TCRLA_Public/140721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Monday, July 21, 2014, Vol. 15, No. 142


                            Headlines



B R A Z I L

BANCO DO BRASIL (CAYMAN): Moody's Ups Pref. Stock Rating to 'Ba2'
BANCO PAN: S&P Puts 'BB/B' Rating on CreditWatch Developing
BR PROPERTIES: Exits Stake in BTG Pactual-led REIT for $188MM
* BRAZIL: Sergipe to Get $100MM IDB Loan for Health Sector


C A Y M A N  I S L A N D S

ARAB FINANCE: Creditors' Proofs of Debt Due July 25
DOLPHIN LEASING: Commences Liquidation Proceedings
HORIZON INVESTMENTS: Creditors' Proofs of Debt Due Aug. 11
IRONWOOD INVESTMENTS: Placed Under Voluntary Wind-Up
MADISON & FOX: Commences Liquidation Proceedings

OPTIMA FUTURES: Creditors' Proofs of Debt Due Aug. 4
PENGUIN LEASING: Commences Liquidation Proceedings
PLAINFIELD OC: Creditors' Proofs of Debt Due Aug. 13
VRE INVESTMENT: Commences Liquidation Proceedings
YI CHINESE: Commences Liquidation Proceedings


C O S T A   R I C A

BANCO NACIONAL: Fitch Affirms LT Local Currency IDR at 'BB+'


J A M A I C A

ALCOA INC: Sales of Jamalco Part of Global Cuts Being Made


P A N A M A

AES PANAMA: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Neg.


P U E R T O   R I C O

METROPISTAS: Moody's Cuts Rating on $435MM Sr. Secured Bond to Ba1
MINI MASTER: Asks for Oct. 11 Extension of Plan Filing Deadline
MINI MASTER: Patricia Varela-Harrison Withdraws as Counsel


T R I N I D A D   &   T O B A G O

TRINIDAD CEMENT: Republic Bank Not Commenting on Unrest in Firm


X X X X X X X X X

LATAM: Fitch Says Negative Ratings Bias for Sovereigns
* BOND PRICING: For the Week From July 14 to July 18, 2014


                            - - - - -


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B R A Z I L
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BANCO DO BRASIL (CAYMAN): Moody's Ups Pref. Stock Rating to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of six Additional
Tier 1 and one Tier 2 non-viability contingent capital securities
following the publication of its updated Global Banks Rating
Methodology on July 16, 2014. The revised methodology includes its
new framework for rating 'high trigger' bank contingent capital
securities (CoCos) and revisions to its existing framework for
rating non-viability CoCos. Moody's had said rating upgrades would
likely accompany the revision of the methodology when it requested
comment on the revisions on May 1, 2014.

The list of affected ratings is as follows:

Additional Tier 1 securities

Issuer: Banco Do Brasil S.A. (Cayman)

Pref. Stock Non-cumulative Preferred Stock, Upgraded to Ba2 (hyb)
STA from Ba3 (hyb) STA

Issuer: Bank of Montreal

Pref. Stock Non-cumulative Preferred Stock, Upgraded to Baa2 (hyb)
STA from Baa3 (hyb) STA

Issuer: Canadian Imperial Bank of Commerce

Pref. Stock Non-cumulative Preferred Stock, Upgraded to Baa2 (hyb)
STA from Baa3 (hyb) STA

Issuer: National Bank of Canada

Pref. Stock Non-cumulative Preferred Stock, Upgraded to Baa3 (hyb)
STA from Ba1 (hyb) STA

Issuer: Royal Bank of Canada

Pref. Stock Non-cumulative Preferred Stock, Upgraded to Baa2 (hyb)
STA from Baa3 (hyb) STA

Issuer: Toronto-Dominion Bank (The)

Pref. Stock Non-cumulative Preferred Stock, Upgraded to A3 (hyb)
STA from Baa1 (hyb) STA

Tier 2 securities

Issuer: Banco Santander (Mexico), S.A.

Subordinate Regular Bond/Debenture, Upgraded to Baa3 (hyb) POS
from Ba1 (hyb) POS

Rating Rationale

As a result of the revisions to Moody's framework for rating non-
viability securities, Moody's are now positioning the Additional
Tier 1 ratings at each bank's Adjusted Baseline Credit Assessment
(Adjusted BCA) minus three notches resulting in a one-notch
upgrade in most cases. Moody's previously positioned these ratings
at Adjusted BCA minus four notches.

In making this change, Moody's are removing the additional notch
to avoid double counting risks related to the non-viability
feature and the probability of impairment associated with coupon
suspension, which is possible with these securities. Positioning
the rating at the bank's Adjusted BCA minus three notches already
captures the probability that an impairment associated with coupon
suspension could precede the bank reaching the point of non-
viability. As a result, the fourth notch is not needed to capture
the risk that conversion to equity or principal write-down
associated with a contractual non-viability security may occur
prior to the bank reaching the point of non-viability.

Additional Information On Select Non-Viability Security Ratings

Banco Santander (Mexico) SA's Cumulative Non-convertible Tier 2
Subordinated Notes

Moody's upgraded Banco Santander (Mexico) SA's Cumulative Non-
convertible Tier 2 Subordinated Notes from Ba1 (hyb), positive
outlook, to Baa3 (hyb), positive outlook. Previously, Moody's had
positioned the rating at the bank's Adjusted BCA minus three
notches to capture the risk of coupon deferral. In line with
Moody's revised methodology for rating non-viability securities,
Moody's are now positioning the rating at the bank's Adjusted BCA
minus two notches because Moody's believe that the risk of coupon
deferral is adequately captured at this rating level.

The principal methodology used in these ratings was Global Banks
published in July 2014.


BANCO PAN: S&P Puts 'BB/B' Rating on CreditWatch Developing
-----------------------------------------------------------
Standard & Poor's placed its 'BB/B' global scale and 'brAA-/brA-1'
national scale ratings on Banco Pan S.A. on CreditWatch
developing.

The CreditWatch listing reflects similar action on Banco BTG
Pactual (BTG).  Given that Banco Pan is a "strategically
important" subsidiary to BTG, its ratings should remain one notch
below those on its parent and move in tandem with them.

The ratings on Banco Pan reflect its 'bb-' SACP and its
"strategically important" status to BTG, according to S&P's
criteria for rating group entities.  S&P's view of its strategic
importance is based on the bank's close integration with, and
management from, its parent and our view that BTG won't sell the
bank in the next 18-24 months.

Banco Pan is a joint venture between BTG and Caixa Economica
Federal (Caixa; local currency: BBB-/Stable/A-3; foreign currency:
BBB+/Stable/A-3), with BTG holding 51% of Banco Pan's voting
shares and Caixa holding the remainder and sharing control of the
bank.  Banco Pan's SACP reflects its "moderate" business position,
"moderate" capital and earnings, "moderate" risk position,
"average" funding, and "adequate" liquidity.

S&P will resolve the CreditWatch listing on Banco Pan after it
resolve the one on BTG.


BR PROPERTIES: Exits Stake in BTG Pactual-led REIT for $188MM
-------------------------------------------------------------
Reuters, citing a securities filing, reports that commercial real
estate broker BR Properties SA sold a stake in a real estate
investment trust managed by investment banking firm Grupo BTG
Pactual SA for BRL418.6 million ($188 million).

BR Properties S.A. is a real estate investment firm engaged in the
purchase, acquisition, management, development, leasing,
improvement, and sale of commercial properties, including office
space, industrial warehouses, and retail locations.  The firm also
develops its own real estate projects and built-to-suit buildings.
BR Properties S.A. was founded in 2004 and is based in Sao Paulo,
Brazil.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 27, 2014, Fitch Ratings has affirmed BR Properties S.A.'s
(BR Properties) foreign and local currency Issuer Default Ratings
(IDR) at 'BB' and long-term national scale at 'AA-(bra)'.  Fitch
has also affirmed the senior unsecured perpetual notes issuance,
in the amount of USD285 million, at 'BB'.  The Outlook for the
corporate ratings is Stable.


* BRAZIL: Sergipe to Get $100MM IDB Loan for Health Sector
---------------------------------------------------------
The Inter-American Development Bank (IDB) approved a $100 million
loan to strengthen the health system of Brazil's State of Sergipe
and reduce the prevalence of chronic diseases and maternal
mortality affecting vulnerable populations.

In recent years Sergipe, the smallest state located in the
country's northeast, has seen an increasing prevalence of chronic
diseases.  In 2011, 26 percent of deaths were caused by
circulatory diseases and 12 percent by different kinds of cancer.
An additional challenge is the rates of maternal mortality due to
lack of access to basic health interventions and the quality gap
of services.

The proposed program will support the consolidation of five
Healthcare Networks reorganizing and expanding the range and
quality of services in different regions by improving clinical
practices.  This involves the design and implementation of
clinical protocols and developing healthcare lines: mother-child,
oncology, chronic disease and disability that match prevailing
conditions or state health priority.

To do this, there will be an expansion and purchase of equipment
for the five medical specialty centers, the cancer hospital, the
Specialized Rehabilitation Center and the Women's Comprehensive
Health Care Center.  The program includes the construction of the
Sergipe Central Laboratory (LACEN) headquarters with its
accreditation and the acquisition of vehicles for health service
patient transportation.

The program will also seek to increase the management capacity of
the Sergipe State Health Department to strengthen its strategic
role as coordinator of health policy in the state.  The program
will also finance the establishment of a strategic core; the
development of an integrated health information system, and the
strengthening of an Unified Regulation Center to guarantee access
and comprehensive care.

The loan is for a 25-year term, with a 5.5 year grace period and
an interest rate based on LIBOR. Local counterpart contribution
totals $40 million.  The executing agency is the State of Sergipe
through its State Health Department and the guarantor is the
Republic of Brazil.


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


ARAB FINANCE: Creditors' Proofs of Debt Due July 25
---------------------------------------------------
The creditors of Arab Finance House are required to file their
proofs of debt by July 25, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 24, 2014.

The company's liquidator is:

          Qatar Islamic Bank
          c/o Paget-Brown Trust Company Ltd.
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


DOLPHIN LEASING: Commences Liquidation Proceedings
--------------------------------------------------
On June 30, 2014, the member of Dolphin Leasing Limited resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


HORIZON INVESTMENTS: Creditors' Proofs of Debt Due Aug. 11
----------------------------------------------------------
The creditors of Horizon Investments Limited are required to file
their proofs of debt by Aug. 11, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 27, 2014.

The company's liquidator is:

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


IRONWOOD INVESTMENTS: Placed Under Voluntary Wind-Up
----------------------------------------------------
At an extraordinary meeting held on June 12, 2014, the shareholder
of Ironwood Investments Inc resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Commerce Corporate Services Limited
          P.O. Box 694 Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


MADISON & FOX: Commences Liquidation Proceedings
------------------------------------------------
On June 26, 2014, the sole shareholder of Madison & Fox, Ltd
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Southport Specialty Finance, LLC
          c/o Walkers
          190 Elgin Avenue
          George Town Grand Cayman KY1-9001
          Cayman Islands
          Telephone: (345) 914 6365


OPTIMA FUTURES: Creditors' Proofs of Debt Due Aug. 4
----------------------------------------------------
The creditors of Optima Futures Special Investments Fund Ltd are
required to file their proofs of debt by Aug. 4, 2014, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 26, 2014.

The company's liquidator is:

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


PENGUIN LEASING: Commences Liquidation Proceedings
--------------------------------------------------
On June 30, 2014, the member of Penguin Leasing Limited resolved
to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Phang Thim Fatt
          8 Shenton Way #18-01
          Singapore 068811


PLAINFIELD OC: Creditors' Proofs of Debt Due Aug. 13
----------------------------------------------------
The creditors of Plainfield OC Master Fund Limited are required to
file their proofs of debt by Aug. 13, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 24, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


VRE INVESTMENT: Commences Liquidation Proceedings
-------------------------------------------------
On June 27, 2014, the sole shareholder of VRE Investment Limited
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Seiji Yamaoka
          2-4-25, Shin-ishikawa
          Aoba-ku, Yokohama City 225-0003
          Kanagawa, Japan


YI CHINESE: Commences Liquidation Proceedings
---------------------------------------------
On June 25, 2014, the shareholders of Yi Chinese Art Investment
Fund resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Kan Tak Kwong
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


===================
C O S T A   R I C A
===================


BANCO NACIONAL: Fitch Affirms LT Local Currency IDR at 'BB+'
------------------------------------------------------------
Fitch Ratings has affirmed Banco Nacional de Costa Rica's (BNCR)
ratings including its Issuer Default Rating (IDR) at 'BB+' and its
Viability Rating (VR) at 'bb+'.

Key Rating Drivers - IDRs, National Ratings And Senior Debt

The bank's IDRs, National and senior debt ratings reflect the
explicit sovereign guarantees for all state-owned banks stated in
Costa Rica's Banking Law. BNCR's IDR and National Ratings are
aligned with Costa Rica's Sovereign Ratings (Long-term Foreign and
Local Currency IDR 'BB+'/Stable Outlook). The Stable Outlook is
also aligned with the sovereign Rating Outlook.

Rating Sensitivities - IDRs, National Ratings And Senior Debt
Changes in Costa Rica's sovereign rating may trigger changes in
the bank's IDRs, National and senior debt ratings.

Key Rating Drivers - VR
The bank's VR is influenced by the bank's moderate risk appetite
and adequate, although decreasing capitalization metrics. The
rating also considers its strong local franchise, ample funding as
well as its modest performance and weaker asset quality metrics
relative to similarly rated international peers (emerging market
commercial banks with a viability rating between 'bb-' and 'bb+').

BNCR's capital position is adequate. The bank's Fitch Core Capital
ratios compare well with similarly rated peers and its regulatory
capital ratio is above the regulatory limit, despite the pressure
imposed by increased asset growth over the first quarter of 2014.
However, the bank runs with a relatively tight buffer in terms of
its regulatory capital (100/250 bps above the minimum), which
demands a cautious growth plan, considering the relatively low
internal capital generation capacity of the bank.

Favorably, BNCR has taken advantage of its capacity to issue
subordinated debt and in May 2014 signed a subordinated debt
agreement with the Inter-American Development Bank in order to
strengthen its regulatory capital ratios. The US$100 million
issuance does not receive equity credit from Fitch; however, it
allows the bank to execute its growth strategy without additional
pressure on regulatory capital. As of June 2014, BNCR reports a
regulatory capital ratio of 12.62%.

BNCR is the largest bank in the nation and holds a dominant market
position in several business lines. The bank's ample and
diversified deposits are a result of the explicit sovereign
support, the strength of the bank's franchise, and its ample
geographic coverage. Also BNCR funding is benefited by several
regulations that name the bank as one of the recipients of some
compulsory deposits from private owned banks.

The bank's loan portfolio is well diversified and shows moderate
concentrations by individual creditor and by economic sector. BNCR
investment portfolio has low credit risk exposure and is well
administrated in order to comply with regulatory investment
guidelines and to minimize capital charges and maintain liquidity
requirements in local and foreign currency.

BNCR also benefits from a measured and well matched exposure to FX
risk. Such exposure is controlled through the bank's limits to its
open position in U.S. Dollars and its ability to obtain funding in
both Colones and U.S. Dollars in the local and international
market. BNCR foreign currency loans and deposit exposure is below
the average of the system but still significant at 40% and 34%,
respectively.

BNCR's asset quality has improved, while still below its peers'
average. Non-performing loans have decreased to 2% of total loans
and reserve coverage has also increased. In Fitch's opinion, the
improved asset quality could positively affect year end results,
as it reduces credit costs.

BNCR's operating ROAA remains below the median of similarly rated
banks and also below the median of public owned banks in Latin
America. Credit costs, which were still high in 2013, have been
reducing its burden during 2014 while some advances in terms of
operating costs have partially compensated the reduction on
spreads. In Fitch's opinion, better income diversification,
sustainable lower credit costs and tighter expenses control may
benefit the bank's performance.

Rating Sensitivities - VR

Upgrades in the bank's VR are unlikely in the foreseeable future,
given its strong relation to the government in both sides of the
balance sheet. A downgrade in BNCR's VR could be triggered by a
material deterioration of the bank's asset quality metrics (past
due loans to total loans ratio above 4%) and/or a reduction in
profitability to a point the may hinder the capacity to adequately
generate capital internally.

Key Rating Drivers - Support Rating And Support Rating Floor

BNCR's support rating (SR) of '3' reflects Fitch's opinion that
there is a moderate probability of support from the state. In
Fitch's opinion, the bank has a clear policy roll and the explicit
support of the state. Support probability is limited by the
sovereign rating. Given the explicit guarantee from the government
towards the bank and its systemic importance; the bank SRF is
equalized to the sovereign rating.

Rating Sensitivities - Support Rating And Support Rating Floor
BNCR's support SR and SRF are sensitive to changes in the
sovereign rating

Fitch has affirmed BNCR's ratings as follows:

International ratings
-- Long-term IDR at 'BB+', Outlook Stable;
-- Short-term IDR at 'B';
-- Long-term local currency IDR at 'BB+', Outlook Stable;
-- Short-term local currency IDR at 'B';
-- Long-term senior unsecured bonds at 'BB+';
-- Viability Rating at 'bb+';
-- Support Rating at '3';
-- Support Rating Floor at 'BB+'.

National ratings:
-- Long-term national rating at 'AA+(cri)', Outlook Stable;
-- Short-term national rating at 'F1+(cri)';
-- Long-term senior unsecured bonds at 'AA+(cri)';
-- Commercial paper at 'F1+(cri)'.


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


ALCOA INC: Sales of Jamalco Part of Global Cuts Being Made
----------------------------------------------------------
Jamaica Observer reports that the plan by US-based Alcoa Inc. to
divest its Jamaica operations forms part of its global
transformation that will also see it slash production in Brazil
and Australia, management indicated.

It aims to contain costs, which at times exceed revenues at the
global company, according to Jamaica Observer.

"To further optimize the Alumina business, Alcoa signed a non-
binding letter of intent to pursue a sale of its ownership stake
in Alcoa Minerals of Jamaica (AMJ), which operates the Jamalco
bauxite mining and alumina refining joint venture," stated Alcoa
Inc. in its financials released to shareholders, according to the
report.  "The above actions are consistent with the Company's goal
of lowering its position on the world aluminum production cost
curve to the 38th percentile and the alumina cost curve to the
21st percentile, by 2016," the company said, the report notes.

The report relays that Alcoa Inc. will also reduce production in
Brazil by 149,000 tons of smelting capacity and will in August
close its Port Henry, Australia plant that produces 190,000 tonnes
of aluminum.  On the other hand, it will pump increased resources
in its Saudi Arabia operations based on efficiencies in that
locale, the report relates.

"Our second quarter results prove Alcoa's transformation is in
high gear," stated Klaus Kleinfeld, Alcoa Chairman and Chief
Executive Officer in his notice to shareholders, the report notes.

"We are taking the downstream business to new profitability
heights, capturing midstream demand as auto lightweighting
accelerates, while continuing to relentlessly improve upstream
performance.  Our strategy of building a lightweight multi-
material innovation powerhouse and a highly competitive
commodities business is driving compelling and sustainable
shareholder value," Mr. Kleinfeld said, the report relays.

The company made a profit of US$129 million in its June quarter
compared to a US$148 million loss a year earlier, the report
notes.

Alcoa Inc. announced its decision to sell Jamalco in June to Noble
Resources UK Limited.  The company however added that it would
retain a minority interest in AMJ and serve as Jamalco's managing
operator for at least two years, the report says.  Noble Resources
owns coal reserves which on the surface could be used to reduce
high energy costs.

Alcoa entered the island some 50-years ago having built its
refinery at Halse Hall, Clarendon in 1973 which shipped
unprocessed bauxite.  Alcoa's investment in Jamaica followed those
of Reynolds and Alcan in 1952, Kaiser in 1953, and Revere in 1971.

Jamalco is owned jointly by AMJ, which has 55 per cent stake in
the Clarendon-based refinery, and the government-owned Clarendon
Alumina Production, with 45 per cent.  AMJ is part of the Alcoa
World Alumina & Chemicals (AWAC) group of companies and is owned
60 per cent by Alcoa and 40 per cent by Alumina Ltd.

Alcoa Inc. produces and manages primary aluminum, fabricated
aluminum, and alumina. The company operates in four segments:
Alumina, Primary Metals, Global Rolled Products, and Engineered
Products and Solutions.

                           *     *     *

As reported in the Troubled Company Reporter on July 1, 2014,
Fitch Ratings has stated that Alcoa's ratings and Outlook are
unaffected by the company's announcement that it is acquiring
Firth Rixson for $2.85 billion.

Fitch currently rates Alcoa as follows:

-- Issuer Default Rating (IDR) 'BB+';
-- Senior unsecured debt 'BB+';
-- $3.75 billion revolving credit facility 'BB+';
-- Preferred stock 'BB-'.
-- Short-term IDR 'B';
-- Commercial paper 'B'.

The Rating Outlook is Stable.


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P A N A M A
===========


AES PANAMA: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating and the rating on AES Panama S.A.'s outstanding $300
million notes due 2016 to 'BB-' from 'BB+'.  At the same time, S&P
revised the company's SACP to 'b+' from 'bb'.  S&P also removed
the ratings from CreditWatch with negative implications, where it
placed them on May 16, 2014.  The outlook on the corporate credit
rating is negative.

"We have revised AES Panama's financial risk profile to
"aggressive" reflecting our expectation for weak cash flow
generation and financial metrics during 2014.  In our base-case
scenario, we assume a weak to moderate El Nino developing in Oct.
and Nov. and lasting through first quarter 2015.  However, we
expect the company's metrics to improve relatively rapidly
afterward once hydrology normalizes.  Moreover, we expect AES
Panama to announce its investment in a fuel oil barge with a total
installed capacity of 72 MW and power sale contracts with local
electric distribution company, EGESA, which should improve
earnings.  We expect this new investment, which would be fully
financed with bank debt, to start generating $40 million - $50
million in EBITDA in 2015 and help reduce AES Panama's cash flow
volatility in the next 12-18 months," S&P said.

AES Panama is struggling with extraordinarily low hydrology,
significantly low power generation of its fully hydro capacity,
high power sale contracts, and skyrocketing spot electricity
prices.  In the past 12 months, lower-than-historic average
rainfall has resulted in spot prices of more than $280 per
megawatt hour (MWh) compared with AES Panama's average contracted
sale price of about $87/MWh (considering capacity charges).  Spot
prices have remained very high in Panama during the first six
months of 2014, compelling the government to implement strategies
to avoid electricity shortages.  On March 31, 2014, the company
reached an agreement with the Ministry of Finance that compensates
AES Panama for the government's delay in investment in the
country's third transmission line.  The government decided to
reimburse the high cost of AES Panama's purchases in the spot
market for up to $40 million in 2014 and $30 million in 2015 and
2016, each.  This compensation will partly offset the high cost of
its purchases in the spot market resembling a hedge on the spot
market for 70 MW up to these amounts.


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


METROPISTAS: Moody's Cuts Rating on $435MM Sr. Secured Bond to Ba1
------------------------------------------------------------------
Moody's Investors Service downgraded Metropistas $435 million of
senior secured bonds rating to Ba1 from Baa3. The rating was also
placed under review for further downgrade. The rating action
follows Moody's downgrade of the Commonwealth of Puerto Rico (B2
negative) and its related debt issuing entities earlier this
month.

Ratings Rationale

Metropistas operates the PR-22 and the PR-5 toll-roads under a
concession from the Puerto Rico Highways and Transportation
Authority (Caa1 RUR-down). Despite the economic downturn in Puerto
Rico, in 2013 traffic in Metropistas remained stable and revenues
increased by 5%. Over the first quarter of 2014, traffic increased
moderately and revenues grew by a solid 17% due to a tariff
increase at the beginning of the year, as contemplated by the
concession agreement. However the deterioration in Puerto Rico's
credit profile as captured in the recent rating downgrade has
direct implications for the ratings of the local projects and
infrastructure issuers.

Metropistas' downgrade recognizes that its creditworthiness cannot
be completely de-linked from the current stresses facing the
government and population of Puerto Rico, which have made credit
quality more uncertain for companies operating under government-
granted concessions governed under local law whose cash flow can
also be affected by changes in the economic environment. The
rating action acknowledges the challenges of systemic risks for
all local credits, particularly those that have a dependence on
the local economy for cash flow. In addition, the Commonwealth's
fiscal distress could impact the ability of the Government
Development Bank (GDB, B3 negative) to make payments to
Metropistas in the event of adverse actions or termination.

During the review, Moody's will focus on assessing the nature and
magnitude of linkages between Metropistas and Puerto Rico's
systemic risks, operating environment and regulatory regimes.

If Moody's considers that these linkages between the commonwealth
and Metropistas are stronger than those reflected by the current
rating, the rating could be further downgraded. The rating could
also be downgraded if the commonwealth or its agencies attempt to
change the concession under which Metropistas operates or take any
other action that directly or indirectly diminishes the company's
operating flexibility and cash flow generation capacity to pay its
debt obligations. A deeper economic recession that affects traffic
growth and diminishes cash flow generation of the project could
also result in a rating downgrade.

Metropistas operates the PR-22 and the PR-5 corridors in Puerto
Rico. The PR-22 is an important manufacturing, pharmaceutical, and
retail trade corridor, as well as a commuter link to the suburbs
west of San Juan and a connector among popular tourist areas and
the Port of San Juan. PR-5 connects San Juan with the growing city
of Bayamon and the service areas includes a population over 1.2
million.

The methodology used in this rating is Privately Managed Toll
Roads published in May 2014.


MINI MASTER: Asks for Oct. 11 Extension of Plan Filing Deadline
---------------------------------------------------------------
Mini Master Concrete Services Inc. asks the U.S. Bankruptcy Court
for the District of Puerto Rico to extend the time to file a
Chapter 11 plan of reorganization and disclosure statement
explaining that plan until Oct. 11, 2014.

The Debtor tells the Court that it is analyzing these
alternatives:

  a) The opening of new locations at Aguadilla and Arecibo, Puerto
     Rico, in order to increase its sales.

  b) The sale or surrender of assets to secured creditors.

  c) A joint venture with another company to re-establish its
     manufacturing plant in Toa Baja, Puerto Rico.

The Debtor says it needs more time to complete the aforementioned
analysis, evaluate its alternatives, and increase its revenues in
order to file a feasible plan.

Master Aggregates Toa Baja Corporation filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 13-10305) in Old San Juan, Puerto Rico on
Dec. 11, 2013.  Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, in San Juan, serves as counsel.  The
Debtor disclosed $11,125,939 in assets and $10,148,437 in
liabilities.

Mini Master Concrete aka Mini Master aka Empresas Master filed a
Chapter 11 petition (Bankr. D. P.R. Case No. 13-10302) on Dec. 11,
2013, in Old San Juan, District of Puerto Rico.  Charles A
Cuprill, PSC Law Office, also serves as counsel to Mini Master
Concrete.  The petition was signed by Carmen Betancourt,
president.




MINI MASTER: Patricia Varela-Harrison Withdraws as Counsel
----------------------------------------------------------
The Hon. Mildred Caban Flores of the U.S. Bankruptcy Court for
the District of Puerto Rico granted the request of Patricia I.
Varela-Harrison, Esq., previously an attorney at Charles A.
Cuprill, PSC, Law Offices, to withdraw as counsel for Mini Master
Concrete and its debtor-affiliates because she no longer works for
the firm.

Master Aggregates Toa Baja Corporation filed a Chapter 11 petition
(Bankr. D.P.R. Case No. 13-10305) in Old San Juan, Puerto Rico on
Dec. 11, 2013.  The Debtor tapped Charles A Cuprill, PSC Law
Office, in San Juan, as counsel.  The Debtor disclosed $11,125,939
in assets and $10,148,437 in liabilities.

Mini Master Concrete aka Mini Master aka Empresas Master filed a
Chapter 11 petition (Bankr. D.P.R. Case No. 13-10302) on Dec. 11,
2013, in Old San Juan, District of Puerto Rico.  Charles A
Cuprill, PSC Law Office, also serves as counsel to Mini Master
Concrete.  The petition was signed by Carmen Betancourt,
president.


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


TRINIDAD CEMENT: Republic Bank Not Commenting on Unrest in Firm
---------------------------------------------------------------
RJR News reports that Trinidad & Tobago's Republic Bank has
declined to comment on reports that it is among large shareholders
in Trinidad Cement Limited (TCL) seeking to oust the board of the
financially troubled cement company.

Press reports said that 18 of TCL's major shareholders are trying
to force out several members of the current board of directors,
according to RJR News.

The report notes that word is that the disgruntled shareholders
want CEO Rollin Bertrand, Dr. Leonard Nurse, Andy Bhajan, Bevon
Francis and Brian Young removed as directors.

They have reportedly provided their own list of directors to
immediately take control of the company, the report relates.

Trinidad Cement Limited is a cement company and is the parent
company of Caribbean Cement Company Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2014, Fitch Ratings assigned the following initial ratings
to Trinidad Cement Limited Group (TCL Group):

--Foreign currency Issuer Default Rating (IDR) 'B-';
--Local currency IDR 'B-';
--Expected senior secured note issuance of up to USD325 million
'B-/RR4'.


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


LATAM: Fitch Says Negative Ratings Bias for Sovereigns
------------------------------------------------------
Negative sovereign rating actions exceeded positive actions in the
first half of 2014 in Latin America and the Caribbean, according
to Fitch Ratings. While the Rating Outlooks for most countries in
the region remain Stable, Negative bias remains for ratings as
currently more countries have Negative Outlooks than Positive
Outlooks.

Fitch downgraded the sovereign ratings of Bermuda, Guatemala and
Venezuela by one notch each during the first half of 2014.
However, Fitch also took two positive rating actions in the
region, upgrading Jamaica to 'B-' from 'CCC' and assigning a
Positive Outlook to Paraguay.

The Stable Rating Outlooks for the majority of sovereigns in the
region suggest that positive and negative rating pressures are
balanced. Currently, only Paraguay has a Positive Outlook while
Argentina (Local IDR only), Aruba, El Salvador and Venezuela have
Negative Outlooks.

'Softer commodity prices, China's slowdown, slower domestic demand
and country-specific factors are clouding the near-term prospects
of the Latin American region,' said Shelly Shetty, Head of Fitch's
Latin America Sovereigns Group. 'Structural constraints including
low investment rates and infrastructure gaps, are also biting in
some countries and highlight the need for a broader reform effort
to improve the medium term growth trajectory,' she added.

Slower growth will likely constrain improvements in fiscal and
external solvency ratios and dampen the sovereign credit momentum
in the region, particularly as the rating cycle for the region has
been quite positive in recent years.

At the same time, Fitch does not anticipate broad-based negative
rating actions either as several Latin American countries have
adequate external liquidity and credible policies in place to
confront potential higher international volatility. Market access
remains relatively robust for most countries. Fiscal room to
stimulate domestic economies is more constrained although
countries like Chile and Peru with countercyclical buffers and low
government debt burdens have room to implement such policies.

Fitch is projecting Latin America's real GDP growth will reach
1.9% in 2014 compared to 2.6% last year with modest recovery
expected in 2015. The regional growth forecast masks important
differences between countries. Brazil and Mexico are likely to
under-perform this year with growth in the former reaching only
1.5% and remaining below 3% in the latter. Even the previously
fast growing Chilean economy is losing steam as it confronts lower
copper prices and China's deceleration. Growth will also slow
although remain relatively robust in Bolivia, Panama, Paraguay and
Peru, while Colombia and the Dominican Republic are the only
economies expected to accelerate this year. On the other hand,
Argentina and Venezuela will likely experience recession.

Among the inflation targeting countries inflation remains elevated
in Brazil and Uruguay. Chile, Mexico and Peru have cut interest
rates amid slowing growth. Brazil has halted its monetary
tightening cycle arguing the impact of the rate increases is
cumulative and operates with a lag. Colombia is the only country
in a tightening mode given its robust domestic demand dynamics.
Argentina and Venezuela will continue to have the highest
inflation rates in the region.

A gradual fiscal deterioration is forecasted in 2014 for several
countries due to slower growth, lower commodity prices and
continued spending pressures amid a heavy electoral calendar. The
two largest economies of Brazil and Mexico will see higher
deficits this year. Aruba, Costa Rica, El Salvador and Suriname
will incur among the highest deficits in the region (surpassing
4.5% of GDP in each case). Only Bolivia and Peru are forecasted to
run a small surplus or near balanced budget positions. Commodity
dependent and recession-stricken economies of Argentina and
Venezuela will have to manage their fiscal accounts within the
constraints imposed by their limited financing options.
Nevertheless, the modifications to Venezuela's FX regime and the
weaker average official exchange rate will likely benefit
government oil receipts.

The regional current account deficit is forecasted to reach 2.6%
of GDP in 2014. Current account deficits remain elevated in
several countries including Brazil, Costa Rica, El Salvador,
Jamaica, Panama and Uruguay. However, in most cases, external
vulnerability is mitigated by healthy external reserves cushion,
the continued resilience of FDI flows and access to markets and
multilaterals. On the other hand, international reserves of
Argentina and Venezuela have faced pressure over the past year.
While they have stabilized in recent months, Fitch will continue
to monitor their trajectory as significant drainage could further
undermine their external debt repayment capacity.

The electoral calendar was heavy in the first half of 2014 with
Presidential elections held in Colombia, Costa Rica, El Salvador
and Panama. The election outcomes do not materially impact
sovereign credit trends in these countries. However, countries
like El Salvador and Costa Rica face the challenge of implementing
fiscal reforms to secure better fiscal and government debt
trajectories.

Bolivia, Brazil and Uruguay will hold elections in the second half
of 2014. The Bolivian President Evo Morales is expected to win the
re-election bid which would imply broad policy continuity.
Uruguay's market friendly policies are likely to remain in place
after the elections in which former President Tabare Vasquez is
the current frontrunner.

The polls in Brazil suggest that the likelihood of a second round
have increased. Regardless of the electoral outcome, the next
administration will confront the challenge of making policy
adjustments to reduce the existing macroeconomic imbalances and
take measures to boost confidence and competiveness of the
economy.

Political polarization will remain high in Venezuela and could
make it difficult for the government to make faster progress on
the much needed policy adjustments to ease foreign exchange
constraints and address issues of scarcity, crime and very high
inflation. Periodic periods of social instability cannot be ruled
in Venezuela.

Material structural reforms to boost the lagging productivity
growth in the region have not made significant headway. Mexico is
the only exception where the government has been making progress
on long-standing issues.



* BOND PRICING: For the Week From July 14 to July 18, 2014
----------------------------------------------------------


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

BES Finance Ltd                 2.9              EUR     211913000
PDVSA                             6  11/15/2026  USD    4500000000
ESFG International Ltd          5.8              EUR      52950000
PDVSA                             6  5/16/2024   USD    5000000000
PDVSA                           5.4  4/12/2027   USD    3000000000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
PDVSA                           5.5  4/12/2037   USD    1500000000
Hindili Industry                8.6  11/4/2015   USD     380000000
BES Finance Ltd                 4.5              EUR      95767000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
SMU SA                          7.8  2/8/2020    USD     300000000
NQ Mobile Inc                     4  10/15/2018  USD     172500000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Venezuela Governement           7.7  4/21/2025   USD    1599817000
Glorious Property Holdings Ltd   13  3/4/2018    USD     400000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Bank Austria                    1.9              EUR      97608000
China Precisoin                 7.3  2/4/2018    HKD    1028000000
BCP Finance Co                  2.4              EUR   99063406.25
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BA-CA Finance Cayman 2 Ltd        2              EUR      51481000
Argentina Bonar Bonds            26  9/10/2015   ARS    5424358000
Inversora de Electrica          6.5  9/26/2017   USD     130263886
BCP Finance Co                  4.2              EUR      72112000
Mongolian Mining Corp           8.9  3/29/2017   USD     600000000
Argentina Government            4.3  12/31/2033  JPY    5840497000
PDVSA                             6  5/16/2024   USD    5000000000
Argentina Boden Bonds             2  9/30/2014   ARS     930445250
PDVSA                             6  11/15/2026  USD    4500000000
Greenfields Petroleum Corp        9  5/31/2017   CAD      23750000
Hindili Industry                8.6  11/4/2015   USD     380000000
Argentina Government            4.3  12/31/2033  JPY    2553017000
Argentina Bocon                   2  1/3/2016    ARS    1608749924
Argentina Government            0.5  12/31/2038  JPY   21037843000
Automotores Gildemeister SA     8.3  5/24/2021   USD     400000000
Caixa Geral De Depositos Finance  1              EUR      44885000
SMU SA                          7.8              USD     300000000
Renhe Commercial                 13  3/10/2016   USD     600000000
Caixa Geral De Depositos Finance  2              EUR      65843000
Inversiones Alsacia SA            8  8/18/2018   USD     347300000
Automotores Gildemeister SA     6.8  1/15/2023   USD     300000000
BPI Capital Finance Ltd         2.9              EUR      15290000
Banif Finance Ltd               1.6              EUR      42234000
Banco BPI SA/Cayman Islands     4.2  11/14/2035  EUR      20000000
Empresas La Polar SA            3.8  10/10/2017  CLP       5000000
City of Buenos Aires Argentina    2  1/28/2020   USD     146771000
Aguas Andinas SA                4.2  12/1/2026   CLP    3289471.68
City of Buenos Aires Argentina    2  12/20/2019  USD     113229000
Venezuela Governement             7  3/31/2038   USD    1250003000
Empresa de Transporte           5.5  7/15/2027   CLP     3732799.8
Cia Cervecerias Unidas SA         4  12/1/2024   CLP       1050000
Almendral Telecomunicaciones SA 3.5  12/15/2014  CLP     644441.04
Cia Sud Americana de Vapores SA 6.4  10/1/2022   CLP     607142.76
Decimo Primer                   4.5  10/25/2041  USD      37800000
Provincia del Chaco               4  12/4/2026   USD   10111047.85
Ruta de Bosque                  6.3  3/15/2021   CLP    5062781.25
Talcan Chillan                  2.8  12/15/2019  CLP    2978764.16
EMP Ferrocarriles Estado        6.5  1/1/2026    CLP     788572.14


                            ***********


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

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

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


                            ***********


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

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

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

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

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

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


                   * * * End of Transmission * * *