TCRLA_Public/140805.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Tuesday, August 5, 2014, Vol. 15, No. 153



ALTO PALERMO: Fitch Lowers Foreign Currency IDR to 'CCC'
ARGENTINA: Default is Ruled a Credit Event for Swaps
ARGENTINA: U.S. Judge Rejects Appeal for New Mediator
ARGENTINA: Moody's Affirms Caa1 Issuer Rating; Outlook Negative
BUENOS AIRES: Fitch Cuts Long Term, Local Currency IDR to 'CCC'


GOL LINHAS: Reports Final Tender Results for Sr. Notes 2023 & 2017

C A Y M A N  I S L A N D S

AEROSPACE INTERNATIONAL: Placed Under Voluntary Wind-Up
CEDAR PARTNERS: Commences Liquidation Proceedings
CEDAR SERVICES: Commences Liquidation Proceedings
KAMIYACHO IP: Creditors' Proofs of Debt Due Aug. 18
KF-AIF CORE: Commences Liquidation Proceedings

LWM PARTNERS: Creditors' Proofs of Debt Due Aug. 18
LWM PARTNERS MASTER: Creditors' Proofs of Debt Due Aug. 18
MHA REINSURANCE: Placed Under Voluntary Wind-Up
NCC FINANCE: Creditors' Proofs of Debt Due Aug. 19
WESTCHESTER HOLDINGS: Commences Liquidation Proceedings


SMU S.A.: S&P Lowers CCR to 'SD' on Missed Amortization Payment

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Miners Hail Evangelical's Proposed Talks

E L   S A L V A D O R

EL SALVADOR: Tax Legislation Will Have Limited Impact says Fitch


* JAMAICA: Debt Stock up by J$16 Billion


VERACRUZ: Moody's Assigns Ba1 Debt Rating to MXN695MM Loan


TERMINALES PORTUARIOS: Fitch Affirms BB- Rating on USD110MM Notes

P U E R T O   R I C O

OFG BANCORP: S&P Lowers Counterparty Credit Rating to 'B+'
PUERTO RICO INDUSTRIAL: S&P Corrects Rev. Bond Ratings to 'BB-'


* URUGUAY: IDB OKs $40.9-Million Loan for Solar Energy Project


Large Companies With Insolvent Balance Sheets

                            - - - - -


ALTO PALERMO: Fitch Lowers Foreign Currency IDR to 'CCC'
Fitch Ratings has downgraded the foreign currency IDR of all rated
Argentine corporates following the sovereign ratings downgrade.
Fitch has also affirmed the associated local currency issuer
default ratings.

Fitch downgraded the Argentine sovereign's foreign and local
currency IDRs to restricted default (RD) from 'B-'and the country
ceiling to CCC from B-.  The sovereign downgrade reflects the
expiration of the 30-day grace period to cure the missed coupon
payments on its discount bonds issued under foreign law.

The Argentine corporates rating downgrade also reflects the
weakening macroeconomic environment in which they operate.  The
default by the Argentine government is likely to lead to higher
inflation and will further pressure an economy that is already
contracting.  The downgrades reflect the additional operating cash
flow pressure corporates will face, as well as the difficulty they
will face in obtaining financing in the local market.  The
negative rating action also reflects the increased likelihood that
foreign exchange will become even more difficult to obtain.

Fitch has taken the following rating actions;

Alto Palermo S.A. (APSA)

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B+', Rating Outlook
   -- US$120 million senior unsecured notes due in 2017 to B-/RR3
      from 'B/RR3';

Arcor S.A.I.C.

   -- Foreign currency IDR downgraded to 'B-' from 'B', Rating
      Outlook Negative;
   -- Local currency IDR affirmed at 'B+', Rating Outlook
   -- US$200 million senior unsecured notes due in 2017 to
      'B-/RR4' from 'B/RR4'.

Capex S.A.

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B-' , Rating Outlook
   -- US$200 million senior unsecured notes due in 2018 to 'CCC'
      from 'B-/RR4'.

Celulosa Argentina S.A.

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B-', Rating Outlook

Compania Latinoamericana de Infraestructura y Servicios

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B-', Rating Outlook

Cresud S.A.C.I.F. y A.

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B-', Rating Outlook
   -- US$60 million senior unsecured notes due in 2014 to 'CCC'
      from 'B-/RR4'.

Inversiones y Representaciones S.A.

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B+'; Rating Outlook Negative
   -- US$150 million senior unsecured notes due in 2020 and 2017
      to 'B-/RR3' from 'B/RR3'.

Mastellone Hermanos Sociedad Anonima

   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B-', Rating Outlook
   -- US$200 million senior unsecured notes due in 2021 to 'CCC'
      from 'B-/RR4'.

Pan American Energy LLC

   -- Foreign currency IDR downgraded to 'B-' from 'B', Rating
      Outlook Negative;
   -- Local currency IDR affirmed at 'B+', Rating Outlook


   -- Foreign currency IDR downgraded to 'CCC' from 'B-';
   -- Local currency IDR affirmed at 'B-', Rating Outlook
   -- US$1 billion senior unsecured notes due in 2024 to 'CCC'
      from 'B-/RR4'.
   -- US$150 million senior unsecured notes due in 2018 to 'CCC'
      from 'B-/RR4'.
   -- US$600 million senior unsecured notes due in 2018 to 'CCC'
      from 'B-/RR4'.
   -- US$100 million senior unsecured notes due in 2028 to 'CCC'
      from 'B-/RR4'.

ARGENTINA: Default is Ruled a Credit Event for Swaps
Peter Eavis, writing for The New York Times' DealBook, reports
that the repercussions of Argentina's sovereign debt default
continued to spread through global markets, as an industry body
decided that financial instruments used to insure against the
default must pay out.

The International Swaps and Derivatives Association said
Argentina's failure to make a payment on its bonds earlier last
week would activate credit default swaps on the country's debt,
according to DealBook.  In the coming days, investors who used the
swaps to insure against the default will collect money from
investors on the other side of the trade, the report notes.

The report discloses that holders of Argentina's foreign
government bonds did not receive a payment that was supposed to
occur, prompting Standard & Poor's to announce that the country
was in default.  Argentina had deposited money to make the payment
with Bank of New York Mellon.  But the bank did not want to
distribute the money to the bondholders because doing so would
have contravened an order from a federal judge in Manhattan,
reports DealBook.  Hedge funds suing Argentina brought the case
that led to the court order, the report relays.

DealBook discloses that Argentina has fought the hedge funds in
American courts but its efforts foundered in June when the Supreme
Court declined to take up an appeal from the country.

Credit default swaps have become very popular way for investors
and banks to place wagers on the creditworthiness of companies and
countries, DealBook says.  They can be dangerous, the report

DealBook relays that the swaps enabled a huge build up of risk in
the banking system before the 2008 financial crisis.  But changes
to the market appear to have put it on a firmer footing.  The
market for the swaps, for instance, handled Greece's sovereign
default in 2012 without hitch, the report notes.

There are about $21 billion of the swaps written on Argentina's
sovereign bonds, but once the trades are offset against each
other, the total drops to $1 billion, according to data from
Depository Trust and Clearing Corporation.  There are, by
contrast, $129 billion of swaps written on Brazilian sovereign
debt, DealBook says.

In recent days, DealBook discloses, the cost of using the swaps to
protect against an Argentine default had risen.

After the International Swaps and Derivatives Association decides
that the swaps have been activated, they have to be settled so
their holders can get paid, reports DealBook.  The price at which
the swaps pay out is determined at a special auction.  The
association said it would publish details of the auction for
Argentina swaps in due course, the report notes.

The pay out on the swaps will depend on what investors believe
they will recover on the defaulted Argentine bonds, DealBook adds.

ARGENTINA: U.S. Judge Rejects Appeal for New Mediator
Alexandra Stevenson, writing for The New York Times' DealBook,
reported that a lawyer for Argentina told a federal judge that the
nation had lost faith in the mediator appointed to work with a
group of hedge funds that hold the country's bonds after the
mediator issued a statement saying the country was in "imminent

That statement, according to the lawyer, Jonathan Blackman, was
"harmful and prejudicial," and he asked that the mediator, David
Pollack, be replaced.  Judge Thomas P. Griesa of Federal District
Court in Manhattan, however, rejected the request and said talks
would have to continue.

ARGENTINA: Moody's Affirms Caa1 Issuer Rating; Outlook Negative
Moody's Investors Service has affirmed Argentina's Caa1 issuer
rating, which also applies to domestic law bonds, confirmed the
(P)Caa2 rating for its foreign law bonds, and affirmed the Ca
rating on the original defaulted bonds. The long-term issuer
rating was placed on negative outlook. The rating action concludes
the review, direction uncertain, of Argentina's foreign law bond
rating that Moody's initiated on 2 July 2014.

As of July 30, holders of Argentine foreign legislation bonds
restructured in 2005 and 2010 had not received their scheduled
payment, following a 30 day grace period from the original June 30
payment date. Even though Argentina deposited the required funds
into a trustee account on June 26, legal proceedings in the US
impeded disbursement of these funds by the trustee. Argentina's
government has stated that it will continue making payments to the
trustee, but that it will not pay litigating bondholders at this

Moody's considers that non-payment of debt obligations to
creditors after a grace period has expired is a default. The
(P)Caa2 long-term foreign law bond rating reflects the rating
agency's expectation that while there is a wide range of possible
loss outcomes for creditors, losses on these bonds are most likely
to be modest.

Moody's also affirmed Argentina's Not prime short-term ratings.

Rationale For The Negative Outlook

The negative outlook on Argentina's Caa1 issuer rating reflects
Moody's view that the default could increase pressure on
Argentina's official foreign exchange reserves amid continued
economic stagnation.

The negative outlook on foreign legislation debt also reflects
uncertainty over how the current legal impasse will be resolved,
which implies an increased risk that ultimate losses for
bondholders could be significantly greater than 20%, a scenario
which would prompt a ratings downgrade from the current (P)Caa2
rating on such bonds.

Argentina is mired in stagflation with a GDP that declined 0.2%
year-over-year during the first quarter and high inflation of over
30%, driven in good part by continued currency depreciation. The
default is likely to exacerbate the economic contraction, increase
pressure on the exchange rate, and push inflation even higher.

Ratings Rationale

Moody's rates Argentina's debt issued under foreign legislation
(P)Caa2, one notch below the government's Caa1 issuer rating that
applies to its domestic legislation debt. The (P)Caa2 rating
reflects the higher expected loss Moody's ascribes to foreign law
bonds because they are subject to ongoing legal proceedings
outside the sovereign jurisdiction of the Argentine government in
US courts.

The (P)Caa2 rating is consistent with losses of up to 20% for
issuers that are approaching or in default. The rating action
takes into account a scenario in which the legal impasse that
prevents the government of Argentina from paying restructured bond
creditors continues into early 2015. In such a situation, the
expected loss on defaulted debt payments would not exceed 20%
level, consistent with a Caa2 rating.

In October 2012, a US Second Circuit judge ruled that Argentina
must comply with the pari passu, or equal treatment, clause in its
bond contracts and cannot discriminate against the debt that was
not restructured in favor of the bonds that were issued in the
2005 and 2010 sovereign debt restructurings. Furthermore, it ruled
that the Argentine government must pay litigating bondholders
concurrently with any payments to holders of its restructured debt
and in full (i.e., 100% of accelerated principal and accrued

The paying agent on the restructured bonds, The Bank of New York
(BONY), is subject to the injunction, and so even after Argentina
deposited the payments for bondholders, BONY could not legally
transfer those payments to the accounts of bondholders, leading to
the July 30th default.

The default will likely pressure the dollar-peso exchange rate as
speculative dollar demand by Argentines leads to higher capital
outflows. This may negatively impact official reserves, which have
fallen almost by half over the last three years, although reserves
rose modestly in April and May 2014 to $29 billion, roughly equal
to the foreign law bonds outstanding. From a credit standpoint,
the evolution of official reserves is particularly significant in
the case of Argentina because they are the sole source for meeting
government foreign currency obligations.

What Could Move The Ratings Up/Down

A downgrade of the issuer rating could result if the first- and
second-round effects of Argentina's default end up having a
significant negative impact on the main economic and debt metrics.
In this respect, a persistent decline in international reserves or
a rise in the government's debt ratios could also result in a
lower rating. A further downgrade of the foreign legislation bonds
could result if Argentina's reaction to a final court ruling
involves missed payments to restructured debt bondholders for a
prolonged period of time.

Conversely, although the negative outlook indicates that a
positive rating action is unlikely over the near-term horizon,
Moody's would consider changing the government bond rating outlook
to stable upon evidence that Argentina's external funding options
have improved and that economic policies have become more
consistent and predictable. Moody's would also consider aligning
the rating of Argentina's foreign legislation bonds with the
issuer rating, if the final default resolution does not affect
Argentina's payments on its restructured debt.

GDP per capita (PPP basis, US$): 18,749 (2013 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.9% (2013 Actual) (also known as GDP

Inflation Rate (CPI, % change Dec/Dec): 10.9% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -1.9% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -0.8% (2013 Actual) (also known as
External Balance)

External debt/GDP: 22.6% (2013 Actual)

BUENOS AIRES: Fitch Cuts Long Term, Local Currency IDR to 'CCC'
Fitch Ratings has downgraded several Argentine local and regional
governments' long-term and local currency IDR and related issues.
These rating actions follow Fitch's downgrade of Argentina's
foreign currency and local currency sovereign IDR to 'RD/CCC',
along with the Country Ceiling to 'CCC'.


Fitch's downgrade of the local currency IDR by one notch reflects
the agency's view that the economy will suffer from higher
uncertainty and financial volatility following the sovereign
default, especially as the duration of default is unpredictable.
The Argentine economy is already in recession and this is likely
to worsen as the default event affects confidence and potentially
further constrains foreign exchange flows to the country, leading
to exchange rate volatility (official as well as parallel market
rates).  Potentially higher fiscal deficits and monetization of
those deficits could further weaken Argentina's economy.
Moreover, pressure on foreign reserves is likely to resume,
especially next year as there are sizeable maturities falling due
on some of these bonds (e.g. Boden 2015).

Fitch's downgrade of the Country Ceiling reflects the view that
capital controls could be tightened further in the context of the
sovereign's limited foreign financing options, especially as the
authorities attempt to prevent a faster decline in international
reserves.  This could potentially impair the private sector and
subnational's ability to access foreign exchange to meet debt


A change in Argentina's country ceiling would lead to a change in
the same direction on the Argentine local and regional government

Fitch has downgraded the following ratings:

City of Buenos Aires

   -- Long-term and local currency IDR to 'CCC' from 'B-';
   -- Short-term and local currency IDR to 'C' from 'B';
   -- Euro medium-term note programme (EMTN) up to US$2,290
      million: long-term rating to 'CCC' from 'B-';
   -- Series 7 for US$50 million: long-term rating to 'CCC' from
   -- Series 8 for US$475 million: long-term rating to 'CCC' from
   -- Series 10 for US$415 million: long-term rating to 'CCC' from
   -- Programme of Short-Term Treasury Bills up to ARP950 million:
      short-term rating to 'C' from 'B'.

Province of Salta

   -- Long-term and local currency IDR to 'CCC' from 'B-';
   -- Secured Note (Provincial Law 7,691) for USD 185 million
      Long-term rating to 'CCC' from 'B-'.

Municipality of La Plata

   -- Long-term and local currency Issuer Default Rating (IDR) to
      'CCC' from 'B-';


GOL LINHAS: Reports Final Tender Results for Sr. Notes 2023 & 2017
GOL Linhas Aereas Inteligentes S.A. disclosed the final tender
results in connection with Gol LuxCo's previously announced offer
to purchase for cash any and all of its outstanding 10.750% Senior
Notes due 2023 and Gol Finance's previously announced offer to
purchase for cash, any and all of its outstanding 7.50% Senior
Notes due 2017.

The Tender Offers expired at 11:59 p.m., New York City time, on
July 29, 2014.  The Offerors have been advised that, as of the
Expiration Date, US$98,909,000 in aggregate principal amount of
the 2023 Notes, or approximately 54.95% of the 2023 Notes
outstanding, and US$87,719,000 in aggregate principal amount of
the 2017 Notes, or approximately 41.98% of the 2017 Notes
outstanding, had been validly tendered pursuant to the Tender

Payment for validly tendered Notes accepted for purchase will be
made on the settlement date, expected to be within three business
days following the Expiration Date, or as promptly as practicable
thereafter.  The Notes that have been validly tendered cannot be
withdrawn, except as may be required by applicable law.

C A Y M A N  I S L A N D S

AEROSPACE INTERNATIONAL: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on July 14, 2014, the
shareholder of Aerospace International 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

CEDAR PARTNERS: Commences Liquidation Proceedings
On July 14, 2014, the sole shareholder of Cedar Partners 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:

          Amnon Shoam
          Telephone: (345) 949-0488
          Facsimile: (345) 949-0364
          P.O. Box 1990 Grand Cayman KY1-1104
          Caymans Islands

CEDAR SERVICES: Commences Liquidation Proceedings
On July 14, 2014, the sole shareholder of Cedar Services 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:

          Amnon Shoam
          Telephone: (345) 949-0488
          Facsimile: (345) 949-0364
          P.O. Box 1990 Grand Cayman KY1-1104
          Caymans Islands

KAMIYACHO IP: Creditors' Proofs of Debt Due Aug. 18
The creditors of Kamiyacho IP Holdings are required to file their
proofs of debt by Aug. 18, 2014, to be included in the company's
dividend distribution.

The company was placed under voluntary wind-up on July 10, 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

KF-AIF CORE: Commences Liquidation Proceedings
On July 14, 2014, the sole shareholder of KF-AIF Core Holdings,
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:

          Meshal Al-Othman
          Investment Department
          Kuwait Fund for Arab Economic Development
          P.O. Box 2921, Safat 13030

LWM PARTNERS: Creditors' Proofs of Debt Due Aug. 18
The creditors of LWM Partners Opportunity Fund, Ltd. are required
to file their proofs of debt by Aug. 18, 2014, to be included in
the company's dividend distribution.

The company was placed under voluntary wind-up on July 2, 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

LWM PARTNERS MASTER: Creditors' Proofs of Debt Due Aug. 18
The creditors of LWM Partners Opportunity Master Fund, Ltd. are
required to file their proofs of debt by Aug. 18, 2014, to be
included in the company's dividend distribution.

The company was placed under voluntary wind-up on July 2, 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

MHA REINSURANCE: Placed Under Voluntary Wind-Up
At an extraordinary general meeting held on July 14, 2014, the
sole shareholder of MHA Reinsurance & Casualty Ltd. 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:

          Dena Thompson
          c/o Kane (Cayman) Limited
          171 Elgin Avenue
          Willow House, 3rd Floor, Cricket Square
          P.O. Box 10233 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +1 (345) 914 2255
          Facsimile: +1 (345) 949 6021

NCC FINANCE: Creditors' Proofs of Debt Due Aug. 19
The creditors of NCC Finance Limited are required to file their
proofs of debt by Aug. 19, 2014, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on July 15, 2014.

The company's liquidator is:

          Westport Services Ltd
          c/o Evania Ebanks
          Telephone: (345) 949 5122
          Facsimile: (345) 949 7920
          P.O. Box 1111 Grand Cayman KY1-1102
          Cayman Islands

WESTCHESTER HOLDINGS: Commences Liquidation Proceedings
On July 14, 2014, the sole shareholder of Westchester Holdings
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:

          Amnon Shoam
          Telephone: (345) 949-0488
          Facsimile: (345) 949-0364
          P.O. Box 1990 Grand Cayman KY1-1104
          Caymans Islands


SMU S.A.: S&P Lowers CCR to 'SD' on Missed Amortization Payment
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on SMU S.A. y Subsidiarias (SMU) to 'SD' (selective
default) from 'CCC+'.  At the same time, S&P lowered its rating on
the $300 million unsecured notes to 'CCC-' from 'CCC+'.

"The downgrade reflects our view of the company's failure to make
its debt amortization payment of about $2.8 million owed to Bice
Bank, after SMU failed to obtain a waiver from it," said Standard
& Poor's credit analyst Sandra Tinoco.

"We now believe that the risk of the company to face a default,
distressed exchange, or redemption in the next six months has
increased as we now believe that the sale of Construmart will take
longer and the company will continue depending on banks' waivers,
sale of assets, and/or capital injections.  This scenario also
increases the company's risk of facing a cross-default of its
global and local credits with bondholders, including the $300
million unsecured notes.  Therefore, we are lowering our issue
rating to 'CCC-' from 'CCC+'," S&P said.

D O M I N I C A N   R E P U B L I C

XSTRATA PLC: Miners Hail Evangelical's Proposed Talks
Dominican Today reports that Dominican Republic Mining and
Petroleum Chamber (CAMIPE) President Jose Sena hailed the
Dominican Evangelical Unity Council's (CODUE) call for multiparty
talks to resolve the conflict over Glencore Falcondo's planned
mine at Loma Miranda (central).

The report notes that after calling it a healthy conflict, Mr.
Sena said the talks should be scientifically based in which both
the Government and all Dominican sectors can table a serious,
structured and technical dialogue over the mining project.  "The
country's mining development should benefit us all, so we feel
that the scenario raised by CODUE president Fidel Lorenzo is quite
timely to start those talks," the report quoted Mr. Sena as

"I agree with the Evangelical Council's proposal and call on
institutions and people convened by that important organization to
sit down and seek a solution to the Loma Miranda conflict, because
it's the proper way to solve conflicts in the country," Mr. Sena
said, the report discloses.

As reported in the Troubled Company Reporter-Latin America on
Jan. 22, 2014, Dominican Today said that Chief Executive Officer
of Xstrata PLC's Falcondo reiterated that the company's presence
in the country depends on a long term mining, with cheap
electricity available, to produce and compete in world markets.
David Soares said they pin their hopes of extracting nickel at the
controversial site of Loma Miranda, between La Vega and Bonao
(central), for which they expect to get the mining permit,
according to Dominican Today.  But environmental and civil society
groups could keep them from carrying out the project, after the
Chamber of Deputies agreed with the protesters and passed a bill
which declares Loma Miranda a protected area, arguing that much of
the Cibao region's (north) water depends on it, the report

Xstrata PLC is the operator of Falconbridge Dominicana, C. por A.
("Falcondo") with an 85.26% ownership.  Falcondo is a ferronickel
surface mining operation located in the Dominican Republic with
operations dating since 1971.

Headquartered in Zug, Switzerland, Xstrata PLC is a major producer
of coal, copper, nickel, primary vanadium and zinc and the largest
producer of ferrochrome.

E L   S A L V A D O R

EL SALVADOR: Tax Legislation Will Have Limited Impact says Fitch
Tax legislation passed by El Salvador's parliament demonstrates
the authorities' ability to implement tax reform, but it will have
a limited and delayed fiscal impact, Fitch Ratings says.  The
proposed fiscal responsibility framework (FRF), which has not yet
been approved by the legislature, will be of greater significance.

The reform creates a minimum corporate income tax equivalent to 1%
of net assets, repeals an exemption for newspapers and introduces
a tax on financial transactions.  When fully implemented in fiscal
2016, it is expected to add around 0.4% of GDP to total tax
collection, which is at the lower end of preliminary estimates as
the reform did not include taxes on luxury real state previously
under discussion.  There is also a risk that a financial tax will
damage growth and financial intermediation, especially if it is
passed on to consumers.

The authorities' ability to increase tax revenue via reforms and
collection enhancements (the tax burden rose to 15.4% of GDP last
year from 12.6% in 2009) despite low economic growth is an
acknowledged ratings strength.  But Fitch did not expect the
latest reform to yield large, extra revenues, and expenditure
growth has driven larger fiscal deficits in recent years.  A more
meaningful initiative is the FRF, which aims at improving El
Salvador's fiscal position and debt dynamics over the medium term.
There is no clear timeline for the discussion of the FRF that was
expected to be dealt with in tandem with the tax reform.

In addition to a further increase in the tax burden to 17% of GDP,
the FRF's original goals included achieving primary balances and
limiting current expenditure and wages, and reducing nonfinancial
public sector debt.  However, the plan sees most consolidation
coming after 2017.  Without substantial pickup in economic growth
or more front-loaded consolidation, we see little prospect of debt
dynamics stabilizing in the near term, and public debt could rise
to 65% of GDP by 2016, approaching twice the 'BB' category median
of 35%.  Implementation risk remains high, and the abstention of
the main opposition party from yesterday's vote on tax reform
shows that the political consensus supporting consolidation may
not be firm.

Fitch affirmed El Salvador's 'BB-'/Negative sovereign rating last


* JAMAICA: Debt Stock up by J$16 Billion
RJR News reports that the government said the country's debt stock
rose by J$16 billion in the first three months of the current
fiscal year.

The growth is however slower than the J$28B it increased by in the
corresponding period last year, according to RJR News.

The report notes that with the increase, the debt rose to J$1.966
trillion or about US$17.5 million at the end of July 2014.


VERACRUZ: Moody's Assigns Ba1 Debt Rating to MXN695MM Loan
Moody's de Mexico assigned debt ratings of Ba1 (Global Scale,
local currency) and (Mexico National Scale) to the following
enhanced loan:

-MXN 695 million from Interacciones (original face value) with a
maturity of 15 years.

The enhanced loan is payable through a trust (Banco Invex as
trustee F/1176), to which the state has pledged the flows and
rights to 1.16% of its federal participation revenues.

Ratings Rationale

The Ba1/ debt ratings assigned to the aforementioned enhanced
loans reflect the underlying credit worthiness of the state of
Veracruz (Ba3/, supported by the following legal and credit
enhancements embedded in the loans:

1. Validity of the legal authorization of the transaction, which
authorizes the trust to be used as a mechanism for debt service

2. Strong trust structure based on an irrevocable notification to
the federal treasury regarding the transfer of rights and flows of
participation revenues to the trustee.

3. Estimated cash flow generate moderate debt service coverage
ratios. Under a Moody's base case scenario, cash flows within the
trust are projected to provide 2.3X debt service coverage at the
lowest point over the life of the loan. Under a stress case
scenario, estimated cash flows are projected to provide 1.7X debt
service coverage.

4. Strong level of reserves within the master trust that
represents 3.0X debt service coverage under a stress case scenario
and provide enough cushion against payment delays.

What Could Change The Ratings Up/Down

Given the links between the loans and the credit quality of the
obligor, an upgrade of the state of Veracruz's issuer ratings
could exert upward pressure on the loan debt ratings. Conversely,
a downgrade of the state of Veracruz's issuer ratings or if debt
service coverage levels fall materially below or expectations
would likely result in a downgrade of the ratings of the loans.

The methodologies used in this rating were Rating Methodology for
Enhanced Municipal and State Loans in Mexico published in June
2014 and Regional and Local Governments published in January 2013.

The period of time covered in the financial information used to
determine Veracruz's rating is between 1 January 2009 and 31
December 2013.


TERMINALES PORTUARIOS: Fitch Affirms BB- Rating on USD110MM Notes
Fitch Ratings affirms Terminales Portuarios Euroandinos (TPE)
USD110 million senior secured notes at 'BB-'.  The Rating Outlook
is Stable.


The affirmation of the 'BB-' rating is based on completion of the
expansion project on a timely basis and financial performance
generally consistent with base case expectations.  Flat growth in
container volumes in 2013 appears to be rebounding in the first
quarter 2014 (1Q'14).  Volume and price risk remain the primary
risk exposures and are mitigated by the high average coverage
ratios, liquidity, and structural protections.


Concentrated and Volatile Traffic - Volume Risk: Weaker
The Port of Paita is a secondary port of call with considerable
concentration in cargo type, business lines, and customers.  Far
from major economic centers, the port is exposed to cargo
volatility, as contractual agreements with shipping lines are
limited and access to overland transportation infrastructure is

Limited Tariff Flexibility - Price Risk: Weaker

The port revenues are determined under the concession contract
with limited flexibility to adjust for increasing costs.  A
minimum revenue guarantee granted by the government is
insufficient to cover debt service payments.  Tariffs and fees
that are initially established in the concession agreement may be
subject to regulatory modifications beginning 2019.

Reliable Facilities Renovation Program - Infrastructure
Development & Renewal: Midrange

The project expansion (Phase I of IV) required under the
concession agreement was completed on time in June and is expected
to begin operations in September following acceptance by the
grantor.  The project has a well-defined capital improvement
planning and funding process, and the bulk of investments required
by the operator have been met.  Additional investments to
infrastructure facilities required under the concession agreement
are contingent on future growth and budgeted in the financial

Adequate Structural Protections - Debt Structure: Stronger
The project's financial flexibility is mainly sustained by the
existence of adequate liquidity reserves available for debt
service and/or for construction costs of Phase II and III.  The
structure includes a five-year principal grace period which
incorporates a strong provision to trap cash to prefund investment
costs of Phase II and III, and includes a dividend distribution

Financial Metrics

Projected Fitch Rating Case average debt service coverage ratio
(DSCR) is 1.67x through 2037 with significant variability arising
from mandatory investments under the concession contract.  The
minimum DSCR of 0.19x projected to occur in 2026 is mitigated by
mandatory reserving and cash traps.  The credit quality is
commensurate with the rating despite the low minimum as
illustrated by the 1.47x minimum DSCR including reserves and the
rating case loan-life coverage ratio (LLCR) of 1.32x.

Peer Comparison

The closest rated peer to Paita in terms of size and regional
importance is Commonwealth Port Authority (CPA).  Both projects
are rated at the 'BB-' level and have weak volume and price risk
rating drivers.  It should be noted, however, that CPA has a
stronger debt structure given its moderate leverage and robust
liquidity reserves.


Negative - Sustained failure to meet volume growth estimates could
place additional pressure on coverage ratios and limit capacity to
make necessary investments and result in a downgrade.

Positive - Sustained multi-year traffic increases and further
development of special services revenue providing consistent base-
line revenues could lead to an upgrade.


The bonds are secured by the pledge of all capital stock of the
issuer, a mortgage between the issuer and sub-collateral agent,
and a perfected security interest in all of the issuer's assets.


In 2013, the port operated 166,016 of 20-foot equivalent units
(TEUs), an increase of 0.3% over the prior year and 7.8% below
Fitch's base case projections.  The variance was primarily driven
by the declines in the local fishing industry and the agricultural
production of grapes and mango.  The port's revenues, however,
grew 11.8% in 2013 over the previous year, and surpassed Fitch's
base case projections by 6.4%.  Revenue growth at the port
reflects an increase of activities in energy connections and on-
board reefers, which generate a large portion of the special
services revenues.  The operator expects these revenues to
continue to grow with the additional storage capacity available
with the expansion.  This will allow the port to compete with off-
site storage facilities that maintain a large market share.

Operating expenses increased to USD15 million in 2013 from USD13
million the prior year and were driven by the increase in special
services.  The resulting EBITDA was USD10 million, USD 1.5 million
under the projected base case EBITDA for the year.  During 1Q'14,
the port has operated nearly 52,000 TEUs, an increase of 19% over
the same period in 2013.  Operating revenues were USD8.5 million
in 1Q'14, representing a 29.7% increase over 1Q'13.  Meanwhile,
operating expenses were USD3.5 million for 1Q'14, approximately
16.9% higher than the period one year earlier.

Construction works have advanced in line with the initial schedule
with completion of Phase I of IV being declared in June 2014, on
schedule with completion costs according to budget.  The expansion
is expected to begin operations in September following acceptance
from the grantor.  As established in the concession contract, the
port has also begun to make deposits into the Phase II account,
which is to be funded when 160,000 TEUs are reached.  Investments
required under Phase II are to be completed 18 months following
the year when at least 180,000 TEUs are handled.

The port is located in the region of Piura, a small city with low
economic activity, 1,030 km northwest of Lima.  Paita is connected
to a major highway that links it to the Yurimaguas port (Amazon
system) with no significant competition.  The location provides a
competitive advantage over Callao and Guayaquil, for serving the
Northwestern Peruvian market.

P U E R T O   R I C O

OFG BANCORP: S&P Lowers Counterparty Credit Rating to 'B+'
Standard & Poor's Ratings Services said it lowered its
counterparty credit rating on Puerto Rico-based regional banking
company OFG Bancorp (OFG) to 'B+' from 'BB-'.  At the same time,
S&P lowered its counterparty credit rating on OFG's main bank
subsidiary, Oriental Bank, to 'BB' from 'BB+'.  S&P removed the
ratings from CreditWatch with negative implications, where it
placed them on July 14, 2014.  S&P also lowered its ratings on the
preferred stock by one notch to 'CCC+' from 'B-' given it sees
higher risk of payment deferral.  The outlook on both entities is

The rating action is largely based on S&P's recent two-notch
downgrade of Puerto Rico Electric Power Authority (PREPA) to
'CCC', as well as S&P's previous downgrades of the Commonwealth of
Puerto Rico and Puerto Rico Aqueduct & Sewer Authority (PRASA).
All these rating actions are associated with the passage of the
Puerto Rico Public Corporation Debt Enforcement and Recovery Act,
signed into law June 28, 2014, which allows certain Puerto Rican
public entities to restructure all or portions of their debt
obligations, should the need arise.  S&P thinks the passage of
this legislation increases the risk that OFG could be subject to
substantial losses related to these loan exposures, which could
negatively affect its capital and also potentially hurt S&P's
assessment of its business position given geographic and borrower

"Despite a notable decline in recent quarters, OFG still has
substantial loan exposures to Puerto Rico instrumentalities, or so
called public corporations, municipalities, and the Commonwealth
of Puerto Rico, which we view very unfavorably from a geographic
and borrower concentration perspective," said Standard & Poor's
credit analyst Robert Hansen.

Specifically, the company's loan exposures to the Commonwealth of
Puerto Rico and certain public entities and municipalities was
roughly $693 million as of June 30, 2014, down from $859 million
on Dec. 31, 2013, and $976 million as of Sept. 30, 2013.  As of
March 31, 2014, $84.2 million of these exposures had pledged
securities rated above 'A', according to OFG's most recent Form
10-Q.  Despite the decline, S&P still views these exposures as
very large relative to the size of the company's total loan
portfolio and capital base, as well as relative to the size of
these exposures among several of the bank's local peers.  Indeed,
these exposures are nearly as large as the company's common
stockholder's equity, which was nearly $749 million as of June 30,
2014.  S&P expects the bank to remain marginally profitable
despite the higher loan loss provisions that it forecasts.  S&P
also thinks loan performance could deteriorate over the next two
years given large Puerto Rico government-related exposures and the
still-weak economy in Puerto Rico.

"We currently forecast that the company's risk-adjsuted capital
(RAC) ratio will remain at just more than 10% by the end of 2015.
However, this is toward the low end of the 10%-15% range that we
typically deem as strong under our bank criteria.  Relative to our
previous forecast, we have increased our expected provisions for
loan losses by roughly $100 million over the next two years given
potential losses on Puerto Rico government-related exposures.
Furthermore, we think that the company could become more active in
returning capital to its common shareholders, which could reduce
our projections for capital ratios.  For example, OFG
substantially increased its quarterly common stock cash dividend
in late 2013 and could again resume common share buybacks under
its existing authorization program.  As such, we could lower our
capital and earnings assessment given the potential for loan
losses that are greater than what we currently have incorporated
in our analysis," S&P said.

"We have included a transition notch of negative one to arrive at
the issuer credit rating.  This is to reflect the uncertainty of
the magnitude of possible losses and its impact on the bank's
financial and business profile.  We think the potential for losses
on Oriental Bank's loans to Puerto Rico instrumentalities and
other government-related entities has increased substantially.  As
such, we think the risk of higher loan losses could reduce OFG's
capital base but could also potentially hurt its asset quality
metrics or its ability to grow its franchise.  We think our
assessment of the impact from potential loan losses will become
clearer over the next two years," S&P added.

"The outlook is negative, largely based on the weak Puerto Rican
economy and substantial exposures to Puerto Rico instrumentalities
and municipalities," said Mr. Hansen.

S&P thinks these exposures, fiscal concerns of the Commonwealth,
and economic weakness present some risk to the company's loan
performance and S&P's forecast, especially given its recent
downgrades of PREPA and PRASA.  S&P could lower the rating on OFG
Bancorp and Oriental Bank if certain large public
instrumentalities or a large number of municipalities miss debt or
interest payments or restructure their debt obligations, resulting
in material losses for the company.  S&P could also lower its
rating if it expects loan performance to weaken materially, if it
no longer views OFG's capitalization as strong, or if S&P again
lower its ratings on the Commonwealth of Puerto Rico, PREPA, or
PRASA.  More specifically, S&P could lower the rating if it
expects the RAC ratio to fall and remain below 10%, if adjusted
nonperforming assets, including restructured loans, rise to more
than 7% of total loans, or if net charge-offs rise higher than 2%.
Therefore, the negative outlook reflects the potential for lower
assessments of OFG's capital and earnings, as well as lower
assessments of its business or risk positions.  S&P is unlikely to
raise the rating, given the bank's concentrated loan exposures
within Puerto Rico, substantial Puerto Rico government related
exposures, and its more active acquisition strategy in recent

PUERTO RICO INDUSTRIAL: S&P Corrects Rev. Bond Ratings to 'BB-'
Standard & Poor's Ratings Services corrected by lowering its
rating on Puerto Rico Industrial, Tourist, Educational, Medical,
and Environmental Control Facilities Financing Authority's series
1995A revenue bonds (Guaynabo Municipal Government Center Project)
and series 1998A revenue bonds (Guaynabo Warehouse For Emergencies
Project) issued on behalf of the municipality of Guaynabo to 'BB-'
from 'BB+'.  At the same time, Standard & Poor's removed them from
CreditWatch with negative implications, where they had been placed
Jan. 24, 2014.  The outlook is negative.


* URUGUAY: IDB OKs $40.9-Million Loan for Solar Energy Project
The Inter-American Development Bank (IDB) has approved a $40.9
million loan from its ordinary capital and $25 million from the
Canada Climate Fund, which is administered by the Bank, to finance
the private sector in Uruguay in the construction, operation and
maintenance of a photovoltaic solar energy plant and its related

With a total installed capacity of 64.8MW, the plant will be part
of the La Jacinta Solar Energy Project located five kilometers
south of Salto in northwest Uruguay.  It will supply on average 96
GWh of electricity per year to the national grid, allowing for an
easing of Uruguay's dependence on energy from fossil fuels.

"This marks another step forward for the country in the
introduction of non-traditional renewable energy in the energy
network," said Jean-Marc Aboussouan, head of infrastructure at the
Structured and Corporate Financing Department, the IDB unit tasked
with financing large-scale private sector projects.  "It also
shows that solar energy, like wind power, can be competitive and
viable in financial terms in the region."

The main benefits expected from the project include a 64.8MW
increase in installed capacity in non-conventional renewable
energy.  This will support Uruguay's strategy of diversifying its
energy network, eliminate approximately 18,000 tons per year in
carbon emissions and boost the private sector's role in the energy
sector.  Furthermore, it will encourage competition by bringing a
new operator into the market and a new technology into the sector.

      About the Structured and Corporate Financing Department

The Structured and Corporate Financing Department (SCF) leads all
IDB non-sovereign guaranteed operations for large-scale projects,
companies and financial institutions in Latin America and the
Caribbean.  The department serves as a catalyst, helping to
mobilize third-party resources by partnering with commercial
banks, institutional investors, co-guarantors and other co-
financing entities in high-impact development projects.


Large Companies With Insolvent Balance Sheets

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

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


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

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

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


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

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

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

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

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

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

                   * * * End of Transmission * * *