TCRLA_Public/140701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, July 1, 2014, Vol. 15, No. 128



ARGENTINA: Bond Battle Enters New Phase
ARGENTINA: At the Brink of Default as $539MM Payment Becomes Due



C A Y M A N  I S L A N D S

AMREK LIMITED: Shareholders' Final Meeting Set for July 17
CHESTER PROPERTIES: Members' Final Meeting Set for July 18
EBINA: Shareholders' Final Meeting Set for July 9
NEUBERGER BERMAN I: Shareholders' Final Meeting Set for July 9
NEUBERGER BERMAN II: Shareholders' Final Meeting Set for July 9

NEUBERGER BERMAN COMM I: Shareholders' Meeting Set for July 9
NEUBERGER BERMAN COMM II: Shareholders' Final Meeting on July 9
NEUBERGER BERMAN FUND: Shareholders' Final Meeting Set for July 9
NEUBERGER BERMAN FUND II: Shareholders' Meeting Set for July 9
WEST TRADE: Shareholder to Receive Wind-Up Report on July 25


BANCO DE DESARROLLO: Fitch Lowers IDR to 'BB'; Outlook Stable


UNIFIN FINANCIERA: S&P Puts BB- Rating to $300MM Sr. Unsec. Notes


* PERU: IDB OKs $15 Million Loan for Better Tax, Customs Mgmt.

P U E R T O   R I C O

AES PUERTO RICO: Fitch Lowers Rating on Revenue Bonds to 'CC'
PUERTO RICO: U.S. Investment Firms Challenge New Restructuring Law
PUERTO RICO ELECTRIC: S&P Lowers Rating on Revenue Bonds to 'BB'
UNIVERSITY OF PUERTO RICO: S&P Puts 'BB+' Rating on Watch Negative

T R I N I D A D  &  T O B A G O

RBC ROYAL BANK: Sagicor Group Rebrands Former RBC Branches
TRINIDAD & TOBAGO: Chamber Concerned at Shutdown


Large Companies With Insolvent Balance Sheets

                            - - - - -


ARGENTINA: Bond Battle Enters New Phase
Ken Parks and Nicole Hong, writing for The Wall Street Journal,
reported that Argentina's feud with a small group of creditors is
poised to enter a critical phase.

According to the Journal, Argentina is on track to miss an
interest payment on June 30, setting in motion a 30-day grace
period for the country to make the payment and avoid its second
default in 13 years.  U.S. legal rulings bar Argentina from making
payments to creditors that have accepted the country's debt
restructurings since it defaulted in 2001, unless it also pays a
group of hedge funds that have refused to sign off, the Journal

Law360 reported that a New York federal judge said Argentina's
attempt to pay $539 million to bondholders who agreed to prior
restructurings without paying holdout hedge funds is illegal and
ordered The Bank of New York Mellon Corp. to return the money to
the Argentine government.  During a packed hearing in a lower
Manhattan courtroom, U.S. District Judge Thomas P. Griesa derided
Argentina's bid to pay the so-called exchange bondholders who
agreed to debt restructurings in 2005 and 2010 as "disruptive."

Judge Griesa in Manhattan has ordered Argentina to pay $1.5
billion to the holders of defaulted debt when it makes the next
payment on its restructured debt, due June 30, Bob Van Voris,
writing for Bloomberg News, reported.  On June 27, the judge
denied Argentina's request for a stay, which it claims is
necessary to allow it to negotiate a resolution with the
bondholders, Mr. Van Voris said.

"The injunctive relief ordered by the court . . . does not even
come into play unless the Republic makes payments to the exchange
bondholders. The court has no control over whether or not the
Republic makes such payments," Law360 said, citing Judge Griesa's

Law360, in a separate news report, said the United Nations' main
trade agency criticized recent U.S. Supreme Court rulings that
sided with hedge funds over Argentina in its efforts to
restructure its debt, saying they will make future debt workouts
more difficult and erode sovereign immunity.  The U.N. Conference
on Trade and Development said the high court has set legal
precedents which could have "profound consequences for the
international financial system," the Law360 added.

The case is NML Capital, Ltd. v. The Republic of Argentina, Case
No. 1:08-cv-06978 (S.D.N.Y.).

ARGENTINA: At the Brink of Default as $539MM Payment Becomes Due
Camila Russo at Bloomberg News reports that Argentina was poised
to miss a bond payment June 30, putting the country on the brink
of its second default in 13 years, after a U.S. court blocked the
cash from being distributed until the government settles with
creditors from the previous debt debacle.

The nation has a 30-day grace period after missing the $539
million debt payment to seek an accord with a group of defaulted
bondholders led by billionaire Paul Singer's NML Capital Ltd. and
prevent a default on its $28.7 billion of performing global dollar
bonds, according to Bloomberg News.  Both Argentina and NML have
said that they're open to talks, the report relates.

Bloomberg News notes that a decade-long battle between Argentina
and holdout creditors from the country's $95 billion default in
2001 is coming to a head.  The U.S. Supreme Court on June 16 left
intact a ruling requiring the country pay about $1.5 billion to
holders of defaulted debt at the same time it makes payments on
restructured bonds, the report discloses.  Argentina last week
transferred funds to its bond trustee to pay the restructured
notes, only to have U.S. District Court Judge Thomas Griesa order
the payment sent back while the parties negotiate, Bloomberg News

The judge's decision "closes Argentina's options to finally force
it to negotiate," the report quoted Jorge Mariscal, the chief
investment officer for emerging markets at UBS Wealth Management,
which oversees $1 trillion, as saying.  "Argentina should now stop
using these delay tactics and get serious," Mr. Mariscal said,
Bloomberg News relates.

The ruling "is merely a sophisticated way of trying to bring us
down to our knees before global usurers," Argentina said, the
report says.  "But he will not achieve his goal for quite a simple
reason: The Argentine Republic will meet its obligations, pay off
its debts and honor its commitments," Argentina added, Bloomberg
News notes.

                           Wasting Time

Economy Minister Axel Kicillof has said the nation was complying
with its obligations to bondholders when it sent the money to bond
trustee Bank of New York Mellon Corp, notes the report.

Argentina probably knew the payment was going to be blocked,
according to Carlos Abadi, the chief executive officer of New
York-based investment bank ACGM Inc, Bloomberg News discloses.

"What is not so obvious is why they would put up such a show and
waste precious time," Mr. Abadi said, the report notes.  "It's
going to be incredibly complex to reach a comprehensive deal by
July 30th, and this sideshow makes the goal even harder," Mr.
Abadi added.

After the Supreme Court's decision, President Cristina Fernandez
de Kirchner's government had initially said that the country would
skirt the ruling by swapping its bonds, which were issued under
New York law, into new securities outside of U.S. jurisdiction.
Officials later said they'd seek a negotiated settlement with the
holdouts, reports Bloomberg News.

                           Not Welcome

In an e-mailed statement, the Economy Ministry said Judge Griesa
is abusing his power and acting outside of his jurisdiction as the
restructured bonds are not part of the holdouts' case, Bloomberg
News relates.

"A judge is trying to impede a debtor from carrying out its
obligations and creditors from getting paid," the ministry said,
Bloomberg News notes.

The price on Argentine's 2033 bonds fell 1.55 cent to 83.69 cents
on the dollar June 27, when the judge blocked the bond payment,
according to prices compiled by Bloomberg.

Argentina's next international bond payment is scheduled for Sept.
30, for securities due in 2038, relates the report.

Carmine Boccuzzi, a lawyer for Argentina, told Judge Griesa at the
June 27 hearing that the country still hopes for a negotiated
settlement, Bloomberg News notes.

Jay Newman, a money manager at Elliott's NML Capital, said in an
interview, "We are hoping to have the opportunity to negotiate
with Argentina," Bloomberg News adds.

Standard & Poor's Ratings Services lowered its ratings on
Industrias Metalurgicas Pescarmona S.A.I.C. y F. (IMPSA) and WPE
International Cooperatief U.A. (WPEIC) to 'CCC-' from 'CCC+', and
kept them on CreditWatch with negative implications where S&P
placed them on June 18, 2014.

On June 25, 2014, IMPSA announced that it was unable to pay the
coupon and principal payment on its local bonds Series VIII and IX
due June 26 2014 for an aggregate amount of ARP59 million.  S&P
don't view the nonpayment as a default at this point, given that
the notes' indenture gives the company 30 days to remedy the non-
payment of interest and, according to S&P's criteria, it applies a
grace period of five business days for payment of the principal
amount that does not have an explicit grace period.  S&P believes
the company will likely make payment within the next five business
days, as soon as the company resolves certain administrative
procedures and receives the funds from one of its projects.

"Nevertheless, we believe the postponement reflects the company's
increased vulnerability to non-payment amid weak liquidity and
financial flexibility given that, as of the coupon due date, the
company did not have an alternative funding source to comply with
the payment," said Standard & Poor's credit analyst Cecilia


Fitch Ratings has downgraded Eletropaulo Metropolitana de
Eletricidade de Sao Paulo S.A.'s (Eletropaulo) foreign and local
currency Issuer Default Ratings (IDRs) to 'BB' from 'BB+' and
long-term National Scale Rating to 'A+(bra)' from 'AA(bra)'.  The
Rating Outlook for the corporate ratings was revised to Stable
from Negative.


The rating downgrade reflects Eletropaulo's weaker credit profile
since the third tariff review cycle implementation in July 2012,
with significant reduction in its operating cash generation and
worse credit metrics.  Fitch had already downgraded Eletropaulo's
IDRs and assigned the corporate ratings a Negative Outlook on June
2013 based on the opinion that the company's potential
achievements in terms of cost reductions most likely would not be
sufficient to sustain the ratings at those levels.  Eletropaulo is
expected to return to its customers from July 2014 to June 2015
the remaining portion of one third of the BRL1.1 billion of excess
funds collected from July 2011 to June 2012 and will face the
fourth tariff review, scheduled for July 2015, which should
continue to pressure the company's cash flow generation in the
coming years.

Eletropaulo's ratings incorporate Fitch's expectation that the
company's adjusted net leverage should remain moderate to high in
the next few years, based on the agency's criteria, which is
somewhat mitigated by its robust liquidity position and by a
lengthened debt maturity profile.  The company benefits from its
business profile, in view of its exclusivity rights to distribute
electricity within its favorable concession area in the
Metropolitan Region of Greater Sao Paulo.  Fitch considers the
Brazilian electricity sector regulatory risk as moderate.

The hydrological risk is, currently, above average and has been
putting additional pressure on Eletropaulo's cash flow due to
increased costs related to high energy prices in the spot market
and heavy dispatches of thermal plants.  Despite the fact that
those non-manageable costs are being partially compensated by a
sectorial fund and the remaining portion should be recovered later
through tariff increase, they pressure EBITDA and liquidity on the

Higher Leverage to Remain

Fitch expects Eletropaulo's financial leverage to be significantly
higher than the conservative levels it reported prior to the 2012
tariff review.  During the last 12 months (LTM) ended March 31,
2014, the company reported weak credit measures for its current
ratings, with a leverage ratio, as measured by total debt-to-
EBITDAP of 7.1x, and 6.3x in a net debt basis.  This net leverage
metric is significantly above the 4.1x recorded in 2013.  Total
debt of BRL5.4 billion includes additional BRL1.3 billion of
pension fund liabilities due to the regulation coming from
Comissao de Valores Mobiliarios (CVM) applied since the first
quarter of 2013, which may not materialize in cash disbursement by
the company in the future.  If excluded this amount, the ratio net
debt/EBITDAP would be 4.5x at the end of March 2014.
Eletropaulo's financial covenants are calculated on a different
basis and as of March 2014 were in compliance.

Cash Flow Under Pressure

Fitch believes Eletropaulo's cash flow generation will remain
under pressure in the coming years.  Eletropaulo is expected to
return around BRL370 million to its customers from July 2014 to
June 2015 as the remaining portion of the BRL1.1 billion of excess
funds collected from July 2011 to June 2012 due to one year delay
of the negative third tariff review cycle implementation.  In
addition, the regulatory agency (Aneel) may impose the company to
compensate BRL626 million to end users due to a miscalculation of
the asset remuneration base adopted during the second tariff
review cycle, which will be partially offset by an increase
(BRL390 million)in the asset remuneration base used on the third
tariff review cycle and other regulatory items.  Eletropaulo's
annual regulatory EBITDA, estimated at around BRL1 billion in 2011
after the third tariff review, could be again under pressure in
2015 due to the effect of the fourth tariff review cycle.

The rules for the third tariff review cycle of Brazilian
distribution companies have pressured Eletropaulo's EBITDA.  The
company's results have been also negatively impacted by the
increased costs due to higher dispatch from thermal plants and
higher electricity spot market prices, mainly in 2014, in view of
unfavorable hydrological conditions.  As such increased costs are
not manageable, they are later on recovered via tariff, except for
those already recovered through sectorial fund.  Eletropaulo has
used its best efforts to reduce annual expenses in order to face
the more challenging environment of lower operating cash
generation, with positive achievements in 2013 and in the first
quarter of 2014.  Its EBITDA of BRL435 million during the 12-month
period ended as of March 31, 2014 was lower than the BRL575
million recorded in 2012.  If not considered pension fund
expenses, EBITDAP was BRL756 million in the LTM ended on the first
quarter of 2014, compared to BRL1.1 billion in 2013 and BRL822
million in 2012.

The reduction of CFFO to BRL585 million as compared to BRL693
million in 2012 follows the same rationale as for the EBITDA and
was not sufficient to cover BRL776 million of investments and
BRL48 million of dividend payment.  The company reported a
negative free cash flow (FCF) of BRL239 million during the LTM
ended March 2014.  FCF will likely stay negative over the next few
years despite lower dividend payments.

Lengthened Debt Maturity

Eletropaulo's robust liquidity position and lengthened debt
maturity profile partially mitigate the company's increased
leverage.  Cash and marketable securities have remained above 1.5x
its short-term debt throughout the last few years.  As of
March 31, 2014, the company's cash and marketable securities
position of BRL669 million covered 3.3x its short-term debt of
BRL200 million.  During this period, cash plus funds from
operations (FFO)-to-short-term debt ratio and cash plus cash flow
from operations (CFFO)-to-short-term debt ratio of 4.9x and 6.3x,
respectively, have remained comfortable despite of the sharp drop
in relation to the previous years.  The agreement with the pension
fund during the second quarter of 2014 also benefits Eletropaulo's
liquidity, as the postponement of 24 monthly payments of the
principal amount due to this entity, starting on April 1st, 2014,
should improve cash position by around BRL300 million.

Increasing Demand

Eletropaulo's ratings incorporate the company's low business risk
profile, with an exclusive right to distribute electricity within
its favorable concession area in the Metropolitan Region of
Greater Sao Paulo.  The company should benefit its future cash
flow from electricity demand growth in its service area, as a
result of the country's expected economic growth.  During the
first quarter of 2014, electricity demand in Eletropaulo's
concession area grew by 3.5%, as compared to the same period in
the previous year and above the 1.4% recorded in 2013.  The
average annual demand growth was 2.9% for the period 2009 to 2013,
mainly due to the residential segment performance, driven by lower
unemployment rates and income expansion.  These two factors have
also contributed for the favorable performance of the commercial

Rating Sensitivities

Eletropaulo's ratings would be negatively affected in case the
company's net leverage remains above 4.0x on a sustainable basis
or if its cash plus marketable securities-to-short-term debt ratio
goes below 1.5x.  A positive rating action will depend on the
company's ability to sustain a net leverage lower than 3.0x and it
is not likely before the definition of the forth tariff review.
Fitch will also continue to monitor the developments of the legal
dispute involving Eletropaulo and Centrais Eletricas Brasileiras
S.A. (Eletrobras), which could lead to increased indebtedness.

Fitch has downgraded Eletropaulo's ratings as follows:

   -- Foreign and Local Currency IDRs to 'BB' from 'BB+';
   -- Long-Term National Scale Rating to 'A+(bra)' from 'AA(bra)';
   -- 9th debenture issue, in the amount of BRL250 million, due
2018, downgraded to 'A+(bra)' from 'AA(bra)';
   -- 11th debenture issue, in the amount of BRL200 million, due
2018, downgraded to 'A+(bra)' from 'AA(bra)'; and
   -- 15th debenture issue, in the amount of BRL750 million, due
2018, downgraded to 'A+(bra)' from 'AA(bra)'.

The Outlook for the corporate ratings was revised to Stable from

C A Y M A N  I S L A N D S

AMREK LIMITED: Shareholders' Final Meeting Set for July 17
The shareholders of Amrek Limited will hold their final meeting on
July 17, 2014, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

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

CHESTER PROPERTIES: Members' Final Meeting Set for July 18
The members of Chester Properties Limited will hold their final
meeting on July 18, 2014, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

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

EBINA: Shareholders' Final Meeting Set for July 9
The shareholders of Ebina will hold their final meeting on July 9,
2014, at 9:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.

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 I: Shareholders' Final Meeting Set for July 9
The shareholders of Neuberger Berman GTAA Master Fund I Ltd will
hold their final meeting on July 9, 2014, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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: Shareholders' Final Meeting Set for July 9
The shareholders of Neuberger Berman GTAA Master Fund II Ltd will
hold their final meeting on July 9, 2014, at 9:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

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 COMM I: Shareholders' Meeting Set for July 9
The shareholders of Neuberger Berman GTAA (Commodities) Fund I Ltd
will hold their final meeting on July 9, 2014, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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 COMM II: Shareholders' Final Meeting on July 9
The shareholders of Neuberger Berman GTAA (Commodities) Fund II
Ltd will hold their final meeting on July 9, 2014, at 9:00 a.m.,
to receive the liquidator's report on the company's wind-up
proceedings and property disposal.

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 FUND: Shareholders' Final Meeting Set for July 9
The shareholders of Neuberger Berman GTAA Fund I Ltd will hold
their final meeting on July 9, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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 FUND II: Shareholders' Meeting Set for July 9
The shareholders of Neuberger Berman GTAA Fund II Ltd will hold
their final meeting on July 9, 2014, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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

WEST TRADE: Shareholder to Receive Wind-Up Report on July 25
The shareholder of West Trade Funding CDO III Ltd. will receive on
July 25, 2014, at 8:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

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


BANCO DE DESARROLLO: Fitch Lowers IDR to 'BB'; Outlook Stable
Fitch Ratings has downgraded Banco de Desarrollo Rural S.A.
(Banrural)'s long-term Issuer Default Rating (IDR) to 'BB' from
'BB+' and its Viability Rating (VR) to 'bb' from 'bb+'.  The
Rating Outlook on the IDR has been revised to Stable from

The National Ratings of Banrural and its subsidiaries Financiera
Rural, S.A. and Aseguradora Rural, S.A. are unaffected by this
rating action.

The rating actions follow Fitch's recent downgrade of Guatemala's
long-term rating to 'BB' from 'BB+' and country ceiling to 'BB+'
from 'BBB-'; the actions do not reflect changes in the bank's


Banrural's IDRs are driven by its VR. Banrural's VR reflect the
bank's strong capitalization, high profitability, good credit
quality and stable and diversified deposit base.  Banrural's
ratings are tempered by its moderate concentrations in public
sector funding, limited revenue diversification and lower
efficiency levels, resulting from its micro-finance orientation.
Banrural's ratings are constrained up to the sovereign's ratings
as it receives a significant share of its funding from public
sector institutions.

Banrural maintains a strong local franchise underpinned by its
high market share; ample geographic coverage and unique capacity
to provide products and services adapted for its main clients.
The bank's experience in the micro-finance segment results in good
delinquency metrics, comparable with its corporate oriented peers.
Banrural's non-performing loan to total loans ratio remains below
1% while reserves coverage is adequate, above 2% of total loans as
of March 2014.

The bank's profitability is above similarly rated peers, boosted
by its ample net interest margin.  The bank's low funding cost and
higher interest income compensate for its weaker efficiency levels
and lower income diversification.

Banrural's capital levels continue comparing positively with its
main local peers and similarly rated international banks.  In
Fitch's opinion, the bank's capitalization will remain sufficient
to sustain growth, underpinned by strong internal capital
generation and moderate dividends payments.


Fitch has revised Banrural's Outlook to Stable to be consistent
with the Sovereign's Outlook.  Changes in the Sovereign rating may
result in similar rating actions on Banrural's VR and IDR.


Banrural's support rating (SR) of '3' reflects Fitch's opinion
that there is a moderate probability of support from the state,
given its systemic importance in the banking system.

Banrural's SR and support rating floor (SRF) indicate that in the
event of individual risk-profile deterioration, the IDR would not
fall below 'BB-', given the agency's opinion that government
support will be forthcoming.

The current support rating floor ('BB-'), one notch below the
sovereign rating, is explained by the moderate financial
flexibility of the government to provide support to systemically
important banks in the country and the significant presence of
foreign currency funding.

Banrural's support SR and SRF are sensitive to changes in the
sovereign rating.


The national scale ratings of Banrural and its above mentioned
subsidiaries are unaffected by the review of Guatemala's Sovereign
Rating and Banrural's international ratings.  The National Rating
scale provides a relative measure of creditworthiness for rated
entities within the country concerned.  Each National Rating scale
is unique, and is defined to serve the needs of the local market
in question.

Fitch has taken the following rating actions:


   -- Local Currency Long-term IDR downgraded to 'BB' from 'BB+';
      Outlook Stable;
   -- Viability Rating downgraded to 'bb' from 'bb+';
   -- Support Rating affirmed at '3';
   -- Support Rating Floor affirmed at BB-';
   -- Local Currency Short Term Issuer Default Rating affirmed at

No action has been taken on the following national scale ratings:

   -- National Long Term Rating at 'AA+(gtm)', Outlook Stable;
   -- National Short Term Rating at 'F1+(gtm)'.

Financiera Rural

   -- National Long Term Rating at 'AA+(gtm)';
   -- National Short Term Rating at 'F1+(gtm').

Aseguradora Rural:

   -- National Insurance Financial Strength at 'AA+(gtm)'.


UNIFIN FINANCIERA: S&P Puts BB- Rating to $300MM Sr. Unsec. Notes
Standard & Poor's Ratings Services assigned its 'BB-' global scale
issuer credit and issue-level rating to Unifin Financiera,
S.A.P.I. de C.V. SOFOM, E.N.R. (Unifin) and its proposed $300
million senior unsecured notes.  At the same time, S&P affirmed
its 'mxA-/mxA-2' Mexican national scale counterparty credit and
debt ratings.  The outlook on the issuer credit rating is stable.

"Our ratings on Unifin are limited by its moderate capitalization,
which has been pressured due to the company's aggressive growth
and asset quality deterioration reflecting its exposure to a
troubled Mexican homebuilder on its balance sheet," said Standard
& Poor's credit analyst Ingrid Ortiz.  Its increasing market share
in the competitive environment in the leasing industry in Mexico,
good profitability and adequate financial flexibility are positive
rating factors.

The 'BB-' rating on the $300 million notes is the same as the
long-term global scale issuer credit rating on Unifin, and
indicates that the notes will rank equally in right of payment
with all of the company's existing and future senior unsecured
notes.  S&P expects the company to use the proceeds to repay total
market debt of about $154 million and $99 million in bank credit

The company will use any remaining proceeds for general corporate
purposes, including organic loan portfolio.  The rating on the
notes incorporates a full cross-currency swap (CCS) on the
principal and interest through the notes' term.


* PERU: IDB OKs $15 Million Loan for Better Tax, Customs Mgmt.
The Inter-American Development Bank (IDB) has approved a $15
million loan to Peru in an effort to improve its tax and customs
management, both at the national and municipal level, with the
goal of increasing structural government revenue as a percentage
of GDP.

At the national level, Peru will improve the effectiveness of the
tax and customs oversight carried out by the National Directorate
of Customs and Tax Administration (SUNAT in Spanish) by
implementing systems aimed at improving taxpayer compliance and
will develop a Coordinated Border Management (GCF in Spanish)
program.  This is a groundbreaking initiative for the region,
which seeks tighter customs controls and more streamlined trade
and circulation of travelers using modernized computer systems to
conduct these tasks.

Also, the project will improve management of the public revenue
policy carried out by the Ministry of Economy and Finance (MEF in
Spanish), with an emphasis on collecting taxes at the municipal
level. In particular, a New System of Municipal Tax Collection
(NSRTM) will be developed and designed to improve the tax
administration policy carried out by municipalities.  The same new
instrument will be used in a sample of urban municipalities. The
new tool will boost municipal tax revenues, in particular from
property taxes, which in 2012, as a proportion of GDP, accounted
for just half of the average for other countries in Latin America
and the Caribbean.

The IDB has a long record of accomplishment of supporting tax and
customs policy and administration, in both Peru and other
countries of the region, favoring the exchange of good practices
on issues similar to those, which will be financed by this

The estimated cost is $73 million, of which $15 million will come
from the IDB's ordinary capital and $58 million will be
contributed locally.

The loan is over 8 1/2 years with a grace period of 6 1/2 years,
and an interest rate based on LIBOR.

P U E R T O   R I C O

AES PUERTO RICO: Fitch Lowers Rating on Revenue Bonds to 'CC'
Fitch Ratings downgrades the following AES Puerto Rico (PR) L.P
obligations to 'CC' due to the downgrade to 'CC' of the project's
offtaker, the Puerto Rico Electric Power Authority (PREPA):

   -- $161.87 million 6.625% Cogeneration facility revenue bonds,
series A (tax-exempt bonds) due June 1, 2026; and

   -- $33.1 million 9.12% Cogeneration facility revenue bonds,
series B (taxable bonds) due June 1, 2022.

Fitch also maintains the bonds on Rating Watch Negative.

In the event of a default or debt restructuring on behalf of
PREPA, Fitch will review the impact to AES PR and determine the
appropriate rating action.

Standard & Poor's Ratings Services said it placed its 'BB/B' long-
and short-term issuer credit ratings and 'BB' senior unsecured
ratings on the Government Development Bank for Puerto Rico (GDB)
on CreditWatch with negative implications.

"The CreditWatch placement follows the proposed bill that is
intended to allow some public entities in Puerto Rico to
restructure their debt," said Standard & Poor's credit analyst
Sunsierre Newsome.  On June 25, 2014, the Governor of Puerto Rico,
Alejandro Garcia Padilla, presented a bill titled "the Puerto Rico
Public Corporations Debt Enforcement and Recovery Act" (the
Recovery Act).  The main purpose of the Recovery Act is to provide
a clear legislative framework that allows certain public
corporations to address their financial difficulties while
ensuring the continuity of essential services to the public.

GDB has about $2 billion in loans to three public corporations
that could be restructured.  The planned law is limited to Puerto
Rico's public entities, among which is the Highways and
Transportation Authority, which is GDB's largest borrower, with
about $1.8 billion outstanding as of June 30, 2013.  The
Commonwealth's GO debt is excluded from this proposed law. "The
liquidity and financial condition of GDB significantly depends on
the ability of the Commonwealth and its public corporations to
repay their debt," said Ms. Newsome.  "Despite various measures
already taken to improve the finances of the public entities,
economic and fiscal problems remain.  Given the financial
difficulties of Puerto Rico's public entities and the potential
for restructurings to occur, we placed our ratings on GDB on
CreditWatch negative."

In March 2014, Puerto Rico successfully issued $3.5 billion of GO
debt, which relieved near-term liquidity pressure on the
Commonwealth and on GDB, in S&P's view.  Although the bill
excludes from its scope the GO debt by the Commonwealth and any
debt guaranteed by the Commonwealth, the 78 municipalities, GDB,
and its subsidiaries, S&P believes that the introduction of the
bill is indicative of the growing economic and fiscal challenges
for the Commonwealth as a whole.  This could lead to additional
liquidity pressures in the long term and a potential shift in
Puerto Rico's historically strong willingness to continue to meet
its obligations to bondholders.

S&P anticipates economic challenges to persist in Puerto Rico over
the next two years, with very high unemployment and budget
deficits in fiscal 2014, and the potential for general fund
operating deficits in fiscal 2015, although the Administration has
announced an intention to introduce a balanced budget for fiscal

S&P considers GDB a government-related entity based on its view
that the link between GDB and the Commonwealth is very strong.
GDB plays a very important role for the government, given that it
provides funding to the Commonwealth and other Puerto Rican public
corporations and that it is a fiscal agent to the Commonwealth and
its instrumentalities.  The rating on GDB is one notch lower than
the rating on the Commonwealth.  Therefore, S&P currently do not
factor any uplift into S&P's ratings on GDB.

The CreditWatch with negative implications indicates that S&P
could lower the ratings within the next 60-90 days pending an
eventual signing of the approved bill into law as well as S&P's
evaluation of the potential impact that a restructuring of public
entities' debt, who are major borrowers of GDB, could have on the
capital and liquidity profile of GDB.  S&P believes the proposed
bill could apply to restructuring the debt of the Highways and
Transportation Authority, GDB's largest borrower, which could
result in material losses for GDB.  S&P could also lower its
ratings on GDB if it lowers the rating on the Commonwealth.  In
S&P's view, GDB remains vulnerable given its high lending
concentration and interconnectedness to the Commonwealth.  The
ratings on the Commonwealth are also on CreditWatch with negative

PUERTO RICO: U.S. Investment Firms Challenge New Restructuring Law
Aaron Kuriloff, writing for The Wall Street Journal, reported that
a pair of Wall Street investment firms is challenging Puerto
Rico's new law allowing some public agencies to restructure their
debt, saying it violates the U.S. Constitution.

According to the report, funds managed by Franklin Templeton
Investments and OppenheimerFunds Inc. asked the U.S. District
Court for the District of Puerto Rico to block the law, arguing
that only Congress is allowed to create bankruptcy rules.  The
funds hold about $1.7 billion combined in debt from the Puerto
Rico Electric Power Authority, which they say they believe will
seek to restructure its debt under the act "imminently," the
report related.

Puerto Rico lawmakers approved legislation allowing some agencies
such as the island's power, water and transportation authorities
to restructure their debt, the report further related.  Those
agencies have a combined $19.4 billion in bonds outstanding,
according to estimates from Barclays PLC. The law doesn't apply to
Puerto Rico's general-obligation or sales-tax bonds, which are
backed by the island's taxing authority, the report said.

PUERTO RICO ELECTRIC: S&P Lowers Rating on Revenue Bonds to 'BB'
Standard & Poor's Ratings Services has lowered its rating on
Puerto Rico Electric Power Authority's (PREPA) power revenue bonds
to 'BB' from 'BBB-'.  The rating remains on CreditWatch with
negative implications.

"The rating action reflects our view of the risk to bondholders
posed by the law passed by the legislature of Puerto Rico," said
Standard & Poor's credit analyst Judith Waite.

If signed by the governor, the law allows public corporations,
among other things, to "adjust their debts in the interest of all
creditors affected thereby; provides procedures for the orderly
enforcement and, if necessary, the restructuring of debt in a
manner consistent with the Commonwealth Constitution and the U.S.
Constitution; and maximizes returns to all stakeholders by
providing them going concern value based on each obligor's
capacity to pay."

On June 18, 2014, we lowered our bond rating on PREPA to 'BBB-'
from 'BBB' and placed the rating on CreditWatch with negative
implications.  S&P took the action in response to PREPA's
representation that the Government Development Bank (GDB) would
not provide interim liquidity if PREPA's two liquidity facilities
are not renewed.  The lines, which totaled $800 million in 2013,
are used to purchase oil for the generating units that provide
about 60% of the island's electricity.

"If PREPA is not able to renew the lines of credit or secure other
liquidity, it may choose to restructure its debt, as allowed by
the new law, which could increase bondholders' risk of not
receiving full and timely payment," added Ms. Waite.

S&P will continue to monitor PREPA's progress in negotiating its
bank lines.  S&P could lower the rating further if the authority
is not successful, if other sources of liquidity are not
available, or if PREPA chooses to restructure its debt.

UNIVERSITY OF PUERTO RICO: S&P Puts 'BB+' Rating on Watch Negative
Standard & Poor's Ratings Services placed the 'BB+' underlying
ratings (SPUR) on the University of Puerto Rico's (UPR) existing
university system revenue bonds, some of which were issued by the
Puerto Rico Industrial, Tourist, Educational, Medical, &
Environmental Control Facilities Finance Authority, on CreditWatch
with negative implications.

"Per our government related entities criteria, a rating or outlook
change on Puerto Rico [BB+/Watch Neg] would result in a rating or
outlook change to the UPR given the high likelihood of
extraordinary support," said Standard & Poor's credit analyst
Bianca Gaytan-Burrell.

T R I N I D A D  &  T O B A G O

RBC ROYAL BANK: Sagicor Group Rebrands Former RBC Branches
Jamaica Observer reports that Sagicor Group Jamaica has said that
by June 30, all 13 branches of the former RBC Royal Bank Jamaica
will re-brand as Sagicor Bank.

"This exercise follows the announcement that the Sagicor Group had
received regulatory approval for the acquisition of RBC Royal Bank
on June 13, 2014," Sagicor said in a news release obtained by
Jamaica Observer.

The acquisition means that Sagicor Bank will now have 19 branches
and 46 ABMs across the island.

"Our combined teams will soon get over the excitement of what a
stronger Sagicor Bank means for our customers," the news release
quoted Donovan Perkins, who was recently appointed president &
chief executive officer of Sagicor Bank, Jamaica Observer notes.

"We will have an intense focus over the next 12 months, planning
and executing our plans for a single and significantly upgraded
technology platform to run our banking business," Mr. Perkins
added, Jamaica Observer relates.

Mr. Perkins, the report notes, explained that until the
integration project was completed, customers would be reminded to
continue to bank at their existing branch locations, as their
current banking arrangements remain the same.

The Royal Bank of Canada, RBC Royal Bank or RBC Financial Group is
a financial institution in Canada.  It has operations in Trinidad
and Tobago.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2014, Carla Bridglal at Trinidad Express reports that RBC
Royal Bank said it does not "at this time" intend to close any
branches.  The company said that because of a tough economic
climate and challenging market conditions in many parts of the
Caribbean, the bank had been restructuring its business in recent
months to improve its performance, service and competitiveness,
according to Trinidad Express.

TRINIDAD & TOBAGO: Chamber Concerned at Shutdown
Trinidad and Tobago Newsday reports that the Trinidad and Tobago
Chamber of Industry and Commerce is again expressing concern with
the ongoing interruption to the provision of essential Government
services.  The Chamber expressed its concern in response to news
that the Public Services Association (PSA) shut down the
Immigration Office in San Fernando, according to Trinidad and
Tobago Newsday.

Last month, the report notes, the PSA shut down the Immigration
Office in Port-of-Spain.

The report relates that in a statement, the Chamber said the
complete shutdown of Immigration services, in particular the
office where passports are produced, not only disrupts the
business community which requires such services for work-related
matters, but it also causes major upset to the wider public for
purposes of travel or student visas.

The Chamber said they were of the view that if there were
deficiencies in any work environment in compliance with the OSH
Act, the employer must be responsible for correcting these in a
proactive manner and ensure that all employees are working under
safe conditions, as provided under the OSH Act, the report notes.

The Chamber noted that in May, the Government announced that OSH
issues identified at the Immigration and Board of Inland Revenue
Buildings were to be tackled in the short-term and the Chamber
called on the Government to provide an update as to the current
status of the repairs, with a view to understanding the timeline
for completion of works, the report discloses.

The Chamber also noted that while they understand the plight of
the affected workers, they maintain that all parties on both sides
must act responsibly and in the best interest of all of their
nation's citizens in reaching a resolution to these matters, the
report relays.

"We expect that dialogue continues and offices, such as the
Immigration Office, will remain open and serve members of the
public while the issues are being dealt with.  We expect the union
will honour any agreements made for staff to perform their duties
while any works are being completed, and we expect that the
Government will honour its obligations to do what is necessary to
provide a safe environment for their employees," the Chamber said,
the report notes.

The Chamber added however, that they did not support an ad-hoc and
disruptive approach to resolving this issue, as is being
undertaken by this current complete shutdown, the report adds.


Large Companies With Insolvent Balance Sheets

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

AGRENCO LTD            AGRE LX          339244073      -561405847

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


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

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

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


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

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

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

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

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

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

                   * * * End of Transmission * * *