143,000 barrels a day
over the period to 2.4 million.

The company received an average of $98.08 per barrel for its
exports compared to $103.42 in 2012, Bloomberg News says.  While
Venezuela has the largest reserves in the world at 298 billion
barrels, according to a 2013 review by BP Plc, its output is
dwarfed by Saudi Arabia's 11.5 million barrels a day, Bloomberg
News relays.

                         Refined Products

Venezuelan oil and product exports to North America fell to
845,000 barrels a day from 1 million in 2012 while exports to Asia
increased to 1 million barrels a from 958,000, notes the report.

Bloomberg News discloses that demand for refined products in
Venezuela rose to 703,000 barrels a day from 681,000 in 2012.
PDVSA sells oil into the domestic market for less than the export
price, Bloomberg News relates.

PDVSA invested $23.5 billion last year compared with $25.1 billion
in 2012 and total assets increased to $231.1 billion from $$218.4
billion, according to the report, Bloomberg News says.

Venezuela's oil industry accounts for 96 percent of the country's
dollar export earnings, Oil Minister Rafael Ramirez said last
month, Bloomberg News discloses.  The government intends to
increase oil production to 6 million barrels a day by the end of
2019, Minister Ramirez said, Bloomberg News relates.

                       Arbitration Ruling

According to the report, PDVSA lost a $644 million arbitration
case in November 2013 against Sharjah, UAE-based Gulmar Offshore
Middle East LLC and Maple Shade, New Jersey-based Kaplan Industry
Inc. related to the early termination of a contract.  The amount
was listed on PDVSA's balance sheet as part of accruals and other
liabilities at the end of 2013, according to the report, Bloomberg
News relates.

At the end of 2013, PDVSA was involved in other claims and legal
actions totaling $2.1 billion, Bloomberg News discloses.  The
company has included provisions of $3.3 billion from 2011 to 2013,
according to the report, Bloomberg News adds.

                             About PDVSA

Petroleos de Venezuela S.A. -- http://www.PDVSA.com/-- engages in
the exploration, production, refining, transport, and commerce of
hydrocarbons.  The company was founded in 1975 and is based in
Caracas, Venezuela.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2014, Standard & Poor's Ratings Services assigned its 'B-'
debt rating to Petroleos de Venezuela S.A.'s (PDVSA; B-/Negative/-
-) proposed $5 billion senior unsecured notes due 2024. PDVSA
Petroleo S.A., PDVSA's exploration-and-production subsidiary (not
rated), unconditionally and irrevocably guarantees the notes.



=================
X X X X X X X X X
=================


BOND PRICING: For the Week From June 16 to June 20, 2014
--------------------------------------------------------

Issuer                       Coupon   Maturity   Currency   Price
------                       ------   --------   --------   -----

Aguas Andinas SA               4.15    12/1/2026   CLP    70.91
Almendral
Telecomunicaciones SA          3.5     12/15/2014  CLP    22.55
Argentina Bocon                2       1/3/2016    ARS    68.5
Argentina Boden Bonds          2       9/30/2014   ARS    31.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    75.5
Argentina Government
Int'l Bond                     7.82   12/31/2033   EUR    74
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    50
Argentina Government
Int'l Bond                     8.28   12/31/2033   USD    55
Argentina Government
Int'l Bond                     4.33   12/31/2033   JPY    36.5
Argentina Government
Int'l Bond                    0.45    12/31/2038   JPY    15
Argentina Government
Int'l Bond                    4.33    12/31/2033   JPY    36.5
Automotores
Gildemeister SA               8.25     5/24/2021   USD    69
Automotores
Gildemeister SA               6.75     1/15/2023   USD    65
Automotores
Gildemeister SA               8.25     5/24/2021   USD    68.4
Automotores
Gildemeister SA               6.75     1/15/2023   USD    64.02
Banco BPI SA/
Cayman Islands                4.15    11/14/2035   EUR    62.5
Banco Supervielle SA          7        8/20/2020   USD    74.12
Banif Finance Ltd             1.68                 EUR    35
Bank Austria
Creditanstalt
Finance Cayman Ltd            2.16                 EUR     74.8
BCP Finance Co Ltd            5.54                 EUR     62.82
BCP Finance Co Ltd            4.24                 EUR     60.37
Republic of Venezuela         7        3/31/2038   USD     65.59
Caixa Geral De
Depositos Finance             1.12                 EUR     42.5
CAM Global Finance            6.08     12/22/2030  EUR     64.87
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Forestry
Holdings Co Ltd              10.3      11/17/2015  USD     37
China Precious Metal
Resources Holdings Co Ltd     7.25      2/4/2018   HKD     65.97
Cia Cervecerias Unidas SA     4        12/1/2024   CLP     57.05
Transener SA                  9.75     8/15/2021   USD     68
Transener SA                  8.88    12/15/2016   USD     67.6
Transener SA                  9.75     8/15/2021   USD     67.5
Cia Energetica de Sao Paulo   9.75     1/15/2015   BRL
Cia Sud Americana de
Vapores SA                    6.4     10/1/2022    CLP     61.42
City of Buenos
Aires Argentina               1.95     1/28/2020   USD     70.125
City of Buenos Aires
Argentina                     1.95    12/20/2019   USD     70.875
Daphne International
Holdings Ltd                  3.13     6/11/2014   CNY      5.25
Decimo Primer
Fideicomiso                   4.54    10/25/2041   USD     57.25
Decimo Primer Fideicomiso     6       10/25/2041   USD     69
Empresa Distribuidora
Y Comercializadora Norte      9.75    10/25/2022   USD     66.99
Empresa Distribuidora Y
Comercializadora Norte        9.75    10/25/2022   USD     66.125
ERB Hellas Cayman
Islands Ltd                   9         3/8/2019   EUR     68.375
Glorious Property
Holdings Ltd                 13.3       3/4/2018   USD     71.24
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     53.25
Hidili Industry
International
Development Ltd               8.63     11/4/2015   USD     52.75
Inversiones Alsacia SA        8        8/18/2018   USD     65.25
Inversiones Alsacia SA        8        8/18/2018   USD
Inversora de Electrica
de Buenos Aires SA            6.5      9/26/2017   USD     43.25
MetroGas SA                   8.88    12/31/2018   USD     71.875
Mongolian Mining Corp         8.88     3/29/2017   USD     66
Mongolian Mining Corp         8.88     3/29/2017   USD     64.75
Petroleos de Venezuela SA     6       11/15/2026   USD     60.75
Petroleos de Venezuela SA     5.38     4/12/2027   USD     58
Petroleos de Venezuela SA     5.5      4/12/2037   USD     55
Petroleos de Venezuela SA     6       11/15/2026   USD     59.41
Provincia del Chaco           4        11/4/2023   USD     75
Provincia del Chaco           4        12/4/2026   USD     51.125
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     68.5
Renhe Commercial
Holdings Co Ltd              13        3/10/2016   USD     69.5
Ruta del Bosque Sociedad
Concesionaria SA              6.3      3/15/2021   CLP     73.66
Sifco SA                     11.5      6/06/2016   USD     29
SMU SA                        7.7       2/8/2020   USD     71.5
SMU SA                        7.75      2/8/2020   USD     69.21
Talca Chillan Sociedad
Concesionaria SA              2.75    12/15/2019   CLP     56.46
Uruguay Notas
del Tesoro                    2.5      9/27/2022   UYU     72.08
Venezuela Government
International Bond            6        12/9/2020   USD     72.75
Venezuela Government
International Bond            7.65      4/21/2025  USD     73
Venezuela Government
International Bond            7         3/31/2038  USD     65.75
Virgolino de Oliveira
Finance Ltd                   10.5      1/28/2018  USD     67.52
Virgolino de Oliveira
Finance Ltd                   11.8       2/9/2022  USD     67.2
Virgolino de Oliveira
Finance Ltd                   10.5       1/28/2018 USD     67.62
Virgolino de Oliveira
Finance Ltd                   11.8        2/9/2022 USD     66.75



                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *