TCRLA_Public/140728.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 28, 2014, Vol. 15, No. 147


                            Headlines



A R G E N T I N A

ACINDAR PYMES: Moody's Assigns B2 Global Local Currency IFS Rating
ARGENTINA: Default Drama Nears Critical Stage
BANCO DE LA CIUDAD: Moody's Rates ARS300MM Sr. Debt Issuance Caa1
FIDEICOMISO FINANCIERO: Moody's Rates ARS22.5MM Certs. Caa1.ar
INDUSTRIAS METALURGICAS: Fitch Cuts IDRs to 'CCC'; on Watch Neg.


B R A Z I L

* BRAZIL: Gov't. Expects Bank Case Rulings After October Elections


C A Y M A N   I S L A N D S

ARAB FINANCE: Shareholders Receive Wind-Up Report
EYRY III: Shareholders' Final Meeting Set for Aug. 18
HMEU FUND I-C: Creditors' Proofs of Debt Due Aug. 5
HMEU FUND I-C: Shareholders' Final Meeting Set for Aug. 6
HMLA2/GP CAYMAN: Creditors' Proofs of Debt Due Aug. 5

HMLA2/GP CAYMAN: Shareholders' Final Meeting Set for Aug. 6
HORIZON INVESTMENTS: Members' Final Meeting Set for Aug. 18
IRONWOOD INVESTMENTS: Member to Hear Wind-Up Report on Aug. 26
MADISON & FOX: Shareholders' Final Meeting Set for Aug. 7
MARATHON LEGACY: Sole Shareholder to Hear Wind-Up Report on Aug. 5

OPTIMA FUTURES: Shareholders' Final Meeting Set for Aug. 5
PLAINFIELD OC MASTER: Shareholders' Final Meeting Set for Aug. 28
SAPIC III: Members' Final Meeting Set for Aug. 18


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Spiraling Demand Buoys Cement-Makers


G U Y A N A

* GUYANA: No Confidence Motion Looms Against Government


J A M A I C A

* JAMAICA: Says Onion Shortage Not Caused by Drought


M E X I C O

HIDALGO: Moody's Affirms Ba2 Global Scale Rating; Outlook Stable


T R I N I D A D  &  T O B A G O

HINDU CREDIT UNION: CFF Distancing From Firm's Management Style


U R U G U A Y

* URUGUAY: IDB OKs $45MM-Loan for Town's Sanitation Project


X X X X X X X X X

* BOND PRICING: For the Week From July 21 to July 25, 2014


                            - - - - -


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A R G E N T I N A
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ACINDAR PYMES: Moody's Assigns B2 Global Local Currency IFS Rating
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a B2 global local currency insurance financial strength
(IFS) rating and a Aa3.ar IFS rating on Argentina's national scale
to reciprocal guarantor Acindar Pymes S.G.R. ("Acindar Pymes").
The outlook for the ratings is stable.

Acindar Pymes SGR is 46%-owned by the leading Argentine steel
manufacturer Acindar IAASA -- which in turn is ultimately owned by
the multinational ArcelorMittal (Ba1/negative outlook) and is the
third largest reciprocal guaranty society ("SGR") in Argentina,
providing guarantees for working-capital and capital-expenditure
loans mainly to Argentine steel (and by-products) distributors and
suppliers.

Ratings Rationale

According to Moody's, Acindar Pyme SGR's insurance financial
strength ratings (B2 global local currency; Aa3.ar Argentine
national scale) incorporate its strong market position, brand, and
visibility as the third largest reciprocal guarantor (7% of the
outstanding guarantees as of year-end 2013), its stable and
adequate capitalization relative to peers, and the relatively
lower-risk characteristics of its pool of outstanding guarantees.
The firm's guarantees are predominantly denominated in local
currency (95% of total par outstanding as of March 31, 2014), are
primarily short term (more than 60% of total par outstanding
expire within a year), and are fairly granular, with a relatively
low concentration to its largest clients. Other key strengths
include the high degree of integration with, and financial
strength of, its main shareholder, steel manufacturer Acindar
IAASA (part of the multinational ArcelorMittal Group).

However, Acindar Pymes faces general challenges relating to its
concentration in a single economic sector - the steel industry -
despite its efforts to branch out into new industries.
Furthermore, its recent rapid growth of guarantees, the weak
credit quality (as measured on a global basis) of its local
investments (a constraint common to other reciprocal guarantors in
the country), and Argentina's weak and volatile operating
environment are significant additional credit constraints.

Commenting on Acindar Pymes' national scale IFS rating, Moody's
lead analyst Alejandro Pavlov pointed out: "The Aa3.ar is based on
the application of Moody's mapping criteria for a B2 IFS global
local currency rating to the Argentine national scale. Acindar
Pymes' Aa3.ar national scale rating is currently positioned at the
low end of possible outcomes on the Argentine national scale for a
B2 global local currency rating."

Moody's commented that the following factors could lead to an
upgrade of Acindar Pymes' ratings: 1) higher industry
diversification with guarantee pool exposure to at least three
different and uncorrelated sectors each representing 30% of total
par outstanding, 2) persistently low levels of delinquencies -
below 2% of the outstanding guarantees, 3) upgrade of Argentine
sovereign bond rating, and 4) improvement in Argentina's operating
environment. Conversely, the factors that could result in a rating
downgrade include the following: 1) downgrade of Argentina's
government bonds and bank deposits ratings and/or deterioration in
Argentine's operating environment, 2) outstanding guarantees
relative to adjusted investments exceeding 3x for more than two
years, and/or 3) significant increase in portfolio delinquency
ratio (e.g. 5% of total investments).

Based in Buenos Aires, Acindar Pymes reported total assets of
ARS269.4 million as of March 31, 2014, and a net profit of ARS0.5
million for the first quarter, ended March 31. Shareholders'
equity rose by 5% to ARS255.7 million, as compared with ARS244.6
million at December 31, 2013. Outstanding guarantees totaled
almost ARS438 million as of March 31, 2014, as compared with
ARS478.1 million as of December 31, 2013.


ARGENTINA: Default Drama Nears Critical Stage
---------------------------------------------
Taos Turner and Ken Parks, writing for The Wall Street Journal,
reported that Argentina could make unfortunate history this week
if it defaults on its foreign debt for the second time in 13 years
as a showdown with creditors comes to a head.

According to the report, although there is little fear of
contagion for other emerging markets and minimal concern Argentina
would suffer the kind of economic implosion of 13 years ago, a
default still could cost one of Latin America's biggest economies
dearly, keeping it shut out of international credit markets and
crimping credit to companies.  It also could complicate the
transition to a new government after next year's presidential
election, the Journal said.

When Argentina last defaulted on this debt, in 2001, it was the
biggest sovereign default ever, notes WSJ. It led to a debt
restructuring and the country's deepest recession since the Great
Depression, the report notes. The political turmoil was so bad
that the country had five presidents in just over a week.

WSJ says the seeds of the current drama were sown not long after
that, when investors bought the country's defaulted bonds but
never accepted its terms for restructuring the debt. Now they are
standing in the way of payouts that would avoid a default this
week.


BANCO DE LA CIUDAD: Moody's Rates ARS300MM Sr. Debt Issuance Caa1
-----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned a Caa1 global local currency debt rating to Banco de la
Ciudad de Buenos Aires (Ciudad)'s second takedown under its senior
debt program for $ 500 million. The issuance, for up to Ar$ 300
million, will be issued in two different classes due in 18 months
(Class III) and 36 months (Class IV). At the same time, on the
National Scale, Moody's Latin America assigned a Baa1.ar local
currency debt rating to the expected issuance.

The outlook on all ratings is stable.

The following ratings were assigned to Banco de la Ciudad de
Buenos Aires:

Ar$300 million senior debt issuance:

Caa1 Global Local Currency Debt Rating, stable outlook

Baa1.ar Argentina National Scale Local Currency Debt Rating,
stable outlook

Ratings Rationale

Moody's explained that the local currency senior unsecured debt
rating derives from Banco de la Ciudad de Buenos Aires' Caa1
global local currency deposit rating, which is mainly based on
Ciudad's well established franchise in Buenos Aires City, its
experienced management team, its adequate capitalization and
liquidity metrics as well as its recurrent earnings generation
capacity.

On the other hand, the assigned ratings take into account Ciudad's
still relatively high exposure to the public sector, given its
role as the financial agent of Buenos Aires City, the challenging
operating environment in Argentina and risks related to increasing
government intervention through mechanisms unfavorable to the
earnings generation, funding dynamics and financial flexibility.

The ratings also incorporate the risks arising from Argentina's
deteriorating macroeconomic environment, characterized by high
inflation and weak economic growth, which will continue to
jeopardize household disposable income, shrinking consumer
purchasing power and debt service capacity.

Banco de la Ciudad de Buenos Aires is headquartered in Buenos
Aires, Argentina, and it had assets of $ 4.57 billion and equity
for $ 603.9 million as of March 2014.


FIDEICOMISO FINANCIERO: Moody's Rates ARS22.5MM Certs. Caa1.ar
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo rates the
new structure of Fideicomiso Financiero ICBC Prendarios I, a
transaction that will be issued by TMF Trust (Argentina) S.A. -
acting solely in its capacity as Issuer and Trustee.

The securities for this transaction have not yet been placed in
the market. Moreover, the transaction is pending approval from the
"Comision Nacional de Valores." If any assumption or factor
Moody's considers when assigning the ratings change before
closing, the ratings may also change.

Moody's has withdrawn the national scale and global ratings of the
Class B and the Certificates because the structure of the
transaction and the underlying pool have changed before issuance.
As a result the rating of the these tranches have changed. Moody's
has assigned new ratings to these two tranches as follows.

ARS 155,793,871 in Class A Floating Rate Debt Securities of
"Fideicomiso Financiero ICBC Prendarios I", rated Aaa.ar (sf)
(Argentine National Scale) and B1 (sf) (Global Scale, Local
Currency)

ARS 9,385,173 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero ICBC Prendarios I", rated Aa2.ar (sf)
(Argentine National Scale) and B2 (sf) (Global Scale, Local
Currency)

ARS 22,524,416 in Certificates of "Fideicomiso Financiero ICBC
Prendarios I", rated Caa1.ar (sf) (Argentine National Scale) and
Caa3 (sf) (Global Scale, Local Currency)

Ratings Rationale

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of 9,373
eligible auto loans denominated in Argentine pesos, with a fixed
interest rate, originated by the Industrial and Commercial Bank of
China (Argentina) S.A. "ICBC (Argentina)", in an aggregate amount
of ARS 187,703,459.94.

These auto loans are granted to ICBC (Argentina) clients. The
monthly loan installment is deducted directly from the borrower's
bank account.

Overall credit enhancement is comprised of 17% of subordination
for the Class A Floating Rate Debt Securities and 12% for the
Class B Floating Rate Debt Securities. In addition the transaction
has various reserve funds and excess spread.

The VDF TVA will bear a BADLAR floating interest rate plus a
spread. The VDF TVA's interest rate will never be higher than 26%
or lower than 21%. The VDF TVB will also bear a BADLAR floating
interest rate plus a spread. The VDF TVB's interest rate will
never be higher than 27.5% or lower than 22.5%

Factors that would lead to an upgrade or downgrade of the rating:

Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.

Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo
sequential payment structure, when compared with the level of
projected losses in the securitized pool.

Loss and Cash Flow Analysis:

Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of ICBC
(Argentina)'s portfolio. In addition, Moody's considered factors
common to auto loans securitizations such as delinquencies, LTVs,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities.

In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the pool with a mean of 4%
and a coefficient of variation of 50%. Also, Moody's assumed a
lognormal distribution for prepayments with a mean of 15% and a
coefficient of variation of 70%. These assumptions are derived
from the historical performance to date of ICBC (Argentina)'s
pools. Servicer default was modeled by simulating the default of
the ICBC (Argentina) as the servicer consistent with its current
rating of B1/Aaa.ar. In the scenarios where the servicer defaults,
Moody's assumed that the defaults on the pool would increase by 20
percentage points.

The model results showed 0.32% expected loss for the Class A
Floating Rate Debt Securities, 4.46% for the Class B Floating Rate
Debt Securities and 31.6% for the Certificates.

Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If ICBC (Argentina) is removed as servicer,
TMF Trust Company (Argentina) S.A. will be appointed as the back-
up servicer.

Stress Scenarios:

Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates increased 4% from the
base case scenario for the pool (i.e., mean of 8% and a
coefficient of variation of 50%), the ratings of the Class B
Floating Rate debt securities and the Certificates would likely be
downgraded to Caa2 (sf) and Ca (sf) respectively. The ratings of
the Class A Floating Rate Debt Securities would likely be
unchanged.

The principal methodology used in this rating was "Moody's
Approach to Rating Auto Loan-Backed ABS " published in May 2013.

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
Ratings".


INDUSTRIAS METALURGICAS: Fitch Cuts IDRs to 'CCC'; on Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded the foreign and local currency Issuer
Default Ratings (IDRs) of Industrias Metalurgicas Pescarmona
S.A.I.C. y F. (IMPSA) and WPE International Cooperatief U.A.
(WPEI) to 'CCC' from 'B+'.

These rating actions affect IMPSA's USD225 million senior
unsecured international bonds due October 2014 and WPEI's USD390
million senior unsecured international bonds due September 2020.
The bonds' ratings are being downgraded to 'CCC/RR4' from
'B+/RR4'. In addition, given the reorganization of the issuers'
organizational structure, Fitch is assigning a new rating of 'CCC'
for Venti S.A., the group's ultimate holding company that acts as
guarantor of the IMPSA and WPEI notes.

The ratings for IMPSA and WPEI have been placed on Rating Watch
Negative. For Venti S.A., the local and foreign currency L-T IDR
of 'CCC' has also been placed on Rating Watch Negative.

Key Rating Drivers

Weak Liquidity

The downgrade reflects the company's stretched liquidity. At the
IMPSA level, which encompasses the company's Argentina business,
the company's cash and marketable securities were equivalent to
USD28 million as of YE2013 versus short-term debt obligations of
USD411 million or 7% of short-term obligations. As of 1Q'13, cash
and marketable securities declined to USD16 million while short-
term debt obligations of USD406 million means cash and equivalents
declined to 4% as a percentage of short-term debt.

At the Venti S.A. holding company level, the company's cash
position is still stretched, though relatively better than at the
IMPSA operating company level, as it held USD50 million in cash
which is 17% of USD299 million in short-term debt as of 1Q'14. The
company's financial strategy has revolved around meeting its debt
obligations with a mix of cash from operations and the rollover of
existing debt, however IMPSA's recent struggle to make minor
interest payments suggest difficulties in raising additional
financing to roll-over its obligations.

Meaningful upcoming debt payments for the company over the next
two months total approximately USD45 million including USD9
million in interest/amortization payments for its local bonds due
in September and a USD20 million amortization payment on its WPEI
international bond also due in September. A failure to make these
payments could trigger a subsequent ratings downgrade.

Delayed Interest Payment in June

Company's recent delayed interest payment highlights liquidity
weakness at the company. On June 25, 2014, the company disclosed
to the Comision Nacional de Valores (CNV) that it would be missing
an interest payment for its local bonds, ON Class 8/9, due on June
26. The company cited administrative reasons for the delay in
payments, and subsequently on July 3, 2014 the company notified
the CNV that it fulfilled its financial obligations and made the
interest/principal payments totaling approximately USD$7 million.
The administrative delays stemmed from a late payment from client
Corpoelec (IDR rated 'B'; Outlook Negative by Fitch) in Venezuela,
though in Fitch's view this event further highlighted the
company's deteriorating credit position and reliance on cash flow
payments from clients with weak credit profiles to fulfill its
financial obligations.

Reorganization Reflected in New Ratings

The rated international notes are held at the WPEI and IMPSA
entity levels. WPEI is a direct subsidiary of Wind Power Energia
S.A. (WPE), which in turn is wholly owned by Venti S.A. In 2014,
the company reorganized under a new corporate structure, whereby
Venti S.A. is the overall holding company separately owning 100%
of WPE in Brazil and 100% of IMPSA in Argentina. Previously, IMPSA
owned 100% of WPE, but with the 2014 reorganization the Brazilian
and Argentinian businesses were put under separate umbrellas.
Given the reorganization, Fitch is assigning new IDR ratings for
the holding company, Venti S.A., at 'CCC', which are identical to
the IMPSA and WPEI ratings.

The WPEI international notes are irrevocably and unconditionally
guaranteed by Venti, IMPSA and WPE on a senior unsecured basis.
WPEI's ratings reflect the credit levels of the guarantors. The
IMPSA international notes' ratings also reflect the credit levels
of its guarantor, Venti S.A. The 'CCC' IDR assumes all WPEI and
IMPSA's future debt issuances would be fully and unconditionally
guaranteed by IMPSA, WPE and Venti S.A.

Difficulties at Brazilian Operations

IMPSA's previous ratings incorporated the company's growing
business presence in Brazil. However, the company's Argentine
operations continue to be a significant driver for free cash flow
generation at the company while Fitch estimates that the Brazilian
operations are negatively impacting cash flow at the company. The
company's high leverage, aggressive capital expenditure program
and its backlog concentration on a few large projects in
developing countries has contributed to the company's current
difficulties, and should continue to have these effects in the
short-to-medium term.

Rating Sensitivities

The company's ratings could be downgraded if further
amortization/interest payments are delayed or missed altogether,
and if liquidity metrics continue to deteriorate. In addition, any
material performance problems that threaten future projects and
cash flow, or a failure to comply with the terms for the operation
of the wind farms (for which long-term PPAs have been signed with
Eletrobras and the CCEE and are financed by BNDES) could also
result in a downgrade.

Cash generation exceeding Fitch forecasts, which allows the
company to meet its financial obligations and de-lever, would be
viewed positively.


===========
B R A Z I L
===========


* BRAZIL: Gov't. Expects Bank Case Rulings After October Elections
------------------------------------------------------------------
Arnaldo Galvao and Francisco Marcelino at Bloomberg News reports
that Brazil's government expects the country's highest court to
rule after presidential elections on lawsuits depositors filed
against banks to recover losses from state policies to fight
hyperinflation in the 1980s and 1990s, according to a person
directly involved in the case.

STF, as the court is known, will be cautious as banks may lose as
much as BRL341.5 billion ($154.3 billion) in the lawsuits, the
person said, asking not to be identified because the court hasn't
yet ruled. Brazil holds elections in October, according to
Bloomberg News.

Bloomberg News notes that depositors have been targeting banks in
courts for lowering interest rates on their savings accounts
during the 1980s and 1990s, a policy the government imposed as a
way to fight hyperinflation.  An unfavorable decision against
banks could deplete their capital and diminish credit, the central
bank said in November, reports Bloomberg News.

The court in May delayed its ruling for a second time, complying
with Attorney General Rodrigo Janot's request to re-examine
documents and recalculate estimates for banks' gains under the
policies, Bloomberg News recalls.

Bloomberg News says that Mr. Janot on July 21 reduced to BRL21.9
billion from BRL441.7 billion his estimates on gross profit banks
made from savings accounts from 1987 through 2008, according to a
statement from his office.  The court's decision may be affected
by the new estimate, the person said, the report relates.

The attorney general's office sent the new calculation to the STF
on July 21, Bloomberg News adds.


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


ARAB FINANCE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Arab Finance House received on July 25, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Qatar Islamic Bank
          c/o Avril G. Brophy
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands


EYRY III: Shareholders' Final Meeting Set for Aug. 18
-----------------------------------------------------
The shareholders of EYRY III SPC will hold their final meeting on
Aug. 18, 2014, at 9:30 a.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Alric Lindsay
          Telephone: (345)-926-1688
          Artillery Court, Shedden Road
          P.O. Box 11371 George Town
          Grand Cayman KY1-1008
          Cayman Islands


HMEU FUND I-C: Creditors' Proofs of Debt Due Aug. 5
---------------------------------------------------
The creditors of HMEU Fund I-C Inc. 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 23, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


HMEU FUND I-C: Shareholders' Final Meeting Set for Aug. 6
---------------------------------------------------------
The shareholders of HMEU FUND I-C Cayman will hold their final
meeting on Aug. 6, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on June 23, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


HMLA2/GP CAYMAN: Creditors' Proofs of Debt Due Aug. 5
-----------------------------------------------------
The creditors of HMLA2/GP Cayman, Ltd. 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 23, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


HMLA2/GP CAYMAN: Shareholders' Final Meeting Set for Aug. 6
-----------------------------------------------------------
The shareholders of HMLA2/GP Cayman, Ltd. will hold their final
meeting on Aug. 6, 2014, at 9:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced liquidation proceedings on June 23, 2014.

The company's liquidator is:

          Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510 Grand Cayman KY1-1104
          Cayman Islands


HORIZON INVESTMENTS: Members' Final Meeting Set for Aug. 18
-----------------------------------------------------------
The members of Horizon Investments Limited will hold their final
meeting on Aug. 18, 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


IRONWOOD INVESTMENTS: Member to Hear Wind-Up Report on Aug. 26
--------------------------------------------------------------
The member of Ironwood Investments Inc will hear on Aug. 26, 2014,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

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


MADISON & FOX: Shareholders' Final Meeting Set for Aug. 7
---------------------------------------------------------
The shareholders of Madison & Fox, Ltd. will hold their final
meeting on Aug. 7, 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:

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


MARATHON LEGACY: Sole Shareholder to Hear Wind-Up Report on Aug. 5
------------------------------------------------------------------
The sole shareholder of Marathon Legacy Securities Public-Private
Investment Fund Ltd. will hear on Aug. 5, 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:

          Ogier
          c/o Joanne Huckle
          Telephone: (345) 949-9876
          Facsimile: (345) 949-9877


OPTIMA FUTURES: Shareholders' Final Meeting Set for Aug. 5
----------------------------------------------------------
The shareholders of Optima Futures Special Investments Fund Ltd.
will hold their final meeting on Aug. 5, 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


PLAINFIELD OC MASTER: Shareholders' Final Meeting Set for Aug. 28
-----------------------------------------------------------------
The shareholders of Plainfield OC Master Fund Limited will hold
their final meeting on Aug. 28, 2014, at 4:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

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


SAPIC III: Members' Final Meeting Set for Aug. 18
-------------------------------------------------
The members of SAPIC III JPY Open Reference Fund Limited will hold
their final meeting on Aug. 18, 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



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


* DOMINICAN REPUBLIC: Spiraling Demand Buoys Cement-Makers
----------------------------------------------------------
Dominican Today reports that buoyed by a spiraling demand for
cement thus far this year, Dominican Republic's Cement Producers
Association (Adocem) expects a 15% market growth by yearend 2014,
while urging initiatives to promote the mortgage market, which in
their view will spur the sector's further development.

Local demand for cement was around 25% higher than the same period
a year ago, when the sector's sales also grew to around 3 million
tons, a nearly 16% jump over 2012, halted the decline that started
in 2007, according to Dominican Today.

The report notes that Adocem President Carlos Gonzalez revealed
the figures during the presentation of the organization's "Annual
report 2013: A sustainable future" and acknowledged that the
results result from Government initiatives focused on the program
to build 10,000 new classrooms per year, and investment on
infrastructure across the country.

Mr. Gonzalez, who's also president of Cemex Dominicana, said the
investment of the companies in the sector tops US$1.2 billion,
"not counting the additional amounts invested annually to maintain
the levels of production and efficiency optimal conditions," the
report discloses.

Quoted by diariolibre.com, the head of Adocem added that the
investment catapulted the Dominican Republic from a net cement
importer to self-sufficiency and exporter of 30% of its
production, the report adds.


===========
G U Y A N A
===========


* GUYANA: No Confidence Motion Looms Against Government
-------------------------------------------------------
Caribbean360.com reports that President Donald Ramotar has
dismissed as "totally baseless, spurious and constitutionally
incorrect" an Opposition party's plan to table a motion of no-
confidence in the Guyana government.

The Alliance for Change (AFC), the smallest of the three political
parties in parliament, sent President Ramotar a letter notifying
him of an intention to move the motion of no confidence in his
government because of what it deemed financial irregularities
concerning state funds, according to Caribbean360.com.

The report notes that President Ramotar said that the AFC's
intended action will provide the opportunity for his government to
demand explanations from the AFC on why that party opposed key
developmental projects.

"The AFC will have to explain to the Guyanese people their denial
of having cheap energy by opposing the hydro-power station at
Amaila and therefore opposing the industrialization of our
country, the creation of jobs for people, particularly our young.
You will have a chance to explain why you have voted against
giving the Guyanese people better health care due to your
opposition to the Specialty Hospital," the report quoted President
Ramotar as saying.

AFC Leader Khemraj Ramjattan stated that his party's decision to
table the motion was owed to what it sees as misappropriation of
$4.5 billion (one Guy dollar = 0.0048 US dollar) of state funds by
Finance Minister Dr. Ashni Singh, the report notes.

The Ministry of Finance had withdrawn the money from the
consolidated fund for projects that the Opposition previously used
its majority in parliament to reject in the last budget, the
report discloses.

"I write to you out of deep concern over the unauthorized and
unconstitutional withdrawals made from our nation's Consolidated
Fund by the Minister of Finance," Mr. Ramjattan stated in his
letter to President Ramotar, reports Caribbean360.com.

"We cannot condone, participate in or lend any support to such a
serious breach of the Constitution and laws of Guyana, and we find
it necessary in the light of the clear and present danger to the
Constitution and the rule of law to explore all options necessary
for safeguarding the public purse against further lawless
spending," the report quoted Mr. Ramjattan as saying.

Not giving a date for his planned action, Mr. Ramjattan said the
motion of no-confidence will be laid in parliament "at the
opportune time," Caribbean360.com discloses.

Guyana's combined parliamentary Opposition of AFC and A
Partnership for National Unity (APNU) command 33 seats in the 65-
seat parliament, and Mr. Ramjattan's smaller party will depend on
APNU's support in its planned no-confidence motion, the report
notes.

When AFC mooted that idea of a no-confidence vote, President
Ramotar dared that party to follow through with its threat, the
report adds.


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


* JAMAICA: Says Onion Shortage Not Caused by Drought
----------------------------------------------------
RJR News reports that Jamaica is currently experiencing a shortage
of onions.

Unlike a number of other produce, however, the onion shortage is
not due principally to the ongoing drought in Jamaica; rather it
is due to supply issues in Europe, according to Donovan Stanberry,
Permanent Secretary in the Ministry of Agriculture, according to
RJR News.

Mr. Stanberry told RJR News that Jamaica does not produce enough
onions to satisfy local demand.

Mr. Stanberry, the report relates, explained that the Netherlands
is the main source of imported onions for Jamaica and that the
"supply issue" had arisen in that European state.

"I gather that that issue is now being solved, and so we should
start seeing onions flowing," Mr. Stanberry said, the report
notes.

The Permanent Secretary added that he was expecting that, with a
return to normal supplies of onion, the price on the local market
will come down in short order, RJR News adds.


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


HIDALGO: Moody's Affirms Ba2 Global Scale Rating; Outlook Stable
----------------------------------------------------------------
Moody's de Mexico revised the outlook on the ratings of the State
of Hidalgo to stable from positive. Also affirmed Hidalgo's
ratings at A2.mx (Mexico National Scale) and Ba2 (Global Scale,
local currency).

Ratings Rationale

The revision of the outlook is based on the recorded consolidated
deficit the state recorded in 2013. At -4.6% of total revenues, it
was the weakest result in five years. The result reflects both
pressure from operating expenditures as well as the new way
revenue is recorded. Moody's expects it will be challenging to
rebalance the budget going forward.

The change of outlook also reflects the states lower own-source
revenue recorded in 2013, at 5.3% of total revenues compared to
the historical average of 8.5% between 2009-12. The 5.3% metric is
below the median of Ba2 rated Mexican States.

Moody's affirmed the ratings based on Hidalgo's low debt levels
relative to peers as well as the fact that the current
administration's financing plan does not consider substantial
amounts of new debt. In 2013, net direct and indirect debt was
10.7% of total revenues.

Unlike many Mexican states, Hidalgo's unfunded pension liabilities
are a relatively low MXN 13 billion, or roughly 44% of total
revenue, below the 104% median for Mexican states. However low
debt levels have remained to the detriment of liquidity, which is
one of Hidalgo's main credit challenges. In 2013 the state
recorded a negative net working capital of 2.7% of total
expenditures. Historical net working capital to expenditures
averaged -8.4% of total expenditures in the period 2009-13.

What Could Move The Ratings Up/Down

If the state were to strengthen its cash levels, maintain low debt
levels and improve of its liquidity position, there could be
upward pressure on the ratings.

Registration of consecutive financial shortfalls that result in
higher borrowing needs and weakening liquidity could exert
downward pressure on the ratings.

The principal methodology used in this rating was Regional and
Local Governments published on January 2013.

The period of time covered in the financial information used to
determine State of Hidalgo rating is between 31 December 2009 and
31 December 2013.

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".


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


HINDU CREDIT UNION: CFF Distancing From Firm's Management Style
---------------------------------------------------------------
Sasha Harrinanan at Trinidad and Tobago Newsday reports that the
Central Finance Facility (CFF), the financial institution of the
Cooperative Sector, is distancing itself from the management style
of the now defunct Hindu Credit Union (HCU).

In a statement, CFF President, Esme Raphael, made it clear that
the HCU "was unique in its governance and financial discipline and
has operated quite differently from the other credit unions in
Trinidad and Tobago," according to Trinidad and Tobago Newsday.

"The HCU," Ms. Raphael added, "was an outlier and its management
exploited the areas in which the governing law was silent or
deficient," reports Trinidad and Tobago Newsday.  Ms. Raphael
based her comments on the contents of the recently published
Report of the Sir Anthony Colman Commission of Inquiry into the
failure of the HCU, the report discloses.

Ms. Raphael noted that "as a rule, Credit Unions observe a very
high standard of governance and maintain their distinctive people-
oriented character," the report notes.

The company operates on value-based business models that have
several built-in safeguards to protect their members' savings and
investments, the report says.

Ms. Raphael added that the CFF Board was in agreement with
Government "on the need for the highest levels of probity and
accountability," and that the Credit Union body is currently
working with the relevant Authorities to develop new and modern
legislation," the report notes.

This, Ms. Raphael stated, would ensure TT's credit unions continue
to be on par with other financial institutions locally and
internationally, observing the highest standards of prudential
regulations and supervision, the report relays.

CFF's president also expressed confidence that another "failure
like the HCU" would be avoided "given the regulatory environment
which we continue to build upon," the report notes.

The CFF was established in May 2002 to serve the credit union
industry by providing opportunities for investments through
pooling of resources to enable higher rates of return.  The CFF
provides its services only to credit unions and other co-
operatives, in effect acting as the credit union of the Co-
operative Movement.

                            About HCU

Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications.  Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government.  Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.

The failed credit union was put into liquidation by the government
in 2009.  The High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers.  In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit.  Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.


=============
U R U G U A Y
=============


* URUGUAY: IDB OKs $45MM-Loan for Town's Sanitation Project
-----------------------------------------------------------
Uruguay will finance an expansion of sanitation network coverage,
in an upgrade that will benefit 6,700 homes in the town of Ciudad
de la Costa, with a $45 million loan approved by the Inter-
American Development Bank (IDB), and $30 million from the China
Co-financing Fund for LAC (CHC).  The loan will also boost the
quality and operational efficiency of drinking water service to
7,000 homes.

The Ciudad de la Costa-Western Zone Sanitation Project will also
feature an increase in the sanitation coverage in the western
area, the replacement of drinking water networks in the western
and central districts of that city and training of public-sector
sanitation workers in the operation and maintenance of such
systems.

"This project helps achieve the goal of the Integrated Sanitation
Plan for Ciudad de la Costa which has been underway since 2009
with support from the IDB, in terms of improving the quality of
people's lives through access to the sanitation network system,"
said Tania Paez, project team leader for the IDB.

The project calls for:

   -- the construction of 100 kilometers of secondary networks and
      sinks,
   -- providing access to sanitation service to 6,700 homes;
   -- completing the sewerage grid in the western district of
      Ciudad de la Costa;
   -- building 2.2 kilometers of sink and seven pumping stations;
      and
   -- replacing 120 kilometers of drinking water grid in the
      western and central areas of the city, improving the quality
      of service to 7,000 homes.

Overall, the project is expected to benefit some 20,000 people.

Sanitation workers of the public company Obras Sanitarias del
Estado (OSE) will be trained to ensure adequate operation and
maintenance of the sewerage system in Ciudad de la Costa. It
includes a waste water treatment plant, an underwater outfall, the
pumping station grid and the sewerage networks.

The $75 million loan is made up of $45 million in ordinary capital
from the IDB and $30 million from the China Co-Financing Fund for
Latin America and the Caribbean.  It is over 25 years, with a
five-and-a-half year grace period and an interest rate pegged to
the LIBOR.


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


* BOND PRICING: For the Week From July 21 to July 25, 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 * * *