TCRLA_Public/140724.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

            Thursday, July 24, 2014, Vol. 15, No. 145


                            Headlines



A R G E N T I N A

ARGENTINA: Default Would Deepen Recession, Centennial Says
ARGENTINA: Judge Orders Country and Funds to Negotiate


B E R M U D A

TEEKAY CORP: Moody's Affirms 'B1' Corporate Family Rating


C A Y M A N  I S L A N D S

JADE LIMITED: Creditors' Proofs of Debt Due Aug. 12
MADISON NICHE: Creditors' Proofs of Debt Due Aug. 15
MADISON NICHE ASSETS: Creditors' Proofs of Debt Due Aug. 15
MADISON NICHE MASTER: Creditors' Proofs of Debt Due Aug. 15
MADISON NICHE OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 15

MAO HOLDINGS: Court to Hear Wind-Up Petition on Aug. 5
UNITED TRADES: Placed Under Voluntary Wind-Up
VIP LLC: Creditors' Proofs of Debt Due Aug. 5
VITAN CAPITAL: Creditors' Proofs of Debt Due Aug. 4
XENOLITH LIMITED: Creditors' Proofs of Debt Due Aug. 12


C H I L E

LATAM AIRLINES: Slumps as BofA Lowers Stock to Equivalent of Hold


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Funds Cassava Growers; Expect Prosperity


J A M A I C A

RITZ CARLTON: Scheduled to Open in November as Hyatt Ziva Hotel


P E R U

INRETAIL SHOPPING: Fitch Rates Local Currency Unsec. Notes BB(Exp)
INRETAIL SHOPPING: Moody's Rates Local Sr. Unsecured Bonds 'Ba2'


T R I N I D A D  &  T O B A G O

PETROTRIN: Otaheite Fisherfolk Association Members Demand Payment


                            - - - - -


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


ARGENTINA: Default Would Deepen Recession, Centennial Says
----------------------------------------------------------
Katia Porzecanski at Bloomberg News reports that a failure by
Argentina to avoid a second default in 13 years will deepen the
recession, fuel inflation and prompt a selloff in the peso,
according to Claudio Loser, a former International Monetary Fund
director.

Demand for dollars will surge as Argentines flee to a safer
currency, Mr. Loser, the head of research firm Centennial Group
Latin America, said on a conference call, according to Bloomberg
News. The slump in South America's second-biggest economy, which
contracted 0.2 percent in the first quarter, will extend, Mr.
Loser said, Bloomberg News notes.

Argentina has until July 30 to settle a lawsuit with disgruntled
bondholders from the nation's last default in 2001 before the
dispute triggers a new default on restructured debt, Bloomberg
News discloses.  The creditors, led by hedge fund Elliott
Management Corp., won a court order that forces Argentina to pay
defaulted bonds in full when it makes payments on performing
bonds, Bloomberg News relays.

"People will be nervous, people will try to take more money out,"
said Mr. Loser said, Bloomberg News notes.  "The people who will
suffer the most are the people that are the more vulnerable, the
poor," Mr. Loser added, Bloomberg News relays.

A U.S. judge last month blocked a $539 million bond payment
because the nation hadn't complied with his orders, reports
Bloomberg News.  While Argentina has since met twice with a court-
appointed mediator in New York, no face-to-face meeting with the
defaulted-debt creditors has taken place, notes Bloomberg News.

Elliott and Aurelius Capital Management LP say Argentina is
refusing to negotiate, while government officials insist that U.S.
courts must suspend the effect of the ruling before talks can
start, the report relays.

Bloomberg News said President Cristina Fernandez de Kirchner,
whose second term ends in 2015, dismissed concern earlier that the
nation is risking default by not reaching a deal.

                        Holdout Creditors

"Only countries that stop paying their debt fall into default,"
she said at a July 16 summit in Fortaleza, Brazil, note Bloomberg
News. "Argentina will keep paying its debt and meeting its
obligations."

Settling with the holdouts, who rejected the terms of two debt
swaps in 2005 and 2010 that imposed losses of 70 percent, will
allow the country to save as much as $6 billion per year over the
next decade in reduced borrowing costs abroad, Bloomberg News
quoted Mr. Loser as saying.

Argentines would also stop moving funds offshore and foreign
companies will be more willing to reinvest their profits in the
country, Mr. Loser said, Bloomberg News relates.  Foreign
reserves, which are hovering close to an eight-year low, will
stabilize and could increase as much as $10 billion over the next
year, Mr. Loser added.

"I'm still hoping that they're playing a game of poker," Bloomberg
News quoted Mr. Loser as saying.  "Some people may think that when
there's a new government by the end of next year things will move,
but that will take time. The damage of not finding a solution now
will continue through certainly the early part of any new
government that comes in," Mr. Loser said.


ARGENTINA: Judge Orders Country and Funds to Negotiate
------------------------------------------------------
Alexandra Stevenson, writing for The New York Times' DealBook,
reported that Judge Thomas P. Griesa of the U.S. Federal District
Court in Manhattan issued an order directing Argentina and a group
of New York hedge funds to meet with a court-appointed mediator
"continuously" until the two sides can come to an agreement.
According to the report, the order came just a week before
Argentina is required to make an interest payment on its
restructured bonds.


=============
B E R M U D A
=============


TEEKAY CORP: Moody's Affirms 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed its debt ratings of Teekay
Corporation ("Teekay" or "Parent"): B1 Corporate Family and B2
senior unsecured. Moody's also affirmed the SGL-3 Speculative
Grade Liquidity rating and changed the rating outlook to stable
from negative.

Ratings Rationale

The change in outlook to stable reflects the progress Moody's
expects Teekay to make in the next 18 months towards materially
reducing the direct debt at the Teekay Corporation level from what
is now about $1.2 billion, as part of realizing Teekay's strategy
to become what is effectively an investment holding company.
Distributions required from its two MLP subsidiaries, Teekay LNG
Partners L.P. ("TGP", not rated) and Teekay Offshore Partners L.P.
("TOO", not rated) and dividends from Teekay Tankers, Inc. ("TNK",
not rated), are expected to aggregate in excess of $200 million in
2015 and grow thereafter. On the much lowered debt amounts going
forward, these dividends combined with cash and upcoming
reductions of conventional tanker operations at the Teekay
Corporation level are expected to be sufficient to service the
lowered debt.

Eliminating the majority of its remaining vessel operations by
selling its remaining FPSOs (floating production, storage and off-
take vessels) and LNG carriers should occur in the upcoming six to
24 months. The ongoing wind down of in-chartered conventional
tankers at above market rates will lower adjusted debt and reduce
what has been a significant contributor to the Parent's operating
losses of recent years. The backlog of contracted revenues of TOO
and TGP support Moody's expectation that the distributions
received by Teekay will be sufficient for it to service its debt.

Moody's estimates the standalone company's earnings and financial
position by deconsolidating the daughter companies' using their
publicly-filed financial reports. Funded debt of the Parent
approximated $1.2 billion at March 31, 2014, which compared to
$6.8 billion of consolidated debt, of which Parent guarantees
about $800 million. Current credit metrics of Parent are burdened
by the significant debt it incurred for the construction of the
Knarr FPSO, which Moody's anticipates will commence revenue
service in December 2014 and will be sold to TOO by the end of the
second quarter of 2015. Credit metrics in 2014 will remain weak
for the assigned rating. Moody's expects debt to decline as the
remaining vessel assets are monetized. The B1 rating contemplates
that asset sale proceeds at Teekay Corporation will be greater
than the associated debt, which will be repaid or transferred to
the acquirer upon closing of each disposal transaction. The
ratings also contemplate that funded debt of the Parent will not
increase as it will no longer use its balance sheet to develop new
projects or investments on behalf of its subsidiaries. Moody's
expects the subsidiaries, on the other hand, to continue to grow
their fleets, which should lead to increased distributions. This
will benefit the Parent's credit profile, since it will receive
more cash as well as increase the value of its general partner
interests in the MLP subsidiaries.

There is no upwards pressure on the ratings in the near term.
Successful execution of the asset disposal strategy such that
Parent sustains its net debt below $300 million could positively
pressure the rating as could Debt to EBITDA that approaches 3.5
times. A negative rating action could follow if Teekay does not
fully repay or transfer the secured debt associated with each of
its vessels upon their disposal. While not expected, a decline of
more than $40 million in the annual distributions received by
Parent could pressure the rating as could an increase in funded
debt should Teekay invest in growth projects. A reduction in
Parent's unrestricted cash to below $125 million or the inability
of the parent or a subsidiary to timely refinance upcoming
maturities could also lead to a negative rating action.

Teekay Corporation, a Marshall Islands corporation headquartered
in Hamilton, Bermuda, having its main operating office in
Vancouver, Canada, operated a fleet of 181 owned or chartered-in
crude, refined products, LNG, LPG and FPSO vessels at July 2014,
including 23 newbuildings on order or conversions.

The principal methodology used in this rating was Global Shipping
Industry published in February 2014.

Outlook Actions:

Issuer: Teekay Corporation

Outlook, Changed To Stable From Negative

Affirmations:

Issuer: Teekay Corporation

Speculative Grade Liquidity Rating, Affirmed SGL-3

Corporate Family Rating, Affirmed B1

Senior Unsecured Regular Bond/Debenture Jan 15, 2020, Affirmed
B2


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


JADE LIMITED: Creditors' Proofs of Debt Due Aug. 12
---------------------------------------------------
The creditors of Jade Limited are required to file their proofs of
debt by Aug. 12, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 30, 2014.

The company's liquidator is:

          Christopher Tushingham
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


MADISON NICHE: Creditors' Proofs of Debt Due Aug. 15
----------------------------------------------------
The creditors of Madison Niche Opportunities Fund Ltd are required
to file their proofs of debt by Aug. 15, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2014.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


MADISON NICHE ASSETS: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Madison Niche Assets Fund Ltd are required to
file their proofs of debt by Aug. 15, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2014.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


MADISON NICHE MASTER: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------------------
The creditors of Madison Niche Assets Master Fund Ltd are required
to file their proofs of debt by Aug. 15, 2014, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2014.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


MADISON NICHE OPPORTUNITIES: Creditors' Proofs of Debt Due Aug. 15
------------------------------------------------------------------
The creditors of Madison Niche Opportunities Master Fund Ltd are
required to file their proofs of debt by Aug. 15, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on July 1, 2014.

The company's liquidator is:

          Matthew Wright
          c/o Omar Grant
          Telephone: (345) 949 7576
          Facsimile: (345) 949 8295
          P.O. Box 897 Windward 1
          Regatta Office Park
          Grand Cayman KY1-1103
          Cayman Islands


MAO HOLDINGS: Court to Hear Wind-Up Petition on Aug. 5
------------------------------------------------------
A petition to wind up the operations of Mao Holdings (Cayman)
Limited will be heard before the Law Courts of Grand Cayman on
Aug. 5, 2014, at 2:00 p.m.

The petition was presented by Schroder & Co Bank AG.

Keiran Hutchison and Robin McMahon were also presented in the
petition to be the company's liquidators.


UNITED TRADES: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on April 14, 2014, the
members of United Trades Insurance Company 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:

          Glen Moss
          c/o Artex Risk Solutions (Cayman) Ltd.
          The Charles Bldg.
          189 N. Church Street, 2nd Floor
          P.O. Box 32345, George Town, Grand Cayman
          Cayman Islands KY1-1209
          c/o John Pitcairn
          Telephone: (345) 345-9273


VIP LLC: Creditors' Proofs of Debt Due Aug. 5
---------------------------------------------
The creditors of VIP LLC are required to file their proofs of debt
by Aug. 5, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 30, 2014.

The company's liquidator is:

          Takaya Kanamori
          c/o Maples and Calder
          Attorneys-at-law
          53F, The Center
          99 Queen's Road Central
          Hong Kong


VITAN CAPITAL: Creditors' Proofs of Debt Due Aug. 4
---------------------------------------------------
The creditors of Vitan Capital Corporation 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 30, 2014.

The company's liquidator is:

          Ogier
          c/o Nicosia Lawson
          Telephone: (345) 815 1787
          Facsimile: (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands


XENOLITH LIMITED: Creditors' Proofs of Debt Due Aug. 12
-------------------------------------------------------
The creditors of Xenolith Limited are required to file their
proofs of debt by Aug. 12, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 2, 2014.

The company's liquidator is:

          Christopher Tushingham
          c/o Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands


=========
C H I L E
=========


LATAM AIRLINES: Slumps as BofA Lowers Stock to Equivalent of Hold
-----------------------------------------------------------------
Jenna M. Dagenhart at Bloomberg News reports that LATAM Airlines
Group S.A. dropped the most in 11 months as Bank of America Corp.
lowered its recommendation to the equivalent of hold, citing the
"negative effects" of the World Cup.

Bloomberg News said shares of Latam declined 5.3 percent to
7,098.70 pesos in Santiago trading on July 22, the biggest drop on
the benchmark IPSA (IPSA) index, which slid 0.2 percent.  The
airline's New York-traded shares dropped 5.4 percent to $12.51,
according to Bloomberg News.

Bank of America cut its price target for Santiago-based Latam's
New York shares to $15 from $20, saying in a research note that
Brazilian carrier Gol Linhas Aereas Inteligentes SA was more
efficient during the World Cup, Bloomberg News relates.  Latam has
been hurt as the soccer tournament reduced business travel and
Venezuelan inflation running at an annual rate of 61 percent
eroded the carrier's bolivar-denominated revenue, Bloomberg News
notes.

"Business travel was reduced during the World Cup, and lower
regional growth and foreign-exchange depreciation in Chile
impacted the business negatively," Eric Conrads, a money manager
who helps oversee $500 million in Latin American stocks at ING
Groep NV, wrote in an e-mailed response to questions, Bloomberg
News relays.

Latam said in a statement that it accepted an offer from the
Venezuelan government to repatriate $148 million of accumulated
debt, Bloomberg News notes.  Airlines had the equivalent of $3.9
billion stuck in bolivars as of April, according to the
International Air Transport Association trade group, Bloomberg
News adds.

Headquartered in Santiago, Chile, LATAM Airlines Group S.A., --
http://www.latamairlinesgroup.net/-- together with its
subsidiaries, provides passenger and cargo air transportation
services in South America.  It provides domestic and international
passenger transport services to approximately 134 destinations in
22 countries and cargo services to approximately 143 destinations
in 27 countries.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 6, 2014, Fitch Ratings has affirmed the 'BB' FC IDRs and LC
IDRs of Latam Airlines Group S.A. (LATAM), TAM S.A. (TAM) and TAM
Linhas Aereas S.A. Fitch has simultaneously affirmed the Primera
Clase Nive 2 (cl) equity rating of LATAM and the 'A+ (bra)'
national scale ratings of TAM and TAM Linhas Aereas S.A


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


* DOMINICAN REPUBLIC: Funds Cassava Growers; Expect Prosperity
--------------------------------------------------------------
Dominican Today reports that once the world discovers casaba
(kasabi) the tortilla-like crust first made by the Taino Indians
from cassava (yucca), an association based in Loma de Cabrera,
Dajabon province (northwest) can expect prosperity.

For now, they'll have to do with a RD$12.5 million loan authorized
by President Danilo Medina, to buy equipment and relaunch the
cassava industry, according to Dominican Today.

President Medina went to Dajabon, where he approved financing to
revitalize the cassava industry and the plant the bitter variety
used to make casaba, the report relates.

Cheese-makers and peanut growers also received Government-
sponsored loans from the Special Agricultural Development Fund
(FEDA), at a rate of 5%, the report notes.

With the funds the cassava producers said they'll buy new pulping
slabs, a peeler, a mill, a juicer, sieve and build a biogas plant
to make fuel from waste, the report discloses.

"Look, in my more than 60 years, at my age I didn't know what
100,000 pesos looked like together and now that's what I got in my
pocket," said cassava farmer Isidro Familia, the report adds.


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


RITZ CARLTON: Scheduled to Open in November as Hyatt Ziva Hotel
---------------------------------------------------------------
RJR News reports that the Hyatt Ziva Hotel, in Rose Hall, Montego
Bay, is scheduled to open in November.

The resort closed its doors as the Ritz Carlton last December,
according to RJR News.

The report notes that Tourism Minister Dr. Wykeham McNeil said he
recently toured the resort.  Dr. McNeil, the report relates,
described the investment as significant.

Dr. McNeil said 150 to 200 rooms are being added, the report
notes.

As reported in the Troubled Company Reporter-Latin America on
May 16, 2013, Jamaica Observer said that Jamaica Minister of
Tourism Wykeham McNeill said many of the 400 workers who will be
made redundant when the Ritz-Carlton closes its Montego Bay hotel
could be rehired by the new management of the Rose Hall property.
After 13 years in operation at the property, Ritz-Carlton Hotel
Company had said it will cease management of the 427-room Ritz-
Carlton Golf & Spa Resort in Rose Hall on May 31, according to
Jamaica Observer.  The report related that the property will be
taken over by Virginia-based Playa Hotels and Resorts.  Serious
concerns have been expressed over the job losses stemming from the
impending closure of the hotel, but Mr. McNeill told the Jamaica
Observer that many of the affected workers are "likely" to be
rehired when Playa reopens the property at a later date.


=======
P E R U
=======


INRETAIL SHOPPING: Fitch Rates Local Currency Unsec. Notes BB(Exp)
------------------------------------------------------------------
Fitch Ratings, on July 21, 2014, assigned the following expected
rating to InRetail Real Estate Corp.:

-- Proposed Local-currency senior unsecured notes 'BB' (Exp), to
   be issued by InRetail Shopping Malls.

Fitch currently rates InRetail Real Estate as follows:

-- Foreign currency Issuer Default Rating (IDR) 'BB';
-- Local currency IDR 'BB';
-- Unsecured USD350 million notes due 2021 'BB' (issued by
   InRetail Shopping Malls).

The Rating Outlook is Stable.

InRetail Real Estate Corp.'s initial rating action commentary
released on June 25, 2014 is listed below.

The proposed local-currency transaction will be issued by InRetail
Shopping Malls, a fully owned subsidiary of InRetail Real Estate.
The notes will be fully and unconditionally guaranteed by InRetail
Real Estate Corp. and the following subsidiaries of the issuer:
Interproperties Holding, Interproperties Holding II, Real Plaza
S.R.L., and InRetail Properties Management S.R.L.

The target amount of the proposed issuance is S/.100 million
(USD35 million) - up to S/.200 million (USD70 million); the final
amount of the issuance will depend on market conditions. Proceeds
from the 20-year proposed issuance will be used entirely to
refinance debt.

Key Rating Drivers

The ratings reflect the company's solid business position, stable
and predictable cash flow generation, expected levels of leverage,
liquidity, and unencumbered assets post-proposed issuance, strong
credit linkage with its parent company Intercorp Retail Inc.
(Intercorp Retail), positive industry momentum riding on Peru's
favorable economic environment, and the low working capital
requirements of the industry, with tenants responsible for most
property maintenance expenses.

The ratings incorporate InRetail Real Estate's asset and tenant
concentration risk. Fitch views the credit linkage between
InRetail Real Estate and its parent company Intercorp Retail -
rated 'BB', Outlook Stable - as strong reflecting the operational
and strategic ties between these entities. InRetail Real Estate's
ratings are constrained by Intercorp Retail's high adjusted net
leverage driven by significant levels of capex and inorganic
growth in recent years.

Rating Sensitivities

Negative Rating Actions:

-- Fitch would consider a negative rating action if the company's
financial profile deteriorates due to some combination of the
following factors: adverse macroeconomic trends leading to weaker
credit metrics, significant dividend distributions, and higher
than expected vacancy rates or deteriorating lease conditions. A
rating downgrade could be also triggered by deterioration in the
group's retail operations resulting in Intercorp Retail Inc.'s
inability to reduce its net adjusted leverage in line with
expectations incorporated in the ratings.

Positive Rating Actions:

-- Fitch would consider a positive rating action as a result of
the combination of the following factors: Improvement in InRetail
Real Estate's net leverage, liquidity and unencumbered assets at
levels above those incorporated in the ratings coupled with
Intercorp Retail reaching a significant business deleverage in the
next 12 to 18 months ended in December 2015.


INRETAIL SHOPPING: Moody's Rates Local Sr. Unsecured Bonds 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 global scale, local
currency rating to InRetail Shopping Malls' proposed senior
unsecured bond issuance. The rating outlook is stable.

Ratings Rationale

InRetail Shopping Malls will issue up to S/.200 million of 20-year
senior unsecured notes, which will begin amortizing in 2030. The
notes will have a full and unconditional guarantee from InRetail
Real Estate Corp., Interproperties Holding, Interproperties
Holding II, InRetail Properties Management S.R.L and Real Plaza
S.R.L. The notes will be pari passu to other existing and future
unsecured debt of InRetail Shopping Malls and the guarantors.
Bondholders will have claims to all assets owned by
Interproperties Peru. The proceeds will be used prepay existing
bank debt.

The assigned rating incorporates improvement in the company's
already low near-term debt maturity schedule as well as an
increase in the unencumbered asset pool to 94% from 76% on a
proforma basis. The rating continues to reflect the company's
industry leadership in the Peruvian shopping mall sector, high
occupancy, well-laddered lease maturity schedule and experienced
management team with a proven track record in retail and
development. These strengths are mitigated by the company's small
size in terms of total assets, weak liquidity profile and high
tenant, geographic and asset concentration.

The stable rating outlook continues to reflect Moody's expectation
that InRetail Shopping Malls will continue to prudently grow its
current portfolio while maintaining stable credit metrics and
adequate liquidity.

Positive ratings movement is unlikely in the intermediate term,
however would be predicated upon fully loaded fixed charge
coverage (interest expense, capitalized interest and principal
amortization) consistently above 3.0x, an increase in unencumbered
asset pool to above 80% of gross assets, secured debt levels below
5% and the development pipeline less than 15% of gross assets on a
sustained basis through real estate cycles. Negative rating
pressure would likely result from any material difficulty with the
execution and lease-up of the development pipeline (specifically
Puruchuco mall), rapid deceleration of tenants sales and increase
in mall vacancies, an inability to show adequate liquidity for the
next 24 months and Net Debt/EBITDA consistently above 5x.

The following rating was assigned:

  InRetail Shopping Malls -- Global scale, local currency
  unsecured notes at Ba2

Moody's last rating action with respect to InRetail Shopping Malls
was on June 24, 2014 when Moody's assigned a first-time senior
unsecured rating of Ba2 with a stable rating outlook.

InRetail Shopping Malls is a shopping center owner and operator in
Peru with a total owned portfolio of 16 assets, representing
495,000 square meters (m2) of gross leasable area (GLA). As of
March 31, 2014, InRetail Shopping Malls had total book assets of
US$890 million and shareholder equity of $578 million.

The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.


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


PETROTRIN: Otaheite Fisherfolk Association Members Demand Payment
-----------------------------------------------------------------
Sandhya Santoo at Trinidad and Tobago Newsday reports that members
of the Otaheite Fisherfolk Association are calling on state-owned
Petroleum Company of Trinidad and Tobago (Petrotrin) to resume
loss of earnings payments to fishermen affected by last December's
oil spill in the Gulf of Paria.

Petrotrin has however stated that it has made its last payments in
accordance with the agreement, according to Trinidad and Tobago
Newsday.

The report relates that fisherman Raffick Khan said fishermen were
being made to pay the price of Petrotrin's negligence.

"Negligence on the part of Petrotrin and we have to pay the price
still," the report quoted Mr. Khan as saying.

The report notes that the association held a news conference at
Otaheite expressing its displeasure with Petrotrin for stopping
payments.

The association stated that an agreement was made with Petrotrin
to pay compensation to fishermen affected by the oil spill and the
last payment was made in April, the report relates.

The report discloses that the fishermen who earned their living in
waters off Otaheite and La Brea have not returned to their trade
since the oil spill.

Approximately 82 fishermen have been affected by the spill.
Mr. Khan said the most fruitful time for fishing was March to
August, the report relates.

Mr. Khan, the report notes, said no consultation was given about
clean-up plans by Petrotrin or the Environmental Management
Authority (EMA).

The report relates that the association wants a meeting with
Petrotrin to discuss the possibility of the resumption of
payments.  Mr. Khan said Petrotrin officials had informed them to
return to their trade, notes the report.

                        Petrotrin Responds

Petrotrin advised that in accordance with an agreement for the
payment of ex-gratia sums to affected fisherfolk groups and
associations, payments in excess of TT$22 million were made up to
the first week in May 2014, the report discloses.

"Since then, the final payment to fisherfolk in La Brea
representing outstanding money owed, was made on 2014 July 19,
representing full and final compensation in accordance with the
said agreement, the report quoted Mr. Khan as saying.

"The Cabinet-appointed National Environmental Assessment Task
Force was established to oversee all activities necessary to
address the environmental impact of the December oil spills and
provide guidance to the EMA as the lead agency in the clean-up
efforts of the mangrove," Mr. Khan said, the report adds.

                        About Petrotrin

Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago.  The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies.  Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad.  Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs.  The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2013, Trinidad Express reports that production levels at
Petroleum Company of Trinidad and Tobago (Petrotrin)'s Trinmar
operations in Point Fortin have been affected by industrial action
involving employees of the company's marine transport contractors.
Petrotrin stated that it was informed of what it described as a
stand-off between its marine contractors and their employees, who
cited issues, including their current rates of remuneration,
according to Trinidad Express.


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

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

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


                            ***********


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

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

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

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

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

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


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