TCRLA_Public/140715.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 15, 2014, Vol. 15, No. 138



ARGENTINA: Bond Holdouts to Form Group as Debt Talks Begin
ENTRE RIOS: Moody's Withdraws Caa1 Issuer & Debt Ratings
METROGAS SA: Moody's Upgrades Corporate Family Rating to Caa1
PUENTE HNOS: Moody's Assigns Caa1 Issuer Rating; Outlook Stable

C A Y M A N  I S L A N D S

BLACKSTONE CORPORATE: Shareholders' Final Meeting Set for July 24
BLACKSTONE DEA: Shareholders' Final Meeting Set for July 24
CCBI GROWTH: Shareholders' Final Meeting Set for July 22
CREDENCE ORIENTAL: Shareholder to Hear Wind-Up Report on July 30
GIT PRE-IPO: Shareholders' Final Meeting Set for July 22

GL FUNDING: Members' Final Meeting Set for July 28
MEGA GLOBAL: Shareholders' Final Meeting Set for July 25
PRIMA PURVEYORS: Shareholders' Final Meeting Set for July 24
TAD MISO: Shareholders' Final Meeting Set for July 23
TRIDENT RE: Shareholder to Receive Wind-Up Report on Aug. 15


BANCO GNB: Fitch Affirms 'bb+' Viability Rating

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Boosts 7.45% 2044 Bond by US$250 Million

E L   S A L V A D O R

EL SALVADOR: Fitch Affirms Issuer Default Ratings at 'BB-'


* JAMAICA: To Reduce Public Debt by 1% by Early 2015
* JAMAICA: Sugar Industry Facing Major Crisis as Drought Worsens


BANCO INTERACCIONES: Moody's Assigns Ba2 Long Term Deposit Rating
STATE OF QUINTANA: Fitch Keeps 'BB + (mex)' Rating on Neg. Watch

P U E R T O   R I C O

CARIBBEAN PETROLEUM: Zeevis' Bid to Enforce Plan Release Rejected
GOVERNMENT DEVELOPMENT: S&P Lowers ICR to 'BB-'; Outlook Negative
PUERTO RICO: Fitch Says Bonds Decline Following Recovery Act
PUERTO RICO: S&P Lowers GO Rating to 'BB'; Outlook Negative
SUPER BUY FURNITURE: Can Employ Louis Carrasquillo as Consultant

SUPER BUY FURNITURE: Luis Biaggi Employment Has Court Approval

T R I N I D A D  &  T O B A G O

FIRST CITIZENS: More Time for SEC Probe of Firm


Large Companies With Insolvent Balance Sheets

                            - - - - -


ARGENTINA: Bond Holdouts to Form Group as Debt Talks Begin
Katia Porzecanski and Charlie Devereux at Bloomberg News report
that Argentine defaulted bondholders are forming a creditors group
to negotiate an accord with the government after a separate set of
holdouts won a U.S. court order for pull repayment.

According to a press release by Bingham McCutchen LLP, holders of
defaulted notes issued by The Republic of Argentina, and not
exchanged in Argentina's 2005 or 2010 offers, have formed an Ad
Hoc Group.  The purpose of the Group is to advance its members'
rights in light of the equal treatment injunctions entered by the
United States District Court in New York, and related settlement
discussions that have reportedly commenced.

The Group's members hold material amounts of these notes,
including notes not issued under New York law, and the Group
continues to grow.  Interested holders of these notes were invited
to contact the Group quickly through its legal advisor Bingham
McCutchen LLP.

Bingham McCutchen is hosting a conference call for investors who
didn't tender securities in Argentina's debt restructurings in
2005 and 2010, according to a letter obtained by Bloomberg News.

Government officials arrived in New York to begin separate
discussions with a mediator about settling with the holdouts that
won a $1.5 billion judgment, according to Bloomberg News.

Bloomberg News relates that the delegation, led by Economy
Minister Axel Kicillof, is seeking a solution to a ruling that
forces the country to pay holdouts led by Elliott Management Corp.
in full when it makes payments on its restructured debt. U.S.
District Judge Thomas Griesa on June 27 blocked trustee Bank of
New York Mellon Corp. from transferring $539 million to holders of
restructured bonds until the plaintiffs are paid.

The call with Bingham McCutchen was intended for investors who
haven't obtained a court judgment on their securities, according
to the letter, Bloomberg News notes.  Minister Kicillof has said
that paying Elliott will give rise to $15 billion in additional
claims from other holdouts, Bloomberg News relates.

                        Argentine Settlement

"Given Argentina's openly stated desire to resolve 100 percent of
its debt, we predict the most valuable holdout organization will
be one that credibly includes representation of as broad a base of
bonds as possible," Bingham McCutchen's letter said, Bloomberg
News notes.

There are still about $6.6 billion of bonds from the default that
weren't swapped in the restructurings, according to data from the
Economy Ministry, Bloomberg News discloses.

Argentina won't negotiate with holdouts unless the court
indefinitely suspends the orders, Jay Newman, a money manager at
Elliott, said in an opinion piece published in the Financial
Times, Bloomberg News notes.

                           Bonds, Cash

"Our firm could be persuaded to give Argentina more time if its
government took concrete and serious steps towards meeting its
legal obligations," Mr. Newman wrote, Bloomberg News discloses.

Elliott would be willing to accept part of any settlement in bonds
and other financial instruments, Mr. Newman wrote, Bloomberg News

In a meeting with mediator Daniel Pollack, Argentina will seek
court protection from violating the Rights Upon Future Offers
clause in the restructured bond contracts that obliges it to match
any improved offer it makes on defaulted debt before Dec. 31,
Ambito Financiero reported, Bloomberg News says.

Argentina wants Griesa to issue a new ruling stating that payment
to holdouts is involuntary to release the country from claims on
the RUFO clause, which the government says would bring total
claims to as much as $120 billion, a number it says it can't pay,
according to Ambito, Bloomberg News discloses.

President Cristina Fernandez de Kirchner's government said in a
legal notice published in the country's newspapers that BNY Mellon
is violating its contract as trustee by withholding the bond
payment, which was due June 30, Bloomberg News relays.  Judge
Griesa is exceeding his jurisdiction by blocking funds to holders
of euro-denominated restructured bonds that were issued under U.K.
law, the government said, adds Bloomberg News.

                            Extra Yield

According to the report, Argentina has met its obligations to
holders of England and Wales law bonds restructured in 2005 and
2010 and "removes itself from any responsibility or incompletion
that any ruling or the conduct of the trustee (Bank of New York
Mellon) may try to impose on Argentina," the government said in
the notice.

Bloomberg News relates that holders of Argentina's euro-
denominated bonds asked a U.S. judge for an emergency ruling to
help them recover money from the blocked payment.

ENTRE RIOS: Moody's Withdraws Caa1 Issuer & Debt Ratings
Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn the issuer and debt ratings assigned to the Province of
Entre Rios of, respectively, Caa1/(P)Caa1(global scale local
currency) and (Argentina's national scale). Moody's also
withdrew the stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale

Regulatory Disclosures

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated

METROGAS SA: Moody's Upgrades Corporate Family Rating to Caa1
Moody's Latin America upgraded Metrogas' program and corporate
family rating to Caa1/(P)Caa1 from Caa3/(P)Caa3 in the Global
Scale and its National Scale Rating to from The
rating outlook in now stable.

Ratings Rationale

This rating action follows Metrogas' completion of the USD 4.5
million interest payment corresponding to the Class A Notes due
last June 30th, which led to the cancellation of the Class B notes
as stipulated under the terms and conditions of the restructured
notes indenture given that no triggering events took place since
Metrogas emerged from bankruptcy proceedings in early 2013. This
action concludes the review initiated last June 13.

The confirmation of the extinction of Class B Notes, which
accounted for the discount taken on principal amount of the
original notes offered to bondholders at the date of the exchange
Restructuring in January 2013, coupled with the recently announced
tariff increase for gas distribution companies will result in
substantially improved cash generation for Metrogas in relation to
its restructured debt burden. In addition, Metrogas will not have
to face any principal payments until December of 2018, with bi-
annual interest payments.

On April 7, Argentina's gas regulator (Enargas) announced that it
had raised the tariff that Argentine gas distribution utilities
can charge their customers, effective April 1. The higher tariff
comprises a higher gas price and a higher distribution margin that
the utilities can charge above a higher gas price based upon
consumption levels to their residential customers. Enargas phased
the tariff increases in three steps over a five-month period from
April to August 2014. Tariffs will not rise for users that reduce
their gas consumption by more than 20% over their consumption
level of the prior year. Before this increase and in spite of the
material impact of inflationary cost pressures, the distribution
margin for most of the gas distribution companies has been the
same for more than 12 years.

Metrogas' current outstanding debt is the result of the 2013
restructuring by which Metrogas offered bondholders New Notes to
replace its defaulted debt. On January 2013, Metrogas issued Class
A Notes amounting to approximately USD 180 million and Class B
notes for approximately USD 135 million. After the Class B notes
extinguishment on June 30th, the Class A notes plus the
accumulated capitalized interest between June 2013 and 2014 of
approximately $14 million represents the company's full debt which
amounts to approximately USD 194 million.

The Caa1 and ratings are supported by Metrogas' anticipated
improved cash generation and liquidity after the recent tariff
increase and extinguishment of the Class B Notes. While Moody's
expect that the enhanced cash generation and liquidity will impact
positively on the company's credit metrics, they will still be
relatively weaker than the other rated LDC's which supports the national scale rating.

The ratings remain constrained by the company's exposure to the
unpredictable regulatory framework prevailing in Argentina for gas
distribution utilities. In addition, because Metrogas is a local
regulated gas utility and fully exposed to the domestic market and
regulations its ratings are capped by the sovereign bond rating.

The stable outlook for Metrogas mainly reflects Moody's stable
outlook for Argentina's government bond rating and our view that
Metrogas' credit rating is highly dependent on the credit quality
of the Argentine government. The stable outlook also reflects our
expectation of Metrogas maintaining adequate levels of cash to
sustain its operations.

Because Metrogas is a local regulated gas utility and fully
exposed to the domestic market and regulations, its ratings are
capped by the sovereign bond rating. As a result, a positive
rating action at the sovereign level could prompt positive rating
action on Metrogas's rating. A more predictable tariff regime,
including the consistent application of the cost recovery
mechanism, and a more transparent regulatory environment for the
company's operations would also be important for any upgrade

A rating upgrade would also require consistently positive levels
of free cash flow in relation to debt on a sustainable basis and
total debt to EBITDA of below 4.0 times.

Given the company's high dependence on the credit quality of the
Argentine government, a further rating downgrade of the sovereign
would likely result in negative rating actions for this company.

Additional pressure for a rating downgrade could materialize if in
the absence of future tariff adjustments, margins and cash
generation deteriorate again. As such, negative operating margins
or an interest coverage ratio (CFO pre WC plus interest to
interest) below 1.5 times for an extended period could prompt a
rating downgrade.

Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province, which is one of the biggest concession areas in
terms of number of clients with annual revenues for the last
twelve months ending March 2014 of ARS 1.2 billion.

Metrogas is controlled by GASA (70%), a holding company that is
fully owned by YPF's (Caa1, Stable) subsidiary YPF Inversora
Energetica S.A. From the remaining 30%, 20% floats in the Buenos
Aires stock exchange and 10% belongs to Metrogas' employees

Metrogas S.A. was founded in 1997 and is based in Las Condes,
Chile.  Metrogas S.A. is a subsidiary of Gasco S.A.

PUENTE HNOS: Moody's Assigns Caa1 Issuer Rating; Outlook Stable
Moody's Latin America Agente de Calificacion de Riesgo assigned a
Caa1 issuer rating and a national scale issuer rating to
Puente Hnos. S.A. (Puente). Moody's has also assigned a Caa1
global local-currency debt rating and a national scale
debt ratings to the ARS 500 million multicurrency MTN Program and
to the first expected issuance of ARS 50 million under the
program. The outlook for all ratings is stable.

Moody's assigned the following ratings to Puente Hnos. S.A.:

Issuer Rating: Caa1, stable outlook

National Scale Issuer Rating:, stable outlook

MTN Debt Program of ARS 500 million:

(P)Caa1 Global Local/Foreign Currency Debt Rating, with stable
outlook Argentina National Scale Local/Foreign Currency Debt
Rating, with stable outlook

First issuance of ARS 50 million expected debt issuance:

Caa1 Global Local Currency Debt Rating, with stable outlook Argentina National Scale Local Currency Debt Rating, with
stable outlook

Ratings Rationale

In assigning a Caa1 issuer rating to Puente, Moody's is reflecting
the company's small size and limited market share as a brokerage
house and investment banking services provider operating
predominantly in Argentina (Caa1 stable). Puente's long track
record in the securities and asset management businesses ensures
its access to a diversified client base and a growing earnings
pool, as reflected by the recent boost to its profitability.

Moody's noted that although stable asset and wealth management
earnings account for about half of total revenues, Puente also
derives almost 25% of its gains from more volatile securities
sales and trading to corporate clients. Fees from investment
banking and capital market deals, primarily related to sub-
sovereign debt structuring, have become an important contributor
to earnings, generating 25% of its revenues, while proprietary
trading contributes only modestly. As a result of growing earnings
over the past two years and business expansion plan, Puente has
reported sizable increase in personnel expenses, particularly in
variable compensation, which absorbed nearly 50% of total staff
expenses in 2013.

The assigned ratings also capture Puente's capitalization profile,
in which shareholders' equity represented 53.8% of total assets as
of end March 2014. Aside from its own capital, the firm has access
to funding in the form of credit facilities from local banks.

As a family owned company, Puente's decision-making is
concentrated at the shareholder level supported by an investment
committee that oversees risk management functions and
infrastructure. Margin requirements and trading limits are
prudent, in line with the uncertain operating environment.
Puente's securities portfolio is 37.7% invested in government
bonds, 17.7% in stocks, and 42.8% in financial warrantor funds.

While the implementation of the new capital markets law in
Argentina may create new competitors for Puente, its positioning
and long track record in the capital markets underpins Puente's
future earnings generation and business volumes. The firm also has
a regional presence in Peru, Panam , Uruguay and Paraguay,
although these operations are modest relative to the Argentine

Puente's ratings also reflect the challenging operating
environment of Argentina, characterized by economic deceleration,
increasing inflation, and growing policy uncertainty, which can
affect the entity's business volumes. Notwithstanding the
increasing uncertainty and volatility, these conditions provide
business and revenue opportunities for the company.

Puente's Caa1 issuer rating derives from the entity's caa1
baseline credit assessment.

C A Y M A N  I S L A N D S

BLACKSTONE CORPORATE: Shareholders' Final Meeting Set for July 24
The shareholders of Blackstone Corporate Opportunities Offshore
Master Fund Ltd will hold their final meeting on July 24, 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:

          Sean Flynn
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365

BLACKSTONE DEA: Shareholders' Final Meeting Set for July 24
The shareholders of Blackstone DEA Offshore Fund Ltd will hold
their final meeting on July 24, 2014, at 10:10 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Patrick Agemian
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365

CCBI GROWTH: Shareholders' Final Meeting Set for July 22
The shareholders of CCBI Growth Fund GP I Limited will hold their
final meeting on July 22, 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:

          Wei Yucheng
          Flat H, 23/F, Block 4, South Horizons
          Ap Lei Chau
          Hong Kong

CREDENCE ORIENTAL: Shareholder to Hear Wind-Up Report on July 30
The shareholder of Credence Oriental Trading Ltd will receive on
July 30, 2014, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Tang Wei Ye
          c/o Harneys Services (Cayman) Limited
          Telephone: (345) 949 8599
          Facsimile: (345) 949 4451
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands

GIT PRE-IPO: Shareholders' Final Meeting Set for July 22
The shareholders of GIT PRE-IPO Private Equity Fund SPC will hold
their final meeting on July 22, 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

GL FUNDING: Members' Final Meeting Set for July 28
The members of GL Funding will hold their final meeting on
July 28, 2014, to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

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

MEGA GLOBAL: Shareholders' Final Meeting Set for July 25
The shareholders of Mega Global Asset Management Company Limited
will hold their final meeting on July 25, 2014, at 10:15 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidators are:

          Cosimo Borrelli
          Jocelyn Chi
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong
          Telephone: (852) 3761 3888

PRIMA PURVEYORS: Shareholders' Final Meeting Set for July 24
The shareholders of Prima Purveyors Ltd. will hold their final
meeting on July 24, 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:

          George Lock
          Barnaby Gowrie
          Telephone: +1 (345) 914 6365

TAD MISO: Shareholders' Final Meeting Set for July 23
The shareholders of Tad Miso Ltd will hold their final meeting on
July 23, 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:

          Stephane Yves Delatte
          261 River Valley Road
          15-19 Aspen Heights
          Singapore 238307

TRIDENT RE: Shareholder to Receive Wind-Up Report on Aug. 15
The shareholder of Trident RE, SPC will receive on Aug. 15, 2014,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          RSM Cayman Ltd.
          Harbour Place, 2nd Floor
          George Town, PO Box 10311,
          Grand Cayman KY1-1003,
          Cayman Islands


BANCO GNB: Fitch Affirms 'bb+' Viability Rating
Fitch Ratings has affirmed Banco GNB Sudameris S.A.'s (GNB) long-
term Issuer Default Rating (IDR) and Viability Rating (VR) at
'BB+' and 'bb+', respectively.

Key Ratings Drivers VR, IDR, National Ratings And Senior Unsecured

GNB's local and foreign currency IDRs and its national ratings are
driven by its VR of 'bb+'. The latter reflects the bank's rapid
inorganic growth since the fourth quarter of 2013 [4Q'13] (total
assets increased 59% in the 15 months to March 2014), which will
be completed during 2014 and has negatively affected the bank's
profitability and capital metrics.

The ratings also consider GNB's robust asset quality (30-day past-
due loan [PDL] ratio stood at 1.87% at March 2014), sound reserves
(about 1.7x PDL coverage) and ample liquidity (over 40% of its
consolidated assets are in the form of cash and securities). In
addition, Fitch notes the bank's clear strategy, experienced
management, and positive operating environment, as well as the
challenges inherent to cross-border mergers and acquisitions

GNB's performance during 2013 and 2014 is affected by its rapid
asset growth that has yet to translate into revenues and
profitability. The bank's newly acquired subsidiaries show
positive improvement signs but lag their parent's performance.
While progress is likely into 2015, short-term performance and
capitalization metrics appear to be at a trough and should remain
close to historic minimums during most of 2014 then recover
gradually. GNB's future performance is expected to benefit from
slower growth and cost control while the integration and
consolidation of GNB's new subsidiaries should result in higher
profitability during 2015 with ROAA gradually inching towards 1%.
Asset quality has slightly deteriorated but remains among the best
in Colombia and sound by international standards.

The bank's conservative policies, robust origination policies and
adequate risk controls should contribute to maintain a solid asset
quality. PDL trends at its newly acquired subsidiaries also point
to the stability of asset quality metrics.

Fitch core capital ratios are expected to decline to the 9%-10%
range by year end as the bank merges with Banco GNB Colombia
(former HSBC Colombia), then gradually improve and consolidate
above 10%, a level that compares well with similarly rated peers.
Slower growth, improving profitability and a conservative dividend
policy (the bank will not distribute dividends for the third
consecutive year in 2015) should underpin capital ratios which
should also be viewed in the light of the bank's ample loan loss

Support Rating And SRF
GNB's support rating and support rating floor reflect the bank's
somewhat modest systemic importance and Fitch's perception that
the Colombian government would probably support GNB if needed.

Subordinated Debt

GNB's subordinated debt is rated one notch below the bank's IDR.
These bonds lack equity-like features that would earn it equity
credit following Fitch's criteria. The notching reflects one notch
for higher expected losses in case of liquidation but no
additional notching for non-performance.

Ratings Sensitivities VR, IDR, National Ratings And Senior
Unsecured Debt

GNB's ratings could be negatively affected if GNB's (or one of its
newly acquired subsidiaries') performance declines more than
expected, in particular, if its ROAA declines below 0.5% or if its
capital declines (FCC below 9%). In addition, should the financial
profile of the acquired entities, in terms of funding, capital and
profitability, deteriorate, GNB's ratings would be pressured

On the other hand, given that the bank is just starting to
integrate its new acquisitions and will continue to show
relatively weak profitability and capital metrics in the short
run, there is limited upside potential for its ratings.

Support Rating And SRF

GNB's support and support floor ratings would change if Fitch's
assessment of the Government's ability and willingness to support
the bank change.

Subordinated Debt

The ratings of GNB's subordinated debt will move in line with the
bank's IDR.

Fitch has affirmed GNB's ratings as follows:

-- Long-term foreign currency IDR at 'BB+'; Outlook Stable;
-- Short-term foreign currency at IDR 'B';
-- Long-term local currency IDR at 'BB+'; Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Viability rating at 'bb+';
-- Support Rating at '4';
-- Support Floor at 'B+';
-- Senior unsecured notes at 'BB+';
-- Subordinated notes at 'BB';
-- National scale long-term rating at 'AA+(col)'; Outlook Stable;
-- National scale short-term rating at 'F1+(col)'.

D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Boosts 7.45% 2044 Bond by US$250 Million
Dominican Today, citing Reuters, reports that the government of
the Dominican Republic, rated B1/B+/B, has launched a US$250
million increase of its 7.45% 2044 bond at the final yield of
6.85%, according to one of the lead managers.

"Final terms came tight to initial price thoughts of 6.95%-7.00%
released earlier on July 11," the outlet said, noting that Goldman
Sachs and JP Morgan are the transaction bookrunner, Reuters said,
according to Dominican Today.  "It will bring the total
outstanding amount on the note to US$1.5 billion," the outlet
said, the report notes.

The news agency adds that the proceeds from the transaction will
go to infrastructure projects, as well as to support other
sectors, the report relates.

E L   S A L V A D O R

EL SALVADOR: Fitch Affirms Issuer Default Ratings at 'BB-'
Fitch Ratings has affirmed El Salvador's long-term foreign and
local currency Issuer Default Ratings (IDRs) at 'BB-'. Fitch has
also affirmed the issue ratings on El Salvador's senior unsecured
foreign and local currency bonds at 'BB-'. The Rating Outlook on
the long-term IDRs is Negative. In addition, Fitch has affirmed El
Salvador's Country Ceiling at 'BB+' and short-term foreign
currency IDR at 'B'.


El Salvador's rating affirmation reflects the following rating

-- El Salvador's ratings are supported by its macroeconomic
stability underpinned by dollarization, its adequately capitalized
financial system, and solid repayment record. The government has a
strong track record in implementing tax reforms despite the low
economic growth environment.

-- A dialogue between the new FMLN government and main private-
sector organizations has the potential to define a national
strategy for sustainable development and social inclusion. This
comes after five years of confrontation during the previous
administration. However, it is too early to predict that such
dialogue could result in improved investment and growth prospects
over the forecast period. Risks for a break-down in this
discussion process remain due to the high levels of mutual
distrust and alternative views on fundamental issues, including
public sector participation in the economy and public finances.

-- Economic growth in El Salvador remains low relative to its
peers in the 'BB' category. Key structural weaknesses, including
low competitiveness, relatively high energy costs, low investment
ratios, weak human capital and high crime rates preclude El
Salvador's economy from growing faster. In Fitch's baseline
scenario GDP growth could average 1.6% in 2014-2016.

-- The deficit for the Non-Financial Public Sector in 2013 reached
a level equivalent to -4.1% of GDP, up from -3.4% of GDP in 2012.
The tax burden in El Salvador grew from 12.6% of GDP in 2009 to
15.4% of GDP last year, as a result of various tax reforms and
revenue collection enhancements. The administration is pursuing a
new tax reform that includes a financial transaction tax as well
as taxes on newspapers and luxury real estate.

-- El Salvador's public debt burden continues to increase and
could exceed 62% of GDP in 2014, significantly above the 35%
median for the 'BB' category. In the absence of a substantial
pickup in economic growth and a front-loaded fiscal consolidation
strategy, Fitch forecasts debt to continue climbing and reach a
level equivalent to 65% of GDP by 2016. The government has
submitted a fiscal responsibility framework for legislative
approval, although most of the fiscal adjustment appears to be
concentrated after 2017.

-- El Salvador's current account deficit (CAD) continues to widen
and in 2013 was equivalent to 6.5% of GDP, more than twice the
median observed for 'BB' rated countries. While El Salvador has
historically shown moderate CAD, the deterioration observed in
recent years has coexisted with a reduction in net foreign direct
investment, particularly in 2013. Given its exchange rate regime
and the absence of fiscal savings, the country's ability to adjust
to external shocks is limited, making it dependent on external
funding availability.


The main factors that individually, or collectively, could trigger
negative rating action:

-- Renewed deterioration in the political and business environment
that undermines prospects for reforms to improve the business
climate, investment and growth prospects.

-- Continued economic underperformance compared with peers.

-- Fiscal slippage and the lack of a credible fiscal consolidation
strategy which results in a significant deterioration in
government debt dynamics and evidence of financing constraints.

The main factors that individually, or collectively, could
stabilize the rating:
-- An improved political environment conducive to addressing
fiscal and economic challenges resulting in better investment and
growth prospects;
-- Signs of stabilization in the public-debt burden over the
medium term.

Key Assumptions

The ratings and Outlook are sensitive to a number of assumptions:

-- U.S. economic growth increases from 1.9% in 2013 to 2.0% in
2014, 3.1% in 2015 and 3.0% in 2016;

-- The government in El Salvador is able to tap the local and/or
foreign financial markets to cover its financing needs during the
forecast period;

-- Social tensions remain relatively well-contained.


* JAMAICA: To Reduce Public Debt by 1% by Early 2015
RJR News reports that the government of Jamaica is to reduce
guaranteed debt and other public debt by at least one per cent or
$16 billion by early next year.

That's the indication given in the latest update on the country's
program with the IMF, according to RJR News.

The report said the scheduled reduction in the public debt through
asset swaps and sales as well as a reduction in guarantees are
progressing in line with expectations, the report notes.

The IMF says the Government has so far established the legal and
administrative processes involved in carrying out the plan, the
report relates.

* JAMAICA: Sugar Industry Facing Major Crisis as Drought Worsens
---------------------------------------------------------------- reports that the Sugar Industry Authority (SIA)
says the multi-billion dollar sugar industry is now under major
threat due to the effects of the worsening drought.

SIA Chairman Ambassador Derrick Heaven said the next crop could be
in jeopardy with the forecast of below average rainfall for the
rest of the year coincides with replanting of the crop, according

"When you drive around and look at fields and you see them
literally scorched, and it's not just the absence of rain, but
it's the high winds that further helps with the evaporation of any
moisture.  So the sugar industry is suffering as a result of the
absence of rain and unless we get relief soon then we are in for
some serious dislocation," the report quoted Mr. Heaven as saying.

Meanwhile, notes that the government has
announced that it will be implementing a J$30 million (One Jamaica
dollar = US$0.004 cents) drought mitigation project for farmers
across the island this week.

Permanent Secretary in the Ministry of Agriculture and Fisheries,
Donovan Stanberry, said the project will involve the Rural
Agricultural Development Authority (RADA), the Jamaica
Agricultural Society (JAS), farmers and political representatives, relates.

Mr. Stanberry said the government is also investing in rainwater
harvesting systems, and looking to build micro dams through its
climate change program, the report relays.

Jamaica has been grappling with a crippling drought for several
weeks and the Water Minister, Robert Pickersgill, recently
announced new restriction measures, the report discloses.

"I have instructed the National Water Commission to issue a
prohibition notice, by this weekend, on the washing of vehicles,
the watering of lawns and filling swimming pools, among other
activities," Mr. Pickersgill told Parliament, the report notes.

Persons found breaking the rules will be taken to court and could
also be fined, the report says.

The lack of water also prompted nurses at the Victoria Jubilee
Hospital in downtown Kingston to walk off the job, the report

Surgeries at the maternity hospital were also cancelled, the
report adds.


BANCO INTERACCIONES: Moody's Assigns Ba2 Long Term Deposit Rating
Moody's de Mexico assigned a D- (D minus) standalone bank
financial strength rating (BFSR) to Banco Interacciones, S.A.
(Interacciones), which maps to a standalone baseline credit
assessment (BCA) of ba3. At the same time, Moody's assigned long
and short term local and foreign currency deposit ratings of
Ba2/Not Prime, respectively, to the bank. Moody's also assigned
long and short term Mexican National Scale deposit ratings of to Interacciones. The outlook on all ratings is stable.

List Of Ratings Assigned

The following ratings were assigned to Interacciones, with a
stable outlook:

- Bank financial strength rating of D- (D minus)

- Long term local currency deposit rating: Ba2

- Short term local currency deposit rating: Not Prime

- Long term foreign currency deposit rating: Ba2

- Short term foreign currency deposit rating: Not Prime

- Long term Mexican National Scale deposit rating:

- Short term Mexican National Scale deposit rating: MX-2

Ratings Rationale

Standalone Ratings

In assigning a standalone BCA of ba3 to Interacciones, Moody's
took into consideration the bank's niche business model consisting
in collateralized lending to Mexican states and municipalities,
and their suppliers. Interacciones bases its financing to sub-
sovereign entities on loan repayment trusts that capture the cash-
flows from federal fiscal transfers that states and municipalities
are entitled to. The loan repayment mechanism has proven effective
in containing credit risks, as reflected by very low delinquency
ratios to date.

The ratings incorporate Interacciones's expertise and long-
standing relationships in the sub-sovereign segment, which offer
growth potential also in infrastructure and supplier financing,
which the bank aims to pursue by using similar repayment trust
structures and government guarantees. This strategy will benefit
the bank's franchise and earnings generation over the medium to
long term, as it positions Interacciones well to take advantage of
the recently approved reforms and the ongoing infrastructure plan
announced by the Mexican government. Building up its
infrastructure and small and midsized enterprise (SME) portfolios
will help balance the competitive pressures faced in the segment
of lending to states and municipalities.

The rating agency also noted that derived from its business model,
most of Interacciones's credit exposures are to government or
government-related entities or suppliers, which limit credit
losses to the extent they are well structured. Moreover, such
exposures consume limited capital because of the low regulatory
risk weighting assigned to government risks.

However, Moody's cited as balancing credit factors the bank's loan
concentrations which tend to be high both to industry segments and
to single creditors, measured against the bank's core profits or
core capital. Interacciones's 20 largest borrower exposures
evidence the concentration risk, and represented 540% of its Tier
1 capital and 1,082% of pre-provision income as of first quarter
2014. This could potentially raise the risk of significant
earnings and asset quality volatility were such exposures to
become problematic, and therefore, it constrains the ratings. To
account for these risks, Moody's measures the bank's capital
adequacy both on an anticipated and stress scenario, by adjusting
risk weights to government exposures and loan concentrations.
Interacciones's capital ratios remain at very comfortable levels
and should support the bank's expansion towards more capital-
consuming assets such as SMEs.

Moody's also noted Interacciones's improving funding mix, with a
larger share of core deposits sourced in part from states and
municipalities, which benefits its overall funding costs. The
bank's emphasis on growing its deposit base, together with a lower
share of short-term money market funding, diversifies its funding
and is considered credit positive. However, the bank's long-term
sources in the form of senior and subordinated debt are still
limited relative to the bank's longer-duration loan book, and
creates a structural asset and liability mismatch that exposes the
bank to liquidity and market risks. Further improvements in cost
of funds will help balance the increasing pressure on margins and
fee income resulting from competition from large commercial banks
and government-owned development banks.

Interacciones's successful IPO in the fourth quarter 2013, which
raised MXN3.8 billion, led to a stronger capital position in
support of the bank's operations, and led to an enhanced risk
management and corporate governance functions. Particularly
relevant to the ratings are the strengthening of governance bodies
and stricter self-imposed lending limits. The overhaul of risk
management practices, however, are still maturing.

Deposit Ratings

Interacciones's Ba2 local currency deposit rating is based on the
bank's standalone BCA of ba3 and the incorporation of high
systemic support probability owing to the bank's specialization on
lending to local governments.

Ratings Outlook

The stable outlook reflects Moody's expectations that
Interacciones will be able to reduce loan concentrations and
continue to improve in corporate governance and risk practices
while maintaining sound fundamentals in core segments in the midst
of ample expected growth.

The principal methodology used in this rating was Global Banks
published in May 2013.

The period of time covered in the financial information used to
determine the bank's rating is between 1 January 2006 and 31 March
2014 (source: Moody's, Issuer's financial statements, CNBV and

The sources and items of information used to determine the rating
include 2013 and 2014 interim financial statements (source:
Moody's and Issuer's financial statements); year-end 2012 and 2013
audited financial statements (source: Moody's and Issuer's annual
audited financial statements); information on market position
(source: CNBV); regulatory capital information (source: Banxico).

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings."

The long term Mexican National Scale rating of present
above-average creditworthiness relative to other domestic issuers.

The short term Mexican National Scale rating of MX-2 indicates
issuers or issues with above average ability to repay short-term
senior unsecured debt obligations relative to other domestic

Banco Interacciones is headquartered in Mexico City, Mexico. As of
March 2014, the bank had Mx$138.0 billion in assets.

STATE OF QUINTANA: Fitch Keeps 'BB + (mex)' Rating on Neg. Watch
Fitch Ratings keeps watch negative (ON) rating of 'BB + (mex)' to
the creditworthiness of the Institute for Development and Finance
of the State of Quintana Roo (IDEFIN), and the rating 'A-(mex)
vra' corresponding to bank financing contracted by the Institute
in 2011 with Banorte (Banorte 11-2) for an original amount of
MXN130 million, which at the first quarter amounted to MXN125.6

Key Rating Factors

According to Fitch methodologies, IDEFIN qualification is at the
same level as the state of Quintana Roo [BB + (mex) (ON)], due to
strong management and financial integration with the State
Institute. With regard to funding, taking into account the rating
of Quintana Roo because it acts as a subsidiary debtor. Added to
this, is affected as a secondary source of payment, a percentage
of the resources that belong to the State. Likewise, the structure
is analyzed based service.

IDEFIN ratings remain on Rating Watch Negative due to prevailing
risk that, in the coming months, most of the financing contracted
by Quintana Roo could be accelerated and / or declared in default.
In this regard, it is noteworthy that the creditor banks have
granted waivers releasing the breach of certain obligations
assumed by the State do. However, some of these mitigate the risk
of acceleration and / or acceleration of appropriations
temporarily. The latest revision of the State was held on May 26
this year.

Notably, despite the negative comments, the financing contracted
with Banorte remains fundamentally sound and satisfactory
performance in terms of coverage of debt service (interest and
capital) and fund balance reserve. Regional meet obligations
agreed to do in the transaction documents.

IDEFIN is a public agency of the Government of Quintana Roo,
created on October 6, 2006, with legal personality and its own
assets. Despite being a decentralized organization, it appears
highly integrated with the state. The long-term debt IDEFIN
corresponds to two loan agreements for the Committee on Water and
Sewerage State of Quintana Roo (CAPA) [BB + (mex)] and the
Municipality of Othon P. Blanco (Chetumal) [BB (mex) ], in these
operations there is a mirror contract between such entities and
IDEFIN; while the longer with banking institutions.

The loan was contracted Banorte 11-2 and qualified in 2011,
resources were used for productive public investment in the city
of Chetumal. Among the main features of the structure include:
name in pesos; periodicity of monthly payments for interest and
principal; within 20 years, with a grace period of 24 months;
profile and increased amortization fund equal to three months of
debt service reserve. It also has the obligation to hire a hedge
interest rate (CAP) throughout the life of the loan.

The municipality affected as a source of payment for this credit
30% of its federal units (primary source of payment) to a trust,
acting as trustee Banco Santander. For its part, the State
affected 2% of state revenue sharing. This, as a secondary source
of repayment in the event that the primary source and the balance
in the reserve fund is not sufficient to cover the payment of debt

Rating Sensitivity

The Rating Watch Negative indicates a possible downgrade in the
short or medium term, which is based on the possible effects of a
possible adjustment in the credit rating of the State of Quintana
Roo, which remains on Watch Negative.

P U E R T O   R I C O

CARIBBEAN PETROLEUM: Zeevis' Bid to Enforce Plan Release Rejected
Bankruptcy Judge Kevin Gross denied the post-confirmation Motion
of Gad and Ram Zeevi to Enforce Plan Release and the Settlement
Agreement in the Chapter 11 case of Caribbean Petroleum Corp., et

The bankruptcy filings of Caribbean Petroleum Refining, L.P.,
Caribbean Petroleum Corporation and Gulf Petroleum Refining
(Puerto Rico) Corporation were necessitated by horrific explosions
and fire involving 21 Caribbean storage tanks that occurred at its
facility in Bayamon, Puerto Rico in October 2009.  The Catastrophe
ended Caribbean's operations and resulted in the bankruptcy.

Prior to the bankruptcy filing, parties filed numerous actions in
Puerto Rico against Caribbean to recover damages for injuries and
losses they suffered as a result of the Catastrophe.  The Tort
Plaintiffs have exhaustively pursued their claims first in
bankruptcy court and now in the United States District Court for
the District of Puerto Rico, The Honorable Francisco Besosa,
District Court Judge, presiding.  The Tort Plaintiffs are before
the Puerto Rico Court because the bankruptcy court lifted the
automatic stay to enable them to proceed.

The Zeevis seek to enforce the releases contained in the Fourth
Amended Joint Plan of Liquidation and in a settlement agreement,
dated September 30, 2013, between the Tort Plaintiffs and the
Liquidation Trustee.  The Zeevis are former directors (and Gad
Zeevi the former President) of Caribbean.

The Tort Plaintiffs objected to the Motion, as have Intertek USA,
Inc. and Cape Bruny Tankschiffarts GMBH and Co. KG and Cape Bruny
Shipping Company Ltd.

In a July 9, 2014 Memorandum Opinion available at, Judge Gross said the Tort
Plaintiffs, Intertek and the Cape Bruny Cos. may proceed with
their actions in the Puerto Rico Court unimpeded by the Plan

                    About Caribbean Petroleum

San Juan, Puerto Rico-based Caribbean Petroleum Corporation, aka
CAPECO, owns and operates certain facilities in Bayomon, Puerto
Rico, for the import, offloading, storage and distribution of
petroleum products.  Caribbean Petroleum sought Chapter 11
protection (Bankr. D. Del. Case No. 10-12553) on Aug. 12, 2010,
nearly 10 months after a massive explosion at its major Puerto
Rican fuel storage depot virtually shut down the company's
operations.  The Debtor estimated assets of US$100 million to
US$500 million and debts of US$500 million to US$1 billion as of
the Petition Date.

Affiliates Caribbean Petroleum Refining, L.P., and Gulf Petroleum
Refining (Puerto Rico) Corporation filed separate Chapter 11
petitions on Aug. 12, 2010.

John J. Rapisardi, Esq., George A. Davis, Esq., Peter Friedman,
Esq., and Zachary H. Smith, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, serve as lead counsel to the Debtors.  Mark D.
Collins, Esq., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, serve as local counsel.
The Debtors' financial advisor is FTI Consulting Inc.  The
Debtors' chief restructuring officer is Kevin Lavin of FTI
Consulting Inc.  Kurtzman Carson Consultants LLC serves as the
noticing, claims and balloting agent to the Debtors.

In December 2010, the Debtor won bankruptcy court approval to sell
its business to Puma Energy International for US$82 million.  Puma
obtained Capeco's entire retail network, which consists of 157
locations, gasoline, diesel and other fuel storage facilities as
well as undeveloped land and a private deep water jetty.

The Fourth Amended Joint Plan of Liquidation for Caribbean
Petroleum and its debtor affiliates became effective on June 3,

GOVERNMENT DEVELOPMENT: S&P Lowers ICR to 'BB-'; Outlook Negative
Standard & Poor's Ratings Services said that it lowered its long-
term issuer credit rating on the Government Development Bank for
Puerto Rico (GDB) to 'BB-' from 'BB'.  The outlook is negative.
S&P is also affirming its short-term issuer credit rating on GDB
at 'B'.  S&P lowered the stand-alone credit profile to 'b+' from

"The rating action reflects the increased likelihood that GDB
could suffer material losses following the enactment of the Puerto
Rico Public Corporation Debt Enforcement Act, which allows certain
Puerto Rican public corporations of the Commonwealth to seek
protection from creditors through a debt restructuring," said
Standard & Poor's credit analyst Sunsierre Newsome.

GDB significantly depends on the ability of the Commonwealth and
its public corporations to repay their debt.  GDB has lending
exposures to three public corporations aggregating about $2
billion.  These loans could be restructured.  The Puerto Rico
Electric Power Authority (PREPA), which has $40.4 million
outstanding to GDB, as of June 30, 2014, recently announced it may
delay certain payments currently due and that it will continue
discussions with lenders to evaluate various alternatives to
improve its financial situation.  The Highways and Transportation
Authority (HTA) is GDB's largest borrower, with about $2 billion
outstanding as of June 30, 2013.  This is a material exposure
relative to the GDB's equity capital of about $2.4 billion.  As
such, if the HTA restructures its debt, it is possible that GDB
could incur material losses.

"We believe the enactment of the bill is indicative of the
mounting economic and fiscal challenges for the Commonwealth as a
whole, which could lead to additional liquidity pressures in the
long term.  While the Commonwealth's general obligation debt is
excluded from the act, we also believe enactment of the
legislation itself signals a potential shift in the Commonwealth's
historically strong willingness to continue to meet its
obligations to bondholders, particularly in the event of
constrained market access.  The negative outlook reflects the
substantial uncertainty on whether restructurings of the debt of
public corporations that are borrowers of GDB will occur and
concerns around the impact such restructurings could have on GDB's
capitalization and financial condition," S&P said.

"Specifically, we believe that if GDB's largest borrower, the HTA,
restructures its debt, it could result in material losses for GDB.
We could lower our ratings on GDB if such restructurings occur and
the losses GDB incurs are material to a degree that GDB's capital
or financial profile would be impaired.  We could also lower our
ratings on GDB if we lower our rating on the Commonwealth.  In our
view, GDB remains vulnerable given its high lending concentration
and interconnectedness to the Commonwealth.  Alternatively, we
could revise the outlook to stable if conditions stabilize in the
Commonwealth or if we become convinced that in the event that
GDB's largest borrowers would restructure their debt, the impact
on the GDB would be limited," S&P added.

PUERTO RICO: Fitch Says Bonds Decline Following Recovery Act
Declines in pricing of Puerto Rico bonds added further pressure to
already depressed net asset values (NAVs) of Puerto Rico mutual
funds, according to Fitch Ratings.  Fitch-rated Puerto Rico fund
managers are reacting swiftly by adding to collateral supporting
rated notes and deleveraging where needed.

Puerto Rico bond prices fell following the enactment of the Puerto
Rico Public Corporation Debt Enforcement and Recovery Act
(Recovery Act) on June 26, which was followed by a series of
ratings downgrades impacting government issuers across the
commonwealth. The act establishes a restructuring regime for
public corporations that may become insolvent.

Fitch downgraded Puerto Rico sales tax (Cofina) bonds to 'BB-'
from 'AA-' for senior and from 'A+' for subordinate issues,
employee retirement system and commonwealth general obligation and
guaranteed bonds to 'BB-' from 'BB', and aqueduct and sewer
authority (PRASA) bonds to 'B+' from 'BB+'. Previously, Fitch
downgraded electric power authority (PREPA) bonds to 'CC' from
'BB' (senior). Fitch does not rate debt issued by the highway and
transportation authority (PRHWY). The downgrade of the Cofina,
PRASA and PREPA ratings reflected the commonwealth's action to
change law to the detriment of bondholders with passage of the
Recovery Act. The one-notch rating downgrade of the GO and related
bonds was based on marginal deterioration in credit fundamentals
despite recent actions designed to support the general credit.

The Recovery Act contemplates two procedures for public
corporations to address debt obligations in the event of
insolvency. While they are intended to restore solvency over the
long term, both procedures entail debt restructuring that would
trigger suspension of debt payments and preclude the timely
payment of principal and interest during the proceedings. Entities
covered by the act include PREPA ($8.6 billion of debt
outstanding), PRASA ($4.6 billion) and PRHWY ($5 billion).

The recent events pushed Puerto Rico bond prices to record lows.
PREPA bonds with a 5% coupon and 30 year remaining term fell 41%
to $34 before rebounding to $39 as of market open July 11th.
Similar term PRASA bonds fell 24% to $55 before rebounding to $60,
and similar term PRHWY bonds fell 37% to $32 before rebounding to
$34. Cofina bond prices gave up 25%, falling to a low of $59
before rebounding to $63, while GO bonds fell a modest 12% to $60
before recovering to $65.

Fitch-rated funds managed by UBS, Banco Popular and Santander
(which operate within a $9 billion fund industry on the island)
had minimum exposures to uninsured public corporation debt, owning
less than $100 million in aggregate, and representing less than 4%
of collateral that support Fitch-rated notes, as of mid-June 2014.
One reason for the small exposure is that the public corporations
issued debt mostly into the US tax designated '103' market, where
Puerto Rico funds have abstained from investing due to smaller
yields than local bonds.

However, exposures to Cofina and GO bonds in collateral accounts
supporting the Fitch-rated notes were more material, averaging 30%
and 19%, respectively as of mid-June 2014. The significant price
declines put pressure on fund NAVs and increased fund leverage
ratios higher, breaching the normal operating maximum of 50%
leverage in several cases.

Additionally, Fitch's mark-to-market haircut on Cofina bonds that
are pledged to support 'A' rated notes has increased 50% due to
the downgrade below investment grade. Funds also rely on repo and
margin loan facilities for leverage and generally these have seen
raised haircuts and funding costs, although most have not pulled
or decreased credit lines. Fund managers are responding with
remedial action by topping up collateral and deleveraging the
funds where necessary.

Overall, Fitch views the managers' response to these market
conditions positively and mirrors actions they undertook in the
summer and fall of 2013 when Puerto Rico bond prices tumbled on
Fed rate hike and Detroit contagion. We continue to monitor asset
coverage available to Fitch-rated notes. Significant breaches and
lack of timely cures of minimum asset coverage requirements may
cause Fitch to take negative rating actions, although this is not
expected at this time.

PUERTO RICO: S&P Lowers GO Rating to 'BB'; Outlook Negative
Standard & Poor's Ratings Services has lowered its general
obligation (GO) rating on the Commonwealth of Puerto Rico to 'BB'
from 'BB+'.  Standard & Poor's has also lowered the following :
its rating on the Puerto Rico Sales Tax Financing Corporation
(COFINA) first lien sales tax bonds to 'BBB' from 'AA-'; its
second lien COFINA sales tax underlying rating (SPUR) to 'BBB-'
from 'A+'; its rating on the Puerto Rico Highways and
Transportation Authority (HTA) to 'B' from 'BB+; its ratings on
the Puerto Rico Municipal Finance Agency, the Puerto Rico
Employees Retirement System, and general fund-supported
appropriation and moral obligation bonds to 'BB-' from 'BB'; and
its ratings on the Puerto Rico Infrastructure Financing Authority
(rum tax) and the Puerto Rico Convention Center District Authority
(hotel tax) ratings to 'BB' from 'BB+'.  All ratings have been
removed from CreditWatch and assigned a negative outlook.


The rating actions follow the enactment of the Puerto Rico Public
Corporation Debt Enforcement Act (the Act), which allows certain
Puerto Rican public corporations and other instrumentalities of
the commonwealth to seek protection from creditors through a debt
restructuring.  Although the Act specifically excludes GO, general
fund appropriation secured, and COFINA secured debt, S&P believes
it could potentially limit the demand for liquidity and budgetary
support to the public corporations from the commonwealth and the
Government Development Bank.  S&P also believes that the enactment
of the bill is indicative of the mounting economic and fiscal
challenges for the commonwealth as a whole, which could lead to
additional liquidity pressures in the long term, and enactment of
the legislation itself signals a potential shift in the
commonwealth's historically strong willingness to continue to meet
its obligations to bondholders, particularly in the event of
constrained market access.

Although from a credit standpoint we view the recent enactment of
a budget for fiscal 2015 that significantly improves structural
alignment for fiscal 2015 as favorable, S&P nevertheless continues
to view the commonwealth's fiscal situation as precarious.  S&P
believes there will be spending pressure from escalating GO and
COFINA related debt service in future years and - absent
implementation of reform measures currently under judicial stay -
potential for rising costs related to the commonwealth's teacher
retirement system.


S&P has lowered the rating on HTA multiple notches below that of
the commonwealth's GO bonds because S&P believes the new law
facilitates Puerto Rico's eventual restructuring of HTA operations
and debt obligations, including approximately $2 billion in loans
payable to GDB, as well as outstanding toll and gas and petroleum
tax secured bonds.


S&P has also lowered the rating on COFINA multiple notches,
bringing the COFINA sales tax rating closer to that of the
commonwealth's GO, as a result of S&P's view that the Act raises
the risk that the commonwealth may seek additional changes in
statutory law that could potentially reduce the separation in
credit quality of COFINA's sales tax pledge from the
commonwealth's finances should financial stress on the general
fund increase significantly.  However, S&P continues to maintain
an investment grade rating on the COFINA bonds due to the strong
statutory provisions that still remain in place giving COFINA a
first lien on pledged sales taxes, before transfer of excess
revenues to the general fund after payment of COFINA debt service.
The rating reduction on COFINA also reflects continued weak
economic trends over the past year.  COFINA debt has an escalating
annual debt service schedule, and while S&P believes current
annual debt service coverage is strong by pledged sales and use
taxes, weak economic and revenue performance could translate to
lower annual coverage coverage in the future.  The commonwealth
released unaudited fiscal 2014 pledged revenues, with an annual
increase, partly as the result of a one-time expansion of the
sales tax base to business services, but less than what was
projected at the time of 2014 budget adoption.  S&P calculates
fiscal 2014 pledged sales and use tax (SUT) would provide 1.83x
annual debt service coverage on combined first and second lien in
2014, at a level that could cover annual debt service through
2031, but provide only 0.68x coverage of maximum annual debt
service occurring in 2041 without future revenue growth.


The enacted general fund budget for fiscal 2015 projects no new
deficit financing, although S&P believes that there are still
implementation risks to the achievement of budget projections.
These include a history of revenues coming in below budget and
difficulty in reducing expenditures.  The 2015 budget assumes new
revenue measures of $370 million, plus $170 million of additional
revenue from collecting SUT at ports of entry, which we understand
the commonwealth believes will reduce tax evasion, plus $112
million of additional revenue from rum sales and other
adjustments.  The commonwealth recently announced general fund net
revenues were $488 million short of fiscal 2014 budgeted amounts,
on budgeted fiscal 2014 revenues of $9.5 billion.  The fiscal 2014
budget had originally targeted a deficit of $650 million, or 6% of
appropriations, and now has an estimated fiscal 2014 deficit of
$783 million, or 8% of amended budgeted appropriations.  The
commonwealth attributes some of the shortfall to taxpayers who
postponed tax filings, which may result in increased deferred
revenue as extended filing deadlines are reached shortly after
fiscal year end.  The executive budget proposal for fiscal 2015
projects expenditures reductions of about $130 million from fiscal
2014, the result of cost escalators of $1.2 billion offset by
corrective measures of $1.4 billion.  Lawmakers also made
additional spending-side adjustments in the fiscal 2015 budget,
with an additional $82 million in net spending cuts, as S&P
understands it, that were included in the enacted budget.
Corrective expenditure reductions include certain freezes in
funding formula increases, and the redirection of certain
recurring revenues from public corporations to related expenses,
among other measures.

The negative outlook on the GO debt reflects S&P's view of
implementation risk in achieving progress toward structural budget
alignment in fiscal 2015, potential limitations on capital market
access, and continued weak economic conditions that S&P believes
show recent signs of stabilization, but not yet meaningful growth.
Should fiscal 2015 develop a material general fund deficit as the
fiscal year progresses, to the extent general fund liquidity is
affected during our one-year rating outlook horizon, or economic
conditions deteriorate substantially, S&P could lower the rating.
If, in S&P's view, financial, liquidity and economic conditions
improve significantly the outlook could be returned to stable.
S&P do not see upside rating potential at this time due to the
uncertainty surrounding the potential restructuring of public
corporation debt and its impact on the central government and the
Government Development Bank.  The negative outlook on related
appropriation secured and other debt and debt subject to
prioritization after payment of GO debt under the Puerto Rican
constitution is based on S&P's GO rating outlook.

The negative outlook on COFINA debt reflects the possibility over
the next two years S&P could lower COFINA's rating should it lower
the commonwealth's GO rating, and S&P's view that a smaller rating
separation between COFINA and the GO rating is appropriate
following passage of the Debt Enforcement Act.  In addition,
should the commonwealth make statutory changes that affect the
level of pledged sales tax revenues, or there should be a
significant decline in pledged revenues for economic reasons, S&P
could lower the rating.

SUPER BUY FURNITURE: Can Employ Louis Carrasquillo as Consultant
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico authorized Super Buy Furniture Inc. to
employ Louis R. Carrasquillo as financial consultant.

Super Buy Furniture, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 14-05523) on July 3, 2014.  The petition
was signed by Carlos N. Berrios Casillas as president.  O'Neill &
Borges, LLC, serves as the Debtor's counsel.  CPA Luis R.
Carrasquillo & Co. P.S.C. acts as the Debtor's financial
consultant.  The Debtor disclosed total assets of $18.2 million
and total liabilities of $26.7 million.

SUPER BUY FURNITURE: Luis Biaggi Employment Has Court Approval
Super Buy Furniture Inc. sought and obtained authority from the
U.S. Bankruptcy Court for the District of Puerto Rico to employ
Luis C. Marini Biaggi as attorney.

Super Buy Furniture, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 14-05523) on July 3, 2014.  The petition
was signed by Carlos N. Berrios Casillas as president.  O'Neill &
Borges, LLC, serves as the Debtor's counsel.  CPA Luis R.
Carrasquillo & Co. P.S.C. acts as the Debtor's financial
consultant.  The Debtor disclosed total assets of $18.2 million
and total liabilities of $26.7 million.

T R I N I D A D  &  T O B A G O

FIRST CITIZENS: More Time for SEC Probe of Firm
Julien Neaves at Trinidad and Tobago Newsday reports that the
Securities and Exchange Commission investigation into the First
Citizens Bank Initial Public Offering (IPO) should be completed in
about a couple of months, reported Finance Minister Larry Howai.

"When I speak to the Canadian people who are doing the audit they
are saying this is the length of time these things normally take,"
the report quoted Mr. Howai as saying.

Mr. Howai explained that there is a lot of data that needs to be
pulled together and "things don't always go smoothly as with
everything else," according to Trinidad and Tobago Newsday.  "And
sometimes you figure there is information there and when you start
to dig into it you realise the information isn't there and you
have to do other things," Mr. Howai added, the report notes.

The report discloses that Mr. Howai noted all the documentation
has to be cross-referenced which could lead to more
investigations.   "So it could be very time consuming in terms of
putting together a case. So it will take a couple more months,"
Mr. Howai said, the report notes.

Mr. Howai reported that the PricewaterhouseCoopers report into the
handling of the IPO had been received and a copy was given to the
Attorney General Anand Ramlogan who has passed the matter to DPP
Roger Gaspard, the report relates.  The investigation was launched
after then chief risk officer Phillip Rahaman had purchased $14
million in shares, the report notes.  Mr. Rahaman was subsequently

Another share purchase has also come into question, that of Chanka
Seeterram, the father of First Citizens deputy chairman and then
acting chairman Anil Seeterram, who reportedly purchased 458,274
shares during the bank's IPO at the end of July 2013, the report
notes.  Mr. Seeterram has since resigned from the board.

On the next upcoming IPO, Phoenix Park Gas Processors Ltd, Mr.
Howai reported that it has gone to Cabinet and noted that there
were a few areas they wanted to have some changes to, the report
relates.  "I thought we had dealt with it but some issues came up
around should we put a cap for example," the report quoted Mr.
Howai as saying.

Mr. Howai noted, though, if they put the cap and do not sell all
the shares and they are left with an issue that is not fully
subscribed, though some people feel that is very unlikely, the
report relates.

"So we trying to figure out how to deal with some of these things
so we don't have a repetition of what occurred in the past," Mr.
Howai said, the report relates.  Mr. Howai noted that they used
the same model for the First Citizens IPO as they did for the
National Enterprises Limited (NEL) IPO and there was not any
issue, the report discloses.

"But I suppose people were less probably creative in those days as
they are today," Mr. Howai said, the report adds.

First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic.

                            *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 27, 2014, Moody's Investors Service has downgraded First
Citizens Bank Limited (FCBL) standalone bank financial strength
rating (BFSR) to D+ from C-, lowering the baseline credit
assessment (BCA) to baa3 from baa1. The outlook has been revised
to stable from negative.


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 * * *