TCRLA_Public/140811.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, August 11, 2014, Vol. 15, No. 157


                            Headlines



A R G E N T I N A

ARGENTINA: Sues U.S. in International Court of Justice
ACE SEGUROS: Moody's Affirms 'B2' GCL Rating; Outlook Negative
BBVA FRANCES: Fitch Cuts LT LC IDR to 'CCC'
CABLEVISION SA: Moody's Affirms Caa1 GFC CFR; Outlook Now Negative
METROGAS SA: Moody's Affirms Caa1/Ba1.ar Ratings; Outlook Now Neg.

YPF SA: Moody's Affirms Caa1 GLC Issuer Rating; Outlook Now Neg.


B R A Z I L

BANCO BONSUCESSO: Moody's Affirms E+ Bank Fin'l Strength Rating
CHEMICAL IX: Moody's Assigns (P)B2 Rating on Sub. Mezzanine Shares
GOL LINHAS: Moody's Affirms B3 Corporate Family Rating
GOL FINANCE: Moody's Affirms B3 Rating on Sr. & Perpetual Notes
MINERVA S.A.: Moody's Affirms B1 Corporate Family Rating

OGX PETROLEO: Sells Shares in Former Gas Unit for $87 Million


C A Y M A N  I S L A N D S

AEROSPACE INTL: Shareholder to Hear Wind-Up Report on Sept. 10
CAPRICORN CURRENCY: Shareholders' Final Meeting Set for Aug. 18
CEDAR PARTNERS: Member to Receive Wind-Up Report on Aug. 19
CEDAR SERVICES: Members' Final Meeting Set for Aug. 19
HEALTH PROCESSORS: Shareholder to Hear Wind-Up Report on Aug. 19

KAMIYACHO IP: Members' Final Meeting Set for Aug. 19
LWM PARTNERS: Members' Final Meeting Set for Aug. 19
LWM PARTNERS MASTER: Members' Final Meeting Set for Aug. 19
MHA REINSURANCE: Shareholder to Hear Wind-Up Report on Aug. 19
NCC FINANCE: Shareholders' Final Meeting Set for Sept. 19

SEQ STONE: Members' Final Meeting Set for Aug. 19
SUNTECH POWER: Acting Chief Financial Officer Departs
WESTCHESTER HOLDINGS: Member to Receive Wind-Up Report on Aug. 19


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Capital is Still Chaos Despite RD$5BB Spent


E L   S A L V A D O R

* EL SALVADOR: Gets $100MM IDB Loan for MSMEs' Productivity


J A M A I C A

* JAMAICA: Commercial Banks Owe Huge Debt to BOJ


P A R A G U A Y

PARAGUAY: Fitch Assigns 'BB-' Rating to US$1BB Bonds


U R U G U A Y

BANCO DE LA NACION: Fitch Cuts LT Issuer Default Rating to 'CCC'


X X X X X X X X X

* BOND PRICING: For the Week From August 4 to August 8, 2014


                            - - - - -


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A R G E N T I N A
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ARGENTINA: Sues U.S. in International Court of Justice
-------------------------------------------------------
Ken Parks, writing for The Wall Street Journal, reported that
Argentina has asked the International Court of Justice to hear a
lawsuit it wants to bring against the U.S. in a high-stakes legal
battle between the South American nation and some of its creditors
over unpaid debts.  According to the Journal, citing the tribunal,
Argentina's petition says that decisions by U.S. courts in the
dispute have violated its sovereignty.  However, the U.S. would
have to accept the International Court of Justice's jurisdiction
for a lawsuit to move forward, something that has happened in only
22 cases since the tribunal began working in 1946, the Journal
related.


ACE SEGUROS: Moody's Affirms 'B2' GCL Rating; Outlook Negative
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo affirmed
the global local currency (GLC) and national scale (NS) insurance
financial strength (IFS) ratings of the 23 rated Argentine
insurance companies and reciprocal guarantors, but changed the
outlook of all the companies to negative from stable. See complete
list of companies and ratings below.

This rating action follows the outlook change to negative, from
stable, of the Argentine local-currency and foreign-currency Caa1
sovereign bond ratings on July 31, 2014 (see press release titled
"Moody's changes Argentina's outlook to negative as default will
hasten economic decline"), as well as the outlook change to
negative, from stable, of the local-currency deposit ratings of 33
Argentine financial institutions (mostly banks) on August 5, 2014
(see press release titled "Moody's changes outlook to negative
from stable on Argentine Banks' deposit ratings; affirms deposit
ratings").

Ratings Rationale

Moody's said the change to a negative outlook on the insurers and
reciprocal guarantors reflects the negative outlook on the
sovereign and bank ratings and the close linkages between the
credit profiles of the insurers/reciprocal guarantors and the
sovereign and banks. In addition, the negative outlook for the
insurers/guarantors reflects the rating agency's expectation that
the Argentine default will further weaken the country's economy
which will negatively impact the business and financial profile of
the insurers/guarantors.

The negative outlook on Argentina's Caa1 sovereign rating reflects
Moody's view that the default could increase pressure on
Argentina's official foreign exchange reserves amid continued
economic stagnation. 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 sovereign default is likely to
exacerbate the economic contraction, increase pressure on the
exchange rate, and push inflation even higher, which will
constrain the credit profile of the insurers/guarantors.

The GLC and NS ratings of the insurers and reciprocal guarantors
could be downgraded if the Argentine sovereign and bank ratings
are downgraded or if the weaker economy causes deterioration in
the companies' business profile, capital adequacy, asset quality
and profitability. As the companies' outlooks are negative, an
upgrade is unlikely, but the outlooks could be returned to stable
from negative if the Argentine sovereign and bank rating outlooks
return to stable from negative and if the economy in Argentina
does not weaken materially.

The outlooks of the following 23 insurers' and reciprocal
guarantors' GLC and NS IFS ratings were changed to negative from
stable:

- ACE Seguros S.A.: B2/Aa2.ar

- Acindar Pymes S.G.R.: B2/Aa3.ar

- Allianz Argentina Cia. de Seguros S.A.: B1/Aaa.ar

- Affidavit S.G.R.: B3/A3.ar

- Aval Federal S.G.R.: B3/A2.ar

- Aval Rural S.G.R.: B2/Aa3.ar

- BBVA Consolidar Seguros S.A.: B1/Aaa.ar

- Caja de Seguros S.A.: B2/Aa1.ar

- Caruso Cia. Argentina de Seguros S.A.: B3/A1.ar

- Chubb Argentina de Seguros S.A.: B1/Aaa.ar

- Fianzas y Credito S.A.: B3/A2.ar

- Fondo de Garant¡as Buenos Aires (FOGABA): B3/A2.ar

- Garant¡a de Valores S.G.R.: B2/Aa3.ar

- Generali Argentina Compania de Seguros S.A.: B1/Aaa.ar

- QBE Seguros La Buenos Aires: B1/Aaa.ar

- HSBC -- Seguros de Vida: B1/Aaa.ar

- La Segunda ART S.A.: B3/A1.ar

- La Segunda Compania de Seguros de Personas S.A.: B3/A1.ar

- La Segunda Coop. Ltda. de Seguros Generales: B3/A1.ar

- Provincia Seguros S.A.: Caa1/Baa1.ar

- Royal & Sun Alliance Seguros (Argentina) S.A.: B1/Aaa.ar

- San Crist¢bal Sociedad Mutual de Seguros Generales: B3/A1.ar

- V¡nculos S.G.R.: B3/A3.ar

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

The principal methodology used in rating ACE Seguros S.A., Acindar
Pymes S.G.R., ALLIANZ Argentina Compania de Seguros S.A.,
Affidavit S.G.R., Aval Federal SGR, Aval Rural S.G.R., BBVA
Consolidar Seguros, Caja de Seguros S.A., Caruso Cia. Argentina de
Seguros, Chubb Argentina de Seguros, Fianzas y Credito S.A. Cia.
de Seguros, Fondo Garantias De Buenos Aires, Garantia de Valores
SGR, Generali Argentina Compania de Seguros S.A., La Segunda ART,
La Segunda Coop. Ltda Seguros, Provincia Seguros, QBE Seguros La
Buenos Aires S.A., San Cristobal Seguros Generales, Royal & Sun
Alliance Seguros (Argentina), and Vinculos SGR was Moody's Global
Property and Casualty Insurers published in December 2013. The
principal methodology used in rating HSBC-SEGUROS DE VIDA
(ARGENTINA) S.A. and La Segunda Compania de Personas S.A. was
Moody's Global Life Insurers published in December 2013.


BBVA FRANCES: Fitch Cuts LT LC IDR to 'CCC'
-------------------------------------------
Fitch Ratings has downgraded the international ratings of the
Argentine financial institutions that it currently rates,
following the recent sovereign restrictive default, and the
associated downgrade of the country's sovereign long-term local
currency (LC) Issuer Default Rating (IDR) and Country Ceiling to
'CCC' from 'B-'/Negative Outlook.

This rating action affects the Viability Ratings (VRs) and/or IDRs
of Banco Macro (Macro), Banco Santander Rio (SAN Rio), BBVA Banco
Frances (BBVA Frances), Banco Supervielle, S.A. (Supervielle),
Tarjeta Naranja, S.A. (TN), and Tarjetas Cuyanas S.A. (TC). The
downgrade also affected the senior debt issued by Macro and TN, as
well as the subordinated debt of Macro and Supervielle. The
ratings of TC have been withdrawn following the downgrade. A full
list of rating actions follows at the end of this press release.

Key Rating Drivers - VRs, IDRs and Senior Debt

The IDRs and VRs of these entities have been downgraded to 'CCC'
from 'B-'/Negative Outlook, and to 'ccc' from 'b-', respectively.
This action follows the recent restrictive default of the
Argentine sovereign, which also triggered a downgrade of the
country's sovereign long-term LC IDR and Country Ceiling to 'CCC'
from 'B-' (see Rating Action Commentary 'Fitch Downgrades
Argentina's FC IDR to 'RD'', dated July 31, 2014, available on
www.fitchratings.com).

In Fitch's view, regardless of their overall reasonable financial
condition, these bank's ratings are currently capped by the LC
sovereign rating, due to the weak and worsening operating
environment, and the challenges posed by the sovereign's delicate
position with foreign creditors. The local environment in
Argentina is characterized by ample economic imbalances and the
risk of increasing political or regulatory intervention into the
banking system.

These financial institutions have maintained sound financial
profiles, but the potential of increased sovereign risk cannot be
underestimated. Funding and liquidity profiles are comfortable,
with no material refinancing risk over the short term.

Macro's and TN's senior unsecured debt ratings are aligned to the
respective issuer's long-term IDR, given Fitch's perception that
these notes would have average recoveries in the event of
liquidation, which in turn explains these notes' Recovery Ratings
of 'RR4'.

KEY RATING DRIVERS - Subordinated debt

The 'CC/RR6' rating of Macro's subordinated notes due 2036
reflects that these notes are subordinate to all of Macro's senior
debt and therefore carry low recovery prospects. However, the
rating of the notes also considers the high compression arising
from the low VR of the issuer, and Fitch's opinion that non-
performance risk is low despite the non-cumulative coupon
deferrable feature, considering Macro's ample capital cushion
relative to regulatory minimums and its current and expected
earnings generation.

The 'CC/RR5' rating of Supervielle's subordinated debt reflects
that these securities are plain-vanilla subordinated liabilities,
without any deferral feature on coupons and/or principal.
Therefore, these are notched only once to reflect the below-
average expected recoveries for these bonds in case of bank
liquidation.

KEY RATING DRIVERS - Support Ratings (SRs) and Support Rating
Floors (SRFs)

The SRs of '5' (Macro, BBVA Frances, SAN Rio, and Supervielle),
and the SRFs of 'NF' (Macro and Supervielle) reflect that,
although possible, external support for these banks cannot be
relied upon, given the high political interference risk and ample
economic imbalances. Fitch considers that SAN Rio and BBVA Frances
are subsidiaries of limited importance to their respective
parents, Spain's Banco Santander, S.A. (SAN) and Banco Bilbao
Vizcaya Argentaria (BBVA), both rated 'A-' with a Stable Outlook
by Fitch. In turn, the sovereign ability and willingness to
support locally owned banks (Macro, and Supervielle) is highly
uncertain.

RATING SENSITIVITIES - VRs, IDRs and Senior Debt

The ratings of these entities could be affected if the recent
sovereign default materially affects their financial profiles,
and/or significantly exacerbates the already adverse operating
environment. These ratings could be affected if the worsening
operating environment drives material deterioration in these
institutions' asset quality, earnings, and/or loss absorption
capacity. Material increases in liquidity and/or refinancing risk
could also put downward pressure on these ratings. Fitch considers
that downside risk for these ratings is heavily associated with
the potential contagion effect of the recent sovereign default on
the country's already weak economic outlook.

Upside potential in the banks' ratings is heavily contingent upon
positive developments in the sovereign rating dynamics.

RATING SENSITIVITIES - Subordinated Debt

Due to the current compression in the rating of its subordinated
notes, a potential upgrade of Macro's VR will not necessarily
result in a similar action on the 'CC/RR6' rating of these notes.
Supervielle's subordinated notes will typically be rated one notch
below the bank's VR.

RATING SENSITIVITIES - SRs and SRFs

Changes in the SRs and SRFs of these banks are highly unlikely in
the foreseeable future.

Fitch has downgraded the following ratings:

Macro
--FC and LC long-term IDRs to 'CCC' from 'B-';
--FC and LC short-term IDRs to 'C' from 'B';
--Viability Rating to 'ccc' from 'b-';
--USD150 million Senior bonds Class 2 due 2017 to 'CCC/RR4' from
'B-/RR4';
--USD150 million subordinated debt due 2036 to 'CC/RR6' from
'CCC/RR6'.

SAN Rio
--Viability Rating to 'ccc' from 'b-';
--LT LC IDR to 'CCC' from 'B-'.

BBVA Frances
--Viability Rating to 'ccc' from 'b-';
--LT LC IDR to 'CCC' from 'B-'.

Supervielle:
--FC and LC long-term IDRs to 'CCC' from 'B-';
--FC and LC short-term IDRs to 'C' from 'B';
--Viability Rating to 'ccc' from 'b-';
--USD50 million subordinated debt due 2017 to 'CC/RR5' from
'CCC/RR5'.

TN:
--FC and LC long-term IDRs to 'CCC' from 'B-';
--FC and LC short-term IDRs to 'C' from 'B';
--USD200 million senior unsecured bonds to 'CCC/RR4' from 'B-
/RR4'.

Fitch has affirmed the following ratings:

Macro
--Support Rating at '5';
--Support Rating Floor at 'NF'.

SAN Rio
--Support Rating at '5'.

BBVA Frances
--Support Rating at '5'.

Supervielle:
--Support Rating at '5';
--Support Rating Floor at 'NF'.

In addition, Fitch has downgraded and withdrawn the following
ratings:

TC:
--LC long-term IDR to 'CCC' from 'B-' and withdrawn;
--LC short-term IDR to 'C' from 'B' and withdrawn.


CABLEVISION SA: Moody's Affirms Caa1 GFC CFR; Outlook Now Negative
------------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook for several companies operating in Argentine, while
ratings of all Argentine companies were affirmed. The companies'
outlook changes follow the revision in Argentinean government's
Caa1 rating outlook to negative from stable on July 31, 2014.

Issuers And Ratings Affirmed

Alto Parana S.A: the B2 Global Local Currency Corporate Family
Rating was affirmed. The outlook remains Stable.

Arcor S.A.I.C: the B2 Global Local Currency Corporate Family
Rating was affirmed. The outlook remains Stable.

Cablevision S.A: the Caa1 Global Foreign Currency Corporate Family
rating and the Caa1 Global Foreign Currency rating for the Senior
Unsecured Notes were affirmed. The outlook was changed to Negative
from Stable.

Pilisar S.A: the Caa3 Global Local Currency Corporate Family
Rating was affirmed. The outlook remains Stable.

YPF S.A: the Caa1 and (P)Caa1 Global Foreign Currency rating for
the Senior Unsecured Notes and Medium-Term Note Program were
affirmed. The outlook was changed to Negative from Stable.

Pan American Energy LLC, (Argentine Branch): the B2 and (P)B2
Global Foreign Currency rating for the Backed Senior Unsecured
Notes and Medium-Term Note Program were affirmed. The outlook
remains Stable.

Petrobras Argentina S.A: the B2 Global Local Currency Corporate
Family Rating; the (P)B2 Global Foreign Currency rating for the
Senior Unsecured Medium-Term Notes; the (P)B1 Global Foreign
Currency rating for the Senior Secured Medium-Term Notes were
affirmed. The outlook remains Stable.

Ratings Rationale

The rating outlook revisions for these companies were triggered by
the change to negative in the outlook for the Argentine
government's Caa1 rating, as holders of Argentine foreign
legislation bonds restructured in 2005 and 2010 had not received
their scheduled payment on July 30, following a 30 day grace
period from the original June 30 payment date. 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
default is likely to exacerbate the economic contraction, increase
pressure on the exchange rate, and push inflation even higher.
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.

The negative outlook for the affected corporates reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012.


METROGAS SA: Moody's Affirms Caa1/Ba1.ar Ratings; Outlook Now Neg.
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo S.A. has
changed the rating outlooks to negative and affirmed the current
ratings on various infrastructure companies operating in
Argentina. The outlook change for the affected companies follows
the revision of Argentine government's Caa1 issuer rating outlook
to negative from stable on July 31, 2014 and reflects the relative
exposure that these companies have to Argentina's deteriorating
operating environment.

At the same time, in light of the negative sovereign outlook and
weakened liquidity position relative to scheduled principal
payments Moody's downgraded Central Termica Loma de La Lata S.A.
("CTLLL") rating to Caa2 from Caa1 on the global scale and to
Ba3.ar from Baa3.ar on the national scale. In addition, the
outlook was changed to negative.

Issuers and ratings included in this action are as follows:

a) Ratings affirmed with Stable Outlook

1) Aeropuertos Argentina 2000 S.A.

Corporate Family Rating, USD 300 million 2020 Senior Unsecured
Notes and Class "A" , Class "B" and Class "C" Senior Unsecured
Local Notes: Caa1/Baa1.ar ratings affirmed; stable outlook

2) Transportadora de Gas del Sur S.A. (TGS):

Senior Unsecured Notes: Caa1/Baa1.ar ratings affirmed; stable
outlook

3) Camuzzi Gas Pampeana S.A.

Corporate Family rating: Caa1/Baa2.ar ratings affirmed; stable
outlook

4) Gas Natural Ban S.A.

Corporate Family rating: Caa1/Baa2.ar ratings affirmed; stable
outlook.

5) Distribuidora de Gas Cuyana S.A.

Corporate Family rating: Caa1/Baa1.ar ratings affirmed; stable
outlook.

b) Ratings Affirmed, Outlook changed to negative

6) Hidroelectrica El Chocon S.A.

Corporate Family rating: Caa1/Baa2.ar ratings affirmed; outlook
changed to negative.

7) Genneia S.A.

USD Senior Secured Notes, USD Senior Unsecured Notes and Corporate
Family Rating: Caa1/Baa3.ar ratings affirmed; outlook changed to
negative.

8) Empresa Distribuidora de Electricidad de Salta S.A. (EDESA)

USD 63.00M Senior Unsecured Notes and ARS. 30 m senior unsecured
term loan due in 2015: Caa1/Baa3.ar ratings affirmed; outlook
changed to negative.

9) Generacion Independencia S.A.

Senior Unsecured Notes and Corporate Family rating: Caa1/Baa3.ar
ratings affirmed; outlook changed to negative.

10) Empresa Provincial de Energ¡a de C¢rdoba (EPEC):

USD 565 Senior Secured Notes and Corporate Family rating:
Caa1/Ba1.ar ratings affirmed; outlook changed to negative.

11) Metrogas S.A.

Debt program and corporate family rating: Caa1/Ba1.ar ratings
affirmed; outlook changed to negative.

c) Ratings Downgraded, Outlook changed to negative

12) Central Termica Loma de la Lata S.A. (CTLLL)

USD 178 million Senior Secured Notes: downgraded to Caa2/Ba3.ar
from Caa1/Baa3.ar; Outlook changed to negative from stable.

Ratings Rationale

The ratings affirmation and stable outlooks kept by regulated
companies (a) reflect one or more of the following factors: (1)
strong credit profiles, (2) low or very low leverage, (3) adequate
liquidity combined with comfortable debt profiles. Although as
regulated utilities or concessions these companies are highly
dependent on local economic conditions and operating environment,
they remain subject to government regulations as reflected by the
Caa1 rating level. The stable outlooks, despite the recent
sovereign outlook change to negative, considers that the factors
mentioned above will not change substantially over the next 12 to
18 months.

The rating outlook revision to negative for the issuers listed
above (b) is mainly triggered by the negative outlook change for
the Argentine government's Caa1 issuer rating.

The negative outlook on Argentina's Caa1 issuer rating reflects
Moody's view that the recent default could increase pressure on
Argentina's official foreign exchange reserves amid continued
economic stagnation. The recent default is likely to exacerbate
the economic contraction, increase pressure on the exchange rate,
and push inflation even higher.

The negative outlook for the affected issuers reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Particularly, the
negative outlook considers that the affected companies (a) are
either power generating companies that depend upon government
direct payments or regulated concessions, subject to regulated
tariffs and local economic conditions. The negative outlook for
regulated utilities (b) also considers that those companies
receive revenues in local currency while their debt is denominated
in foreign currency which exposes them to both devaluation and
transfer risks. Finally, the negative outlook assigned to these
companies reflects the more direct linkages they have with the
sovereign.

Moody's notes that a rating downgrade of the sovereign would
likely result in negative rating actions for all of the companies,
even in the absence of any significant change in their underlying
credit quality.

The downgrade on CTLLL's (c) ratings to Caa2/Ba3.ar from
Caa1/Baa3.ar reflects the company's weakened liquidity as it
approaches its upcoming debt maturities in the context of
potentially less certain access to alternative sources of
financing amid the recent default.

In particular, CTLLL's debt totaling USD 166 million is coming due
in full in about a year (final maturity of USD 125 million in
September 2015). Although the next principal payment of USD 21
million due next month is expected to be manageable for the
company given its current liquidity and cash generation position,
2015 payments and/or refinancing (for an amount of USD 145
million) will remain challenging in relation to the company's cash
generation capacity given local market conditions. Consequently,
the outlook for CTLLL is also changed to negative.

The principal methdology used in rating Camuzzi Gas Pampeana S.A.,
Distribuidora De Gas Cuyana S.A., Metrogas S.A., Empresa
Distribuidora de Electricidad Salta, Empresa Provincial de Energia
de Cordoba, and Gas Natural BAN, S.A. was Regulated Electric and
Gas Utilities published in December 2013. The principal methdology
used in rating Hidroelectrica El Chocon S.A., Generacion
Independencia S.A., Genneia S.A., and Central Termica Loma de la
Lata S.A. (CTLLL) was Unregulated Utilities and Power Companies
published in August 2009. The principal methdology used in rating
Transportadora de Gas del Sur S.A. was Natural Gas Pipelines
published in November 2012. The principal methdology used in
rating Aeropuertos Argentina 2000 S.A. was Operational Airports
outside of the United States published in May 2008.


YPF SA: Moody's Affirms Caa1 GLC Issuer Rating; Outlook Now Neg.
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has revised
to negative from stable the outlook for several companies
operating in Argentine, while ratings of all Argentine companies
were affirmed. The companies' outlook changes follow the revision
in Argentinean government's Caa1 rating outlook to negative from
stable on July 31, 2014.

Issuers And Ratings Affirmed

Alto Parana S.A: the Baa3 Global Foreign Currency and Aaa.ar
National Foreign Currency rating of the Backed Senior Unsecured
Notes (guarantor is Celulosa Arauco y Constitucion S.A., rated
Baa3 Stable) were affirmed. The outlook remains Stable.

Arcor S.A.I.C: the B2 Global Foreign & National Currency rating
and Aa1.ar National Foreign & National Currency rating for the
Senior Unsecured Notes were affirmed. The outlook remains Stable.

Asociacion de Cooperativas Argentinas Coop: the B3 Global Local
Currency Corporate Family Rating and A2.ar National Local Currency
Corporate Family Rating; and the B3 Global National & Local
Currency rating and A2.ar National Global & Local Currency rating
for the Senior Unsecured Bank Credit Facility were affirmed. The
outlook remains Stable.

Carboclor S.A: the B3 Global Local Currency Corporate Family
Rating and A3.ar National Local Currency Corporate Family Rating
were affirmed. The outlook remains Stable.

Car Security S.A: the Caa1 Global Local Currency Corporate Family
rating and Baa2.ar National Local Currency Corporate Family rating
were affirmed. The outlook was changed to Negative from Stable.

Carsa S.A: the Caa1 Global Local Currency Corporate Family Rating
and Baa2.ar National Local Currency Corporate Family Rating; and
the Caa1 Global Local Currency rating and Baa2.ar National Local
Currency rating for the Senior Unsecured Notes were affirmed. The
outlook was changed to Negative from Stable.

Electroingenieria S.A: the Caa1 Global Local Currency Corporate
Family Rating and Baa3.ar National Local Currency Corporate Family
Ratings were affirmed. The outlook was changed to Negative from
Stable.

Holcim (Argentina) S.A: the B3 Global Local Currency Corporate
Family Rating and A2.ar National Local Currency Corporate Family
Rating were affirmed. The outlook remains Stable.

Jose Cartellone Construcciones Civiles S.A.: the Caa1 Global Local
Currency Corporate Family Rating and Baa2.ar National Local
Currency Corporate Family Rating; and the Caa1 Global Local
Currency rating and Baa2.ar National Local Currency rating for the
Senior Unsecured Bank Credit Facility were affirmed. The outlook
was changed to Negative from Stable.

Longvie S.A: the Caa1 Global Local Currency Corporate Family
Rating and Baa2.ar National Local Currency Corporate Family
Rating; and the Caa1 Global Local Currency rating and Baa2.ar
National Local Currency rating for the Senior Unsecured Notes were
affirmed. The outlook was changed to Negative from Stable.

Mirgor S.A: the Caa1 Global Local Currency Corporate Family Rating
and Baa2.ar National Local Currency Corporate Family Rating were
affirmed. The outlook was changed to Negative from Stable.

Newsan S.A: the B3 Global Local Currency Corporate Family Rating
and A1.ar National Local Currency Corporate Family Rating; the B3
Global Local Currency rating and A1.ar National Local Currency
rating for the Senior Unsecured Bank Credit Facility; and the B3
Global Local Currency rating and A1.ar National Local Currency
rating for the Senior Unsecured Notes were affirmed. The outlook
remains Stable.

Papel Misionero S.A.I.C.F: the Caa1 Global Local Currency rating
and Baa3.ar National Local Currency rating for the Senior
Unsecured Bank Credit Facility were affirmed. The outlook was
changed to Negative from Stable.

Pilisar S.A: the B3 Global Local Currency rating and A1.ar
National Local Currency rating for the Senior Unsecured Bank
Credit Facility (guarantor is Newsan S.A., rated B3/A1.ar stable)
were affirmed. The outlook remains Stable.

Quickfood S.A: the Caa2 Global Local Currency Corporate Family
Rating and B2.ar National Local Currency Corporate Family rating;
and the Baa3 Global Foreign Currency and Aaa.ar National Foreign
Currency rating of the Backed Senior Secured Notes (guarantor is
BRF S.A., rated Baa3 Stable) were affirmed. The outlook remains
Stable.

Raghsa S.A: the Caa1 Global Local Currency Corporate Family Rating
and Baa3.ar National Local Currency Corporate Family Rating; and
the Caa1 Global Foreign Currency rating and Baa3.ar National
Foreign Currency rating for the Senior Unsecured Notes were
affirmed. The outlook was changed to Negative from Stable.

Sullair Argentina S.A: the Caa1 Global Local Currency Corporate
Family Rating and Baa2.ar National Local Currency Corporate Family
Rating; and the Caa1 Global Local Currency rating and Baa2.ar
National Local Currency rating for the Senior Unsecured Bank
Credit Facility were affirmed. The outlook remains Stable.

YPF S.A: the Caa1 Global Local Currency Issuer Rating and Baa1.ar
National Local Currency Issuer Rating; were affirmed. The outlook
was changed to Negative from Stable.

Zucamor S.A: the Caa1 Global Local Currency Corporate Family
Rating and Baa3.ar National Local Currency Corporate Family
Rating; and the Caa1 Global Foreign Currency rating and Baa3.ar
National Foreign Currency rating for the Senior Unsecured Bank
Credit Facility were affirmed. The outlook was changed to Negative
from Stable.

Pan American Energy LLC, (Argentine Branch): the B2 Global Local
Currency rating and Aa1.ar National Local Currency rating for the
Senior Unsecured Bank Credit Facility; and were affirmed. The
outlook remains Stable.

Petrobras Argentina the Baa1 Global Foreign Currency rating and
Aaa.ar National Foreign Currency Rating for the Backed Senior
Unsecured Notes (guarantor is Petroleo Brasileiro S.A., rated Baa1
Negative) were affirmed. The outlook remains Stable.

Telecom Argentina S.A: the Caa1 Global Local Currency Corporate
Family Rating and Baa1.ar National Local Currency Corporate Family
Rating were affirmed. The outlook remains Stable.

Ratings Rationale

The rating outlook revisions for these companies were triggered by
the change to negative in the outlook for the Argentine
government's Caa1 rating, as holders of Argentine foreign
legislation bonds restructured in 2005 and 2010 had not received
their scheduled payment on July 30, following a 30 day grace
period from the original June 30 payment date. 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
default is likely to exacerbate the economic contraction, increase
pressure on the exchange rate, and push inflation even higher.
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.

The negative outlook for the affected corporates reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012.

The principal methodology used in rating MIRGOR S.A. was Global
Automotive Supplier Industry published in May 2013. The principal
methodology used in rating Holcim (Argentina) S.A. was Global
Building Materials Industry published in July 2009. The principal
methodology used in rating Car Security S.A. was Global Business &
Consumer Service Industry Rating Methodology published in October
2010. The principal methodology used in rating Carboclor S.A. was
Global Chemical Industry published in December 2013. The principal
methdology used in rating Electroingenieria S.A. and Jose
Cartellone Construcciones Civiles S.A. was Global Construction
Methodology published in November 2010. The principal methodology
used in rating Longvie S.A.; Newsan S.A. and PILISAR S.A. was
Global Consumer Durables published in October 2010. The principal
methodology used in rating Sullair Argentina S.A. was Global
Equipment and Automobile Rental Industry published in December
2010. The principal methodology used in rating Pan American Energy
LLC, Argentine Branch, and Petrobras Argentina S.A. was Global
Independent Exploration and Production Industry published in
December 2011. The principal methodology used in rating YPF
Sociedad Anonima was Global Integrated Oil & Gas Industry
published in April 2014. The principal methodology used in rating
Arcor S.A.I.C. was Global Packaged Goods published in June 2013.
The principal methodology used in rating Alto Parana SA, Papel
Misionero S.A.I.F.C., and Zucamor S.A. was Global Paper and Forest
Products Industry published in October 2013. The principal
methodology used in rating Asociacion de Cooperativas Argentinas
Coop. and Quickfood S.A. was Global Protein and Agriculture
Industry published in May 2013. The principal methodology used in
rating Raghsa S.A. was Global Rating Methodology for REITs and
Other Commercial Property Firms published in July 2010. The
principal methodology used in rating Carsa S.A. was Global Retail
Industry published in June 2011. The principal methodology used in
rating Telecom Argentina S.A. was Global Telecommunications
Industry published in December 2010.

Other Factors used in these ratings are described in How Sovereign
Credit Quality May Affect Other Ratings, published in February
2012.



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


BANCO BONSUCESSO: Moody's Affirms E+ Bank Fin'l Strength Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Banco Bonsucesso S.A.'s bank
financial strength rating of E+, which is equivalent to a baseline
credit assessment (BCA) of b2. Moody's also affirmed the bank's
global local and foreign currency deposit ratings of B2 and Not
Prime, long- and short-term, respectively, the long-term foreign-
currency subordinated debt rating of B3, and the Brazilian
national scale deposit ratings of Ba1.br and BR-4, long- and
short-term, respectively. At the same time, Moody's changed its
outlook on Bonsucesso's deposit and debt ratings to stable from
negative.

This rating action follows the 31 July 2014 announcement that
Bonsucesso and Banco Santander (Brasil) S.A. will create a joint
venture (JV) to originate payroll loans and payroll credit cards,
subject to the approval of regulatory authorities.

The following ratings of Banco Bonsucesso were affirmed:

Bank financial strength of E+, stable outlook, equivalent to a
baseline credit assessment of b2

Long-term global local-currency deposit rating of B2, stable
outlook

Short-term global local-currency deposit rating of Not Prime

Long-term foreign-currency deposit rating of B2, stable outlook

Short-term foreign-currency deposit rating of Not Prime

Long-term Brazilian national scale deposit rating of Ba1.br,
stable outlook

Short-term Brazilian national scale deposit rating of BR-4

Long-term foreign-currency subordinated debt rating of B3, stable
outlook

Ratings Rationale

In affirming Bonsucesso's ratings and changing the outlook to
stable, Moody's acknowledges that the transfer of the payroll loan
and payroll credit card businesses to the JV will result in lower
funding and operating costs over time. Under the agreement,
Bonsucesso will transfer its distribution platform, staff, and
back-office operations to the JV, in an investment estimated at
BRL240 million, giving it a 40% ownership stake. Banco Santander
will hold a 60% interest in the JV's capital, becoming its
controlling shareholder. The JV will become the sole originator of
payroll loans, and will provide opportunities for loan growth and
earnings generation, which will benefit Bonsucesso through its
minority interest in the new entity.

Moody's noted that upon the asset transfer to the JV, Bonsucesso
will need to develop its own operations, which have this far been
centered on payroll lending and credit cards. These products
account for roughly 76% of its total revenues. Management intends
to focus on expanding the bank's pre-paid card platform and
international department, with foreign-exchange products, and,
potentially, to increase its small commercial lending platform.
The estimated sale of BRL1.1 billion in loans to the JV will
reduce Bonsucesso's balance sheet and will lead to a comfortable
capital position.

Nevertheless, Moody's notes that Bonsucesso's ratings could be
negatively affected by transition risks associated with changing
its franchise within a more competitive market, as the bank
expands business lines during a period of slow economic activity,
which may hurt margins and asset quality.

Moody's last took a rating action on Bonsucesso on 24 September
2013, lowering Bonsucesso's BCA to b2 from b1, and downgrading its
long-term global local and foreign currency deposit ratings to B2
from B1. At the same time, Moody's downgraded the long-term
foreign-currency subordinated debt rating to B3 from B2, and the
Brazilian national scale deposit ratings to Ba1.br and BR-4, from
Baa3.br and BR-3, long- and short-term, respectively. Moody's
affirmed Bonsucesso's bank financial strength of E+, with a stable
outlook, and the short-term global local- and foreign-currency
deposit ratings at Not Prime. Moody's maintained the negative
outlook on all deposit and debt ratings.

The principal methodology used in this rating action was Moody's
Global Banks methodology published in July 2014.

Moody's National Scale 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 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".

Banco Bonsucesso S.A. is headquartered in Belo Horizonte, Brazil.
As of 31 March 2014, the bank had total assets of approximately
BRL2.8 billion ($1.2 billion) and equity of BRL402 million ($178
million).


CHEMICAL IX: Moody's Assigns (P)B2 Rating on Sub. Mezzanine Shares
------------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)Baa3
(sf) (Global Scale, Local Currency) and (P)Aaa.br (sf) (Brazilian
National Scale) to the senior shares, and (P)B2 (sf) (Global
Scale, Local Currency) and (P)Ba1.br (sf) (Brazilian National
Scale) to the subordinate mezzanine shares to be issued by
Chemical IX - FIDC Industria Petroquimica, a securitization backed
by a pool of trade receivables and originated by Braskem Group.

Issuer: Chemical IX - FIDC Industria Petroquimica (Chemical IX -
FIDC)

Senior Shares - (P)Baa3 (sf) (Global Scale, Local Currency) and
(P)Aaa.br (sf) (Brazilian National Scale)

Subordinated Mezzanine Shares - (P)B2 (sf) (Global Scale, Local
Currency) and (P)Ba1.br (sf) (Brazilian National Scale)

RATINGS RATIONALE

Moody's bases the ratings on the following factors:

- Credit enhancement in the form of subordination for senior
shares ranging from 9.09% to 13.04% to mitigate losses due to
obligor default or dilution

- The adequate eligibility criteria of the trade receivables,
represented by electronic invoices to be acquired by the issuer,
which include concentration limits by client, delinquency by
client and maximum term of the trade receivables. The maximum
individual obligor concentration limit is 3%.

- Low and stable historical delinquency and dilution levels of the
sellers' trade receivables portfolio

- Very low commingling risk as payments by obligors are made to
the fund's segregated account that it maintains at Banco Bradesco
(Baa1 long-term bank deposit rating, Global Scale, Local Currency;
and Aaa.br, Brazilian National Scale)

- Braskem Group's sound track record sponsoring securitization
transactions and the stable performance of these previous
transactions. Chemical IX -- FIDC is Braskem Group's ninth
securitization of its trade receivables portfolio. The performance
of past transactions has been in line with the original
assumptions that Moody's used to rate the transactions.

Chemical IX - FIDC is a close-ended FIDC and will have a final
legal maturity of 72 months from closing. Moody's assigns
provisional ratings to the senior shares and to the mezzanine
shares. The senior shares and the mezzanine shares accrue, on a
daily basis, a floating rate of interest equivalent to the DI rate
(Brazilian interbank rate) plus a fixed spread to be determined at
closing.

The transaction will have a 66-month revolving period followed by
a 6-month amortization period. During the 66-month revolving
period the fund will not make any principal payments on the senior
and mezzanine shares; it will make interest payments semi-
annually. During the final 6-month amortization period, starting
in month 67, it will make monthly principal and interest payments.
Senior and mezzanine shares will follow the same amortization
schedule.

Amortization payments to the mezzanine shares will only be allowed
(1) after the fund has made the scheduled senior amortization
payments, and (2) as long as the fund maintains the minimum senior
subordination ratio. As long as there are senior and mezzanine
shares outstanding, partial amortization payments to junior
subordinated shares are allowed if the mezzanine subordination is
above 2.8%.

The originators of the securitized receivables are Braskem S.A.
and fully controlled subsidiaries including Braskem QPar S.A.
(previously known as Quattor Participacoes S.A.) and Braskem
Petroquimica Ltda. (previously known as Quattor Petroquimica
S.A.), together Braskem Group or the sellers.

Commingling risk is mitigated because obligors are instructed to
pay directly into a segregated account in the name of the fund by
means of pay slips that Banco Bradesco and other selected
collection banks generate. The sellers must remit any monies they
receive to the segregated account within two business days; a non-
automatic acceleration event (evento de avaliacao) is triggered if
payments made directly to the sellers' account are higher than 5%
of fund's net assets. The sellers will act as primary servicer.

Moody's analyzed the sellers' receivables pool for the 36-month
period reviewed by KPMG starting in June 2011 and ending in May
2014. During this period, Braskem Group generated BRL 83.2 billion
of trade receivables from approximately 1,046,880 separate
invoices. As modeling input assumptions, Moody's used a central
mean of 0.04% monthly dilutions and 0.14% monthly losses over the
outstanding balance, and it assumed portfolio turnover of 39.38
days. Moody's calculated loss assumptions using as a proxy
delinquencies 91 to 120 days past due over the total portfolio.

Moody's sensitivity analysis provides a quantitative, model-
indicated calculation of how Moody's rating of a structured
finance security could vary if certain input parameters used in
the initial rating process differed. Moody's key ratings model
assumptions for this transaction are Braskem's rating, loss rate
and dilution rate.

Stress scenarios:

If Moody's downgraded Braskem Finance Ltd's rating to Ba2 from
Baa3 and the loss rate and dilution rate doubled, the ratings on
the senior and mezzanine shares would remain the same.

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 defaults and dilution levels beyond the level Moody's
assumed when rating this transaction. The performance of Braskem
Group's trade receivables, may be affected, among other factors,
by international competition in the petrochemical industry and a
severe economic downturn.

The principal methodology used in this rating was "Moody's
Approach to Rating Trade Receivables-Backed Transactions"
published in July 2002.


GOL LINHAS: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------
Moody's America Latina affirmed the B3 and Ba3.br ratings assigned
to Gol Linhas Aereas Inteligentes and to VRG Linhas Aereas S.A.'s
fifth debentures due in 2017. The outlook for all ratings was
changed to positive from stable.

Ratings affirmed:

Issuer: Gol Linhas Aereas Inteligentes S.A. (Gol)

- Corporate Family Rating: B3 in the global scale and Ba3.br in
the national scale

Issuer: VRG Linhas Aereas S.A (VRG)

- BRL 500 million guaranteed senior unsecured debentures (V
issue): B3 in the global scale and Ba3.br in the national scale

Outlook actions:

The outlook for all ratings: changed to positive from stable.

Ratings Rationale

The positive rating outlook reflects Moody's belief that Gol
should be able to sustain the improvements in operating margins
and cash flow generation that it achieved since the end of 2012.
The company significantly reduced capacity in step with its
domestic market peers in pursuit of higher yields and streamlined
its costs to help mitigate earnings pressure of the weakening
Real. These actions and the incremental passenger growth that has
come with strategic partnerships with other global carriers have
led to meaningful improvement of credit metrics. The outlook
positions the ratings for an upgrade if the company can at least
maintain the recently improved credit metrics profile, as the
market experiences what Moody's expect to be a moderate decline in
demand because of slowing growth in the domestic economy and
potential devaluation of local currency, which could lead to more
volatile earnings.

Gol's B3/Ba3.br ratings consider the company's solid position in
the Brazilian domestic market supported by its strong brand name
and efficient business model based on young fleet of Boeing 737
aircraft. It also reflects Gol's improved liquidity position and
manageable debt profile over the next three years. On the other
hand, the company's high exposure to foreign currency and fuel
price volatility constrain the ratings, as does the challenging
environment for the Brazilian aviation industry due to reduced
consumer confidence, the still aggressive industry competition and
evolving regulatory changes for domestic aviation.

Over the last eighteen months, Gol has implemented significant
capacity adjustments and marketing strategies that balanced its
revenues amid weaker economic growth and higher costs, which
supported an increase of its net passenger yields to 23.95 cents
of Brazilian real in 2Q14 (up 22% from the average in 2012) and an
average load factor increase to 76.1% (up from 70.2% in 2012). As
a result, Moody's calculates the company's EBITDA margin, adjusted
to exclude operating lease expenses, at 19% for the twelve months
that ended 31 March, 2014 (up from 7% in 2012). At the same time,
leverage, measured by adjusted gross Debt to EBITDA, decreased to
6.2x in the LTM 1Q14 (down from 18.6x in 2012) driven by lower
pressure on Gol's operating margins.

In the absence of major fuel price or exchange rate volatility,
Moody's believes that Gol could further improve operating
performance in 2015, which supports the positive outlook for the
rating. Still, a prolonged or material weakness for the Real would
reduce Gol's financial flexibility and limit its ability to
further reduce leverage, because 55% of the airline's operating
expenses and about 77% of its gross debt are denominated in
foreign currency with limited hedging coverage. For example,
Moody's estimate that a sustained 25% devaluation of local
currency could lead Gol's leverage ratios to the 8x - 10x range.

To protect against a major currency devaluation, Gol has improved
its liquidity position, diversified investments and revenues with
international flights, and entered into strategic alliances with
global airlines. In the event of a material devaluation of local
currency or significant increase in fuel prices, Moody's expects
the company to continue with its disciplined capacity and yield
management strategies. The low cost structure has been a long time
hallmark of Gol's culture and Moody's expects management to remain
focused on the turnaround plan to reduce leverage and improve cash
generation.

Despite weaker macroeconomic trends in the near term, the outlook
for passenger demand growth in Brazil remains broadly positive for
the medium-to-long-term with the enlarged middle-class, the
airport expansion programs and potential for higher penetration
rates for air travel.

An upgrade in Gol's ratings is possible if the company sustains
adjusted leverage below 6.0 times on a gross basis along with an
EBIT interest coverage above 1.0x and unrestricted cash that
represents at least 25% of net revenues.

Downward pressure on Gol's ratings or the outlook will occur if
credit metrics materially deteriorate over the next few quarters,
for example, as a result of a significant devaluation of the local
currency or increases in fuel prices beyond the limits of its
existing hedge protection agreements. Quantitatively, negative
ratings pressure will increase if adjusted gross Debt to EBITDA
increases above 8.0x or should cash trend towards 15% of revenues.
Moody's perception of a material deterioration in the company's
financial flexibility to meet capital requirements could also lead
to a negative rating action for Gol.

The principal methodology used in this rating was the Global
Passenger Airlines Methodology published in May 2012.

Moody's National Scale 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 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 ratings, please refer to Moody's Rating Methodology
published in June 2014 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings".

Based in Sao Paulo and founded in 2001, Gol Linhas Aereas
Inteligentes S.A. (Gol) currently is the largest low-cost and low-
fare carrier in Latin America, offering approximately 910 daily
passenger flights to 67 destinations in South America, the
Caribbean and the United States. Gol is primarily focused in
servicing domestic passengers in Brazil, but the company also
provides cargo and charter flight services. Additionally, Gol has
a 54% stake in Smiles, a loyalty program company that allows
members to accumulate miles on Gol and selected international
partners to redeem tickets in more than 560 locations around the
world. In the last twelve months ended March 2014, Gol reported
consolidated net revenues of BRL 9.4 billion (USD 4.2 billion) and
EBITDAR of BRL 1,652 million (USD 730 million).


GOL FINANCE: Moody's Affirms B3 Rating on Sr. & Perpetual Notes
---------------------------------------------------------------
Moody's Investors Service affirmed the B3 foreign currency rating
assigned to Gol Finance's perpetual notes and senior notes due in
2017 that are guaranteed by Gol Linhas Aereas Inteligentes S.A.
(Gol, B3 positive). The outlook for all ratings was changed to
positive from stable.

Ratings affirmed:

Issuer: Gol Finance LLP (Gol Finance)

- 7.5% USD 225 million guaranteed senior unsecured notes due 2017:
B3 in the global scale

- 8.75% USD 200 million guaranteed senior unsecured perpetual
notes: B3 in the global scale

Outlook actions:

The outlook for all ratings: changed to positive from stable.

Ratings Rationale

The positive rating outlook reflects Moody's belief that Gol
should be able to sustain the improvements in operating margins
and cash flow generation that it achieved since the end of 2012.
The company significantly reduced capacity in step with its
domestic market peers in pursuit of higher yields and streamlined
its costs to help mitigate earnings pressure of the weakening
Real. These actions and the incremental passenger growth that has
come with strategic partnerships with other global carriers have
led to meaningful improvement of credit metrics. The outlook
positions the ratings for an upgrade if the company can at least
maintain the recently improved credit metrics profile, as the
market experiences what Moody's expect to be a moderate decline in
demand because of slowing growth in the domestic economy and
potential devaluation of local currency, which could lead to more
volatile earnings.

Gol's B3 rating considers the company's solid position in the
Brazilian domestic market supported by its strong brand name and
efficient business model based on young fleet of Boeing 737
aircraft. It also reflects Gol's improved liquidity position and
manageable debt profile over the next three years. On the other
hand, the company's high exposure to foreign currency and fuel
price volatility constrain the rating, as does the challenging
environment for the Brazilian aviation industry due to reduced
consumer confidence, the still aggressive industry competition and
evolving regulatory changes for domestic aviation.

Over the last eighteen months, Gol has implemented significant
capacity adjustments and marketing strategies that balanced its
revenues amid weaker economic growth and higher costs, which
supported an increase of its net passenger yields to 23.95 cents
of Brazilian real in 2Q14 (up 22% from the average in 2012) and an
average load factor increase to 76.1% (up from 70.2% in 2012). As
a result, Moody's calculates the company's EBITDA margin, adjusted
to exclude operating lease expenses, at 19% for the twelve months
that ended 31 March, 2014 (up from 7% in 2012). At the same time,
leverage, measured by adjusted gross Debt to EBITDA, decreased to
6.2x in the LTM 1Q14 (down from 18.6x in 2012) driven by lower
pressure on Gol's operating margins.

In the absence of major fuel price or exchange rate volatility,
Moody's believes that Gol could further improve operating
performance in 2015, which supports the positive outlook for the
rating. Still, a prolonged or material weakness for the Real would
reduce Gol's financial flexibility and limit its ability to
further reduce leverage, because 55% of the airline's operating
expenses and about 77% of its gross debt are denominated in
foreign currency with limited hedging coverage. For example,
Moody's estimate that a sustained 25% devaluation of local
currency could lead Gol's leverage ratios to the 8x - 10x range.

To protect against a major currency devaluation, Gol has improved
its liquidity position, diversified investments and revenues with
international flights, and entered into strategic alliances with
global airlines. In the event of a material devaluation of local
currency or significant increase in fuel prices, Moody's expects
the company to continue with its disciplined capacity and yield
management strategies. The low cost structure has been a long time
hallmark of Gol's culture and Moody's expects management to remain
focused on the turnaround plan to reduce leverage and improve cash
generation.

Despite weaker macroeconomic trends in the near term, the outlook
for passenger demand growth in Brazil remains broadly positive for
the medium-to-long-term with the enlarged middle-class, the
airport expansion programs and potential for higher penetration
rates for air travel.

An upgrade in Gol's ratings is possible if the company sustains
adjusted leverage below 6.0 times on a gross basis along with an
EBIT interest coverage above 1.0x and unrestricted cash that
represents at least 25% of net revenues.

Downward pressure on Gol's ratings or the outlook will occur if
credit metrics materially deteriorate over the next few quarters,
for example, as a result of a significant devaluation of the local
currency or increases in fuel prices beyond the limits of its
existing hedge protection agreements. Quantitatively, negative
ratings pressure will increase if adjusted gross Debt to EBITDA
increases above 8.0x or should cash trend towards 15% of revenues.
Moody's perception of a material deterioration in the company's
financial flexibility to meet capital requirements could also lead
to a negative rating action for Gol.

The principal methodology used in this rating was the Global
Passenger Airlines Industry Methodology published in May 2012.

Based in Sao Paulo and founded in 2001, Gol Linhas Aereas
Inteligentes S.A. (Gol) currently is the largest low-cost and low-
fare carrier in Latin America, offering approximately 910 daily
passenger flights to 67 destinations in South America, the
Caribbean and the United States. Gol is primarily focused in
servicing domestic passengers in Brazil, but the company also
provides cargo and charter flight services. Additionally, Gol has
a 54% stake in Smiles, a loyalty program company that allows
members to accumulate miles on Gol and selected international
partners to redeem tickets in more than 560 locations around the
world. In the last twelve months ended March 2014, Gol reported
consolidated net revenues of BRL 9.4 billion (USD 4.2 billion) and
EBITDAR of BRL 1,652 million (USD 730 million).


MINERVA S.A.: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed Minerva's B1 global scale
ratings and changed the outlook to positive from stable.

Ratings affirmed as follows:

Issuer: Minerva S.A.

CFR: B1 (global scale)

Issuer: Minerva Overseas Limited

- USD 23.2 mln notes due 2017 - B1 (global scale)

Issuer: Minerva Overseas II Limited

- USD 56.3 mln notes due 2019 - B1 (global scale)

Issuer: Minerva Luxembourg S.A.

- USD 850 mln notes due 2023 - B1 (global scale)

- USD 129.9 mln notes due 2022 - B1 (global scale)

The outlook for all ratings is positive.

Ratings Rationale

Minerva's B1 ratings incorporates the improvements in its credit
metrics over the last several quarters as a result of the
favorable cattle cycle in Brazil and our view of more robust and
stable free cash flow generation going forward. An additional
positive rating factor is Minerva's comfortable liquidity profile
and the company's track record of stable operating margins in the
volatile protein industry.

Offsetting some of these positive attributes is Minerva's
relatively small size compared to local and global peers based on
consolidated net revenues, as well as the sales concentration in
live cattle, beef and beef related products and the volatile
nature of the protein business.

The change in Minerva's outlook to positive reflects our
expectations that credit metrics, particularly leverage, will
improve in the next 12-18 months as a result of: i) integration of
recent acquisitions, including BRF's assets, although still
pending approval, ii) continued positive momentum for the beef
industry in Brazil and for Brazilian exporters; and iii) Minerva's
focus on organic growth going forward, which will increase free
cash flow generation and result in gross debt reduction. Moody's
believes that the recent additions of Jana£ba, Carrasco and BRF
beef plants will speed up Minerva's deleverage process and bring
more robust credit metrics in the medium term, although we note
the existence of execution risk and high working capital
requirements during the integration period. Furthermore, the
company's predictable financial policies, through historical
conservative approach to liquidity, is viewed as important to
mitigate the company's product and geographic concentration and
increases visibility on future financial adequacy, even during
industry downturns.

Accordingly, any upward movement in Minerva's ratings is subjected
to the execution of such deleveraging and maintenance of adequate
liquidity.

The positive outlook reflects Moody's expectations that Minerva
will successfully integrate the recently acquired assets and
benefit from the additional EBITDA stream to reduce gross
leverage. The outlook also incorporates our view that liquidity
will remain adequate and sizeable relative to short term financial
obligations, serving to mitigate the risk to Minerva's moderate
geographic and product diversity.

Minerva's current business profile limits further positive
movement on ratings. An upgrade would require further geographic
and portfolio diversification or a significant increase in the
share of value added products in the company's mix.
Quantitatively, it would also depend on the company's ability to
reduce adjusted total debt to EBITDA ratio to below 4.0x and
increase EBITA to Interest Expense to above 3.0x and CFO to Net
Debt to above 20%. The continued buildup of its large cash balance
from positive free cash generation and maintenance of a healthy
liquidity profile are also an important ratings consideration.

The ratings could suffer a downgrade if Minerva's liquidity
deteriorated, if market conditions causes operating margins to
decline sharply or if total adjusted debt to EBITDA is sustained
above 6.0x. The company's inability to keep CFO to Net Debt above
10% or deliver positive free cash flow would place additional
negative pressure on the ratings.

Minerva, headquartered in Barretos, Sao Paulo, is one of Brazil's
leaders in the production and sale of fresh beef and live cattle.
With net revenues of BRL 6 billion (approximately USD 2.7 billion)
at LTM June, 2014 and installed slaughtering capacity of 12,380
heads of cattle per day, Minerva is the second largest Brazilian
exporter of beef and beef byproducts and has eight own beef
production facilities in Brazil as well as presence in Paraguay
and Uruguay.


OGX PETROLEO: Sells Shares in Former Gas Unit for $87 Million
-------------------------------------------------------------
Reuters reports that OGX Petroleo e Gas Participacoes S.A., now
known as Oleo e Gas Participacoes SA, the bankrupt oil company
controlled by Eike Batista, said that Brazilian buyout firm
Cambuhy Investimentos bought shares worth BRL199.9 million ($87
million) that it held in Parnaiba Gas Natural, formerly known as
OGX Maranhao.

The 245,728,660 shares were auctioned on Aug. 6, the company said
in a securities filing.

Parnaiba Gas was separated from OGX in October in an operation
that generated BRL344 million, which was crucial for the survival
of Batista's oil company, according to Reuters.  In that
operation, Cambuhy agreed to subscribe to BRL200 million of new
shares in OGX Maranhao as the gas company was then called, the
report notes.

The report disclose that OGX Petroleo e Gas Participacoes SA filed
for bankruptcy protection on Oct. 30, 2013, but left OGX Maranhao
out of the proceedings as the unit was in talks with potential
investors.

Cambuhy and Germany's E.ON SE agreed to pay BRL250 million for a
combined 45.5 percent stake in the unit, the report adds.

                         About OGX Petroleo

Based in Rio de Janeiro, Brazil, OGX Petroleo e Gas Participacoes
S.A., now known as Oleo e Gas, is an independent exploration and
production company with operations in Latin America.

OGX filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29, 2013 that the talks
concluded without an agreement.



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


AEROSPACE INTL: Shareholder to Hear Wind-Up Report on Sept. 10
--------------------------------------------------------------
The sole shareholder of Aerospace International Inc will hear on
Sept. 10, 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
          Cayman Islands
          Telephone: 949 8666
          Facsimile: 949 0626


CAPRICORN CURRENCY: Shareholders' Final Meeting Set for Aug. 18
---------------------------------------------------------------
The shareholders of Capricorn Currency Management (Cayman) Ltd
will hold their final meeting on Aug. 18, 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 liquidators are:

          Michael Rasmussen
          Mikkel Thorup
          c/o Talstrasse 20, CH-8022 Zurich
          Switzerland


CEDAR PARTNERS: Member to Receive Wind-Up Report on Aug. 19
-----------------------------------------------------------
The member of Cedar Partners Limited will receive on Aug. 19,
2014, at 9:00 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Amnon Shoam
          c/o Solomon Harris
          PO Box 1990, FirstCaribbean House
          George Town, Grand Cayman KY1-1104
          Cayman Islands


CEDAR SERVICES: Members' Final Meeting Set for Aug. 19
------------------------------------------------------
The members of Cedar Services Limited will hold their final
meeting on Aug. 19, 2014, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Solomon Harris
          PO Box 1990, FirstCaribbean House
          George Town, Grand Cayman KY1-1104
          Cayman Islands


HEALTH PROCESSORS: Shareholder to Hear Wind-Up Report on Aug. 19
----------------------------------------------------------------
The sole shareholder of Health Processors (Holdings), Ltd will
hear on Aug. 19, 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:

          Handsel B. Minyard
          c/o Marsh Management Services Cayman Ltd.
          23 Lime Tree Bay Avenue
          Governors Square, Building 4, Floor 2
          P.O. Box 1051 Grand Cayman KY1-1102
          Cayman Islands
          Telephone: +1 (345) 949 7988
          Facsimile: +1 (345) 949 7849


KAMIYACHO IP: Members' Final Meeting Set for Aug. 19
----------------------------------------------------
The members of Kamiyacho IP Holdings will hold their final meeting
on Aug. 19, 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


LWM PARTNERS: Members' Final Meeting Set for Aug. 19
----------------------------------------------------
The members of LWM Partners Opportunity Fund, Ltd. will hold their
final meeting on Aug. 19, 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


LWM PARTNERS MASTER: Members' Final Meeting Set for Aug. 19
-----------------------------------------------------------
The members of LWM Partners Opportunity Master Fund, Ltd. will
hold their final meeting on Aug. 19, 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


MHA REINSURANCE: Shareholder to Hear Wind-Up Report on Aug. 19
--------------------------------------------------------------
The sole shareholder of MHA Reinsurance & Casualty Ltd. will hear
on Aug. 19, 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:

          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: Shareholders' Final Meeting Set for Sept. 19
---------------------------------------------------------
The shareholders of NCC Finance Limited will hold their final
meeting on Sept. 19, 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:

          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


SEQ STONE: Members' Final Meeting Set for Aug. 19
-------------------------------------------------
The members of SEQ Stone SPV Ltd will hold their final meeting on
Aug. 19, 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:

          Stephen Duval
          c/o Maples and Calder, Attorneys-at-law
          PO Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


SUNTECH POWER: Acting Chief Financial Officer Departs
-----------------------------------------------------
Suntech Power Holdings Co., Ltd.'s Joint Provisional Liquidators
said Aug. 5 that Deyong He, acting Chief Financial Officer ("CFO")
of the Company, on June 25, 2014, submitted a letter of
resignation, effective July 1, 2014.  Mr. He will maintain his
position as a member of the Board of Directors of the Company.
With the departure of Mr. He, the Company's global accounting
functions will leverage off existing resources, as directed by the
JPLs.  The JPLs are proposing to restructure the Company's global
accounting functions, and manage the functions of the CFO until a
candidate is selected to fill the vacatncy.

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are
represented by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP,
in White Plains, New York.

Suntech Power on Jan. 31, 2014, disclosed that it has signed a
Restructuring Support Agreement relating to the petition for
involuntary bankruptcy filed against it under chapter 7 of the
U.S. Bankruptcy Code.  Under the RSA, the parties agreed that
chapter 7 proceedings will be dismissed following recognition of
the provisional liquidation proceeding previously filed by the
Company in the Cayman Islands under chapter 15 of the U.S.
Bankruptcy Code.

On Feb. 21, 2014, David Walker and Ian Stokoe, the joint
provisional liquidators of Suntech Power Holdings Co., Ltd.,
appointed by the Grand Court of the Cayman Islands, commenced a
Chapter 15 proceeding (Bankr. S.D.N.Y. Case No. 14-10383).  The
Chapter 15 Petitioners are represented by Jennifer Taylor, Esq.,
and Diana Perez, Esq., at O'Melveny & Myers LLP.  According to the
Chapter 15 petition, Suntech has more than $1 billion in both
assets and debts.


WESTCHESTER HOLDINGS: Member to Receive Wind-Up Report on Aug. 19
-----------------------------------------------------------------
The member of Westchester Holdings Limited will receive on
Aug. 19, 2014, at 9:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Amnon Shoam
          c/o Solomon Harris
          PO Box 1990, FirstCaribbean House
          George Town, Grand Cayman KY1-1104
          Cayman Islands



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


* DOMINICAN REPUBLIC: Capital is Still Chaos Despite RD$5BB Spent
-----------------------------------------------------------------
Dominican Today reports that despite RD$5 billion spent on the
recently opened and modern Merca Santo Domingo (Mercadom), the
capital is still chaos and disorder from the thousands of trucks
laden with farm products heading to run down markets every day,
former Agriculture Secretary Eligio Jaquez denounced.

To make it more operable, "Mercadom needs complementary and modern
installations to keep it from becoming a white elephant,"
Dominican Today quoted Mr. Jaquez as saying.

The report notes Mr. Jaquez said with Mercadom's start of
operations, should've been enforced the regulations to manage the
old markets, truck traffic toward the capital, several government
offices opened, banks, transport and fuel stations, accommodation,
among others.  ". . . Which would allow creating a suitable
business environment with safety and fluidity for those involved
in the supply of consumer goods for the people and visitors."

The report discloses that Mr. Jaquez said while Mercadom is a
modern, useful and timely structure, to make it optimum requires
some complementary resolutions -- including additional warehouses
-- "to make its existence reasonable and competitive."

                          Governing Board

The report relays that the agronomist added that Mercadom needs a
Directory or Board, with representatives from city councils,
Agriculture, the Agribusiness Board, among others from industry
and merchants.

"If after announced, finally, this imposing wholesale market's
formal opening, we continue to see thousands of truckloads
entering through the streets of the Capital every day, polluting
the city, snarling traffic and trashing the dispatch zones, it
results in an unacceptable contradiction," Mr. Jaquez said, the
report adds.



=====================
E L   S A L V A D O R
=====================


* EL SALVADOR: Gets $100MM IDB Loan for MSMEs' Productivity
-----------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $100
million loan to promote access to investment credit for micro,
small and mid-sized companies (MSMEs) to strengthen their
productivity and competitiveness.

The IDB operation will function as a global credit program that
will assist the country in supporting productivity growth and
competitiveness of micro, small, and medium sized enterprises
(MSMEs) by improving their access to medium and long-tem credit
for production-oriented projects.  By working through the
development bank of El Salvador (BANDESAL) second tier platform,
the program will reach most MSMEs through the country's banking
and non-banking financial institutions.

Boosting productivity is key to increasing living standards and
reducing poverty in the country.

El Salvador's productive structure is based on services and
consumption.  Its productive structure has changed over the last
two decades as a result of the structural reforms implemented in
the early 1990s. In 1990 the agriculture sector generated 17.0
percent of GDP, but by 2013 its share had fallen to 12.19 percent,
while sectors such as commerce, restaurants and hotels increased
their GDP shares in the same period from 18.1 percent to 20.1
percent, and financial establishments and insurance from 2.2
percent to 3.6 percent.

"The new, more service based economy needs stronger and more
productive smaller firms that can promote the development of the
country's exports and create more jobs.  This project is squarely
aligned with that objective." said Maria Netto, IDB Project team
leader. Over the next four years the project aims to finance more
than 1,000 MSMEs and nearly 500 MSMEs led by women.

The IDB financing consists of $100 million from the ordinary
capital, with a 25-year term, a grace period of 5.5-years and an
interest rate based on LIBOR.  The executing agency is the El
Salvador Development Bank (BANDESAL).



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


* JAMAICA: Commercial Banks Owe Huge Debt to BOJ
------------------------------------------------
RJR News reports that financial institutions owe the Bank of
Jamaica (BOJ) more than J$45 billion.

The data were revealed as part of the Central Bank's balance
sheet, showing the money was owed as of July 24, according to RJR
News.

The report notes that that was a change from nothing being owed to
the BOJ by financial institutions a year earlier.


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


PARAGUAY: Fitch Assigns 'BB-' Rating to US$1BB Bonds
----------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Paraguay's USD1
billion bonds maturing Aug. 11, 2044. The bonds have a coupon rate
of 6.1%.

The net proceeds from the issuance of the bonds will be used to
finance infrastructure and energy projects, as well as to provide
support to certain sectors of the economy.

Key Rating Drivers

The rating is in line with Paraguay's long-term foreign currency
Issuer Default Rating (IDR) of 'BB-' with a Positive Outlook.

Rating Sensitivities

The rating would be sensitive to any changes in Paraguay's long-
term foreign currency IDR. On Jan. 31, 2014, Fitch affirmed
Paraguay's long-term foreign currency IDR at 'BB-' and revised the
Outlook to Positive from Stable.


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


BANCO DE LA NACION: Fitch Cuts LT Issuer Default Rating to 'CCC'
----------------------------------------------------------------
Fitch Ratings has downgraded Banco de la Nacion Argentina's
(Sucursal Uruguay) (BNAUY) Local Currency (LC) long-term Issuer
Default Rating (IDR) to 'CCC' from 'B-'. Simultaneously, Fitch has
upgraded the bank's Foreign Currency (FC) long-term IDR to 'CCC'
from 'CC' and affirmed its Support Rating at '5'.

KEY RATING DRIVERS

IDRs

The downgrade of BNAUY's LC IDR to 'CCC' from 'B-'/Negative
Outlook aligns it with the LCR IDR of Argentina. This action
follows the recent restrictive default of the Argentine sovereign,
which also triggered a downgrade of the country's sovereign long-
term LC IDR and Country Ceiling to 'CCC' from 'B-' (for additional
details, see 'Fitch Downgrades Argentina's FC IDR to 'RD', dated
July 31, 2014 and available at www.fitchratings.com).

The upgrade of BNAUY's FC IDR to 'CCC' from 'CC' also aligns it
with the credit worthiness of Argentina. Although the sovereign's
FC IDR was downgraded to 'RD' (due to the current default status
of certain debt securities affected by a court ruling), on Fitch's
view the sovereign payment capacity is currently measured by the
'CCC' rating on its LC and FC debt securities issued under
Argentina Law.

BNAUY is a fully integrated branch of Banco de la Nacion
Argentina's (BNA). BNA's creditworthiness is intrinsically aligned
with that of the sovereign, not only because the existing explicit
guarantee in place, but also given its systemic importance as the
largest bank in Argentina.

BNAUY's ratings reflect the high probability of receiving support,
if it were needed, from the Republic of Argentina. BNA liabilities
(including its branches abroad) are fully guaranteed by the
Republic of Argentina.

BNA is the largest commercial bank in Argentina, with 27% deposit
and 21% loan market shares, with the largest nationwide coverage
and is a leader in most business lines. Similar to other
government-owned banks, BNA has a sizable exposure to both loans
and investments in government securities while enjoying the best
funding base in its home country. Foreign branches are used by BNA
(including BNAUY) to foster trade finance operations and the
operations of Argentinean companies abroad. Government exposure at
BNAUY is significantly below than of BNA.

SUPPORT RATING

BANUY's support rating of '5' considers that external support,
although possible (and backed by an explicit guarantee), cannot be
relied upon, given the high political interference risk and ample
economic imbalances of the Republic of Argentina.

RATING SENSITIVITIES - IDRS & SUPPORT RATING

The FC and LC IDRs do not have Rating Outlooks.

BNAUY's ratings continue sensitive to Argentina's sovereign rating
and its capacity and willingness to provide support to BNA and its
branches.


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


* BOND PRICING: For the Week From August 4 to August 8, 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
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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